UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number            811-05518            

                           The RBB Fund, Inc.                      

(Exact name of registrant as specified in charter)

Bellevue Park Corporate Center

103 Bellevue Parkway

                                 Wilmington, DE 19809                                

(Address of principal executive offices) (Zip code)

Salvatore Faia

BNY Mellon Investment Servicing (US) Inc.

103 Bellevue Parkway

                                 Wilmington, DE 19809                                

(Name and address of agent for service)

Registrant’s telephone number, including area code:  302-791-1851

Date of fiscal year end:  August 31

Date of reporting period:  February 28, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

ABBEY CAPITAL FUTURES STRATEGY FUND

of

THE RBB FUND, INC.

SEMI-ANNUAL REPORT

FEBRUARY 28, 2015

(UNAUDITED)

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

ABBEY CAPITAL FUTURES STRATEGY FUND

SEMI-ANNUAL INVESTMENT ADVISER’S REPORT

(UNAUDITED)

Dear Shareholder,

The Abbey Capital Futures Strategy Fund (the “Fund”) Class I Shares returned +22.2% net of fees for the six month period ended February 28, 2015, outperforming the Barclay CTA Index and S&P Total Return Index, which returned +9.0% and +6.1%, respectively. The period was characterized by relatively strong, persistent trends in bond, currency and commodity markets, benefiting the Fund’s core allocation to trendfollowing systems, through its investment in the Abbey Capital Offshore Fund (the “Subsidiary”), a wholly owned subsidiary of the Fund. The Fund’s investment in the Subsidiary may not exceed 25% of the value of its total assets, as measured at the end of each quarter of its taxable year.

	Q3 2014			Q4 2014			SEPT. 1, 2014 TO FEB. 28, 2015			SINCE INCEPTION ON JULY 1, 2014
Class I		8.40	%		9.45	%		22.20	%		26.60	%*
Class A		4.63	%		9.36	%		22.01	%		22.01	%***
Class A (max Load)**		2.13	%		3.09	%		15.01	%		15.01	%***
BofA Merrill Lynch 3-Month T-Bill Index		0.01	%		0.00	%		0.01	%		0.02	%
S&P 500 Total Return Index		1.13	%		4.93	%		6.12	%		8.85	%
Barclay CTA Index		3.84	%		3.02	%		9.00	%		10.67	%

Performance quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted. Visit www.abbeycapital.com for returns updated daily. Call (US Toll Free) 1-844-261-6484 or (international callers) + 1-508-871-3276 for returns current to the most recent month-end.

The performance quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s gross annual operating expense ratio, as stated in the current prospectus, is 2.63% and 2.38%, and the Fund’s net operating expense ratio is 2.24% and 1.99% for Class A Shares and Class I Shares, respectively. Abbey Capital Limited has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.24% and 1.99% of the Fund’s average daily net assets attributable to Class A Shares and Class I Shares, respectively. This contractual limitation is in effect until June 30, 2016 and may not be terminated without the approval of the Board of Directors.

* The inception date of the Class I Shares was July 1, 2014.

** The Fund charges a 5.75% maximum sales charge on purchases (as a percentage of offering price) of Class A Shares. The returns shown reflect a deduction of the maximum front-end sales charge of 5.75%.

*** The inception date of the Class A Shares was August 29, 2014.

Market Commentary

Contrasting central bank policies proved to be the key driver of markets over the six months ended February 28, 2015, while rising global growth concerns at times weighed on investor sentiment and influenced markets too. A strengthening US economy evidenced by solid employment gains and improving housing and GDP data intensified investor speculation on the likely timing of a rate increase by the US Federal Reserve. In the eurozone, however, the European Central Bank (the “ECB”) confirmed it would adopt unconventional policy measures to counteract sluggish growth and falling inflation. This contrast in monetary policy prompted a widening in the yield spread between the two regions, accelerating the downtrend in EUR/USD that commenced in May 2014. In January 2015, the ECB’s decision to expand monetary stimulus to include the purchase of sovereign debt added further momentum to the trends in bond and currency markets, while in February, additional improvements in the US labour market and signs of rising inflation strengthened speculation of a June 2015 rate increase, providing a further boost for the dollar.

1

ABBEY CAPITAL FUTURES STRATEGY FUND

SEMI-ANNUAL INVESTMENT ADVISER’S REPORT (CONTINUED)

(UNAUDITED)

Global growth concerns were also a focus for investors, coming to the fore in October 2014, as the International Monetary Fund downgraded their 2014 and 2015 global growth forecasts and as US manufacturing and eurozone sentiment data disappointed. Also weighing on markets was an acceleration of the fall in crude oil prices due to the outcome of the OPEC meeting in November 2014, at which member countries voted to maintain output levels. The fall in commodity prices also provided evidence of weak demand and contributed to global deflationary pressures. Continuing from late 2014 into 2015, political developments in Greece contributed to rising investor risk aversion as the far-left Syriza party came to power, spurring protracted debt negotiations with eurozone lenders. A general improvement in US and eurozone economic data, however, allowed for a pick-up in investor sentiment during February as fading global growth and deflation concerns gave way to a renewed focus on the contrast in monetary policy among major central banks.

Performance Attribution

Returns for the Subsidiary over the period were driven by gains in major currency, bond and energy markets, with the Subsidiary’s Diversified Trendfollowing (“Trendfollowing”) trading advisers, capturing strong trends in these sectors. Within currencies, the Subsidiary benefited from generally long USD exposure, particularly against the EUR but also against the JPY, CAD and GBP. The decision by the Swiss National Bank to remove its exchange-rate cap against the EUR created considerable volatility in currency markets, with losses from a long USD/CHF exposure mostly offset from short EUR/CHF positions. Bond markets provided further positive attribution, with Trendfollowing and Value trading advisers’ positions profiting from mostly long exposures to Canadian, UK, and Japanese government debt. Elsewhere, gains in energy were derived from short positions across the sector, most notably in crude oil contracts. Smaller gains were made in equity markets, with gains for Value and Global Macro trading advisers’ positions primarily in Canadian, Japanese and German indices, outweighing Trendfollowing losses, incurred mainly due to long exposure to the S&P 500 and FTSE 100 indices. By sector, small losses were sustained by the Fund in soft commodities and grains, with the former due to short soybean positions and the latter due to short corn exposure. Elsewhere, short USD exposure to the TRY, ZAR and BRL drove small losses within emerging-market currencies.

Portfolio Allocations*

MANAGER	PROGRAM	TRADING STYLE***	ALLOCATION  DATE	AUGUST 31, 2014 % PORTFOLIO RISK*	FEBRUARY 28, 2015 % PORTFOLIO RISK*
Cantab Capital Partners, LLP	CCP Core Macro Fund	Diversified Trendfollowing	July 02, 2014	13.31%	15.32%
Altis Partners (Jersey) Limited	Altis Emerald	Diversified Trendfollowing	July 10, 2014	13.00%	13.89%
P/E Global, LLC	P/E Emerald	Global Macro	July 14, 2014	12.54%	13.92%

2

ABBEY CAPITAL FUTURES STRATEGY FUND

SEMI-ANNUAL INVESTMENT ADVISER’S REPORT (CONCLUDED)

(UNAUDITED)

MANAGER	PROGRAM	TRADING STYLE***	ALLOCATION DATE	AUGUST 31, 2014 % PORTFOLIO RISK*	FEBRUARY 28, 2015 % PORTFOLIO RISK*
Harmonic Capital Partners LLP	Harmonic Emerald	Value	July 17, 2014	12.34%	11.39%
Revolution Capital Management, LLC	Revolution Emerald	Diversified Trendfollowing	July 02, 2014**	12.32%	4.56%
Eclipse Capital Management, Inc.	Eclipse Emerald	Diversified Trendfollowing	July 14, 2014	12.26%	15.79%
Graham Capital Management L.P.	Tactical Trend	Diversified Trendfollowing	July 02, 2014	12.13%	16.47%
Trigon Investment Advisors, LLC	Trigon Emerald	Global Macro	July 02, 2014	12.11%	8.65%

*Trading Adviser allocations as a percentage of Subsidiary portfolio risk. Portfolio risk exposures are calculated by adjusting notional trading adviser allocations by their target allocated volatility.

**Revolution Capital Management, LLC was terminated as a trading adviser to the Subsidiary as of September 04, 2014 and was reappointed as a trading adviser to the Subsidiary as of October 21, 2014.

*** Managers have been classified in accordance with the Trading Style that best describes each of their primary trading strategies as determined by the Investment Adviser.

Key to Currency Abbreviations

EUR Euro

USD US Dollar

JPY Japanese Yen

CAD Canadian Dollar

GBP British Pound

CHF Swiss Franc

TRY Turkish Lira

ZAR South African Rand

BRL Brazilian Real

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ABBEY CAPITAL FUTURES STRATEGY FUND

PERFORMANCE DATA

(UNAUDITED)

TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2015†
	Six     Months		Since Inception††
Abbey Capital Futures Strategy Fund, A Shares (without sales charge)		22.01%		22.01%
Abbey Capital Futures Strategy Fund, A Shares (with sales charge)		15.01%		15.01%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.01%		0.01%	*
S&P 500 Total Return Index		6.12%		6.12%	*
Barclay CTA Index		9.00%		9.00%	*
Abbey Capital Futures Strategy Fund, I Shares		22.20%		26.60%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.01%		0.02%	**
S&P 500 Total Return Index		6.12%		8.85%	**
Barclay CTA Index		9.00%		10.67%	**

† Not annualized.

†† Inception date of Class A Shares and Class I Shares of the Fund was August 29, 2014 and July 1, 2014, respectively.

* Benchmark performance is from the inception date of Class A Shares only and is not the inception date of the benchmark itself.

** Benchmark performance is from the inception date of Class I Shares only and is not the inception date of the benchmark itself.

An investment in the Abbey Capital Futures Strategy Fund is speculative and involves substantial risk. The Fund is not suitable for all investors. It is possible that an investor may lose some or all of their investment. The Fund invests in long and short positions in futures, forwards, spot contracts, swaps, and options, each of which may be tied to commodities, financial indices and instruments, foreign currencies, or equity indices. The Fund also invests in investment grade fixed income securities of all durations and maturities. The Fund may be more volatile than investments in traditional securities. Losses on futures and other derivatives can be caused by unanticipated market movements and may be potentially unlimited. Commodities, currencies, foreign investments, and interest rate-linked instruments each entail special risks. The Fund is non-diversified; therefore gains or losses on a single holding may have a relatively great impact on the Fund. A more complete description of the Fund’s risks can be found in its prospectus, which should read carefully before investing.

The Fund charges a 5.75% maximum sales charge on purchases (as a percentage of offering price) of Class A Shares. The performance quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s gross annual operating expense ratio, as stated in the current prospectus, is 2.63% and 2.38%, and the Fund’s net operating expense ratio is 2.24% and 1.99% for Class A Shares and Class I Shares, respectively. Abbey Capital Limited has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.24% and 1.99% of the Fund’s average daily net assets attributable to Class A Shares and Class I Shares, respectively. This contractual limitation is in effect until June 30, 2016 and may not be terminated without the approval of the Board of Directors.

The S&P 500^® Total Return Index is the total return version of the S&P 500^® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date.

The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors.

The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

Portfolio composition is subject to change.

4

ABBEY CAPITAL FUTURES STRATEGY FUND

FUND EXPENSE EXAMPLES

(UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, (if any) and (2) ongoing costs, including management fees, shareholder servicing fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six month period from September 1, 2014 through February 28, 2015, and held for the entire period.

ACTUAL EXPENSES

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments (if any). Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	CLASS A SHARES
	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID
	SEPTEMBER 1, 2014	FEBRUARY 28, 2015	DURING PERIOD
Actual*	$1,000.00	$1,220.10	$12.41
Hypothetical**
(5% return before expenses)	1,000.00	1,013.49	11.38
	CLASS I SHARES
	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID
	SEPTEMBER 1, 2014	FEBRUARY 28, 2015	DURING PERIOD
Actual***	$1,000.00	$1,222.00	$11.18
Hypothetical
(5% return before expenses)	1,000.00	1,014.73	10.14

* Expenses equal to an annualized expense ratio for the period September 1, 2014 to February 28, 2015 of 2.28% for the Class A Shares of the Fund, which includes waived fees or reimbursed expenses (including dividend and interest expense), multiplied by the average account value over the period, multiplied by the number of days in the most recent period (179) then divided by 365 days. The annualized amount of interest expense was 0.04% for the period September 1, 2014 to February 28, 2015. Without this expense, the annualized expense ratio would have been 2.24%. The Fund’s ending account value on the first line in the table is based on the actual six month return for the Class A Shares of the Fund of 22.01%.

5

ABBEY CAPITAL FUTURES STRATEGY FUND

FUND EXPENSE EXAMPLES (CONCLUDED)

(UNAUDITED)

** Hypothetical expenses are as if the Class A Shares had been in existence from September 1, 2014, and are equal to the Class A Shares annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (181), then divided by 365 to reflect the period.

*** Expenses equal to an annualized expense ratio for the period September 1, 2014 to February 28, 2015 of 2.03% for the Class I Shares of the Fund, which includes waived fees or reimbursed expenses (including dividend and interest expense), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181) then divided by 365 days to reflect the one half-year period. The annualized amount of interest expense was 0.04% for the period September 1, 2014 to February 28, 2015. Without this expense, the annualized expense ratio would have been 1.99%. The Fund’s ending account value on the first line in the table is based on the actual six month return for the Class I Shares of the Fund of 22.20%.

6

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 28, 2015

(UNAUDITED)

The following table presents a summary by sector of the portfolio holdings of the Fund.

	% OF NET
SECURITY TYPE/SECTOR CLASSIFICATION	ASSETS		VALUE
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		64.6%	$	48,433,688
PURCHASED OPTIONS		0.6		438,968
OTHER ASSETS IN EXCESS OF LIABILITIES		34.8		26,041,279
NET ASSETS		100.0%	$	74,913,935

Portfolio holdings are subject to change at any time.

Refer to the Consolidated Portfolio of Investments for a detailed listing of the Fund’s holdings.

The accompanying notes are an integral part of the financial statements.

7

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

FEBRUARY 28, 2015

(UNAUDITED)

			MATURITY		PAR
	COUPON*		DATE		(000’S)		VALUE
SHORT-TERM INVESTMENTS — 64.6%
U.S. TREASURY OBLIGATIONS—64.6%
U.S. Treasury Bills		0.018%		03/12/15	$	4,300	$	4,299,974
U.S. Treasury Bills		0.033%		04/09/15		4,300		4,299,923
U.S. Treasury Bills		0.051%		05/07/15		4,300		4,299,824
U.S. Treasury Bills		0.071%		06/04/15		7,240		7,239,428
U.S. Treasury Bills		0.051%		06/25/15		2,300		2,299,724
U.S. Treasury Bills		0.066%		07/02/15		2,800		2,799,644
U.S. Treasury Bills		0.061%		07/09/15		7,000		6,998,999
U.S. Treasury Bills		0.063%		07/23/15		5,000		4,998,955
U.S. Treasury Bills		0.030%		07/30/15		3,100		3,099,516
U.S. Treasury Bills		0.051%		08/06/15		4,300		4,298,921
U.S. Treasury Bills		0.063%		08/20/15		3,800		3,798,780
								48,433,688
TOTAL SHORT-TERM INVESTMENTS (Cost $ 48,431,847)								48,433,688
TOTAL PURCHASED OPTIONS — 0.6% (Cost $ 460,084)								438,968
TOTAL INVESTMENTS — 65.2% (Cost $ 48,891,931)								48,872,656
OTHER ASSETS IN EXCESS OF LIABILITIES — 34.8%								26,041,279
NET ASSETS — 100.0%							$	74,913,935

*Short-term investments reflect the annualized effective yield on the date of purchase for discounted investments.

The accompanying notes are an integral part of the financial statements.

8

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

FUTURES CONTRACTS

					UNREALZED
	EXPIRATION	NUMBER OF	NOTIONAL		APPRECIATION
LONG CONTRACTS	DATE	CONTRACTS	COST		(DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	03/10/15	35	$	4,321,638	$	5,927
10-Year Mini Japanese Government Bond Futures	06/10/15	1		123,503		(75	)
3-Month Euro Euribor	06/15/15	5		1,396,399		2,336
3-Month Euro Euribor	09/14/15	6		1,675,978		2,588
3-Month Euro Euribor	12/14/15	79		22,092,276		8,840
3-Month Euro Euribor	03/14/16	15		4,192,372		4,043
3-Month Euro Euribor	06/13/16	54		15,091,454		14,883
3-Month Euro Euribor	09/19/16	29		8,107,431		4,420
3-Month Euro Euribor	12/19/16	15		4,193,253		1,483
3-Month Euro Euribor	03/13/17	7		1,956,215		839
3-Month Euro Euribor	06/19/17	2		558,627		336
3-Month Euro Euribor	09/18/17	2		558,277		462
3-Month Euro Euribor	12/18/17	1		279,118		126
90-DAY Bank Bill	06/11/15	21		16,319,911		7,015
90-DAY Bank Bill	09/10/15	22		17,099,194		9,401
90-DAY Bank Bill	12/10/15	25		19,431,860		10,203
90-DAY Bank Bill	03/10/16	6		4,664,950		916
90-DAY Eurodollar Futures	06/15/15	9		2,239,563		2,000
90-DAY Eurodollar Futures	09/14/15	9		2,237,738		(225	)
90-DAY Eurodollar Futures	12/14/15	132		32,740,705		5,195
90-DAY Eurodollar Futures	03/14/16	9		2,227,850		(125	)
90-DAY Eurodollar Futures	06/13/16	54		13,347,763		(11,113	)
90-DAY Eurodollar Futures	09/19/16	10		2,464,313		188
90-DAY Eurodollar Futures	03/13/17	2		490,125		1,025
90-DAY Eurodollar Futures	06/19/17	1		244,750		475
90-DAY Eurodollar Futures	09/18/17	1		244,013		925
90-DAY Eurodollar Futures	12/18/17	1		244,163		513
90-Day Eurodollar Futures	03/19/18	1		244,850		(375	)
90-Day Eurodollar Futures	06/18/18	1		244,063		225
90-DAY Sterling Futures	06/17/15	7		1,339,138		3,628
90-DAY Sterling Futures	09/16/15	13		2,487,398		4,303
90-DAY Sterling Futures	12/16/15	75		14,360,111		(3,725	)
90-DAY Sterling Futures	03/16/16	22		4,203,410		1,428
90-DAY Sterling Futures	06/15/16	70		13,368,031		(9,263	)
90-DAY Sterling Futures	09/21/16	18		3,432,294		(2,393	)
90-DAY Sterling Futures	12/21/16	16		3,050,036		(5,249	)
90-DAY Sterling Futures	03/15/17	3		570,705		(444	)
90-DAY Sterling Futures	06/21/17	2		379,749		39
90-DAY Sterling Futures	09/20/17	2		380,193		(791	)
90-DAY Sterling Futures	12/20/17	1		190,203		(675	)
Amsterdam Index Futures	03/20/15	5		522,007		19,386
Australian 10-Year Bond Futures	03/16/15	36		3,656,642		46,137
Australian 3-Year Bond Futures	03/16/15	8		695,623		6,427
Bank Acceptance Futures	03/16/15	1		198,094		(20	)
Bank Acceptance Futures	06/15/15	14		2,778,018		(2,320	)
Bank Acceptance Futures	09/14/15	17		3,374,660		(2,810	)
Bank Acceptance Futures	12/14/15	24		4,764,589		(3,610	)
Bank Acceptance Futures	03/14/16	3		595,332		(300	)
Bank Acceptance Futures	06/13/16	1		198,224		40
CAC 40 10 Euro Futures	03/20/15	50		2,688,145		82,328
Canadian 10-Year Bond Futures	06/30/15	93		10,594,192		91,769
Canola Futures (Winnipeg Commodity Exchange)	05/14/15	15		110,366		2,257
Canola Futures (Winnipeg Commodity Exchange)	07/14/15	18		131,791		3,126
Canola Futures (Winnipeg Commodity Exchange)	11/13/15	14		100,626		2,093
Cocoa Futures	03/16/15	1		31,124		293
Cocoa Futures	05/13/15	4		119,440		1,200
Cocoa Futures	07/16/15	1		29,740		240

The accompanying notes are an integral part of the financial statements.

9

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

					UNREALZED
	EXPIRATION	NUMBER OF	NOTIONAL		APPRECIATION
LONG CONTRACTS	DATE	CONTRACTS	COST		(DEPRECIATION)
Cocoa Futures (Intercontinental Exchange)	09/15/15	1	$	30,491	$	293
Cocoa Futures (London International Financials Futures Exchange)	05/13/15	17		515,122		16,612
Cocoa Futures (London International Financials Futures Exchange)	07/16/15	11		337,425		4,091
Cotton No. 2 Futures	05/20/15	4		131,025		(1,165	)
Cotton No.2 Futures	07/09/15	3		97,915		(85	)
DAX Index Futures	03/20/15	10		2,957,199		227,739
Dow Jones Industrial Average E-Mini Chicago Board of Trade	03/20/15	23		2,033,210		51,395
EUR/CHF 3-Month Futures	12/14/15	9		2,375,833		4,799
EUR/CHF 3-Month Futures (Intercontinental Exchange)	03/14/16	3		793,229		—
EUR/CHF 3-Month Futures (London International Financials Futures Exchange)	06/15/15	4		1,057,822		551
EUR/CHF 3-Month Futures (London International Financials Futures Exchange)	09/14/15	9		2,380,474		865
Euro BUXL 30-Year Bond Futures	03/06/15	1		184,754		1,791
Euro BUXL 30-Year Bond Futures	06/08/15	1		184,262		962
Euro STOXX 50	03/20/15	41		1,544,639		102,482
Euro-Bobl Futures	03/06/15	88		12,843,334		74,730
Euro-Bobl Futures	06/08/15	55		7,962,803		(1,030	)
Euro-Bund Futures	06/08/15	24		4,220,978		2,563
Euro-Schatz Futures	03/06/15	43		5,351,699		4,655
Euro-Schatz Futures	06/08/15	7		871,081		(17	)
FTSE 100 Index Futures	03/20/15	12		1,251,447		30,568
FTSE 250 Y2	03/20/15	5		250,073		15,778
FTSE/JSE Top 40	03/19/15	6		237,185		5,073
FTSE/MIB Index Futures	03/20/15	2		233,041		16,998
GBP/AUD Futures	03/16/15	3		579,127		464
GBP/CAD Futures	03/16/15	2		378,170		8,289
GBP/JPY Futures	03/16/15	2		382,842		3,302
GBP/NZD Futures	03/16/15	1		195,331		(2,099	)
Hang Seng Index Futures	03/30/15	14		2,233,135		4,648
H-Shares Index Futures	03/30/15	3		233,664		3,198
IBEX 35 Index Futures	03/20/15	3		362,509		11,979
JPY 10-Year Bond (Osaka Securities Exchange)	03/11/15	4		4,915,611		29,843
Long Gilt Futures	06/30/15	36		6,594,646		(4,678	)
Mill Wheat Euro	05/11/15	1		11,148		(643	)
Mini HSI Index Futures	03/30/15	8		255,610		137
MSCI Singapore Exchange ETS	03/30/15	7		396,096		(3,683	)
MSCI Taiwan Index	03/30/15	7		251,240		(570	)
Nasdaq 100 E-Mini	03/20/15	45		3,888,985		109,265
Nikkei 225 (Chicago Mercantile Exchange)	03/12/15	2		176,275		12,525
Nikkei 225 (Singapore Exchange)	03/12/15	30		2,227,482		131,766
Nikkei 225 Mini	03/12/15	32		473,277		30,163
Rapeseed Euro	04/30/15	6		120,297		3,329
Russell 2000 Mini	03/20/15	9		1,089,205		19,235
S&P 500 E-Mini Futures	03/20/15	24		2,520,542		2,818
S&P Mid 400 E-Mini	03/20/15	4		573,230		28,610
S&P/TSX 60 IX Futures	03/19/15	11		1,526,294		38,397
SGX CNX Nifty	03/26/15	18		322,016		(1,832	)
Soybean Meal Futures	05/14/15	8		271,240		2,680
Soybean Meal Futures	07/14/15	3		101,550		150
SPI 200 Futures	03/19/15	5		552,686		24,966
Topix Index Futures	03/12/15	10		1,191,231		84,004
U.S. Long Bond (Chicago Board of Trade)	06/19/15	11		1,768,906		11,375
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	06/30/15	12		2,620,391		2,547
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	06/30/15	49		5,834,328		10,453

The accompanying notes are an integral part of the financial statements.

10

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

						UNREALZED
	EXPIRATION	NUMBER OF	NOTIONAL			APPRECIATION
LONG CONTRACTS	DATE	CONTRACTS	COST			(DEPRECIATION)
USD/NOK Futures	03/16/15	1	$	100,169		$	(165	)
USD/SEK Futures	03/16/15	1		96,473			3,566
			$	343,470,980		$	1,429,232
						UNREALZED
	EXPIRATION	NUMBER OF	NOTIONAL			APPRECIATION
SHORT CONTRACTS	DATE	CONTRACTS	COST			(DEPRECIATION)
90-DAY Eurodollar Futures	12/19/16	87	$	(21,386,080	)	$	(12,657	)
AUD/JPY X-Rate	03/16/15	1		(154,115	)		(2,073	)
AUD/NZD X-Rate	03/16/15	3		(475,217	)		6,309
AUD/USD Currency Futures	03/16/15	43		(3,384,940	)		29,220
Brent Crude Futures	03/16/15	3		(167,730	)		(20,010	)
CAD Currency Futures	03/17/15	30		(2,401,560	)		5,160
CAD/JPY X-Rate	03/16/15	1		(157,409	)		(2,458	)
CHF Currency Futures	03/16/15	1		(131,500	)		512
Coffee ’C’ Future	05/29/15	10		(583,088	)		56,213
Coffee ’C’ Future	07/21/15	1		(63,994	)		10,181
Copper Futures	05/27/15	10		(644,552	)		(28,323	)
Copper Futures	07/29/15	1		(64,825	)		(2,363	)
Corn Futures	05/14/15	23		(446,950	)		(5,288	)
Corn Futures	07/14/15	3		(59,225	)		(963	)
Corn Futures	09/14/15	2		(40,412	)		(412	)
Corn Futures	12/14/15	2		(41,013	)		(738	)
Dollar Index	03/16/15	4		(403,593	)		22,309
E-Mini Crude Oil	03/19/15	1		(28,400	)		3,520
E-Mini Crude Oil	04/20/15	1		(23,700	)		(2,370	)
E-Mini Crude Oil	05/18/15	1		(27,175	)		255
E-Mini Natural Gas	03/26/15	3		(24,288	)		3,783
E-Mini Natural Gas	04/27/15	4		(29,063	)		1,353
E-Mini Natural Gas	05/26/15	5		(34,838	)		(313	)
EUR/AUD Futures	03/16/15	1		(139,241	)		(874	)
EUR/CAD Futures	03/16/15	1		(140,989	)		850
EUR/CHF Futures	03/16/15	1		(129,071	)		(11,001	)
EUR/GBP Futures	03/16/15	4		(585,333	)		25,493
EUR/JPY Futures	03/16/15	9		(1,268,140	)		7,858
EUR/JPY Futures	03/16/15	1		(139,864	)		(167	)
Euro E-Mini Futures	03/16/15	4		(284,525	)		4,650
Euro Foreign Exchange Currency Futures	03/16/15	152		(22,299,451	)		1,028,951
Euro-Bund Future	03/10/15	24		(4,311,553	)		28,927
Gas Oil Futures (Intercontinental Exchange)	04/10/15	4		(224,275	)		(8,025	)
Gasoline RBOB Futures	03/31/15	5		(388,815	)		(26,544	)
GBP Currency Futures	03/16/15	3		(280,131	)		(9,294	)
GBP/CHF Futures	03/16/15	1		(172,484	)		(20,651	)
Gold 100 Oz Futures	04/28/15	17		(2,075,320	)		13,050
Gold 100 Oz Futures	06/26/15	1		(120,980	)		(420	)
JPY Currency Futures	03/16/15	36		(3,783,832	)		24,533
JPY E-Mini Futures	03/16/15	9		(474,331	)		4,419
KC HRW Wheat Futures	05/14/15	6		(164,513	)		2,663
KC HRW Wheat Futures	07/14/15	10		(280,500	)		7,500
Lean Hogs Futures	04/15/15	7		(219,020	)		30,090
Lean Hogs Futures	06/12/15	3		(102,900	)		3,450
Lean Hogs Futures	07/15/15	1		(33,040	)		(230	)
Live Cattle Futures	04/30/15	1		(60,500	)		(180	)
Live Cattle Futures	06/30/15	1		(57,430	)		(110	)
Live Cattle Futures	08/31/15	3		(170,950	)		490
London Mercantile Exchange Aluminum Forward	03/18/15	12		(488,876	)		(53,899	)
London Mercantile Exchange Aluminum Forward	04/15/15	5		(222,897	)		(3,603	)
London Mercantile Exchange Aluminum Forward	05/20/15	4		(179,775	)		(1,625	)

The accompanying notes are an integral part of the financial statements.

11

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

						UNREALZED
	EXPIRATION	NUMBER OF	NOTIONAL			APPRECIATION
SHORT CONTRACTS	DATE	CONTRACTS	COST			(DEPRECIATION)
London Mercantile Exchange Aluminum Forward	06/17/15	17	$	(769,889	)	$	(3,080	)
London Mercantile Exchange Copper Forward	03/18/15	2		(473,176	)		177,276
London Mercantile Exchange Copper Forward	04/15/15	2		(273,277	)		(22,198	)
London Mercantile Exchange Copper Forward	05/20/15	1		(137,869	)		(9,644	)
London Mercantile Exchange Copper Forward	06/17/15	4		(563,250	)		(26,100	)
London Mercantile Exchange Lead Forward	03/18/15	2		(98,243	)		12,218
London Mercantile Exchange Lead Forward	04/15/15	5		(228,812	)		13,312
London Mercantile Exchange Lead Forward	05/20/15	4		(183,056	)		10,356
London Mercantile Exchange Lead Forward	06/17/15	3		(132,475	)		2,875
London Mercantile Exchange Nickel Forward	03/18/15	1		(86,796	)		2,505
London Mercantile Exchange Nickel Forward	04/15/15	3		(265,802	)		12,596
London Mercantile Exchange Nickel Forward	05/20/15	1		(88,770	)		4,230
London Mercantile Exchange Nickel Forward	06/17/15	1		(85,578	)		918
London Mercantile Exchange Tin Forward Spot	04/15/15	2		(184,525	)		5,125
London Mercantile Exchange Tin Forward Spot	05/20/15	2		(185,580	)		6,080
London Mercantile Exchange Tin Forward Spot	06/17/15	2		(179,945	)		365
London Mercantile Exchange Zinc Forward ($)	03/18/15	2		(94,501	)		(8,086	)
London Mercantile Exchange Zinc Forward ($)	04/15/15	4		(210,850	)		5,100
London Mercantile Exchange Zinc Forward ($)	05/20/15	3		(158,106	)		3,381
London Mercantile Exchange Zinc Forward ($)	06/17/15	10		(518,300	)		1,550
MXN Futures	03/16/15	11		(372,010	)		4,060
Natural Gas Futures	03/27/15	19		(532,740	)		13,280
Natural Gas Futures	04/28/15	1		(35,900	)		8,190
Natural Gas Futures	05/27/15	1		(35,080	)		6,960
Natural Gas Futures	06/26/15	1		(30,180	)		1,540
Natural Gas Futures	07/29/15	1		(30,740	)		1,940
Natural Gas Futures	08/27/15	1		(30,080	)		1,380
Natural Gas Futures	09/28/15	2		(71,040	)		13,080
Natural Gas Futures	10/28/15	1		(31,480	)		1,510
Natural Gas Futures	11/25/15	1		(31,180	)		(390	)
New York Harbor Ultra-Low Sulfur Diesel Futures	03/31/15	4		(306,016	)		(25,565	)
Nikkei 225 (Osaka Securities Exchange)	03/12/15	1		(146,290	)		(11,034	)
NZD Futures	03/16/15	4		(303,290	)		1,170
Palladium Futures	06/26/15	1		(78,040	)		(3,910	)
Platinum Futures	04/28/15	4		(242,075	)		4,955
Red Wheat Futures (Minneapolis Grain Exchange)	05/14/15	1		(28,275	)		(50	)
Red Wheat Futures (Minneapolis Grain Exchange)	07/14/15	1		(28,050	)		(575	)
Robusta Coffee Futures	05/29/15	6		(116,480	)		2,060
Robusta Coffee Futures	07/31/15	4		(78,010	)		850
Silver Futures	05/27/15	9		(736,030	)		(9,080	)
Soybean Futures	05/14/15	8		(396,450	)		(16,250	)
Soybean Futures	07/14/15	3		(147,562	)		(7,650	)
Soybean Oil Futures	05/14/15	13		(247,656	)		(9,354	)
Soybean Oil Futures	07/14/15	6		(116,262	)		(2,934	)
Sugar No. 11 (World)	04/30/15	28		(466,413	)		34,586
Sugar No. 11 (World)	06/30/15	11		(188,272	)		15,176
Sugar No. 11 (World)	09/30/15	10		(170,117	)		5,253
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	06/19/15	11		(1,442,594	)		36,828
Wheat Futures (Chicago Board of Trade)	05/14/15	11		(285,937	)		3,787
Wheat Futures (Chicago Board of Trade)	07/14/15	13		(342,137	)		6,250
Wheat Futures (Chicago Board of Trade)	09/14/15	2		(52,112	)		(387	)
White Sugar Futures (London International Financials Futures Exchange)	04/15/15	6		(115,945	)		4,405
White Sugar Futures (London International Financials Futures Exchange)	07/16/15	1		(19,315	)		515
WTI Crude Futures	03/20/15	5		(256,190	)		7,390
			$	(82,001,151	)	$	1,383,913

The accompanying notes are an integral part of the financial statements.

12

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

					UNREALZED
	EXPIRATION	NUMBER OF	NOTIONAL		APPRECIATION
SHORT CONTRACTS	DATE	CONTRACTS	COST		(DEPRECIATION)
Total Futures Contracts			$	$261,469,829	$	$2,813,145

Forward foreign currency contracts outstanding as of February 28, 2015 were as follows:

							UNREALIZED
							APPRECIATION
CURRENCY PURCHASED		CURRENCY SOLD			EXPIRATION	COUNTERPARTY	(DEPRECIATION)
AUD	79,367		USD	62,141	03/02/15	BOA	$	(123)
AUD	63,579		USD	49,658	03/03/15	BOA		23
AUD	1,700,000		USD	1,327,097	03/16/15	BOA		143
AUD	3,698,584		USD	2,989,936	03/18/15	BOA		(102,727)
AUD	1,695,000		USD	1,327,552	03/20/15	BOA		(4,567)
AUD	548,000		USD	429,585	03/27/15	BOA		(2,058)
BRL	1,442,492		USD	533,892	03/18/15	BOA		(28,353)
CAD	14,234		USD	11,384	03/02/15	BOA		2
CAD	749,480		USD	600,000	03/16/15	BOA		(582)
CAD	877,166		USD	721,621	03/18/15	BOA		(20,104)
CAD	3,066,000		USD	2,454,735	03/20/15	BOA		(2,764)
CHF	1,029,000		USD	1,103,533	03/20/15	BOA		(23,339)
CLP	15,488,214		USD	24,882	03/18/15	BOA		185
CZK	2,633,137		USD	110,837	03/18/15	BOA		(3,804)
EUR	74,236		USD	83,306	03/02/15	BOA		(233)
EUR	104,847		USD	117,647	03/03/15	BOA		(318)
EUR	500,000		USD	564,256	03/16/15	BOA		(4,636)
EUR	1,824,124		USD	2,162,530	03/18/15	BOA		(120,844)
EUR	1,692,000		USD	1,917,429	03/20/15	BOA		(23,574)
GBP	20,494		USD	31,785	03/02/15	BOA		(146)
GBP	29,174		USD	45,090	03/03/15	BOA		(50)
GBP	2,750,000		USD	4,199,790	03/16/15	BOA		45,381
GBP	759,418		USD	1,162,575	03/18/15	BOA		9,719
GBP	868,000		USD	1,331,796	03/20/15	BOA		8,093
HUF	33,729,275		USD	124,895	03/18/15	BOA		(340)
INR	34,897,917		USD	556,905	03/18/15	BOA		5,610
JPY	22,830,997		EUR	171,000	03/27/15	BOA		(495)
JPY	5,862,084		USD	49,133	03/02/15	BOA		(129)
JPY	6,658,335		USD	55,684	03/03/15	BOA		(24)
JPY	148,609,311		USD	1,250,000	03/16/15	BOA		(7,466)
JPY	143,448,486		USD	1,211,842	03/18/15	BOA		(12,423)
JPY	89,635,000		USD	755,862	03/20/15	BOA		(6,373)
KRW	341,971,228		USD	313,557	03/18/15	BOA		(2,185)
MXN	7,518,075		USD	509,710	03/18/15	BOA		(6,667)
MXN	1,332,000		USD	90,162	03/20/15	BOA		(1,051)
MYR	205,694		USD	57,201	03/18/15	BOA		(204)
NOK	304,637		USD	40,296	03/02/15	BOA		(558)
NOK	128,373		USD	16,805	03/03/15	BOA		(59)
NOK	7,604,975		USD	1,000,000	03/16/15	BOA		(8,362)
NOK	6,578,187		USD	878,005	03/18/15	BOA		(20,305)
NZD	72,340		USD	54,746	03/02/15	BOA		(28)
NZD	155,382		USD	117,382	03/03/15	BOA		149

The accompanying notes are an integral part of the financial statements.

13

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

							UNREALIZED
							APPRECIATION
CURRENCY PURCHASED		CURRENCY SOLD			EXPIRATION	COUNTERPARTY	(DEPRECIATION)
NZD	4,400,000		USD	3,306,277	03/16/15	BOA	$	17,060
NZD	6,796,207		USD	5,151,712	03/18/15	BOA		(19,658)
NZD	1,007,000		USD	745,230	03/20/15	BOA		15,021
NZD	147,000		USD	111,111	03/27/15	BOA		(217)
PLN	1,729,190		USD	480,006	03/18/15	BOA		(13,814)
RUB	2,862,936		USD	47,048	03/18/15	BOA		(938)
SEK	124,392		USD	14,959	03/02/15	BOA		(38)
SEK	94,270		USD	11,293	03/03/15	BOA		15
SEK	5,585,550		USD	690,915	03/18/15	BOA		(20,829)
SGD	470,779		USD	350,537	03/18/15	BOA		(5,247)
SGD	1,183,000		USD	871,911	03/27/15	BOA		(4,468)
TRY	4,254,058		USD	1,796,191	03/18/15	BOA		(107,431)
TWD	8,272,397		USD	261,875	03/18/15	BOA		1,541
USD	62,479		AUD	79,367	03/02/15	BOA		461
USD	49,722		AUD	63,579	03/03/15	BOA		41
USD	907,665		AUD	1,161,000	03/06/15	BOA		637
USD	1,706,775		AUD	2,200,000	03/16/15	BOA		(10,829)
USD	1,904,409		AUD	2,396,101	03/18/15	BOA		33,951
USD	2,484,094		AUD	3,075,000	03/20/15	BOA		83,989
USD	215,176		AUD	278,000	03/27/15	BOA		(1,708)
USD	383,216		BRL	1,058,147	03/18/15	BOA		12,376
USD	11,402		CAD	14,234	03/02/15	BOA		15
USD	580,000		CAD	726,677	03/13/15	BOA		(1,207)
USD	4,250,000		CAD	5,309,918	03/16/15	BOA		3,244
USD	1,161,116		CAD	1,388,579	03/18/15	BOA		50,595
USD	2,500,521		CAD	2,984,000	03/20/15	BOA		114,129
USD	2,071,449		CHF	1,970,000	03/20/15	BOA		3,441
USD	18,106		CLP	11,272,494	03/18/15	BOA		(137)
USD	267,020		CZK	6,174,747	03/18/15	BOA		16,027
USD	84,221		EUR	74,236	03/02/15	BOA		1,148
USD	117,541		EUR	104,847	03/03/15	BOA		212
USD	1,409,607		EUR	1,250,000	03/16/15	BOA		10,558
USD	4,786,108		EUR	4,028,189	03/18/15	BOA		277,479
USD	1,838,936		EUR	1,562,000	03/20/15	BOA		90,591
USD	616,047		EUR	544,000	03/27/15	BOA		7,091
USD	31,601		GBP	20,494	03/02/15	BOA		(39)
USD	44,980		GBP	29,174	03/03/15	BOA		(60)
USD	615,083		GBP	400,000	03/16/15	BOA		(2,397)
USD	1,216,862		GBP	790,335	03/18/15	BOA		(3,157)
USD	2,568,047		GBP	1,665,000	03/20/15	BOA		(2,131)
USD	121,820		HUF	31,695,303	03/18/15	BOA		4,775
USD	245,719		INR	15,562,037	03/18/15	BOA		(5,124)
USD	49,329		JPY	5,862,084	03/02/15	BOA		325
USD	55,783		JPY	6,658,335	03/03/15	BOA		123
USD	580,000		JPY	69,263,426	03/13/15	BOA		909
USD	300,000		JPY	35,669,602	03/16/15	BOA		1,764
USD	2,710,724		JPY	323,101,426	03/18/15	BOA		9,168
USD	2,166,600		JPY	257,647,000	03/20/15	BOA		12,266
USD	750,762		JPY	89,652,000	03/27/15	BOA		1,052

The accompanying notes are an integral part of the financial statements.

14

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

							UNREALIZED
							APPRECIATION
CURRENCY PURCHASED		CURRENCY SOLD			EXPIRATION	COUNTERPARTY	(DEPRECIATION)
USD	331,922		KRW	365,917,569	03/18/15	BOA	$	(1,253)
USD	431,831		MXN	6,405,720	03/18/15	BOA		3,217
USD	844,011		MXN	12,413,000	03/20/15	BOA		13,575
USD	37,022		MYR	132,959	03/18/15	BOA		180
USD	39,845		NOK	304,637	03/02/15	BOA		106
USD	16,814		NOK	128,373	03/03/15	BOA		68
USD	600,000		NOK	4,569,262	03/16/15	BOA		4,199
USD	386,957		NOK	2,917,689	03/18/15	BOA		6,533
USD	54,819		NZD	72,340	03/02/15	BOA		101
USD	117,494		NZD	155,382	03/03/15	BOA		(38)
USD	73,774		NZD	100,000	03/16/15	BOA		(1,756)
USD	2,369,389		NZD	3,147,772	03/18/15	BOA		(7,604)
USD	1,390,970		NZD	1,838,000	03/20/15	BOA		3,342
USD	109,394		NZD	147,000	03/27/15	BOA		(1,499)
USD	398,748		PLN	1,410,612	03/18/15	BOA		18,445
USD	45,542		RUB	2,862,936	03/18/15	BOA		(569)
USD	14,929		SEK	124,392	03/02/15	BOA		9
USD	11,228		SEK	94,270	03/03/15	BOA		(80)
USD	1,450,000		SEK	12,128,497	03/16/15	BOA		(4,995)
USD	1,715,418		SEK	13,658,113	03/18/15	BOA		76,884
USD	284,323		SGD	378,504	03/18/15	BOA		6,712
USD	869,091		SGD	1,183,000	03/27/15	BOA		1,648
USD	1,228,950		TRY	2,947,078	03/18/15	BOA		59,030
USD	183,379		TWD	5,764,589	03/18/15	BOA		(182)
USD	721,105		ZAR	8,451,503	03/18/15	BOA		(1,287)
ZAR	15,888,652		USD	1,377,647	03/18/15	BOA		(19,565)
Total Forward Foreign Currency Contracts							$	390,210

The accompanying notes are an integral part of the financial statements.

15

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

	NUMBER OF CONTRACTS	VALUE
PURCHASED OPTIONS — 0.6%
CALL OPTIONS PURCHASED — 0.3%
Nikkei 225 Symbiotic Microfinance Index Expires 09/11/15 Strike Price 18,000	34	$	214,587
TOTAL CALL OPTIONS PURCHASED (Cost $ 121,109)			214,587
PUT OPTIONS PURCHASED — 0.3%
90-Day Eurodollar Futures Expires 06/15/15 Strike Price 99.50	424		15,900
90-Day Eurodollar Futures Expires 03/16/15 Strike Price 99.63	127		794
AUD USD Currency Futures Expires 04/02/15 Strike Price 75	23		6,900
AUD USD Currency Futures Expires 03/06/15 Strike Price 75	23		920
Crude Oil Futures Expires 03/17/15 Strike Price 46	39		42,120
EUR Foreign Exchange Currency Expires 04/02/15 Strike Price 1.09	34		16,575
EUR Foreign Exchange Currency Expires 03/06/15 Strike Price 1.14	28		75,250
IMM Eurodollar Futures Expires 09/14/15 Strike Price 99.25	265		26,500
IMM Eurodollar Futures Expires 09/14/15 Strike Price 99	187		5,844
IMM Eurodollar Futures Expires 12/14/15 Strike Price 99.25	70		31,062
U.S. 10-Year Treasury Bond Futures Expires 03/27/15 Strike Price 125	23		2,516
TOTAL PUT OPTIONS PURCHASED
(Cost $ 338,975)			224,381
TOTAL PURCHASED OPTIONS — 0.6% (Cost $ 460,084)			438,968

	NUMBER OF CONTRACTS	VALUE
WRITTEN OPTIONS — (0.4)%
CALL OPTIONS WRITTEN—(0.3)%
IMM Eurodollar Futures Expires 12/14/15 Strike Price 99.25	93	$	(36,619	)
Nikkei 225 Symbiotic Microfinance Index Expires 09/11/15 Strike Price 17,000	17		(155,256	)
TOTAL CALL OPTIONS WRITTEN (Premiums Received $ 124,368)			(191,875	)
PUT OPTIONS WRITTEN—(0.1)%
90-Day Eurodollar Futures Expires 03/16/15 Strike Price 99.38	71		(444	)
90-Day Eurodollar Futures Expires 06/15/15 Strike Price 99.38	57		(712	)
90-Day Eurodollar Futures Expires 06/15/15 Strike Price 99.13	42		(263	)
AUD USD Currency Futures Expires 04/02/15 Strike Price 71	23		(805	)
Crude Oil Futures Expires 03/17/15 Strike Price 43	39		(21,060	)
EUR Foreign Exchange Currency Expires 03/06/15 Strike Price 1.10	28		(4,550	)
EUR Foreign Exchange Currency Expires 04/02/15 Strike Price 1.05	17		(1,062	)
Eurodollar 1-Year MIDCV Expires 12/11/15 Strike Price 97.75	93		(22,669	)
IMM Eurodollar Futures Expires 09/14/15 Strike Price 98.75	452		(8,475	)
TOTAL PUT OPTIONS WRITTEN (Premiums Received $ 146,875)			(60,040	)
TOTAL WRITTEN OPTIONS — (0.4)% (Premiums Received $ 271,243)			(251,915	)

The accompanying notes are an integral part of the financial statements.

16

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONCLUDED)

FEBRUARY 28, 2015

(UNAUDITED)

AUD Australian Dollar

BOA Bank of America

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CZK Czech Koruna

DAX Deutscher Aktienindex

EUR Euro

GBP British Pound

HUF Hungarian Forint

IBEX Index of the Bolsa de Madrid

INR Indian Rupee

JPY Japanese Yen

KRW Korean Won

MSCI Morgan Stanley Capital International

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PLN Polish Zloty

RBOB Reformulated Blendstock for Oxygenate Blending

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

TRY Turkish Lira

TSX Toronto Stock Exchange

TWD Taiwan Dollar

USD United States Dollar

ZAR South African Rand

The accompanying notes are an integral part of the financial statements.

17

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

FEBRUARY 28, 2015

(UNAUDITED)

ASSETS
Investments, at value (cost $48,891,931)	$	48,872,656
Cash		17,223,873
Deposits with broker for forward foreign currency contracts and futures contracts		1,513,654
Receivables for:
Capital shares sold		4,654,840
Variation margin		2,813,145
Prepaid expenses and other assets		62,939
Unrealized appreciation on forward foreign currency contracts		1,033,358
Total assets		76,174,465
LIABILITIES
Options written, at value (premiums received $271,243)		251,915
Foreign currency, at value (cost $123,580)		123,688
Payables for:
Capital shares redeemed		93,452
Advisory fees		68,550
Directors’ and officers’ fees		1,670
Administration and accounting services fees		10,522
Unrealized depreciation on forward foreign currency contracts		643,148
Other accrued expenses and liabilities		67,585
Total liabilities		1,260,530
Net Assets	$	74,913,935
NET ASSETS CONSIST OF
Capital stock, $0.001 par value	$	6,038
Paid-in capital		66,691,160
Accumulated net investment loss		(1,233,590	)
Accumulated net realized gain from investments, futures transactions, foreign currency translations, forward foreign currency contracts and written options		6,246,220
Net unrealized appreciation on investments, futures transactions, foreign currency translations,forward foreign currency contracts and written options		3,204,107
Net assets	$	74,913,935
CLASS A SHARES
Net assets	$	3,360,386
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		270,973
Net asset value, offering and redemption price per share	$	12.40
Maximum offering price per share (100/94.25 of $12.40)	$	13.16
CLASS I SHARES
Net assets	$	71,553,549
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		5,767,110
Net asset value, offering and redemption price per share	$	12.41

The accompanying notes are an integral part of the financial statements.

18

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED

FEBRUARY 28, 2015

(UNAUDITED)

INVESTMENT INCOME
Interest	$	5,963
Total investment income		5,963
EXPENSES
Advisory fees (Note 2)		266,771
Administration and accounting services fees (Note 2)		74,136
Transfer agent fees (Note 2)		33,341
Audit and tax service fees		19,214
Registration and filing fees		16,041
Legal fees		12,850
Custodian fees (Note 2)		11,924
Interest expense		7,958
Printing and shareholder reporting fees		4,959
Directors’ and officers’ fees		4,463
Insurance fees		2,059
Distribution fees (A Shares) (Note 2)		1,594
Other expenses		12,297
Total expenses before waivers and reimbursements		467,607
Less: waivers and reimbursements (Note 2)		(49,027	)
Net expenses after waivers and reimbursements		418,580
Net investment loss		(412,617	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		351,240
Futures		5,225,137
Foreign currency transactions		(56,534	)
Forward foreign currency contracts		911,002
Written options		(141,631	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(17,872	)
Futures		2,074,118
Foreign currency translation.		(2,130	)
Forward foreign currency contracts		329,194
Written options		15,422
Net realized and unrealized gain from investments		8,687,946
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,275,329

The accompanying notes are an integral part of the financial statements.

19

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED)				FOR THE PERIOD ENDED AUGUST 31, 2014(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss		$	(412,617	)		$	(69,607	)
Net realized gain from investments, futures transactions, foreign currency transactions, forward foreign currency contracts and written options			6,289,214				22,262
Net change in unrealized appreciation/(depreciation) on investments, futures transactions, foreign currency translation, forward foreign currency contracts and written options			2,398,732				805,375
Net increase in net assets resulting from operations			8,275,329				758,030
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A Shares			(20,951	)			—
Class I Shares			(748,827	)			—
Total from net investment income			(769,778	)			—
Net realized gains
Class A Shares			(1,218	)			—
Class I Shares			(41,776	)			—
Total from net realized gains			(42,994	)			—
Net decrease in net assets from dividends and distributions to shareholders			(812,772	)			—
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares sold			2,112,393				1,000,000
Proceeds from reinvestment of distributions			15,771				—
Shares redeemed			(567	)			—
Total Class A Shares			2,127,597				1,000,000
Class I Shares
Proceeds from shares sold			52,140,363				23,590,500
Proceeds from reinvestment of distributions			416,475				—
Shares redeemed			(11,581,587	)			(1,000,000	)
Total Class I Shares			40,975,251				22,590,500
Net increase in net assets from capital share transactions			43,102,848				23,590,500
Total increase in net assets			50,565,405				24,348,530
NET ASSETS
Beginning of period			24,348,530				—
End of period		$	74,913,935			$	24,348,530
Accumulated net investment loss, end of period		$	(1,233,590	)		$	(51,195	)

The accompanying notes are an integral part of the financial statements.

20

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(CONCLUDED)

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED)			FOR THE PERIOD ENDED AUGUST 31, 2014(1)
SHARE TRANSACTIONS:
Class A Shares
Shares sold		173,116			96,525
Shares reinvested		1,381			—
Shares redeemed		(49	)		—
Total Class A Shares		174,448			96,525
Class I Shares
Shares sold		4,498,567			2,349,865
Shares reinvested		36,469			—
Shares redeemed		(1,021,266	)		(96,525	)
Total Class I Shares		3,513,770			2,253,340
Net increase in shares		3,688,218			2,349,865

(1) Commenced operations on July 1, 2014.

The accompanying notes are an integral part of the financial statements.

21

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for Class A Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	CLASS A SHARES
	FOR THE PERIOD ENDED FEBRUARY 28, 2015 (UNAUDITED)(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period		$	10.36
Net investment loss(2)			(0.13	)
Net realized and unrealized gain from investments			2.39
Net increase in net assets resulting from operations			2.26
Dividends and distributions to shareholders from:
Net investment income			(0.21	)
Net realized gains			(0.01	)
Total dividends and distributions to shareholders			(0.22	)
Net asset value, end of period		$	12.40
Total investment return(3)			22.01	%(4)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)		$	3,360
Ratio of expenses to average net assets with waivers and reimbursements (including dividend and interest expense)			2.28	%(5)
Ratio of expenses to average net assets with waivers and reimbursements (excluding dividend and interest expense)			2.24	%(5)
Ratio of expenses to average net assets without waivers and reimbursements (including dividend and interest expense)			2.52	%(5)
Ratio of net investment loss to average net assets			(2.25	)%(5)
Portfolio turnover rate			0.00	%(4)

(1) The Class A Shares commenced operations on August 29, 2014.

(2) Calculated based on average shares outstanding for the period.

(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total return does not reflect any applicable sales charge.

(4) Not annualized.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

22

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS (CONCLUDED)

Contained below is per share operating performance data for Class I Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the financial statements.

	CLASS I SHARES
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED)				FOR THE PERIOD ENDED AUGUST 31, 2014(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period		$	10.36			$	10.00
Net investment loss(2)			(0.11	)			(0.03	)
Net realized and unrealized gain from investments			2.39				0.39
Net increase in net assets resulting from operations			2.28				0.36
Dividends and distributions to shareholders from:
Net investment income			(0.22	)			—
Net realized gains			(0.01	)			—
Total dividends and distributions to shareholder			(0.23	)			—
Net asset value, end of period		$	12.41			$	10.36
Total investment return(3)			22.20	%(4)			3.60	%(4)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)		$	71,554			$	24,349
Ratio of expenses to average net assets with waivers and reimbursements (including interest expense)			2.03	%(5)			2.01	%(5)
Ratio of expenses to average net assets with waivers and reimbursements (excluding interest expense)			1.99	%(5)			1.99	%(5)
Ratio of expenses to average net assets without waivers and reimbursements (including interest expense)			2.27	%(5)			4.71	%(5)
Ratio of net investment loss to average net assets			(2.00	)%(5)			(1.99	)%(5)
Portfolio turnover rate			0.00	%(4)			0.00	%(4)

(1) The Class I Shares commenced operations on July 1, 2014.

(2) Calculated based on average shares outstanding for the period.

(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

23

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the Abbey Capital Futures Strategy Fund (the “Fund”), which commenced investment operations on July 1, 2014. The Fund is authorized to offer three classes of shares, Class I Shares, Class A Shares and Class C Shares. Class A Shares are sold subject to a front-end maximum sales charge of 5.75%. Front-end sales charges may be reduced or waived under certain circumstances. As of February 28, 2015, Class C Shares have not been offered to the public.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Fixed Income” strategy.

CONSOLIDATION OF SUBSIDIARY — The Managed Futures strategy will be achieved by the Fund investing up to 25% of its total assets in Abbey Capital Offshore Fund Limited, a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The consolidated financial statements of the Fund include the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of February 28, 2015, the net assets of the Subsidiary were $15,638,470, which represented 20.9% of the Fund’s net assets.

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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

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

24

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

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

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

The following is a summary of the inputs used, as of February 28, 2015, in valuing the Fund’s investments carried at fair value:

							LEVEL 2			LEVEL 3
	TOTAL FAIR			LEVEL 1			SIGNIFICANT			SIGNIFICANT
	VALUE AT			QUOTED			OBSERVABLE			UNOBSERVABLE
	FEBRUARY 28, 2015			PRICE			INPUTS			INPUTS
Short-Term Investments	$	48,433,688		$	—		$	48,433,688		$—
Commodity Contracts
Futures		559,906			559,906			—		—
Purchased Options		42,120			42,120			—		—
Equity Contracts
Futures		1,053,458			1,053,458			—		—
Purchased Options		214,587			214,587			—		—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		1,033,358			—			1,033,358		—
Futures		1,181,115			1,181,115			—		—
Purchased Options		99,645			99,645			—		—
Interest Rate Contracts
Futures		449,022			449,022			—		—
Purchased Options		82,616			82,616			—		—
Total Assets	$	53,149,515		$	3,682,469		$	49,467,046		$—
							LEVEL 2			LEVEL 3
	TOTAL FAIR			LEVEL 1			SIGNIFICANT			SIGNIFICANT
	VALUE AT			QUOTED			OBSERVABLE			UNOBSERVABLE
	FEBRUARY 28, 2015			PRICE			INPUTS			INPUTS
Commodity Contracts
Futures	$	(302,561	)	$	(302,561	)	$	—		$—
Written Options		(21,060	)		(21,060	)		—		—
Equity Contracts
Futures		(17,120	)		(17,120	)		—		—
Written Options		(155,256	)		(155,256	)		—		—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(643,148	)		—			(643,148	)	—
Futures		(48,781	)		(48,781	)		—		—
Written Options		(6,417	)		(6,417	)		—		—
Interest Rate Contracts
Futures		(61,894	)		(61,894	)		—		—
Written Options		(69,182	)		(69,182	)		—		—
Total Liabilities	$	(1,325,419	)	$	(682,271	)	$	(643,148	)	$—

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence

25

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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

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

For the six months ended February 28, 2015, the Fund had no transfers between Level 1, 2 and 3.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the period include options, forward foreign currency contracts and futures contracts.

During the six months ended February 28, 2015, the Fund used long and short contracts on U.S. and foreign equity market indices, U.S. and foreign government bonds, foreign currencies, interest rates, and commodities (through investment in the Subsidiary), to gain investment exposure in accordance with its investment objective.

The following tables provide quantitative disclosures about fair value amounts of and gains and losses on the Fund’s derivative instruments as of February 28, 2015.

The following table lists the fair values of the Fund’s derivative holdings as of February 28, 2015 grouped by contract type and risk exposure category.

	CONSOLIDATED
	STATEMENT
	OF ASSETS AND			INTEREST		FOREIGN
	LIABILITIES	EQUITY		RATE		CURRENCY		COMMODITY
DERIVATIVE TYPE	LOCATION	CONTRACTS		CONTRACTS		CONTRACTS		CONTRACTS		TOTAL
Asset Derivatives
Purchased Options	Investments, at value	$	214,587	$	82,616	$	99,645	$	42,120	$	438,968
Forward Contracts	Unrealized appreciation on forward foreign currency contracts		—		—		1,033,358		—		1,033,358
Futures Contracts	Receivable: Variation Margin		1,053,458		449,022		1,181,115		559,906		3,243,501

26

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

	CONSOLIDATED
	STATEMENT
	OF ASSETS AND				INTEREST			FOREIGN
	LIABILITIES	EQUITY			RATE			CURRENCY			COMMODITY
DERIVATIVE TYPE	LOCATION	CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS			TOTAL
Total Value - Assets		$	1,268,045		$	531,638		$	2,314,118		$	602,026		$	4,715,827
Liability Derivatives
Written Options	Options written, at value	$	(155,256	)	$	(69,182	)	$	(6,417	)	$	(21,060	)	$	(251,915	)
Forward Contracts	Unrealized depreciation on forward foreign currency contracts		—			—			(643,148	)		—			(643,148	)
Futures Contracts	Receivable: Variation Margin		(17,120	)		(61,894	)		(48,781	)		(302,561	)		(430,356	)
Total Value - Liabilities		$	(172,376	)	$	(131,076	)	$	(698,346	)	$	(323,621	)	$	(1,325,419	)

The following table lists the amounts of realized gains or (losses) included in net increase in net assets resulting from operations for the six months ended February 28, 2015, grouped by contract type and risk exposure.

	CONSOLIDATED
	STATEMENT
	OF ASSETS AND				INTEREST			FOREIGN
	LIABILITIES	EQUITY			RATE			CURRENCY			COMMODITY
DERIVATIVE TYPE	LOCATION	CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS			TOTAL
Realized Gain (Loss)
Purchased Options	Net realized gain (loss) from Investments	$	(75,495)		$	18,546		$	441,164		$	(27,756	)	$	356,459
Futures Contracts	Net realized gain (loss) from Futures		(155,012	)		1,745,154			2,261,114			1,373,881			5,225,137
Forward Contracts	Net realized gain (loss) from Forward Foreign Currency Contracts		—			—			911,002			—			911,002
Written Options	Net realized gain (loss) from Written Options		54,322			(1,306	)		(218,691	)		24,044			(141,631	)
Total Realized Gain (Loss)		$	(176,185	)	$	1,762,394		$	3,394,589		$	1,370,169		$	6,350,967

The following table lists the amounts of change in unrealized appreciation (depreciation) included in net increase in net assets resulting from operations for the six months ended February 28, 2015, grouped by contract type and risk exposure.

27

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

	CONSOLIDATED
	STATEMENT
	OF ASSETS AND				INTEREST			FOREIGN
	LIABILITIES	EQUITY			RATE			CURRENCY			COMMODITY
DERIVATIVE TYPE	LOCATION	CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS			TOTAL
Change in unrealized appreciation (depreciation)
Purchased Options	Net change in unrealized appreciation (depreciation) from Investments	$	104,908		$	(73,075	)	$	(31,026	)	$	(20,175	)	$	(19,368	)
Futures Contracts	Net change in unrealized appreciation (depreciation) from Futures		946,727			180,706			787,953			158,732			2,074,118
Forward Contracts	Net change in unrealized appreciation (depreciation) from Forward Foreign Currency Contracts		—			—			329,194			—			329,194
Written Options	Net change in unrealized appreciation (depreciation) from Written Options		(67,656	)		25,075			42,864			15,139			15,422
Total change in unrealized appreciation (depreciation)		$	983,979		$	132,706		$	1,128,985		$	153,696		$	2,399,366

For the six months ended February 28, 2015, the Fund’s average volume of derivatives is as follows:

PURCHASED OPTIONS (COST)	WRITTEN OPTIONS (PROCEEDS)	LONG FUTURES NOTIONAL COST	SHORT  FUTURES NOTIONAL COST	FORWARD  FOREIGN CURRENCY CONTRACTS — PAYABLE (VALUE AT TRADE DATE)	FORWARD FOREIGN CURRENCY CONTRACTS — RECEIVABLE (VALUE AT TRADE DATE)
$251,100	$(105,086)	$215,293,883	$(75,865,853)	$(70,141,800)	$70,304,411

For financial reporting purposes, the Fund does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements).

28

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

			Gross Amount Not Offset in Statement of Assets and Liabilities						Gross Amount Not Offset in Statement of Assets and Liabilities
Description		Gross Amount Presented in the Statement of Assets and Liabilities	Financial Received		Collateral Instruments	Net Amount(1)		Gross Amount Presented in the Statement of Assets and Liabilities	Financial Instruments		Collateral Pledged	Net Amount(2)
	Assets						Liabilities
Forward Foreign Currency
Contracts		$1,033,358	($643,148	)	$—	$390,210		$643,148	($643,148	)	$—	$—

(1) Net amount represents the net amount receivable from the counterparty in the event of default.

(2) Net amount represents the net amount payable from the counterparty in the event of default.

USE OF ESTIMATES — The Fund is an investment company and, accordingly, follow the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Expenses incurred on behalf of a specific class, fund or fund family are charged directly to the class, fund or fund family to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred for all the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Company’s Board of Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

For tax purposes, the Subsidiary is an exempted Cayman investment company. The Subsidiary has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation and as such is not subject to U.S. income tax.

29

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statement of Operations.

CURRENCY RISK — Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

COMMODITY SECTOR RISK — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s Share value to fluctuate.

FOREIGN SECURITIES MARKET RISK — A substantial portion of the trades of the Fund are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Fund that may be committed to trading on foreign markets. The risk of loss in trading foreign futures and options on futures contracts can be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

COUNTERPARTY RISK — The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

CREDIT RISK — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an

30

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

OPTIONS — An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The Fund may use futures contracts and related options for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

OPTIONS WRITTEN — The Fund may enter into options written for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on exchanges regulated by the Commodity Futures Trading Commission or on other non-U.S. exchanges. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option exercise period. The writer of the option is required upon exercise to assume a short futures position (if the option is a call) or a long futures position (if the option is a put). Upon exercise of the option, the accumulated cash balance in the writer’s futures margin account is delivered to the holder of the option. That balance represents the amount by which the market price of the futures contract at exercise exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Fund also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. As of February 28, 2015, all of the Fund’s written options are exchange-traded options.

31

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

The Fund had transactions in options written during the fiscal period ended February 28, 2015 as follows:.

	NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at August 31, 2014		93			$	65,784
Options written		1,465				500,686
Options closed		(422	)			(255,683	)
Options expired		(204	)			(39,544	)
Options outstanding at February 28, 2015		932			$	271,243

FUTURES CONTRACTS — The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

FORWARD FOREIGN CURRENCY CONTRACTS — In the normal course of pursuing its investment objectives, the Fund is subject to foreign investment and currency risk. The Fund may enter into forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve the Fund’s investment goal. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. The Fund’s maximum risk of loss from counterparty credit risk related to Forward Foreign Currency Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between the Fund and the counterparty is in place and to the extent the Fund obtains collateral to cover the Fund’s exposure to the counterparty.

CASH AND CASH EQUIVALENTS — The Fund considers liquid assets deposited into bank demand deposit accounts to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

32

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

2. INVESTMENT ADVISER AND OTHER SERVICES

Abbey Capital Limited (“Abbey Capital” or the “Adviser”) serves as the investment adviser to the Fund. The Fund is managed by the Adviser and one or more Trading Advisers unaffiliated with the Adviser. The Adviser also has the ultimate responsibility to oversee the Trading Advisers, and to recommend their hiring, termination, and replacement, subject to approval by the Board of Directors. The Fund compensates the Adviser for its services at the annual rate of 1.97% of its average annual net assets, payable on a monthly basis in arrears. The Adviser compensates the Trading Advisers out of the advisory fee that it receives from the Fund.

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 1.99%, 2.24% and 2.99% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 1.99%, 2.24% or 2.99%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until June 30, 2016 and may not be terminated without the approval of the Board of Directors. If at any time during the first three years the Advisory Agreement is in effect, the Fund’s Total Annual Fund Operating Expenses for that year are less than 1.99%, 2.24% or 2.99%, as applicable, the Adviser may recoup any waived amount from the Fund if such reimbursement does not cause the Fund to exceed existing expense limitations. For the six months ended February 28, 2015, investment advisory fees accrued and waived were $266,771 and $49,027, respectively. At February 28, 2015, the amount of potential recovery by the Adviser was as follows:

EXPIRATION
2017		2018
$	94,261	$	49,027

Altis Partners (Jersey) Limited, Cantab Capital Partners LLP, Eclipse Capital Management, Inc., Graham Capital Management, LP, Harmonic Capital Partners LLP, P/E Global, LLC, Revolution Capital Management, LLC, and Trigon Investment Advisors, LLC each serves as a Trading Adviser to the Fund.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees.

Included in the administration and accounting services fees, shown on the Statement of Operations, are fees for providing regulatory administration services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio in proportion to its net assets of the Company.

In addition, BNY Mellon serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Foreside Funds Distributors LLC serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The remuneration paid to the Directors by the Fund during the six months ended February 28, 2015 was $4,150. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Fund or the Company.

33

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONCLUDED)

4. INVESTMENT IN SECURITIES

For the six months ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

	PURCHASES	SALES
Investments in Non-U.S. Government Securities	$—	$—
Investments in U.S. Government Securities	—	—

5. FEDERAL INCOME TAX INFORMATION

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

FEDERAL TAX COST	UNREALIZED APPRECIATION	UNREALIZED DEPRECIATION	NET UNREALIZED DEPRECIATION
$48,891,931	$137,794	$(157,069)	$(19,275)

Distributions to shareholders from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2014, the components of distributable earnings on a tax basis were as follows:

UNDISTRIBUTED ORDINARY INCOME	UNDISTRIBUTED LONG-TERM  GAINS	UNREALIZED APPRECIATION	QUALIFIED LATE-YEAR LOSSES	OTHER TEMPORARY DIFFERENCES
$769,775	$—	$(15,595)	$—	$—

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains of the Subsidiary for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2014, the Fund had no capital loss carryforwards.

6. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events.

34

ABBEY CAPITAL FUTURES STRATEGY FUND

OTHER INFORMATION

(UNAUDITED)

PROXY VOTING

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (844) 261-6484 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. Information on the operation of the SEC Public Reference Room may be obtained by calling (800) SEC-0330.

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Investment Adviser

Abbey Capital Limited

1-2 Cavendish Row

Dublin 1, Ireland

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

Counsel

Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

ABB-SAR15

ALTAIR SMALLER COMPANIES FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 28, 2015

(Unaudited)

This report is submitted for the general information of the shareholders of the Fund.

It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

ALTAIR SMALLER COMPANIES FUND

Performance Data

February 28, 2015

(Unaudited)

Total Returns for the period ended February 28, 2015
	Since
	Inception*
Altair Smaller Companies Fund		7.50%
Russell 2000® Index**		11.30%

* Not annualized. The Fund commenced operations on October 21, 2014.

** Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling (855) 744-8500.

The Fund’s total annual Fund operating expenses, as stated in the current prospectus dated December 31, 2014, are 1.15% of average daily net assets. This rate may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. The Adviser has contractually agreed to reimburse expenses in an aggregate amount equal to the amount by which the total annual Fund operating expenses (other than acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, litigation, extraordinary items, interest or taxes) exceeds 1.35% of the average daily net assets of the Fund. This contractual limitation is in effect until at least October 20, 2015 and may not be terminated without approval by the Company’s Board of Directors.

The Fund invests in common stock, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change.

The Fund evaluates performance as compared to that of the Russell 2000^® Index. The Russell 2000^® Index is a widely-recognized, capitalization-weighted index that measures the performance of the smallest 2,000 companies in the Russell 3000^® Index and is considered representative of small-cap stocks. It is impossible to invest directly in an index.

Investment Considerations

Investing in the Fund involves risk and an investor may lose money. The success of the Fund’s strategy depends on the Adviser’s ability to select Sub-Advisers and each manager’s ability to select investments for the Fund. The Fund may invest in riskier type investments including small and micro-cap stocks, IPOs, special situations and illiquid securities all of which may be more volatile and less liquid.

1

ALTAIR SMALLER COMPANIES FUND

Fund Expense Examples

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period from October 21, 2014 (date of commencement of operations) through February 28, 2015 and held for the entire period.

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Ending Account Value	Expenses Paid
	Beginning Account Value*	February 28, 2015	During Period
Actual**	$1,000.00	$1,075.00	$4.29
Hypothetical (5% return before expenses)***	1,000.00	1,019.04	5.81

* The Fund commenced operations on October 21, 2014.

** Expenses equal to an annualized expense ratio for the period October 21, 2014 to February 28, 2015 of 1.16% for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (130) then divided by 365 days. The Fund’s ending account value on the first line in the table is based on the actual total return since inception for the Fund of 7.50%.

*** For comparison purposes, the hypothetical expenses are as if the Fund had been in existence from September 1, 2014 and are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (181), then divided by 365.

2

ALTAIR SMALLER COMPANIES FUND

Portfolio Holdings Summary Table

February 28, 2015

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund.

	% of Net
Security Type/Sector Classification	Assets			Value
COMMON STOCKS:
Retail		8.3	%		$	16,398,518
Commercial Services		7.8				15,311,937
Software		6.0				11,808,440
Healthcare-Products		5.9				11,715,993
Computers		4.8				9,487,953
Pharmaceuticals		4.6				9,003,997
Banks		4.5				8,874,873
Semiconductors		4.3				8,429,316
Biotechnology		3.5				6,894,063
Internet		3.3				6,597,597
Diversified Financial Services		2.8				5,594,238
Transportation		2.6				5,090,218
Building Materials		2.2				4,367,106
Electronics		2.1				4,132,894
Healthcare-Services		2.0				3,866,497
Insurance		1.9				3,708,127
Telecommunications		1.8				3,551,732
Food		1.8				3,515,840
REITS		1.7				3,400,936
Apparel		1.6				3,162,206
Chemicals		1.6				3,120,485
Oil & Gas		1.3				2,598,040
Miscellaneous Manufacturing		1.2				2,302,523
Aerospace/Defense		1.1				2,190,710
Machinery-Diversified		1.0				2,029,818
Beverages		0.9				1,789,559
Auto Parts & Equipment		0.9				1,760,397
Home Furnishings		0.9				1,718,127
Electrical Components & Equipment		0.8				1,649,896
Airlines		0.8				1,635,246
Textiles		0.8				1,490,464
Entertainment		0.7				1,462,883
Leisure Time		0.7				1,459,457
Environmental Control		0.7				1,414,932
Oil & Gas Services		0.6				1,261,913
Engineering & Construction		0.6				1,132,077
Metal Fabricate/Hardware		0.6				1,116,409
Advertising.		0.5				1,064,863
Investment Companies		0.5				1,028,216
Home Builders		0.5				938,411
Real Estate		0.5				926,569
Savings & Loans		0.5				886,857
Housewares		0.4				708,426
Water		0.3				645,728
Gas		0.3				624,388
Mining		0.3				620,162
Packaging & Containers		0.3				600,894
Distribution / Wholesale		0.3				599,027
Electric		0.3				587,228
Lodging		0.3				545,496
Forest Products & Paper		0.3				513,678
Trucking & Leasing		0.3				509,733

The accompanying notes are an integral part of the financial statements.

3

ALTAIR SMALLER COMPANIES FUND

Portfolio Holdings Summary Table

February 28, 2015

(Unaudited)

	% of Net
Security Type/Sector Classification	Assets			Value
Hand / Machine Tools		0.2	%		$	424,824
Household Products / Wares		0.2				404,212
Energy-Alternate Sources		0.1				239,152
Office Furnishings		0.1				114,154
Agriculture		0.1				111,206
Media		0.1				106,694
Machinery-Construction & Mining		0.1				99,953
Cosmetics/Personal Care		0.0				54,614
Coal		0.0				53,363
Iron / Steel		0.0				43,060
Other Assets in Excess of Liabilities		4.8				9,480,667
NET ASSETS		100.0	%		$	196,976,992

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

4

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
COMMON STOCKS—95.2%
Advertising — 0.5%
EVINE Live, Inc.*		33,225	$	210,302
Harte-Hanks, Inc.		46,710		362,002
MDC Partners, Inc., Class A (Canada)		18,930		492,559
				1,064,863
Aerospace/Defense — 1.1%
AAR Corp.		2,389		70,237
Cubic Corp.		4,526		236,574
Curtiss-Wright Corp.		1,629		118,233
GenCorp, Inc.*		14,202		274,099
Kaman Corp.		1,631		67,687
KLX, Inc.*		12,230		488,466
LMI Aerospace, Inc.*		13,003		185,163
M/A-COM Technology Solutions Holdings, Inc.*		10,366		349,542
Moog, Inc., Class A*		2,464		185,933
Orbital ATK, Inc.		1,778		117,878
Teledyne Technologies, Inc.*		961		96,898
				2,190,710
Agriculture — 0.1%
Andersons, Inc. (The)		1,301		57,595
Universal Corp.		1,119		53,611
				111,206
Airlines — 0.8%
Allegiant Travel		2,589		475,392
Controladora Vuela Cia de Aviacion SAB de CV, ADR (Mexico)*		27,308		274,445
Hawaiian Holdings, Inc.*		9,987		184,859
SkyWest, Inc.		2,999		43,845
Spirit Airlines, Inc.*		4,567		355,221
Virgin America, Inc.*		8,604		301,484
				1,635,246
Apparel — 1.6%
Carter’s, Inc.		3,973		352,683
G-III Apparel Group Ltd*		5,019		528,149
Iconix Brand Group, Inc.*		2,326		78,549
Oxford Industries, Inc.		1,003		55,195
Rocky Brands, Inc.		30,420		604,750
Sequential Brands Group, Inc.*		27,207		275,607
Skechers U.S.A., Inc., Class A*		8,071		549,958
Steven Madden Ltd.*		3,386		123,623
Superior Uniform Group, Inc.		21,088		386,965
Unifi, Inc.*		1,244		40,206

	Number
	of Shares		Value
Apparel — (Continued)
Wolverine World Wide, Inc.		5,449	$	166,521
				3,162,206
Auto Parts & Equipment — 0.9%
Dorman Products, Inc.*		1,049		46,271
Motorcar Parts of America, Inc.*		20,783		545,554
Remy International, Inc.		28,362		648,645
Spartan Motors, Inc.		81,580		406,268
Standard Motor Products, Inc.		1,276		53,490
Titan International, Inc.		6,029		60,169
				1,760,397
Banks — 4.5%
1st Source Corp.		8,181		252,548
American River Bankshares*		45,650		436,414
Bank Of Commerce Holdings		62,510		359,432
Bank Of The Ozarks, Inc.		10,351		378,847
BankUnited, Inc.		10,208		330,841
Banner Corp.		1,722		75,183
Central Pacific Financial Corp.		4,424		101,487
City Holding Co.		4,208		194,199
Customers Bancorp, Inc.*		17,449		386,321
CVB Financial Corp.		4,745		74,259
First BanCorp (Puerto Rico)*		14,781		97,407
First Citizens Bancshares, Inc., Class A		744		187,674
First Financial Bancorp		7,350		128,111
First Financial Bankshares, Inc.		2,174		57,111
First Security Group, Inc.*		99,750		220,447
FNB Corp.		13,275		170,318
Glacier Bancorp, Inc.		9,042		219,630
Home BancShares, Inc.		5,717		180,943
MB Financial, Inc.		873		27,229
National Penn Bancshares, Inc.		10,089		108,255
Northrim BanCorp, Inc.		17,670		417,896
OFG Bancorp (Puerto Rico)		4,479		78,159
Orrstown Financial Services, Inc.*		21,020		352,085
Pacific Continental Corp.		31,140		423,193
Pacific Mercantile Bancorp*		71,410		497,014
Park Sterling Corp.		82,220		559,096
Premier Financial Bancorp, Inc.		32,270		486,954
Privatebancorp, Inc.		2,852		99,050
S&T Bancorp, Inc.		3,937		111,535
Signature Bank*		3,066		378,191
Southside Bancshares, Inc.		1,927		55,324

The accompanying notes are an integral part of the financial statements.

5

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Banks — (Continued)
Square 1 Financial, Inc., Class A*		7,157	$	198,106
Suffolk Bancorp		17,180		386,550
Susquehanna Bancshares, Inc.		13,349		179,010
Tompkins Financial Corp.		1,660		86,237
TrustCo Bank Corp.		10,035		67,837
UMB Financial Corp.		1,279		65,920
United Bankshares, Inc.		2,652		99,317
Wilshire Bancorp, Inc.		9,430		89,679
Wintrust Financial Corp.		5,459		257,064
				8,874,873
Beverages — 0.9%
Boston Beer Co., Inc. (The), Class A*		455		121,758
Craft Brew Alliance, Inc.*		51,843		648,037
Farmer Bros Co.*		31,645		766,758
Reed’s, Inc.*		46,853		253,006
				1,789,559
Biotechnology — 3.5%
Acceleron Pharma, Inc.*		9,158		372,090
Acorda Therapeutics, Inc.*		2,361		79,896
Alder Biopharmaceuticals, Inc.*		9,198		247,242
AMAG Pharmaceuticals, Inc.*		7,244		356,622
ANI Pharmaceuticals, Inc.*		5,163		347,780
Avalanche Biotechnologies, Inc.*		4,508		163,099
Bluebird Bio, Inc.*		5,831		555,811
Dynavax Technologies Corp.*		13,294		233,974
Exact Sciences Corp.*		8,431		189,445
Five Prime Therapeutics, Inc.*		11,998		308,829
Harvard Bioscience, Inc.*		57,572		314,343
Ligand Pharmaceuticals*		978		53,858
Lion Biotechnologies, Inc.*		20,764		186,461
Loxo Oncology, Inc.*		12,694		162,991
MacroGenics, Inc.*		12,663		437,760
Medicines Co., (The)*		4,827		138,849
Momenta Pharmaceuticals, Inc.*		19,293		263,349
Myriad Genetics, Inc.*		15,134		515,615
NeoGenomics, Inc.*		143,573		651,821
OvaScience, Inc.*		4,254		193,600
Repligen, Corp.*		16,825		432,571
Sage Therapeutics, Inc.*		7,639		331,915
Spectrum Pharmaceuticals, Inc.*		6,770		42,177
Sunesis Pharmaceuticals, Inc.*		56,927		126,378
Synageva BioPharma Corp.*		1,900		187,587
				6,894,063

	Number
	of Shares		Value
Building Materials — 2.2%
AAON, Inc.		3,281	$	73,855
Apogee Enterprises, Inc.		10,558		484,084
Boise Cascade Co.*		2,196		78,200
Caesarstone Sdot-Yam Ltd. (Israel)		5,775		377,743
Drew Industries, Inc.*		1,629		96,095
Gibraltar Industries, Inc.*		4,141		60,707
Griffon Corp.		4,619		75,382
Headwaters, Inc.*		4,288		70,409
NCI Building Systems, Inc.*		17,153		288,857
Patrick Industries, Inc.*		19,630		1,084,558
PGT, Inc.*		49,591		504,340
Quanex Building Products Corp.		2,595		50,836
Simpson Manufacturing Co., Inc.		4,180		151,316
Stock Building Supply Holdings, Inc.*		18,568		288,361
Universal Forest Products, Inc.		1,696		91,669
US Concrete, Inc.*		19,367		590,694
				4,367,106
Chemicals — 1.6%
A. Schulman, Inc.		914		38,918
American Vanguard Corp.		25,391		286,156
Codexis, Inc.*		47,867		168,971
Hawkins, Inc.		6,457		251,758
HB Fuller Co.		2,609		116,622
Innophos Holdings, Inc.		1,242		69,713
Intrepid Potash, Inc.*		5,565		78,578
KMG Chemicals, Inc.		25,760		558,219
Koppers Holdings, Inc.		2,566		41,364
Kraton Performance Polymers, Inc.*		10,237		206,582
Landec Corp.*		69,515		970,429
OM Group, Inc.		2,104		60,574
Quaker Chemical Corp.		932		75,660
Rayonier Advanced Materials, Inc.		6,596		122,422
Stepan Co.		1,814		74,519
				3,120,485
Coal — 0.0%
Cloud Peak Energy, Inc.*		6,437		53,363
Commercial Services — 7.8%
ABM Industries, Inc.		2,589		80,492
American Public Education, Inc.*		1,727		55,955
AMN Healthcare Services Inc.*		45,595		1,028,623
ARC Document Solutions, Inc.*		62,422		528,091

The accompanying notes are an integral part of the financial statements.

6

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Commercial Services — (Continued)
Ascent Capital Group, Inc., Class A*		9,096	$	399,951
Barrett Business Services, Inc.		17,040		634,740
Brink’s Co. (The)		23,298		655,606
Capella Education Co.		1,133		73,441
Cardtronics, Inc.*		2,550		93,304
CRA International, Inc.*		8,759		263,558
Cross Country Healthcare, Inc.*		86,185		1,116,958
Electro Rent Corp.		45,668		590,031
Franklin Covey Co.*		14,760		264,204
Green Dot Corp., Class A*		4,646		72,059
Hackett Group, Inc. (The)		85,178		750,418
Healthcare Services Group, Inc.		13,607		456,787
Heidrick & Struggles International, Inc.		15,792		378,061
ICF International, Inc.*		4,105		172,000
Insperity, Inc.		3,310		171,458
Kelly Services, Inc., Class A		13,093		226,640
Korn/Ferry International*		3,049		93,299
Landauer, Inc.		1,098		41,878
LendingTree, Inc.*		14,590		773,854
Matthews International, Corp., Class A		1,608		77,779
Medifast, Inc.*		13,790		436,316
Monro Muffler Brake, Inc.		1,564		98,907
Monster Worldwide, Inc.*		8,469		56,912
Multi-Color Corp.		10,306		703,694
On Assignment, Inc.*		12,147		464,137
PAREXEL International Corp.*		2,736		176,363
Patriot National, Inc.*		14,115		190,694
Paylocity Holding Corp.*		19,467		581,869
PFSweb, Inc.*		45,616		510,443
Providence Service Corp. (The)*		927		42,642
Resources Connection, Inc.		3,737		66,220
SFX Entertainment, Inc.*		58,143		276,761
Sotheby’s		13,741		603,917
SP Plus Corp.*		27,934		631,588
Strayer Education, Inc.*		725		44,131
Team Health Holdings, Inc.*		5,021		297,595
TriNet Group, Inc.*		10,904		396,251
Viad Corp.		1,391		36,945
WEX, Inc.*		2,883		308,452
WuXi PharmaTech Cayman, Inc., ADR*		9,735		388,913
				15,311,937

	Number
	of Shares		Value
Computers — 4.8%
CACI International, Inc., Class A*		1,067	$	93,138
Computer Services, Inc.		13,386		542,802
Convergys Corp.		32,112		717,703
Datalink Corp.*		55,050		625,368
Digimarc Corp.		10,323		273,766
Dot Hill Systems Corp.*		139,350		565,761
DST Systems, Inc.		2,104		223,634
EPAM Systems, Inc.*		6,988		431,020
ExlService Holdings, Inc.*		1,497		52,245
Icad, Inc.*		49,266		489,704
iGATE Corp.*		11,484		491,515
Insight Enterprises, Inc.*		3,352		88,158
Manhattan Associates, Inc.*		12,102		603,285
MAXIMUS Inc.		3,243		192,083
Mercury Systems, Inc.*		22,462		382,303
MTS Systems Corp.		711		51,512
Netscout Systems, Inc.*		2,208		89,027
PAR Technology Corp.*		27,080		132,963
Qualys, Inc.*		4,513		207,733
Qumu Corp.*		21,980		329,920
Silicon Graphics International Corp.*		29,454		271,860
Super Micro Computer, Inc.*		20,875		838,758
Sykes Enterprises, Inc.*		22,038		512,384
Synaptics, Inc.*		6,755		580,592
TeleTech Holdings, Inc.		1,804		43,837
Virtusa Corp.*		5,784		227,658
Xplore Technologies Corp.*		61,056		429,224
				9,487,953
Cosmetics/Personal Care — 0.0%
Inter Parfums		1,921		54,614
Distribution / Wholesale — 0.3%
Houston Wire & Cable Co.		20,504		217,547
Pool Corp.		2,106		145,672
Rentrak Corp.*		4,307		235,808
				599,027
Diversified Financial Services — 2.8%
Blackhawk Network Holdings, Inc., Class B*		19,895		729,749
Ellie Mae, Inc.*		24,318		1,285,206
Enova International, Inc.*		—		9
Evercore Partners, Inc., Class A		2,877		147,389
Financial Engines, Inc.		3,401		137,060
FNFV Group*		56,573		842,372

The accompanying notes are an integral part of the financial statements.

7

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Diversified Financial Services — (Continued)
Interactive Brokers Group, Inc., Class A		3,063	$	97,618
Investment Technology Group, Inc.*		2,365		53,260
JMP Group, Inc.		50,220		377,152
Ladenburg Thalmann Financial Services, Inc.*		49,293		190,271
MarketAxess Holdings, Inc.		2,439		194,120
PRA Group, Inc.*		5,713		286,164
Silvercrest Asset Management Group, Inc., Class A		18,232		254,701
Stifel Financial Corp.*		2,852		156,204
WageWorks Inc.*		7,543		433,345
Westwood Holdings Group, Inc.		4,611		288,095
World Acceptance Corp.*		1,480		121,523
				5,594,238
Electric — 0.3%
ALLETE, Inc.		1,822		99,918
Avista Corp.		2,871		97,901
El Paso Electric Co.		2,208		83,507
NorthWestern Corp.		2,048		110,981
UIL Holdings Corp.		3,856		194,921
				587,228
Electrical Components & Equipment — 0.8%
Advanced Energy Industries, Inc.*		2,466		65,645
Capstone Turbine Corp.*		270,256		191,233
Encore Wire Corp.		3,347		124,810
EnerSys		3,907		255,127
General Cable Corp.		6,009		90,375
Highpower International, Inc.*		35,560		181,000
Insteel Industries, Inc.		17,220		373,846
Littelfuse, Inc.		1,184		118,779
PowerSecure International, Inc.* .		22,460		249,081
				1,649,896
Electronics — 2.1%
American Science & Engineering, Inc.		1,340		70,069
Badger Meter, Inc.		1,318		76,971
Benchmark Electronics, Inc.*		3,636		85,301
Brady Corp., Class A		2,753		74,221
Checkpoint Systems, Inc.*		3,223		43,510
Coherent, Inc.*		1,772		113,833
CTS Corp.		2,248		39,250
ESCO Technologies, Inc.		1,906		73,457

	Number
	of Shares		Value
Electronics — (Continued)
FARO Technologies, Inc.*		778	$	46,657
II-VI, Inc.*		3,812		66,672
IMAX Corp. (Canada)*		11,269		394,077
Ituran Location and Control Ltd. (Israel)		12,033		277,240
Knowles Corp.*		11,917		228,211
Methode Electronics, Inc.		1,743		67,785
Napco Security Technologies, Inc.*		36,680		203,574
Newport Corp.*		3,175		63,373
OSI Systems, Inc.*		790		57,251
Plexus Corp.*		1,246		50,152
Rogers Corp.*		991		77,575
TASER International, Inc.*		26,245		616,233
Tech Data Corp.*		8,000		476,000
Vishay Intertechnology, Inc.		21,960		312,710
ZAGG, Inc.*		80,360		618,772
				4,132,894
Energy-Alternate Sources — 0.1%
Green Plains, Inc.		1,582		36,782
Hydrogenics Corp. (Canada)*		14,750		202,370
				239,152
Engineering & Construction — 0.6%
Comfort Systems USA, Inc.		17,266		322,874
Dycom Industries, Inc.*		2,682		118,947
EMCOR Group, Inc.		4,741		208,746
Exponent, Inc.		695		60,138
Sterling Construction Co., Inc.*		42,400		117,024
Tutor Perini Corp.*		13,079		304,348
				1,132,077
Entertainment — 0.7%
AMC Entertainment Holdings, Inc., Class A		12,239		420,777
International Speedway Corp., Class A		24,171		750,026
Marriott Vacations Worldwide Corp.		2,258		171,743
Pinnacle Entertainment, Inc.*		3,069		78,996
Scientific Games Corp., Class A*		3,060		41,341
				1,462,883
Environmental Control — 0.7%
Clean Harbors, Inc.*		9,433		525,324
Progressive Waste Solutions Ltd. (Canada)		4,860		136,031
Tetra Tech, Inc.		3,198		81,325

The accompanying notes are an integral part of the financial statements.

8

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Environmental Control — (Continued)
US Ecology, Inc.		13,770	$	672,252
				1,414,932
Food — 1.8%
B&G Foods, Inc.		3,623		103,799
Calavo Growers, Inc.		4,486		188,188
Cal-Maine Foods, Inc.		1,158		43,576
Darling Ingredients, Inc.*		23,831		415,136
Ingles Markets, Inc., Class A		5,242		226,664
Inventure Foods, Inc.*		22,353		225,542
J&J Snack Foods Corp.		553		55,958
John B Sanfilippo & Son, Inc.		4,320		160,056
Lifeway Foods, Inc.*		20,167		377,728
Rocky Mountain Chocolate
Factory, Inc.		23,364		357,936
Sanderson Farms, Inc.		652		55,557
Snyder’s-Lance, Inc.		3,587		110,659
SpartanNash Co.		1,672		44,392
SunOpta, Inc. (Canada)*		19,239		222,210
TreeHouse Foods, Inc.*		1,237		103,364
United Natural Foods, Inc.*		5,077		421,594
Village Super Market, Inc., Class A		14,603		403,481
				3,515,840
Forest Products & Paper — 0.3%
Deltic Timber Corp.		582		38,517
Neenah Paper, Inc.		1,352		81,688
Orchids Paper Products, Co.		8,482		239,023
PH Glatfelter, Co.		5,074		124,313
Veritiv Corp.*		595		30,137
				513,678
Gas — 0.3%
Laclede Group, Inc. (The)		2,023		104,710
New Jersey Resources Corp.		1,990		124,534
Northwest Natural Gas Co.		1,113		52,589
Piedmont Natural Gas Co., Inc.		3,482		129,879
South Jersey Industries, Inc.		1,954		110,753
Southwest Gas Corp.		1,780		101,923
				624,388
Hand / Machine Tools — 0.2%
Hardinge, Inc.		37,200		424,824
Healthcare-Products — 5.9%
Abaxis, Inc.		7,317		445,752
ABIOMED, Inc.*		1,897		115,319
Affymetrix, Inc.*		5,381		62,958

	Number
	of Shares		Value
Healthcare-Products — (Continued)
Analogic Corp.		858	$	74,354
AtriCure, Inc.*		23,254		411,131
Avinger, Inc.*		14,614		166,600
Cantel Medical Corp.		1,814		82,356
Cardiovascular Systems, Inc.*		5,391		203,295
Cepheid*		5,984		340,131
CONMED Corp.		1,664		85,363
Cyberonics, Inc.*		1,406		96,311
Cynosure, Inc., Class A*		15,067		458,338
DexCom, Inc.*		9,368		569,012
Digirad Corp.		65,508		279,719
Greatbatch, Inc.*		1,035		55,000
Haemonetics Corp.*		2,900		128,934
Hanger, Inc.*		3,657		94,680
ICU Medical, Inc.*		578		51,390
Inogen, Inc.*		11,185		371,901
Integra LifeSciences Holdings Corp.*		1,091		65,471
K2M Group Holdings, Inc.*		34,045		697,582
LDR Holding Corp.*		20,666		807,834
Masimo Corp.*		3,409		100,463
Mazor Robotics Ltd., ADR (Israel)*		25,429		304,131
Merit Medical Systems, Inc.*		2,635		51,672
NanoString Technologies, Inc.*		11,994		126,057
Natus Medical, Inc.*		9,399		336,390
Novadaq Technologies, Inc. (Canada)*		19,833		328,236
NuVasive, Inc.*		2,647		121,100
OraSure Technologies, Inc.*		65,195		466,796
Oxford Immunotec Global, PLC (United Kingdom)*		13,364		188,031
Photomedex, Inc.*		44,290		79,722
Spectranetics Corp. (The)*		21,391		723,230
STERIS Corp.		5,196		335,246
Synergetics USA, Inc.*		97,180		439,254
Trinity Biotech, PLC, ADR (Ireland)		29,665		526,850
Vascular Solutions, Inc.*		6,918		201,867
West Pharmaceutical Services, Inc.		9,104		498,171
Zeltiq Aesthetics, Inc.*		36,720		1,225,346
				11,715,993
Healthcare-Services — 2.0%
AAC Holdings, Inc.*		17,377		625,398

The accompanying notes are an integral part of the financial statements.

9

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Healthcare-Services — (Continued)
Acadia Healthcare Co., Inc.*		5,277	$	333,665
Air Methods Corp.*		1,304		69,099
Almost Family, Inc.*		18,030		642,229
Amedisys, Inc.*		2,217		66,887
Amsurg Corp.*		2,682		161,188
Bio-Reference Laboratories*		1,492		52,130
Cancer Genetics, Inc.*		13,850		121,326
Centene Corp.*		8,820		542,077
Chemed Corp.		621		72,334
Ensign Group, Inc. (The)		930		40,985
Healthways, Inc.*		3,189		71,370
IPC The Hospitalist Co., Inc.*		1,552		67,108
Kindred Healthcare, Inc.		3,507		74,419
LHC Group, Inc.*		1,302		44,008
Magellan Health, Inc.*		941		60,290
Molina Healthcare, Inc.*		2,020		128,654
Psychemedics Corp.		18,358		301,255
Select Medical Holdings Corp.		3,778		51,230
Surgical Care Affiliates, Inc.*		10,494		340,845
				3,866,497
Home Builders — 0.5%
Cavco Industries, Inc.*		6,865		491,946
Installed Building Products, Inc.*		7,904		137,846
Meritage Homes Corp.*		2,475		110,162
Ryland Group, Inc., (The)		3,091		140,641
Winnebago Industries, Inc.		2,491		57,816
				938,411
Home Furnishings — 0.9%
American Woodmark Corp.*		1,043		54,924
Bassett Furniture Industries, Inc.		4,667		119,989
Daktronics, Inc.		3,747		38,332
DTS, Inc.*		1,271		37,456
Hooker Furniture Corp.		16,102		297,082
iRobot Corp.*		2,573		84,523
La-Z-Boy, Inc.		3,067		76,522
Norcraft Cos., Inc.*		8,968		184,830
Select Comfort Corp.*		3,684		118,256
Skullcandy, Inc.*		62,672		652,415
Universal Electronics, Inc.*		952		53,798
				1,718,127
Household Products / Wares — 0.2%
Acme United Corp.		14,649		281,700
SodaStream International Ltd. (Israel)*		2,328		41,718

	Number
	of Shares		Value
Household Products / Wares — (Continued)
WD-40 Co.		995	$	80,794
				404,212
Housewares — 0.4%
Lifetime Brands, Inc.		32,950		527,530
Toro, Co. (The)		2,674		180,896
				708,426
Insurance — 1.9%
American Equity Investment Life Holding Co.		3,576		101,880
AMERISAFE, Inc.		900		37,386
Atlas Financial Holdings, Inc. (Cayman Islands)*		16,440		295,591
Employers Holdings, Inc.		3,729		87,967
Federated National Holding Co.		10,305		298,124
Hallmark Financial Services, Inc.*		48,230		544,034
Hilltop Holdings, Inc.*		16,334		303,812
Horace Mann Educators Corp.		3,432		110,613
Infinity Property & Casualty Corp.		1,164		90,268
Meadowbrook Insurance Group, Inc.		6,122		51,180
Montpelier Re Holdings Ltd. (Bermuda)		2,088		75,252
Navigators Group, Inc. (The)*		2,756		205,901
RLI Corp.		1,220		59,036
Safety Insurance Group, Inc.		656		38,376
Selective Insurance Group, Inc.		3,866		105,271
Stewart Information Services Corp.		982		36,953
Universal Insurance Holdings, Inc.		2,126		52,937
White Mountains Insurance Group Ltd. (Bermuda)		1,819		1,213,546
				3,708,127
Internet — 3.3%
8X8, Inc.*		24,798		183,753
Blucora, Inc.*		2,353		34,871
Blue Nile, Inc.*		13,250		397,235
comScore, Inc.*		13,034		672,424
ePlus, Inc.*		10,589		880,687
FTD Cos., Inc.*		1,055		36,714
GrubHub, Inc.*		8,234		345,910
HealthStream, Inc.*		925		23,939
j2 Global, Inc.		1,848		124,278

The accompanying notes are an integral part of the financial statements.

10

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Internet — (Continued)
magicJack VocalTec Ltd. (Israel)*		33,090	$	255,455
NIC, Inc.		3,334		58,345
Perficient, Inc.*		2,095		41,649
Q2 Holdings, Inc.*		17,043		337,622
QuinStreet, Inc.*		33,736		226,369
Reis, Inc.		42,782		1,035,752
RingCentral, Inc.*		11,415		180,015
Stamps.com, Inc.*		4,498		252,158
TeleCommunication Systems, Inc., Class A*		185,590		593,888
TheStreet, Inc.		113,780		228,698
Tucows, Inc., Class A*		9,308		176,200
VASCO Data Security International, Inc.*		7,202		184,515
Zendesk, Inc.*		13,233		327,120
				6,597,597
Investment Companies — 0.5%
Capital Southwest Corp.		14,428		702,644
MCG Capital Corp.		83,480		325,572
				1,028,216
Iron / Steel — 0.0%
AK Steel Holding Corp.*		9,742		43,060
Leisure Time — 0.7%
Arctic Cat, Inc.		12,515		456,296
Black Diamond, Inc.*		32,800		237,800
Interval Leisure Group, Inc.		2,465		66,555
Malibu Boats, Inc., Class A*		9,408		190,512
Nautilus, Inc.*		16,340		249,348
Town Sports International Holdings, Inc.		37,420		258,946
				1,459,457
Lodging — 0.3%
Boyd Gaming Corp.*		4,776		65,957
Marcus Corp. (The)		6,692		130,427
Monarch Casino & Resort, Inc.*		19,182		349,112
				545,496
Machinery-Construction & Mining — 0.1%
Astec Industries, Inc.		2,337		99,953
Machinery-Diversified — 1.0%
Albany International Corp., Class A.		1,008		38,012
Columbus Mckinnon Corp.		14,010		372,106
DXP Enterprises, Inc.*		1,621		74,242

	Number
	of Shares		Value
Machinery-Diversified — (Continued)
Hurco Cos, Inc.		14,060	$	479,868
Lindsay Corp.		734		64,284
Manitex International, Inc.*		43,592		512,206
Twin Disc, Inc.		26,596		489,100
				2,029,818
Media — 0.1%
EW Scripps Co. (The), Class A*		2,619		60,394
Scholastic Corp.		1,251		46,300
				106,694
Metal Fabricate/Hardware — 0.6%
Haynes International, Inc.		1,856		74,945
Mueller Industries, Inc.		2,467		85,876
NN, Inc.		31,473		872,117
RTI International Metals, Inc.*		2,995		83,471
				1,116,409
Mining — 0.3%
Century Aluminum Co.*		2,048		38,851
Kaiser Aluminum Corp.		1,268		95,797
Stillwater Mining Co.*		4,358		63,191
United States Lime & Minerals, Inc.		4,857		327,848
US Silica Holdings, Inc.		2,915		94,475
				620,162
Miscellaneous Manufacturing — 1.2%
Barnes Group, Inc.		3,127		125,143
CLARCOR, Inc.		4,982		327,865
EnPro Industries, Inc.		1,200		78,924
Federal Signal Corp.		4,418		72,853
John Bean Technologies Corp.		2,493		86,158
LSB Industries, Inc.*		1,372		51,560
Lydall, Inc.*		17,398		554,300
Myers Industries, Inc.		17,424		346,737
Proto Labs, Inc.*		4,941		351,206
Smith & Wesson Holding Corp.*		15,362		207,848
Sturm Ruger & Co., Inc.		968		50,297
Tredegar Corp.		2,414		49,632
				2,302,523
Office Furnishings — 0.1%
Interface, Inc.		5,654		114,154
Oil & Gas — 1.3%
Bill Barrett Corp.*		3,309		33,222
Bonanza Creek Energy, Inc.*		6,885		185,551
Carrizo Oil & Gas, Inc.*		1,709		81,331
Diamondback Energy, Inc.*		4,102		292,103

The accompanying notes are an integral part of the financial statements.

11

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Oil & Gas — (Continued)
Evolution Petroleum Corp.		61,333	$	418,291
Gran Tierra Energy, Inc.*		14,480		36,634
Miller Energy Resources, Inc.*		40,623		68,653
Northern Oil and Gas, Inc.*		4,399		37,919
Ocean Rig UDW, Inc. (Cyprus)		3,031		24,248
PDC Energy, Inc.*		8,109		419,073
RSP Permian, Inc.*		12,611		342,515
Stone Energy Corp.*		3,087		52,294
Synergy Resources Corp.*		16,580		198,131
Trecora Resources*		18,665		269,336
WPX Energy, Inc.*		12,870		138,739
				2,598,040
Oil & Gas Services — 0.6%
Basic Energy Services, Inc.*		6,847		50,942
C&J Energy Services, Inc.*		3,996		54,465
CARBO Ceramics, Inc.		2,034		74,119
Flotek Industries, Inc.*		2,137		36,500
Matrix Service Co.*		4,096		76,186
Natural Gas Services Group, Inc.*		25,398		489,674
Newpark Resources, Inc.*		8,952		84,775
PHI, Inc., Non Voting Shares*		4,298		138,482
SEACOR Holdings, Inc.*		1,898		137,624
Tesco Corp. (Canada)		5,795		61,601
TETRA Technologies, Inc.*		9,639		57,545
				1,261,913
Packaging & Containers — 0.3%
AEP Industries, Inc.*		8,450		428,077
KapStone Paper and Packaging, Corp.		5,015		172,817
				600,894
Pharmaceuticals — 4.6%
Aerie Pharmaceuticals, Inc.*		9,284		261,066
Akorn, Inc.*		4,232		227,724
Aquinox Pharmaceuticals, Inc.*		12,926		126,028
Aratana Therapeutics, Inc.*		9,607		185,031
Auspex Pharmaceuticals, Inc.*		11,718		787,918
BioSpecifics Technologies Corp.*		4,027		156,892
Cempra, Inc.*		17,717		586,787
Depomed, Inc.*		32,944		723,120
Egalet Corp.*		11,180		167,812
Flamel Technologies S.A., ADR*		14,713		230,258
Foamix Pharmaceuticals Ltd. (Israel)*		28,632		256,543
Heron Therapeutics, Inc.*		22,894		297,393

	Number
	of Shares		Value
Pharmaceuticals — (Continued)
Heska Corp.*		9,094	$	195,521
IGI Laboratories, Inc.*		23,437		269,994
Impax Laboratories, Inc.*		3,480		140,209
Imprimis Pharmaceuticals, Inc.*		33,805		257,932
Lannett Co., Inc.*		1,189		74,194
Mirati Therapeutics, Inc.*		10,750		255,527
Neogen Corp.*		1,733		88,643
Nevro Corp.*		8,861		370,656
Omega Protein Corp.*		16,210		173,123
Owens & Minor, Inc.		15,358		547,666
Pacira Pharmaceuticals*		1,650		189,370
Pernix Therapeutics Holdings, Inc.*		26,986		289,560
Prestige Brands Holdings, Inc.*		4,121		158,823
Receptos, Inc.*		2,087		264,298
Regulus Therapeutics, Inc.*		10,831		200,590
Relypsa, Inc.*		5,786		224,497
Sagent Pharmaceuticals*		1,360		36,965
Supernus Pharmaceuticals, Inc.*		27,928		251,073
Tetraphase Pharmaceuticals, Inc.*		4,516		178,201
uniQure B.V. (Netherlands)*		18,592		432,078
Xencor, Inc.*		13,548		211,349
XenoPort, Inc.*		27,322		187,156
				9,003,997
Real Estate — 0.5%
HFF, Inc., Class A		2,656		94,500
Marcus & Millichap, Inc.*		22,531		832,069
				926,569
REITS — 1.7%
Acadia Realty Trust		3,174		108,424
Agree Realty Corp.		5,460		179,252
American Assets Trust, Inc.		2,447		100,376
Associated Estates Realty Corp.		3,390		81,190
Aviv REIT, Inc.		1,658		59,655
Cedar Realty Trust, Inc.		12,473		93,298
Chesapeake Lodging Trust		3,277		116,530
CoreSite Realty Corp.		1,355		64,281
DiamondRock Hospitality Co.		7,911		114,551
EastGroup Properties, Inc.		1,543		97,209
EPR Properties		2,549		155,514
Franklin Street Properties Corp.		5,197		65,638
Geo Group, Inc. (The)		9,374		404,488
Getty Realty Corp.		3,180		57,367

The accompanying notes are an integral part of the financial statements.

12

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
REITS — (Continued)
Government Properties, Income Trust		5,094	$	119,149
Healthcare Realty Trust, Inc.		4,931		140,731
Kite Realty Group Trust		4,418		125,118
Lexington Realty Trust		5,515		59,727
LTC Properties, Inc.		2,216		98,900
Medical Properties Trust, Inc.		11,100		168,054
Pennsylvania Real Estate Investment Trust		5,900		134,402
Post Properties, Inc.		2,005		114,024
PS Business Parks, Inc.		1,372		114,123
Sabra Health Care REIT, Inc.		3,169		103,595
Saul Centers, Inc.		501		26,989
Sovran Self Storage, Inc.		1,313		120,822
UMH Properties, Inc.		30,478		288,322
Universal Health Realty Income Trust		1,755		89,207
				3,400,936
Retail — 8.3%
Ascena Retail Group, Inc.*		27,904		373,914
Barnes & Noble, Inc.*		2,744		68,326
Big 5 Sporting Goods Corp.		46,650		596,187
Biglari Holdings, Inc.*		1,530		665,871
BJ’s Restaurants, Inc.*		758		39,583
Bob Evans Farms, Inc.		1,254		73,459
Brown Shoe, Co., Inc.		2,536		76,080
Buckle, Inc.		1,784		89,735
Buffalo Wild Wings, Inc.*		3,292		629,167
Build-A-Bear Workshop, Inc.*		35,065		759,859
Burlington Stores, Inc.*		11,812		656,393
Cabela’s, Inc.*		6,482		352,880
Casey’s General Stores, Inc.		1,671		146,630
Cato Corp. (The), Class A		1,302		57,731
Childrens Place, Inc., (The)		7,086		403,831
Christopher & Banks Corp.*		70,600		353,000
Citi Trends, Inc.*		5,403		143,990
Cracker Barrel Old Country Store, Inc.		990		149,520
Dave & Buster’s Entertainment, Inc.*		12,030		375,336
Denny’s Corp*		25,501		293,517
DineEquity, Inc.		907		98,437
El Pollo Loco Holdings, Inc.*		7,221		177,564
Fiesta Restaurant Group, Inc.*		6,350		412,814
Flex Pharma, Inc.*		9,213		160,168

	Number
	of Shares		Value
Retail — (Continued)
Francesca’s Holdings Corp.*		21,513	$	322,480
Fred’s, Inc., Class A		2,762		51,594
Good Times Restaurants, Inc.*		27,105		227,411
Gordmans Stores, Inc.*		138,170		543,008
Group 1 Automotive, Inc.		970		78,900
Haverty Furniture Cos., Inc.		1,761		40,591
Hibbett Sports, Inc.*		1,910		93,418
Jack In The Box, Inc.		6,282		607,407
Kate Spade & Co.*		5,312		182,998
Kirkland’s, Inc.*		11,746		279,202
Kona Grill, Inc.*		31,965		781,864
Lithia Motors, Inc., Class A		1,495		141,218
Lumber Liquidators Holdings, Inc.*		1,903		98,690
MarineMax, Inc.*		46,454		1,177,609
Mattress Firm Holding Corp.*		2,902		176,761
Men’s Wearhouse, Inc. (The)		2,500		125,475
New York & Co., Inc.*		77,790		174,250
Outerwall, Inc.		6,492		418,864
Papa John’s International, Inc.		8,238		509,438
PC Connection, Inc.		20,930		536,227
PCM, Inc.*		40,090		385,265
Pep Boys-Manny Moe & Jack (The)*		5,450		48,396
Popeyes Louisiana Kitchen, Inc.*		4,605		276,346
Rave Restaurant Group, Inc.*		12,611		164,195
Red Robin Gourmet Burgers, Inc.*		711		59,347
Restoration Hardware Holdings, Inc.*		3,729		328,525
Ruby Tuesday, Inc.*		42,092		276,965
Ruth’s Hospitality Group, Inc.		2,293		34,991
Sonic Automotive, Inc.		1,545		38,208
Sonic Corp.		2,998		95,306
Stage Stores, Inc.		12,293		263,316
Stein Mart, Inc.		3,665		60,253
Texas Roadhouse, Inc.		2,804		105,543
Travelcenters of America, LLC*		16,299		222,481
Tuesday Morning Corp.*		13,338		253,155
Zumiez, Inc.*		1,670		64,829
				16,398,518
Savings & Loans — 0.5%
Astoria Financial Corp.		5,686		74,600
Banc of California, Inc.		43,210		471,853
Brookline Bancorp, Inc.		9,875		95,590

The accompanying notes are an integral part of the financial statements.

13

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Savings & Loans — (Continued)
Dime Community Bancshares, Inc.		9,675	$	150,544
Sterling Bancorp		6,871		94,270
				886,857
Semiconductors — 4.3%
Ambarella, Inc.*		3,619		207,694
Amtech Systems, Inc.*		39,460		426,957
AXT, Inc.*		111,960		306,770
Brooks Automation, Inc.		4,536		54,432
Cabot Microelectronics Corp.*		1,045		54,141
Cavium, Inc.*		5,698		390,256
CEVA, Inc.*		1,443		28,730
Cirrus Logic, Inc.*		3,525		106,138
Cohu, Inc.		42,174		459,275
Diodes, Inc.*		2,819		80,313
Exar Corp.*		3,753		40,232
Integrated Silicon Solution, Inc.		30,010		493,364
IPG Photonics Corp.*		4,846		464,731
Kulicke & Soffa Industries, Inc.*		3,484		55,744
Mattson Tech., Inc.*		45,485		217,418
Mellanox Technologies Ltd. (Israel)*		7,505		357,538
Microsemi Corp.*		4,990		160,878
MKS Instruments, Inc.		2,932		103,676
Monolithic Power Systems, Inc.		1,952		102,929
Nanometrics, Inc.*		2,355		42,107
Nova Measuring Instruments Ltd. (Israel)*		12,653		141,587
Power Integrations, Inc.		2,268		124,422
QLogic Corp.*		5,584		83,816
Rovi Corp.*		26,865		668,401
Rubicon Technology, Inc.*		59,300		258,548
Rudolph Technologies, Inc.*		57,241		705,781
Silicon Motion Technology Corp., ADR (Cayman Islands)		32,143		854,682
Tessera Technologies, Inc.		2,426		97,186
Tower Semiconductor Ltd. (Israel)*		48,645		782,698
Ultra Clean Holdings, Inc.*		67,660		558,872
				8,429,316
Software — 6.0%
American Software, Inc., Class A		25,721		247,950
Blackbaud, Inc.		2,160		98,064
Bottomline Technologies, Inc.*		2,060		54,549
Callidus Software, Inc.*		110,166		1,574,273

	Number
	of Shares		Value
Software — (Continued)
CSG Systems International, Inc.		34,927	$	1,044,667
Cvent, Inc.*		19,125		553,669
Dealertrack Technologies, Inc.*		2,534		100,777
Ebix, Inc.		2,006		52,718
Everyday Health, Inc.*		11,642		166,481
Globant SA (Luxembourg)*		24,601		410,591
ImageWare Systems, Inc.*		74,109		140,807
InContact, Inc.*		43,073		504,385
InnerWorkings, Inc.*		47,010		298,513
Interactive Intelligence Group, Inc.*		1,203		51,055
MAM Software Group, Inc.*		46,876		260,162
ManTech International Corp., Class A		1,634		54,085
Mavenir Systems, Inc.*		16,727		243,712
Medidata Solutions, Inc.*		3,734		179,643
MicroStrategy, Inc., Class A*		492		87,743
Omnicell, Inc.*		2,250		78,863
Paycom Software, Inc.*		28,844		919,547
Pegasystems, Inc.		9,067		179,436
Progress Software Corp.*		4,675		127,815
Proofpoint, Inc.*		19,824		1,122,832
QAD, Inc., Class A		18,044		387,946
Qlik Technologies, Inc.*		11,683		378,997
Quality Systems, Inc.		6,661		115,768
Radware Ltd. (Israel)*		17,053		362,206
Rally Software Development Corp.*		27,602		328,464
Simulations Plus, Inc.		49,407		314,229
SolarWinds, Inc.*		7,333		372,003
Synchronoss Technologies, Inc.*		1,988		87,989
SYNNEX Corp.		1,242		94,703
Take-Two Interactive Software, Inc.*		5,044		133,616
Tyler Technologies, Inc.*		2,828		337,578
Verint Systems, Inc.*		5,628		342,604
				11,808,440
Telecommunications — 1.8%
ADTRAN, Inc.		4,465		96,131
Atlantic Tele-Network, Inc.		5,741		395,153
CalAmp Corp.*		2,647		50,690
Comtech Telecommunications Corp.		900		32,166
General Communication, Inc., Class A*		4,528		62,803

The accompanying notes are an integral part of the financial statements.

14

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Concluded)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Telecommunications — (Continued)
GTT Communications, Inc.*		36,260	$	562,393
Harmonic, Inc.*		6,829		53,334
Ixia*		6,177		70,294
LogMeIn, Inc.*		1,382		72,831
Lumos Networks Corp.		1,930		33,235
NeuStar, Inc., Class A*		21,321		565,433
NTELOS Holdings Corp.		21,312		96,330
ORBCOMM, Inc.*		43,502		247,961
Qorvo, Inc.*		—		29
ShoreTel, Inc.*		49,046		365,393
Spok Holdings, Inc.		2,865		53,260
Telephone & Data Systems, Inc.		24,714		628,724
ViaSat, Inc.*		2,534		165,572
				3,551,732
Textiles — 0.8%
G&K Services, Inc., Class A		1,071		77,101
UniFirst Corp.		11,894		1,413,363
				1,490,464
Transportation — 2.6%
Aegean Marine Petroleum Network (Marshall Islands)		17,346		254,292
Air Transport Services Group, Inc.*		51,154		459,874
Atlas Air Worldwide Holdings, Inc.*		2,112		95,779
Celadon Group, Inc.		2,164		56,805
Covenant Transportation Group, Inc., Class A*		9,478		301,874
Era Group, Inc.*		1,194		26,340
Forward Air Corp.		1,750		93,625
Heartland Express, Inc.		3,680		92,626
HUB Group, Inc., Class A*		3,609		145,695
Knight Transportation, Inc.		1,307		43,209

	Number
	of Shares		Value
Transportation — (Continued)
Marten Transport Ltd.		24,801	$	575,135
Matson, Inc.		2,740		108,148
Old Dominion Freight Line, Inc.*		5,506		430,129
PAM Transportation Services, Inc.*		13,640		715,691
Saia, Inc.*		9,179		422,509
Swift Transportation, Co.*		13,279		375,530
Teekay Tankers Ltd., Class A (Marshall Islands)		40,861		239,037
UTI Worldwide, Inc. (British Virgin Islands)*		38,480		503,319
Werner Enterprises, Inc.		4,696		150,601
				5,090,218
Trucking & Leasing — 0.3%
General Finance Corp.*		54,869		509,733
Water — 0.3%
American States Water Co.		2,811		112,805
PICO Holdings, Inc.*		31,038		532,923
				645,728
TOTAL COMMON STOCKS (Cost $172,965,678)				187,496,325
TOTAL INVESTMENTS - 95.2% (Cost $172,965,678)				187,496,325
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.8%				9,480,667
NET ASSETS - 100.0%			$	196,976,992

* Non-income producing security.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

The accompanying notes are an integral part of the financial statements.

15

ALTAIR SMALLER COMPANIES FUND

Statement of Assets and Liabilities

February 28, 2015

(Unaudited)

ASSETS
Investments, at value (Cost $172,965,678)	$	187,496,325
Cash		9,873,543
Receivables for:
Investments sold		1,358,511
Capital shares sold		40,000
Dividends		76,767
Prepaid expenses		17,836
Total assets		198,862,982
LIABILITIES
Payables for:
Investments purchased		1,661,223
Investment sub-advisory fees		202,245
Administration and accounting services fees		12,789
Other accrued expenses and liabilities		9,733
Total liabilities		1,885,990
Net Assets	$	196,976,992
NET ASSETS CONSISTS OF
Par value	$	18,320
Paid-in capital		185,917,391
Accumulated net investment loss		(189,771	)
Accumulated net realized loss from investments		(3,299,595	)
Net unrealized appreciation on investments		14,530,647
Net Assets	$	196,976,992
CAPITAL SHARES:
Net Assets	$	196,976,992
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		18,320,312
Net asset value, offering and redemption price per share	$	10.75

The accompanying notes are an integral part of the financial statements.

16

ALTAIR SMALLER COMPANIES FUND

Statement of Operations

For The Period Ended February 28, 2015⁽¹⁾

(Unaudited)

INVESTMENT INCOME
Dividends and interest (net of foreign taxes withheld of $1,190)	$	429,224
Total investment income.		429,224
EXPENSES
Sub-Advisory fees (Note 2)		514,020
Administration and accounting services fees (Note 2)		48,739
Registration and filing fees		13,265
Custodian fees (Note 2)		12,300
Audit fees		7,444
Directors’ and officers’ fees		6,893
Printing and shareholder reporting fees		5,302
Transfer agent fees (Note 2)		4,855
Legal fees		3,181
Other expenses		2,996
Total expenses		618,995
Net investment loss		(189,771	)
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized loss from:
Investments		(3,299,595	)
Net change in unrealized appreciation on:
Investments		14,530,647
Net realized and unrealized gain from investments		11,231,052
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,041,281

(1) The Fund commenced investment operations on October 21, 2014.

The accompanying notes are an integral part of the financial statements.

17

ALTAIR SMALLER COMPANIES FUND

Statement of Changes in Net Assets

	For the Period
	Ended
	February 28, 2015
	(Unaudited)(1)
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss		$	(189,771	)
Net realized loss from investments			(3,299,595	)
Net change in unrealized appreciation on investments			14,530,647
Net increase in net assets resulting from operations			11,041,281
CAPITAL TRANSACTIONS:
Proceeds from shares sold			187,519,447
Shares redeemed			(1,583,736	)
Net increase in net assets from capital share transactions			185,935,711
Total increase in net assets			196,976,992
NET ASSETS
Beginning of period			—
End of period		$	196,976,992
Accumulated net investment loss, end of period		$	(189,771	)
CAPITAL SHARE TRANSACTIONS:
Shares sold			18,474,000
Shares redeemed			(153,688	)
Net increase in shares			18,320,312

(1) The Fund commenced investment operations on October 21, 2014.

The accompanying notes are an integral part of the financial statements.

18

ALTAIR SMALLER COMPANIES FUND

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return, ratios to average net assets and other supplemental data for the representative period. This information has been derived from information provided in the financial statements.

	For the period
	ended
	February 28, 2015
	(Unaudited)(1)
Per Share Operating Performance
Net asset value, beginning of period		$	10.00
Net investment loss(2)			(0.01	)
Net realized and unrealized gain from investments			0.76
Net increase in net assets resulting from operations			0.75
Net asset value, end of period		$	10.75
Total investment return(3)			7.50	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	196,977
Ratio of expenses to average net assets			1.16	%(5)
Ratio of net investment loss to average net assets			(0.36	)%(5)
Portfolio turnover rate			39	%(4)

(1) The Fund commenced investment operations on October 21, 2014.

(2) Calculated based on average shares outstanding for the period.

(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

19

ALTAIR SMALLER COMPANIES FUND

Notes to Financial Statements

February 28, 2015

(Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “Investment Company Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the Investment Company Act, and for other purposes, and, a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the Altair Smaller Companies Fund (the “Fund”), which commenced investment operations on October 21, 2014.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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

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

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

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

20

ALTAIR SMALLER COMPANIES FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

The following is a summary of the inputs used, as of February 28, 2015, in valuing the Fund’s investments carried at fair value:

					Level 2
					Other	Level 3
	Total Value at		Level 1		Significant	Significant
	February 28,		Quoted		Observable	Unobservable
	2015		Price		Inputs	Inputs
Investments in Securities*		$187,496,325		$187,496,325	$ —	$ —
* Please refer to Portfolio of Investments for further details.

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

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

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

For the period ended February 28, 2015, there were no transfers between Levels 1, 2 and 3 for the Fund.

Use of Estimates — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s policy is to allocate investment income, expenses and unrealized and realized gains and losses among classes on a daily basis, when applicable. Expenses incurred on behalf of a specific class, fund or fund family are charged directly to the class, fund or fund family to each class of shares based upon the relative proportion

21

ALTAIR SMALLER COMPANIES FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

of net assets of each class at the beginning of the day. Expenses incurred for all the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Company’s Board of Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains (including net short-term capital gains), if any, are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Cash and Cash Equivalents — The Fund considers liquid assets deposited into a bank demand deposit account to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

2. Investment Adviser and Other Services

Altair Advisers LLC (“Altair” or the “Adviser”) serves as the Fund’s investment adviser. Aperio Group, LLC, Driehaus Capital Management LLC, Granite Investment Partners, LLC, Pacific Ridge Capital Partners, LLC, Pier Capital LLC, and River Road Asset Management, LLC each serves as an investment sub-adviser (“Sub-Adviser”) to the Fund.

The Fund is managed by the Adviser and one or more Sub-Advisers unaffiliated with the Adviser. The Adviser also has the ultimate responsibility to oversee the Sub-Advisers, and to recommend their hiring, termination, and replacement, subject to approval by the Board of Directors. The Adviser has an investment team that is jointly responsible for the day-to-day management of the Fund. The Sub-Advisers provide investment advisory services to the portion of the Fund’s portfolio allocated to them by the Adviser. The Adviser and the Fund have entered into sub-advisory agreements with the Sub-Advisers to manage the Fund, subject to supervision of the Adviser and the Board, and in accordance with the investment objective and restrictions of the Fund. For their services, each Sub-Adviser is entitled to receive a fee based upon a percentage of the Fund’s average daily net assets, which will be paid by the Fund and not by the Adviser.

The Fund is currently only available to clients of the Adviser and to other investors at the Fund’s discretion. The Adviser does not receive a separate management fee from the Fund. However, pursuant to the Fund’s investment advisory agreement with the Adviser, the Adviser is entitled to receive reimbursement for out-of-pocket expenses it incurs in connection with its compliance monitoring of Fund trading, up to 0.01% of the Fund’s average daily net assets.

The Adviser has contractually agreed to reimburse expenses in an aggregate amount equal to the amount by which the total annual Fund operating expenses (excluding certain items discussed below) exceeds 1.35% of the average daily net assets of the Fund. In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account and could cause net total annual operating expenses to exceed 1.35%: acquired fund fees and expenses,

22

ALTAIR SMALLER COMPANIES FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

short sale dividend expenses, brokerage commissions, litigation, extraordinary items, interest or taxes. This contractual limitation is in effect until at least October 20, 2015 and may not be terminated without approval by the Company’s Board of Directors. If at any time during the first three years the investment advisory agreement is in effect, the Fund’s total annual Fund operating expenses for that year are less than 1.35%, the Adviser may recoup any waived or reimbursed amounts from the Fund if such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. For the period ended February 28, 2015, the Adviser earned no fees and did not waive or reimburse any fees.

For the period October 21, 2014 through February 28, 2015, collectively, the Sub-Advisers earned fees of $514,020.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees.

Included in the administration and accounting service fees, shown on the Statement of Operations, are fees for providing regulatory administration services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio of the Company in proportion to its net assets of the Company.

In addition, BNY Mellon serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Foreside Funds Distributors LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB. The Distributor is not affiliated with the Adviser, the Trust, or any other service provider.

3. Director Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The aggregate remuneration paid to the Directors by the Fund during the period ended February 28, 2015 was $2,719. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Fund or the Company.

4. Investment in Securities

For the period ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

	Purchases	Sales
Investment Securities	$222,655,142	$46,385,399

5. Federal Income Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The

23

ALTAIR SMALLER COMPANIES FUND

Notes to Financial Statements (Concluded)

February 28, 2015

(Unaudited)

Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

Federal tax cost	$	172,965,678
Gross unrealized appreciation	$	18,654,881
Gross unrealized depreciation		(4,124,234	)
Net unrealized appreciation	$	14,530,647

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund though the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

24

ALTAIR SMALLER COMPANIES FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent six-month period ended June 30 will be available without charge, upon request, by calling (844) 261-6482 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company will file its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Forms N-Q will be available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (202) 551-8090.

Approval of Investment Advisory Agreement and Sub-Advisory Agreements

As required by the Investment Company Act, the Board of Directors (the “Board”) of the Company, including all of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”), considered (1) the approval of the investment advisory agreement (the “Investment Advisory Agreement”) between Altair Advisers LLC (“Altair”) and the Company on behalf of the Fund, at meetings of the Board held on May 13, 2014 and September 16, 2014 and (2) the approval of the sub-advisory agreements (the “Sub-Advisory Agreements”) between Altair and each of Aperio Group (“Aperio”), Driehaus Capital Management LLC (“Driehaus”), Granite Investment Partners, LLC (“Granite”), Pacific Ridge Capital Partners, LLC (“Pacific Ridge”), Pier Capital LLC (“Pier Capital”), and River Road Asset Management, LLC (“River Road”) (the “Sub-Advisers”), at a meeting of the Board held on May 13, 2014. At the meetings, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement and the Sub-Advisory Agreements for an initial period ending August 16, 2016. The Board’s decision to approve the Investment Advisory Agreement and the Sub-Advisory Agreements reflects the exercise of its business judgment to approve the arrangements. In approving the Investment Advisory Agreement and the Sub-Advisory Agreements, the Board considered information provided by Altair and each of the Sub-Advisers with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Investment Advisory Agreement between the Company and Altair with respect to the Fund and the Sub-Advisory Agreements with the Sub-Advisers, the Directors took into account all the materials provided prior to and during the meetings, and the discussions held during the meetings. Among other things, the Directors considered (i) the nature, extent, and quality of services to be provided to the Fund by Altair and each Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Altair’s and the Sub-Advisers’ investment philosophies and processes; (iv) Altair’s and the Sub-Advisers’ assets under management and client descriptions; (v) Altair’s and the Sub-Advisers’ soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Altair’s and the Sub-Advisers’ advisory fee arrangement with the Company and other similarly managed clients, as applicable; (vii) Altair’s and the Sub-Advisers’ compliance procedures; (viii) Altair’s and the Sub-Advisers’ financial information, insurance coverage and profitability analysis related to providing advisory services to the Fund; (ix) the extent to which economies of scale are relevant to the Fund; (x) a report prepared by Lipper comparing the Fund’s management fees and total expense ratio to those of its Lipper peer group (“Lipper materials”); and (xi) performance information provided by Altair regarding a similarly managed account. The Directors also took into account at the September 16, 2014 meeting their review of updated Lipper materials distributed in advance of that meeting.

25

ALTAIR SMALLER COMPANIES FUND

Other Information (Concluded)

(Unaudited)

As part of their review, the Directors considered the nature, extent and quality of the services to be provided by Altair and each Sub-Adviser. The Directors concluded that Altair and each Sub-Adviser had substantial resources to provide services to the Fund.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement and the advisory fee rates payable by the Fund under the Sub-Advisory Agreements. In this regard, information on the fees paid by the Fund and the Fund’s total operating expense ratio (before and after fee waivers and expense reimbursements) was compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. In addition, the Directors noted that Altair has contractually agreed to waive fees and reimburse expenses through December 31, 2016 to the extent that total annual Fund operating expenses exceed 1.35% of the Fund’s average daily net assets.

After reviewing the information regarding the Fund’s costs, profitability and economies of scale, and after considering the services to be provided by Altair and each Sub-Adviser, the Directors concluded that the investment advisory and sub-advisory fees to be paid by the Fund were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreements should be approved for initial periods ending August 16, 2016.

26

ALTAIR SMALLER COMPANIES FUND

Privacy Notice

(Unaudited)

FACTS	WHAT DOES THE ALTAIR SMALLER COMPANIES FUND DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information may include: • Social Security number • account balances • account transactions • transaction history • wire transfer instructions • checking account information When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Altair Smaller Companies Fund chooses to share; and whether you can limit this sharing.

Reasons we can share your information		Does the Altair Smaller   Companies Fund Share?	Can you limit this sharing?
For our everyday business purpose — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		Yes	No
For our marketing purposes — to offer our products and services to you		Yes	No
For joint marketing with other financial companies		Yes	No
For affiliates’ everyday business purposes — information about your transactions and experiences		Yes	No
For affiliates’ everyday business purposes — information about your creditworthiness		No	We don’t share
For our affiliates to market to you		No	We don’t share
For nonaffiliates to market to you		No	We don’t share
Questions?	Call 1-844-261-6482

What we do                                     

27

ALTAIR SMALLER COMPANIES FUND

Privacy Notice

(Unaudited)

How does the Altair Smaller Companies Fund protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does the Altair Smaller Companies Fund collect my personal information?	We collect your personal information, for example, when you •  open an account •  provide account information •  give us your contact information •  make a wire transfer •  tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only •  sharing for affiliates’ everyday business purposes — information about your creditworthiness •  affiliates from using your information to market to you •  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. •  Our affiliates include Altair Advisers LLC, the investment adviser to the Altair Smaller Companies Fund.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. •  Altair Smaller Companies Fund doesn’t share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. •  Altair Smaller Companies Fund may share your information with other financial institutions with whom they have joint marketing arrangements who may suggest additional fund services or other investments products which may be of interest to you. We do not currently have any joint marketing arrangements with other financial institutions.

28

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Investment Adviser

Altair Advisers LLC

303 West Madison Street

Chicago, IL 60606

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square

2001 Market Street, Suite 1700

Philadelphia, PA 19103

Legal Counsel

Drinker, Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103

ALT-SAR15

BOGLE INVESTMENT MANAGEMENT

SMALL CAP

GROWTH FUND

of THE RBB FUND, INC.

SEMI-ANNUAL REPORT

FEBRUARY 28, 2015

(UNAUDITED)

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

SEMI-ANNUAL REPORT FOR THE SIX-MONTH PERIOD ENDED FEBRUARY 28, 2015

(UNAUDITED)

Fellow Shareholder:

For the most recent semiannual reporting period ended February 28, 2015, the Bogle Investment Management Small Cap Growth Fund (the “Fund”) Investor shares returned -1.24% and the Institutional shares returned -1.20%, both net of fees, underperforming the Fund’s benchmark, the unmanaged Russell 2000^® Index of small cap stocks (the “Benchmark”), which returned +5.70%. The Fund’s longer term annualized returns are shown in the chart below. The balance of this letter covers the market environment, performance attribution, Fund characteristics, and a discussion of some of the business and investment philosophies at Bogle Investment Management, L.P.

All Fund returns are presented net of fees and include the reinvestment of all dividends and other earnings. Multi-year period returns are annualized. Returns shown represent past performance and do not guarantee future results. Current performance may be lower or higher than the returns shown above. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns current to the most recent month-end may be obtained at 1-877-264-5346. The figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The performance quoted reflects fee waivers in effect and would have been less in their absence.

Indexes are unmanaged and it is not possible to invest directly in an index.

The Fund’s investment adviser, Bogle Investment Management, L.P., has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2015 to the extent that total annual Fund operating expenses (excluding certain items) exceed 1.25% and 1.35% for the Institutional Class and Investor Class, respectively. The Adviser, in its discretion, has the right to extend this waiver. The total expense ratios for the Institutional Class and Investor Class, as stated in the current prospectus dated December 31, 2014, are 1.32% and 1.42%, respectively.

Market Environment. Although U.S. equity markets advanced over the most recent semiannual period ended February 28, 2015, they did so amid greater market volatility. Market volatility, as measured by the VIX level of implied, expected volatility, spiked up above its long-term average in October, December and January. The rapid decline of oil prices dominated headlines, as it fell over -50% from the beginning of the period, on September 1, 2014, through late January. U.S. small cap equity stocks trended downward from the start of September through mid-October with the Benchmark losing more than -10%. The Benchmark rebounded strongly, however, rising more than +11% in the second half of October. While the Benchmark’s performance in November was essentially flat, December witnessed a return of intra-month volatility, dropping almost -3% in the first half of the month,

1

then gaining almost +6% in the second half to finish the month in positive territory. This see-saw pattern continued through the last two months of the period, with the Benchmark returning -3.22% in January and then gaining +5.94% in February.

For much of the semiannual period, investors tended to favor growth stocks over value stocks with the Russell 2000^® Growth Index advancing +9.11%, compared with the Russell 2000^® Value Index returning +2.31%. Investors did not seem to have a preference for small or large cap stocks over the period with the large cap Russell 1000^® Index returning +6.00% compared to the small cap Russell 2000^® return of +5.70%.

Performance Attribution. For the most recent semiannual reporting period, the Fund’s Investor Class of shares underperformed the Benchmark by -6.94%, net of all fees, and the Institutional Class of shares underperformed by -6.90%, net of all fees. The Fund’s underperformance was worst in October (Investor Class returning +0.63% compared to +6.59 for the Benchmark) and December (Investor Class returning -0.22% compared to +2.85% for the Benchmark). The Fund outperformed the Benchmark the final two months of the period from January 1 through February 28, returning +4.82% compared to +2.53% for the Benchmark. The Fund’s underperformance is attributed mostly to negative stock selection, though sector exposures (relative to the Benchmark) also had a negative impact. Although the Fund typically has only small sector exposure differences compared to the Benchmark, stocks in several sectors (including energy and industrial services) that were affected by the price of oil, experienced such steep declines that even small sector differences resulted in unusually negative relative performance.

Our investment process continues to be driven by a proprietary stock selection model that combines insights from longer-term fundamental financial data with non-fundamental, often shorter-term data. This combination can be thought of, conceptually, as the exploitation of investment opportunities created, primarily, by stocks with attractive financial characteristics that are not fully understood by the market, and secondarily, by opportunistically trading these securities when market data indicate that there is a statistical probability that their current prices will either revert toward, or start to diverge from, their short-term equilibrium price levels. Stocks that our model finds attractive will typically have some or most of the following characteristics when compared to their closest peers: more attractive free cash flow, less leverage and more transparent balance sheet, more conservative accounting, organic improvement in underlying business, less expensive share price, improving earnings outlook, and less controversy. Our non-fundamental models consider recent share price volatility and trends, trading volume, and other stock- and industry-group-specific market data to determine whether a stock is likely to diverge from or regress toward its shorter-term fundamental level. Our fundamental models tend to work best when markets are focused more on discriminating between similar stocks than on broader macroeconomic themes that tend to result in investors moving in unison into or out of broad groups or portfolios of stocks. During these latter environments we expect our non-fundamental signals to provide most of their value by finding both a greater number of opportunities from, and greater likelihood of success with, mispricings caused by investors trading more aggressively than normal.

During most market environments we expect some of our underlying models to contribute positively to performance and some to detract (due to the low correlations among individual models). However, in certain unusual market environments, the majority of our models might flounder at the same time. These environments tend to be shorter term in nature and are often triggered by some type of market shock or other event that causes investors to extrapolate the implications of the event across the economy, and thus stocks. We believe that the average investor tends to overreact during these periods, and while their behavior creates longer term opportunities for our models to exploit, it can cause our models to underperform in the short term. During the most recent semiannual period, the dramatic drop in the price of oil was such an event. Spot and expected future prices of oil have, of course, a significant impact on many companies directly, either as a component of revenue or a cost, but oil prices are also often interpreted as a bellwether of overall economic growth, which has a significant impact on corporate and individual confidence and spending. As investors scrambled last fall to extrapolate how the drop in price would affect the economy and their investments, our models struggled. As we have indicated in previous correspondence with you, these difficult periods are unpleasant, but they typically can set us up for a period of good relative performance. And as oil prices and equity markets stabilized in January and February, and the companies whose stock we own began to report their earnings, our models started to perform better. As long term investors we need to take some risks in seeking our goal of outperforming the Benchmark over full market cycles. There will always be shorter term periods of underperformance along the way. Although we never know how long these periods of underperformance will last, we have strong convictions that our models will be rewarded over the longer term.

2

For the semiannual period, the economic sector groups that detracted the most were energy minerals (stocks with negative contributions were Comstock Resources, CRK, and Penn West Petroleum, PWE) and industrial services (negative contributors included Pioneer Energy Services, PES, and Precision Drilling, PDS). Positive contributors included Core Mark, CORE, California Resources, CRC, and Lannet, LCI.

Fund Characteristics. As of the end of the most recent semiannual reporting period ended February 28, 2015, the Fund held 220 stocks, with the largest holding representing 1.75% of portfolio assets. As shown in the table to the right, the Fund looks similar to its investable universe across a variety of fundamental risk characteristics. As of February 28, 2015, the Fund’s median market capitalization was slightly smaller than its investable universe. The Fund’s median price-to-sales ratio was below its investable universe, reflecting the influence of our relative valuation model.

The Fund’s annualized active volatility (the variability of the difference between Fund and Benchmark performance, also called “tracking error”) was 6.6% during the most recent semiannual reporting period, close to the Fund’s long-term average of 6.4%. The Fund’s beta with the Benchmark, at approximately 1.05, was stable during the period.

Progress at Bogle Investment Management, L.P. At the end of February 2015, net assets in the Fund were $203.8 million. This 13% decline from the end of the Fund’s fiscal year, August 31, 2014, is due mostly to investment performance. We appreciate you staying the course with your investments during this recent period of difficult performance. We remain confident in our investment models over the long-term.

FUNDAMENTAL CHARACTERISTICS FEBRUARY 28, 2015
Median	BOGLX*		Investable Universe
Market Cap. (mil.)		$2,111		$3,395
Price/Historical Earnings		21.7x		23.1x
Price/Forward Earnings		19.4x		20.0x
Price/Sales		1.4x		2.2x
* The Bogle Small Cap Growth Fund Investor Shares. Median characteristics refer to the Fund’s holdings, not the Fund itself.

RISK STATISTICS* SEMIANNUAL PERIOD
Measurement	BOGLX		Russell 2000®
Standard Deviation		19.2%		17.2%
Active Volatility		6.6%
Beta with Russell 2000®		1.05
* Risk statistics apply to the Fund and benchmark. Standard deviation is a statistical measure of the range of performance. Active risk is the standard deviation of the difference between the Fund and benchmark performance. Beta is a measure of a portfolio’s sensitivity to market movement.

Although we currently have capacity to manage, under our current investment process and market conditions, an additional approximately $200 million, we continue to be content with the business approach that we’ve always had- that the Fund be “bought and not sold,” in other words, do no advertising, provide to high quality investors information about our investment process, and let investors decide whether it is a good fit in their portfolios.

As a reminder, information about the Fund, including sector allocation, fundamental characteristics, and top ten holdings, can be viewed on our website, www.boglefunds.com. The net asset values (the “NAVs”) are updated daily while the other Fund information is updated quarterly.

As always, please let us know if there is any way we can improve your investment experience with us.

Respectfully,

Bogle Investment Management, L.P.

Management Office: 781-283-5000

Shareholder Services Toll Free: 1-877-BOGLEIM (264-5346)

The Russell 2000^® Index is an index of stocks 1001 through 3000 in the Russell 3000^® Index as ranked by total market capitalization. A direct investment in the index is not possible. The Russell ^® Indexes are a trademark of the Frank Russell Company (“FRC”). FRC is the owner of the copyrights relating to the Russell Indexes and is the source of the Performance Values for the Russell Indexes.

3

Investing in small companies can involve more volatility, less liquidity and less available information than investing in large companies. The Fund may invest in undervalued securities which may not appreciate in value as anticipated or remain undervalued for long periods of time.

Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risk.

4

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

FUND EXPENSE EXAMPLES

(UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, shareholder servicing fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2014 through February 28, 2015, and held for the entire period.

ACTUAL EXPENSES

The first line of the accompanying tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying tables provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	INSTITUTIONAL CLASS
	BEGINNING ACCOUNT  VALUE SEPTEMBER 1, 2014		ENDING ACCOUNT VALUE FEBRUARY  28, 2015		EXPENSES PAID  DURING PERIOD*
Actual	$	1,000.00	$	988.00	$	6.16
Hypothetical (5% return before expenses)		1,000.00		1,018.60		6.26
	INVESTOR CLASS
	BEGINNING ACCOUNT  VALUE SEPTEMBER 1, 2014		ENDING ACCOUNT VALUE FEBRUARY  28, 2015		EXPENSES PAID  DURING PERIOD*
Actual	$	1,000.00	$	987.60	$	6.65
Hypothetical (5% return before expenses)		1,000.00		1,018.10		6.76

* Expenses are equal to the Fund’s annualized six-month expense ratio of 1.25% for the Institutional Class and 1.35% for the Investor Class, which includes waived fees or reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account values on the first line in each table are based on the actual six-month total investment return for each class of (1.20)% for the Institutional Class and (1.24)% for the Investor Class.

5

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 28, 2015

(UNAUDITED)

The following table presents a summary by security type of the portfolio holdings of the Fund:

SECURITY TYPE & SECTOR CLASSIFICATION	% OF NET ASSETS		VALUE
COMMON STOCKS:
Financial		18.4%	$	37,460,499
Consumer Cyclical		18.1		36,966,240
Consumer Growth		17.5		35,682,871
Technology		14.5		29,448,275
Energy		10.7		21,876,722
Communications		8.6		17,537,967
Industrial		7.4		15,056,046
Basic Industry		4.1		8,364,167
Utility		0.1		197,349
SHORT-TERM INVESTMENTS		0.9		1,886,654
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.3)		(643,123)
NET ASSETS		100.0%	$	203,833,667

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

6

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

FEBRUARY 28, 2015 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—99.4%
BASIC INDUSTRY—4.1%
AngloGold Ashanti Ltd., SP ADR *		199,212	$	2,245,119
Braskem SA, SP ADR		25,198		229,050
Century Aluminum Co. *		64,673		1,226,847
Constellium NV, Class A *		54,778		1,035,852
Dominion Diamond Corp. *		51,749		879,733
Gerdau SA, SP ADR		348,132		1,242,831
Gold Fields Ltd., SP ADR		211,859		985,144
Mercer International, Inc. *		24,094		343,821
Schnitzer Steel Industries, Inc., Class A		3,535		55,500
United States Lime & Minerals, Inc.		209		14,108
Veritiv Corp. *		2,096		106,162
				8,364,167
COMMUNICATIONS—8.6%
1-800-Flowers.com, Inc., Class A *		42,648		532,247
CDW Corp.		53,545		2,014,898
comScore, Inc. *		9,866		508,987
Comverse, Inc. *		4,534		81,340
CTC Media, Inc.		85,727		360,911
Earthlink Holdings Corp.		35,122		149,971
EchoStar Corp., Class A *		35,272		1,917,033
ePlus, Inc. *		12,769		1,061,998
Inteliquent, Inc.		21,015		309,971
InterDigital, Inc.		10,973		580,143
LogMein, Inc. *		37,337		1,967,660
Marchex, Inc., Class B		20,987		86,676
McClatchy Co., (The), Class A *		742		1,721
NICE Systems Ltd., SP ADR		10,133		591,463
Novatel Wireless, Inc. *		16,399		86,259
Orbitz Worldwide, Inc. *		14,469		167,551
Qorvo, Inc. *		19,864		1,378,562
Radio One, Inc., Class D *		3,403		8,882
Sierra Wireless, Inc. (CA) *		48,958		1,838,862
Sohu.com, Inc. *		28,847		1,517,929
Straight Path Communications, Inc., Class B *		2,549		51,872
TechTarget, Inc. *		3,207		38,933
VASCO Data Security International, Inc. *		70,060		1,794,937
Web.com Group, Inc. *		27,404		489,161
				17,537,967
CONSUMER CYCLICAL—18.1%
Allison Transmission Holdings, Inc.		43,404		1,381,115
American Woodmark Corp. *		14,449		760,884

	NUMBER OF SHARES		VALUE
CONSUMER CYCLICAL—(CONTINUED)
Arctic Cat, Inc.		39,705	$	1,447,644
Bassett Furniture Industries, Inc.		1,575		40,493
BJ’s Restaurants, Inc. *		13,214		690,035
Build-A-Bear Workshop, Inc. *		6,621		143,477
Burlington Stores, Inc. *		29,424		1,635,092
Citi Trends, Inc. *		18,315		488,095
Cooper Tire & Rubber Co.		9,966		379,306
Core-Mark Holding Co., Inc.		50,646		3,561,427
CST Brands, Inc.		37,290		1,552,383
Denny’s Corp. *		68,014		782,841
H&E Equipment Services, Inc.		34,414		842,455
HD Supply Holdings, Inc. *		55,183		1,628,174
HNI Corp.		35,663		1,818,813
Jack in the Box, Inc.		23,752		2,296,581
Jetblue Airways Corp. *		99,023		1,702,205
Marriott Vacations Worldwide Corp.		25,772		1,960,218
Meritor, Inc. *		122,827		1,755,198
Nautilus, Inc. *		20,725		316,264
Penn National Gaming, Inc. *		2,693		43,869
SeaWorld Entertainment, Inc.		30,085		563,793
Select Comfort Corp. *		41,333		1,326,789
Skechers U.S.A., Inc., Class A *		48,497		3,304,586
Steelcase, Inc., Class A		14,128		264,476
Strattec Security Corp.		327		22,239
Tower International, Inc. *		39,821		1,077,954
Universal Electronics, Inc. *		36,700		2,073,917
Visteon Corp. *		9,080		912,812
VOXX International Corp. *		12,309		105,857
Wabash National Corp. *		34,340		503,081
Zumiez, Inc. *		40,808		1,584,167
				36,966,240
CONSUMER GROWTH—17.5%
Acorda Therapeutics, Inc. *		47,963		1,623,068
Affymetrix, Inc. *		149,092		1,744,376
Alere, Inc. *		11,465		521,313
Alliance HealthCare Services, Inc. *		2,810		67,187
Anacor Pharmaceuticals, Inc. *		14,777		642,799
Andersons, Inc., (The)		1,852		81,988
ARC Document Solutions, Inc. *		11,948		101,080
Array BioPharma, Inc. *		56,548		450,122
Ascent Capital Group, Inc., Class A *		1,024		45,025

The accompanying notes are an integral part of the financial statements.

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PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015 (UNAUDITED)

	NUMBER OF SHARES		VALUE
CONSUMER GROWTH—(CONTINUED)
Avis Budget Group, Inc. *		17,460	$	1,058,425
Bio-Rad Laboratories, Inc., Class A *		3,837		487,990
BioSpecifics Technologies Corp. *		3,782		147,347
Cambrex Corp. *		18,240		624,720
Centene Corp. *		25,238		1,551,127
China Biologic Products, Inc. *		306		23,440
Cia Brasileira de Distribuicao, SP PRF ADR		33,775		1,150,039
Civeo Corp.		98,734		389,012
Coca-Cola Bottling Co. Consolidated		369		38,520
CRA International, Inc. *		6,074		182,767
CTPartners Executive Search, Inc. *		1,053		7,287
Dyax Corp. *		108,964		1,646,446
Enzo Biochem, Inc. *		8,577		26,246
Enzon Pharmaceuticals, Inc.		58,661		61,594
Euronet Worldwide, Inc. *		3,988		225,322
Farmer Bros. Co. *		2,678		64,888
FibroGen, Inc. *		19,678		626,154
Five Prime Therapeutics, Inc. *		3,990		102,703
Genesis Healthcare, Inc. *		2,455		17,455
Health Net, Inc. *		48,716		2,793,863
HealthEquity, Inc. *		5,227		105,951
ICON PLC *		44,351		3,060,663
Infinity Pharmaceuticals, Inc. *		9,274		140,965
Ingles Markets, Inc., Class A		15,902		687,602
Insperity, Inc.		34,811		1,803,210
John B. Sanfilippo & Son, Inc.		2,233		82,733
K12, Inc. *		41,653		705,185
Lannett Co., Inc. *		41,011		2,559,086
LendingTree, Inc. *		5,092		270,080
Luminex Corp. *		21,929		345,162
Mannatech, Inc. *		1,521		34,998
MoneyGram International, Inc. *		84,751		719,960
Natus Medical, Inc. *		20,987		751,125
Net 1 UEPS Technologies, Inc. *		21,657		295,835
NuVasive, Inc. *		18,278		836,219
OncoGenex Pharmaceutical, Inc. *		10,856		24,915
OraSure Technologies, Inc. *		20,420		146,207
Orthofix International, N.V. *		3,179		103,095
PAREXEL International Corp. *		31,844		2,052,664

	NUMBER OF SHARES		VALUE
CONSUMER GROWTH—(CONTINUED)
RadNet, Inc. *		9,014	$	78,963
SciClone Pharmaceuticals, Inc. *		42,921		330,921
Sucampo Pharmaceuticals, Inc. Class A *		4,011		61,689
United Therapeutics Corp. *		9,972		1,546,159
VCA , Inc. *		29,664		1,580,498
Viad Corp.		22,414		595,316
Willdan Group, Inc. *		17,275		244,441
XenoPort, Inc. *		2,471		16,926
				35,682,871
ENERGY—10.7%
C&J Energy Services, Inc. *		158,067		2,154,453
California Resources Corp.		386,566		2,767,812
Enerplus Corp.		186,291		1,885,265
Gulfmark Offshore, Inc.		114,429		1,881,213
Murphy USA, Inc. *		47,420		3,366,346
Pacific Drilling SA *		372,872		1,357,254
Pacific Ethanol, Inc. *		50,193		460,772
Parker Drilling Co. *		383,591		1,185,296
Penn West Petroleum Ltd.		339,177		685,138
Pioneer Energy Services Corp. *		187,661		998,357
REX American Resources Corp. *		31,332		1,703,208
Superior Energy Services, Inc.		92,037		2,059,788
WPX Energy, Inc. *		127,256		1,371,820
				21,876,722
FINANCIAL—18.4%
Aircastle, Ltd.		6,399		147,625
Ambac Financial Group, Inc. *		56,383		1,403,373
Assurant, Inc.		29,682		1,818,616
Assured Guaranty Ltd.		56,274		1,492,386
Bancorp, Inc., (The) *		1,529		14,281
Calamos Asset Management, Inc., Class A		64,348		821,724
Central Pacific Financial Corp.		11,769		269,981
East West Bancorp, Inc.		34,586		1,381,711
eHealth, Inc. *		74,732		680,061
Enova International, Inc. *		46,823		1,081,143
Evercore Partners, Inc., Class A		359		18,391
Federated National Holding Co.		20,106		581,666
First BanCorp Puerto Rico *		282,569		1,862,130
First Citizens BancShares, Inc., Class A		4,646		1,171,954

The accompanying notes are an integral part of the financial statements.

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PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015 (UNAUDITED)

	NUMBER OF SHARES		VALUE
FINANCIAL—(CONTINUED)
First Horizon National Corp.		121,014	$	1,729,290
Gain Capital Holdings, Inc.		75,600		717,444
Genworth Financial, Inc., Class A *		219,556		1,701,559
Interactive Brokers Group, Inc., Class A		69,921		2,228,382
INTL. FCStone, Inc. *		1,171		31,886
Investment Technology Group, Inc. *		79,366		1,787,322
Janus Capital Group, Inc.		99,072		1,632,707
Maiden Holdings, Ltd.		400		5,724
Manning & Napier, Inc.		25,065		301,281
Marcus & Millichap, Inc. *		1,874		69,207
MBIA, Inc. *		216,318		1,946,862
Navigators Group, Inc., (The) *		19,776		1,477,465
Nelnet, Inc., Class A		40,141		1,871,373
Piper Jaffray Cos., Inc. *		47,588		2,605,443
Reinsurance Group of America, Inc.		24,449		2,183,540
Selective Insurance Group, Inc.		61,348		1,670,506
SLM Corp.		1,700		16,099
Springleaf Holdings, Inc. *		44,548		1,712,871
United Insurance Holdings Corp.		32,194		785,856
Universal Insurance Holdings, Inc.		426		10,607
WSFS Financial Corp.		2,959		230,033
				37,460,499
INDUSTRIAL—7.4%
AAON, Inc.		2,100		47,271
AMERCO, Inc.		1,482		484,347
Argan, Inc.		17,636		571,935
AU Optronics Corp., SP ADR		211,574		1,106,532
Blount International, Inc. *		102,740		1,704,457
Broadwind Energy, Inc. *		8,368		41,422
Chart Industries, Inc. *		58,296		2,036,862
China Digital TV Holding Co., Ltd., ADR		7,895		28,580
Continental Building Products, Inc. *		956		19,942
Covenant Transport, Inc., Class A *		18,160		578,396
Federal Signal Corp.		105,001		1,731,466
Flextronics International Ltd. *		107,619		1,310,799
GrafTech International Ltd. *		1,374		5,359

	NUMBER OF SHARES		VALUE
INDUSTRIAL—(CONTINUED)
Highpower International, Inc. *		102,905	$	523,786
ITT Corp.		42,045		1,726,788
Mueller Water Products, Inc., Class A		60,724		556,232
PAM Transportation Services, Inc. *		3,317		174,043
SL Industries, Inc. *		546		21,158
Terex Corp.		71,296		1,954,223
Trex Co, Inc. *		5,731		288,556
US Concrete, Inc. *		475		14,488
USA Truck, Inc. *		3,349		101,977
ZAGG, Inc. *		3,562		27,427
				15,056,046
TECHNOLOGY—14.5%
Aspen Technology, Inc. *		49,066		1,894,193
Avid Technology, Inc. *		2,793		43,794
Brocade Communications Systems, Inc.		232,935		2,886,065
ChipMOS Technologies Bermuda Ltd.		2,505		58,667
DST Systems, Inc.		16,800		1,785,672
Envestnet, Inc. *		26,419		1,423,456
Fair Isaac Corp.		20,961		1,784,200
Fairchild Semiconductor International, Inc. *		53,189		927,616
FormFactor, Inc. *		61,188		600,866
Integrated Device Technology, Inc. *		167,443		3,456,024
Jive Software, Inc. *		50,375		254,898
Manhattan Associates, Inc. *		30,741		1,532,439
Marvell Technology Group Ltd.		127,345		2,052,801
Mattson Technology, Inc. *		81,163		387,959
MAXIMUS, Inc.		25,852		1,531,214
Merge Healthcare, Inc. *		49,779		199,116
Planar Systems, Inc. *		17,042		104,808
Progress Software Corp. *		19,418		530,888
Quality Systems, Inc.		86,865		1,509,714
Qualys, Inc. *		37,452		1,723,916
Sigma Designs, Inc.		12,701		93,606
Skyworks Solutions, Inc.		30,149		2,645,575
Sykes Enterprises, Inc. *		8,451		196,486
Tessera Technologies, Inc.		29,295		1,173,558
Tower Semiconductor Ltd. *		40,444		650,744
				29,448,275
UTILITY—0.1%
Pampa Energia SA, SP ADR *		15,334		197,349
TOTAL COMMON STOCKS (Cost $181,970,610)				202,590,136

The accompanying notes are an integral part of the financial statements.

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PORTFOLIO OF INVESTMENTS (CONCLUDED)

FEBRUARY 28, 2015 (UNAUDITED)

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—0.9%
BofA Cash Reserves Fund		1,886,654	$	1,886,654
TOTAL SHORT-TERM INVESTMENTS (Cost $1,886,654)				1,886,654
TOTAL INVESTMENTS—100.3% (Cost $183,857,264)				204,476,790
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.3)%				(643,123	)
NET ASSETS—100.0%			$	203,833,667

* Non-income producing

ADR—American Depositary Receipt

PLC—Public Limited Company

SP ADR—Sponsored American Depositary Receipt

SP PRF ADR—Sponsored Preferred American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

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STATEMENT OF ASSETS AND LIABILITIES

FEBRUARY 28, 2015

(UNAUDITED)

ASSETS
Investments, at value (cost $183,857,264)	$	204,476,790
Receivables for:
Investments sold		5,010,285
Capital shares sold		461,569
Dividends and interest		117,609
Prepaid expenses and other assets		25,617
Total assets		210,091,870
LIABILITIES
Payables for:
Investments purchased		4,521,401
Capital shares redeemed		1,421,719
Investment advisory fees and shareholder servicing fees		153,795
Directors’ and officers’ fees		730
Other accrued expenses and liabilities		160,558
Total liabilities		6,258,203
Net assets	$	203,833,667
NET ASSETS CONSIST OF
Capital stock, $0.001 par value	$	6,321
Paid-in capital		173,967,010
Accumulated net investment loss		(571,409	)
Accumulated net realized gain from investments		9,812,219
Net unrealized appreciation on investments		20,619,526
Net assets	$	203,833,667
INSTITUTIONAL CLASS
Net assets	$	100,617,627
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		3,089,124
Net asset value, offering and redemption price per share	$	32.57
INVESTOR CLASS
Net assets	$	103,216,040
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		3,231,572
Net asset value, offering and redemption price per share	$	31.94

The accompanying notes are an integral part of the financial statements.

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STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015

(UNAUDITED)

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $14,616)	$	758,782
Total investment income		758,782
EXPENSES
Advisory fees		1,022,355
Administration and accounting fees		147,759
Transfer agent fees		82,860
Shareholder servicing fees (Investor Class)		51,457
Custodian fees		34,827
Professional fees		24,907
Registration and filing fees		18,865
Printing and shareholder reporting fees		13,560
Directors’ and officers’ fees		13,400
Insurance fees		5,118
Other expenses		2,675
Total expenses before waivers		1,417,783
Less: waivers		(87,592	)
Net expenses after waivers		1,330,191
Net investment loss		(571,409	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain from investments		13,571,558
Net change in unrealized depreciation on investments		(17,847,182	)
Net realized and unrealized loss on investments		(4,275,624	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,847,033	)

The accompanying notes are an integral part of the financial statements.

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STATEMENT OF CHANGES IN NET ASSETS

	FOR THE SIX MONTHS ENDED FEBRUARY 28,  2015 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2014
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(571,409	)	$	(1,554,746	)
Net realized gain from investments		13,571,558			36,367,817
Net change in unrealized appreciation/(depreciation) on investments		(17,847,182	)		18,834,972
Net increase/(decrease) in net assets resulting from operations		(4,847,033	)		53,648,043
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Institutional Class		–			(211,232	)
Investor Class		–			(92,941	)
Net realized capital gains
Institutional Class		(13,849,300	)		–
Investor Class		(13,815,545	)		–
Net decrease in net assets from dividends and distributions to shareholders		(27,664,845	)		(304,173	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL TRANSACTIONS:
Institutional Class
Proceeds from shares sold		11,587,515			37,241,140
Reinvestment of distributions		13,557,227			205,141
Distributions for shares redeemed		(26,127,220	)		(47,869,174	)
Total from Institutional Class		(982,478	)		(10,422,893	)
Investor Class
Proceeds from shares sold		13,070,622			31,368,704
Reinvestment of distributions		13,118,880			87,771
Distributions for shares redeemed		(23,453,275	)		(16,267,560	)
Total from Investor Class		2,736,227			15,188,915
Net increase in net assets from capital share transactions		1,753,749			4,766,022
Total increase/(decrease) in net assets		(30,758,129	)		58,109,892
NET ASSETS
Beginning of period		234,591,796			176,481,904
End of period	$	203,833,667		$	234,591,796
Accumulated net investment loss, end of period	$	(571,409	)	$	–

The accompanying notes are an integral part of the financial statements.

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STATEMENT OF CHANGES IN NET ASSETS (CONCLUDED)

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2014
INCREASE/(DECREASE) IN SHARES OUTSTANDING DERIVED FROM SHARE TRANSACTIONS:
Institutional Class
Shares sold		353,930			1,084,194
Shares reinvested		437,754			6,207
Shares redeemed		(800,103	)		(1,346,938	)
Total from Institutional Class		(8,419	)		(256,537	)
Investor Class
Shares sold		392,915			913,039
Shares reinvested		431,968			2,698
Shares redeemed		(708,813	)		(475,125	)
Total from Investor Class		116,070			440,612
Net increase in shares outstanding		107,651			184,075

The accompanying notes are an integral part of the financial statements.

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FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	INSTITUTIONAL CLASS
	FOR THE SIX  MONTHS ENDED 2/28/15 (UNAUDITED)			FOR  THE YEAR ENDED 8/31/14			FOR  THE YEAR ENDED 8/31/13			FOR  THE YEAR ENDED 8/31/12			FOR  THE YEAR ENDED 8/31/11			FOR  THE YEAR ENDED 8/31/10
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	38.07		$	29.49		$	21.76		$	19.38		$	14.81		$	14.03
Net investment income/(loss)*		(0.08	)		(0.23	)		0.10			(0.04	)		(0.10	)		(0.07	)
Net realized and unrealized gain/(loss) from investments		(0.62	)		8.87			7.63			2.42			4.67			0.85
Net increase/(decrease) in net assets resulting from operations		(0.70	)		8.64			7.73			2.38			4.57			0.78
Dividends and distributions to shareholders from:
Net investment income		—			(0.06	)		—			—			—			—
Net realized gain		(4.80	)		—			—			—			—			—
Total dividends and distributions to shareholders		(4.80	)		(0.06	)		—			—			—			—
Net asset value, end of period	$	32.57		$	38.07		$	29.49		$	21.76		$	19.38		$	14.81
Total investment return(1)		(1.20	)%(3)		29.34	%		35.52	%		12.28	%		30.86	%		5.56	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	100,618		$	117,923		$	98,898		$	48,526		$	38,274		$	31,714
Ratio of expenses to average net assets with waivers and reimbursements		1.25	%(2)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of expenses to average net assets without waivers and reimbursements		1.34	%(2)		1.32	%		1.39	%		1.51	%		1.44	%		1.51	%
Ratio of net investment income/(loss) to average net assets		(0.51	)%(2)		(0.66	)%		0.37	%		(0.21	)%		(0.48	)%		(0.48	)%
Portfolio turnover rate		88.18	%(3)		175.06	%		237.59	%		288.88	%		302.71	%		196.03	%

* Calculated based on average shares outstanding for the period.

⁽¹⁾  Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

The accompanying notes are an integral part of the financial statements.

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FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	INVESTOR CLASS
	FOR THE SIX MONTHS ENDED 2/28/15 (UNAUDITED)			FOR  THE YEAR ENDED 8/31/14			FOR  THE YEAR ENDED 8/31/13			FOR  THE YEAR ENDED 8/31/12			FOR  THE YEAR ENDED 8/31/11			FOR  THE YEAR ENDED 8/31/10
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	37.45		$	29.00		$	21.42		$	19.10		$	14.61		$	13.86
Net investment income/(loss)*		(0.10	)		(0.26	)		0.07			(0.07	)		(0.12	)		(0.09	)
Net realized and unrealized gain/(loss) from investments		(0.61	)		8.74			7.51			2.39			4.61			0.84
Net increase/(decrease) in net assets resulting from operations		(0.71	)		8.48			7.58			2.32			4.49			0.75
Dividends and distributions to shareholders from:
Net investment income		—			(0.03	)		—			—			—			—
Net realized gain		(4.80	)		—			—			—			—			—
Total dividends and distributions to shareholders		(4.80	)		(0.03	)		—			—			—			—
Net asset value, end of period	$	31.94		$	37.45		$	29.00		$	21.42		$	19.10		$	14.61
Total investment return(1)		(1.24	)%(3)		29.28	%		35.39	%		12.15	%		30.73	%		5.41	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	103,216		$	116,669		$	77,584		$	58,011		$	74,155		$	48,446
Ratio of expenses to average net assets with waivers and reimbursements		1.35	%(2)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of expenses to average net assets without waivers and reimbursements		1.44	%(2)		1.43	%		1.49	%		1.60	%		1.54	%		1.62	%
Ratio of net investment income/(loss) to average net assets		(0.61	)%(2)		(0.76	)%		0.27	%		(0.36	)%		(0.58	)%		(0.58	)%
Portfolio turnover rate		88.18	%(3)		175.06	%		237.59	%		288.88	%		302.71	%		196.03	%

* Calculated based on average shares outstanding for the period.

⁽¹⁾  Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

The accompanying notes are an integral part of the financial statements.

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NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the Bogle Investment Management Small Cap Growth Fund (the “Fund”), which commenced investment operations on October 1, 1999. As of February 28, 2015, the Fund offers two classes of shares, Institutional Class and Investor Class.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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

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

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

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

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

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

The following is a summary of the inputs used, as of February 28, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
TOTAL INVESTMENTS*		$204,476,790		$204,476,790		$                    —		$                    —

* See Portfolio of Investments for detail on portfolio holdings.

17

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

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

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

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

For the six months ended February 28, 2015, there were no transfers between Levels 1, 2 and 3 for the Fund that require disclosure.

USE OF ESTIMATES — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. The Fund’s net investment income (other than class specific shareholder servicing fees) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all of the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Company’s Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily for the purpose of determining the NAV of the Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, will be declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

18

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

CASH AND CASH EQUIVALENTS — The Fund considers liquid assets deposited into bank demand deposit accounts to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

2. INVESTMENT ADVISER AND OTHER SERVICES

Bogle Investment Management, L.P. (the “Adviser” or “Bogle”) serves as the Fund’s investment adviser. For its advisory services, the Adviser is entitled to receive a monthly fee from the Fund calculated at an annual rate of 1.00% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive management fees and reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.25% and 1.35% for the Institutional Class and Investor Class, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed 1.25% and 1.35%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2015 and may not be terminated without the approval of the Company’s Board. The Adviser may discontinue these arrangements at any time after December 31, 2015.

The contractual fee waiver does not provide for recoupment of fees that were waived or expenses that were reimbursed. For the six months ended February 28, 2015, investment advisory fees and waivers of the Fund were as follows:

GROSS ADVISORY FEES		WAIVERS		NET ADVISORY FEES
$	1,022,355	$	74,812	$	947,543

The Fund will not pay the Adviser at a later time for any amounts waived or any amounts assumed.

In addition to serving as the Fund’s investment adviser, Bogle provides certain shareholder services to the Investor Class of the Fund. As compensation for such services, the Adviser receives a monthly fee equal to an annual rate of 0.10% of the average daily net assets of the Fund’s Investor Class.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees.

BNY Mellon has voluntarily agreed to waive a portion of its administration and accounting fees for the Fund. For the six months ended February 28, 2015, administration and accounting fees and waivers of the Fund were as follows:

GROSS ADMINISTRATION AND  ACCOUNTING FEES		WAIVERS		NET ADMINISTRATION AND  ACCOUNTING FEES
$	147,759	$	12,780	$	134,979

19

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

Included in the administration and accounting services fees, shown on the Statement of Operations, are fees for providing regulatory administration services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio of the Company in proportion to its net assets of the Company.

In addition, BNY Mellon serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Foreside Funds Distributors, LLC serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

The Fund will not pay The Bank of New York Mellon Corporation or any of its members or BNY Mellon’s affiliates at a later time for any amounts waived or any amounts assumed.

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer, meeting fees and reimbursement of out-of-pocket expenses for meetings attended. The remuneration paid to the Directors by the Fund during the six months ended February 28, 2015 was $6,498. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Fund or the Company.

4. INVESTMENT IN SECURITIES

For the six months ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

INVESTMENT SECURITIES
PURCHASES		SALES
$	182,344,753	$	209,731,556

5. FEDERAL INCOME TAX INFORMATION

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION
$	183,857,264	$	30,334,404	$	(9,714,878	)	$	20,619,526

Distributions to shareholders from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net

20

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

(UNAUDITED)

assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2014, the components of distributable earnings on a tax basis were as follows:

CAPITAL LOSS CARRYFORWARD		UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM  GAINS		UNREALIZED APPRECIATION
$	—	$	11,234,764	$	13,069,863	$	38,067,587

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

The tax character of dividend and distributions paid during the fiscal year ended August 31, 2014 was as follows:

	ORDINARY INCOME
2014	$	304,173

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August 31, 2014, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2014.

Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

As of August 31, 2014, the Fund did not have any pre- or post-enactment capital loss carryforwards. During the fiscal year ended August 31, 2014, the Fund utilized $10,532,621 of pre-enactment capital loss carryforwards.

6. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

21

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

OTHER INFORMATION

(UNAUDITED)

PROXY VOTING

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (877) 264-5346 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. Information on the operation of the SEC Public Reference Room may be obtained by calling (202) 551-8090.

22

Investment Adviser

Bogle Investment Management, L.P.

2310 Washington Street

Suite 310

Newton Lower Falls, MA 02462

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Counsel

Drinker Biddle & Reath LLP

One Logan Square

Suite 2000

Philadelphia, PA 19103-6996

BOG-SAR15

CAMPBELL CORE TREND FUND

of

THE RBB FUND, INC.

SEMI-ANNUAL R EPORT

FEBRUARY 28, 2015

(UNAUDITED)

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

CAMPBELL CORE TREND FUND

PERFORMANCE DATA

(UNAUDITED)

  TOTAL RETURNS AS OF FEBRUARY 28, 2015*

	Since Inception**
Campbell Core Trend Fund, Institutional Shares	6.20%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index***	0.00%
Barclay BTOP50 Index***	3.70%

* Not annualized.

** Inception date of the Fund is December 31, 2014.

*** Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself

Performance data quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted above. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Call Campbell Core Trend Fund at 1-844-261-6488 for returns current to the most recent month-end.

An investment in the Fund is speculative and involves substantial risk. The Fund is not suitable for all investors. It is possible that an investor may lose some or all of its investment. The Fund invests in long and short positions in futures, forwards, spot contracts, each of which may be tied to commodities, financial indices and instruments, foreign currencies, or equity indices. The Fund also invests in investment grade fixed income securities of all durations and maturities. The Fund may be more volatile than investments in traditional securities. Losses on futures and other derivatives can be caused by unanticipated market movements and may be potentially unlimited. Commodities, currencies, foreign investments, and interest rate-linked instruments each entail special risks. The Fund is non-diversified; therefore gains or losses on a single holding may have a relatively great impact on the Fund. A more complete description of the Fund’s risks can be found in its prospectus, which should read carefully before investing.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual operating expense ratio, as stated in the current prospectus dated December 30, 2014, is 1.62% and the Fund’s net operating expense ratio is 1.25%. Campbell & Company Investment Adviser LLC has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.25% of the Fund’s average daily net assets attributable to Institutional Shares. This contractual limitation is in effect until December 31, 2015 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc.

The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

The Barclay BTOP50 Index (“BTOP50”) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50. The index portfolio is equally weighted among the selected programs at the beginning of each calendar year and rebalanced annually. It is impossible to invest directly in an index.

Portfolio composition is subject to change.

1

CAMPBELL CORE TREND FUND

FUND EXPENSE EXAMPLES

(UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, shareholder servicing fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period from December 31, 2014 (commencement of operations) through February 28, 2015, and held for the entire period.

ACTUAL EXPENSES

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	INSTITUTIONAL SHARES
	BEGINNING ACCOUNT VALUE*	ENDING ACCOUNT VALUE FEBRUARY 28, 2015	EXPENSES PAID DURING PERIOD
Actual**	$1,000.00	$1,062.00	$2.03
Hypothetical (5% return before expenses)***	1,000.00	1,018.55	6.31

* The Fund commenced operations on December 31, 2014.

** Expenses equal to an annualized expense ratio for the period December 31, 2014 (commencement of operations) to February 28, 2015 of 1.26% for the Institutional Shares of the Fund, which includes waived fees or reimbursed expenses (including dividend and interest expense), multiplied by the average account value over the period, multiplied by the number of days in the most recent period (57) then divided by 365 days. The annualized amount of interest expense was 0.01% for the period December 31, 2014 to February 28, 2015. Without this expense, the annualized expense ratio would have been 1.25%. The Fund’s ending account value on the first line in the table is based on the actual total return since inception for the Institutional Shares of the Fund of 6.20%.

*** For comparison purposes, the hypothetical expenses are as if the Fund had been in existence from September 1, 2014 and are equal to the Institutional Shares annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (181), then divided by 365.

2

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 28, 2015

(UNAUDITED)

The following table presents a summary by sector of the portfolio holdings of the Fund.

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS		VALUE
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		61.2%	$	6,499,792
OTHER ASSETS IN EXCESS OF LIABILITIES		38.8		4,125,198
NET ASSETS		100.0%	$	10,624,990

Portfolio holdings are subject to change at any time.

Refer to the Consolidated Portfolio of Investments for a detailed listing of the Fund’s holdings.

The accompanying notes are an integral part of the consolidated financial statements.

3

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

FEBRUARY 28, 2015

(UNAUDITED)

	COUPON*		MATURITY		PAR		VALUE
SHORT-TERM INVESTMENTS — 61.2%
U.S. TREASURY OBLIGATIONS—61.2%
U.S. Treasury Bill		0.025%		04/16/15	$	6,500,000	$	6,499,792
TOTAL SHORT-TERM INVESTMENTS (Cost $ 6,499,792)								6,499,792
TOTAL INVESTMENTS — 61.2% (Cost $ 6,499,792)							$	6,499,792
OTHER ASSETS IN EXCESS OF LIABILITIES — 38.8%								4,125,198
NET ASSETS — 100.0%							$	10,624,990

*Short-term investments reflect the annualized effective yield on the date of purchase for discounted investments.

The accompanying notes are an integral part of the consolidated financial statements.

4

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

FUTURES CONTRACTS

LONG CONTRACTS	EXPIRATION   DATE	NUMBER OF        CONTRACTS	NOTIONAL         COST			UNREALIZED APPRECIATION    (DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	March 2015	21	$	2,599,841		$	(3,302	)
3-Month Euro Euribor	March 2016	20		4,753,919			2,018
90-DAY Bank Bill	June 2015	6		3,885,304			2,059
90-DAY Eurodollar Futures	March 2016	1		495,125			(75	)
90-DAY Sterling Futures	March 2016	18		3,443,449			(3,126	)
Amsterdam Index Futures	March 2015	4		420,418			12,697
Australian 10-Year Bond Futures	March 2015	11		1,023,225			5,325
Australian 3-Year Bond Futures	March 2015	46		3,751,780			21,737
CAC 40 10 Euro Futures	March 2015	7		377,454			10,413
Canadian 10-Year Bond	June 2015	11		1,252,740			11,191
Cotton No. 2 Futures	May 2015	1		32,025			440
DAX Index Future	March 2015	1		288,755			27,854
Euro STOXX 50	March 2015	7		265,348			15,868
Euro-Bobl Future	March 2015	85		11,413,510			36,592
Euro-Bund Future	March 2015	18		2,831,494			23,589
FTSE 100 Index Futures	March 2015	2		206,120			7,549
Hang Seng Index Futures	March 2015	2		159,558			284
IBEX 35 Index Futures	March 2015	2		243,156			6,503
London Mercantile Exchange Aluminum Futures	March 2015	7		318,813			(2,194	)
London Mercantile Exchange Copper Futures	March 2015	2		280,490			15,410
London Mercantile Exchange Nickel Futures	March 2015	2		175,260			(6,678	)
London Mercantile Exchange Zinc Futures	March 2015	3		160,594			(6,713	)
Long Gilt Futures	June 2015	4		732,713			(494	)
MSCI Taiwan Index	March 2015	6		214,240			620
Nasdaq 100 E-Mini	March 2015	4		344,680			10,720
Nikkei 225 Index Futures	March 2015	5		372,666			20,542
OMXS 30 Index Futures	March 2015	39		741,993			25,801
S&P 500 E-Mini Futures	March 2015	3		309,288			6,133
S&P/TSX 60 Index Futures	March 2015	3		282,025			2,464
SPI 200 Futures	March 2015	4		443,290			18,832
U.S. Treasury 10-Year Notes	June 2015	4		636,508			2,477
U.S. Treasury 5-Year Notes	July 2015	5		714,617			1,070
U.S. Treasury Long Bond	June 2015	3		482,367			3,164
			$	43,652,765		$	268,770
SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
Brent Crude Futures	April 2015	2	$	(99,736	)	$	(25,424	)
Coffee ’C’ Future	May 2015	3		(178,650	)		20,588
Corn Futures	May 2015	8		(157,238	)		(63	)
Gasoline RBOB Futures	April 2015	2		(147,428	)		(18,715	)
Gold 100 Oz Futures	April 2015	1		(121,000	)		(310	)
Live Cattle Futures	April 2015	2		(118,610	)		(2,750	)
London Mercantile Exchange Aluminum Futures	March 2015	15		(686,619	)		8,150
London Mercantile Exchange Copper Futures	March 2015	3		(452,398	)		8,548
London Mercantile Exchange Nickel Futures	March 2015	3		(262,458	)		9,585
London Mercantile Exchange Zinc Futures	March 2015	6		(314,740	)		6,978
Low Sulfer Gasoline Futures	April 2015	3		(167,525	)		(6,700	)
Natural Gas Futures	April 2015	3		(55,050	)		370
Silver Futures	May 2015	1		(82,255	)		(535	)
Sugar No.11 (World)	May 2015	8		(129,965	)		6,586
Wheat Futures	May 2015	5		(103,438	)		838
WTI Crude Futures	April 2015	3		(156,380	)		7,100
			$	(3,233,490	)	$	14,246
Total Futures Contracts			$	40,419,275		$	283,016

The accompanying notes are an integral part of the consolidated financial statements.

5

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

Forward foreign currency contracts outstanding as of February 28, 2015 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD			EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	300,000		USD	240,449	March 2015	UBS	$	(6,345	)
AUD	300,000		USD	244,482	March 2015	UBS		(10,378	)
CAD	400,000		USD	332,974	March 2015	UBS		(13,099	)
CAD	300,000		USD	241,367	March 2015	UBS		(1,460	)
CAD	100,000		USD	79,577	March 2015	UBS		392
CAD	100,000		USD	80,320	March 2015	UBS		(350	)
CHF	604,442		USD	694,312	March 2015	UBS		(59,701	)
CHF	200,000		USD	196,496	March 2015	UBS		13,486
CHF	173,593		USD	181,459	March 2015	UBS		798
CHF	114,765		USD	128,114	March 2015	UBS		(7,621	)
CHF	107,200		USD	120,639	March 2015	UBS		(8,088	)
EUR	400,000		USD	467,181	March 2015	UBS		(19,441	)
EUR	400,000		USD	470,714	March 2015	UBS		(22,974	)
EUR	200,000		USD	225,914	March 2015	UBS		(2,044	)
EUR	100,000		USD	114,043	March 2015	UBS		(2,108	)
GBP	500,000		USD	767,025	March 2015	UBS		4,780
GBP	400,000		USD	611,775	March 2015	UBS		5,669
GBP	100,000		USD	152,029	March 2015	UBS		2,332
GBP	100,000		USD	152,493	March 2015	UBS		1,868
GBP	100,000		USD	154,486	March 2015	UBS		(125	)
JPY	99,150,000		USD	836,469	March 2015	UBS		(7,377	)
JPY	51,150,000		USD	434,211	March 2015	UBS		(6,495	)
JPY	44,400,000		USD	372,486	March 2015	UBS		(1,214	)
JPY	7,900,000		USD	67,178	March 2015	UBS		(1,118	)
MXN	8,000,000		USD	541,289	March 2015	UBS		(6,228	)
MXN	2,400,000		USD	163,711	March 2015	UBS		(3,193	)
MXN	1,500,000		USD	100,942	March 2015	UBS		(618	)
MXN	300,000		USD	20,292	March 2015	UBS		(227	)
MXN	300,000		USD	20,346	March 2015	UBS		(281	)
NOK	1,600,000		USD	207,392	March 2015	UBS		1,190
NOK	1,100,000		USD	142,437	March 2015	UBS		963
NOK	800,000		USD	104,733	March 2015	UBS		(442	)
NOK	400,000		USD	52,422	March 2015	UBS		(276	)
NZD	300,000		USD	227,101	March 2015	UBS		(696	)
NZD	200,000		USD	154,572	March 2015	UBS		(3,636	)
NZD	100,000		USD	75,456	March 2015	UBS		12
SEK	2,900,000		USD	351,817	March 2015	UBS		(3,889	)
SEK	1,100,000		USD	135,601	March 2015	UBS		(3,628	)
SEK	800,000		USD	97,026	March 2015	UBS		(1,046	)
SEK	400,000		USD	50,010	March 2015	UBS		(2,020	)
SGD	600,000		USD	449,024	March 2015	UBS		(9,024	)
SGD	600,000		USD	449,125	March 2015	UBS		(9,125	)
SGD	300,000		USD	222,541	March 2015	UBS		(2,541	)
SGD	100,000		USD	73,671	March 2015	UBS		(338	)
USD	652,671		AUD	800,000	March 2015	UBS		28,393

The accompanying notes are an integral part of the consolidated financial statements.

6

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

FEBRUARY 28, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD			EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	316,505		AUD	400,000	March 2015	UBS	$	4,366
USD	159,196		AUD	200,000	March 2015	UBS		3,126
USD	78,320		AUD	100,000	March 2015	UBS		286
USD	78,050		AUD	100,000	March 2015	UBS		16
USD	77,570		AUD	100,000	March 2015	UBS		(465	)
USD	1,106,485		CAD	1,300,000	March 2015	UBS		66,890
USD	164,437		CAD	200,000	March 2015	UBS		4,499
USD	80,174		CAD	100,000	March 2015	UBS		205
USD	78,366		CAD	100,000	March 2015	UBS		(1,603	)
USD	495,642		CHF	500,000	March 2015	UBS		(29,314	)
USD	404,641		CHF	400,000	March 2015	UBS		(15,324	)
USD	315,963		CHF	300,000	March 2015	UBS		989
USD	106,340		CHF	100,000	March 2015	UBS		1,349
USD	98,987		CHF	100,000	March 2015	UBS		(6,004	)
USD	1,798,580		EUR	1,500,000	March 2015	UBS		119,555
USD	697,404		EUR	600,000	March 2015	UBS		25,794
USD	573,346		EUR	500,000	March 2015	UBS		13,671
USD	116,123		EUR	100,000	March 2015	UBS		4,188
USD	456,638		GBP	300,000	March 2015	UBS		(6,445	)
USD	155,755		GBP	100,000	March 2015	UBS		1,394
USD	150,226		GBP	100,000	March 2015	UBS		(4,135	)
USD	1,119,187		JPY	133,900,000	March 2015	UBS		(484	)
USD	342,268		JPY	40,400,000	March 2015	UBS		4,444
USD	189,400		JPY	22,500,000	March 2015	UBS		1,255
USD	86,652		JPY	10,300,000	March 2015	UBS		523
USD	80,793		JPY	9,600,000	March 2015	UBS		518
USD	884,637		MXN	13,100,000	March 2015	UBS		8,474
USD	322,338		MXN	4,800,000	March 2015	UBS		1,301
USD	127,622		MXN	1,900,000	March 2015	UBS		545
USD	73,452		MXN	1,100,000	March 2015	UBS		(119	)
USD	60,283		MXN	900,000	March 2015	UBS		89
USD	751,426		NOK	5,600,000	March 2015	UBS		21,388
USD	91,418		NOK	700,000	March 2015	UBS		163
USD	79,499		NOK	600,000	March 2015	UBS		1,281
USD	52,519		NOK	400,000	March 2015	UBS		373
USD	52,421		NOK	400,000	March 2015	UBS		275
USD	227,395		NZD	300,000	March 2015	UBS		991
USD	222,469		NZD	300,000	March 2015	UBS		(3,935	)
USD	155,720		NZD	200,000	March 2015	UBS		4,784
USD	74,454		NZD	100,000	March 2015	UBS		(1,014	)
USD	854,504		SEK	6,600,000	March 2015	UBS		62,669
USD	788,928		SEK	6,500,000	March 2015	UBS		9,090
USD	134,673		SEK	1,100,000	March 2015	UBS		2,700
USD	73,471		SEK	600,000	March 2015	UBS		1,486
USD	23,746		SEK	200,000	March 2015	UBS		(249	)
USD	12,089		SEK	100,000	March 2015	UBS		91
USD	12,085		SEK	100,000	March 2015	UBS		87
USD	1,283,512		SGD	1,700,000	March 2015	UBS		36,846
USD	743,377		SGD	1,000,000	March 2015	UBS		10,044

The accompanying notes are an integral part of the consolidated financial statements.

7

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONCLUDED)

FEBRUARY 28, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD			EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	298,101		SGD	400,000	March 2015	UBS	$	4,768
USD	221,804		SGD	300,000	March 2015	UBS		1,804
USD	152,186		ZAR	1,800,000	March 2015	UBS		(1,513	)
USD	136,238		ZAR	1,600,000	March 2015	UBS		(384	)
USD	102,998		ZAR	1,200,000	March 2015	UBS		532
USD	25,506		ZAR	300,000	March 2015	UBS		(111	)
ZAR	2,200,000		USD	189,216	March 2015	UBS		(1,361	)
ZAR	1,300,000		USD	112,079	March 2015	UBS		(1,074	)
ZAR	900,000		USD	77,614	March 2015	UBS		(764	)
ZAR	100,000		USD	8,692	March 2015	UBS		(153	)
Total Forward Foreign Currency Contracts							$	191,135

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

DAX Deutscher Aktienindex

EUR Euro

GBP British Pound

IBEX Index of the Bolsa de Madrid

JPY Japanese Yen

MSCI Morgan Stanley Capital International

MXN Mexican Peso

NOK Norwegian Krone

NZD New Zealand Dollar

RBOB Reformulated Blendstock for Oxygenate Blending

SEK Swedish Krona

SGD Singapore Dollar

TSX Toronto Stock Exchange

UBS UBS AG

USD United States Dollar

ZAR South African Rand

The accompanying notes are an integral part of the consolidated financial statements.

8

CAMPBELL CORE TREND FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

FEBRUARY 28, 2015

(UNAUDITED)

ASSETS
Investments, at value (cost $6,499,792)	$	6,499,792
Cash		2,497,834
Cash collateral on futures contracts and forward foreign currency contracts		1,013,025
Foreign Cash (Cost $410,739)		408,400
Receivables for:
Variation margin		6,550
Due from Adviser		13,179
Prepaid expenses		20,838
Unrealized appreciation on forward foreign currency contracts		482,732
Total assets		10,942,350
LIABILITIES
Payables for:
Administration and accounting fees		6,049
Directors’ and officers’ fees		1,374
Transfer agent fees		1,121
Custodian fees		612
Unrealized depreciation on forward foreign currency contracts		291,597
Other accrued expenses and liabilities		16,607
Total liabilities		317,360
Net Assets	$	10,624,990
NET ASSETS CONSIST OF
Capital stock, $0.001 Par value	$	1,000
Paid-in capital		9,999,000
Accumulated net investment loss		(20,247	)
Accumulated net realized gain from futures transactions, foreign currency transactions and forward foreign currency contracts		173,425
Net unrealized appreciation on futures transactions, foreign currency translation and forward foreign currency contracts		471,812
Net assets	$	10,624,990
INSTITUTIONAL SHARES
Net assets	$	10,624,990
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,000,000
Net asset value, offering price per share	$	10.62

The accompanying notes are an integral part of consolidated financial statements.

9

CAMPBELL CORE TREND FUND

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE PERIOD ENDED

FEBRUARY 28, 2015⁽¹⁾

(UNAUDITED)

INVESTMENT INCOME
Interest	$	265
Total investment income		265
EXPENSES
Advisory fees (Note 2)		17,112
Administration and accounting fees (Note 2)		23,464
Audit and tax service fees		9,422
Registration and filing fees		5,273
Transfer agent fees (Note 2)		5,120
Legal fees		3,825
Directors’ and officers’ fees		3,330
Custodian fees (Note 2)		3,197
Printing and shareholder reporting fees		1,952
Interest expense		141
Other expenses		1,132
Total expenses before waivers and reimbursements		73,968
Less: waivers and reimbursements (Note 2)		(53,456	)
Net expenses after waivers and reimbursements		20,512
Net investment loss		(20,247	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Futures		173,764
Foreign currency transactions		(339	)
Net realized gain/(loss) from investments		173,425
Net change in unrealized appreciation/(depreciation) on:
Futures		283,016
Foreign currency translation		(2,339	)
Forward foreign currency contracts		191,135
Net change in unrealized appreciation/(depreciation) on investments		471,812
Net realized and unrealized gain from investments		645,237
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	624,990

(1) The Fund commenced investment operations on December 31, 2014.

The accompanying notes are an integral part of consolidated financial statements.

10

CAMPBELL CORE TREND FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	FOR THE PERIOD ENDED FEBRUARY 28, 2015 (UNAUDITED)(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss		$	(20,247	)
Net realized gain from futures transactions and foreign currency transactions			173,425
Net change in unrealized appreciation/(depreciation) on futures transactions, foreign currency translation and forward foreign currency contracts			471,812
Net increase in net assets resulting from operations			624,990
CAPITAL TRANSACTIONS:
Institutional Shares
Proceeds from shares sold			10,000,000
Total Institutional Shares			10,000,000
Net increase in net assets from capital share transactions			10,000,000
Total increase in net assets			10,624,990
NET ASSETS
Beginning of period			—
End of period		$	10,624,990
Accumulated net investment loss, end of period		$	(20,247	)
SHARE TRANSACTIONS:
Institutional Shares
Shares sold			1,000,000
Total Institutional Shares			1,000,000
Net increase in shares			1,000,000

(1) The Fund commenced investment operations on December 31, 2014.

The accompanying notes are an integral part of consolidated financial statements.

11

CAMPBELL CORE TREND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for shares outstanding, total investment return, ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the consolidated financial statements.

	INSTITUTIONAL SHARES
	FOR THE PERIOD ENDED FEBRUARY 28, 2015 (UNAUDITED)(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period		$	10.00
Net investment loss(2)			(0.02	)
Net realized and unrealized gain from investments			0.64
Net increase in net assets resulting from operations			0.62
Net asset value, end of period		$	10.62
Total investment return(3)			6.20	%(4)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)		$	10,625
Ratio of expenses to average net assets with waivers and reimbursements (including interest expense)			1.26	%(5)
Ratio of expenses to average net assets with waivers and reimbursements (excluding interest expense)			1.25	%(5)
Ratio of expenses to average net assets without waivers and reimbursements (including interest expense)			4.54	%(5)
Ratio of net investment loss to average net assets			(1.24	)%(5)
Portfolio turnover rate			0.00	%(4)

(1) The Fund commenced investment operations on December 31, 2014.

(2) Calculated based on average shares outstanding for the period.

(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

The accompanying notes are an integral part of the consolidated financial statements.

12

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the Campbell Core Trend Fund (the “Fund”), which commenced investment operations on December 31, 2014. The Fund offers Institutional Class shares.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

CONSOLIDATION OF SUBSIDIARY — The Fund pursues its investment objective by allocating (i) up to 25% of its assets in its wholly-owned subsidiary, Campbell Core Offshore Limited (the “Subsidiary”), that employs the Adviser’s Campbell Core Trend Program and (ii) the remainder of its assets directly in an actively managed, short duration fixed-income portfolio. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of February 28, 2015, the net assets of the Subsidiary were $2,201,179, which represented 20.7% of the Fund’s net assets.

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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

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

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

13

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

The following is a summary of the inputs used, as of February 28, 2015, in valuing the Fund’s investments carried at fair value:

	TOTAL FAIR VALUE AT FEBRUARY 28, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Short-Term Investments	$	6,499,792		$	—		$	6,499,792		$	—
Commodity Contracts Futures		84,593			84,593			—			—
Equity Contracts Futures		166,280			166,280			—			—
Interest Rate Contracts Futures		109,222			109,222			—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		482,732			—			482,732			—
Total Assets	$	7,342,619		$	360,095		$	6,982,524		$	—
	TOTAL FAIR VALUE AT FEBRUARY 28, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Commodity Contracts Futures	$	(70,082	)	$	(70,082	)	$	—		$	—
Interest Rate Contracts Futures		(6,997	)		(6,997	)		—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(291,597	)		—			(291,597	)		—
Total Liabilities	$	(368,676	)	$	(77,079	)	$	(291,597	)	$	—

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

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

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

14

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended February 28, 2015, the Fund had no transfers between Levels 1, 2 and 3.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the period include forward foreign currency contracts and futures contracts.

During the period ended February 28, 2015, the Fund used long and short contracts on foreign currencies and U.S. and foreign equity market indices, U.S. and foreign government bonds, and commodities (through investment in the Subsidiary), to gain investment exposure in accordance with its investment objective.

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of February 28, 2015.

The following table lists the fair values of the Fund’s derivative holdings as of February 28, 2015 grouped by contract type and risk exposure category.

	CONSOLIDATED
	STATEMENT
	OF ASSETS AND			INTEREST			FOREIGN
	LIABILITIES	EQUITY		RATE			CURRENCY			COMMODITY
DERIVATIVE TYPE	LOCATION	CONTRACTS		CONTRACTS			CONTRACTS			CONTRACTS			TOTAL
Asset Derivatives
Forward Contracts	Unrealized appreciation on forward foreign currency contracts	$	—	$	—		$	482,732		$	—		$	482,732
Futures Contracts(a)	Receivable: Variation Margin		166,280		109,222			—			84,593			360,095
Total Value - Assets		$	166,280	$	109,222		$	482,732		$	84,593		$	842,827
Liability Derivatives
Forward Contracts	Unrealized depreciation on forward foreign currency contracts	$	—	$	—		$	(291,597	)	$	—		$	(291,597	)
Futures Contracts(a)	Receivable: Variation Margin		—		(6,997	)		—			(70,082	)		(77,079	)
Total Value - Liabilities		$	—	$	(6,997	)	$	(291,597	)	$	(70,082	)	$	(368,676	)

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Portfolio of Investments. The Consolidated Statement of Assets and Liabilities only reflects the current day’s variation margin receivable from/payable to brokers.

15

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

The following table lists the amounts of realized gains or (losses) included in net increase in net assets resulting from operations for the period ended February 28, 2015, grouped by contract type and risk exposure.

	CONSOLIDATED
	STATEMENT OF			INTEREST		FOREIGN
	OPERATIONS	EQUITY		RATE		CURRENCY	COMMODITY
DERIVATIVE TYPE	LOCATION	CONTRACTS		CONTRACTS		CONTRACTS	CONTRACTS		TOTAL
Realized Gain (Loss)
Futures Contracts	Net realized gain (loss) from Futures	$	16,217	$	155,908	$—	$	1,639	$	173,764

The following table lists the amounts of change in unrealized appreciation (depreciation) included in net increase in net assets resulting from operations for the period ended February 28, 2015, grouped by contract type and risk exposure.

	CONSOLIDATED
	STATEMENT OF			INTEREST		FOREIGN
	OPERATIONS	EQUITY		RATE		CURRENCY		COMMODITY
DERIVATIVE TYPE	LOCATION	CONTRACTS		CONTRACTS		CONTRACTS		CONTRACTS		TOTAL
Change in unrealized appreciation (depreciation)
Futures Contracts	Net change in unrealized appreciation (depreciation) from Futures	$	166,280	$	102,225	$	—	$	14,511	$	283,016
Forward Contracts	Net change in unrealized appreciation (depreciation) from Forward Foreign Currency Contracts		—		—		191,135		—		191,135
Total change in unrealized appreciation (depreciation)		$	166,280	$	102,225	$	191,135	$	14,511	$	474,151

16

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

For the period ended February 28, 2015, the Fund’s average volume of derivatives is as follows:

		FORWARD FOREIGN	FORWARD FOREIGN
LONG FUTURES	SHORT FUTURES	CURRENCY	CURRENCY
NOTIONAL	NOTIONAL	CONTRACTS — PAYABLE	CONTRACTS — RECEIVABLE
COST	COST	(VALUE AT TRADE DATE)	(VALUE AT TRADE DATE)
$43,652,765	$(3,233,490)	$(29,411,887)	$29,411,887

For financial reporting purposes, the Fund does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements).

Gross Amount Not

Gross Amount Not

Gross Amount

Offset

Gross Amount

Offset

Presented in the

in Consolidated

Presented in the

in Consolidated

Consolidated

Statement of

Consolidated

Statement of

Statement of

Assets and Liabilities

Statement of

Assets and Liabilities

Assets and

Financial

Collateral

Net

Assets and

Financial

Collateral

Net

Description

Liabilities

Instruments

Received

Amount(1)

Liabilities

Instruments

Pledged

Amount(2)

Assets

Liabilities

Forward Foreign Currency Contracts

$482,732

($291,597

)

$—

$191,135

$291,597

($291,597

)

$—

$—

(1)   Net amount represents the net amount receivable from the counterparty in the event of default.

(2)   Net amount represents the net amount payable from the counterparty in the event of default.

USE OF ESTIMATES — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial consolidated statements in conformity with U.S. GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Expenses incurred on behalf of a specific class, fund or fund family are charged directly to the class, fund or fund family to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred for all the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Company’s Board of

17

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

For tax purposes, the Subsidiary is an exempted Cayman investment company. The Subsidiary has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation and as such is not subject to U.S. income tax.

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the consolidated financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities in the Consolidated Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement of Operations.

CURRENCY RISK — Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

COMMODITY SECTOR RISK — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.

18

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

FOREIGN SECURITIES MARKET RISK — A substantial portion of the trades of the Fund are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Fund that may be committed to trading on foreign markets. The risk of loss in trading foreign futures and options on futures contracts can be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

COUNTERPARTY RISK — The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

CREDIT RISK — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

FUTURES CONTRACTS — The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

FORWARD FOREIGN CURRENCY CONTRACTS — In the normal course of pursuing its investment objectives, the Fund is subject to foreign investment and currency risk. The Fund may enter into forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve the Fund’s investment goal. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. A Fund’s maximum risk of loss from counterparty credit risk

19

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

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

CASH AND CASH EQUIVALENTS — The Fund considers liquid assets deposited into bank demand deposit accounts to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

2. INVESTMENT ADVISER AND OTHER SERVICES

Campbell & Company Investment Adviser LLC (“Campbell” or the “Adviser”) serves as the Fund’s investment adviser. The Adviser is a wholly-owned subsidiary of Campbell & Company, LP. For its advisory services, the Adviser is entitled to receive a monthly fee from the Fund calculated at an annual rate of 1.05% of the Fund’s average daily net assets.

Campbell has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding certain items discussed below) to 1.25% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.25%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2015 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.25%, the Adviser may recoup from the Fund any waived amount or other payments remitted by the Adviser within three years from the date on which such waiver or reimbursement was made if such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

For the period ended February 28, 2015, investment advisory fees accrued and waived were $17,112 and fees reimbursed by the Adviser were $13,178. At February 28, 2015, the amount of potential recovery by the Adviser was as follows:

EXPIRATION

2018

$30,290

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees. For the period ended February 28, 2015, BNY Mellon accrued administration and accounting fees totaling $23,464 and waived fees totaling $16,666.

Included in the administration and accounting service fees, shown on the Consolidated Statement of Operations, are fees for providing regulatory administration services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio in proportion to its net assets of the Company.

20

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONCLUDED)

In addition, BNY Mellon serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the period ended February 28, 2015, BNY Mellon accrued transfer agent fees totaling $5,120 and waived fees totaling $4,000.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the period ended February 28, 2015, the Custodian accrued custodian fees totaling $3,197 and waived fees totaling $2,500.

BNY Mellon and the Custodian have the ability to recover such amounts previously waived, if the Fund terminates its agreements with BNY Mellon or the Custodian within three years of signing the agreements.

Foreside Funds Distributors LLC serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The remuneration paid to the Directors by the Fund during the period ended February 28, 2015 was $24. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Fund or the Company.

4. INVESTMENT IN SECURITIES

For the period ended February 28, 2015, there were no purchases and sales of investment securities for the Fund excluding short term investments for cash management purposes.

5. FEDERAL INCOME TAX INFORMATION

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the consolidated financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

FEDERAL TAX COST	UNREALIZED APPRECIATION	UNREALIZED DEPRECIATION	NET UNREALIZED APPRECIATION
$6,499,792	$—	$—	$—

6. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the consolidated financial statements.

21

CAMPBELL CORE TREND FUND

OTHER INFORMATION

(UNAUDITED)

PROXY VOTING

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 will be available without charge, upon request, by calling (844) 261-6488 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

The Company will file its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Form N-Q will be available on the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. Information on the operation of the SEC Public Reference Room may be obtained by calling (800) SEC-0330.

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

As required by the 1940 Act, the Board of the Company, including all of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”), considered the approval of the investment advisory agreement between Campbell & Company Investment Adviser LLC (“Campbell”) and the Company (the “Investment Advisory Agreement”) on behalf of the Fund at a meeting of the Board held on November 18, 2014 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an initial two-year term. In approving the Investment Advisory Agreement, the Board considered information provided by Campbell with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Investment Advisory Agreement between the Company and Campbell with respect to the Fund, the Directors took into account all the materials provided in advance of the Meeting, including the Lipper materials, and the discussions held during the Meeting. Among other things, the Directors considered (i) the nature, extent, and quality of Campbell’s services to be provided to the Fund; (ii) descriptions of the experience and qualifications of Campbell’s personnel providing those services; (iii) Campbell’s investment philosophies and processes; (iv) Campbell’s assets under management and client descriptions; (v) Campbell’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Campbell’s advisory fee arrangement with the Company and other similarly managed clients; (vii) Campbell’s compliance policies and procedures; (viii) Campbell’s financial information, insurance coverage and profitability analysis related to providing advisory services to the Fund; (ix) the extent to which economies of scale are relevant to the Fund; and (x) a report prepared by Lipper comparing the Fund’s management fees and total expense ratio to those of its Lipper peer group (“Lipper materials”).

At the Meeting, as part of their review, the Directors considered the nature, extent and quality of the services provided by Campbell. The Directors concluded that Campbell had substantial resources to provide services to the Fund. At the Meeting, the Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement. In this regard, information on the fees to be paid by the Fund and the Fund’s total operating expense ratio (before and after fee waivers and expense reimbursements) was compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. In addition, the Directors noted that Campbell has contractually agreed to waive management fees and reimburse expenses through December 31, 2015 to the extent that total annual Fund operating expenses exceed 1.25% of the Fund’s average daily net assets.

After reviewing the information regarding the Fund’s costs, Campbell’s estimated profitability and economies of scale, and after considering Campbell’s services, the Directors concluded that the investment advisory fees to be paid by the Fund were fair and reasonable and that the Investment Advisory Agreement should be approved for an initial two-year period ending August 16, 2016. The Board also determined that, based on the information it had received from Campbell regarding the potential change of control of the firm, its approval of the Investment Advisory Agreement with Campbell would also institute its approval of the Investment Advisory Agreement with Campbell under the new ownership structure provided the change of control occurs prior to the commencement of operations of the Fund.

22

CAMPBELL CORE TREND FUND

PRIVACY NOTICE

(UNAUDITED)

Campbell Core Trend Fund

FACTS	WHAT DOES THE CAMPBELL CORE TREND FUND DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ●Social Security number ●account balances ●account transactions ●transaction history ●wire transfer instructions ●checking account information When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Campbell Core Trend Fund chooses to share; and whether you can limit this sharing.

Reasons we can share your information	Does the Campbell Core Trend Fund Share?	Can you limit this sharing?
For our everyday business purpose — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For affiliates’ everyday business purposes — information about your transactions and experiences	Yes	Yes
For affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

  Questions?     Call 1-844-261-6488  

23

CAMPBELL CORE TREND FUND

PRIVACY NOTICE

(UNAUDITED)

What we do
How does the Campbell Core Trend Fund protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does the Campbell Core Trend Fund collect my personal information?	We collect your personal information, for example, when you •  open an account •  provide account information •  give us your contact information •  make a wire transfer •  tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only •  sharing for affiliates’ everyday business purposes — information about your creditworthiness •  affiliates from using your information to market to you •  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. • Our affiliates include Campbell Core Trend Fund’s investment adviser, Campbell & Company Investment Adviser LLC.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. • The Campbell Core Trend Fund doesn’t share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. • The Campbell Core Trend Fund does not jointly market.

24

Investment Adviser

Campbell & Company Investment Adviser LLC

2850 Quarry Lake Drive

Baltimore, Maryland 21209

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

Counsel

Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

CAM-SAR15

FREE MARKET U.S. EQUITY FUND

FREE MARKET INTERNATIONAL EQUITY FUND

FREE MARKET FIXED INCOME FUND

of

THE RBB FUND, INC.

SEMI-ANNUAL REPORT

February 28, 2015

(Unaudited)

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Funds.

FREE MARKET FUNDS

Semi-Annual Investment Adviser’s Report

February 28, 2015

(Unaudited)

Dear Shareholder,

The Free Market Funds (the “Funds”) have continued to gain assets and have well surpassed the $5 billion mark. We would like to extend a warm and grateful thank you to all investors who have embraced our Free Market Portfolio Strategies.

Over the past six months ended February 28, 2015, investors who remained invested and diversified have continued to experience the gains from the upward rally in the markets (despite a few bumps along the way). Global equity markets over the past six months ended February 28, 2015 have risen 1.18% as measured by the MSCI All Country World Index. Furthermore, U.S. stocks performed better than international stocks with the S&P 500 Index returning 6.12% over the six months ended February 28, 2015. The Barclays Capital US Government/Credit Intermediate Bond Index was also in the positive with a return of 1.34% for the last six months ended February 28, 2015.

Matson Money, Inc. (“Matson Money”) strives to deliver the performance of capital markets and add value through Free Market Investment strategies and Structured Market Portfolios. Grounded in the conviction that free markets work, Matson Money avoids the cost-generating activity of stock picking and market timing. Instead, we focus on the dimensions of capital markets that we believe reward investors as intelligently and effectively as possible. Our disciplined approach to life-long investing provides both the individual investor and the financial professional with the academic foundation upon which to help achieve investment goals.

Sound economic and financial research has documented that, over the long term, small cap stocks outperform large cap stocks, and value stocks outperform growth stocks¹. These returns seem to be compensation for risk. In fixed income, risk is well described by bond maturity and credit quality. The Funds deliberately target specific risk and return trade offs. The Funds are broadly diversified and designed to work together in your total investment plan.

We invite you to contact your financial professional or explore our website, www.MatsonMoney.com, to learn more about the concepts and strategies of Matson Money’s investing.

We appreciate your support and confidence in our firm’s investment philosophy, process and people.

Daniel J. List

Chief Compliance Officer and Vice President of Portfolio Management

Matson Money, Inc.

¹  Fama, Eugene F., and Kenneth R. French, 1992 “The cross-section of Expected Stock Returns”, Journal of Finance 47 (June), pp. 427-465.

1

FREE MARKET FUNDS

Performance Data

(Unaudited)

                                         Free Market U.S. Equity Fund                                        

Total Returns for the Periods Ended February 28, 2015
			Average Annual
	Six Months*		1 Year		3 Years		5 Years		Since Inception**
Free Market U.S. Equity Fund		2.33%		7.93%		17.66%		16.10%		9.71%
Russell 2500® Index		5.12%		8.24%		17.45%		16.89%		9.21%
Composite Index***		4.42%		9.30%		16.96%		15.40%		7.43%

* Not annualized.

** Annualized — The Fund commenced operations on December 31, 2007.

*** The Composite Index is comprised of the S&P 500^® Index, Russell 1000^® Value Index, Russell 2000^® Index and Russell 2000^® Value Index, weighted 25%, 25%, 25% and 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus, is 0.83% (included in the ratio is 0.23% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $17.06 per share on February 28, 2015.

Portfolio composition is subject to change.

The Free Market U.S. Equity Fund’s underlying funds invest in small-cap and micro-cap stocks, large-cap stocks and other equity securities. In addition to the ordinary risks of equity investing, small companies entail special risk. Small companies tend to have more risk than large companies. An investor in the Fund will incur the expenses of the underlying funds in addition to the Fund’s expenses.

                                         Free Market International Equity Fund                                        

Total Returns for the Periods Ended February 28, 2015
			Average Annual
	Six Months*		1 Year		3 Years		5 Years		Since Inception**
Free Market International Equity Fund		-4.84%		-2.52%		8.04%		7.56%		2.54%
MSCI World (excluding U.S.) Index		-2.47%		-0.16%		8.58%		7.41%		0.37%
Composite Index***		-3.41%		0.03%		7.45%		7.42%		0.84%

* Not annualized.

** Annualized — The Fund commenced operations on December 31, 2007.

*** The Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Company Index, and MSCI Emerging Markets Free Index, weighted 25%, 25%, 25% and 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus, is 1.07% (included in the ratio is 0.45% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $9.95 per share on February 28, 2015.

Portfolio composition is subject to change.

The Free Market International Equity Fund’s underlying funds invest in common stock, preferred stock, securities convertible into stocks and other equity securities issued by foreign companies. In addition to the ordinary risks of equity investing, foreign and small companies entail special risk. The return on foreign equities may be adversely affected by currency fluctuations. Emerging markets may be subject to social instability and lack of market liquidity. Small companies tend to have more risk than large companies. An investor in the Fund will incur the expenses of the underlying funds in addition to the Fund’s expenses.

2

FREE MARKET FUNDS

Performance Data

(Unaudited)

                                         Free Market Fixed Income Fund                                        

Total Returns for the Periods Ended February 28, 2015
			Average Annual
	Six Months*		1 Year		3 Years		5 Years		Since Inception**
Free Market Fixed Income Fund		0.57%		1.01%		0.56%		1.38%		1.88%
Citigroup World Govt. Bond 1-5 Year Currency Hedged U.S. Dollar Index		0.86%		1.73%		1.47%		1.70%		2.53%
Composite Index***		1.09%		2.19%		1.34%		2.17%		2.80%

* Not annualized.

** Annualized — The Fund commenced operations on December 31, 2007.

*** The Composite Index is comprised of the Three-Month Treasury Bill Index, Barclays Capital Intermediate Government Bond Index, BofA Merrill Lynch 1-3 Year US Government/Corporate Index and Barclays Capital Aggregate Bond Index, weighted 25%, 25%, 25% and 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus, is 0.78% (included in the ratio is 0.17% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $10.27 per share on February 28, 2015.

Portfolio composition is subject to change.

The Free Market Fixed Income Fund’s underlying funds invest in fixed income securities. The underlying funds may invest their assets in bonds and other debt securities issued by domestic and foreign governments and companies. Debt instruments involve the risk that their prices will fall when interest rates rise, and they are subject to the risk that the borrower may default. In addition, the return on foreign debt securities may be adversely affected by currency fluctuations. An investor in the Fund will incur expenses of the underlying funds in addition to the Fund’s expenses.

3

FREE MARKET FUNDS

Fund Expense Examples

(Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2014 through February 28, 2015, and held for the entire period.

Actual Expenses

The first line of the accompanying tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying tables provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Free Market U.S. Equity Fund
	Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Expenses Paid During Period*
Actual	$	1,000.00	$	1,023.30	$	3.06
Hypothetical (5% return before expenses)		1,000.00		1,021.77		3.06
	Free Market International Equity Fund
	Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Expenses Paid During Period*
Actual	$	1,000.00	$	951.60	$	3.00
Hypothetical (5% return before expenses)		1,000.00		1,021.72		3.11

4

FREE MARKET FUNDS

Fund Expense Examples (Concluded)

(Unaudited)

	Free Market Fixed Income Fund
	Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Expenses Paid During Period*
Actual	$	1,000.00	$	1,005.70	$	3.03
Hypothetical (5% return before expenses)		1,000.00		1,021.77		3.06

* Expenses are equal to an annualized six-month expense ratio of 0.61% for the Free Market U.S. Equity Fund, 0.63% for the Free Market International Equity Fund and 0.61% for the Free Market Fixed Income Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365 to reflect the one-half year period. The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would have been higher. The range of weighted expense ratios of the underlying funds held by the Funds, as stated in the underlying funds’ current prospectuses, were as follows:

Free Market U.S. Equity Fund	Free Market International Equity Fund	Free Market Fixed Income Fund
0.01%-0.13%	0.01%-0.27%	0.01%-0.07%

Each Fund’s ending account values on the first line in each table are based on the actual six-month total return for each Fund of 2.33% for the Free Market U.S. Equity Fund, -4.84% for the Free Market International Equity Fund and 0.57% for the Free Market Fixed Income Fund.

5

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

February 28, 2015

(Unaudited)

	Number of Shares		Value
EQUITY FUNDS — 99.9%
U.S. Large Cap Value Portfolio III(a)		24,897,233	$	618,696,237
U.S. Large Company Portfolio(a)		18,511,165		308,025,780
U.S. Micro Cap Portfolio(b)		15,853,567		309,620,170
U.S. Small Cap Portfolio(b)		9,746,325		310,225,512
U.S. Small Cap Value Portfolio(b)		14,684,251		516,885,648
TOTAL EQUITY FUNDS (Cost $1,459,850,956)				2,063,453,347
TOTAL INVESTMENTS — 99.9% (Cost $1,459,850,956)				2,063,453,347
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				1,063,415
NET ASSETS — 100.0%			$	2,064,516,762

Portfolio Holdings Summary Table

	% of Net Assets		Value
Equity Funds		99.9%	$	2,063,453,347
Other Assets In Excess Of Liabilities		0.1%		1,063,415
NET ASSETS		100.0%	$	2,064,516,762

(a) A portfolio of Dimensional Investment Group Inc.

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

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

6

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

February 28, 2015

(Unaudited)

	Number of Shares		Value
INTERNATIONAL EQUITY FUNDS — 99.9%
Asia Pacific Small Company Portfolio(a)		911,587	$	18,878,959
Canadian Small Company Series(b)		1,830,716		18,307,162
Continental Small Company Portfolio(a)		1,461,065		30,054,107
Continental Small Company Series(b)		248,909		16,026,411
DFA International Small Cap Value Portfolio(a)		30,179,670		599,368,241
DFA International Value Portfolio III(c)		27,376,300		445,138,633
Emerging Markets Portfolio(a)		2,954,262		76,692,650
Emerging Markets Small Cap Portfolio(a)		3,459,885		71,723,408
Emerging Markets Value Portfolio(a)		2,705,582		71,562,634
Japanese Small Company Portfolio(a)		1,711,852		33,363,998
Large Cap International Portfolio(a)		3,350,173		73,636,792
United Kingdom Small Company Portfolio(a)		206,187		7,294,882
United Kingdom Small Company Series(b)		322,040		20,452,776
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,339,693,280)				1,482,500,653
TOTAL INVESTMENTS — 99.9% (Cost $1,339,693,280)				1,482,500,653
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				1,479,635
NET ASSETS — 100.0%			$	1,483,980,288

Portfolio Holdings Summary Table

	% of Net Assets			Value
International Equity Funds		99.9	%	$	1,482,500,653
Other Assets In Excess Of Liabilities		0.1	%		1,479,635
NET ASSETS		100.0	%	$	1,483,980,288

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

(b) A portfolio of DFA Investment Trust Company.

(c) A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

7

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Portfolio of Investments

February 28, 2015

(Unaudited)

	Number of Shares		Value
FIXED INCOME FUNDS — 99.5%
DFA Five-Year Global Fixed Income Portfolio(a)		43,683,814	$	481,832,466
DFA Inflation-Protected Securities Portfolio(a)		8,206,409		97,245,948
DFA Intermediate Government Fixed Income Portfolio(a)		18,221,013		231,224,654
DFA One-Year Fixed Income Portfolio(a)		45,670,025		471,314,656
DFA Short-Term Government Portfolio(a)		14,397,239		154,050,462
DFA Two-Year Global Fixed Income Portfolio(a)		48,518,027		481,298,826
TOTAL FIXED INCOME FUNDS (Cost $1,925,663,922)				1,916,967,012
TOTAL INVESTMENTS — 99.5% (Cost $1,925,663,922)				1,916,967,012
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				8,792,038
NET ASSETS — 100.0%			$	1,925,759,050

Portfolio Holdings Summary Table

	% of Net Assets		Value
Fixed Income Funds		99.5%	$	1,916,967,012
Other Assets In Excess Of Liabilities		0.5%		8,792,038
NET ASSETS		100.0%	$	1,925,759,050

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

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

8

FREE MARKET FUNDS

Statements of Assets and Liabilities

February 28, 2015

(Unaudited)

	Free Market U.S. Equity Fund			Free Market International Equity Fund			Free Market Fixed Income Fund
ASSETS
Investments in non-affiliated funds, at value †	$	2,063,453,347		$	1,482,500,653		$	1,916,967,012
Cash and cash equivalents		3,467,849			3,246,899			11,689,120
Receivables
Receivable for investments sold		228,367			157,514			218,375
Receivable for capital shares sold		1,290,467			1,058,846			1,082,610
Dividends and interest receivable		38			19			80
Prepaid expenses and other assets		88,663			69,548			88,727
Total assets		2,068,528,731			1,487,033,479			1,930,045,924
LIABILITIES
Payables
Investments purchased		2,100,000			1,800,000			2,437,805
Capital shares redeemed		777,965			479,535			749,824
Advisory fees		772,048			508,949			728,278
Administration and accounting fees		73,340			72,288			91,222
Transfer agent fees		115,014			68,565			101,950
Other accrued expenses and liabilities		173,602			123,854			177,795
Total liabilities		4,011,969			3,053,191			4,286,874
Net Assets	$	2,064,516,762		$	1,483,980,288		$	1,925,759,050
NET ASSETS CONSISTS OF
Par value	$	121,039		$	149,121		$	187,601
Paid-in capital		1,386,454,028			1,336,095,897			1,933,562,305
Accumulated net investment loss		(2,326,260	)		(1,599,861	)		(2,610,719	)
Accumulated net realized gain from investments		76,665,564			6,527,758			3,316,773
Net unrealized appreciation/(depreciation) on investments		603,602,391			142,807,373			(8,696,910	)
Net Assets	$	2,064,516,762		$	1,483,980,288		$	1,925,759,050
Shares outstanding ($0.001 par value, 300,000,000 shares authorized)		121,039,394			149,121,414			187,601,064
Net asset value, offering and redemption price per share	$	17.06		$	9.95		$	10.27
† Investment in non-affiliated funds, at cost	$	1,459,850,956		$	1,339,693,280		$	1,925,663,922

The accompanying notes are an integral part of the financial statements.

9

FREE MARKET FUNDS

Statements of Operations

For the Six Months Ended February 28, 2015

(Unaudited)

	Free Market U.S. Equity Fund			Free Market International Equity Fund			Free Market Fixed Income Fund
Investment Income
Dividends from non-affiliated funds	$	15,098,217		$	20,178,851		$	15,638,510
Interest from non-affiliated funds		241			139			528
Total investment income		15,098,458			20,178,990			15,639,038
Expenses
Advisory fees (Note 2)		4,813,635			3,390,670			4,625,450
Administration and accounting fees (Note 2)		441,597			400,184			445,201
Transfer agent fees (Note 2)		248,892			176,505			239,505
Professional fees		117,272			88,698			115,315
Printing and shareholder reporting fees		102,347			57,693			93,444
Custodian fees (Note 2)		60,276			46,639			59,149
Directors’ and officers’ fees		36,031			30,496			35,204
Other expenses		79,291			106,761			98,718
Total expenses		5,899,341			4,297,646			5,711,986
Net investment income		9,199,117			15,881,344			9,927,052
Net realized and unrealized gain from investments
Net realized gain from:
Non-affiliated funds		17,518,553			2,014,637			506,459
Capital gain distributions from non-affiliated fund investments		70,579,654			18,347,299			3,354,447
Net change in unrealized depreciation on:
Non-affiliated funds		(50,214,613	)		(99,739,944	)		(4,280,966	)
Net realized and unrealized gain/(loss) on investments		37,883,594			(79,378,008	)		(420,060	)
Net increase/(decrease) in net assets resulting from operations	$	47,082,711		$	(63,496,664	)	$	9,506,992

The accompanying notes are an integral part of the financial statements.

10

FREE MARKET U.S. EQUITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Year Ended August 31, 2014
Increase in net assets from operations:
Net investment income	$	9,199,117		$	9,008,786
Net realized gain from investments		88,098,207			66,531,162
Net change in unrealized appreciation/(depreciation) from investments		(50,214,613	)		247,588,404
Net increase in net assets resulting from operations		47,082,711			323,128,352
Dividends and distributions to shareholders from:
Net investment income		(12,868,563	)		(9,536,519	)
Net realized capital gains		(69,294,465	)		(44,315,396	)
Net decrease in net assets from dividends and distributions to shareholders		(82,163,028	)		(53,851,915	)
Capital share transactions:
Proceeds from shares sold		230,112,528			515,748,465
Reinvestment of distributions		82,140,004			53,851,915
Shares redeemed		(156,097,409	)		(251,088,223	)
Net increase in net assets from capital shares		156,155,123			318,512,157
Total increase in net assets		121,074,806			587,788,594
Net assets:
Beginning of period		1,943,441,956			1,355,653,362
End of period	$	2,064,516,762		$	1,943,441,956
Undistributed/accumulated net investment income/(loss), end of period	$	(2,326,260	)	$	1,343,186
Capital share transactions:
Shares sold		13,662,140			31,414,367
Dividends and distributions reinvested		4,843,161			3,277,658
Shares redeemed		(9,325,311	)		(15,298,894	)
Net increase in shares outstanding		9,179,990			19,393,131

The accompanying notes are an integral part of the financial statements.

11

FREE MARKET INTERNATIONAL EQUITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Year Ended August 31, 2014
Increase/decrease in net assets from operations:
Net investment income	$	15,881,344		$	22,646,918
Net realized gain from investments		20,361,936			29,805,092
Net change in unrealized appreciation/(depreciation) from investments		(99,739,944	)		154,746,684
Net increase/(decrease) in net assets resulting from operations		(63,496,664	)		207,198,694
Dividends and distributions to shareholders from:
Net investment income		(30,251,548	)		(21,275,248	)
Net realized capital gains		(27,870,005	)		(16,001,172	)
Net decrease in net assets from dividends and distributions to shareholders		(58,121,553	)		(37,276,420	)
Capital share transactions:
Proceeds from shares sold		206,048,538			391,563,874
Reinvestment of distributions		58,105,492			37,276,420
Shares redeemed		(73,173,727	)		(148,239,892	)
Net increase in net assets from capital shares		190,980,303			280,600,402
Total increase in net assets		69,362,086			450,522,676
Net assets:
Beginning of period		1,414,618,202			964,095,526
End of period	$	1,483,980,288		$	1,414,618,202
Undistributed/accumulated net investment income/(loss), end of period	$	(1,599,861	)	$	12,770,343
Capital share transactions:
Shares sold		20,813,782			36,958,338
Dividends and distributions reinvested		6,168,311			3,594,640
Shares redeemed		(7,438,413	)		(13,995,432	)
Net increase in shares outstanding		19,543,680			26,557,546

The accompanying notes are an integral part of the financial statements.

12

FREE MARKET FIXED INCOME FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Year Ended August 31, 2014
Increase in net assets from operations:
Net investment income	$	9,927,052		$	5,784,700
Net realized gain from investments		3,860,906			5,965,336
Net change in unrealized appreciation/(depreciation) from investments		(4,280,966	)		8,828,057
Net increase in net assets resulting from operations		9,506,992			20,578,093
Dividends and distributions to shareholders from:
Net investment income		(12,641,658	)		(6,397,117	)
Net realized capital gains		(5,364,149	)		(3,094,776	)
Net decrease in net assets from dividends and distributions to shareholders		(18,005,807	)		(9,491,893	)
Capital share transactions:
Proceeds from shares sold		247,175,160			654,712,458
Reinvestment of distributions		18,003,175			9,491,893
Shares redeemed		(155,553,455	)		(167,456,841	)
Net increase in net assets from capital shares		109,624,880			496,747,510
Total increase in net assets		101,126,065			507,833,710
Net assets:
Beginning of period		1,824,632,985			1,316,799,275
End of period	$	1,925,759,050		$	1,824,632,985
Undistributed/accumulated net investment income/(loss), end of period	$	(2,610,719	)	$	103,887
Capital share transactions:
Shares sold		24,018,194			63,714,255
Dividends and distributions reinvested		1,762,515			928,801
Shares redeemed		(15,115,589	)		(16,292,693	)
Net increase in shares outstanding		10,665,120			48,350,363

The accompanying notes are an integral part of the financial statements.

13

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Year Ended August 31, 2014			For the Year Ended August 31, 2013			For the Year Ended August 31, 2012			For the Year Ended August 31, 2011			For the Year Ended August 31, 2010
Per Share Operating Performance
Net asset value, beginning of period	$	17.37		$	14.66		$	11.70		$	10.33		$	8.65		$	8.21
Net investment income(1)		0.08			0.09			0.12			0.08			0.06			0.02
Net realized and unrealized gain on investments		0.32			3.18			3.07			1.43			1.68			0.46
Net increase in net assets resulting from operations		0.40			3.27			3.19			1.51			1.74			0.48
Dividends and distributions to shareholders from:
Net investment income		(0.11	)		(0.10	)		(0.15	)		(0.06	)		(0.06	)		(0.03	)
Net realized capital gains		(0.60	)		(0.46	)		(0.08	)		(0.08	)		—	(2)		—
Tax return of capital		—			—			—			—			—			(0.01	)
Total dividends and distributions to shareholders		(0.71	)		(0.56	)		(0.23	)		(0.14	)		(0.06	)		(0.04	)
Net asset value, end of period	$	17.06		$	17.37		$	14.66		$	11.70		$	10.33		$	8.65
Total investment return(3)		2.33	%(4)		22.49	%		27.61	%		14.77	%		20.11	%		5.88	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,064,517		$	1,943,442		$	1,355,653		$	933,514		$	679,147		$	485,191
Ratio of expenses to average net assets(5)		0.61	%(6)		0.60	%		0.62	%		0.64	%		0.64	%		0.67	%
Ratio of net investment income to average net assets(5)		0.95	%(6)		0.54	%		0.91	%		0.73	%		0.55	%		0.22	%
Portfolio turnover rate		2	%(4)		3	%		6	%		4	%		9	%		3	%

(1) The selected per share data was calculated using the average shares outstanding method for the period.

(2) Amount less than $(0.005) per share.

(3) Total investment return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

14

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Year Ended August 31, 2014			For the Year Ended August 31, 2013			For the Year Ended August 31, 2012			For the Year Ended August 31, 2011			For the Year Ended August 31, 2010
Per Share Operating Performance
Net asset value, beginning of period	$	10.92		$	9.36		$	8.04		$	8.78		$	7.97		$	8.02
Net investment income(1)		0.11			0.19			0.18			0.18			0.16			0.11
Net realized and unrealized gain/(loss) on investments		(0.66	)		1.71			1.36			(0.64	)		0.78			(0.04	)
Net increase/(decrease) in net assets resulting from operations		(0.55	)		1.90			1.54			(0.46	)		0.94			0.07
Dividends and distributions to shareholders from:
Net investment income		(0.22	)		(0.19	)		(0.15	)		(0.17	)		(0.13	)		(0.09	)
Net realized capital gains		(0.20	)		(0.15	)		(0.07	)		(0.11	)		—			(0.03	)
Total dividends and distributions to shareholders		(0.42	)		(0.34	)		(0.22	)		(0.28	)		(0.13	)		(0.12	)
Net asset value, end of period	$	9.95		$	10.92		$	9.36		$	8.04		$	8.78		$	7.97
Total investment return(2)		(4.84	)%(3)		20.49	%		19.44	%		(4.98	)%		11.60	%		0.86	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,483,980		$	1,414,618		$	964,096		$	648,710		$	516,073		$	365,465
Ratio of expenses to average net assets(4)		0.63	%(5)		0.62	%		0.65	%		0.65	%		0.66	%		0.68	%
Ratio of net investment income to average net assets(4)		2.33	%(5)		1.84	%		1.96	%		2.21	%		1.66	%		1.29	%
Portfolio turnover rate		0	%(3)		2	%		3	%		3	%		4	%		8	%

(1) The selected per share data was calculated using the average shares outstanding method for the period.

(2) Total investment return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(3) Not annualized.

(4) The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

15

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Year Ended August 31, 2014			For the Year Ended August 31, 2013			For the Year Ended August 31, 2012			For the Year Ended August 31, 2011			For the Year Ended August 31, 2010
Per Share Operating Performance
Net asset value, beginning of period	$	10.31		$	10.24		$	10.54		$	10.48		$	10.50		$	10.35
Net investment income(1)		0.05			0.04			0.05			0.11			0.12			0.13
Net realized and unrealized gain/(loss) on investments		0.01			0.09			(0.21	)		0.09			0.09			0.27
Net increase/(decrease) in net assets resulting from operations		0.06			0.13			(0.16	)		0.20			0.21			0.40
Dividends and distributions to shareholders from:
Net investment income		(0.07	)		(0.04	)		(0.08	)		(0.14	)		(0.22	)		(0.21	)
Net realized capital gains		(0.03	)		(0.02	)		(0.06	)		—	(2)		—	(2)		(0.04	)
Tax return of capital		—			—			—			—			(0.01	)		—
Total dividends and distributions to shareholders		(0.10	)		(0.06	)		(0.14	)		(0.14	)		(0.23	)		(0.25	)
Net asset value, end of period	$	10.27		$	10.31		$	10.24		$	10.54		$	10.48		$	10.50
Total investment return(3)		0.57	%(4)		1.34	%		(1.50	)%		1.90	%		2.06	%		3.96	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,925,759		$	1,824,633		$	1,316,799		$	946,975		$	761,683		$	459,282
Ratio of expenses to average net assets(5)		0.61	%(6)		0.61	%		0.62	%		0.63	%		0.65	%		0.68	%
Ratio of net investment income to average net assets(5)		1.06	%(6)		0.37	%		0.52	%		1.08	%		1.12	%		1.31	%
Portfolio turnover rate		1	%(4)		0	%		0	%		1	%		0	%		1	%

(1) The selected per share data was calculated using the average shares outstanding method for the period.

(2) Amount less than $(0.005) per share.

(3) Total investment return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

16

FREE MARKET FUNDS

Notes to Financial Statements

February 28, 2015

(Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the Free Market U.S. Equity Fund, the Free Market International Equity Fund, and the Free Market Fixed Income Fund (each a “Fund,” collectively the “Funds”). Each Fund operates as a “Fund of Funds” and commenced investment operations on December 31, 2007.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

PORTFOLIO VALUATION — Investments in the underlying funds are valued at each fund’s net asset value determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the Company’s Board of Directors. Direct investments in fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value.

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

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

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

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

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

The following is a summary of the inputs used, as of February 28, 2015, in valuing the Funds’ investments carried at fair value:

FREE MARKET U.S. EQUITY FUND

	Total Value at February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	2,063,453,347	$	2,063,453,347	$	—	$	—

*Please refer to the Portfolio of Investments for further details.

FREE MARKET INTERNATIONAL EQUITY FUND

	Total Value at February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	1,482,500,653	$	1,427,714,304	$	54,786,349	$	—

*Please refer to the Portfolio of Investments for further details.

17

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

FREE MARKET FIXED INCOME FUND

	Total Value at February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	1,916,967,012	$	1,916,967,012	$	—	$	—

*Please refer to the Portfolio of Investments for further details.

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

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

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

For the six months ended February 28, 2015, there were no transfers between Level 1, 2 and 3 for the Funds.

USE OF ESTIMATES — The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — Transactions are accounted for on the trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Each Fund’s investment income, expenses and unrealized and realized gains and losses are allocated daily. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all of the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Company’s Board of Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the net asset value of the Funds. In addition to the net

18

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

annual operating expenses that the Funds bear directly, the shareholders indirectly bear the Funds’ pro-rata expenses of the underlying mutual funds in which each Fund invests.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date for all Funds with the exception of the Free Market Fixed Income Fund which declares and pays quarterly dividends from net investment income. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

CASH AND CASH EQUIVALENTS — The Funds consider liquid assets deposited with a bank demand deposit account to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Investment Adviser and Other Services

Matson Money, Inc. (“Matson Money” or the “Adviser”), serves as each Fund’s investment adviser. For its advisory services, Matson Money is entitled to receive 0.50% of the first $1 billion of each Fund’s average daily net assets, 0.49% of each Fund’s average daily net assets over $1 billion to $5 billion and 0.47% of each Fund’s average daily net assets over $5 billion, computed daily and payable monthly. The Adviser has voluntarily agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Operating Expenses to 1.13%, 1.35% and 1.00% of the average daily net assets of the Free Market U.S. Equity Fund, Free Market International Equity Fund and Free Market Fixed Income Fund, respectively. The Adviser may discontinue these arrangements at any time.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), serves as administrator for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees.

Included in the administration and accounting services fees, shown on the Statement of Operations, are fees for providing regulatory administration services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio of the Company in proportion to its net assets of the Company.

In addition, BNY Mellon serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Foreside Funds Distributors LLC serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB. The Distributor is not affiliated with the Adviser, the Trust, or any other service provider.

19

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

3. Director Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The aggregate remuneration paid to the Directors by the Funds during the six months ended February 28, 2015 was $77,111. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Funds or the Company.

4. Investment in Securities

For the six months ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

	Purchases		Sales
Free Market U.S. Equity Fund	$	193,082,978	$	38,877,535
Free Market International Equity Fund		173,442,369		2,384,691
Free Market Fixed Income Fund		122,206,528		16,518,587

5. Federal Income Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Free Market U.S. Equity Fund	$	1,459,850,956	$	603,602,391	$	—		$	603,602,391
Free Market International Equity Fund		1,339,693,280		154,911,025		(12,103,652	)		142,807,373
Free Market Fixed Income Fund		1,925,663,922		3,401,193		(12,098,103	)		(8,696,910	)

Distributions to shareholders from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2014, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)			Other Temporary Differences
Free Market U.S. Equity Fund	$	1,343,185	$	63,083,422	$	648,595,405		$	—
Free Market International Equity Fund		12,058,652		26,867,703		230,427,132			—
Free Market Fixed Income Fund		103,887		4,990,390		(4,586,318	)		—

20

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

The tax characters of distributions paid during the fiscal year ended August 31, 2014 were as follows:

	Ordinary Income		Long-Term Gains		Total
Free Market U.S. Equity Fund	$	9,536,519	$	44,315,395	$	53,851,914
Free Market International Equity Fund		21,275,248		16,001,172		37,276,420
Free Market Fixed Income Fund		6,397,117		3,094,776		9,491,893

Distributions from net investment income and short term capital gains are treated as ordinary income for federal income tax purposes.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2014, the Funds did not have any pre- or post-enactment capital loss carryforwards.

6. Subsequent Event

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

21

FREE MARKET FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling Free Market Funds at (866) 780-0357, ext. 3863 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. Information on the operation of the SEC Public Reference Room may be obtained by calling (800) SEC-0330.

22

Investment Adviser

MATSON MONEY, INC.

5955 Deerfield Blvd.

Mason, OH 45040

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Counsel

Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

FMF-SAR15

MATSON MONEY U.S. EQUITY VI PORTFOLIO

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

MATSON MONEY FIXED INCOME VI PORTFOLIO

of

THE RBB FUND, INC.

SEMI-ANNUAL REPORT

February 28, 2015

(Unaudited)

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Funds.

MATSON MONEY VI PORTFOLIOS

Semi-Annual Investment Adviser’s Report

February 28, 2015

(Unaudited)

February 28, 2015

Dear Shareholder,

The Matson Money VI Portfolios (the “Portfolios”) have gained assets since their launch in early February 2014 and have already surpassed the $30 million mark. We would like to extend a warm and grateful thank you to all investors who have embraced our Free Market Portfolio Strategies.

Over the past six months, investors who remained invested and diversified have continued to experience the gains from the upward rally in the markets (despite a few bumps along the way). Global equity markets over the past six months ended February 28, 2015 have risen 1.18% as measured by the MSCI All Country World Index. Furthermore, U.S. stocks performed better than international stocks with the S&P 500 Index returning 6.12% over the past half a year. The Barclays Capital US Government/Credit Intermediate Bond Index was also in the positive with a return of 1.34% for the last six months.

Matson Money, Inc. (“Matson Money”) strives to deliver the performance of capital markets and add value through Free Market Investment strategies and Structured Market Portfolios. Grounded in the conviction that free markets work, Matson Money avoids the cost-generating activity of stock picking and market timing. Instead, we focus on the dimensions of capital markets that we believe reward investors as intelligently and effectively as possible. Our disciplined approach to life-long investing provides both the individual investor and the financial professional with the academic foundation upon which to help achieve investment goals.

Sound economic and financial research has documented that, over the long term, small cap stocks outperform large cap stocks, and value stocks outperform growth stocks¹. These returns seem to be compensation for risk. In fixed income, risk is well described by bond maturity and credit quality. The Portfolios deliberately target specific risk and return trade offs. The Portfolios are broadly diversified and designed to work together in your total investment plan.

We invite you to contact your financial professional or explore our website, www.MatsonMoney.com, to learn more about the concepts and strategies of Matson Money’s investing.

We appreciate your support and confidence in our firm’s investment philosophy, process and people.

Daniel J. List

Chief Compliance Officer and

Vice President of Portfolio Management

Matson Money, Inc.

¹  Fama, Eugene F., and Kenneth R. French, 1992 “The Cross-Section of Expected Stock Returns”, Journal of Finance 47 (June), pp. 427-465.

1

MATSON MONEY VI PORTFOLIOS

Performance Data

February 28, 2015 (Unaudited)

                                         Matson Money U.S. Equity VI Portfolio                                        

Total Returns for the Periods Ended February 28, 2015
			Average Annual
	Six Months*		1 Year		Since Inception**
Matson Money U.S. Equity VI Portfolio		1.89%		7.60%		8.93%
Russell 2500® Index		5.12%		8.24%		12.61%
Composite Index***		4.42%		9.30%		13.11%

* Not Annualized.

** Annualized — The Portfolio commenced operations on February 18, 2014.

*** The Composite Index is comprised of the S&P 500^® Index, Russell 1000^® Value Index, Russell 2000^® Index and Russell 2000^® Value Index, weighted 25%, 25%, 25% and 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating gross expense ratio, as stated in the current prospectus is 4.36% (included in the ratio is 0.29% attributable to acquired fund fees and expenses). The Portfolio’s annual net expense ratio as stated in the prospectus is 1.13%.

The Matson Money U.S. Equity VI Portfolio underlying funds invest in small-cap and micro-cap stocks, large-cap stocks and other equity securities. In addition to the ordinary risks of equity investing, small companies entail special risk. Small companies tend to have more risk than large companies. An investor in the Portfolio will incur the expenses of the underlying funds in addition to the Portfolio’s expenses.

                                         Matson Money International Equity VI Portfolio                                        

Total Returns for the Periods Ended February 28, 2015
			Average Annual
	Six Months*		1 Year		Since Inception**
Matson Money International Equity VI Portfolio		-5.09%		-3.18%		-1.89%
MSCI World (excluding U.S.) Index		-2.47%		-0.16%		4.87%
Composite Index***		-3.41%		0.03%		4.71%

* Not Annualized.

** Annualized — The Portfolio commenced operations on February 18, 2014.

*** The Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Cap Index, and MSCI Emerging Markets Index, weighted 25%, 25%, 25% and 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating gross expense ratio, as stated in the current prospectus is 5.61% (included in the ratio is 0.54% attributable to acquired fund fees and expenses). The Portfolio’s annual net expense ratio as stated in the prospectus is 1.35%.

Portfolio composition is subject to change.

The Matson Money International Equity VI Portfolio’s underlying funds invest in common stock, preferred stock, securities convertible into stocks and other equity securities issued by foreign companies. In addition to the ordinary risks of equity investing, foreign and small companies entail special risk. The return on foreign equities may be adversely affected by currency fluctuations. Emerging markets may be subject to social instability and lack of market liquidity. Small companies tend to have more risk than large companies. An investor in the Portfolio will incur the expenses of the underlying funds in addition to the Portfolio’s expenses.

2

MATSON MONEY VI PORTFOLIOS

Performance Data

February 28, 2015 (Unaudited)

                                         Matson Money Fixed Income VI Portfolio                                        

Total Returns for the Periods Ended February 28, 2015
			Average Annual
	Six Months*		1 Year		Since Inception**
Matson Money Fixed Income VI Portfolio		0.31%		0.51%		0.61%
Citigroup World Govt. Bond 1-5 Year Currency Hedged U.S. Dollar Index		0.86%		1.73%		1.73%
Composite Index***		1.09%		2.19%		2.25%

* Not Annualized.

** Annualized — The Portfolio commenced operations on February 18, 2014.

*** The Composite Index is comprised of the Three-Month Treasury Bill Index, Barclays Capital Intermediate Government Bond Index, BofA Merrill Lynch 1-3 Year US Government/Corporate Index and Barclays Capital Aggregate Bond Index, weighted 25%, 25%, 25% and 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating gross expense ratio, as stated in the current prospectus is 3.59% (included in the ratio is 0.19% attributable to acquired fund fees and expenses). The Portfolio’s annual net expense ratio as stated in the prospectus is 1.00%.

Portfolio composition is subject to change.

The Matson Money Fixed Income VI Portfolio’s underlying funds invest in fixed income securities. The underlying funds may invest their assets in bonds and other debt securities issued by domestic and foreign governments and companies. Debt instruments involve the risk that their prices will fall when interest rates rise, and they are subject to the risk that the borrower may default. In addition, the return on foreign debt securities may be adversely affected by currency fluctuations. An investor in the Portfolio will incur expenses of the underlying funds in addition to the Portfolio’s expenses.

3

MATSON MONEY VI PORTFOLIOS

Portfolio Expense Examples

(Unaudited)

As a shareholder of the Portfolio(s), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2014 through February 28, 2015, and held for the entire period.

Actual Expenses

The first line of the accompanying tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying tables provides information about hypothetical account values and hypothetical expenses based on each Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Portfolio and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Matson Money U.S. Equity VI Portfolio
	Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Expenses Paid During Period*
Actual	$	1,000.00	$	1,018.90	$	5.66
Hypothetical (5% return before expenses)		1,000.00		1,019.19		5.66
	Matson Money International Equity VI Portfolio
	Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Expenses Paid During Period*
Actual	$	1,000.00	$	949.10	$	6.52
Hypothetical (5% return before expenses)		1,000.00		1,018.10		6.76

4

MATSON MONEY VI PORTFOLIOS

Portfolio Expense Examples (Concluded)

(Unaudited)

	Matson Money Fixed Income VI Portfolio
	Beginning Account  Value September 1, 2014		Ending Account Value February 28, 2015		Expenses Paid During Period*
Actual	$	1,000.00	$	1,003.10	$	4.97
Hypothetical (5% return before expenses)		1,000.00		1,019.84		5.01

* Expenses are equal to an annualized six-month expense ratio of 1.13%, 1.35% and 1.00% for Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio and Matson Money Fixed Income VI Portfolio, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365 to reflect the one-half year period. The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would have been higher. The range of weighted expense ratios of the underlying funds held by the Portfolios, as stated in their current prospectuses, were as follows:

The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would have been higher. The range weighted expense ratios of the underlying funds held by the Portfolios, as stated in their current prospectuses, were as follows:

Matson Money U.S. Equity VI Portfolio	Matson Money International Equity VI Portfolio	Matson Money Fixed Income VI Portfolio
0.01%-0.08%	0.01%-0.19%	0.01%-0.04%

Each Portfolio’s ending account values on the first line each table are based on the actual six-month total return for each Portfolio of 1.89% for Matson Money U.S. Equity VI Portfolio, (5.09)% for the Matson Money International Equity VI Portfolio and 0.31% for the Matson Money Fixed Income VI Portfolio.

5

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Portfolio of Investments

February 28, 2015

(Unaudited)

	Number of Shares		Value
EQUITY FUNDS — 106.4%
U.S. Large Cap Value Portfolio III(a)		135,916	$	3,377,518
U.S. Large Company Portfolio(a)		115,518		1,922,212
U.S. Micro Cap Portfolio(b)		99,417		1,941,622
U.S. Small Cap Portfolio(b)		61,130		1,945,756
U.S. Small Cap Value Portfolio(b)		36,844		1,296,917
VA U.S. Large Value Portfolio(b)		22,212		519,749
VA U.S. Targeted Value Portfolio(b)		104,035		1,944,423
TOTAL EQUITY FUNDS (Cost $12,639,321)				12,948,197
TOTAL INVESTMENTS — 106.4% (Cost $12,639,321)				12,948,197
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.4)%				(782,836	)
NET ASSETS — 100.0%			$	12,165,361

Portfolio Holdings Summary Table

	% of Net Assets			Value
Equity Funds		106.4%		$	12,948,197
Liabilities In Excess Of Other Assets		(6.4%	)		(782,836	)
NET ASSETS		100.0%		$	12,165,361

(a) A portfolio of Dimensional Investment Group Inc.

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

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

6

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Portfolio of Investments

February 28, 2015

(Unaudited)

	Number of Shares		Value
INTERNATIONAL EQUITY FUNDS — 105.7%
DFA International Small Cap Value Portfolio(a)		133,158	$	2,644,527
DFA International Value Portfolio III(b)		174,452		2,836,583
Emerging Markets Portfolio(a)		19,103		495,907
Emerging Markets Small Cap Portfolio(a)		22,318		462,656
Emerging Markets Value Portfolio(a)		17,421		460,782
Large Cap International Portfolio(a)		20,655		453,987
VA International Small Portfolio(b)		137,534		1,607,777
VA International Value Portfolio(b)		37,980		472,850
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $9,681,080)				9,435,069
TOTAL INVESTMENTS — 105.7% (Cost $9,681,080)				9,435,069
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.7)%				(509,585	)
NET ASSETS — 100.0%			$	8,925,484

Portfolio Holdings Summary Table

	% of Net Assets			Value
International Equity Funds		105.7%		$	9,435,069
Liabilities in Excess Of Other Assets		(5.7%	)		(509,585	)
NET ASSETS		100.0%		$	8,925,484

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

(b) A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

7

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

Portfolio of Investments

February 28, 2015

(Unaudited)

	Number of Shares		Value
FIXED INCOME FUNDS — 109.4%
DFA Five-Year Global Fixed Income Portfolio(a)		135,067	$	1,489,789
DFA Inflation Protected Securities Portfolio(a)		63,541		752,964
DFA Intermediate Government Fixed Income Portfolio(a)		140,763		1,786,286
DFA One-Year Fixed Income Portfolio(a)		328,862		3,393,855
DFA Short-Term Fixed Portfolio(a)		29,019		295,989
DFA Short-Term Government Portfolio(a)		110,985		1,187,539
DFA Two-Year Global Fixed Income Portfolio(a)		375,149		3,721,478
VA Global Bond Portfolio(a)		206,731		2,234,748
TOTAL FIXED INCOME FUNDS (Cost $14,867,377)				14,862,648
TOTAL INVESTMENTS — 109.4% (Cost $14,867,377)				14,862,648
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.4)%				(1,273,141	)
NET ASSETS — 100.0%			$	13,589,507

Portfolio Holdings Summary Table

	% of Net Assets			Value
Fixed Income Funds		109.4%		$	14,862,648
Liabilities In Excess Of Other Assets		(9.4%	)		(1,273,141	)
NET ASSETS		100.0%		$	13,589,507

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

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

8

MATSON MONEY VI PORTFOLIOS

Statements of Assets And Liabilities

February 28, 2015

(Unaudited)

	Matson Money U.S. Equity VI Portfolio			Matson Money International Equity VI Portfolio			Matson Money Fixed Income VI Portfolio
ASSETS
Investments in non-affiliated funds, at value †	$	12,948,197		$	9,435,069		$	14,862,648
Cash and cash equivalents		102,088			88,125			123,850
Receivables
Receivable for investments sold		2,495			2,121			2,775
Prepaid expenses and other assets		5,444			5,428			5,588
Total assets		13,058,224			9,530,743			14,994,861
LIABILITIES
Payables
Capital shares redeemed		860,150			575,105			1,358,245
Investments purchased		10,575			8,148			29,541
Administration and accounting services fees		7,610			7,400			7,614
Advisory fees		3,387			3,490			5,944
Other accrued expenses and liabilities		11,141			11,116			4,010
Total liabilities		892,863			605,259			1,405,354
Net Assets	$	12,165,361		$	8,925,484		$	13,589,507
NET ASSETS CONSISTS OF
Par value	$	447		$	369		$	543
Paid-in capital		11,484,810			9,085,506			13,599,552
Accumulated net investment loss		(24,247	)		(25,860	)		(28,963	)
Accumulated net realized gain from investments		395,475			111,480			23,104
Net unrealized appreciation/(depreciation) on investments		308,876			(246,011	)		(4,729	)
Net Assets	$	12,165,361		$	8,925,484		$	13,589,507
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		447,245			368,900			543,056
Net asset value, offering and redemption price per share	$	27.20		$	24.19		$	25.02
† Investment in non-affiliated funds, at cost	$	12,639,321		$	9,681,080		$	14,867,377

The accompanying notes are an integral part of the financial statements.

9

MATSON MONEY VI PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2015

(Unaudited)

	Matson Money U.S. Equity VI Portfolio			Matson Money International Equity VI Portfolio			Matson Money Fixed Income VI Portfolio
Investment Income
Dividends from non-affiliated funds	$	84,606		$	120,328		$	122,659
Expenses
Advisory fees (Note 2)		25,706			18,093			31,675
Audit fees		13,256			13,065			13,475
Legal fees		10,858			7,339			16,280
Custodian fees (Note 2)		6,159			6,159			6,159
Compliance fees		4,482			4,431			4,482
Directors’ and officers’ fees		4,248			4,186			4,196
Administration and accounting services fees (Note 2)		3,848			3,164			4,421
Transfer agent fees (Note 2)		1,159			779			1,457
Other expenses		3,988			536			1,008
Total expenses		73,704			57,752			83,153
Less: Advisory fee waiver		(15,607	)		(8,898	)		(19,804	)
Net operating expenses		58,097			48,854			63,349
Net investment income		26,509			71,474			59,310
Net realized and unrealized gain from investments
Net realized gain from:
Non-affiliated funds		—			—			91
Capital gain distributions from non-affiliated fund investments		395,633			111,527			23,034
Net change in unrealized depreciation on:
Non-affiliated funds		(21,314	)		(301,594	)		(38,742	)
Net realized and unrealized gain/(loss) on investments		374,319			(190,067	)		(15,617	)
Net increase/(decrease) in net assets resulting from operations	$	400,828		$	(118,593	)	$	43,693

The accompanying notes are an integral part of the financial statements.

10

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Period February 18, 2014* through August 31,  2014
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	26,509		$	(10,724	)
Net realized gain from investments		395,633			830
Net change in unrealized appreciation/(depreciation) from investments		(21,314	)		330,190
Net increase in net assets resulting from operations		400,828			320,296
Dividends and distributions to shareholders from:
Net investment income		(41,020	)		—
Net decrease in net assets from dividends and distributions to shareholders		(41,020	)		—
Capital share transactions:
Proceeds from shares sold		5,057,401			7,592,809
Reinvestment of distributions		41,020			—
Shares redeemed		(1,109,249	)		(96,724	)
Net increase in net assets from capital shares		3,989,172			7,496,085
Total increase in net assets		4,348,980			7,816,381
Net assets:
Beginning of period		7,816,381			—
End of period	$	12,165,361		$	7,816,381
Accumulated net investment loss, end of period	$	(24,247	)	$	(9,736	)
Capital share transactions:
Shares sold		194,911			295,612
Dividends and distributions reinvested		1,520			—
Shares redeemed		(41,005	)		(3,793	)
Total share transactions		155,426			291,819

* Commencement of operations

The accompanying notes are an integral part of the financial statements.

11

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Period February 18, 2014* through August 31, 2014
Increase/(decrease) in net assets from operations:
Net investment income	$	71,474		$	7,620
Net realized gain from investments		111,527			1,459
Net change in unrealized appreciation/(depreciation) from investments		(301,594	)		55,583
Net increase/(decrease) in net assets resulting from operations		(118,593	)		64,662
Dividends and distributions to shareholders from:
Net investment income		(104,954	)		—
Net realized capital gains		(1,506	)		—
Net decrease in net assets from dividends and distributions to shareholders		(106,460	)		—
Capital share transactions:
Proceeds from shares sold		4,276,454			5,464,106
Reinvestment of distributions		106,460			—
Shares redeemed		(639,951	)		(121,194	)
Net increase in net assets from capital shares		3,742,963			5,342,912
Total increase in net assets		3,517,910			5,407,574
Net assets:
Beginning of period		5,407,574			—
End of period	$	8,925,484		$	5,407,574
Undistributed/accumulated net investment income/(loss), end of period	$	(25,860	)	$	7,620
Capital share transactions:
Shares sold		181,328			214,126
Dividends and distributions reinvested		4,641			—
Shares redeemed		(26,463	)		(4,732	)
Total share transactions		159,506			209,394

* Commencement of operations

The accompanying notes are an integral part of the financial statements.

12

MATSON MONEY FIXED INCOME VI PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Period February 18, 2014* through August 31, 2014
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	59,310		$	(13,039	)
Net realized gain/(loss) from investments		23,125			(13	)
Net change in unrealized appreciation/(depreciation) from investments		(38,742	)		34,013
Net increase in net assets resulting from operations		43,693			20,961
Dividends and distributions to shareholders from:
Net investment income		(75,242	)		—
Net decrease in net assets from dividends and distributions to shareholders		(75,242	)		—
Capital share transactions:
Proceeds from shares sold		5,198,420			9,971,763
Reinvestment of distributions		75,242			—
Shares redeemed		(1,579,991	)		(65,339	)
Net increase in net assets from capital shares		3,693,671			9,906,424
Total increase in net assets		3,662,122			9,927,385
Net assets:
Beginning of period		9,927,385			—
End of period	$	13,589,507		$	9,927,385
Accumulated net investment loss, end of period	$	(28,963	)	$	(13,031	)
Capital share transactions:
Shares sold		207,415			398,366
Dividends and distributions reinvested		3,022			—
Shares redeemed		(63,135	)		(2,612	)
Total share transactions		147,302			395,754

* Commencement of operations

The accompanying notes are an integral part of the financial statements.

13

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Period February 18, 2014(1) through August 31, 2014
Per Share Operating Performance
Net asset value, beginning of period	$	26.79		$	25.00
Net investment income/(loss)(2)		0.07			(0.06	)
Net realized and unrealized gain on investments		0.44			1.85
Net increase in net assets resulting from operations		0.51			1.79
Dividends and distributions to shareholders from:
Net investment income		(0.10	)		—
Net realized capital gains		—			—
Total dividends and distributions to shareholders		(0.10	)		—
Net asset value, end of period	$	27.20		$	26.79
Total investment return(3)		1.89	%(4)		7.16	%(4)
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	12,165		$	7,816
Ratio of expenses to average net assets with waivers(5)		1.13	%(6)		1.13	%(6)
Ratio of expenses to average net assets without waivers		1.43	%(6)		4.07	%(6)
Ratio of net investment income/(loss) to average net assets with waivers(5)		0.52	%(6)		(0.47	)%(6)
Portfolio turnover rate		0	%		1.32	%(4)

(1) Commencement of operations.

(2) The selected per share data was calculated using the average shares outstanding method for the period.

(3) Total investment return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not Annualized.

(5) The Portfolio also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

14

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Period February 18, 2014(1) through August 31, 2014
Per Share Operating Performance
Net asset value, beginning of period	$	25.82		$	25.00
Net investment income(2)		0.23			0.07
Net realized and unrealized gain/(loss) on investments		(1.56	)		0.75
Net increase/(decrease) in net assets resulting from operations		(1.33	)		0.82
Dividends and distributions to shareholders from:
Net investment income		(0.30	)		—
Net realized capital gains		—	(3)		—
Total dividends and distributions to shareholders		(0.30	)		—
Net asset value, end of period	$	24.19		$	25.82
Total investment return(4)		(5.09	)(5)		3.28	%(5)
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,925		$	5,408
Ratio of expenses to average net assets with waivers(6)		1.35	(7)		1.35	%(7)
Ratio of expenses to average net assets without waivers		1.60	(7)		5.07	%(7)
Ratio of net investment income to average net assets with waivers(6)		1.98	(7)		0.49	%(7)
Portfolio turnover rate		0	%		2.47	%(5)

(1) Commencement of operations.

(2) The selected per share data was calculated using the average shares outstanding method for the period.

(3) Amount less than $(0.005) per share.

(4) Total investment return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(5) Not Annualized.

(6) The Portfolio also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(7) Annualized.

The accompanying notes are an integral part of the financial statements.

15

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Period February 18, 2014(1) through August 31, 2014
Per Share Operating Performance
Net asset value, beginning of period	$	25.08		$	25.00
Net investment income/(loss)(2)		0.12			(0.05	)
Net realized and unrealized gain/(loss) on investments		(0.04	)		0.13
Net increase in net assets resulting from operations		0.08			0.08
Dividends and distributions to shareholders from:
Net investment income		(0.14	)		—
Net realized capital gains		—			—
Total dividends and distributions to shareholders		(0.14	)		—
Net asset value, end of period	$	25.02		$	25.08
Total investment return(3)		0.31	%(4)		0.32	%(4)
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	13,590		$	9,927
Ratio of expenses to average net assets with waivers(5)		1.00	%(6)		1.00	%(6)
Ratio of expenses to average net assets without waivers		1.31	%(6)		3.40	%(6)
Ratio of net investment income/(loss) to average net assets with waivers(5)		0.94	%(6)		(0.40	)%(6)
Portfolio turnover rate		0.08	%(4)		0.55	%(4)

(1) Commencement of operations.

(2) The selected per share data was calculated using the average shares outstanding method for the period.

(3) Total investment return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not Annualized.

(5) The Portfolio also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

16

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements

February 28, 2015

(Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the Matson Money U.S. Equity VI Portfolio, the Matson Money International Equity VI Portfolio, and the Matson Money Fixed Income VI Portfolio (each a “Portfolio,” collectively the “Portfolios”). Each Portfolio operates as a “fund of funds” and commenced investment operations on February 18, 2014. Shares of the Portfolios are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

PORTFOLIO VALUATION — Investments in the underlying funds are valued at each fund’s net asset value determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the Company’s Board of Directors. Direct investments in fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value.

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

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

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

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

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

The following is a summary of the inputs used, as of February 28, 2015, in valuing the Portfolios’ investments carried at fair value:

MATSON MONEY U.S. EQUITY VI PORTFOLIO

	Total Value at February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	12,948,197	$	12,948,197	$	—	$	—

* Please refer to the Portfolio of Investments for further details.

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

	Total Value at February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	9,435,069	$	9,435,069	$	—	$	—

* Please refer to the Portfolio of Investments for further details.

17

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

MATSON MONEY FIXED INCOME VI PORTFOLIO

	Total Value at February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	14,862,648	$	14,862,648	$	—	$	—

* Please refer to the Portfolio of Investments for further details.

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

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

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

For the six months ended February 28, 2015, there were no transfers between Levels 1, 2 and 3 for the Portfolios.

USE OF ESTIMATES — The Portfolios are investment companies and, accordingly, follow the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — Transactions are accounted for on the trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Portfolios estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Each Portfolio’s investment income, expenses and unrealized and realized gains and losses are allocated daily. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all of the RBB funds (such as director or professional fees) are charged to all Portfolios in proportion to their average net assets of RBB, or in such other manner as the Company’s Board of Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the net asset value of the

18

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

Portfolios. In addition to the net annual operating expenses that the Portfolios bear directly, the shareholders indirectly bear the Portfolios’ pro-rata expenses of the underlying mutual funds in which each Portfolio invests.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on ex-dividend date for all Portfolios with the exception of the Matson Money Fixed Income VI Portfolio which declares and pays quarterly dividends from net investment income. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Portfolio’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

CASH AND CASH EQUIVALENTS — The Portfolios consider liquid assets deposited with a bank demand deposit account to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Portfolio expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

OTHER — In the normal course of business, the Portfolios may enter into contracts that provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is dependent on claims that may be made against the Portfolios in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Investment Adviser and Other Services

Matson Money, Inc. (“Matson Money” or the “Adviser”), serves as each Portfolio’s investment adviser. The Adviser is entitled to an advisory fee at the annual rate of 0.50% of the first $1 billion of each Portfolio’s average daily net assets, 0.49% of each Portfolio’s average daily net assets over $1 billion to $5 billion and 0.47% of each Portfolio’s average daily net assets over $5 billion. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Portfolio operating expenses (excluding certain items disclosed below) to 1.13%, 1.35% and 1.00% of the average daily net assets of the Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio and Matson Money Fixed Income VI Portfolio, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2015 and may not be terminated without the approval of the Company’s Board of Directors. The Adviser may discontinue these arrangements at any time after December 31, 2015.

As of February 28, 2015, Matson Money has waived and reimbursed fees as follows:

Portfolios	Investment Advisor Expense Waived		Investment Advisor Expense Reimbursement
Matson Money U.S. Equity VI Portfolio	$	15,607	$	—
Matson Money International Equity VI Portfolio		8,898		—
Matson Money Fixed Income VI Portfolio		19,804		—

The Portfolios will not pay the Adviser at a later time for any amounts waived or any amounts assumed.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), serves as administrator for the Portfolios. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Portfolios’ average daily net assets and is subject to certain minimum monthly fees.

19

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

Included in the administration and accounting services fees, shown on the Statement of Operations, are fees for providing regulatory administration services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio of the Company in proportion to its net assets of the Company.

In addition, BNY Mellon serves as the Portfolios’ transfer and dividend disbursing agent. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Portfolios. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Foreside Funds Distributors LLC serves as the principal underwriter and distributor of the Portfolios’ shares pursuant to a Distribution Agreement with RBB.

3. Director Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The aggregate remuneration paid to the Directors by the Portfolios during the six months ended February 28, 2015 was $11,594. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Portfolios or the Company.

4. Investment in Securities

For the six months ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments) of the Portfolios were as follows:

	Purchases		Sales
Matson Money U.S. Equity VI Portfolio	$	5,251,762	$	—
Matson Money International Equity VI Portfolio		4,406,985		—
Matson Money Fixed Income VI Portfolio		5,094,115		10,662

5. Federal Income Tax Information

The Portfolios have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Portfolios to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Portfolios have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Portfolios are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Portfolio were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Matson Money U.S. Equity VI Portfolio	$	12,639,321	$	314,349	$	(5,473	)	$	308,876
Matson Money International Equity VI Portfolio		9,681,080		—		(246,011	)		(246,011	)
Matson Money Fixed Income VI Portfolio		14,867,377		28,916		(33,645	)		(4,729	)

Distributions to shareholders from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting

20

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Concluded)

February 28, 2015

(Unaudited)

purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2014, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)		Qualified Late-Year Losses
Matson Money U.S. Equity VI Portfolio	$	—	$	—	$	330,032	$	(9,736	)
Matson Money International Equity VI Portfolio		9,125		—		55,537		—
Matson Money Fixed Income VI Portfolio		—		—		33,992		(13,031	)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

For the period ended August 31, 2014, there were no dividends and distributions paid to shareholders.

Distributions from net investment income and short term capital gains are treated as ordinary income for federal income tax purposes.

Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Portfolios are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2014, the Portfolios did not have any capital loss carryforwards.

6. Subsequent Event

Management has evaluated the impact of all subsequent events on the Portfolios through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

21

MATSON MONEY VI PORTFOLIOS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Portfolios voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling Matson Money VI Portfolios at (866) 780-0357, ext. 3863 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. Information on the operation of the SEC Public Reference Room may be obtained by calling (800) SEC-0330.

22

Investment Adviser

MATSON MONEY, INC.

5955 Deerfield Blvd.

Mason, OH 45040

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Counsel

Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

MAT-SAR15

BOSTON PARTNERS INVESTMENT FUNDS

Boston Partners Small Cap Value Fund II

(formerly Robeco Boston Partners Small Cap Value Fund II Fund)

Boston Partners Long/Short Equity Fund

(formerly Robeco Boston Partners Long/Short Equity Fund)

Boston Partners Long/Short Research Fund

(formerly Robeco Boston Partners Long/Short Research Fund)

Boston Partners All-Cap Value Fund

(formerly Robeco Boston Partners All-Cap Value Fund)

WPG Partners Small/Micro Cap Value Fund

(formerly Robeco WPG Small/Micro Cap Value Fund)

Boston Partners Global Equity Fund

(formerly Robeco Boston Partners Global Equity Fund)

Boston Partners Global Long/Short Fund

(formerly Robeco Boston Partners Global Long/Short Fund)

Table of Contents

General Market Commentary	1
Total Returns for the Period Ended February 28, 2015	2
Fund Expense Examples	4
Portfolio Holdings Summary Tables	6
Portfolio of Investments	8
Statements of Assets and Liabilities	35
Statements of Operations	37
Statements of Changes in Net Assets	39
Financial Highlights	44
Notes to Financial Statements	48
Other Information	59
Privacy Notice	60

BOSTON PARTNERS INVESTMENT FUNDS

GENERAL MARKET COMMENTARY

Dear Shareholder,

For the period ending February 28^th, the US economy seems to have hit a soft patch in recent months due in part to poor weather, congestion at ports as a result of labor unrest, a challenging export environment, and capital spending cuts primarily from the energy sector. 2015 GDP growth estimates of 3% at the beginning of the year have crept closer to 2% while Q1 estimates have fallen closer to 1%. Employment growth continues to be strong and all eyes are on wage growth figures to give a hint of when the Fed will begin raising rates. Current expectations of the first rate hike have been pushed out to the second half of 2015. We will also pay close attention to consumer confidence and spending to decipher whether the drop in gasoline prices since September 2014 will result in accelerated economic growth during the remainder of the year.

Some of the “headline” fears of the past months such as deflation risk, the strong US dollar and lackluster European economies appear to be dissipating of late as the self-correcting global economy responds. Deflation worries, fueled by the precipitous drop in oil prices, are beginning to fade somewhat as commodity suppliers react to weakness. Active US oil rigs, for instance, have dropped by over 50% since October 2014 as a rational counter to falling prices. The strong US dollar will hurt some companies that do not have differentiated products resulting in lost market share. Other companies will benefit from lower costs of sourcing from foreign supplies. Traditionally, volume and pricing trends, and not transitory translation effects, drive stock valuations. Good businesses will continue to perform well in a rising dollar environment. Outside the US, quantitative easing by the ECB has resulted in a new wave of investor optimism for the European economy with positive GDP forecasted in 2015.

The S&P 500 fluctuated during the past six months as well, ending modestly higher over the period. Earnings growth for the market ground to a halt due to translation effects from the strong US dollar, declining oil prices damaging energy sector earnings and slowing growth in international developed and emerging market economies. Less economically sensitive growth stocks outperformed in early 2015 as investors were willing to “pay up” for perceived predictability. Small and mid-cap companies, which have a lower percentage of revenues from outside the US, also outperformed large cap early in 2015. The US dollar strengthened over the first couple of months this year, which further contributed to the preference for lower capitalization stocks. Bond yields around the globe continued to fall as bond purchases by the ECB drove German yields to all-time lows, helping push down other sovereign yields as well.

US equity valuations continue to be on the richer side of fair, supported to some extent by the very low bond yields in the US and most developed markets. As value investors, we believe stock prices follow earnings and cash flows over time. While earnings growth in the US stalled in the fourth quarter of 2014, free cash flow growth and capital returns to shareholders have continued to increase. Free cash flow yields continue to look very attractive compared to US corporate bond yields. As investors gain confidence that the economy will improve from the tepid first quarter and earnings growth will reappear in the second half of 2015 and 2016, US equity markets should continue to modestly improve.

As noted above, there are many moving parts in the global economic and political landscape. Rather than trying to predict these variable outcomes, we will continue to do what we do best—identify stocks that we believe will outperform for your portfolio. By focusing on companies with low valuation, high and increasing returns on capital and improving business momentum, we believe we can create excess returns for you regardless of the investing environment.

Sincerely,

Boston Partners

Portfolio composition is subject to change. The current and future portfolio holdings of the Funds are subject to investment risk.

SEMI-ANNUAL REPORT 2015   1

BOSTON PARTNERS INVESTMENT FUNDS

Total Returns for the Periods Ended February 28, 2015 (unaudited)

							Average Annual
	Six-Month			1 Year			5 Year			10 Year			Since Inception
Boston Partners Small Cap Value Fund II
Institutional Class		2.43	%		5.79	%		14.48	%		8.75	%		N/A
Investor Class		2.29	%		5.49	%		14.18	%		8.47	%		N/A
Russell 2000® Value Index		2.31	%		3.96	%		13.97	%		7.13	%		N/A
Russell 2000® Index1		5.70	%		5.63	%		15.97	%		8.31	%		N/A
1 This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.
Boston Partners Long/Short Equity Fund
Institutional Class	–	8.93	%		3.81	%		9.67	%		11.38	%		N/A
Investor Class	–	9.06	%		3.56	%		9.39	%		11.05	%		N/A
S&P 500® Index		6.12	%		15.51	%		16.18	%		7.99	%		N/A
Boston Partners Long/Short Research Fund
Institutional Class1		3.53	%		8.25	%		N/A			N/A			11.29	%
S&P 500® Index		6.12	%		15.51	%		N/A			N/A			17.33	%3
Investor Class2		3.43	%		8.04	%		N/A			N/A			10.46	%
S&P 500® Index		6.12	%		15.51	%		N/A			N/A			17.56	%3
1 Inception date September 30, 2010
2 Inception date November 29, 2010
3 Index performance is from Inception date of the Fund only and is not the inception date of the index itself.
Boston Partners All-Cap Value Fund
Institutional Class		5.63	%		14.33	%		15.77	%		9.92	%		N/A
Investor Class		5.46	%		14.03	%		15.52	%		9.66	%		N/A
Russell 3000® Value Index		3.39	%		12.70	%		15.39	%		7.20	%		N/A
Russell 3000® Index1		5.98	%		14.12	%		16.36	%		8.30	%		N/A
1 This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.
WPG Partners Small/Micro Cap Value Fund
Institutional Class	–	5.07	%		–1.15	%		13.09	%		6.07	%		N/A
Russell 2000® Value Index		2.31	%		3.96	%		13.97	%		7.13	%		N/A
Boston Partners Global Equity Fund
Institutional Class1		2.94	%		8.00	%		N/A			N/A			17.78	%
MSCI World Index		2.37	%		8.45	%		N/A			N/A			16.82	%2
1 Inception date December 30, 2011
2 Index performance is from Inception date of the Fund only and is not the inception date of the index itself.
Boston Partners Global Long/Short Fund
Institutional Class1		1.07	%		4.41	%		N/A			N/A			3.52	%
MSCI World Index		2.37	%		8.45	%		N/A			N/A			8.29	%3
Investor Class2		0.97	%		N/A			N/A			N/A			5.38	%4
MSCI World Index		2.37	%		N/A			N/A			N/A			4.46	%3
1 Inception date December 31, 2013
2 Inception date April 11, 2014
3 Index performance is from Inception date of the Fund only and is not the inception date of the index itself.
4 Not Annualized

2   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Robeco Investment Management, Inc. waived a portion of its advisory fee and agreed to reimburse a portion of each Fund’s operating expenses, if necessary, to maintain certain expense ratios as set forth in the notes to the financial statements. Total returns shown include fee waivers, expense reimbursements and expense recoupment, if any; total returns would have been lower had there been no assumption of fees and expenses in excess of expense limitations. Each Fund’s annual operating expense ratios below are as stated in the current prospectuses. These rates can fluctuate and may differ from the actual expenses incurred by a Fund for the period covered by this report. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please call
1-888-261-4073 or visit our web site at www.boston-partners.com.

Investors should note that the Funds are actively managed mutual funds while the indices are unmanaged, do not incur expense and are not available for investment.

Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.

Value investing involves the risk that a fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.

A long/short strategy uses short sales which theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Increased leverage may cause a fund’s net asset value to be disproportionately volatile. The strategy also may generate high portfolio turnover which may result in higher costs and capital gains.

International investing is subject to special risks including, but not limited to, currency risk associated with securities denominated in other than the U.S. dollar, which may be affected by fluctuations in currency exchange rates, political, social or economic instability, and differences in taxation, auditing and other financial practices. Investment in emerging market securities may increase these risks.

The following are the Funds’ gross annual operating expense ratios as stated in the most recent prospectuses, dated January 26, 2015:

	Institutional Class	Investor Class
Boston Partners Small Cap Value Fund II	1.23%	1.48%
Boston Partners Long/Short Equity Fund	4.33%1	4.58%1
Boston Partners Long/Short Research Fund	2.52%1	2.77%1
Boston Partners All-Cap Value Fund	0.94%	1.19%
WPG Partners Small/Micro Cap Value Fund	1.35%	N/A
Boston Partners Global Equity Fund	1.39%	1.64%
Boston Partners Global Long/Short Fund	4.89%1	5.14%1
1 Includes interest and dividend expense on short sales.

SEMI-ANNUAL REPORT 2015   3

BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES (unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including redemption fees (if applicable); and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. The examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2014 through February 28, 2015, and held for the entire period.

Actual Expenses

The first line of the accompanying tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying tables provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund(s) and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Table

	Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Annualized Expense Ratio			Expenses Paid During Period*
Boston Partners Small Cap Value Fund II
Institutional
Actual		$1,000.00		$1,024.30		1.10	%		$5.52
Hypothetical		1,000.00		1,019.34		1.10	%		5.51
Investor
Actual		$1,000.00		$1,022.90		1.35	%		$6.77
Hypothetical		1,000.00		1,018.10		1.35	%		6.76
Boston Partners Long/Short Equity Fund
Institutional
Actual		$1,000.00		$910.70		5.28	%(1)		$25.01
Hypothetical		1,000.00		998.61		5.28	%(1)		26.16
Investor
Actual		$1,000.00		$909.40		5.53	%(1)		$26.18
Hypothetical		1,000.00		997.37		5.53	%(1)		27.39
Boston Partners Long/Short Research Fund
Institutional
Actual		$1,000.00		$1,035.30		2.35	%(1)		$11.86
Hypothetical		1,000.00		1,013.14		2.35	%(1)		11.73
Investor
Actual		$1,000.00		$1,034.30		2.59	%(1)		$13.06
Hypothetical		1,000.00		1,011.95		2.59	%(1)		12.92

4   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES (unaudited) (concluded)

	Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Annualized Expense Ratio			Expenses Paid During Period*
Boston Partners All-Cap Value Fund
Institutional
Actual		$1,000.00		$1,056.30		0.70	%		$3.57
Hypothetical		1,000.00		1,021.32		0.70	%		3.51
Investor
Actual		$1,000.00		$1,054.60		0.95	%		$4.84
Hypothetical		1,000.00		1,020.08		0.95	%		4.76
WPG Partners Small/Micro Cap Value Fund
Institutional
Actual		$1,000.00		$949.30		1.10	%		$5.32
Hypothetical		1,000.00		1,019.34		1.10	%		5.51
Boston Partners Global Equity Fund
Institutional
Actual		$1,000.00		$1,029.40		0.95	%		$4.78
Hypothetical		1,000.00		1,020.08		0.95	%		4.76
Boston Partners Global Long/Short Fund
Institutional
Actual		$1,000.00		$1,010.70		2.78	%(1)		$13.86
Hypothetical		1,000.00		1,011.01		2.78	%(1)		13.86
Investor
Actual		$1,000.00		$1,009.70		3.03	%(1)		$15.10
Hypothetical		1,000.00		1,009.77		3.03	%(1)		15.10

* Expenses are equal to the Fund’s annualized six-month expense ratios in the table above, which include waived fees or reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half- year, then divided by 365 to reflect the one-half year period. The Fund’s ending account values on the first line in each table are based on the actual six-month total return of 2.43% and 2.29% for the Institutional Class and Investor Class, respectively, of the Boston Partners Small Cap Value Fund II; -8.93% and -9.06% for the Institutional Class and Investor Class, respectively, of the Boston Partners Long/Short Equity Fund; 3.53% and 3.43% for the Institutional Class and Investor Class, respectively, of the Boston Partners Long/Short Research Fund; 5.63% and 5.46% for the Institutional Class and Investor Class, respectively, of the Boston Partners All-Cap Value Fund; -5.07% for the Institutional Class of the WPG Partners Small/Micro Cap Value Fund; 2.94% for the Institutional Class of the Boston Partners Global Equity Fund and 1.07% and 0.97% for the Institutional Class and Investor Class, respectively, of the Boston Partners Global Long/Short Fund.

⁽¹⁾ These amounts include dividends paid on securities which the Funds have sold short (“short-sale dividends”) and related interest expense. The amount of short-sale dividends and related interest expense was 2.90% and 0.97% of average net assets for the six-month period ended February 28, 2015 for both the Institutional Class and Investor Class of the Boston Partners Long/Short Equity Fund and Boston Partners Long/Short Research Fund, respectively, and 0.80% of average net assets for the Institutional Class and Investor Class, respectively, of the Boston Partners Global Long/Short Fund.

SEMI-ANNUAL REPORT 2015   5

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015

PORTFOLIO HOLDINGS SUMMARY TABLES (unaudited)

BOSTON PARTNERS

SMALL CAP VALUE FUND II

Security Type/Sector Classification	% of Net Assets			Value
COMMON STOCK
Consumer Services		19.8	%	$	54,556,433
Finance		19.7			54,400,659
Capital Goods		14.5			39,954,888
Health Care		10.1			27,887,443
Technology		8.9			24,540,098
Real Estate Investment Trusts		8.7			24,155,074
Basic Industries		4.1			11,407,294
Consumer Non-Durables		3.6			9,886,652
Consumer Durables		3.4			9,476,535
Energy		2.5			6,826,037
Transportation		1.6			4,465,611
Utilities		0.7			1,806,644
SECURITIES LENDING COLLATERAL		3.7			10,148,370
LIABILITIES IN EXCESS OF OTHER ASSETS		(1.3	)		(3,604,365	)
NET ASSETS		100.0	%	$	275,907,373

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS

LONG/SHORT EQUITY FUND

Security Type/Sector Classification	% of Net Assets			Value
COMMON STOCK
Finance		21.4	%	$	161,189,441
Technology		15.2			114,264,958
Consumer Services		14.5			108,649,989
Health Care		11.5			86,646,619
Capital Goods		10.9			82,188,994
Basic Industries		9.8			73,955,983
Energy		6.8			51,234,444
Communications		6.5			48,907,030
Consumer Non-Durables		4.1			30,467,044
Consumer Durables		2.5			18,721,502
Real Estate Investment Trusts		1.4			10,186,905
Transportation		0.2			1,313,202
OPTIONS PURCHASED		0.2			1,920,900
SECURITIES LENDING COLLATERAL		4.0			29,918,254
SECURITIES SOLD SHORT
Basic Industries		(0.4	)		(2,650,240	)
Real Estate Investment Trusts		(0.4	)		(2,714,610	)
Energy		(0.5	)		(3,895,180	)
Utilities		(0.7	)		(5,311,703	)
Transportation		(2.3	)		(17,560,274	)
Finance		(2.4	)		(17,844,207	)
Consumer Non-Durables		(3.2	)		(24,137,071	)
Consumer Durables		(4.7	)		(35,258,971	)
Communications		(6.0	)		(45,063,242	)
Capital Goods		(6.2	)		(46,655,693	)
Consumer Services		(12.6	)		(95,020,409	)
Technology		(23.0	)		(172,582,137	)
Health Care		(24.2	)		(182,007,045	)
WRITTEN OPTIONS		(0.1	)		(1,008,930	)
OTHER ASSETS IN EXCESS OF LIABILITIES		77.7			583,915,175
NET ASSETS		100.0	%	$	751,770,728

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS

LONG/SHORT RESEARCH FUND

Security Type/Sector Classification	% of Net Assets			Value
COMMON STOCK
Finance		18.9	%	$	1,190,372,751
Technology		16.8			1,053,356,417
Consumer Services		11.1			700,440,685
Capital Goods		10.6			665,667,491
Health Care		10.2			644,095,831
Energy		9.0			562,736,665
Basic Industries		6.2			389,299,560
Communications		3.9			243,175,950
Consumer Non-Durables		3.5			220,675,217
Consumer Durables		2.5			160,099,311
Real Estate Investment Trusts		0.7			42,224,269
Transportation		0.4			22,028,808
Utilities		0.2			11,584,298
WARRANTS		0.0			602,152
SECURITIES SOLD SHORT
Utilities		(0.3	)		(21,317,962	)
Consumer Durables		(1.1	)		(68,154,591	)
Transportation		(1.7	)		(107,216,914	)
Real Estate Investment Trusts		(2.0	)		(126,754,660	)
Capital Goods		(3.0	)		(187,931,542	)
Health Care		(3.1	)		(193,900,084	)
Basic Industries		(3.3	)		(204,293,090	)
Energy		(3.6	)		(224,056,494	)
Communications		(3.6	)		(224,147,405	)
Consumer Non-Durables		(4.1	)		(258,202,980	)
Finance		(4.8	)		(303,122,832	)
Technology		(5.9	)		(373,825,127	)
Consumer Services		(7.5	)		(473,577,091	)
WRITTEN OPTIONS		(0.2	)		(11,916,356	)
OTHER ASSETS IN EXCESS OF LIABILITIES		50.2			3,155,693,354
NET ASSETS		100.0	%	$	6,283,635,631

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS

ALL-CAP VALUE FUND

Security Type/Sector Classification	% of Net Assets			Value
COMMON STOCK
Finance		25.1	%	$	252,583,815
Technology		21.8			220,057,835
Health Care		17.5			175,871,039
Consumer Services		8.3			83,551,779
Capital Goods		7.9			79,576,127
Energy		7.5			75,312,564
Consumer Non-Durables		4.9			49,713,962
Consumer Durables		2.4			24,598,124
Communications		2.4			23,977,187
Basic Industries		1.3			13,078,769
Real Estate Investment Trusts		0.0			—
SECURITIES LENDING COLLATERAL		0.0			154,906
RIGHTS		0.0			—
WRITTEN OPTIONS		(0.1	)		(837,000	)
OTHER ASSETS IN EXCESS OF LIABILITIES		1.0			10,025,315
NET ASSETS		100.0	%	$	1,007,664,422

Portfolio holdings are subject to change at any time.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

6   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015

PORTFOLIO HOLDINGS SUMMARY TABLES (unaudited) (concluded)

WPG PARTNERS

SMALL/MICRO CAP VALUE FUND

Security Type/Sector Classification	% of Net Assets			Value
COMMON STOCK
Finance		25.2	%	$	10,738,702
Real Estate Investment Trusts		12.1			5,153,287
Capital Goods		10.8			4,597,248
Technology		9.5			4,054,473
Consumer Services		7.7			3,288,081
Transportation		6.0			2,542,924
Health Care		4.8			2,053,959
Utilities		4.4			1,875,865
Energy		4.0			1,711,600
Consumer Non-Durables		2.9			1,220,805
Consumer Durables		2.3			984,537
Basic Industries		1.9			813,425
SECURITIES LENDING COLLATERAL		8.9			3,789,509
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.5	)		(212,029	)
NET ASSETS		100.0	%	$	42,612,386

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS

GLOBAL EQUITY FUND

Security Type/Sector Classification	% of Net Assets			Value
COMMON STOCK
Finance		20.5	%	$	16,482,171
Information Technology		13.8			11,081,733
Consumer Discretionary		13.2			10,568,920
Industrial		12.6			10,138,268
Health Care		12.2			9,787,391
Materials		10.8			8,638,052
Energy		6.1			4,909,890
Consumer Staples		5.4			4,300,536
Telecommunications Services		2.7			2,144,925
OTHER ASSETS IN EXCESS OF LIABILITIES		2.7			2,156,293
NET ASSETS		100.0	%	$	80,208,179

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS

GLOBAL LONG/SHORT FUND

Security Type/Sector Classification	% of Net Assets			Value
COMMON STOCK
Financials		19.8	%	$	32,055,374
Health Care		12.1			19,556,778
Information Technology		11.8			19,105,118
Industrials		9.6			15,553,461
Consumer Discretionary		8.2			13,258,857
Energy		6.4			10,272,051
Consumer Services		5.6			8,974,742
Basic Industries		5.2			8,435,991
Materials		4.6			7,475,730
Capital Goods		3.7			5,970,365
Telecommunication Services		3.5			5,605,435
Consumer Durables		2.1			3,374,243
Communications		1.4			2,326,294
Consumer Staples		1.4			2,201,702
WARRANTS		0.0			2,902
SECURITIES SOLD SHORT
Telecommunication Services		(0.4	)		(704,657	)
Health Care		(2.8	)		(4,532,586	)
Energy		(4.4	)		(7,115,497	)
Consumer Staples		(4.5	)		(7,187,022	)
Information Technology		(5.6	)		(9,098,598	)
Materials		(5.8	)		(9,312,552	)
Financials		(6.3	)		(10,117,048	)
Industrials		(8.4	)		(13,629,524	)
Consumer Discretionary		(9.6	)		(15,502,791	)
WRITTEN OPTIONS		0.0			(36,735	)
OTHER ASSETS IN EXCESS OF LIABILITIES		52.4			84,662,044
NET ASSETS		100.0	%	$	161,594,077

Portfolio holdings are subject to change at any time.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   7

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS SMALL CAP VALUE FUND II PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
COMMON STOCK—97.6%
Basic Industries—4.1%
Cloud Peak Energy, Inc. *		217,070	$	1,799,510
Graphic Packaging Holding Co. *		409,425		6,178,223
PolyOne Corp.		19,759		785,223
Schweitzer-Mauduit International, Inc.		39,700		1,858,754
Sensient Technologies Corp.		12,350		785,584
				11,407,294
Capital Goods—14.5%
Actuant Corp., Class A		26,705		679,375
Aegion Corp. *		73,455		1,328,801
Ampco-Pittsburgh Corp.		22,200		416,250
Brady Corp., Class A		60,608		1,633,992
Cabot Corp.		34,420		1,553,030
Cubic Corp.		31,550		1,649,119
Curtiss-Wright Corp.		24,050		1,745,549
Drew Industries, Inc. *		62,035		3,659,445
Globe Specialty Metals, Inc.		105,935		1,763,818
Granite Construction, Inc.		41,655		1,379,614
Hillenbrand, Inc.		42,025		1,332,192
Huntington Ingalls Industries, Inc.		14,095		1,992,046
LSB Industries, Inc. *		37,225		1,398,915
MRC Global, Inc. *		78,570		1,011,196
Mueller Industries, Inc.		26,550		924,206
Orion Marine Group, Inc. *		160,520		1,637,304
Rofin-Sinar Technologies, Inc. *		33,395		800,478
Stock Building Supply Holdings, Inc. *		103,520		1,607,666
Terex Corp.		116,760		3,200,392
WESCO International, Inc. *		49,295		3,422,552
World Fuel Services Corp.		124,547		6,818,948
				39,954,888
Consumer Durables—3.4%
Tempur Sealy International, Inc. *		48,850		2,809,364
Thor Industries, Inc.		57,315		3,534,043
Tower International, Inc. *		80,095		2,168,172
Winnebago Industries, Inc.		41,575		964,956
				9,476,535
Consumer Non-Durables—3.6%
Fresh Del Monte Produce, Inc. (a)		34,060		1,199,253
Matthews International Corp., Class A		14,565		704,509
Nu Skin Enterprises, Inc., Class A (a)		38,110		2,064,800
Skechers U.S.A., Inc., Class A *		14,665		999,273
Steven Madden Ltd. *		50,537		1,845,106
Take-Two Interactive Software, Inc. *		67,725		1,794,035
Universal Corp. (a)		26,710		1,279,676
				9,886,652
Consumer Services—19.8%
Abercrombie & Fitch Co., Class A		107,535		2,660,416
ABM Industries, Inc.		70,810		2,201,483
American Eagle Outfitters, Inc. (a)		190,210		2,847,444
Ascena Retail Group, Inc. *		80,000		1,072,000

	Number of Shares		Value
Consumer Services—(continued)
Booz Allen Hamilton Holding Corp.		63,765	$	1,897,646
Brink’s Co., (The)		54,675		1,538,554
CBIZ, Inc. *		73,340		648,326
Civeo Corp.,		261,910		1,031,925
Ennis, Inc.		29,240		407,898
Finish Line, Inc., (The), Class A		151,445		3,707,374
FTD Cos, Inc. *		57,455		1,999,434
FTI Consulting, Inc. *		45,920		1,693,070
G&K Services, Inc., Class A		24,687		1,777,217
Group 1 Automotive, Inc.		24,540		1,996,084
Heidrick & Struggles International, Inc.		53,175		1,273,009
ICF International, Inc. *		38,100		1,596,390
International Speedway Corp., Class A		54,823		1,701,158
KAR Auction Services, Inc.		82,375		3,004,216
Knoll, Inc.		64,263		1,364,303
Korn/Ferry International *		25,215		771,579
Live Nation Entertainment, Inc. *		32,795		839,224
MAXIMUS, Inc.		32,110		1,901,875
Men’s Wearhouse, Inc., (The)		74,545		3,741,414
Navigant Consulting, Inc. *		165,865		2,320,451
Papa Murphy’s Holdings Inc. * (a)		164,751		2,201,073
Rent-A-Center, Inc.		42,515		1,173,414
RPX Corp. *		142,795		2,081,951
Starz, Class A		41,855		1,391,260
Steiner Leisure Ltd. *		10,820		499,018
Tetra Tech, Inc.		69,940		1,778,574
Viad Corp.		20,035		532,130
XO Group, Inc. *		58,410		906,523
				54,556,433
Energy—2.5%
Contango Oil & Gas Co. *		14,810		348,479
Forum Energy Technologies, Inc. *		59,750		1,166,918
Helix Energy Solutions Group, Inc. *		115,785		1,787,720
Parsley Energy, Inc., Class A *		133,745		1,991,463
Western Refining, Inc.		32,515		1,531,457
				6,826,037
Finance—19.7%
Ameris Bancorp		32,298		845,239
AMERISAFE, Inc.		25,285		1,050,339
Apollo Investment Corp. (a)		90,635		706,047
BBCN Bancorp, Inc.		182,780		2,513,225
Centerstate Banks, Inc.		74,845		877,932
Columbia Banking System, Inc.		38,695		1,090,425
Essent Group Ltd. *		41,860		971,989
Federal Agricultural Mortgage Corp., Class C		79,060		2,525,176
Fifth Street Finance Corp.		126,490		895,549
First American Financial Corp.		132,485		4,640,950
First Citizens Bancshares, Inc., Class A		4,585		1,156,566
First NBC Bank Holding Co. *		45,650		1,493,668
FirstMerit Corp.		86,741		1,574,349

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

8   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS SMALL CAP VALUE FUND II (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Finance—(continued)
Flushing Financial Corp.		36,710	$	718,782
Gladstone Capital Corp. (a)		21,450		185,543
Global Indemnity PLC *		19,508		527,691
Heritage Financial Corp.		47,225		761,267
Infinity Property & Casualty Corp.		15,300		1,186,515
James Rivers Group Holdings, LTD. *		56,869		1,249,412
Maiden Holdings Ltd.		219,755		3,144,694
Nationstar Mortgage Holdings, Inc. * (a)		68,710		1,831,122
Navigators Group, Inc., (The) *		12,190		910,715
Nelnet, Inc., Class A		53,821		2,509,135
OneBeacon Insurance Group Ltd.		84,600		1,269,000
Park Sterling Corp.		59,895		407,286
PHH Corp. *		100,660		2,444,025
Platinum Underwriters Holdings Ltd. (a)		33,085		2,526,040
Radian Group, Inc.		93,585		1,479,579
RCS Capital Corp., Class A (a)		125,880		1,435,032
Safety Insurance Group, Inc.		13,815		808,178
Stancorp Financial Group, Inc.		19,115		1,264,648
Stewart Information Services Corp.		89,900		3,382,937
SVB Financial Group *		6,070		746,003
Symetra Financial Corp.		106,185		2,397,657
Walker & Dunlop, Inc. *		127,625		2,045,829
Washington Federal, Inc.		39,210		828,115
				54,400,659
Health Care—10.1%
Amsurg Corp. *		28,925		1,738,392
Chemed Corp. (a)		22,680		2,641,766
Hanger, Inc. *		61,060		1,580,843
ICON PLC *		31,170		2,151,042
Integra LifeSciences Holdings Corp. *		40,540		2,432,805
Kindred Healthcare, Inc.		113,497		2,408,406
LHC Group, Inc. *		23,635		798,863
LifePoint Hospitals, Inc. *		20,625		1,484,175
Omnicell, Inc. *		35,080		1,229,554
Owens & Minor, Inc.		36,427		1,298,987
PAREXEL International Corp. *		30,540		1,968,608
Select Medical Holdings Corp.		122,305		1,658,456
Symmetry Surgical, Inc.		181,996		1,346,772
Thoratec Corp. *		49,980		2,035,186
U.S. Physical Therapy, Inc.		73,451		3,113,588
				27,887,443
Real Estate Investment Trusts—8.7%
Altisource Residential Corp., Class B		35,430		731,630
American Capital Mortgage Investment Corp.		40,145		740,675
American Residential Properties, Inc. *		98,810		1,713,365
Anworth Mortgage Asset Corp.		168,417		880,821
Ares Commercial Real Estate Corp.		148,530		1,782,360

	Number of Shares		Value
Real Estate Investment Trusts—(continued)
Chatham Lodging Trust		80,285	$	2,329,871
Colony Financial, Inc.		30,550		770,166
CYS Investments, Inc.		299,435		2,721,864
Gladstone Commercial Corp.		24,720		449,162
Hatteras Financial Corp.		126,765		2,326,138
MFA Financial, Inc.		394,250		3,138,230
Monmouth Real Estate Investment Corp., Class A		96,635		1,089,076
QTS Realty Trust, Inc.		22,210		795,340
Silver Bay Realty Trust Corp.		57,182		924,061
Two Harbors Investment Corp.		360,375		3,762,315
				24,155,074
Technology—8.9%
Bel Fuse, Inc., Class B		79,139		1,510,763
Belden, Inc.		55,260		4,905,983
Brooks Automation, Inc.		61,755		741,060
Coherent, Inc. *		20,670		1,327,841
Convergys Corp.,		29,780		665,583
EnerSys, Inc.		65,270		4,262,131
Insight Enterprises, Inc. *		26,775		704,182
Magnachip Semiconductor Corp. *		58,260		332,665
NETGEAR, Inc. *		39,585		1,276,220
PC Connection, Inc.		17,600		450,912
Qorvo Inc. *		1		42
Sykes Enterprises, Inc. *		112,530		2,616,323
SYNNEX Corp.		56,885		4,337,481
TeleTech Holdings, Inc. *		27,855		676,877
Teradyne, Inc.		37,890		732,035
				24,540,098
Transportation—1.6%
Diana Shipping, Inc. *		54,030		374,428
Landstar System, Inc.		11,770		826,489
Quality Distribution, Inc. *		59,560		654,564
Virgin America, Inc. *		74,490		2,610,130
				4,465,611
Utilities—0.7%
PNM Resources, Inc.		63,280		1,806,644
TOTAL COMMON STOCK (Cost $203,239,712)				269,363,368
SECURITIES LENDING COLLATERAL—3.7%
BlackRock Liquidity TempFund, Institutional Shares		10,148,370		10,148,370
TOTAL SECURITIES LENDING COLLATERAL (Cost $10,148,370)				10,148,370
TOTAL INVESTMENTS—101.3% (Cost $213,388,082)				279,511,738
LIABILITIES IN EXCESS OF OTHER ASSETS—(1.3)%				(3,604,365	)
NET ASSETS—100.0%			$	275,907,373

PLC	—	Public Limited Company
*	—	Non-income producing.
(a)	—	All or a portion of the security is on loan (see Note 6 of the Notes to Financial Statements).

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   9

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded) PORTFOLIO OF INVESTMENTS

A summary of the inputs used to value the Fund’s investments as of February 28, 2015 is as follows (see Note 1 in the Notes to Financial Statements):

	Total Value as of February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock *	$	269,363,368	$	269,363,368	$	—	$	—
Securities Lending Collateral		10,148,370		10,148,370		—		—
Total Assets	$	279,511,738	$	279,511,738	$	—	$	—

* See Portfolio of Investments detail for industry and security type breakout.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

10   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
LONG POSITIONS—109.0%
COMMON STOCK—104.8%
Basic Industries—9.8%
AEP Industries, Inc. * †		152,724	$	7,736,998
Agnico Eagle Mines Ltd.		57,969		1,863,703
American Vanguard Corp. †		460,719		5,192,303
Avery Dennison Corp. †		185,455		9,931,115
Cameco Corp.		106,730		1,648,978
Cloud Peak Energy, Inc. * †		370,358		3,070,268
Constellium NV, Class A *		103,665		1,960,305
Crown Holdings, Inc. * †		106,664		5,653,192
Eldorado Gold Corp.		393,714		2,283,541
Freeport-McMoRan Copper & Gold, Inc. †		186,669		4,037,650
Goldcorp, Inc.		74,304		1,633,202
Greif, Inc., Class B †		43,250		2,056,105
Koppers Holdings, Inc. †		167,246		2,696,005
Monsanto Co. †		38,280		4,610,060
Owens-Illinois, Inc. * †		255,468		6,683,043
Pan American Silver Corp. †		177,195		1,714,362
POSCO — ADR		45,698		2,771,127
Reliance Steel & Aluminum Co. †		90,266		5,146,065
Royal Gold Inc. †		17,425		1,256,342
Universal Stainless & Alloy Products, Inc. *		88,931		2,011,619
				73,955,983
Capital Goods—10.9%
Actuant Corp., Class A		127,251		3,237,265
AECOM Technology Corp. * †		194,569		5,848,744
Alamo Group, Inc. †		150,348		7,539,952
Babcock & Wilcox Co., (The) †		148,072		4,596,155
Cemex SAB de CV ADR * †		344,208		3,493,711
Chicago Bridge & Iron Co. NV (a)		76,096		3,512,591
Commercial Metals Co. †		195,522		2,942,606
Crane Co.		49,839		3,330,740
Fluor Corp. †		66,198		3,839,484
Global Brass & Copper Holdings, Inc. †		375,105		5,266,474
Great Lakes Dredge & Dock Corp. *		377,944		2,305,458
Joy Global, Inc. †		66,624		2,952,776
LSB Industries, Inc. †		144,315		5,423,358
Orion Marine Group, Inc. * †		311,176		3,173,995
Preformed Line Products Co.		31,756		1,459,188
Rofin-Sinar Technologies, Inc. * †		281,016		6,735,954
Safran SA — ADR * †		201,474		3,523,780
Wesco Aircraft Holdings Inc †		316,250		4,746,912
WESCO International, Inc. * †		60,079		4,171,285
World Fuel Services Corp. †		74,677		4,088,566
				82,188,994
Communications—6.5%
Blucora, Inc. * †		499,368		7,400,634
China Unicom Hong Kong Ltd. ADR (a)		185,640		3,139,172
Comcast Corp., Class A †		121,112		7,191,631
Hawaiian Telcom Holdco, Inc. * †		226,091		5,878,366
IAC/InterActiveCorp.		53,123		3,581,553

	Number of Shares		Value
Communications—(continued)
Iridium Communications, Inc. * (a)		1,257,970	$	12,051,353
Monster Worldwide, Inc. *		309,344		2,078,792
NTELOS Holdings Corp.		590,205		2,667,727
TubeMogul Inc.		78,629		1,086,653
Verisign, Inc * (a)		59,843		3,831,149
				48,907,030
Consumer Durables—2.5%
Cooper-Standard Holding, Inc. * †		63,698		3,453,069
Dorel Industries, Inc., Class B (a)		120,039		3,903,080
Helen of Troy Ltd. * †		65,106		4,988,422
Tenneco, Inc. * †		109,494		6,376,931
				18,721,502
Consumer Non-Durables—4.1%
Archer-Daniels-Midland Co.		50,209		2,404,007
Energizer Holdings, Inc. †		30,840		4,127,317
Freshpet, Inc *		29,982		552,568
Leucadia National Corp. †		255,898		6,072,460
New Remy Holdco Corp.		78,006		1,784,002
Unilever NV †		115,239		5,009,439
Universal Corp. †		219,521		10,517,251
				30,467,044
Consumer Services—14.5%
Barnes & Noble, Inc. * †		432,427		10,767,432
Cenveo, Inc. *		501,234		1,047,579
CVS Health Corp. †		79,916		8,300,875
Eldorado Resorts, Inc. *		329,820		1,517,171
Ennis, Inc. †		293,328		4,091,926
FTD Cos, Inc. * †		82,904		2,885,059
Global Cash Access Holdings, Inc. *		255,955		1,819,840
GNC Holdings, Inc., Class A †		74,775		3,595,930
International Speedway Corp., Class A †		404,327		12,546,267
ITE Group PLC		635,388		1,674,965
Liberty Interactive Corp., Class A * †		131,176		3,873,627
Liberty Ventures, Series A * †		18,649		749,329
Melco Crown Entertainment Ltd. — ADR		64,323		1,545,038
New Oriental Education & Technology Group. — Sponsored ADR *		154,967		2,969,168
Outerwall, Inc. * † (a)		56,869		3,669,188
Overstock.com, Inc. * (a)		79,561		1,807,626
Points International Ltd. *		114,029		1,110,642
Realogy Holdings Corp. * †		90,484		4,162,264
Scripps Networks Interactive, Inc., Class A		39,239		2,836,980
SeaWorld Entertainment, Inc. †		130,247		2,440,829
Speedway Motorsports, Inc.		117,945		2,797,655
Steiner Leisure Ltd. * †		67,289		3,103,369
Systemax, Inc. * †		423,655		5,096,570
Tetra Tech, Inc. †		166,929		4,245,004
Tropicana Entertainment, Inc. *		96,830		1,612,219
United Stationers, Inc.		99,280		4,009,919
Walgreens Boots Alliance, Inc. * †		63,682		5,290,701

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   11

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Consumer Services—(continued)
Walt Disney Co., (The) †		49,359	$	5,137,285
Wyndham Worldwide Corp. †		43,130		3,945,532
				108,649,989
Energy—6.8%
Apache Corp.		37,611		2,476,308
BP PLC — Sponsored ADR		1		26
Canadian Natural Resources Ltd. †		125,751		3,665,642
Dawson Geophysical Co. *		536,061		2,808,959
Exxon Mobil Corp.		128,093		11,341,354
Gazprom OAO — Sponsored ADR		786,929		3,938,580
Grand Tierra Energy, Inc. *		677,605		1,714,341
Gulfmark Offshore, Inc., Class A †		64,469		1,059,870
Halliburton Co. †		75,252		3,231,321
Legacy Oil + Gas, Inc. *		646,724		1,047,693
Lukoil OAO — Sponsored ADR		44,769		2,172,192
Pacific Drilling SA * (a)		224,236		816,219
Parsley Energy, Inc., Class A *		149,648		2,228,259
Phillips 66		62,751		4,923,443
Suncor Energy, Inc.		134,321		4,043,062
TransGlobe Energy Corp.		533,373		1,557,449
Valero Energy Corp.		68,240		4,209,726
				51,234,444
Finance—21.4%
ACE Ltd. †		62,989		7,181,376
AerCap Holdings NV * †		124,021		5,518,934
American International Group, Inc. †		227,709		12,599,139
Aspen Insurance Holdings Ltd. †		123,917		5,681,594
Axis Capital Holdings Ltd. †		102,228		5,298,477
Bank of America Corp. †		543,230		8,588,466
Berkshire Hathaway, Inc., Class B * †		85,736		12,638,344
BitGold, Inc.		525,109		373,848
Century Bancorp, Inc., Class A †		36,535		1,415,366
CIT Group, Inc.		76,497		3,537,986
Citigroup, Inc. †		179,287		9,398,225
Endurance Specialty Holdings Ltd. †		91,301		5,804,005
ePlus, Inc. * †		74,187		6,170,133
Fairfax Financial Holdings Ltd. †		4,453		2,335,705
Flushing Financial Corp. †		96,517		1,889,803
FNFV Group *		303,555		4,519,934
JPMorgan Chase & Co. †		174,485		10,692,441
Loews Corp. †		142,959		5,862,749
Maiden Holdings Ltd. †		755,806		10,815,584
National Western Life Insurance Co., Class A †		9,494		2,386,602
New Hampshire Thrift Bancshares, Inc.		29,229		452,173
PartnerRE Ltd. †		50,077		5,733,816
PHH Corp.		94,783		2,301,331
Renaissance Holdings Ltd. †		53,669		5,502,683
Sprott, Inc.		5,419,040		10,793,864
Steel Excel, Inc. * †		127,172		3,052,128

	Number of Shares		Value
Finance—(continued)
Validus Holdings Ltd. †		157,215	$	6,546,433
White Mountains Insurance Group Ltd. †		6,143		4,098,302
				161,189,441
Health Care—11.5%
Alphatec Holdings, Inc. *		1,277,448		1,852,300
Amgen, Inc. †		40,470		6,382,928
Amsurg Corp. *		55,056		3,308,866
Charles River Laboratories International, Inc. * †		40,238		3,085,047
DaVita HealthCare Partners, Inc. * †		104,586		7,802,116
Express Scripts Holding Co. * †		86,621		7,344,595
Fresenius Medical Care AG & Co. KGaA — ADR †		196,496		8,009,177
Hanger, Inc. * †		132,896		3,440,677
Hologic, Inc. * †		196,244		6,354,381
Humana, Inc.		31,756		5,220,051
Laboratory Corp. of America Holdings * †		42,387		5,214,873
LHC Group, Inc. *		76,434		2,583,469
LifePoint Hospitals, Inc.		23,861		1,717,038
Lion Biotechnologies Inc *		179,360		1,610,653
Omnicare, Inc.		31,751		2,436,572
Sanofi — ADR †		87,941		4,296,797
Teva Pharmaceutical Industries Ltd. — Sponsored ADR †		169,158		9,645,389
UnitedHealth Group, Inc. †		55,810		6,341,690
				86,646,619
Real Estate Investment Trusts—1.4%
Annaly Capital Management, Inc. †		241,815		2,568,075
Blackstone Mortgage Trust, Inc., Class A		74,378		2,150,268
Hatteras Financial Corp. †		144,742		2,656,016
Two Harbors Investment Corp. †		269,401		2,812,546
				10,186,905
Technology—15.2%
Alpha & Omega Semiconductor Ltd. *		399,060		3,539,662
Arrow Electronics, Inc. * †		42,367		2,625,059
Avnet, Inc. †		50,167		2,298,150
Box, Inc., Class A *		150,303		2,804,654
Celestica, Inc. *		614,381		7,237,408
CIBER, Inc.		294,176		1,153,170
Clicksoftware Technologies Ltd. * †		1,639,383		13,623,273
Cognizant Technology Solutions Corp., Class A *		56,342		3,520,530
Computer Task Group, Inc.		186,904		1,426,078
Comtech Telecommunications Corp. †		131,650		4,705,171
CSG Systems International, Inc. †		338,411		10,121,873
Datawatch Corp. (a)		95,731		636,611
EMC Corp. †		166,804		4,827,308

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

12   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares			Value
Technology—(continued)
Flextronics International Ltd. *		244,679		$	2,980,190
Guidance Software, Inc *		306,118			1,796,913
Ingram Micro, Inc., Class A * †		73,838			1,824,537
Jabil Circuit, Inc. †		203,365			4,467,929
Oracle Corp. †		93,891			4,114,304
Pegasystems, Inc. †		230,877			4,569,056
PTC, Inc. *		58,497			2,027,214
QAD, Inc., Class A *		204,775			4,402,662
Quality Systems, Inc.		115,637			2,009,771
Rovi Corp. * †		99,388			2,472,773
Sykes Enterprises, Inc. * †		183,302			4,261,771
Tech Data Corp. * †		41,172			2,449,734
TeleNav, Inc. *		471,291			4,015,399
Teradata Corp. * †		86,767			3,862,867
Ubiquiti Networks, Inc. * (a)		130,962			4,143,638
Vocera Communications, Inc. *		316,182			3,281,969
Western Union Co., (The) †		157,033			3,065,284
					114,264,958
Transportation—0.2%
Aurizon Holdings Ltd.		352,065			1,313,202
					1,313,202
TOTAL COMMON STOCK (Cost $665,139,994)					787,726,111
	Number of Contracts
OPTIONS PURCHASED ††—0.2%
Brocade Communications Systems, Inc. Put Options Expires 01/20/17 Strike Price $10.00		1,935			686,925
Outerwall, Inc. Call Options Expires 01/15/16 Strike Price $60.00		657			712,845
Outerwall, Inc. Call Options Expires 01/15/16 Strike Price $65.00		599			521,130
TOTAL OPTIONS PURCHASED (Cost $1,702,343)					1,920,900
	Number of Shares
SECURITIES LENDING COLLATERAL—4.0%
BlackRock Liquidity TempFund, Institutional Shares		29,918,254			29,918,254
TOTAL SECURITIES LENDING COLLATERAL (Cost $29,918,254)					29,918,254
TOTAL INVESTMENTS—108.4% (Cost $696,760,591)					819,565,265
SECURITIES SOLD SHORT—(86.6%)
COMMON STOCK—(86.6%)
Basic Industries—(0.4%)
Century Aluminum Co. *		(127,106	)		(2,411,201	)
Ethanex Energy, Inc.		(648	)		0

	Number of Shares			Value
Basic Industries—(continued)
Kennady Diamonds, Inc. *		(45,900	)	$	(142,829	)
Tanzanian Royalty Exploration Corp. *		(171,865	)		(96,210	)
					(2,650,240	)
Capital Goods—(6.2%)
Applied Energetics, Inc. *		(238,070	)		(2,381	)
Builders FirstSource, Inc. *		(301,640	)		(1,818,889	)
DXP Enterprises, Inc. *		(32,878	)		(1,505,812	)
DynaMotive Energy Systems Corp.		(72,185	)		(7	)
Installed Building Products, Inc. *		(134,501	)		(2,345,697	)
Interface, Inc.		(207,225	)		(4,183,873	)
Kimball International, Inc.		(23,567	)		(225,065	)
KLX, Inc. *		(93,416	)		(3,731,035	)
Lindsay Corp.		(50,108	)		(4,388,459	)
Martin Marietta Materials, Inc.		(27,164	)		(3,866,252	)
NN, Inc.		(118,827	)		(3,292,696	)
Smith & Wesson Holding Corp. *		(308,553	)		(4,174,722	)
Taser International, Inc. *		(111,025	)		(2,606,867	)
Trex Co., Inc. *		(212,318	)		(10,690,211	)
Vulcan Materials Co.		(46,069	)		(3,823,727	)
					(46,655,693	)
Communications—(6.0%)
1-800-FLOWERS.COM, Inc., Class A *		(516,778	)		(6,449,389	)
CTC Communications Group, Inc.		(98,900	)		0
Descartes Systems Group, Inc., (The) *		(175,564	)		(2,651,016	)
eGain Communications Corp. *		(142,473	)		(495,806	)
Equinix, Inc.		(27,657	)		(6,200,008	)
Grubhub, Inc. *		(150,236	)		(6,311,414	)
Interliant, Inc. *		(600	)		0
LivePerson, Inc. *		(159,895	)		(1,844,389	)
Meetme, Inc. *		(274,187	)		(531,923	)
Rackspace Hosting, Inc. *		(136,753	)		(6,792,521	)
RigNet, Inc. *		(62,103	)		(1,963,697	)
Shutterstock, Inc. *		(51,736	)		(2,925,671	)
TubeMogul Inc.		(182,295	)		(2,519,317	)
Twitter, Inc. *		(54,104	)		(2,601,320	)
WebMD Health Corp. *		(60,216	)		(2,652,515	)
Yelp, Inc. *		(23,422	)		(1,124,256	)
					(45,063,242	)
Consumer Durables—(4.7%)
American Axle & Manaufacturing Holdings, Inc. *		(92,999	)		(2,317,535	)
Cavco Industries, Inc. *		(38,736	)		(2,775,822	)
GoPro, Inc., Class A *		(119,582	)		(5,020,052	)
Mobileye NV *		(255,647	)		(9,070,356	)
Motorcar Parts of America, Inc. * †		(104,203	)		(2,735,329	)
Qsound Labs, Inc. *		(4,440	)		(4	)
Select Comfort Corp. *		(107,396	)		(3,447,412	)
Tesla Motors, Inc. *		(36,483	)		(7,418,453	)
Universal Electronics Inc. *		(43,780	)		(2,474,008	)
					(35,258,971	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   13

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares			Value
Consumer Non-Durables—(3.2%)
Amish Naturals, Inc.		(25,959	)	$	0
Deckers Outdoor Corp. *		(21,410	)		(1,589,478	)
Farmer Bros Co. *		(21,719	)		(526,251	)
Freshpet, Inc. *		(447,314	)		(8,243,997	)
IGI Laboratories, Inc. *		(323,367	)		(3,725,188	)
Keurig Green Mountain, Inc.		(22,267	)		(2,840,824	)
Monster Beverage Corp. *		(33,742	)		(4,761,671	)
Pilgrim’s Pride Corp.		(85,340	)		(2,340,876	)
Senomyx, Inc. *		(20,448	)		(108,783	)
Valence Technology, Inc.		(27,585	)		(3	)
					(24,137,071	)
Consumer Services—(12.6%)
Amaya Inc *		(81,769	)		(2,354,105	)
Arctic Cat, Inc.		(94,621	)		(3,449,882	)
BJ’s Restaurants, Inc. *		(81,416	)		(4,251,543	)
Buffalo Wild Wings, Inc. *		(22,109	)		(4,225,472	)
Container Store Group, Inc. (The) *		(314,210	)		(5,787,748	)
Corporate Resource Services, Inc. *		(218,896	)		(34,607	)
Fresh Market, Inc., (The) *		(76,218	)		(2,900,857	)
Habit Restaurants Inc., (The) *		(49,011	)		(1,609,521	)
inContact, Inc. *		(229,260	)		(2,684,635	)
Lumber Liquidators Holdings, Inc. *		(90,977	)		(4,718,067	)
Mattress Firm Holding Corp. *		(28,300	)		(1,723,753	)
Netflix, Inc. *		(34,631	)		(16,446,608	)
Nutrisystem, Inc.		(83,413	)		(1,435,538	)
Red Robin Gourmet Burgers, Inc. *		(48,344	)		(4,035,274	)
Shake Shack, Inc., Class A *		(53,162	)		(2,293,940	)
Sprouts Farmers Market, Inc. *		(54,262	)		(1,997,384	)
Sturm Ruger & Co., Inc.		(38,349	)		(1,992,614	)
Texas Roadhouse, Inc.		(107,213	)		(4,035,497	)
Tile Shop Holdings, Inc. *		(476,113	)		(5,256,288	)
Tuesday Morning Corp. *		(336,333	)		(6,383,600	)
Viggle, Inc. *		(61	)		(103	)
VistaPrint NV		(55,652	)		(4,646,942	)
Williams-Sonoma, Inc.		(49,874	)		(4,012,363	)
World Wrestling Entertainment, Inc., Class A		(120,305	)		(1,977,814	)
Zillow Group, Inc., Class A *		(58,965	)		(6,766,254	)
					(95,020,409	)
Energy—(0.5%)
Beard Co. *		(9,710	)		(15	)
Neste Oil OYJ		(149,322	)		(3,895,165	)
					(3,895,180	)
Finance—(2.4%)
Bofi Holding, Inc. *		(41,256	)		(3,647,030	)
Credit Acceptance Corp. *		(42,950	)		(7,872,735	)
LendingClub Corp. *		(208,153	)		(4,240,077	)
WisdomTree Investments, Inc.		(111,523	)		(2,084,365	)
					(17,844,207	)

	Number of Shares			Value
Health Care—(24.2%)
ABIOMED, Inc. *		(31,166	)	$	(1,894,581	)
Acadia Pharmaceuticals, Inc. *		(57,148	)		(2,169,910	)
Accelerate Diagnostics, Inc. *		(313,000	)		(6,260,000	)
Accuray, Inc. *		(306,780	)		(2,754,884	)
Air Methods Corp. *		(49,780	)		(2,637,842	)
Albany Molecular Research, Inc. *		(277,831	)		(4,506,419	)
Align Technology, Inc. *		(84,135	)		(4,825,142	)
Ani Pharmaceuticals, Inc. *		(36,350	)		(2,448,536	)
Aratana Therapeutics, Inc. *		(133,958	)		(2,580,031	)
Arena Pharmaceuticals, Inc. *		(351,983	)		(1,587,443	)
athenahealth, Inc. *		(25,856	)		(3,285,522	)
Biotime, Inc. *		(93,456	)		(392,515	)
BodyTel Scientific, Inc.		(4,840	)		0
CareView Communications, Inc. *		(207,465	)		(107,882	)
Cerner Corp. *		(47,837	)		(3,447,134	)
Concordia Healthcare Corp.		(156,403	)		(7,840,482	)
DexCom, Inc. *		(101,001	)		(6,134,801	)
Endologix, Inc. *		(220,880	)		(3,483,278	)
Flamel Technologies — Sponsored ADR *		(202,510	)		(3,169,281	)
Fluidigm Corp. *		(50,158	)		(2,216,984	)
GenMark Diagnostics, Inc. *		(150,977	)		(1,918,918	)
GW Pharmaceuticals PLC *		(28,115	)		(2,275,066	)
HealthStream, Inc. *		(208,514	)		(5,396,342	)
HeartWare International, Inc. *		(49,524	)		(4,220,930	)
HMS Holdings Corp. *		(164,996	)		(2,894,030	)
Inovio Pharmaceuticals, Inc *		(63,859	)		(451,802	)
Insulet Corp. *		(125,805	)		(3,991,793	)
Insys Therapeutics, Inc. *		(88,300	)		(5,303,298	)
Intercept Pharmaceuticals, Inc.		(11,069	)		(2,450,345	)
Intrexon Corp. *		(132,037	)		(5,421,439	)
Intuitive Surgical, Inc. *		(6,932	)		(3,466,000	)
Keryx Biopharmaceuticals, Inc. *		(226,341	)		(2,752,307	)
Kite Pharma, Inc. *		(22,711	)		(1,486,208	)
Lannett Co, Inc. *		(66,160	)		(4,128,384	)
Ligand Pharmaceuticals, Inc. *		(38,891	)		(2,141,727	)
Mannkind Corp. *		(274,529	)		(1,789,929	)
MiMedx Group, Inc. *		(516,925	)		(5,350,174	)
Mindray Medical International Ltd. — ADR		(71,299	)		(2,014,910	)
Mirati Therapeutics, Inc. *		(72,629	)		(1,726,391	)
NanoString Technologies Inc *		(84,331	)		(886,319	)
Neuralstem, Inc. *		(466,549	)		(1,754,224	)
Nevro Corp. *		(138,720	)		(5,802,658	)
Novadaq Technologies, Inc. *		(180,158	)		(2,981,615	)
Novavax, Inc. *		(471,820	)		(4,317,153	)
Opko Health, Inc. *		(155,129	)		(2,258,678	)
OraSure Technologies, Inc. *		(172,061	)		(1,231,957	)
Organovo Holdings, Inc. *		(450,481	)		(2,666,848	)
Osiris Therapeutics, Inc. *		(183,043	)		(3,161,153	)
OvaScience, Inc. *		(111,338	)		(5,066,992	)
PDL BioPharma, Inc.		(340,068	)		(2,373,675	)
Pharmacyclics, Inc. *		(25,829	)		(5,577,256	)
Puma Biotechnology, Inc. *		(12,091	)		(2,575,504	)
Relypsa, Inc. *		(16,506	)		(640,433	)
Rockwell Medical, Inc. *		(134,542	)		(1,345,420	)
Seattle Genetics, Inc. *		(93,272	)		(3,381,110	)
Spectranetics Corp. *		(122,321	)		(4,135,673	)
Synageva Biopharma Corp. *		(31,136	)		(3,074,057	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

14   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares			Value
Health Care—(continued)
Tekmira Pharmaceuticals Corp. *		(48,901	)	$	(888,531	)
TherapeuticsMD, Inc. *		(390,346	)		(1,979,054	)
Unilife Corp. *		(191,696	)		(757,199	)
Utah Medical Products, Inc.		(11,917	)		(707,870	)
Wright Medical Group, Inc. *		(142,956	)		(3,521,006	)
					(182,007,045	)
Real Estate Investment Trusts—(0.4%)
Digital Realty Trust, Inc.		(40,895	)		(2,714,610	)
					(2,714,610	)
Technology—(23.0%)
3D Systems Corp. *		(100,844	)		(3,072,717	)
ANTs Software, Inc.		(10,334	)		(1	)
Arista Networks, Inc. *		(22,021	)		(1,524,073	)
Box, Inc., Class A *		(593,154	)		(11,068,254	)
Capstone Turbine Corp. *		(735,133	)		(520,180	)
Cavium, Inc. *		(116,461	)		(7,976,414	)
Ciena Corp. *		(182,367	)		(3,815,118	)
Cirrus Logic, Inc. *		(199,024	)		(5,992,613	)
Consygen, Inc.		(200	)		0
Cornerstone OnDemand, Inc. *		(51,869	)		(1,657,993	)
CyberArk Software Ltd. *		(58,399	)		(3,461,309	)
Demandware, Inc. *		(51,478	)		(3,252,895	)
Ellie Mae, Inc. *		(103,821	)		(5,486,940	)
Endurance International Group Holdings, Inc. *		(112,011	)		(2,085,645	)
Ener1, Inc.		(102,820	)		(10	)
Enphase Energy, Inc. *		(115,069	)		(1,585,651	)
Finisar Corp. *		(175,683	)		(3,691,100	)
FireEye, Inc. *		(91,288	)		(4,041,320	)
First Solar, Inc. *		(34,731	)		(2,075,004	)
GT Advanced Technologies, Inc. *		(198,179	)		(58,760	)
Guidewire Software, Inc. *		(151,179	)		(8,414,623	)
Himax Technologies, Inc. — ADR		(301,722	)		(2,172,398	)
HubSpot, Inc. *		(95,336	)		(3,917,356	)
Imageware Systems, Inc. *		(388,259	)		(737,692	)
Infinera Corp. *		(279,139	)		(4,759,320	)
KLA-Tencor Corp.		(31,464	)		(2,043,744	)
Lam Research Corp. *		(24,895	)		(2,052,842	)
Lexmark International, Inc., Class A (a)		(69,515	)		(2,965,510	)
Micron Technology, Inc. *		(51,631	)		(1,583,523	)
Mobileiron, Inc. *		(456,306	)		(4,074,813	)
Neonode, Inc. *		(224,412	)		(688,945	)
Nestor, Inc. *		(15,200	)		(2	)
NetSuite, Inc. *		(49,596	)		(4,782,046	)
Nimble Storage, Inc. *		(89,341	)		(2,256,754	)
Palo Alto Networks, Inc. *		(15,880	)		(2,258,454	)
Plug Power, Inc. *		(441,015	)		(1,358,326	)
Proofpoint, Inc. *		(82,492	)		(4,672,347	)
Qlik Technologies, Inc. *		(102,399	)		(3,321,824	)
SanDisk Corp.		(48,551	)		(3,880,681	)
SciQuest Inc *		(135,112	)		(2,352,300	)
Sierra Wireless, Inc. *		(161,770	)		(6,076,081	)
Skyworks Solutions, Inc.		(58,327	)		(5,118,194	)

	Number of Shares			Value
Technology—(continued)
Sonus Networks, Inc.		(175,559	)	$	(2,995,037	)
SunEdison, Inc. *		(127,808	)		(2,829,669	)
Tableau Software, Inc., Class A *		(25,822	)		(2,427,526	)
Textura Corp. *		(108,267	)		(3,054,212	)
Tiger Telematics, Inc.		(6,510	)		0
Tower Semiconductor Ltd. *		(283,565	)		(4,562,561	)
Uni-Pixel, Inc. *		(19,665	)		(134,312	)
Universal Display Corp. *		(132,091	)		(4,542,609	)
Veeva Systems, Inc., Class A *		(164,001	)		(5,062,711	)
VeriFone Systems, Inc. *		(125,645	)		(4,421,448	)
ViaSat, Inc. *		(42,486	)		(2,776,035	)
Vicor Corp. *		(203,036	)		(2,676,014	)
Workday, Inc., Class A *		(51,530	)		(4,405,815	)
Workiva, Inc.		(143,778	)		(1,840,358	)
WorldGate Communications, Inc.		(582,655	)		(58	)
Xybernaut Corp.		(34,156	)		0
					(172,582,137	)
Transportation—(2.3%)
American Railcar Industries, Inc.		(235,849	)		(13,245,280	)
Student Transportation, Inc.		(753,053	)		(4,314,994	)
					(17,560,274	)
Utilities—(0.7%)
SolarCity Corp. *		(103,421	)		(5,311,703	)
TOTAL COMMON STOCK (Proceeds $550,185,489)					(650,700,782	)
TOTAL SECURITIES SOLD SHORT—(86.6%) (Proceeds $550,185,489)					(650,700,782	)
	Number of Contracts
OPTIONS WRITTEN ††—(0.1%)
BP PLC Put Options Expires 01/15/16 Strike Price $47.00		(1,052	)		(749,550	)
Schlumberger US Call Options Expires 01/20/17 Strike Price $80.00		(264	)		(259,380	)
TOTAL OPTIONS WRITTEN (Premiums received $1,016,312)					(1,008,930	)
OTHER ASSETS IN EXCESS OF LIABILITIES—77.7%					583,915,175
NET ASSETS—100.0%				$	751,770,728

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income producing.
(a)	—	All or a portion of the security is on loan (see Note 6 of the Notes to Financial Statements).

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   15

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT EQUITY FUND (concluded) PORTFOLIO OF INVESTMENTS

†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
††	—	Primary risk exposure is equity contracts.

A summary of the inputs used to value the Fund’s investments as of February 28, 2015 is as follows (see Note 1 in the Notes to Financial Statements):

	Total Value as of February 28, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	73,955,983			73,955,983		$	—		$	—
Capital Goods		82,188,994			82,188,994			—			—
Communications		48,907,030			48,907,030			—			—
Consumer Durables		18,721,502			18,721,502			—			—
Consumer Non-Durables		30,467,044			30,467,044			—			—
Consumer Services		108,649,989			108,649,989			—			—
Energy		51,234,444			51,234,444			—			—
Finance		161,189,441			161,189,441			—			—
Health Care		86,646,619			86,646,619			—			—
Real Estate Investment Trusts		10,186,905			10,186,905			—			—
Technology		114,264,958			114,264,958			—			—
Transportation		1,313,202			—			1,313,202			—
Options Purchased
Equity Contracts		1,920,900			1,920,900			—			—
Securities Lending Collateral		29,918,254			29,918,254			—			—
Total Assets	$	819,565,265		$	818,252,063		$	1,313,202		$	—
	Total Value as of February 28, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(2,650,240	)	$	(2,650,240	)	$	—		$	—
Capital Goods		(46,655,693	)		(46,655,686	)		—			(7	)
Communications		(45,063,242	)		(45,063,242	)		—			—
Consumer Durables		(35,258,971	)		(35,258,967	)		(4	)		—
Consumer Non-Durables		(24,137,071	)		(24,137,068	)		—			(3	)
Consumer Services		(95,020,409	)		(95,020,409	)		—			—
Energy		(3,895,180	)		(15	)		(3,895,165	)		—
Finance		(17,844,207	)		(17,844,207	)		—			—
Health Care		(182,007,045	)		(182,007,045	)		—			—
Real Estate Investment Trusts		(2,714,610	)		(2,714,610	)		—			—
Technology		(172,582,137	)		(172,582,066	)		(69	)		(2	)
Transportation		(17,560,274	)		(17,560,274	)		—			—
Utilities		(5,311,703	)		(5,311,703	)		—			—
Options Written
Equity Contracts		(1,008,930	)		(1,008,930	)		—			—
Total Liabilities	$	(651,709,712	)	$	(647,814,462	)	$	(3,895,238	)	$	(12	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

16   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT RESEARCH FUND PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
LONG POSITIONS—94.0%
COMMON STOCK—94.0%
Basic Industries—6.2%
Avery Dennison Corp. †		604,097	$	32,349,396
Barrick Gold Corp.		1,415,495		18,429,745
Berry Plastics Group, Inc. * †		1,327,888		45,559,837
Cloud Peak Energy, Inc. * †		648,665		5,377,433
Crown Holdings, Inc. * †		830,485		44,015,705
Graphic Packaging Holding Co. †		4,029,680		60,807,871
Huntsman Corp. †		1,941,620		43,608,785
Lintec Corp.		561,800		13,400,146
Mosaic Co. (The)		366,395		19,514,198
Packaging Corp of America †		545,429		45,194,247
Smurfit Kappa Group PLC		1,794,409		50,186,824
Stornoway Diamond Corp. *		19,386,145		10,855,373
				389,299,560
Capital Goods—10.6%
Allison Transmission Holdings, Inc. †		295,316		9,396,955
Boeing Co. (The)		106,292		16,034,148
Carlisle Cos, Inc. †		119,417		11,114,140
Continental Building Products, Inc. *		404,775		8,443,607
Crane Co. †		329,306		22,007,520
CRH PLC		704,133		19,878,527
Cubic Corp. †		313,169		16,369,344
Danaher Corp. †		484,711		42,305,576
Ebara Corp.		1,911,000		8,148,772
Emerson Electric Co. †		351,436		20,355,173
Fluor Corp. †		277,778		16,111,124
General Dynamics Corp. †		173,120		24,025,594
Global Brass & Copper Holdings, Inc. †		678,492		9,526,028
Honeywell International, Inc. †		197,268		20,275,205
Huntington Ingalls Industries, Inc. †		280,488		39,641,369
Ingersoll-Rand PLC		676,594		45,460,351
Kaba Holding AG		36,525		19,818,097
Lockheed Martin Corp. †		229,534		45,918,277
Masco Corp. †		1,335,424		34,974,755
Nitto Denko Corp.		362,000		22,995,328
Northrop Grumman Corp. †		229,723		38,067,398
Parker Hannifin Corp. †		133,004		16,318,261
Raytheon Co. †		221,712		24,115,614
Safran SA		451,861		31,766,500
Textron, Inc. †		681,639		30,203,424
Timken Co. †		391,209		16,618,558
Triumph Group, Inc. †		328,755		19,656,261
United Technologies Corp. †		170,388		20,772,001
WESCO International, Inc. *		221,080		15,349,584
				665,667,491
Communications—3.9%
Baidu, Inc. — Sponsored ADR * †		52,003		10,595,611
Comcast Corp., Class A †		782,537		46,467,047
Google, Inc., Class A * †		47,129		26,516,189
Google, Inc., Class C * †		8,656		4,833,510
Liberty Broadband Corp., Class A * †		33,266		1,725,175

	Number of Shares		Value
Communications—(continued)
Liberty Broadband Corp., Class C * †		86,496	$	4,502,956
Liberty Global PLC, Class A *		135,905		7,347,024
Liberty Global PLC, Series C * †		1,168,386		60,954,698
NetEase, Inc. — ADR †		158,413		15,847,637
Time Warner Cable, Inc. †		93,886		14,463,138
Verizon Communications, Inc.		411,267		20,337,153
Vodafone Group PLC		4,297,335		14,874,446
Yahoo!, Inc. * †		332,235		14,711,366
				243,175,950
Consumer Durables—2.5%
Lear Corp. †		228,346		24,871,446
Newell Rubbermaid, Inc. †		973,694		38,256,437
Samsung Electronics Co. Ltd.		15,902		19,667,690
Tenneco, Inc. * †		838,921		48,858,759
TS Tech Co. Ltd.		1,022,600		28,444,979
				160,099,311
Consumer Non-Durables—3.5%
Activision Blizzard, Inc. †		795,950		18,561,554
Aryzta AG		361,019		28,876,765
Bunge Ltd. †		253,318		20,716,346
Constellation Brands, Inc., Class A * †		184,631		21,180,868
Iconix Brand Group, Inc. *		423,794		14,311,523
Imperial Tobacco Group PLC		122,762		6,041,426
Lorillard, Inc. †		377,135		25,803,577
Ontex Group NV *		545,855		16,248,230
Sankyo Co., Ltd.		327,500		12,361,216
Stock Spirits Group PLC		5,278,864		16,055,088
Tyson Foods, Inc., Class A †		980,843		40,518,624
				220,675,217
Consumer Services—11.1%
Apollo Education Group, Inc. *		711,189		19,664,376
CBS Corp., Class B non-voting shares †		526,104		31,092,746
Cerved Information Solutions SpA *		2,871,538		17,997,389
Civeo Corp.		2,051,056		8,081,161
CVS Health Corp. †		403,441		41,905,417
Equifax, Inc. †		378,820		35,370,423
Expedia, Inc. †		148,329		13,609,186
Gap, Inc., (The) †		715,021		29,744,874
H&R Block, Inc. †		1,009,265		34,466,400
Home Depot, Inc. (The) †		331,150		37,999,463
ITV PLC		9,044,563		31,423,479
Liberty Media Corp., Class A * †		210,660		8,124,103
Liberty Media Corp., Class C * †		344,060		13,280,716
Macy’s, Inc. †		530,663		33,813,846
Manpowergroup, Inc. †		436,131		35,091,100
Moody’s Corp. †		289,255		28,040,380
Omnicom Group, Inc. †		411,496		32,730,392
Outerwall, Inc. *		329,084		21,232,500
Phoenix New Media Ltd. — ADR *		980,940		7,200,100
ProSiebenSat.1 Media AG		385,784		18,930,396
Robert Half International, Inc. †		531,155		32,910,364
Sally Beauty Holdings, Inc. * †		559,584		18,757,256

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   17

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Consumer Services—(continued)
Six Flags Entertainment Corp. †		244,197	$	11,059,682
Starz, Class A *		257,235		8,550,491
Time, Inc. †		263,056		6,234,427
Towers Watson & Co., Class A †		308,883		40,618,115
Tribune Media Co., Class A *		385,999		25,464,354
Viacom, Inc., Class B †		395,048		27,629,657
WPP PLC		1,245,125		29,417,892
				700,440,685
Energy—9.0%
Anadarko Petroleum Corp.		293,057		24,684,191
California Resources Corp.		—		1
Canadian Natural Resources Ltd.		995,068		29,006,232
Diamondback Energy, Inc. * †		716,342		51,010,714
Energen Corp. †		535,593		34,620,732
EOG Resources, Inc.		393,047		35,264,177
EQT Corp. †		471,658		37,643,025
Exxon Mobil Corp.		586,152		51,897,898
Inpex Corp.		1,027,900		12,149,694
Kosmos Energy Ltd. * †		1,498,729		13,458,586
Marathon Petroleum Corp. †		437,307		45,917,235
Occidental Petroleum Corp. †		544,499		42,405,582
Pacific Drilling SA *		1,773,592		6,455,875
Parsley Energy, Inc., Class A * †		3,262,593		48,580,010
Phillips 66 †		643,440		50,484,302
Precision Drilling Corp.		2,251,727		13,713,017
QEP Resources, Inc. †		1,229,694		26,413,827
Rice Energy, Inc. * †		1,389,325		27,202,984
Viper Energy Partners LP		622,557		11,828,583
				562,736,665
Finance—18.9%
ACE Ltd. †		348,641		39,748,560
Alleghany Corp. * †		73,067		34,527,080
Allianz SE, Registered Shares		57,525		9,632,656
Allstate Corp., (The) †		629,986		44,477,012
Ally Financial, Inc. *		975,465		20,270,163
Aon PLC †		365,239		36,655,386
Bank of America Corp. †		1,224,043		19,352,120
BB&T Corp. †		1,202,288		45,747,058
Berkshire Hathaway, Inc., Class B * †		267,464		39,426,868
Capital One Financial Corp. †		721,434		56,784,070
Charles Schwab Corp., (The) †		636,759		18,682,509
Citigroup, Inc. †		1,099,810		57,652,040
Discover Financial Services †		851,551		51,927,580
Endurance Specialty Holdings Ltd. †		246,603		15,676,553
Fifth Third Bancorp †		2,627,444		50,867,316
Goldman Sachs Group, Inc., (The) †		225,612		42,818,901
Huntington Bancshares, Inc. †		3,529,569		38,613,485
Investors Bancorp, Inc.		1,888,625		21,681,415
JPMorgan Chase & Co. †		944,401		57,872,893
MetLife, Inc. †		343,366		17,453,294
Navient Corp. †		1,585,023		33,919,492
PNC Financial Services Group, Inc., (The) †		400,046		36,788,230
Prudential Financial, Inc. †		249,986		20,211,368
Raymond James Financial, Inc. †		337,225		19,265,664
Regions Financial Corp. †		2,585,085		24,842,667

	Number of Shares		Value
Finance—(continued)
Reinsurance Group of America, Inc. †		198,923	$	17,765,813
SLM Corp.		2,199,931		20,833,347
State Street Corp. †		395,958		29,479,073
SunTrust Banks, Inc. †		415,879		17,051,039
TD Ameritrade Holding Corp. †		565,503		20,510,794
Torchmark Corp. †		347,437		18,501,020
Travelers Cos., Inc., (The) †		357,649		38,425,809
Validus Holdings Ltd.		850,389		35,410,198
Wells Fargo & Co. †		1,064,081		58,300,998
WR Berkley Corp. †		718,611		35,865,875
XL Group PLC †		1,197,083		43,334,405
				1,190,372,751
Health Care—10.2%
AbbVie, Inc.		569,029		34,426,255
Amgen, Inc. †		241,718		38,123,763
Anthem, Inc.		290,527		42,547,679
Cardinal Health, Inc. †		409,372		36,020,642
Express Scripts Holding Co. * †		533,025		45,195,190
Gilead Sciences, Inc. *		361,571		37,433,446
ICON PLC *		349,529		24,120,996
Johnson & Johnson †		212,063		21,738,578
Laboratory Corp. of America Holdings * †		205,940		25,336,798
McKesson Corp. †		157,805		36,090,004
Medtronic, Inc. †		531,255		41,220,050
Merck & Co., Inc. †		536,069		31,381,479
Novartis AG — Sponsored ADR		134,701		13,793,382
Omnicare, Inc. †		535,216		41,072,476
Pfizer, Inc. †		880,962		30,234,616
Shire PLC — ADR		72,818		17,615,402
Teva Pharmaceutical Industries Ltd. — Sponsored ADR		948,923		54,107,589
Universal Health Services, Inc., Class B †		381,865		43,284,398
Zimmer Holdings, Inc. †		252,123		30,353,088
				644,095,831
Real Estate Investment Trusts—0.7%
American Capital Agency Corp. REIT †		834,046		17,877,776
American Homes 4 Rent, Class A		519,267		8,666,566
American Residential Properties, Inc. * †		410,150		7,112,001
Boston Properties, Inc. †		62,353		8,567,926
				42,224,269
Technology—16.8%
Alliance Data Systems Corp. * †		49,406		13,760,065
Amdocs Ltd. †		555,795		29,179,238
Apple, Inc. †		407,742		52,378,537
Arrow Electronics, Inc. * †		643,577		39,876,031
Avago Technologies Ltd. †		394,851		50,390,885
Avnet, Inc. †		747,685		34,251,450

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

18   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares			Value
Technology—(continued)
Brocade Communications Systems, Inc.		4,270,512		$	52,911,644
CA, Inc.		395,070			12,847,676
CDW Corp. †		802,235			30,188,103
Cisco Systems, Inc. †		951,685			28,084,224
EMC Corp. †		1,496,305			43,303,067
Evertec, Inc. †		1,251,700			26,097,945
Fidelity National Information Services, Inc. †		433,684			29,312,702
Flextronics International Ltd. * †		4,176,730			50,872,571
Global Payments, Inc.		196,324			18,034,323
Harris Corp. †		232,011			18,022,614
Jabil Circuit, Inc. †		1,719,364			37,774,427
MediaTek, Inc.		2,586,000			38,829,033
Microsoft Corp. †		999,624			43,833,512
Motorola Solutions, Inc. †		436,550			29,659,207
NetApp, Inc. †		739,473			28,580,631
NXP Semiconductors NV *		496,113			42,117,513
ON Semiconductor Corp. *		3,232,271			41,211,455
Oracle Corp. †		1,006,613			44,109,782
Qorvo Inc. *		443,419			30,773,293
QUALCOMM, Inc. †		151,162			10,960,757
Seagate Technology PLC †		584,432			35,720,484
TE Connectivity Ltd. †		367,582			26,513,690
Texas Instruments, Inc. †		614,090			36,108,492
Total System Services, Inc. †		623,548			23,819,534
Western Digital Corp. †		451,400			48,290,772
Zebra Technologies Corp., Class A *		60,876			5,542,760
					1,053,356,417
Transportation—0.4%
Delta Air Lines, Inc.		494,807			22,028,808
					22,028,808
Utilities—0.2%
AES Corp.		893,161			11,584,298
					11,584,298
TOTAL COMMON STOCK—94.0% (Cost $5,041,300,517)					5,905,757,253
WARRANTS—0.0%
Basic Industries—0.0%
Stornoway Diamond Corp. Exercise Price CAD 0.90, Expires 07/08/16 *		7,527,500			602,152
					602,152
TOTAL WARRANTS—0.0%(Cost $773,078)					602,152
TOTAL INVESTMENTS—94.0% (Cost $5,042,073,595)					5,906,359,405
SECURITIES SOLD SHORT—(44.0%)
COMMON STOCK—(44.0%)
Basic Industries—(3.3%)
Air Products & Chemicals, Inc.		(63,623	)		(9,934,095	)
Aptargroup, Inc.		(208,296	)		(13,720,458	)

	Number of Shares			Value
Basic Industries—(continued)
Ball Corp. †		(164,654	)	$	(11,807,338	)
BASF SE		(175,102	)		(16,778,089	)
CONSOL Energy, Inc.		(446,788	)		(14,386,574	)
Detour Gold Corp. *		(1,162,533	)		(11,243,120	)
EI Du Pont de Nemours & Co.		(306,209	)		(23,838,371	)
EMS-Chemie Holding AG		(21,247	)		(9,334,792	)
FP Corp.		(371,800	)		(12,902,046	)
Huhtamaki OYJ		(172,631	)		(5,099,416	)
Intrepid Potash, Inc. *		(1,048,148	)		(14,799,850	)
Linde AG		(63,213	)		(12,848,714	)
Oji Holdings Corp.		(3,178,000	)		(13,425,206	)
Resolute Forest Products, Inc. *		(314,064	)		(5,728,527	)
Scotts Miracle-Gro Co. (The), Class A		(199,565	)		(13,073,503	)
Viscofan SA		(130,670	)		(8,048,951	)
Wausau Paper Corp.		(779,983	)		(7,324,040	)
					(204,293,090	)
Capital Goods—(3.0%)
Asahi Glass Co., Ltd.		(1,250,000	)		(7,891,422	)
Fastenal Co.		(530,586	)		(22,045,848	)
GEA Group AG		(208,622	)		(10,309,838	)
James Hardie Industries PLC		(839,310	)		(9,911,961	)
Kone OYJ		(207,137	)		(9,542,130	)
Now, Inc. *		(729,177	)		(15,495,011	)
Proto Labs, Inc. *		(345,967	)		(24,591,334	)
Raven Industries, Inc.		(324,676	)		(6,766,248	)
Sun Hydraulics Corp.		(211,511	)		(8,185,476	)
Trex Co., Inc. *		(415,239	)		(20,907,284	)
USG Corp. *		(385,281	)		(10,861,071	)
Vulcan Materials Co.		(93,849	)		(7,789,467	)
WW Grainger, Inc.		(101,012	)		(23,930,753	)
Zardoya Otis SA		(803,262	)		(9,703,699	)
					(187,931,542	)
Communications—(3.6%)
Belgacom SA		(349,758	)		(13,136,782	)
CenturyLink, Inc.		(330,150	)		(12,499,479	)
Cogent Communications Group, Inc.		(190,113	)		(6,980,949	)
Eutelsat Communications SA		(470,993	)		(16,075,883	)
Frontier Communications Corp		(1,986,858	)		(15,855,127	)
Internap Network Services Corp. *		(928,039	)		(8,834,931	)
Millicom International Cellular SA — SDR		(195,453	)		(13,631,203	)
Pandora Media, Inc. *		(994,080	)		(14,712,384	)
Rackspace Hosting, Inc. *		(481,294	)		(23,905,873	)
Shutterstock, Inc. *		(96,052	)		(5,431,741	)
Sprint Corp. *		(3,150,441	)		(16,130,258	)
Synchronoss Technologies, Inc. *		(398,263	)		(17,627,120	)
TalkTalk Telecom Group PLC		(3,491,555	)		(18,264,757	)
Telefonica SA — Sponsored ADR		(964,300	)		(14,937,007	)
Twitter, Inc. *		(319,886	)		(15,380,119	)
Yelp, Inc. *		(223,829	)		(10,743,792	)
					(224,147,405	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   19

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares			Value
Consumer Durables—(1.1%)
Autoliv, Inc.		(216,849	)	$	(24,395,513	)
Dorman Products, Inc. *		(186,639	)		(8,232,646	)
Electrolux AB—Series B		(172,111	)		(5,618,722	)
Leggett & Platt, Inc.		(218,870	)		(9,860,094	)
Tesla Motors, Inc. *		(53,460	)		(10,870,556	)
Valeo SA		(61,102	)		(9,177,060	)
					(68,154,591	)
Consumer Non-Durables—(4.1%)
Beiersdorf AG		(200,080	)		(17,363,569	)
Campbell Soup Co.		(357,917	)		(16,675,353	)
Clorox Co., (The)		(174,374	)		(18,943,991	)
Colgate-Palmolive Co.		(261,341	)		(18,508,170	)
Flowers Foods, Inc.		(769,595	)		(16,654,036	)
Hain Celestial Group, Inc., (The) *		(275,653	)		(17,236,582	)
JM Smucker Co., (The)		(147,051	)		(16,962,333	)
Keurig Green Mountain, Inc.		(108,018	)		(13,780,936	)
Mattel, Inc.		(433,804	)		(11,417,721	)
McCormick & Co., Inc. non-voting shares		(221,829	)		(16,721,470	)
Mondelez International, Inc., Class A		(469,958	)		(17,357,899	)
Remy Cointreau SA		(1	)		(42	)
Snyders-Lance, Inc.		(469,516	)		(14,484,569	)
Tsingtao Brewery Co., Ltd. Class H		(1,598,000	)		(10,111,521	)
Tumi Holdings, Inc. *		(853,050	)		(19,952,840	)
Under Armour, Inc., Class A *		(259,501	)		(19,984,172	)
Want Want China Holdings Ltd.		(10,898,000	)		(12,047,776	)
					(258,202,980	)
Consumer Services—(7.5%)
Acxiom Corp. *		(559,365	)		(11,187,300	)
Aramark		(421,705	)		(13,346,963	)
Avis Budget Group, Inc. *		(306,923	)		(18,605,672	)
Bob Evans Farms, Inc.		(465,186	)		(27,250,596	)
Buffalo Wild Wings, Inc. *		(95,567	)		(18,264,765	)
CarMax, Inc. *		(340,403	)		(22,844,445	)
Cheesecake Factory, Inc., (The)		(529,251	)		(25,150,008	)
DreamWorks Animation SKG, Inc., Class A *		(699,538	)		(14,977,109	)
Fresh Market, Inc., (The) *		(412,618	)		(15,704,241	)
Hennes & Mauritz AB, Class B		(569,070	)		(24,812,001	)
Krispy Kreme Doughnuts, Inc. *		(1,181,767	)		(25,786,156	)
L Brands, Inc.		(149,791	)		(13,759,801	)
Mattress Firm Holding Corp. *		(196,341	)		(11,959,130	)
Monro Muffler Brake, Inc.		(432,135	)		(27,328,217	)
Netflix, Inc. *		(27,781	)		(13,193,475	)
Qunar Cayman Islands Ltd. *		(315,288	)		(8,572,681	)
Restoration Hardware Holdings, Inc. *		(193,182	)		(17,019,334	)
Ritchie Bros Auctioneers, Inc.		(695,935	)		(17,523,643	)
Rollins, Inc.		(410,788	)		(13,777,830	)
Sprouts Farmers Market, Inc. *		(542,390	)		(19,965,376	)
Texas Roadhouse, Inc.		(572,068	)		(21,532,640	)
Ultimate Software Group, Inc., (The) *		(103,189	)		(16,989,553	)
United Natural Foods, Inc. *		(283,003	)		(23,500,569	)
Vitamin Shoppe, Inc. *		(343,316	)		(14,556,598	)

	Number of Shares			Value
Consumer Services—(continued)
Wendy’s Co., (The)		(2,096,623	)	$	(23,251,549	)
Woolworths Ltd.		(531,393	)		(12,717,439	)
					(473,577,091	)
Energy—(3.6%)
Atwood Oceanics, Inc. *		(300,794	)		(9,327,622	)
Bristow Group, Inc.		(248,260	)		(15,377,224	)
Cabot Oil & Gas Corp.		(463,290	)		(13,435,410	)
Chesapeake Energy Corp.		(727,581	)		(12,136,051	)
Concho Resources, Inc. *		(153,639	)		(16,734,360	)
Continental Resources, Inc. *		(607,214	)		(27,014,951	)
CVR Energy, Inc.		(233,723	)		(9,814,029	)
Denbury Resources, Inc.		(1,689,281	)		(14,189,960	)
EQT Midstream Partners LP		(123,902	)		(10,311,124	)
Hess Corp.		(215,271	)		(16,162,547	)
Matador Resources Co. *		(744,543	)		(16,126,801	)
Oasis Petroleum, Inc. *		(725,370	)		(10,394,552	)
Repsol SA		(862,370	)		(16,628,115	)
Ultra Petroleum Corp. *		(1,051,780	)		(17,112,461	)
Vermilion Energy, Inc.		(433,707	)		(19,291,287	)
					(224,056,494	)
Finance—(4.8%)
Aberdeen Asset Management PLC		(1,822,281	)		(13,151,187	)
Astoria Financial Corp.		(925,558	)		(12,143,321	)
BancorpSouth, Inc.		(566,187	)		(12,676,927	)
Commonwealth Bank of Australia		(157,077	)		(11,268,474	)
Community Bank System, Inc.		(385,991	)		(13,710,400	)
CVB Financial Corp.		(819,108	)		(12,819,040	)
Eaton Vance Corp.		(388,832	)		(16,369,827	)
Financial Engines, Inc.		(321,149	)		(12,942,305	)
First Financial Bankshares, Inc.		(577,563	)		(15,172,580	)
Glacier Bancorp, Inc.		(427,198	)		(10,376,639	)
HDFC Bank Ltd. — ADR		(161,870	)		(10,037,559	)
Home Bancshares, Inc.		(390,590	)		(12,362,174	)
LPL Financial Holdings, Inc.		(300,201	)		(13,467,017	)
Mobile Mini, Inc.		(329,789	)		(13,682,946	)
New York Community Bancorp, Inc.		(1,097,182	)		(18,224,193	)
Northern Trust Corp.		(162,633	)		(11,356,662	)
PacWest Bancorp		(240,329	)		(11,015,480	)
Siam Commercial Bank PCL, (The) — NVDR		(2,035,500	)		(10,672,031	)
Trustmark Corp.		(593,723	)		(13,685,315	)
UMB Financial Corp.		(195,575	)		(10,079,936	)
United Bankshares, Inc.		(565,720	)		(21,186,214	)
Valley National Bancorp		(1,052,240	)		(10,101,504	)
Westamerica Bancorporation		(385,909	)		(16,621,101	)
					(303,122,832	)
Health Care—(3.1%)
Agilent Technologies, Inc.		(279,220	)		(11,785,876	)
athenahealth, Inc. *		(143,911	)		(18,286,771	)
Carl Zeiss Meditec AG		(564,543	)		(15,513,797	)
Cerner Corp. *		(218,361	)		(15,735,094	)
CSL Ltd.		(164,222	)		(11,825,012	)
Elekta AB, B Shares		(1,520,521	)		(15,876,377	)
GW Pharmaceuticals PLC *		(109,291	)		(8,843,828	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

20   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares			Value
Health Care—(continued)
Health Net, Inc. *		(311,081	)	$	(17,840,495	)
Henry Schein, Inc. *		(87,034	)		(12,189,112	)
Novo Nordisk A/S		(426,197	)		(20,395,476	)
Pharmacyclics, Inc. *		(72,980	)		(15,758,571	)
Puma Biotechnology, Inc. *		(34,600	)		(7,370,146	)
ResMed, Inc.		(162,977	)		(10,489,200	)
Sirona Dental Systems, Inc. *		(132,023	)		(11,990,329	)
					(193,900,084	)
Real Estate Investment Trusts—(2.0%)
Equinix, Inc.		(97,800	)		(21,924,245	)
Gaming and Leisure Properties, Inc.		(759,025	)		(25,692,996	)
HCP, Inc.		(322,310	)		(13,653,052	)
Health Care REIT, Inc.		(153,723	)		(11,853,581	)
Iron Mountain Inc.		—	^		(1	)
Omega Healthcare Investors, Inc.		(304,298	)		(12,190,178	)
Plum Creek Timber Co., Inc.		(255,578	)		(11,102,308	)
Realty Income Corp.		(315,587	)		(15,798,285	)
Rouse Properties, Inc.		(841,436	)		(14,540,014	)
					(126,754,660	)
Technology—(5.9%)
3D Systems Corp. *		(373,291	)		(11,374,177	)
Arista Networks, Inc. *		(85,819	)		(5,939,533	)
Aspen Technology, Inc. *		(308,582	)		(11,912,808	)
Blackbaud, Inc.		(719,904	)		(32,683,642	)
Cirrus Logic, Inc. *		(250,933	)		(7,555,593	)
Dassault Systemes SA		(294,994	)		(20,612,796	)
Finisar Corp. *		(679,543	)		(14,277,198	)
Infosys Technologies Ltd. — Sponsored ADR		(716,105	)		(26,288,215	)
Itron, Inc. *		(542,100	)		(19,775,808	)
LG Display Co., Ltd. *		(1,424,324	)		(22,034,292	)
National Instruments Corp.		(754,107	)		(23,482,892	)
NetSuite, Inc. *		(191,971	)		(18,509,844	)
Red Hat, Inc. *		(246,367	)		(17,028,887	)
Salesforce.com, Inc. *		(413,892	)		(28,715,827	)
Trimble Navigation Ltd. *		(569,194	)		(14,878,731	)
Tyler Technologies, Inc. *		(164,720	)		(19,662,626	)
VeriFone Systems, Inc. *		(791,693	)		(27,859,677	)
ViaSat, Inc. *		(215,132	)		(14,056,725	)
VMware, Inc., Class A *		(38,812	)		(3,301,737	)
VTech Holdings Ltd.		(754,500	)		(10,759,299	)
Wipro Ltd. — ADR		(1,677,418	)		(23,114,820	)
					(373,825,127	)
Transportation—(1.7%)
Canadian Pacific Railway Ltd.		(59,419	)		(11,148,193	)
Heartland Express, Inc.		(480,548	)		(12,095,393	)
J.B. Hunt Transport Services, Inc.		(215,903	)		(18,459,707	)
Kansas City Southern		(102,201	)		(11,838,964	)
Keikyu Corp.		(847,220	)		(6,904,635	)
Knight Transportation, Inc.		(351,228	)		(11,611,598	)
Norwegian Air Shuttle ASA *		(277,708	)		(8,421,648	)
Panalpina Welttransport Holding AG, Registered Shares		(90,822	)		(12,617,692	)

	Number of Shares			Value
Transportation—(continued)
Ryder System, Inc.		(150,219	)	$	(14,119,084	)
					(107,216,914	)
Utilities—(0.3%)
Ormat Technologies, Inc.		(249,830	)		(8,519,203	)
Spectra Energy Corp.		(360,630	)		(12,798,759	)
					(21,317,962	)
TOTAL COMMON STOCK (Proceeds $2,588,002,151)					(2,766,500,772	)
TOTAL SECURITIES SOLD SHORT—(44.0%) (Proceeds $2,588,002,151)					(2,766,500,772	)
	Number of Contracts
OPTIONS WRITTEN ††—(0.2%)
Diamondback Energy Inc. Call Options Expires 03/20/15 Strike Price $55		(1,430	)		(2,409,550	)
Diamondback Energy Inc. Call Options Expires 03/20/15 Strike Price $60		(5,000	)		(6,150,000	)
EOG Resources Call Options Expires 04/17/15 Strike Price $90.00		(3,500	)		(1,260,000	)
Exxon Mobil Corp. Call Options Expires 04/17/15 Strike Price $87.5		(2,500	)		(775,000	)
Exxon Mobil Corp. Call Options Expires 04/17/15 Strike Price $90.00		(2,500	)		(427,500	)
Occidental Petroleum Corp. Call Options Expires 05/15/15 Strike Price $80		(4,494	)		(894,306	)
TOTAL OPTIONS WRITTEN (Premiums received $10,017,914)					(11,916,356	)
TOTAL INVESTMENTS—49.8% (Cost $2,444,053,530)					3,127,942,277
OTHER ASSETS IN EXCESS OF LIABILITIES—50.2%					3,155,693,354
NET ASSETS—100.0%				$	6,283,635,631

ADR	—	American Depositary Receipt
LP	—	Limited Partnership
NVDR	—	Non-Voting Depository Receipt
PCL	—	Public Company Limited
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust
SDR	—	Swedish Depositary Receipt

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   21

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS LONG/SHORT RESEARCH FUND (concluded) PORTFOLIO OF INVESTMENTS

*	—	Non-income producing.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
^	—	Amount is less than 0.5 shares.
††	—	Primary risk exposure is equity contracts.

A summary of the inputs used to value the Fund’s investments as of February 28, 2015 is as follows (see Note I in the Notes to Financial Statements):

	Total Value as of February 28, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	389,299,560		$	325,712,590		$	63,586,970		$	—
Capital Goods		665,667,491			563,060,267			102,607,224			—
Communications		243,175,950			228,301,504			14,874,446			—
Consumer Durables		160,099,311			111,986,642			48,112,669			—
Consumer Non-Durables		220,675,217			179,437,236			41,237,981			—
Consumer Services		700,440,685			602,671,529			97,769,156			—
Energy		562,736,665			550,586,971			12,149,694			—
Finance		1,190,372,751			1,180,740,095			9,632,656			—
Health Care		644,095,831			644,095,831			—			—
Real Estate Investment Trusts		42,224,269			42,224,269			—			—
Technology		1,053,356,417			1,014,527,384			38,829,033			—
Transportation		22,028,808			22,028,808			—			—
Utilities		11,584,298			11,584,298			—			—
Warrants		602,152			602,152			—			—
Total Assets	$	5,906,359,405		$	5,477,559,576		$	428,799,829		$	—
	Total Value as of February 28, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(204,293,090	)	$	(125,855,876	)	$	(78,437,214	)	$	—
Capital Goods		(187,931,542	)		(140,572,492	)		(47,359,050	)		—
Communications		(224,147,405	)		(163,038,780	)		(61,108,625	)		—
Consumer Durables		(68,154,591	)		(53,358,809	)		(14,795,782	)		—
Consumer Non-Durables		(258,202,980	)		(218,680,072	)		(39,522,908	)		—
Consumer Services		(473,577,091	)		(436,047,651	)		(37,529,440	)		—
Energy		(224,056,494	)		(207,428,379	)		(16,628,115	)		—
Finance		(303,122,832	)		(268,031,140	)		(35,091,692	)		—
Health Care		(193,900,084	)		(146,165,799	)		(47,734,285	)		—
Real Estate Investment Trusts		(126,754,660	)		(126,754,660	)		—			—
Technology		(373,825,127	)		(342,453,032	)		(31,372,095	)		—
Transportation		(107,216,914	)		(79,272,939	)		(27,943,975	)		—
Utilities		(21,317,962	)		(21,317,962	)		—			—
Options Written
Equity Contracts		(11,916,356	)		(11,916,356	)		—			—
Total Liabilities	$	(2,778,417,128	)	$	(2,340,893,947	)	$	(437,523,181	)	$	—

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

22   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS ALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
RIGHTS—0.0%
CVR Banctec, Inc. Escrow Shares		14,327	$	0
TOTAL RIGHTS (Cost $0)				0
COMMON STOCK—99.1%
Basic Industries—1.3%
Avery Dennison Corp.		58,355		3,124,910
Graphic Packaging Holding Co.		294,060		4,437,365
Huntsman Corp.		110,190		2,474,867
International Paper Co.		53,920		3,041,627
				13,078,769
Capital Goods—7.9%
Cubic Corp.		33,280		1,739,546
Emerson Electric Co.		70,220		4,067,142
Fluor Corp.		52,158		3,025,164
General Electric Co.		793,785		20,630,472
Huntington Ingalls Industries, Inc.		45,485		6,428,395
Illinois Tool Works, Inc.		31,775		3,141,276
Masco Corp.		119,295		3,124,336
Oshkosh Corp.		42,075		2,052,839
Parker Hannifin Corp.		70,022		8,590,999
Raytheon Co.		55,270		6,011,718
Stanley Black & Decker, Inc.		32,810		3,226,535
Terex Corp.		115,630		3,169,418
Textron, Inc.		70,030		3,103,029
Timken Co.		102,410		4,350,377
WESCO International, Inc. *		99,595		6,914,881
				79,576,127
Communications—2.4%
DIRECTV *		132,845		11,770,067
Google, Inc., Class A * #		9,330		5,249,338
NetEase, Inc. — ADR		69,550		6,957,782
				23,977,187
Consumer Durables—2.4%
Brunswick Corp.		54,285		2,944,418
Harley-Davidson, Inc.		75,320		4,788,092
Lear Corp.		76,633		8,346,866
Newell Rubbermaid, Inc.		81,115		3,187,008
Thor Industries, Inc.		86,470		5,331,740
				24,598,124
Consumer Non-Durables—4.9%
Activision Blizzard, Inc.		681,635		15,895,728
Bunge Ltd.		33,875		2,770,297
Electronic Arts, Inc. *		172,548		9,866,295
Lorillard, Inc.		183,420		12,549,596
PepsiCo, Inc.		87,210		8,632,046
				49,713,962
Consumer Services—8.3%
AutoZone, Inc. *		4,940		3,174,839
Bed Bath & Beyond, Inc. *		71,705		5,353,495
CVS Health Corp.		69,125		7,180,014
eBay, Inc. *		183,215		10,609,981
Equifax, Inc.		37,935		3,541,991
H&R Block, Inc.		155,515		5,310,837

	Number of Shares		Value
Consumer Services—(continued)
Kohl’s Corp.		189,521	$	13,986,650
Korn/Ferry International *		88,886		2,719,912
Macy’s, Inc.		137,475		8,759,907
Manpowergroup, Inc.		74,180		5,968,523
Omnicom Group, Inc.		128,825		10,246,741
Sportsman’s Warehouse Holdings, Inc. *		245,175		1,804,488
Viacom, Inc., Class B		69,980		4,894,401
				83,551,779
Energy—7.5%
Anadarko Petroleum Corp.		58,725		4,946,407
Canadian Natural Resources Ltd.		192,890		5,622,743
Energen Corp.		113,780		7,354,739
EOG Resources, Inc.		30,835		2,766,516
EQT Corp.		44,460		3,548,353
Exxon Mobil Corp.		113,015		10,006,348
Marathon Petroleum Corp.		62,085		6,518,925
Occidental Petroleum Corp.		155,710		12,126,695
Parsley Energy, Inc., Class A * (a)		82,150		1,223,214
Phillips 66		151,645		11,898,067
QEP Resources, Inc.		145,165		3,118,144
Rice Energy, Inc. *		143,300		2,805,814
Western Refining, Inc.		71,690		3,376,599
				75,312,564
Finance—25.1%
ACE Ltd.		83,960		9,572,280
Alleghany Corp. *		16,252		7,679,720
Allstate Corp., (The)		81,635		5,763,431
American International Group, Inc.		181,400		10,036,862
Aon PLC		52,460		5,264,886
Axis Capital Holdings Ltd.		63,350		3,283,431
BB&T Corp.		316,715		12,051,006
Capital One Financial Corp.		249,980		19,675,926
Citigroup, Inc.		391,372		20,515,720
FCB Financial Holdings, Inc., Class A *		50,936		1,293,774
FCB Financial Holdings, Inc., Class B *		12,734		323,444
Federated Investors, Inc., Class B		83,750		2,757,887
Fifth Third Bancorp		799,115		15,470,866
Goldman Sachs Group, Inc., (The)		52,515		9,966,822
JPMorgan Chase & Co.		504,465		30,913,615
Loews Corp.		213,544		8,757,439
MetLife, Inc.		153,960		7,825,787
Navient Corp.		249,890		5,347,646
OneBeacon Insurance Group Ltd.		193,230		2,898,450
Peoples Choice Financial Corp. 144A * ‡		1,465		0
Prudential Financial, Inc.		125,520		10,148,292
Raymond James Financial, Inc.		118,500		6,769,905
SLM Corp.		249,885		2,366,411
Solar Cayman Ltd. 144A * ‡		19,375		0
State Street Corp.		118,835		8,847,266
Torchmark Corp.		85,947		4,576,678
Travelers Cos., Inc., (The)		100,290		10,775,158
Validus Holdings Ltd.		169,329		7,050,860

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   23

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS ALL-CAP VALUE FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Finance—(continued)
Wells Fargo & Co.		90,745	$	4,971,919
White Mountains Insurance Group Ltd.		9,795		6,534,734
WR Berkley Corp.		163,875		8,179,001
XL Group PLC		81,895		2,964,599
				252,583,815
Health Care—17.5%
AbbVie, Inc.		95,730		5,791,665
Allscripts Healthcare Solutions, Inc. *		185,665		2,228,908
Amgen, Inc.		119,565		18,857,792
Anthem, Inc.		41,715		6,109,162
Boston Scientific Corp. *		219,840		3,715,296
Cardinal Health, Inc.		90,695		7,980,253
Express Scripts Holding Co. *		119,190		10,106,120
Gilead Sciences, Inc. *		78,810		8,159,199
Johnson & Johnson		178,565		18,304,698
McKesson Corp.		24,565		5,618,016
Medtronic PLC		245,675		19,061,939
Merck & Co., Inc.		172,055		10,072,100
Novartis AG—Sponsored ADR		162,235		16,612,864
Pfizer, Inc.		487,526		16,731,892
Shire PLC—ADR		28,595		6,917,416
St. Jude Medical, Inc.		74,795		4,987,331
Teva Pharmaceutical Industries Ltd.—Sponsored ADR		144,900		8,262,198
UnitedHealth Group, Inc.		55,920		6,354,190
				175,871,039
Real Estate Investment Trusts—0.0%
TMST, Inc. ‡		191,097		0
Technology—21.8%
Amdocs Ltd.		98,035		5,146,837
Arrow Electronics, Inc. *		126,537		7,840,233
Avnet, Inc.		156,342		7,162,027
Brocade Communications Systems, Inc.		692,070		8,574,747
CA, Inc.		265,540		8,635,361
Cisco Systems, Inc.		606,550		17,899,291
Computer Sciences Corp.		75,360		5,344,531
EMC Corp.		718,635		20,797,297
Fidelity National Information Services, Inc.		129,245		8,735,670
Flextronics International Ltd. *		1,147,626		13,978,085
Global Payments, Inc.		48,345		4,440,972
II-VI, Inc. *		186,815		3,267,394
Jabil Circuit, Inc.		242,335		5,324,100
Microsemi Corp. *		190,365		6,137,368
Microsoft Corp.		343,830		15,076,946
Motorola Solutions, Inc.		121,445		8,250,973
NetApp, Inc.		116,430		4,500,020
ON Semiconductor Corp. *		847,730		10,808,558
Oracle Corp.		408,755		17,911,644
Seagate Technology PLC		49,995		3,055,694
Symantec Corp.		199,270		5,013,633
TE Connectivity Ltd.		231,095		16,668,882
Total System Services, Inc.		172,470		6,588,354

	Number of Shares			Value
Technology—(continued)
Vishay Intertechnology, Inc.		179,145		$	2,551,025
Western Digital Corp.		59,340			6,348,193
					220,057,835
TOTAL COMMON STOCK(Cost $768,477,492)					998,321,201
SECURITIES LENDING COLLATERAL—0.0%
BlackRock Liquidity TempFund, Institutional Shares		154,906			154,906
TOTAL SECURITIES LENDING COLLATERAL (Cost $154,906)					154,906
TOTAL INVESTMENTS—99.1% (Cost $768,632,398)					998,476,107
	Number of Contracts
OPTIONS WRITTEN ††—(0.1%)
Google, Inc. Call Options Expires 01/15/16 Strike Price $500		(93	)		(837,000	)
TOTAL OPTIONS WRITTEN (Premiums received $546,688)					(837,000	)
OTHER ASSETS IN EXCESS OF LIABILITIES—1.0%					10,025,315
NET ASSETS—100.0%				$	1,007,664,422

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933, as amended, and may not be resold subject to that rule except to qualified institutional buyers. As of February 28, 2015, these securities amounted to $0 or 0.0% of net assets. These Rule 144A securities have not been deemed illiquid.
*	—	Non-income producing.
‡	—	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2015, these securities amounted to 0 or 0% of net assets.
#	—	Security segregated as collateral for options written.
(a)	—	All or a portion of the security is on loan (see Note 6 of the Notes to Financial Statements).
††	—	Primary risk exposure is equity contracts.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

24   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS ALL-CAP VALUE FUND (concluded) PORTFOLIO OF INVESTMENTS

A summary of the inputs used to value the Fund’s investments as of February 28, 2015 is as follows (see Note 1 in the Notes to Financial Statements):

	Total Value as of February 28, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	13,078,769		$	13,078,769		$	—	$	—
Capital Goods		79,576,127			79,576,127			—		—
Communications		23,977,187			23,977,187			—		—
Consumer Durables		24,598,124			24,598,124			—		—
Consumer Non-Durables		49,713,962			49,713,962			—		—
Consumer Services		83,551,779			83,551,779			—		—
Energy		75,312,564			75,312,564			—		—
Finance		252,583,815			250,966,597			1,617,218		—
Health Care		175,871,039			175,871,039			—		—
Real Estate Investment Trusts		—			—			—		—
Technology		220,057,835			220,057,835			—		—
Rights		—			—			—		—
Securities Lending Collateral		154,906			154,906			—		—
Total Assets	$	998,476,107		$	996,858,889		$	1,617,218	$	—
	Total Value as of February 28, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Options Written
Equity Contracts	$	(837,000	)	$	(837,000	)	$	—	$	—
Total Liabilities	$	(837,000	)	$	(837,000	)	$	—	$	—

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   25

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

WPG PARTNERS SMALL/MICRO CAP VALUE FUND PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
COMMON STOCK—91.6%
Basic Industries—1.9%
Cloud Peak Energy, Inc. *		20,300	$	168,287
GrafTech International Ltd. *		95,000		370,500
Novagold Resources, Inc. * (a)		62,500		232,500
Schweitzer-Mauduit International, Inc.		900		42,138
				813,425
Capital Goods—10.8%
Aegion Corp. *		14,500		262,305
Carpenter Technology Corp.		3,600		152,496
FreightCar America, Inc.		20,100		629,130
Global Power Equipment Group, Inc.		34,400		457,520
Great Lakes Dredge & Dock Corp. *		144,100		879,010
KBR, Inc.		18,600		302,994
Landec Corp. *		37,800		527,688
MYR Group, Inc. *		9,200		254,288
Orion Marine Group, Inc. *		20,300		207,060
Primoris Services Corp.		10,300		212,695
Tutor Perini Corp. *		30,600		712,062
				4,597,248
Consumer Durables—2.3%
LGI Homes, Inc. * (a)		10,700		151,512
Libbey, Inc.		17,200		654,116
New Remy Holdco Corp. *		3,657		83,629
TRI Pointe Homes, Inc. *		6,000		95,280
				984,537
Consumer Non-Durables—2.9%
Callaway Golf Co.		25,000		224,750
Crocs, Inc. *		24,000		267,600
Matthews International Corp., Class A		10,900		527,233
Universal Corp.		4,200		201,222
				1,220,805
Consumer Services—7.7%
Ascena Retail Group, Inc. *		8,900		119,260
Carmike Cinemas, Inc. *		7,000		218,750
Destination XL Group, Inc. *		20,000		94,400
FTI Consulting, Inc. *		12,000		442,440
ICF International, Inc. *		4,700		196,930
K12, Inc. *		21,600		365,688
KAR Auction Services, Inc.		5,300		193,291
MDC Partners, Inc., Class A (a)		28,700		746,774
PRGX Global, Inc. *		40,000		200,400
Shoe Carnival, Inc.		7,600		186,504
Titan Machinery, Inc. * (a)		22,200		320,124
Vitamin Shoppe, Inc. *		4,800		203,520
				3,288,081
Energy—4.0%
Aegean Marine Petroleum Network, Inc.		8,000		117,280
Approach Resources, Inc. * (a)		89,500		691,835
Bill Barrett Corp. *		56,500		567,260

	Number of Shares		Value
Energy—(continued)
Nuverra Environmental Solutions, Inc. * (a)		30,300	$	113,322
Resolute Energy Corp. *		26,300		27,878
TETRA Technologies, Inc. *		32,500		194,025
				1,711,600
Finance—25.2%
Central Pacific Financial Corp.		33,600		770,784
CNO Financial Group, Inc.		37,800		614,628
Customers Bancorp Inc *		25,800		571,212
Employers Holdings, Inc.		26,200		618,058
FBR & Co. *		18,495		448,504
Fidelity & Guaranty Life		29,500		610,060
FNFV Group *		13,800		205,482
Hanover Insurance Group, Inc., (The)		4,100		287,984
Investors Bancorp, Inc.		53,700		616,476
Kemper Corp.		16,900		621,920
Kennedy-Wilson Holdings, Inc.		20,700		553,932
Maiden Holdings Ltd.		50,100		716,931
Meadowbrook Insurance Group, Inc.		34,900		291,764
Medley Management, Inc., Class A		4,000		41,560
Meridian Bancorp, Inc. *		22,600		280,014
Nelnet, Inc., Class A		6,900		321,678
Northfield Bancorp, Inc.		33,832		489,549
Popular Inc *		25,900		893,809
State Bank Financial Corp.		33,400		681,360
THL Credit, Inc.		13,200		159,588
United Community Banks, Inc.		25,700		488,814
WSFS Financial Corp.		3,000		233,220
Yadkin Financial Corp. *		11,500		221,375
				10,738,702
Health Care—4.8%
Accuray, Inc. * (a)		113,100		1,015,638
Alere, Inc. *		5,800		263,726
Invacare Corp.		1,700		32,249
Natus Medical, Inc. *		5,400		193,266
Symmetry Surgical, Inc. *		5,800		42,920
Trinity Biotech PLC — Sponsored ADR		28,500		506,160
				2,053,959
Real Estate Investment Trusts—12.1%
American Capital Mortgage Investment Corp.		10,500		193,725
CatchMark Timber Trust, Inc., Class A		32,000		388,160
Cedar Realty Trust, Inc.		55,600		415,888
Excel Trust, Inc.		25,000		342,500
FelCor Lodging Trust, Inc.		48,700		524,499
Geo Group, Inc., (The)		18,800		811,220
Gramercy Property Trust Inc.		80,600		568,230
Hatteras Financial Corp.		10,500		192,675
Highwoods Properties, Inc.		9,800		446,978
Rouse Properties, Inc. (a)		26,100		451,008
Starwood Property Trust, Inc.		12,800		312,320
Two Harbors Investment Corp.		20,100		209,844

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

26   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

WPG PARTNERS SMALL/MICRO CAP VALUE FUND (concluded) PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Real Estate Investment Trusts—(continued)
Winthrop Realty Trust		18,400	$	296,240
				5,153,287
Technology—9.5%
CIBER, Inc. *		99,400		389,648
Computer Task Group, Inc.		18,500		141,155
Digi International, Inc. *		43,100		455,998
Diodes, Inc. *		8,200		233,618
Dot Hill Systems Corp. *		66,100		268,366
Exar Corp. *		53,400		572,448
Extreme Networks, Inc. *		60,300		214,065
Finisar Corp. *		10,700		224,807
Generac Holdings, Inc. * (a)		8,000		394,320
Kofax Ltd. *		50,800		346,456
Plantronics, Inc.		8,800		443,872
Ultratech, Inc. *		6,200		111,848
Xcerra Corp. *		28,400		257,872
				4,054,473
Transportation—6.0%
Air Transport Services Group, Inc. *		27,800		249,922
Celadon Group, Inc.		15,500		406,875
DHT Holding, Inc.		28,100		193,890
JetBlue Airways Corp. * (a)		4,900		84,231
Navigator Holdings Ltd. *		17,400		320,334
Rand Logistics, Inc. *		27,500		91,300
Scorpio Bulkers, Inc. *		26,900		68,595
Scorpio Tankers, Inc.		98,200		850,412
StealthGas, Inc. *		45,100		277,365
				2,542,924

	Number of Shares		Value
Utilities—4.4%
Cadiz, Inc. *(a)		30,300	$	348,450
Chesapeake Utilities Corp.		6,000		283,200
Empire District Electric Co. (The)		7,200		182,520
Piedmont Natural Gas Co., Inc.		7,600		283,480
Portland General Electric Co.		6,500		242,385
UIL Holdings Corp.		10,600		535,830
				1,875,865
TOTAL COMMON STOCK (Cost $32,040,132)				39,034,906
SECURITIES LENDING COLLATERAL—8.9%
BlackRock Liquidity TempFund, Institutional Shares		3,789,509		3,789,509
TOTAL SECURITIES LENDING COLLATERAL (Cost $3,789,509)				3,789,509
TOTAL INVESTMENTS—100.5% (Cost $35,829,641)				42,824,415
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.5)%				(212,029	)
NET ASSETS—100.0%			$	42,612,386

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income Producing
(a)	—	All or a portion of the security is on loan (see Note 6 of the Notes to Financial Statements).

A summary of the inputs used to value the Fund’s investments as of February 28, 2015 is as follows (see Note I in the Notes to Financial Statements):

	Total Value as of February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock *	$	39,034,906	$	39,034,906	$	—	$	—
Securities Lending Collateral		3,789,509		3,789,509		—		—
Total Assets	$	42,824,415	$	42,824,415	$	—	$	—

* See Portfolio of Investments detail for industry and security type breakout.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   27

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS GLOBAL EQUITY FUND PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
COMMON STOCK—97.3%
Australia—0.9%
Australia & New Zealand Banking Group Ltd.		27,220	$	750,940
Bermuda—0.5%
Validus Holdings Ltd.		9,295		387,044
Canada—1.2%
Barrick Gold Corp.		24,970		325,109
Canadian Natural Resources Ltd.		13,105		381,367
Precision Drillling Corp.		47,605		289,796
				996,272
China—0.6%
Shenzhou International Group Holdings Ltd.		124,000		490,537
France—4.3%
Bollore		142,305		780,369
Cap Gemini SA		12,665		1,022,368
Safran SA		16,055		1,128,690
Sopra Steria Group		355		30,971
Teleperformance SA		6,015		464,236
				3,426,634
Germany—4.2%
Allianz SE, Registered Shares		2,340		391,837
Aurelius AG		25,540		1,060,874
Fresenius SE & Co. KGaA		9,920		568,452
Muenchener Rueckversicherungs AG, Registered Shares		2,750		570,792
NORMA Group AG		14,348		766,119
				3,358,074
Hong Kong—3.0%
Cheung Kong Holdings Ltd.		53,000		1,049,073
China Mobile Ltd.		39,000		529,237
China Unicom Hong Kong Ltd.		274,000		462,083
Hutchison Whampoa Ltd.		28,000		383,403
				2,423,796
Ireland—6.1%
CRH, Inc.		36,160		1,020,841
Greencore Group PLC		184,650		960,478
Ingersoll-Rand, Inc.		10,025		673,580
Medtronic PLC		13,630		1,057,552
Smurfit Kappa Group PLC		42,290		1,182,785
				4,895,236
Israel—0.7%
Teva Pharmaceutical Industries Ltd. — Sponsored ADR		10,565		602,416
Italy—1.6%
Assicurazioni Generali SpA		40,460		833,465
Cerved Information Solutions SpA *		68,665		430,359
				1,263,824

	Number of Shares		Value
Japan—7.4%
Hoshizaki Electric Co. Ltd.		12,200	$	722,710
Inpex Corp.		57,500		679,645
Lintec Corp.		28,500		679,787
Nippon Telegraph & Telephone Corp.		9,100		567,188
Nitto Denko Corp.		17,400		1,105,300
Resona Holdings, Inc.		134,900		758,246
Toshiba Corp.		172,000		711,919
TS Tech Co. Ltd.		25,400		706,535
				5,931,330
Netherlands—0.7%
Koninklijke Philips NV		18,770		561,156
South Korea—0.5%
Samsung Electronics Co. Ltd.		320		395,778
Switzerland—3.9%
Georg Fischer AG, Registered Shares		825		592,640
Glencore PLC		63,755		294,516
Novartis AG, Registered Shares		7,710		788,533
Roche Holding AG, Participation Certificate		2,805		764,333
Swatch Group AG (The), Registered Shares		8,020		705,694
				3,145,716
Taiwan—0.5%
MediaTek, Inc.		25,000		375,377
United Kingdom—11.5%
Alent PLC		136,258		738,085
Aon PLC		5,215		523,377
Berendsen PLC		24,000		407,307
BHP Billiton PLC		13,215		329,813
Cambian Group PLC *		168,495		539,773
Dairy Crest Group PLC		22,500		172,333
HSBC Holdings PLC		86,367		769,893
ITV PLC		209,185		726,770
Liberty Global PLC, Series C *		44,465		2,319,739
Melrose Industries PLC.		137,120		633,544
Rio Tinto PLC		8,025		394,948
Stock Spirits Group PLC		137,019		416,728
Vodafone Group PLC		169,420		586,417
WH Smith PLC		31,960		660,910
				9,219,637
United States—49.7%
ACE Ltd.		10,900		1,242,709
Activision Blizzard, Inc.		48,770		1,137,316
Allstate Corp., (The)		10,950		773,070
American International Group, Inc.		10,825		598,947
Amgen, Inc.		7,465		1,177,380
Anadarko Petroleum Corp.		4,650		391,670
Apple, Inc.		21,725		2,790,794
Avery Dennison Corp.		5,825		311,929
Avnet, Inc.		15,930		729,753
Berkshire Hathaway, Inc., Class B *		7,145		1,053,245
Berry Plastics Group, Inc. *		15,310		525,286

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

28   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS GLOBAL EQUITY FUND (concluded) PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
United States—(continued)
Capital One Financial Corp.		23,085	$	1,817,020
Cardinal Health, Inc.		5,850		514,742
Comcast Corp., Class A		28,155		1,671,844
Crane Co.		5,750		384,273
CVS Health Corp.		26,485		2,750,997
EMC Corp.		27,890		807,137
Energen Corp.		7,325		473,488
EOG Resources, Inc.		4,370		392,076
EQT Corp.		4,980		397,454
Express Scripts Holding Co. *		4,670		395,969
Fifth Third Bancorp		86,505		1,674,737
Gilead Sciences, Inc.		3,555		368,049
Google, Inc., Class C		2,065		1,153,096
Graphic Packaging Holding Co. *		62,825		948,029
Honeywell International, Inc.		6,710		689,654
Huntsman Corp.		11,245		252,563
Johnson & Johnson		10,030		1,028,175
Lear Corp.		4,385		477,614
Macy’s, Inc.		15,975		1,017,927
Marathon Petroleum Corp.		3,720		390,600
McKesson Corp.		2,810		642,647
Microsoft Corp.		13,420		588,467
Northrop Grumman Corp.		4,580		758,952
Packaging Corp of America		6,385		529,061
Parsley Energy, Inc., Class A *		38,160		568,202
Pfizer, Inc.		31,750		1,089,660
Phillips 66		8,915		699,471

	Number of Shares		Value
United States—(continued)
Rice Energy, Inc. *		12,570	$	246,121
Rofin-Sinar Technologies, Inc. *		15,680		375,850
Tenneco, Inc. *		11,505		670,051
Tribune Media Co., Class A *		8,815		581,526
United Technologies Corp.		3,935		479,716
Universal Health Services, Inc., Class B		6,965		789,483
Wells Fargo & Co.		20,615		1,129,496
Western Digital Corp.		10,400		1,112,592
WR Berkley Corp.		13,365		667,047
Zebra Technologies Corp., Class A		6,175		562,234
				39,828,119
TOTAL COMMON STOCK (Cost $69,160,549)				78,051,886
TOTAL INVESTMENTS—97.3% (Cost $69,160,549)				78,051,886
OTHER ASSETS IN EXCESS OF LIABILITIES—2.7%				2,156,293
NET ASSETS—100.0%			$	80,208,179

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income producing.

A summary of the inputs used to value the Fund’s investments as of February 28, 2015 is as follows (see Note I in the Notes to Financial Statements):

	Total Value as of February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Australia	$	750,940	$	—	$	750,940	$	—
Bermuda		387,044		387,044		—		—
Canada		996,272		996,272		—		—
China		490,537		—		490,537		—
France		3,426,634		—		3,426,634		—
Germany		3,358,074		—		3,358,074		—
Hong Kong		2,423,796		383,403		2,040,393		—
Ireland		4,895,236		1,731,132		3,164,104		—
Israel		602,416		602,416		—		—
Italy		1,263,824		—		1,263,824		—
Japan		5,931,330		—		5,931,330		—
Netherlands		561,156		—		561,156		—
South Korea		395,778		—		395,778		—
Switzerland		3,145,716		—		3,145,716		—
Taiwan		375,377		—		375,377		—
United Kingdom		9,219,637		3,799,617		5,420,020		—
United States		39,828,119		39,828,119		—		—
Total Assets	$	78,051,886	$	47,728,003	$	30,323,883	$	—

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   29

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS GLOBAL LONG/SHORT FUND PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
LONG POSITIONS—95.4%
COMMON STOCK—95.4%
Australia—0.5%
Australia & New Zealand Banking Group Ltd.		30,826	$	850,422
				850,422
Canada—1.5%
Barrick Gold Corp.		56,811		739,679
Canadian Natural Resources Ltd. †		29,338		853,477
Precision Drilling Corp.		101,545		618,158
Stornoway Diamond Corp. *		369,790		207,066
				2,418,380
China—1.1%
China Telecom Corp., Ltd.—Class H		1,052,000		681,486
Shenzhou International Group Holdings Ltd.		287,000		1,135,357
				1,816,843
France—4.6%
Bollore SA †		298,950		1,639,375
Cap Gemini SA †		25,657		2,071,133
Havas SA		926		8,021
Safran SA †		36,161		2,542,172
Sopra Steria Group		996		86,893
Teleperformance †		13,618		1,051,034
				7,398,628
Germany—3.8%
Aurelius AG †		48,981		2,034,560
Fresenius SE & Co. KGaA †		21,162		1,212,659
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		5,998		1,244,948
Norma Group SE †		30,574		1,632,515
				6,124,682
Hong Kong—3.3%
Cheung Kong Holdings Ltd.		125,000		2,474,228
China Mobile Ltd.		119,000		1,614,850
China Unicom Hong Kong Ltd.		422,000		711,675
Hutchison Whampoa Ltd.		42,000		575,105
				5,375,858
Ireland—6.0%
CRH PLC		48,719		1,375,396
Greencore Group PLC †		361,526		1,880,518
Ingersoll-Rand PLC †		21,643		1,454,193
Medtronic PLC †		30,954		2,401,721
Smurfit Kappa Group PLC †		90,121		2,520,544
				9,632,372
Israel—0.8%
Teva Pharmaceutical Industries Ltd.—Sponsored ADR †		23,616		1,346,584
				1,346,584

	Number of Shares		Value
Italy—1.4%
Assicurazioni Generali SpA †		85,728	$	1,765,974
Cerved Information Solutions SpA * †		87,422		547,918
				2,313,892
Japan—7.8%
Hoshizaki Electric Co., Ltd.		25,600		1,516,506
Inpex Corp.		133,100		1,573,231
Lintec Corp.		52,900		1,261,780
Nippon Telegraph & Telephone Corp.		21,400		1,333,828
Nitto Denko Corp.		36,000		2,286,828
Resona Holdings, Inc.		297,300		1,671,064
Toshiba Corp.		344,000		1,423,837
TS Tech Co., Ltd.		55,800		1,552,151
				12,619,225
Netherlands—0.7%
Koninklijke Philips NV †		40,058		1,197,592
				1,197,592
South Korea—0.5%
Samsung Electronics Co., Ltd.		639		790,319
				790,319
Switzerland—5.9%
ACE Ltd. †		23,550		2,684,936
Georg Fischer AG, Registered Shares †		1,872		1,344,755
Glencore PLC †		142,780		659,571
Novartis AG, Registered Shares †		16,681		1,706,034
Roche Holding AG, Participation Certificate †		6,072		1,654,556
Swatch Group AG (The), Registered Shares		16,991		1,495,067
				9,544,919
Taiwan—0.5%
MediaTek, Inc.		48,000		720,725
				720,725
United Kingdom—9.5%
Alent PLC †		295,693		1,601,717
Aon PLC †		11,490		1,153,136
Berendsen PLC †		53,773		912,589
Cambian Group PLC * †		235,182		753,404
Dairy Crest Group PLC †		17,881		136,955
HSBC Holdings PLC †		183,154		1,632,673
ITV PLC †		452,585		1,572,414
Liberty Global PLC, Series C * †		64,358		3,357,557
Melrose Industries PLC		274,162		1,266,727
Stock Spirits Group PLC †		60,574		184,229
Vodafone Group PLC †		365,062		1,263,596
WH Smith PLC †		71,565		1,479,916
				15,314,913

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

30   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
United States—47.5%
Activision Blizzard, Inc. †		103,632	$	2,416,698
Allstate Corp., (The) †		25,234		1,781,520
American International Group, Inc.		21,834		1,208,075
Amgen, Inc. †		15,530		2,449,392
Anadarko Petroleum Corp.		9,398		791,594
Apple, Inc. †		47,158		6,057,917
Avery Dennison Corp. †		12,692		679,657
Avnet, Inc. †		33,847		1,550,531
Berkshire Hathaway, Inc., Class B * †		15,881		2,341,018
Berry Plastics Group, Inc. * †		34,965		1,199,649
Capital One Financial Corp. †		49,437		3,891,186
Comcast Corp., Class A †		32,081		1,904,970
CVS Health Corp. †		48,106		4,996,770
EMC Corp. †		58,871		1,703,727
Energen Corp. †		15,811		1,022,023
EOG Resources, Inc.		11,410		1,023,705
Express Scripts Holding Co. *		9,375		794,906
Fifth Third Bancorp †		185,238		3,586,208
Gilead Sciences, Inc. * †		7,744		801,736
Google, Inc., Class C * †		4,166		2,326,294
Graphic Packaging Holding Co. * †		102,864		1,552,218
Honeywell International, Inc. †		14,976		1,539,233
Huntsman Corp. †		25,709		577,424
Johnson & Johnson †		18,064		1,851,741
Lear Corp. †		10,201		1,111,093
Macy’s, Inc. †		33,127		2,110,852
Marathon Petroleum Corp. †		7,520		789,600
McKesson Corp. †		6,270		1,433,949
Microsoft Corp. †		18,326		803,595
Northrop Grumman Corp. †		9,654		1,599,764
Packaging Corp. of America †		15,088		1,250,192
Parsley Energy, Inc., Class A * †		85,775		1,277,190
Pfizer, Inc. †		73,042		2,506,801
Phillips 66 †		19,319		1,515,769
Rice Energy, Inc. * †		27,802		544,363
Rofin-Sinar Technologies, Inc. *		31,666		759,034
Tenneco, Inc. * †		25,289		1,472,831
Tribune Media Co., Class A * †		19,997		1,319,202
United Technologies Corp. †		8,772		1,069,395
Universal Health Services, Inc., Class B †		12,322		1,396,699
Viper Energy Partners LP †		13,839		262,941
Wells Fargo & Co. †		44,144		2,418,650
Western Digital Corp. †		23,537		2,517,988
WR Berkley Corp.		26,383		1,316,776
Zebra Technologies Corp., Class A * †		12,915		1,175,911
				76,700,787
TOTAL COMMON STOCK (Cost $146,072,247)				154,166,141

	Number of Shares			Value
WARRANTS—0.0%
Canada—0.0%
Stornoway Diamond Corp. * Exercise Price CAD 0.90 Expires 7/08/16		36,284		$	2,902
					2,902
TOTAL WARRANTS (Cost $3,889)					2,902
TOTAL INVESTMENTS—95.4% (Cost $146,076,136)					154,169,043
SECURITIES SOLD SHORT—(47.8%)
COMMON STOCK—(47.8%)
Australia—(0.4%)
Woolworths Ltd.		(28,227	)		(675,536	)
					(675,536	)
Bermuda—(0.5%)
Brilliance China Automotive Holdings Ltd.		(190,000	)		(372,856	)
Global Brands Group Holding Ltd. *		(2,664,000	)		(456,886	)
					(829,742	)
Canada—(1.9%)
Canadian Pacific Railway Ltd.		(3,422	)		(642,036	)
Canadian Western Bank		(23,512	)		(546,563	)
Teck Resources Ltd., Class B		(45,078	)		(724,075	)
Ultra Petroleum Corp. *		(30,221	)		(491,696	)
Vermilion Energy, Inc.		(14,576	)		(648,340	)
					(3,052,710	)
Chile—(0.4%)
Latam Airlines Group SA — Sponsored ADR *		(53,398	)		(564,417	)
					(564,417	)
China—(0.6%)
China Mengniu Dairy Co., Ltd.		(94,000	)		(424,514	)
Tsingtao Brewery Co., Ltd. Class H		(92,000	)		(582,140	)
					(1,006,654	)
Denmark—(0.6%)
Novo Nordisk A/S		(19,050	)		(909,637	)
					(909,637	)
Finland—(0.8%)
Huhtamaki OYJ		(12,835	)		(379,138	)
Konecranes OYJ		(23,761	)		(823,601	)
					(1,202,739	)
France—(1.4%)
Edenred		(33,537	)		(913,627	)
Pernod Ricard SA		(4,610	)		(545,472	)
Remy Cointreau SA		(11,447	)		(839,651	)
					(2,298,750	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   31

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares			Value
Germany—(1.3%)
BASF SE		(11,013	)	$	(1,055,254	)
GEA Group AG		(11,760	)		(581,164	)
Linde AG		(2,359	)		(479,492	)
					(2,115,910	)
Hong Kong—(1.1%)
ASM Pacific Technology, Ltd.		(46,500	)		(471,818	)
BYD Electronic International Co., Ltd.		(451,000	)		(503,302	)
Geely Automobile Holdings Ltd.		(1,830,000	)		(817,868	)
					(1,792,988	)
Israel—(0.4%)
Stratasys Ltd. *		(11,391	)		(706,925	)
					(706,925	)
Italy—(0.4%)
UniCredit SpA		(104,469	)		(694,702	)
					(694,702	)
Japan—(2.1%)
Fast Retailing Co., Ltd.		(2,200	)		(853,439	)
FP Corp.		(23,200	)		(805,077	)
Hulic Co., Ltd.		(56,900	)		(622,931	)
McDonald’s Holdings Co., Ltd.		(23,900	)		(527,271	)
Oji Holdings Corp.		(138,000	)		(582,970	)
					(3,391,688	)
Luxembourg—(0.3%)
B&M European Value Retail SA *		(99,564	)		(489,313	)
					(489,313	)
Mexico—(0.3%)
Kimberly-Clark de Mexico SAB de CV ADR		(54,743	)		(551,009	)
					(551,009	)
New Zealand—(0.3%)
Ryman Healthcare Ltd.		(87,288	)		(536,683	)
					(536,683	)
Norway—(0.3%)
DNB ASA		(31,162	)		(506,773	)
					(506,773	)
Singapore—(1.0%)
Keppel Corp Ltd.		(99,000	)		(634,900	)
Sembcorp Marine Ltd.		(424,100	)		(928,525	)
					(1,563,425	)
Spain—(0.4%)
CaixaBank SA		—			(2	)
Repsol SA		(31,370	)		(604,873	)
					(604,875	)
Sweden—(1.1%)
Autoliv, Inc.		(8,074	)		(908,325	)
Elekta AB, Class B		(41,774	)		(436,179	)

	Number of Shares			Value
Sweden—(continued)
Nordea Bank AB		(34,982	)	$	(471,642	)
					(1,816,146	)
Switzerland—(1.0%)
Clariant AG, Registered Shares		(33,078	)		(598,964	)
SGS SA, Registered Shares		(469	)		(948,371	)
					(1,547,335	)
Thailand—(0.3%)
Siam Commercial Bank PCL, (The) — NVDR		(88,300	)		(462,953	)
					(462,953	)
United Kingdom—(3.4%)
Aberdeen Asset Management PLC		(115,906	)		(836,480	)
Cobham PLC		(110,821	)		(582,879	)
G4S PLC		(197,205	)		(905,739	)
GW Pharmaceuticals PLC — ADR *		(4,749	)		(384,289	)
Ocado Group PLC *		(161,165	)		(915,326	)
Rotork PLC		(14,753	)		(557,667	)
Smiths Group PLC		(48,184	)		(857,159	)
TSB Banking Group PLC *		(106,106	)		(427,979	)
					(5,467,518	)
United States—(27.5%)
Air Products & Chemicals, Inc.		(6,312	)		(985,556	)
Alere, Inc. *		(18,720	)		(851,198	)
AptarGroup, Inc.		(15,034	)		(990,290	)
Astoria Financial Corp.		(60,324	)		(791,451	)
BancorpSouth, Inc.		(29,955	)		(670,692	)
Bemis Co., Inc.		(19,213	)		(937,594	)
Blackbaud, Inc.		(15,372	)		(697,889	)
Bristow Group, Inc.		(11,843	)		(733,555	)
Buffalo Wild Wings, Inc. *		(4,312	)		(824,109	)
Cabot Oil & Gas Corp.		(13,412	)		(388,948	)
CarMax, Inc. *		(16,662	)		(1,118,187	)
Clorox Co.(The)		(4,234	)		(459,982	)
Cogent Communications Holdings, Inc.		(19,190	)		(704,657	)
Colgate-Palmolive Co.		(8,933	)		(632,635	)
Concho Resources, Inc. *		(5,174	)		(563,552	)
CONSOL Energy, Inc.		(17,582	)		(566,140	)
Continental Resources, Inc. *		(19,475	)		(866,443	)
Dorman Products, Inc. *		(12,603	)		(555,918	)
Eaton Vance Corp.		(9,017	)		(379,616	)
EI du Pont de Nemours & Co.		(11,288	)		(878,771	)
First Financial Bankshares, Inc.		(28,706	)		(754,107	)
Glacier Bancorp, Inc.		(24,767	)		(601,590	)
Hess Corp.		(7,216	)		(541,777	)
Intrepid Potash, Inc. *		(42,955	)		(606,525	)
Itron, Inc. *		(20,065	)		(731,971	)
Kansas City Southern		(6,734	)		(780,067	)
Krispy Kreme Doughnuts Inc *		(31,125	)		(679,147	)
L Brands, Inc.		(9,784	)		(898,758	)
Matador Resources Co. *		(24,010	)		(520,057	)
Mattel, Inc.		(22,496	)		(592,095	)
Michael Kors Holdings Ltd. *		(5,452	)		(367,519	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

32   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued) PORTFOLIO OF INVESTMENTS

	Number of Shares			Value
United States—(continued)
Mobile Mini, Inc.		(15,067	)	$	(625,130	)
Mondelez International, Inc.		(15,188	)		(560,969	)
Monro Muffler Brake, Inc.		(14,014	)		(886,245	)
Monster Beverage Corp. *		(7,483	)		(1,056,001	)
National Instruments Corp.		(25,134	)		(782,673	)
Netflix, Inc. *		(2,176	)		(1,033,404	)
NetSuite, Inc. *		(5,292	)		(510,255	)
Northern Trust Corp.		(13,010	)		(908,488	)
NOW Inc. *		(39,875	)		(847,344	)
Oasis Petroleum, Inc. *		(40,636	)		(582,314	)
Palo Alto Networks, Inc. *		(4,449	)		(632,737	)
Pandora Media, Inc. *		(31,563	)		(467,132	)
Pharmacyclics, Inc. *		(2,358	)		(509,163	)
Plum Creek Timber Co., Inc.		(8,390	)		(364,462	)
Proto Labs, Inc. *		(5,431	)		(386,035	)
Puma Biotechnology, Inc. *		(2,171	)		(462,445	)
Rackspace Hosting, Inc.		(12,533	)		(622,514	)
ResMed, Inc.		(6,883	)		(442,990	)
Restoration Hardware Holdings Inc. *		(5,386	)		(474,507	)
Rollins, Inc.		(13,852	)		(464,596	)
salesforce.com, Inc. *		(8,162	)		(566,280	)
Shutterstock, Inc. *		(7,326	)		(414,285	)
Snyders-Lance, Inc.		(12,987	)		(400,649	)
Spectra Energy Corp.		(17,126	)		(607,802	)
Sun Hydraulics Corp.		(14,920	)		(577,404	)
Tesla Motors, Inc. *		(3,496	)		(710,877	)
Trex Co., Inc. *		(20,037	)		(1,008,863	)
Tumi Holdings, Inc. *		(32,620	)		(762,982	)
UMB Financial Corp.		(13,353	)		(688,214	)
Under Armour, Inc., Class A *		(7,603	)		(585,507	)
United Natural Foods, Inc. *		(5,521	)		(458,464	)
VeriFone Systems, Inc.		(21,516	)		(757,148	)
ViaSat, Inc. *		(9,878	)		(645,429	)
Vitamin Shoppe, Inc. *		(15,855	)		(672,252	)
Wausau Paper Corp.		(30,761	)		(288,846	)

	Number of Shares			Value
United States—(continued)
Westamerica Bancorporation		(9,018	)	$	(388,405	)
Yelp, Inc. *		(12,255	)		(588,240	)
					(44,411,847	)
TOTAL COMMON STOCK (Proceeds $75,265,583)					(77,200,275	)
TOTAL SECURITIES SOLD SHORT—(47.8%) (Proceeds $75,265,583)					(77,200,275	)
	Number of Contracts
OPTIONS WRITTEN ††—0.0%
EOG Resources, Inc. Call Options Expires 03/20/2015 Strike Price $87.50		(93	)		(36,735	)
TOTAL OPTIONS WRITTEN (Premiums received $77,557)					(36,735	)
OTHER ASSETS IN EXCESS OF LIABILITIES—52.4%					84,662,044
NET ASSETS—100.0%				$	161,594,077

ADR	—	American Depositary Receipt
NVDR	—	Non-Voting Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income producing.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
††	—	Primary risk exposure is equity contracts.

Contracts For Difference held by the Fund at February 28, 2015, are as follows:

Reference Company	Counterparty		Number of Contracts (Short)			Notional Amount		Unrealized Appreciation
Chailease Holding Co., Ltd.		Goldman Sachs		(290,000	)	$	735,463	$	30,993

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   33

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

BOSTON PARTNERS GLOBAL LONG/SHORT FUND (concluded) PORTFOLIO OF INVESTMENTS

A summary of the inputs used to value the Fund’s investments as of February 28, 2015 is as follows (see Note 1 in the Notes to Financial Statements):

	Total Value as of February 28, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Common Stock
Australia	$	850,422		$	—		$	850,422		$	—
Canada		2,418,380			2,418,380			—			—
China		1,816,843			—			1,816,843			—
France		7,398,628			—			7,398,628			—
Germany		6,124,682			—			6,124,682			—
Hong Kong		5,375,858			575,105			4,800,753			—
Ireland		9,632,372			3,855,914			5,776,458			—
Israel		1,346,584			1,346,584			—			—
Italy		2,313,892			—			2,313,892			—
Japan		12,619,225			—			12,619,225			—
Netherlands		1,197,592			—			1,197,592			—
South Korea		790,319			—			790,319			—
Switzerland		9,544,919			2,684,936			6,859,983			—
Taiwan		720,725			—			720,725			—
United Kingdom		15,314,913			9,866,587			5,448,326			—
United States		76,700,787			76,700,787			—			—
Warrants		2,902			2,902			—			—
Contracts for difference		30,993			—			30,993			—
Total Assets	$	154,200,036		$	97,451,195		$	56,748,841		$	—
	Total Value as of February 28, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Securities Sold Short
Australia	$	(675,536	)	$	—		$	(675,536	)	$	—
Bermuda		(829,742	)		(372,856	)		(456,886	)		—
Canada		(3,052,710	)		(3,052,710	)		—			—
Chile		(564,417	)		(564,417	)		—			—
China		(1,006,654	)		—			(1,006,654	)		—
Denmark		(909,637	)		(909,637	)		—			—
Finland		(1,202,739	)		—			(1,202,739	)		—
France		(2,298,750	)		—			(2,298,750	)		—
Germany		(2,115,910	)		—			(2,115,910	)		—
Hong Kong		(1,792,988	)		—			(1,792,988	)		—
Israel		(706,925	)		(706,925	)		—			—
Italy		(694,702	)		—			(694,702	)		—
Japan		(3,391,688	)		—			(3,391,688	)		—
Luxembourg		(489,313	)		—			(489,313	)		—
Mexico		(551,009	)		(551,009	)		—			—
New Zealand		(536,683	)		—			(536,683	)		—
Norway		(506,773	)		—			(506,773	)		—
Singapore		(1,563,425	)		—			(1,563,425	)		—
Spain		(604,875	)		—			(604,875	)		—
Sweden		(1,816,146	)		(1,344,504	)		(471,642	)		—
Switzerland		(1,547,335	)		—			(1,547,335	)		—
Thailand		(462,953	)		—			(462,953	)		—
United Kingdom		(5,467,518	)		(384,289	)		(5,083,229	)		—
United States		(44,411,847	)		(44,411,847	)		—			—
Options
Equity Contracts		(36,735	)		(36,735	)		—			—
Total Liabilities	$	(77,237,010	)	$	(52,334,929	)	$	(24,902,081	)	$	—

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

34   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

STATEMENTS OF ASSETS AND LIABILITIES

	Boston Partners Small Cap Value Fund II			Boston Partners Long/Short Equity Fund			Boston Partners Long/Short Research Fund			Boston Partners All-Cap Value Fund
ASSETS
Investments in securities, at value † ^	$	279,511,738		$	819,565,265		$	5,906,359,405		$	998,476,107
Cash		6,543,001			—			414,469,072			23,275,077
Foreign currency, at value #		—			11,183,153			30,113,692			—
Receivables
Investments sold		738,138			22,843,764			59,020,730			18,917,163
Cash segregated with brokers for securities sold short		—			652,334,257			2,770,181,505			—
Dividends and interest		178,362			47,484,792			144,836,866			1,650,312
Capital shares sold		594,995			428,003			22,701,527			1,766,326
Prepaid expenses and other assets		16,368			247,851			107,875			50,436
Total assets		287,582,602			1,554,087,085			9,347,790,672			1,044,135,421
LIABILITIES
Securities sold short, at fair value ‡	$	—		$	650,700,782		$	2,766,500,772		$	—
Options written, at value *		—			1,008,930			11,916,356			837,000
Due to Custodian, at value		—			35,360,911			—			—
Foreign cash overdraft #		—			—			30,400,143			—
Payables
Securities lending collateral		10,148,370			29,918,254			—			154,906
Investments purchased		938,779			24,759,632			103,679,648			34,208,407
Capital shares redeemed		329,459			3,610,663			9,523,080			662,014
Distributions to shareholders		187			49,975			42,234			—
Due to prime broker		—			55,092,375			131,183,275			—
Investment advisory fees		196,013			1,354,239			5,908,816			441,162
Custodian fees		14,111			37,416			328,992			68,473
Distribution and service fees		24,151			32,804			54,908			42,482
Dividends on securities sold-short		—			284,001			4,177,129			—
Administration and accounting fees		21,086			57,296			212,400			50,891
Prime broker interest payable		—			9,699			41,020			—
Printing and shareholder reporting fees		—			—			29,640			—
Other accrued expenses and liabilities		3,073			39,380			156,628			5,664
Total liabilities		11,675,229			802,316,357			3,064,155,041			36,470,999
Net Assets	$	275,907,373		$	751,770,728		$	6,283,635,631		$	1,007,664,422
NET ASSETS CONSIST OF
Par value	$	12,346		$	40,257		$	406,237		$	43,627
Paid-in capital		206,926,447			761,336,065			5,628,895,615			752,425,956
Undistributed net investment income/(accumulated net investment loss)		(86,883	)		(34,986,994	)		(57,433,571	)		1,062,640
Accumulated net realized gain from investments securities sold short, written options and foreign currency translation		2,931,807			4,077,910			27,791,756			24,578,802
Net unrealized appreciation on investments, securities sold short, written options, contracts for difference and foreign currency translation		66,123,656			21,303,490			683,975,594			229,553,397
Net Assets	$	275,907,373		$	751,770,728		$	6,283,635,631		$	1,007,664,422
INSTITUTIONAL CLASS
Net assets	$	148,398,698		$	612,055,255		$	6,039,895,756		$	784,511,121
Shares outstanding		6,522,342			32,361,011			390,282,362			33,939,404
Net asset value, offering and redemption price per share	$	22.75		$	18.91		$	15.48		$	23.12
INVESTOR CLASS
Net assets	$	127,508,675		$	139,715,473		$	243,739,875		$	223,153,301
Shares outstanding		5,823,998			7,896,308			15,954,564			9,687,999
Net asset value, offering and redemption price per share	$	21.89		$	17.69		$	15.28		$	23.03
† Investment in securities, at cost	$	213,388,082		$	696,760,591		$	5,042,073,595		$	768,632,398
^ Includes market value of securities on loan	$	7,363,665		$	23,348,070		$	—		$	136,988
# Foreign currency, at cost	$	—		$	12,176,426		$	(408,829	)	$	—
‡ Proceeds received, securities sold short	$	—		$	550,185,489		$	2,588,002,151		$	—
* Premiums received, options written	$	—		$	1,016,312		$	10,017,914		$	546,688

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   35

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015 (unaudited)

STATEMENTS OF ASSETS AND LIABILITIES (concluded)

	WPG Partners Small/Micro Cap Value Fund			Boston Partners Global Equity Fund			Boston Partners Global Long/Short Fund
ASSETS
Investments in securities, at value † ^	$	42,824,415		$	78,051,886		$	154,169,043
Cash		2,550,360			1,138,066			10,196,626
Foreign currency, at value #		—			45,905			19,759,873
Receivables
Investments sold		255,044			1,151,477			2,967,427
Cash segregated with brokers for securities sold short		—			—			57,235,630
Dividends and interest		36,705			116,669			217,415
Capital shares sold		1,259,730			1,350,000			2,291,921
Investment adviser		—			2,541			—
Unrealized gain on contracts for difference		—			—			30,993
Prepaid expenses and other assets		12,682			19,305			43,892
Total assets		46,938,936			81,875,849			246,912,820
LIABILITIES
Securities sold short, at fair value ‡	$	—		$	—		$	77,200,275
Options written, at value *		—			—			36,735
Payables
Securities lending collateral		3,789,509			—			—
Investments purchased		475,709			1,569,778			7,529,951
Capital shares redeemed		—			—			201,918
Due to prime broker		—			—			44,359
Investment advisory fees		16,036			34,487			185,299
Custodian fees		17,054			14,102			10,606
Distribution and service fees		—			—			1,730
Dividends on securities sold-short		—			—			79,019
Administration and accounting fees		8,748			23,021			4,957
Prime broker interest payable		—			—			3,188
Printing and shareholder reporting fees		1,762			930			—
Other accrued expenses and liabilities		17,732			25,352			20,706
Total liabilities		4,326,550			1,667,670			85,318,743
Net Assets	$	42,612,386		$	80,208,179		$	161,594,077
NET ASSETS CONSIST OF
Par value	$	2,506		$	5,221		$	15,529
Paid-in capital		37,799,936			71,708,401			157,730,552
Undistributed net investment income/(accumulated net investment loss)		105,633			18,962			(650,345	)
Accumulated net realized loss from investments, securities sold short, contracts for difference and foreign currency translation		(2,290,463	)		(410,275	)		(1,560,605	)
Net unrealized appreciation on investments, securities sold short, written options, contracts for difference and foreign currency translation		6,994,774			8,885,870			6,058,946
Net Assets	$	42,612,386		$	80,208,179		$	161,594,077
INSTITUTIONAL CLASS
Net assets	$	42,612,386		$	80,208,179		$	150,899,471
Shares outstanding		2,506,362			5,220,797			14,499,426
Net asset value, offering and redemption price per share	$	17.00		$	15.36		$	10.41
INVESTOR CLASS
Net assets	$	—		$	—		$	10,694,606
Shares outstanding		—			—			1,029,174
Net asset value, offering and redemption price per share	$	—		$	—		$	10.39
† Investment in securities, at cost	$	35,829,641		$	69,160,549		$	146,076,136
^ Includes market value of securities on loan	$	2,686,234			—			—
# Foreign currency, at cost	$	—		$	46,559		$	19,921,363
‡ Proceeds received, securities sold short	$	—		$	—		$	75,265,583
* Premiums received, options written	$	—		$	—		$	77,557

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

36   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015  (unaudited)

STATEMENTS OF OPERATIONS

	Boston Partners Small Cap Value Fund II			Boston Partners Long/Short Equity Fund			Boston Partners Long/Short Research Fund			Boston Partners All-Cap Value Fund
Investment Income
Dividends †	$	2,349,021		$	5,034,738		$	38,999,277		$	7,826,706
Interest		485			68,959			319,740			1,077
Income from securities loaned (Note 6)		125,592			96,399			—			3,913
Total investment income		2,475,098			5,200,096			39,319,017			7,831,696
Expenses
Advisory fees (Note 2)		1,225,959			9,467,667			35,768,801			3,808,077
Distribution fees (Investor Class) (Note 2)		147,625			245,813			372,886			268,244
Administration and accounting fees (Note 2)		110,196			319,329			1,279,638			325,345
Transfer agent fees (Note 2)		36,332			66,981			1,343,186			33,190
Registration and filing fees		23,719			24,754			195,966			50,281
Audit fees		13,989			17,626			19,331			13,385
Directors’ and officers’ fees		13,178			18,229			79,930			20,230
Custodian fees (Note 2)		12,848			41,286			347,848			52,130
Legal fees		10,807			46,340			294,684			52,348
Dividend expense on securities sold-short		—			1,587,816			21,426,960			—
Prime broker interest expense		—			10,635,349			6,251,729			—
Other expenses		2,769			23,597			304,736			41,768
Total expenses before waivers and reimbursements		1,597,422			22,494,787			67,685,695			4,664,998
Less: waivers and reimbursements		(95,942	)		—			—			(1,059,386	)
Net expenses after waivers and reimbursements		1,501,480			22,494,787			67,685,695			3,605,612
Net investment income/(loss)		973,618			(17,294,691	)		(28,366,678	)		4,226,084
Net realized gain/(loss) from:
Investments		5,749,136			33,746,635			68,437,296			32,294,354
Investments sold-short		—			(7,328,238	)		34,894,660			—
Foreign currency transactions		—			(195,696	)		(4,841,358	)		—
Written options *		—			315,725			932,779			212,360
Net change in unrealized appreciation/(depreciation) on:
Investments		1,832,979			(53,081,406	)		198,250,435			17,195,711
Investments sold short		—			(34,591,846	)		(58,620,894	)		—
Foreign currency translation		—			(993,566	)		160,228			—
Written options *		—			(304,308	)		(2,304,655	)		(237,679	)
Net realized and unrealized gain/(loss) on investments		7,582,115			(62,432,700	)		236,908,491			49,464,746
Net increase/(decrease) in net assets resulting from operations	$	8,555,733		$	(79,727,391	)	$	208,541,813		$	53,690,830
† Net of foreign withholding taxes of	$	—		$	(137,335	)	$	(342,493	)	$	(23,029	)

* Primary risk is equity contracts

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   37

BOSTON PARTNERS INVESTMENT FUNDS FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015  (unaudited)

STATEMENTS OF OPERATIONS (concluded)

	WPG Partners Small/Micro Cap Value Fund			Boston Partners Global Equity Fund			Boston Partners Global Long/Short Fund
Investment Income
Dividends †	$	325,176		$	452,927		$	551,727
Interest		103			113			21,938
Income from securities loaned (Note 6)		107,274			—			—
Total investment income		432,553			453,040			573,665
Expenses
Advisory fees (Note 2)		165,565			291,325			653,288
Administration and accounting fees (Note 2)		38,696			61,382			54,455
Transfer agent fees (Note 2)		24,039			15,340			64,967
Custodian fees (Note 2)		14,808			24,803			61,699
Audit fees		13,689			18,637			11,858
Directors’ and officers’ fees		11,664			12,188			7,390
Registration and filing fees		10,628			23,006			12,051
Legal fees		2,481			3,208			3,356
Distribution fees (Investor Class) (Note 2)		—			—			7,373
Dividend expense on securities sold-short		—			—			198,640
Prime broker interest expense		—			—			149,024
Other expenses		1,307			3,837			1,314
Total expenses before waivers and reimbursements		282,877			453,726			1,225,415
Less: waivers and reimbursements		(55,226	)		(146,217	)		(6,701	)
Net expenses after waivers and reimbursements		227,651			307,509			1,218,714
Net investment income/(loss)		204,902			145,531			(645,049	)
Net realized gain/(loss) from:
Investments		(984,680	)		(13,887	)		(1,634,704	)
Investments sold-short		—			—			871,546
Foreign currency transactions		—			(37,058	)		(262,121	)
Written options *		—			—			(45,520	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(1,600,636	)		2,895,042			6,696,733
Investments sold short		—			—			(2,321,310	)
Foreign currency translation		—			(4,256	)		(170,961	)
Written options *		—			—			40,822
Contracts for difference		—			—			43,688
Net realized and unrealized gain/(loss) on investments		(2,585,316	)		2,839,841			3,218,173
Net increase/(decrease) in net assets resulting from operations	$	(2,380,414	)	$	2,985,372		$	2,573,124
† Net of foreign withholding taxes of	$	(989	)	$	(9,895	)	$	(62,609	)

* Primary risk is equity contracts

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

38   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015

STATEMENTS OF CHANGES IN NET ASSETS

	Boston Partners Small Cap Value Fund II						Boston Partners Long/Short Equity Fund
	For the Six Months Ended February 28, 2015 (unaudited)			For the Year Ended August 31, 2014			For the Six Months Ended February 28, 2015 (unaudited)			For the Year Ended August 31, 2014
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	973,618		$	1,061,610		$	(17,294,691	)	$	(25,293,589	)
Net realized gain from investments, securities sold short, written options and foreign currency		5,749,136			11,625,465			26,538,426			63,810,043
Net change in unrealized appreciation/(depreciation) from investments, securities sold short, written options and foreign currency		1,832,979			20,145,483			(88,971,126	)		70,697,079
Net increase/(decrease) in net assets resulting from operations		8,555,733			32,832,558			(79,727,391	)		109,213,533
Dividends and distributions to shareholders from:
Net investment income
Institutional Class		(951,560	)		(345,221	)		—			—
Investor Class		(605,107	)		(237,918	)		—			—
Net realized capital gains
Institutional Class		(1,769,477	)		—			(54,248,415	)		(36,987,514	)
Investor Class		(1,642,628	)		—			(17,937,422	)		(13,170,066	)
Net decrease in net assets from dividends and distributions to shareholders		(4,968,772	)		(583,139	)		(72,185,837	)		(50,157,580	)
Capital transactions:
Institutional Class
Proceeds from shares sold		23,886,470			28,174,661			132,332,765			162,787,046
Reinvestment of distributions		2,215,225			324,783			41,021,708			26,413,733
Shares redeemed		(12,136,567	)		(17,191,647	)		(122,566,206	)		(179,141,615	)
Redemption fees (Note 8)		857			2,396			28,777			341,715
Investor Class
Proceeds from shares sold		52,345,364			25,973,463			25,746,998			42,099,643
Reinvestment of distributions		2,662,389			233,663			17,388,360			12,197,068
Shares redeemed		(11,182,483	)		(18,920,805	)		(78,404,318	)		(76,854,075	)
Redemption fees (Note 8)		900			2,956			8,369			116,495
Net increase/(decrease) in net assets from capital transactions		57,792,155			18,599,470			15,556,453			(12,039,990	)
Total increase/(decrease) in net assets		61,379,116			50,848,889			(136,356,775	)		47,015,963
Net assets
Beginning of period		214,528,257			163,679,368			888,127,503			841,111,540
End of period	$	275,907,373		$	214,528,257		$	751,770,728		$	888,127,503
Undistributed net investment income/(loss), end of period	$	(86,883	)	$	496,166		$	(34,986,994	)	$	(17,692,303	)
Share transactions:
Institutional Class
Shares sold		2,399,331			1,287,470			6,529,890			7,541,514
Shares reinvested		120,853			15,262			2,087,619			1,291,625
Shares redeemed		(506,194	)		(804,194	)		(6,141,298	)		(8,592,855	)
Net increase		2,013,990			498,538			2,476,211			240,284
Investor Class
Shares sold		1,133,829			1,306,062			1,301,815			2,068,807
Shares reinvested		104,442			11,392			945,533			632,300
Shares redeemed		(573,623	)		(912,305	)		(4,260,050	)		(3,894,482	)
Net increase/(decrease)		664,648			405,149			(2,012,702	)		(1,193,375	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   39

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Boston Partners Long/Short Research Fund						Boston Partners All-Cap Value Fund
	For the Six Months Ended February 28, 2015 (unaudited)			For the Year Ended August 31, 2014			For the Six Months Ended February 28, 2015 (unaudited)			For the Year Ended August 31, 2014
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	(28,366,678	)	$	(30,664,883	)	$	4,226,084		$	7,757,538
Net realized gain from investments, securities sold short, written options and foreign currency		99,423,377			16,068,536			32,506,714			40,311,296
Net change in unrealized appreciation/(depreciation) from investments, securities sold short, written options and foreign currency		137,485,114			451,206,324			16,958,032			112,721,801
Net increase in net assets resulting from operations		208,541,813			436,609,977			53,690,830			160,790,635
Dividends and distributions to shareholders from:
Net investment income
Institutional Class		—			—			(7,085,713	)		(4,677,165	)
Investor Class		—			—			(1,598,987	)		(911,496	)
Net realized capital gains
Institutional Class		(73,750,367	)		(10,191,255	)		(29,675,856	)		(15,951,494	)
Investor Class		(4,130,770	)		(644,954	)		(8,739,309	)		(3,674,790	)
Net decrease in net assets from dividends and distributions to shareholders		(77,881,137	)		(10,836,209	)		(47,099,865	)		(25,214,945	)
Capital transactions:
Institutional Class
Proceeds from shares sold		1,350,433,582			3,419,038,875			74,946,159			242,389,813
Reinvestment of distributions		38,567,891			5,470,231			30,283,496			18,483,816
Shares redeemed		(528,778,609	)		(515,145,972	)		(62,631,111	)		(74,884,387	)
Redemption fees (Note 8)		76,904			154,051			—			—
Investor Class
Proceeds from shares sold		61,892,599			180,979,395			33,131,893			141,871,828
Reinvestment of distributions		4,096,486			626,724			10,146,888			4,474,110
Shares redeemed		(121,954,991	)		(44,186,169	)		(38,868,850	)		(33,638,548	)
Redemption fees (Note 8)		4,297			9,674			—			—
Net increase in net assets from capital transactions		804,338,159			3,046,946,809			47,008,475			298,696,632
Total increase in net assets		934,998,835			3,472,720,577			53,599,440			434,272,322
Net assets
Beginning of period		5,348,636,796			1,875,916,219			954,064,982			519,792,660
End of period	$	6,283,635,631		$	5,348,636,796		$	1,007,664,422		$	954,064,982
Undistributed net investment income/(loss), end of period	$	(57,433,571	)	$	(29,066,893	)	$	1,062,640		$	5,521,256
Share transactions:
Institutional Class
Shares sold		89,073,918			237,515,897			3,319,794			11,615,055
Shares reinvested		2,532,409			384,686			1,351,338			902,530
Shares redeemed		(35,069,289	)		(35,242,438	)		(2,757,369	)		(3,515,836	)
Net increase		56,537,038			202,658,145			1,913,763			9,001,749
Investor Class
Shares sold		4,141,864			12,636,422			1,474,381			6,795,381
Shares reinvested		271,830			44,386			454,203			219,104
Shares redeemed		(8,072,984	)		(3,099,558	)		(1,743,407	)		(1,587,653	)
Net increase/(decrease)		(3,659,290	)		9,581,250			185,177			5,426,832

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

40   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS FEBRUARY 28, 2015

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	WPG Partners Small/Micro Cap Value Fund						Boston Partners Global Equity Fund
	For the Six Months Ended February 28, 2015 (unaudited)			For the Year Ended August 31, 2014			For the Six Months Ended February 28, 2015 (unaudited)			For the Year Ended August 31, 2014
Increase/(decrease) in net assets from operations:
Net investment income	$	204,902		$	156,573		$	145,531		$	628,987
Net realized gain/(loss) from investments, securities sold short, written options and foreign currency		(984,680	)		6,948,796			(50,945	)		2,302,099
Net change in unrealized appreciation/(depreciation) from investments, securities sold short, written options and foreign currency		(1,600,636	)		(60,529	)		2,890,786			4,347,444
Net increase/(decrease) in net assets resulting from operations		(2,380,414	)		7,044,840			2,985,372			7,278,530
Dividends and distributions to shareholders from:
Net investment income
Institutional Class		(276,767	)		(50,358	)		(672,980	)		(91,861	)
Net realized capital gains
Institutional Class		(4,758,990	)		(3,952,860	)		(2,575,967	)		(1,411,674	)
Net decrease in net assets from dividends and distributions to shareholders		(5,035,757	)		(4,003,218	)		(3,248,947	)		(1,503,535	)
Capital transactions:
Institutional Class
Proceeds from shares sold		1,769,927			1,940,266			17,929,822			54,896,316
Reinvestment of distributions		4,460,767			3,615,431			2,531,256			1,503,534
Shares redeemed		(2,210,166	)		(3,343,540	)		(76,414	)		(13,584,041	)
Net increase in net assets from capital transactions		4,020,528			2,212,157			20,384,664			42,815,809
Total increase/(decrease) in net assets		(3,395,643	)		5,253,779			20,121,089			48,590,804
Net assets
Beginning of period		46,008,029			40,754,250			60,087,090			11,496,286
End of period	$	42,612,386		$	46,008,029		$	80,208,179		$	60,087,090
Undistributed net investment income, end of period	$	105,633		$	177,498		$	18,962		$	546,411
Share transactions:
Institutional Class
Shares sold		104,046			96,374			1,198,587			3,756,181
Shares reinvested		270,350			185,502			172,546			105,585
Shares redeemed		(121,437	)		(166,761	)		(5,107	)		(893,583	)
Net increase		252,959			115,115			1,366,026			2,968,183

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   41

BOSTON ADVISORS INVESTMENT FUNDS FEBRUARY 28, 2015

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Boston Partners Global Long/Short Fund
	For the Six Months Ended February 28, 2015 (unaudited)			For the Period Ended August 31, 2014*
Increase/(decrease) in net assets from operations:
Net investment loss	$	(645,049	)	$	(237,573	)
Net realized loss from investments, securities sold short, written options and foreign currency		(1,070,799	)		(544,340	)
Net change in unrealized appreciation from investments, securities sold short, written options and foreign currency		4,288,972			1,769,974
Net increase in net assets resulting from operations		2,573,124			988,061
Capital transactions:
Institutional Class
Proceeds from shares sold		118,859,334			36,909,632
Shares redeemed		(7,743,191	)		(441,329	)
Redemption fees (Note 8)		8,414			252
Investor Class
Proceeds from shares sold		7,999,808			2,787,714
Shares redeemed		(348,281	)		—
Redemption fees (Note 8)		525			14
Net increase in net assets from capital transactions		118,776,609			39,256,283
Total increase in net assets		121,349,733			40,244,344
Net assets
Beginning of period		40,244,344			—
End of period	$	161,594,077		$	40,244,344
Undistributed net investment loss, end of period	$	(650,345	)	$	(5,296	)
Share transactions:
Institutional Class
Shares sold		11,653,425			3,676,348
Shares redeemed		(786,898	)		(43,449	)
Net increase		10,866,527			3,632,899
Investor Class
Shares sold		789,769			276,209
Shares redeemed		(36,804	)		—
Net increase		752,965			276,209

* Inception date of the Fund was December 31, 2013.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

42   SEMI-ANNUAL REPORT 2015

(THIS PAGE INTENTIONALLY LEFT BLANK.)

SEMI-ANNUAL REPORT 2015   43

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS PER SHARE OPERATING PERFORMANCE

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)*			Net Realized and Unrealized Gain/(Loss) on Investments			Net Increase/ (Decrease) in Net Assets Resulting from Operations			Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders			Redemption Fees*
Boston Partners Small Cap Value Fund II
Institutional Class
9/1/14 through 2/28/15†	$	22.65	$	0.10		$	0.43		$	0.53		$	(0.15	)	$	(0.28	)	$	(0.43	)	$	—
8/31/14		19.06		0.15			3.53			3.68			(0.09	)		—			(0.09	)		—	3
8/31/13		15.31		0.09			3.75			3.84			(0.09	)		—			(0.09	)		—
8/31/12		12.92		0.05			2.39			2.44			(0.05	)		—			(0.05	)		—	3
8/31/11		11.02		0.03			1.91			1.94			(0.04	)		—			(0.04	)		—	3
8/31/10		10.49		0.06			0.52			0.58			(0.05	)		—			(0.05	)		—	3
Investor Class
9/1/14 through 2/28/15†	$	21.79	$	0.07		$	0.41		$	0.48		$	(0.10	)	$	(0.28	)	$	(0.38	)	$	—
8/31/14		18.35		0.09			3.40			3.49			(0.05	)		—			(0.05	)		—	3
8/31/13		14.74		0.05			3.61			3.66			(0.05	)		—			(0.05	)		—
8/31/12		12.44		0.02			2.30			2.32			(0.02	)		—			(0.02	)		—	3
8/31/11		10.62		(—	)3		1.84			1.84			(0.02	)		—			(0.02	)		—	3
8/31/10		10.11		0.03			0.50			0.53			(0.02	)		—			(0.02	)		—	3
Boston Partners Long/Short Equity Fund
Institutional Class
9/1/14 through 2/28/15†	$	22.65	$	(0.42	)	$	(1.56	)	$	(1.98	)	$	—		$	(1.77	)	$	(1.77	)	$	0.01
8/31/14		20.94		(0.63	)		3.57			2.94			—			(1.24	)		(1.24	)		0.01
8/31/13		20.47		(0.54	)		2.24			1.70			—			(1.24	)		(1.24	)		0.01
8/31/12		19.88		(0.54	)		3.15			2.61			—			(2.03	)		(2.03	)		0.01
8/31/11		17.41		(0.47	)		4.55			4.08			—			(1.62	)		(1.62	)		0.01
8/31/10		15.75		(0.37	)		1.98			1.61			—			—			—			0.05
Investor Class
9/1/14 through 2/28/15†	$	21.33	$	(0.42	)	$	(1.46	)	$	(1.88	)	$	—		$	(1.77	)	$	(1.77	)	$	0.01
8/31/14		19.84		(0.65	)		3.37			2.72			—			(1.24	)		(1.24	)		0.01
8/31/13		19.51		(0.57	)		2.13			1.56			—			(1.24	)		(1.24	)		0.01
8/31/12		19.08		(0.56	)		3.01			2.45			—			(2.03	)		(2.03	)		0.01
8/31/11		16.80		(0.50	)		4.39			3.89			—			(1.62	)		(1.62	)		0.01
8/31/10		15.31		(0.40	)		1.84			1.44			—			—			—			0.05
Boston Partners Long/Short Research Fund
Institutional Class
9/1/14 through 2/28/15†	$	15.14	$	(0.07	)	$	0.61		$	0.54		$	—		$	(0.20	)	$	(0.20	)	$	—
8/31/14		13.30		(0.12	)		2.02			1.90			—			(0.06	)		(0.06	)		—	3
8/31/13		11.91		(0.14	)		1.66			1.52			—			(0.13	)		(0.13	)		—	3
8/31/12		10.60		(0.13	)		1.53			1.40			—			(0.09	)		(0.09	)		—	3
9/30/10** through 8/31/11		10.00		(0.12	)		0.71			0.59			—			—			—			0.01
Investor Class
9/1/14 through 2/28/15†	$	15.00	$	(0.09	)	$	0.57		$	0.48		$	—		$	(0.20	)	$	(0.20	)	$	—
8/31/14		13.21		(0.15	)		2.00			1.85			—			(0.06	)		(0.06	)		—	3
8/31/13		11.86		(0.18	)		1.66			1.48			—			(0.13	)		(0.13	)		—	3
8/31/12		10.58		(0.15	)		1.52			1.37			—			(0.09	)		(0.09	)		—	3
11/29/10** through 8/31/11		10.40		(0.12	)		0.29			0.17			—			—			—			0.01

† Unaudited.

* Calculated based on average shares outstanding for the period.

** Inception date.

¹  Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

²  Redemption fees, if any, are reflected in total return calculations.

³  Amount is less than $0.005 per share.

⁴  Portfolio turnover rate excludes securities received from processing a subscription-in-kind.

⁵  Annualized.

⁶  Not Annualized.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

44   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (continued) PER SHARE OPERATING PERFORMANCE

Net Asset Value, End of Period		Total Investment Return1,2			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)			Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
$	22.75		2.43	%	$	148,399		1.10	%5		N/A			1.18	%5		0.92	%5		8	%6
	22.65		19.33			102,112		1.21			N/A			1.23			0.68			16
	19.06		25.19			76,442		1.29			N/A			1.29			0.53			19
	15.31		18.98			53,604		1.30			N/A			1.36			0.37			32
	12.92		17.59			30,172		1.30			N/A			1.37			0.22			38
	11.02		5.47			25,736		1.30			N/A			1.39			0.51			43
$	21.89		2.29	%	$	127,509		1.35	%5		N/A			1.43	%5		0.67	%5		8	%6
	21.79		19.01			112,417		1.46			N/A			1.48			0.43			16
	18.35		24.90			87,237		1.54			N/A			1.54			0.28			19
	14.74		18.67			66,689		1.55			N/A			1.61			0.12			32
	12.44		17.28			70,490		1.55			N/A			1.62			(0.03	)		38
	10.62		5.26			61,260		1.55			N/A			1.63			0.25			43
$	18.91		(8.93	)%	$	612,055		5.28	%5		2.38	%5		5.28	%5		(4.05	)%5		37	%6
	22.65		14.72			676,756		4.33			2.42			4.33			(2.93	)		65
	20.94		8.61			620,804		4.30			2.43			4.30			(2.58	)		67
	20.47		14.16			505,108		4.29			2.48			4.29			(2.68	)		71
	19.88		23.66			344,935		3.70			2.47			3.71			(2.35	)		103
	17.41		10.54			164,438		3.40			2.50			3.46			(2.10	)		81
$	17.69		(9.06	)%	$	139,715		5.53	%5		2.63	%5		5.53	%5		(4.30	)%5		37	%6
	21.33		14.41			211,372		4.57			2.66			4.57			(3.18	)		65
	19.84		8.30			220,307		4.55			2.68			4.55			(2.83	)		67
	19.51		13.90			170,834		4.54			2.73			4.54			(2.93	)		71
	19.08		23.37			128,184		3.95			2.72			3.96			(2.60	)		103
	16.80		9.73			82,088		3.65			2.75			3.70			(2.35	)		81
$	15.48		3.53	%	$	6,039,896		2.35	%5		1.38	%5		2.35	%5		(0.98	)%5		32	%6
	15.14		14.28			5,054,388		2.52			1.39			2.52			(0.81	)		57
	13.30		12.81			1,743,406		2.75			1.48			2.71			(1.09	)		65
	11.91		13.32			254,170		2.81			1.54			2.84			(1.12	)		53	4
	10.60		6.00			37,237		2.70	5		1.74	5		4.05	5		(1.21	)5		61	6
$	15.28		3.43	%	$	243,740		2.59	%5		1.62	%5		2.59	%5		(1.22	)%5		32	%6
	15.00		13.99			294,249		2.77			1.64			2.77			(1.06	)		57
	13.21		12.52			132,511		3.05			1.73			3.01			(1.39	)		65
	11.86		13.06			48,296		3.00			1.79			3.04			(1.31	)		53	4
	10.58		1.73			20,308		2.99	5		1.98	5		4.08	5		(1.47	)5		61	6

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   45

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (continued) PER SHARE OPERATING PERFORMANCE

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)*			Net Realized and Unrealized Gain/(Loss) on Investments			Net Increase/ (Decrease) in Net  Assets Resulting from Operations			Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders			Redemption Fees*
Boston Partners All-Cap Value Fund
Institutional Class
9/1/14 through 2/28/15†	$	23.00	$	0.11		$	1.15		$	1.26		$	(0.22	)	$	(0.92	)	$	(1.14	)	$	—
8/31/14		19.19		0.22			4.39			4.61			(0.18	)		(0.62	)		(0.80	)		—
8/31/13		15.57		0.24			3.75			3.99			(0.27	)		(0.10	)		(0.37	)		—
8/31/12		14.34		0.20			2.04			2.24			(0.12	)		(0.89	)		(1.01	)		—
8/31/11		12.85		0.15			1.63			1.78			(0.10	)		(0.19	)		(0.29	)		—
8/31/10		12.56		0.10			0.32			0.42			(0.13	)		—			(0.13	)		—
Investor Class
9/1/14 through 2/28/15†	$	22.90	$	0.08		$	1.14		$	1.22		$	(0.17	)	$	(0.92	)	$	(1.09	)	$	—
8/31/14		19.12		0.17			4.38			4.55			(0.15	)		(0.62	)		(0.77	)		—
8/31/13		15.50		0.20			3.75			3.95			(0.23	)		(0.10	)		(0.33	)		—
8/31/12		14.28		0.16			2.03			2.19			(0.08	)		(0.89	)		(0.97	)		—
8/31/11		12.79		0.11			1.63			1.74			(0.06	)		(0.19	)		(0.25	)		—
8/31/10		12.52		0.07			0.31			0.38			(0.11	)		—			(0.11	)		—
WPG Partners Small/Micro Cap Value Fund
Institutional Class
9/1/14 through 2/28/15†	$	20.42	$	0.09		$	(1.20	)	$	(1.11	)	$	(0.13	)	$	(2.18	)	$	(2.31	)	$	—
8/31/14		19.06		0.07			3.16			3.23			(0.02	)		(1.85	)		(1.87	)		—
8/31/13		14.32		0.07			4.74			4.81			(0.07	)		—			(0.07	)		—
8/31/12		12.31		(0.05	)		2.06			2.01			—			—			—			—	3
8/31/11		11.65		(0.06	)		0.72			0.66			—			—			—			—
8/31/10		10.57		(0.05	)		1.16			1.11			(0.03	)		—			(0.03	)		—	3
Boston Partners Global Equity Fund
Institutional Class
9/1/14 through 2/28/15†	$	15.59	$	0.03		$	0.40		$	0.43		$	(0.14	)	$	(0.52	)	$	(0.66	)	$	—
8/31/14		12.97		0.18			2.82			3.00			(0.02	)		(0.36	)		(0.38	)		—
8/31/13		11.00		0.12			2.07			2.19			(0.13	)		(0.09	)		(0.22	)		—
12/30/11** through 8/31/12		10.00		0.10			0.90			1.00			—			—			—			—
Boston Partners Global Long/Short Fund
Institutional Class
9/1/14 through 2/28/15†	$	10.30	$	(0.07	)	$	0.18		$	0.11		$	—		$	—		$	—		$	—
12/31/13** through 8/31/14		10.00		(0.14	)		0.44			0.30			—			—			—			—	3
Investor Class
9/1/14 through 2/28/15†	$	10.29	$	(0.08	)	$	0.18		$	0.10		$	—		$	—		$	—		$	—
4/11/14** through 8/31/14		9.86		(0.09	)		0.52			0.43			—			—			—			—	3

† Unaudited.

* Calculated based on average shares outstanding, unless otherwise noted.

** Inception date.

¹  Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

²  Redemption fees, if any, are reflected in total return calculations.

³  Amount is less than $0.005.

⁴  Annualized.

⁵  Not Annualized.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

46   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (concluded) PER SHARE OPERATING PERFORMANCE

Net Asset Value, End of Period		Total Investment Return1,2			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers and Reimbursements			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)			Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
$	23.12		5.63	%	$	784,511		0.70	%4		N/A			0.92	%4		0.94	%4		18	%5
	23.00		24.52			736,475		0.70			N/A			0.94			1.05			26
	19.19		26.11			441,856		0.70			N/A			0.97			1.37			32
	15.57		16.73			343,885		0.70			N/A			1.03			1.38			33
	14.34		13.75			210,113		0.70			N/A			1.03			1.00			47
	12.85		3.31			112,437		0.80			N/A			1.15			0.75			48
$	23.03		5.46	%	$	223,153		0.95	%4		N/A			1.17	%4		0.69	%4		18	%5
	22.90		24.29			217,590		0.95			N/A			1.20			0.80			26
	19.12		25.93			77,936		0.95			N/A			1.22			1.12			32
	15.50		16.44			25,189		0.95			N/A			1.28			1.13			33
	14.28		13.55			26,436		0.95			N/A			1.28			0.75			47
	12.79		3.01			13,016		1.03			N/A			1.39			0.55			48
$	17.00		(5.07	)%	$	42,613		1.10	%4		N/A			1.37	%4		0.99	%4		37	%5
	20.42		17.46			46,008		1.36			N/A			1.42			0.35			75
	19.06		33.71			40,754		1.54			N/A			1.54			0.41			72
	14.32		16.33			37,367		1.70			N/A			1.70			(0.34	)		84
	12.31		5.67			33,238		1.67			N/A			1.72			(0.43	)		85
	11.65		10.54			32,394		1.69			N/A			1.77			(0.39	)		94
$	15.36		2.94	%	$	80,208		0.95	%4		N/A			1.40	%4		0.40	%4		46	%5
	15.59		23.39			60,087		0.96			N/A			1.39			1.20			136
	12.97		20.14			11,496		1.30			N/A			3.05			1.00			102
	11.00		10.00	5		11,234		1.30	4		N/A			3.56	4		1.39	4		83	5
$	10.41		1.07	%	$	150,899		2.78	%4		1.98	%4		2.80	%4		(1.48	%)4		53	%5
	10.30		3.00			37,403		3.88	4		2.00	4		4.89	4		(2.04	)4		72	5
$	10.39		0.97	%	$	10,695		3.03	%4		2.23	%4		3.05	%4		(1.73	%)4		53	%5
	10.29		4.36			2,841		4.12	4		2.25	4		4.44	4		(2.28	)4		72	5

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2015   47

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS(unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series trust,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including Boston Partners Small Cap Value Fund II (“BP Small Cap Value Fund II”), Boston Partners Long/Short Equity Fund (“BP Long/Short Equity Fund”), Boston Partners Long/Short Research Fund (“BP Long/Short Research Fund”), Boston Partners All-Cap Value Fund (“BP All-Cap Value Fund”), Boston Partners Global Equity Fund (“BP Global Equity Fund”), Boston Partners Global Long/Short Fund (“BP Global Long/Short Fund”) (collectively “BP Funds”), and WPG Partners Small/Micro Cap Value Fund (“WPG Small/Micro Cap Value Fund” and, collectively with the BP Funds, the “Funds”). As of February 28, 2015, the BP Funds each offer two classes of shares, Institutional Class and Investor Class. As of February 28, 2015, Investor Class shares of the BP Global Equity Fund have not been issued. The WPG Small/Micro Cap Value Fund is a single class fund, offering only the Institutional Class of shares.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost which approximates market value. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

48   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

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

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

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

A summary of the inputs used to value each Fund’s investments as of February 28, 2015 is included in each Fund’s Portfolio of Investments.

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

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

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

Foreign securities that utilize international fair pricing are categorized as Level 2 in the hierarchy. For the BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Equity Fund and BP Global Long/Short Fund, securities with an end of period value of $1,313,202, $17,997,389, $430,358 and $555,939, respectively, transferred from Level 1 into Level 2. This transfer occurred as a result of this security being valued utilizing the international fair value pricing at February 28, 2015. For the BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Equity Fund and BP Global Long/Short Fund, securities with an end of period value of $1,674,965, $16,055,088, $800,132 and $759,334, respectively, transferred from Level 2 into Level 1. These transfers occurred as a result of these securities no longer being valued utilizing the international fair value pricing at February 28, 2015.

Use of Estimates — The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Funds record security transactions based on trade date for financial report purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized

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NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

gain. The Funds’ investment income, expenses (other than class specific distribution fees) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all of the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Company’s Board of Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on ex-dividend date for all Funds. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Cash and Cash Equivalents — The Funds consider liquid assets deposited into a bank demand deposit account to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statement of Operations.

Currency Risk — The Funds invest in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Funds may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Funds’ NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Funds are determined on the basis of U.S. dollars, the Funds may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Funds’ holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Funds’ holdings in foreign securities.

Foreign Securities Market Risk — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

50   SEMI-ANNUAL REPORT 2015

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NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

Options Written — The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may enter into options written to hedge against changes in the value of equities. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. A Fund also may write OTC options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes.

Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid. As of February 28, 2015, all of each Fund’s written options were exchange-traded options.

The BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP All-Cap Value Fund and the BP Global Long Short Fund had transactions in options written during the six month period ended February 28, 2015 as follows:

	BP Long/Short Equity Fund						BP Long/Short Research Fund						BP All-Cap Value Fund						BP Global Long/Short Fund
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received			Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Options outstanding at August 31, 2014		355		$	326,590			5,378		$	3,161,737			2,123		$	743,607			—		$	—
Options written		1,316			1,016,312			31,403			15,811,183			93			546,687			173			91,153
Options closed		—			—			(13,265	)		(6,405,796	)		—			—			—			—
Options expired		(343	)		(315,724	)		(3,082	)		(1,667,185	)		(849	)		(212,360	)		—			—
Options exercised		(12	)		(10,866	)		(1,010	)		(882,025	)		(1,274	)		(531,246	)		(80	)		(13,596	)
Options outstanding at February 28, 2015		1,316		$	1,016,312			19,424		$	10,017,914			93		$	546,688			93		$	77,557

For the six month period ended February 28, 2015, the average volume of derivatives was as follows:

Fund	PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)
BP Long/Short Equity Fund	$	1,319,318	$	772,700
BP Long/Short Research Fund		—		6,184,677
BP All-Cap Value Fund		—		677,967
BP Global Long/Short Fund		—		30,385

Short Sales — When the investment adviser believes that a security is overvalued, the BP Long/Short Equity Fund, the BP Long/Short Research Fund and the BP Global Long/Short Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. A Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. A Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, a Fund may not receive any payments (including interest) on collateral deposited with them.

In accordance with the terms of its prime brokerage agreements, a Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds record these prime broker

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BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

charges on a net basis as interest income or interest expense. For the six month period ended February 28, 2015, the BP Long/Short Equity Fund, the BP Long/Short Research Fund and the Global Long/Short Fund had net charges of $10,516,403, $5,956,588 and $92,718, respectively, on borrowed securities. Such amounts are included in prime broker interest expense on the statement of operations.

As of February 28, 2015, the BP Long/Short Equity Fund, BP Long/Short Research Fund and the BP Global Long/Short Fund had securities sold short valued at $650,700,782, $2,766,500,772 and $77,200,275, respectively, for which securities of $481,758,929, $2,567,394,065 and $77,807,768 and cash deposits of $652,334,257, $2,770,181,505, and $57,235,630, respectively, were pledged as collateral.

In accordance with Special Custody and Pledge Agreements with Goldman Sachs & Co. (“Goldman Sachs”) (the Funds’ prime broker), the BP Long/Short Equity Fund, the BP Long/Short Research Fund and the BP Global Long/Short Fund may borrow from Goldman Sachs to the extent necessary to maintain required margin cash deposits on short positions. Interest on such borrowings is charged to the Fund based on the LIBOR rate plus an agreed upon spread.

The BP Long/Short Equity Fund, the BP Long/Short Research Fund and BP Global Long/Short Fund utilized cash borrowings from Goldman Sachs to meet required margin cash deposits as follows during the six month period ended February 28, 2015:

BP Long/Short Equity Fund			BP Long/Short Research Fund				BP Global Long/Short Fund
Days Utilized	Average Daily Borrowings	Weighted Average Interest Rate	Days Utilized		Average Daily Borrowings	Weighted Average Interest Rate	Days Utilized		Average Daily Borrowings	Weighted Average Interest Rate
143		CAD 4,681,852	1.43	%	45	AUD 1,436,151	2.92	%	131	AUD 471,407	2.93	%
152		EUR 1,790,157	0.41	%	106	CAD 2,411,181	1.28	%	156	CAD 104,766	1.42	%
154		USD 40,954,083	0.53	%	34	DKK 23,392,690	0.44	%	135	CHF 394,444	0.42	%
					28	EUR 11,235,827	0.39	%	179	DKK 665,779	0.48	%
					47	GBP 2,580,039	0.90	%	28	EUR 3,673,977	0.39	%
					8	HKD 25,324,920	0.48	%	177	GBP 537,821	0.87	%
					39	JPY 1,519,358,849	0.51	%	148	HKD 3,254,738	0.50	%
					83	SEK 9,767,195	0.47	%	156	JPY 88,808,439	0.52	%
					157	USD 93,488,431	0.54	%	30	NOK 269,780	1.67	%
									152	NZD 241,388	3.93	%
									180	SEK 1,581,574	0.61	%
									104	SGD 161,703	0.58	%
									181	THB 8,517,952	2.33	%

As of February 28, 2015, the BP Long/Short Equity Fund, the BP Long/Short Research Fund and BP Global Long/Short Fund, had borrowings of $55,092,375, $131,183,275 and $44,359, respectively. Such amounts are included in due to prime broker on the Statements of Assets and Liabilities. Interest expenses for the six month period ended February 28, 2015, totaled $118,946, $251,712 and $27,244, respectively.

Contracts for Difference — The BP Global Long/Short Fund and BP Long/Short Research Fund (for this section only, each a “Fund”) may enter into Contracts for Differences (“CFDs”). CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

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NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statement of Operations. Periodic payments made or received are recorded as realized gains or losses. Entering into CFDs involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions. CFDs outstanding at period end, if any, are listed on the Schedule of Investments. In connection with CFDs, cash or securities may be segregated as collateral by the Funds’ custodian. As of February 28, 2015, the BP Global Long/Short Fund held CFDs.

For the six month period ended February 28, 2015, the average volume of Contracts for Difference was as follows:

Fund	Notional Amount
BP Global Long/Short Fund	$	501,146

2. Investment Advisers and Other Services

Robeco Investment Management, Inc. (“Robeco”) provides investment advisory services to the BP Funds and the WPG Small/Micro Cap Value Fund. For its advisory services with respect to the BP Funds, Robeco is entitled to receive 1.00% of the BP Small Cap Value Fund II’s average daily net assets, 2.25% of the BP Long/Short Equity Fund’s average daily net assets, 1.25% of the BP Long/Short Research Fund’s average daily net assets, 0.80% of the BP All-Cap Value Fund’s average daily net assets, 0.90% of the BP Global Equity Fund’s average daily net assets and 1.50% of the BP Global Long/Short Fund’s average daily net assets, each accrued daily and payable monthly.

Robeco has contractually agreed to limit the BP Long/Short Equity Fund and BP All-Cap Value Fund’s total annual operating expenses (excluding certain items discussed below) to the extent that such expenses exceed the ratios in the table below. This limit is calculated daily based on the BP Long/Short Equity Fund and BP All-Cap Value Fund’s average daily net assets. These limitations are effected in waivers of advisory fees and reimbursements of expenses exceeding the advisory fee as necessary. These contractual limitations are in effect until at least January 26, 2016 and may not be terminated without approval of the Company’s Board of Directors. Robeco may not recoup any of its waived investment advisory fees with respect to these Funds. The contractual limitations of the BP Long/Short Equity Fund and BP All-Cap Value Fund are the following:

	Institutional			Investor
BP Long/Short Equity Fund		2.50	%		2.75	%
BP All-Cap Value Fund		0.70	%		0.95	%

For BP Small Cap Value Fund II, from September 1, 2013 through May 27, 2014, Robeco had contractually agreed to forgo all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the total annual Fund operating expenses (excluding certain items discussed below) exceeds 1.30% and 1.55%, of the average daily net assets attributable to the Funds’ Institutional Class shares and Investor Class shares, respectively. Effective May 28, 2014, Robeco has contractually agreed to forgo all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the total annual Fund operating expenses (excluding certain items discussed below) exceeds 1.10% and 1.35%, of the average daily net assets attributable to the Funds’ Institutional Class shares and Investor Class shares, respectively. This contractual limitation is in effect until December 31, 2016 and may not be terminated without the approval of the Board of Directors. If at any time during the three years from May 28, 2014 to May 28, 2017 in which the Fund’s advisory agreement with Robeco is in effect, the Fund’s total annual Fund operating expenses for that year are less than 1.10% for the Institutional Class and 1.35% for the Investor Class, Robeco is entitled to reimbursement by the Fund of the advisory fees foregone and other payments remitted by Robeco to the Fund during such three-year period.

For the BP Long/Short Research Fund and BP Global Long/Short Fund, Robeco has contractually agreed to forgo all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the total annual Fund operating expenses (excluding certain items discussed below) exceeds 1.50% and 2.00%, respectively, of the average daily net assets attributable to the Funds’ Institutional Class shares and 1.75% and 2.25%, respectively, of the average daily net assets attributable to the Funds’ Investor Class. This contractual limitation is in effect until at least January 26, 2016 and may not be terminated without approval of the Company’s Board of Directors. If at any time during the first three years the Funds’ advisory agreement with Robeco is in effect, the Funds’ Total annual Fund operating expenses for that year are less than 1.50% for the

SEMI-ANNUAL REPORT 2015   53

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NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

Institutional Class and 1.75% for the Investor Class of the BP Long/Short Research Fund or 2.00% for the Institutional Class and 2.25% for the Investor Class of the BP Global Long/Short Fund, Robeco is entitled to reimbursement by the Funds of the advisory fees forgone and other payments remitted by Robeco to the Funds during such three-year period.

From September 1, 2013 through September 30, 2013, for the BP Global Equity Fund, Robeco had contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Fund’s total annual Fund operating expenses (excluding certain items discussed below) exceeds 1.30% of the average daily net assets attributable to the Fund’s Institutional Class shares and 1.55% of the average daily net assets attributable to the Fund’s Investor Class. Effective October 1, 2013, Robeco has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Fund’s total annual Fund operating expenses (excluding certain items discussed below) exceeds 0.95% of the average daily net assets attributable to the Fund’s Institutional Class shares and 1.20% of the average daily net assets attributable to the Fund’s Investor Class. This contractual limitation is in effect until at least January 26, 2016 and may not be terminated without approval of the Company’s Board of Directors.

If at any time during the first three years each Fund’s advisory agreement with Robeco is in effect, each Fund’s total annual Fund operating expenses for that year are less than 0.95% for the Institutional Class and 1.20% for the Investor Class, Robeco is entitled to reimbursement by each Fund of the advisory fees waived and other payments remitted by Robeco to each Fund during such three-year period.

For its advisory services with respect to the WPG Small/Micro Cap Value Fund, for the period September 1, 2013 through May 27, 2014, Robeco was entitled to receive advisory fees, accrued daily and paid monthly, as follows:

WPG Small/Micro Cap Value Fund	0.90% of net assets up to $300 million
	0.80% of net assets $300 million to $500 million
	0.75% of net assets in excess of $500 million

Effective May 28, 2014, Robeco is entitled to receive advisory fees, accrued daily and paid monthly, as follows:

WPG Small/Micro Cap Value Fund	0.80% of net assets up to $500 million
	0.75% of net assets in excess of $500 million

From September 1, 2013 through May 27, 2014, Robeco had contractually agreed to limit the WPG Small/Micro Cap Value Fund’s total annual Fund operating expenses (excluding certain items discussed below) to 1.70%. Effective May 28, 2014, Robeco contractually agreed to limit the WPG Small/Micro Cap Value Fund’s total annual Fund operating expenses (excluding certain items discussed below) to 1.10%. The contractual limitation is in effect until at least December 31, 2016 and may not be terminated without approval of the Company’s Board of Directors. If at any time during the three years from May 28, 2014 to May 28, 2017 in which the Fund’s advisory agreement with Robeco is in effect, the Fund’s total annual Fund operating expenses for that year are less than 1.10%, Robeco is entitled to reimbursement by the Fund of the advisory fees waived and other payments remitted by Robeco to the Fund during such three-year period.

At February 28, 2015, the amount of potential recoupment by Robeco was as follows:

	Expiration August 31, 2015		Expiration August 31, 2016		Expiration August 31, 2017		Expiration August 31, 2018		Total
BP Small-Cap Value Fund II	$	—	$	—	$	41,219	$	95,942	$	137,161
BP WPG Small/Micro Cap Value Fund		—		—		27,146		55,226		82,372
BP Global Equity Fund		133,820		202,243		217,404		146,217		699,684
BP Global Long/Short Fund		—		—		87,459		6,701		94,160

For the six-month period ended February 28, 2015, Robeco has waived and reimbursed fees as follows:

Funds	Investment Adviser Expense Waived		Investment Adviser Reimbursement
BP Small Cap Value Fund II	$	95,942	$	—
BP Long/Short Equity Fund		—		—
BP Long/Short Research Fund		—		—
BP All-Cap Value Fund		1,059,386		—
BP WPG Small/Micro Cap Value Fund		55,226		—
BP Global Equity Fund		146,217		—
BP Global Long/Short Fund		6,701		—

54   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

In determining Robeco’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause a Fund’s net annualized expense ratio to exceed the applicable expense limitation: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest and taxes.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), serves as administrator for the Funds. For providing administration and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of each Fund’s average daily net assets, subject to certain minimum monthly fees.

Included in the administration and accounting service fees, shown on the Statement of Operations, are fees for providing regulatory administrative services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio of the Company in proportion to its net assets of the Company.

In addition, BNY Mellon serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Board of Directors of the Company has approved a Distribution Agreement for the Funds and adopted separate Plans of Distribution for the Investor Class of each BP Fund (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, Foreside Funds Distributors LLC (the “Underwriter”) is entitled to receive from each Fund a distribution fee with respect to the Investor Class, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Investor Class. Amounts paid to the Distributor under the Plans may be used by the Distributor to cover expenses that are related to (i) the sale of the Investor Class Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Investor Class, all as set forth in the Plans.

3. Directors/Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The aggregate remuneration paid to the Directors by the Funds during the six-month period ended February 28, 2015 was $125,259. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Funds or the Company.

4. Investment in Securities

For the six month period ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments and U.S. government obligations) were as follows:

Fund	Purchases		Sales
BP Small Cap Value Fund II	$	75,024,423	$	19,796,402
BP Long/Short Equity Fund		302,726,958		377,192,552
BP Long/Short Research Fund		2,243,479,611		1,773,895,131
BP All-Cap Value Fund		185,473,938		166,529,153
WPG Small/Micro Cap Value Fund		14,806,604		17,236,326
BP Global Equity Fund		45,989,936		29,586,774
BP Global Long/Short Fund		157,296,551		46,593,731

5. Capital Share Transactions

As of February 28, 2015, each class of each Fund has 100,000,000 shares of $0.001 par value common stock authorized except for the Institutional Class of the BP Long/Short Research Fund and the WPG Small/Micro Cap Value Fund, which have 500,000,000 shares and 50,000,000 shares, respectively, of $0.001 par value common stock authorized.

6. Securities Lending

Securities may be loaned to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Company’s Board of Directors, is invested in short-term investments. All such investments

SEMI-ANNUAL REPORT 2015   55

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

are made at the risk of the Funds and, as such, the Funds are liable for investment losses. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by Robeco to be of good standing and only when, in Robeco’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. During the six month period ended February 28, 2015, the Funds participated in securities lending. The market value of securities on loan and collateral as of February 28, 2015 and the income generated from the program during the six month period ended February 28, 2015 with respect to such loans were as follows:

Fund	Market Value of Securities Loaned		Market Value of Collateral		Income Received from Securities Lending
BP Small Cap Value Fund II	$	7,363,665	$	10,148,370	$	125,592
BP Long/Short Equity Fund		23,348,070		29,918,254		96,399
BP All-Cap Value Fund		136,988		154,906		3,913
WPG Small/Micro Cap Value Fund		2,686,234		3,789,509		107,274

Securities lending transactions are entered into by the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of February 28, 2015:

							Gross Amount Net Offset in the Statement of Assets and Liabilities
Fund	Gross Amount of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
BP Small Cap Value Fund II	$	7,363,665		—	$	7,363,665		—	$	7,363,665		—
BP Long/Short Equity Fund		23,348,070		—		23,348,070		—		23,348,070		—
BP All-Cap Value Fund		136,988		—		136,988		—		136,988		—
WPG Small/Micro Cap Value Fund		2,686,234		—		2,686,234		—		2,686,234		—

¹  Amount disclosed is limited to the amount of assets presented in the Statement of Assets and Liabilities. Actual collateral received may be more than the amount shown.

7. Restricted Securities

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

At February 28, 2015, the following Fund held restricted securities that were illiquid:

	Acquisition Date	Acquisition Cost		Shares/Par		Value		% of Net Assets
BP All-Cap Value Fund
Common Stocks:
Peoples Choice Financial Corp. 144A	12/21/04-01/23/06	$	14,293		1,465	$	0.00		0.0
Solar Cayman Ltd. 144A	03/24/10		—		19,375		0.00		0.0
		$	14,293		20,840	$	—		0.0	%

8. Redemption Fees

There is a 1.00% redemption fee on shares redeemed which have been held 60 days or less on BP Small Cap Value Fund II, BP Long/Short Research Fund, BP Global Equity Fund and BP Global Long/Short Fund. There is a 2.00% redemption fee on shares redeemed which have been held 365 days or less on the BP Long/Short Equity Fund. The WPG Small/Micro

56   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

Cap Value Fund has a 2.00% redemption fee on shares redeemed within 60 days of purchase. The redemption fees are retained by the Funds for the benefit of the remaining shareholders and recorded as paid-in capital.

9. Federal Income Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, federal tax cost and aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

Fund	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
BP Small Cap Value Fund II	$	213,388,082	$	74,958,074	$	(8,834,418	)	$	66,123,656
BP Long/Short Equity Fund		696,760,591		156,748,120		(33,943,446	)		122,804,674
BP Long/Short Research Fund		5,042,073,595		955,960,476		(91,674,666	)		864,285,810
BP All-Cap Value Fund		768,632,398		240,295,333		(10,451,624	)		229,843,709
WPG Small/Micro Cap Value Fund		35,829,641		8,880,017		(1,885,243	)		6,994,774
BP Global Equity Fund		69,160,549		11,732,322		(2,840,985	)		8,891,337
BP Global Long/Short Fund		146,076,136		9,767,847		(1,674,940	)		8,092,907

Distributions to shareholders from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2014, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Capital Loss Carryforwards			Unrealized Appreciation (Depreciation)		Qualified Late-year Loss Deferral			Other Temporary Differences
BP Small Cap Value Fund II	$	517,650	$	1,447,207	$	—		$	63,416,762	$	—		$	—
BP Long/Short Equity Fund		—		54,313,379		(843,234	)		106,529,791		(17,692,302	)		—
BP Long/Short Research Fund		—		34,894,577		—			516,767,966		(27,989,440	)		—
BP All-Cap Value Fund		15,443,775		22,304,230		—			210,855,869		—			—
WPG Small/Micro Cap Value Fund		2,710,470		1,593,933		—			7,921,711		—			—
BP Global Equity Fund		1,899,488		1,065,409		—			5,793,235		—			—
BP Global Long/Short Fund		—		—		(161,107	)		1,435,979		—			—

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2014 were as follows:

	2014
Fund	Ordinary Income		Long-Term Gains		Total
BP Small Cap Value Fund II	$	583,139	$	—	$	583,139
BP Long/Short Equity Fund		2,623,279		47,534,301		50,157,580
BP Long/Short Research Fund		—		10,836,209		10,836,209
BP All-Cap Value Fund		12,757,029		12,457,916		25,214,945
WPG Small/Micro Cap Value Fund		50,358		3,952,860		4,003,218
BP Global Equity Fund		1,079,874		423,661		1,503,535
BP Global Long/Short Fund		—		—		—

SEMI-ANNUAL REPORT 2015   57

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (concluded)

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Accumulated capital losses represent net capital loss carryforwards as of August 31, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

As of August 31, 2014, the Funds had the following pre-enactment net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by U.S. Treasury regulations. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.

Fund	August 31, 2016		August 31, 2017		August 31, 2018		Total
BP Long/Short Equity Fund	$	843,234	$	—	$	—	$	843,234

As of August 31, 2014, the BP Global Long/Short Fund had post-enactment capital loss carryforwards of $161,107, all of which are short-term losses and have an unlimited period of capital loss carryforward.

Due to limitations imposed by the Internal Revenue Code and the regulations thereunder, the capital losses from the BP Long/Short Equity Fund that were acquired in its reorganization with the WPG 130/30 Large Cap Core Fund on April 17, 2009, could not be fully used against its current year capital gains. The remaining loss of $843,234 is carried forward and $421,617 can be utilized annually against the BP Long/Short Equity Fund’s realized capital gains through August 31, 2016.

10. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

58   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS

OTHER INFORMATION (unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 261-4073 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedule

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. Information on the operation of the SEC Public Reference Room may be obtained by calling (800) SEC-0330.

SEMI-ANNUAL REPORT 2015   59

BOSTON PARTNERS INVESTMENT FUNDS

PRIVACY NOTICE (unaudited)

FACTS	WHAT DO THE BOSTON PARTNERS INVESTMENT FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: •          Social Security number •          account balances •          account transactions •          transaction history •          wire transfer instructions •          checking account information When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Boston Partners Investment Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do the Boston Partners Investment Funds share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For our affiliates to market to you	Yes	Yes
For nonaffiliates to market to you	No	We don’t share

Questions? Call (888) 261-4073 or go to www.boston-partners.com

60   SEMI-ANNUAL REPORT 2015

BOSTON PARTNERS INVESTMENT FUNDS

PRIVACY NOTICE (unaudited) (concluded)

What we do
How do the Boston Partners Investment Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do the Boston Partners Investment Funds collect my personal information?	We collect your personal information, for example, when you •          open an account •          provide account information •          give us your contact information •          make a wire transfer •          tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only •          sharing for affiliates’ everyday business purposes – information about your creditworthiness •          affiliates from using your information to market to you •          sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. Our affiliates include: •          Robeco Investment Management, Inc. •          Robeco Securities, LLC
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. •            The Boston Partners Investment Funds don’t share with nonaffiliates so they can market to you. The Boston Partners Investment Funds may share information with nonaffiliates that perform marketing services on our behalf.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. •            The Boston Partners Investment Funds may share your information with other financial institutions with whom we have joint marketing arrangements who may suggest additional fund services or other investment products which may be of interest to you.

SEMI-ANNUAL REPORT 2015   61

INVESTMENT ADVISER

Robeco Investment Management Inc.

909 Third Avenue, 32nd Floor

New York, NY 10022

ADMINISTRATOR

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

PRINCIPAL

UNDERWRITER

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

CUSTODIAN

The Bank of New York Mellon

One Wall Street

New York, NY 10286

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

COUNSEL

Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

S1 FUND

of THE RBB FUND, INC.

SEMI–ANNUAL REPORT

FEBRUARY 28, 2015

(UNAUDITED)

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

S1 FUND

PERFORMANCE DATA

(UNAUDITED)

TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2015
		Average Annual
	Six Months*	One         Year	Three   Year	Since Inception**
S1 Fund, I Shares	(7.11)%	(10.22)%	1.89%	1.19%
S&P 500® Index***	5.05%	13.18%	15.54%	14.91%
HFRX Equity Hedge Index***	1.66%	1.38%	5.06%	0.87%

* Not annualized.

** Inception date of the Fund is September 30, 2010.

*** Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself.

Performance data quoted is past performance and reflects fee waivers that were in effect. Performance would have been less in their absence. The Fund liquidated on March 17, 2015. Call Simple Alternatives at 1 866-882-1226 for information about the Fund’s performance subsequent to the date of this report (February 28, 2015). The Fund’s total annual operating expense ratio, as stated in the current prospectus, is 4.69% and the Fund’s net operating expense ratio is 4.20%. Net operating expense includes interest and dividends on short sales and acquired fund fees.

The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®”). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

2

S1 FUND

FUND EXPENSE EXAMPLES

(UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, shareholder servicing fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2014 through February 28, 2015 and held for the entire period.

ACTUAL EXPENSES

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	I SHARES
	BEGINNING ACCOUNT VALUE SEPTEMBER 1, 2014		ENDING ACCOUNT VALUE FEBRUARY 28, 2015		EXPENSES PAID DURING PERIOD
Actual*		$  1,000.00		$  928.90		$19.08
Hypothetical
(5% return before expenses)		1,000.00		1,005.01		19.84

* Expenses equal to an annualized expense ratio for the six-month period ended February 28, 2015 of 3.99% for the I Shares of the Fund, which includes waived fees or reimbursed expenses (including dividend and interest expense), multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181) then divided by 365 days. The Fund’s ending account value on the first line in the table is based on the actual six-months total return for the I Shares of the Fund of (7.11)%. These amounts include dividends paid on securities which the Fund has sold short (“short-sale dividends”) and related interest expense. The annualized amount of short-sale dividends and related interest expense was 1.04% of the Fund’s average net assets attributable to I Shares for the most recent fiscal year.

3

S1 FUND

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 28, 2015

(UNAUDITED)

The following table presents a summary by sector of the portfolio holdings of the Fund.

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
U.S. TREASURY NOTE		1.0	%		$	102,648
FOREIGN GOVERNMENT NOTE		0.1				8,146
OTHER ASSETS IN EXCESS OF LIABILITIES		98.9				10,386,470
NET ASSETS		100.0	%		$	10,497,264

Portfolio holdings are subject to change at any time.

Please note that securities are classified according to the Bloomberg Sub-Industry Categories for diversification testing purposes. We believe this is the classification that best reflects the industry and risks associated with each position.

The accompanying notes are an integral part of the financial statements.

4

S1 FUND

PORTFOLIO OF INVESTMENTS

FEBRUARY 28, 2015

(UNAUDITED)

	PAR     (000’S)		VALUE
FOREIGN GOVERNMENT NOTE — 0.1%
Canadian Government Bond
3.000% 12/01/15		CAD    10	$	8,146
TOTAL FOREIGN GOVERNMENT NOTE (Cost $10,037)				8,146
U.S. TREASURY NOTE — 1.0%
2.625% 04/30/16		$100		102,648
TOTAL U.S. TREASURY NOTE (Cost $100,758)				102,648
TOTAL INVESTMENTS — 1.1% (Cost $110,795)				110,794
OTHER ASSETS IN EXCESS OF
LIABILITIES — 98.9%				10,386,470
NET ASSETS — 100.0%			$	10,497,264

CAD Canadian Dollar

The accompanying notes are an integral part of the financial statements.

5

S1 FUND

STATEMENT OF ASSETS AND LIABILITIES

FEBRUARY 28, 2015

(UNAUDITED)

ASSETS
Investments, at value (cost $110,795)	$	110,794
Cash		11,168,795
Deposits held with prime broker for securities sold short and written options		27,998
Receivables for:
Investments sold		887
Dividends and interest		8,461
Total assets		11,316,935
LIABILITIES
Payables for:
Capital shares redeemed		736,041
Investment advisory fees		3,588
Dividends on securities sold short		3,596
Due to prime broker		1,985
Other accrued expenses and liabilities		74,461
Total liabilities		819,671
Net Assets	$	10,497,264
NET ASSETS CONSIST OF
Capital stock, $0.001 par value	$	1,172
Paid-in capital		11,990,459
Accumulated net investment loss		(2,478,197	)
Accumulated net realized gain from investments, foreign currency transactions, securities sold short and written options		983,878
Net unrealized depreciation on investments and foreign currency translations		(48	)
Net assets	$	10,497,264
I SHARES
Net assets	$	10,497,264
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,171,670
Net asset value, offering and redemption price per share	$	8.96

The accompanying notes are an integral part of the financial statements.

6

S1 FUND

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED

FEBRUARY 28, 2015

(UNAUDITED)

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $3,906)	$	178,381
Interest		2,333
Total investment income		180,714
EXPENSES
Advisory fees (Note 2)		813,791
Dividend expense on securities sold short		177,913
Prime broker interest expense		130,312
Administration and accounting fees (Note 2)		107,765
Transfer agent fees (Note 2)		51,331
Custodian fees (Note 2)		32,626
Registration and filing fees		31,976
Printing and shareholder reporting fees		20,492
Directors’ and officers’ fees		10,145
Insurance fees		7,585
Legal fees		6,492
Audit fees		5,287
Other expenses		59
Total expenses before waivers and reimbursements		1,395,774
Less: waivers and reimbursements (Note 2)		(214,546	)
Net expenses after waivers		1,181,228
Net investment loss		(1,000,514	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		6,023,791
Securities sold short		(2,261,010	)
Foreign currency transactions		427,409
Written options		(192,104	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(11,117,010	)
Securities sold short		2,510,458
Foreign currency translation		(83,412	)
Written options		36,123
Net realized and unrealized gain/(loss) from investments		(4,655,755	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,656,269	)

The accompanying notes are an integral part of the financial statements.

7

S1 FUND

STATEMENTS OF CHANGES IN NET ASSETS

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2014
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,000,514	)	$	(2,873,760	)
Net realized gain from investments, securities sold short, foreign currency transactions and written options.		3,998,086			6,376,336
Net change in unrealized appreciation/(depreciation) on investments,securities sold short, futures transactions, foreign currency translations, forward currency contracts and written options		(8,653,841	)		4,331,076
Net increase/(decrease) in net assets resulting from operations		(5,656,269	)		7,833,652
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gains		(5,147,391	)		(2,667,365	)
Total dividends and distributions to shareholders		(5,147,391	)		(2,667,365	)
CAPITAL TRANSACTIONS:
I Shares
Proceeds from shares sold.		5,001,918			48,863,982
Proceeds from reinvestment of distributions.		4,941,996			2,611,352
Shares redeemed		(85,783,226	)		(44,300,330	)
Net increase/(decrease) in net assets from capital share transactions		(75,839,312	)		7,175,004
Total increase/(decrease) in net assets		(86,642,972	)		12,341,291
NET ASSETS
Beginning of period		97,140,236			84,798,945
End of period.	$	10,497,264		$	97,140,236
Accumulated net investment loss, end of period	$	(2,478,197	)	$	(1,477,683	)
SHARE TRANSACTIONS:
I Shares
Shares sold		478,785			4,469,573
Shares reinvested		549,722			239,354
Shares redeemed		(8,693,987	)		(4,036,017	)
Net increase/(decrease) in shares		(7,665,480	)		672,910

The accompanying notes are an integral part of the financial statements.

8

S1 FUND

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED

FEBRUARY 28, 2015

(UNAUDITED)

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net decrease in net assets from operations	$	(5,656,269	)
Adjustments to reconcile net increase in net assets to net cash used in operating activities:
Purchases of investments securities		(70,339,200	)
Proceeds from disposition of long-term investments securities		151,340,994
Purchases to cover short sales		(81,474,635	)
Proceeds from short sales		36,774,559
Net cost of purchased options		199,655
Proceeds from written options		774,380
Cost of closed and exercised options		(1,156,644	)
Net amortization/(accretion) of premium/(discount)		359
Net realized gain on investments and investments sold short		(3,762,781	)
Net change in unrealized appreciation on investments, investments sold short and written options		8,570,429
Decrease in deposits with brokers for securities sold short		43,934,421
Decrease in foreign currency deposits held with prime broker for securities sold short and written options		516,976
Decrease in dividend and interest receivable		31,701
Decrease in prepaid expenses and other assets		22,452
Decrease in foreign currency due to prime broker for securities sold short and written options		(7,133,350	)
Decrease in dividends payable on securities sold short		(35,578	)
Decrease in payable to investment advisor		(163,888	)
Decrease in accrued expenses		(53,897	)
Net cash used in operating activities		72,389,684
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in due to prime broker payable		(13,865,246	)
Net cost of fundshare activity		(79,950,391	)
Distributions paid from realized capital gains		(205,395	)
Net cash used by financing activities		(94,021,032	)
Net decrease in cash and foreign currency		(21,631,348	)
CASH:
Cash at beginning of the period		32,800,143
Cash at end of the period	$	11,168,795
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest expense	$	130,383

9

S1 FUND

FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	I SHARES
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2014			FOR THE YEAR ENDED AUGUST 31, 2013			FOR THE YEAR ENDED AUGUST 31, 2012			FOR THE PERIOD ENDED AUGUST 31, 2011(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	10.99		$	10.39		$	10.06		$	9.96		$	10.00
Net investment loss(2)		(0.17	)		(0.36	)		(0.29	)		(0.32	)		(0.29	)
Net realized and unrealized gain/(loss) from investments		(0.61	)		1.28			0.64			0.42			0.25	(3)
Net increase/(decrease) in net assets resulting from operations		(0.78	)		0.92			0.35			0.10			(0.04	)
Dividends and distributions to shareholders from:
Net realized gains		(1.25	)		(0.32	)		(0.02	)		—			—
Total dividends and distributions to shareholders		(1.25	)		(0.32	)		(0.02	)		—			—
Net asset value, end of period	$	8.96		$	10.99		$	10.39		$	10.06		$	9.96
Total investment return(4)		(7.11	)%(5)		8.90	%		3.52	%		1.00	%		(0.40	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	10,497		$	97,140		$	84,799		$	64,289		$	51,234
Ratio of expenses to average net assets with waivers and reimbursements
(including dividend and interest expense)		3.99	%(6)		4.19	%		4.43	%		4.42	%		4.06	%(6)
Ratio of expenses to average net assets with waivers and reimbursements
(excluding dividend and interest expense)		2.95	%(6)		2.95	%		2.95	%		2.95	%		2.95	%(6)
Ratio of expenses to average net assets without waivers and reimbursements
(including dividend and interest expense)		4.71	%(6)		4.68	%		4.81	%		5.24	%		6.39	%(6)
Ratio of net investment loss to average net assets		(3.38	)%(6)		(3.31	)%		(2.76	)%		(3.24	)%		(3.16	)%(6)
Portfolio turnover rate		156.86	%(5)		328.09	%		310.41	%		249.27	%		440.88	%(5)

(1) The Fund commenced investment operations on September 30, 2010.

(2) Calculated based on average shares outstanding for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(4) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(5) Not annualized.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

10

S1 FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the S1 Fund (the “Fund”), which commenced investment operations on September 30, 2010. The Fund offers two classes of shares, I Shares and R Shares. As of February 28, 2015, Class R Shares have not been issued.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

On February 12, 2015, the Board of Directors of the Company approved a Plan of Liquidation and Termination (“Plan of Liquidation”) with respect to the Fund. Effective February 18, 2015, new account requests and exchanges into the Fund are no longer permissible, and all redemption fees are waived. Under the Plan of Liquidation, the effective date of liquidation and termination was on March 17, 2015 (the “Liquidation Date”). Consistent with the provisions of the Plan of Liquidation, the proportionate interests of shareholders in the assets of the Fund and their rights to receive liquidating distributions will be fixed on the basis of the shareholders of the Fund as of the close of business on the Liquidation Date.

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

11

S1 FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

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

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

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

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

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

The following is a summary of the inputs used, as of February 28, 2015, in valuing the Fund’s investments carried at fair value:

	TOTAL FAIR VALUE AT FEBRUARY 28, 2015		LEVEL 1 QUOTED PRICE	LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Foreign Government Note	$	8,146	$—	$	8,146	$—
U.S. Treasury Note		102,648	—		102,648	—
Total Assets	$	110,794	$—	$	110,794	$—

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

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

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

For the six months ended February 28, 2015, the Fund had no significant transfers between Levels 1, 2 and 3.

12

S1 FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The following tables provide quantitative disclosures about amounts of gains and losses on the Fund’s derivative instruments as of February 28, 2015.

The following table lists the amounts of realized gains or losses included in net increase in net assets resulting from operations for the six months ended February 28, 2015, grouped by contract type and risk exposure.

DERIVATIVE TYPE	INCOME STATEMENT LOCATION	EQUITY CONTRACTS	TOTAL
	Realized Gain (Loss)
Purchased Options	Net realized gain (loss) from Investments	$(973,068)	$(973,068)
Written Options	Net realized gain (loss) from Written Options	(192,104)	(192,104)
Total Realized Gain (Loss)		$(1,165,172)	$(1,165,172)

The following table lists the amounts of change in unrealized appreciation (depreciation) included in net increase in net assets resulting from operations for the six months ended February 28, 2015, grouped by contract type and risk exposure.

DERIVATIVE TYPE	INCOME STATEMENT LOCATION	EQUITY CONTRACTS		TOTAL
	Change in appreciation (depreciation)
Purchased Options	Net change in unrealized appreciation (depreciation) on Investments	$	305,666	$	305,666
Written Options	Net change in unrealized appreciation (depreciation) on Written Options		36,123		36,123
Total change in appreciation (depreciation)		$	341,789	$	341,789

For the six months ended February 28, 2015, the Fund’s average volume of derivatives is as follows:

PURCHASED OPTIONS (COST)	WRITTEN OPTIONS (PROCEEDS)
$489,587	$152,836

USE OF ESTIMATES — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments

13

S1 FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

and/or as a realized gain. Expenses incurred on behalf of a specific class, fund or fund family are charged directly to the class, fund or fund family to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred for all the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Company’s Board of Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statement of Operations.

CURRENCY RISK — The Fund invests in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Fund is determined on the basis of U.S. dollars, the Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund holdings in foreign securities.

FOREIGN SECURITIES — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

PURCHASED OPTIONS — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. The Fund purchases option contracts. This transaction is used to hedge against changes in interest rates, foreign exchange rates and values of equities. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options are accounted

14

S1 FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

OPTIONS WRITTEN — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in interest rates, foreign exchange rates and values of equities. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Fund also may write OTC options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

As of February 28, 2015, the Fund had no options written.

The Fund had transactions in options written during the six months ended February 28, 2015 as follows:

	NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at August 31, 2014		5,326			$	382,264
Options written		8,830				774,380
Options closed		(9,485	)			(939,554	)
Options expired		(4,671	)			(217,090	)
Options outstanding at February 28, 2015		—			$	—

SHORT SALES — When the investment adviser or a sub-adviser believes that a security is overvalued, the Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. The Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. The Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that the Fund will be able to close out a short position at any particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until the Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold

15

S1 FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

short. Depending on arrangements made with brokers, the Fund may not receive any payments (including interest) on collateral deposited with them.

In accordance with the terms of its prime brokerage agreements, the Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Fund records these prime broker charges on a net basis as interest income or interest expense. For the six months ended February 28, 2015, the Fund had net charges of $88,185 on borrowed securities. Such amounts are included in prime broker interest expense on the Statement of Operations.

As of February 28, 2015, the Fund had no securities sold short. In accordance with the Special Custody and Pledge Agreement with Goldman Sachs & Co. (“Goldman Sachs”) (the Fund’s prime broker), the Fund may borrow from Goldman Sachs to the extent necessary to maintain required margin cash deposits on short positions. Interest on such borrowings is charged to the Fund based on the LIBOR rate plus an agreed upon spread.

The Fund utilized cash borrowings from Goldman Sachs to meet required margin cash deposits as follows during the six months ended February 28, 2015:

DAYS UTILIZED	AVERAGE DAILY BORROWINGS		WEIGHTED AVERAGE          INTEREST RATE
166	CAD	701,865	1.52%
6	CHF	1	0.00%
179	EUR	1,774,083	0.51%
175	GBP	1,351,510	0.98%
182	JPY	41,005	0.64%
1	MXN	1	0.00%
177	USD	8,020,963	0.63%

As of February 28, 2015, the Fund had borrowings of $1,985. Interest expense on cash borrowings for the six months ended February 28, 2015 totaled $42,127.

FUTURES CONTRACTS — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss. During the six months ended February 28, 2015, the Fund did not enter into any futures contracts.

FORWARD FOREIGN CURRENCY CONTRACTS — In the normal course of pursuing its investment objectives, the Fund is subject to foreign investment and currency risk. The Fund may enter into forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve the Fund’s investment goal. These contracts

16

S1 FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. During the six months ended February 28, 2015, the Fund did not enter into any forward contracts.

CASH AND CASH EQUIVALENTS — The Fund considers liquid assets deposited into bank demand deposit accounts to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expense or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

2. INVESTMENT ADVISER AND OTHER SERVICES

Simple Alternatives, LLC (“Simple Alternatives” or the “Adviser”) serves as the Fund’s investment adviser. For its advisory services, the Adviser is entitled to receive a monthly fee from the Fund calculated at an annual rate of 2.75% of the Fund’s average daily net assets.

The Adviser has contractually agreed to forgo all or a portion of its advisory fee and/or reimburse expenses in a aggregate amount equal to the amount by which the total annual Fund operating expenses (other than acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, litigation, extraordinary items, interest or taxes and any other items as agreed upon by the Company and the Adviser from time to time) exceed 2.95% of the average daily net assets of the Fund’s I Shares and 3.20% of the average daily net assets of the Fund’s R Shares, respectively. This contractual limitation is in effect until at least December 31, 2015 and may not be terminated prior to December 31, 2015 without approval by the Company’s Board of Directors. If at any time during the first three years the Fund’s Advisory Agreement with the Adviser is in effect, the Fund’s total annual Fund operating expenses for that year are less than 2.95% or 3.20%, as applicable, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund during such three-year period if such reimbursement by the Fund does not cause the Fund to exceed existing expense limitations. For the six months ended February 28, 2015, investment advisory fees accrued and waived were $813,791 and $214,546, respectively. As of February 28, 2015, the amount of potential recovery by the Adviser was as follows:

EXPIRATION
2015	2016	2017	2018
$472,047	$288,049	$425,749	$214,546

No recovery is expected due to the pending liquidation and termination of the Fund (Note 1).

Simple Alternatives has currently retained the services of Roaring Blue Lion Capital Management, LLC; Courage Capital Management, LLC; Garelick Capital Partners, L.P.; Maerisland Capital, LLC; Sonica Capital LLC; and Starwood Real Estate Securities, LLC as sub-advisers (each a “Sub-Adviser”) of the Fund. Pursuant to sub-advisory agreements between the Adviser and each Sub-Adviser, each Sub-Adviser manages the investment and reinvestment of the portion of the Fund’s portfolio allocated to it by the Adviser. The Fund is not required to invest with any minimum number of Sub-Advisers, and does not have minimum or maximum limitations with respect to allocations of assets to any Sub-Adviser. The Sub-Advisers are compensated by the Adviser and not by the Fund.

17

S1 FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONTINUED)

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees.

Included in the administration and accounting service fees, shown on the Statement of Operations, are fees for providing regulatory administration services to RBB.

In addition, BNY Mellon serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Foreside Funds Distributors LLC serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The remuneration paid to the Directors by the Fund during the six months ended February 28, 2015 was $4,715. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Fund or the Company.

4. INVESTMENT IN SECURITIES

For the six months ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

	PURCHASES	SALES
Investments in Non-U.S. Government Securities	$67,487,849	$145,557,425

5. FEDERAL INCOME TAX INFORMATION

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

FEDERAL TAX COST	UNREALIZED APPRECIATION	UNREALIZED DEPRECIATION	NET UNREALIZED APPRECIATION
$110,795	$1,886	$(1,887)	$(1)

Distributions to shareholders from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

18

S1 FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(UNAUDITED) (CONCLUDED)

As of August 31, 2014, the components of distributable earnings on a tax basis were as follows:

UNDISTRIBUTED ORDINARY INCOME	UNDISTRIBUTED LONG-TERM GAINS	UNREALIZED APPRECIATION	QUALIFIED LATE-YEAR LOSSES	OTHER TEMPORARY DIFFERENCES
$—	$4,053,329	$6,657,886	$(1,401,922)	$—

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August 31, 2014, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2014.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2014, the Fund had no capital loss carryforwards.

6. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there was the following subsequent event:

As described in Note 1, the Board of Directors of the Company approved a Plan of Liquidation of the Fund, pursuant to which the Fund was liquidated on March 17, 2015.

19

S1 FUND

OTHER INFORMATION

(UNAUDITED)

PROXY VOTING

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (866) 882-1226 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. Information on the operation of the SEC Public Reference Room may be obtained by calling (800) SEC-0330.

20

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Investment Adviser

Simple Alternatives, LLC

90 Grove Street

Suite 205

Ridgefield, CT 06877

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

Counsel

Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

The

Schneider

Funds

of the RBB Fund, Inc.

Schneider Small Cap Value Fund

Schneider Value Fund

SEMI-ANNUAL

REPORT

February 28, 2015

(Unaudited)

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Funds.

THE SCHNEIDER FUNDS

Semi-Annual Investment Adviser’s Report

February 28, 2015

(Unaudited)

Fellow Shareholder:

The semi-annual report for the Schneider Funds covers the six months ended February 28, 2015.

Investment Review

The U.S. economy is showing signs of moving out of the slow growth trajectory of the last five years. Meanwhile, the U.S. dollar has strengthened against all major currencies. Signs of economic growth are beginning to sprout in Europe, helped in part by the large quantitative easing program recently enacted by the European Central Bank (the “ECB”), while China, the former growth engine of the world, is experiencing an economic slowdown.

The Small Cap Value Fund returned -10.31% for the six-month period ended February 28, 2015 (see table on page 3). The Value Fund posted a -2.72% return during the same period (see table on page 4). Both of the funds trailed their respective indexes.

In what we believe is a fairly valued market, we are finding compelling investment opportunities with significant upside potential, and we maintain high expectations for our portfolio holdings as a whole.

After modest growth in 2014, the current housing season is showing signs of vibrancy. The mid-single digit price increases compared to last year appear to be holding. Trends are turning positive as an improving employment picture and better wage growth are helping millennials, the key demographic in the first-time home buyer market, leave their parent’s basement and strike out on their own. Low mortgage rates, and a slight easing of credit standards, are also supporting demand.

New single family home construction in 2015 is expected to be in the 750,000-800,000 unit range, well below the normal level of over 1 million units per year. As the economy continues to improve and demand strengthens, the housing industry can expect to see strong growth in new builds for several years as this gap is closed. Prospectively, continued improvement in the economy will buoy the housing market and builders should see strong revenue growth and operating leverage as construction activity expands and higher prices are more easily absorbed by the market.

The regional banks have, by and large, weathered the recent market challenges better than the bigger banks. While the regulators are requiring even greater levels of capital for the money center banks, regional and community banks face a less restrictive regulatory backdrop. In addition, the continuation of benign credit trends, lower charge-offs related to the housing crisis and improved loan growth have helped stabilize the regional banks. Loan growth is expanding across all geographic regions and economic sectors, with particular strength in the commercial and industrial category. Also, there is renewed interest for mergers and acquisitions which can be supportive of valuations. All banks continue to face net interest margin pressure, which is suppressing net income; however, when the pending Federal Reserve rate hike finally occurs, their net interest margins will begin to rise.

The energy industry has been overwhelmed by the short-term collapse in oil and natural gas prices, which has obscured oil’s positive long-term fundamental backdrop. While the large, integrated oil companies presently discount a much rosier commodity price outlook and have offered shell-shocked investors a bastion of safety amid the tumult, the dramatic decline in the price of oil and gas has decimated the domestic E&P (Exploration and Production) and oil services industries where we had a moderate exposure. Valuations for many of these companies have returned to levels not seen since 2009, in stark contrast to the rest of the market which has more than doubled since then.

With the energy industry and many of its companies trading at multi-year lows, our belief is that energy is as cheap as it has ever been. A reversal in sentiment in which investor focus has shifted from resource upside potential to balance sheet preservation has resulted in an extensive list of attractively valued companies. Even those companies with healthier balance sheets, seasoned management teams, desirable assets, and leading technology platforms have experienced sizeable reductions in their valuations. We have been selectively adding names to the Funds’ portfolio, focusing on those companies with staying power that appear to have been indiscriminately abandoned with little or no consideration for the quality of their assets and their ability to navigate challenging environments. This compression in value (both absolute and relative), we believe, creates tremendous opportunities for those investors who have a longer-term investment horizon.

Outlook

The U.S. economy has operated at a higher growth rate in the last few quarters than the first five years of the recovery as evidenced by a healthier employment picture and estimates of 2.7% real GDP growth for 2015. Small businesses, that are responsible for the majority of the hiring and economic activity, continue to heal after lagging their larger brethren. Domestically-focused small businesses may have an advantage versus their multi-national competitors, which must address the effects of a surging U.S. dollar on their foreign earnings and operations.

The impact of a strong dollar is materially affecting some industries: for example, the U.S. steel industry is under tremendous pressure as exports decline and the competition from less expensive imports draws buyer attention. Conversely, imported Japanese auto

1

THE SCHNEIDER FUNDS

Semi-Annual Investment Adviser’s Report (Continued)

February 28, 2015

(Unaudited)

lines are enjoying increased interest from U.S. consumers as imports become more affordable. When the U.S. Federal Reserve begins to raise rates later this year, (as we expect) demand for the dollar could increase and with it the potential to further exacerbate the strength of the currency.

While long-term U.S. interest rates are at very low levels, the interest rates in other major economies are even lower. The spread between the U.S. 10-Year Treasury bond and the German 10-year Bund is at a 25 year high, partly due to the ECB’s quantitative easing program. In addition to the benefits of low rates, the strong dollar and lower oil prices are helping Europe crawl out of its recent anemic economic growth pattern. Numerous emerging markets are in a more conventional easing mode as well. This should help their economic growth, although China may not benefit due to its structural problems.

After growing over 1 million barrels per day in 2014, U.S. oil production is in the process of plateauing. U.S. E&P companies, which are among the world’s low cost producers, also have the shortest investment cycles and have begun to significantly rein in capital expenditure budgets. With the domestic oil rig count having been cut in half and the gas rig count at its lowest level since at least 1987, the pace of U.S. production growth will slow and could begin to sequentially decline. In addition, lower prices will eventually begin to affect global production as the inherent lags in the drilling and completion process pass with time, further limiting supply and paving the way for a rebound in commodity prices.

Arnold C. Schneider III, CFA

Portfolio Manager

Schneider Capital Management

2

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Performance Data

February 28, 2015 (Unaudited)

Total Returns for the Periods Ended February 28, 2015
			Average Annual
	Six Months*		One Year		Five Years		Ten Years		Since Inception**
Schneider Small Cap Value		-10.31%		-13.69%		8.35%		3.73%		13.52%
Russell 2000® Value Index		2.31%		3.96%		13.97%		7.13%		9.94%
*   Not Annualized ** Inception date 9/2/98

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Schneider Capital Management Company, the Fund’s investment adviser, has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2015, to the extent that total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) exceed 1.15%. Total returns shown include fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waiver or reimbursement of fees and expenses in excess of expense limitations. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-888-520-3277. The Fund’s gross and net annual operating expenses, as stated in the current prospectus, are 1.52% and 1.15%, respectively. Shares of the Fund not purchased through reinvested dividends or capital gains and held less than one year are subject to a 1.75% redemption fee.

Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.

Value investing involves the risk that the Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.

3

THE SCHNEIDER FUNDS

SCHNEIDER VALUE FUND

Performance Data

February 28, 2015 (Unaudited)

Total Returns for the Periods Ended February 28, 2015
			Average Annual
	Six Months*		One Year		Five Years		Ten Years		Since Inception**
Schneider Value		-2.72%		2.30%		8.94%		2.67%		8.75%
Russell 1000® Value Index		3.48%		13.48%		15.51%		7.21%		10.28%
*   Not Annualized ** Inception date 9/30/02

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Schneider Capital Management Company, the Fund’s investment adviser, has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2015, to the extent that total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) exceed 0.90%. Total returns shown include fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waiver or reimbursement of fees and expenses in excess of expense limitations. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-888-520-3277. The Fund’s gross and net annual operating expenses, as stated in the current prospectus, are 1.50% and 0.90%, respectively. Shares of the Fund not purchased through reinvested dividends or capital gains and held less than 90 days are subject to a 1.00% redemption fee.

Value investing involves the risk that the Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.

4

THE SCHNEIDER FUNDS

Fund Expense Examples

(Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six months from September 1, 2014 through February 28, 2015, and held for the entire period.

Actual Expenses

The first line of the accompanying tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table for each Fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Schneider Small Cap Value Fund
	Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Expenses Paid During Period*
Actual	$	1,000.00	$	896.90	$	5.41
Hypothetical (5% return before expenses)		1,000.00		1,019.09		5.76
	Schneider Value Fund
	Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Expenses Paid During Period*
Actual	$	1,000.00	$	972.80	$	4.40
Hypothetical (5% return before expenses)		1,000.00		1,020.33		4.51

* Expenses are equal to an annualized six-month expense ratio of 1.15% for the Schneider Small Cap Value Fund and 0.90% for the Schneider Value Fund, which includes waived fees or reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365 to reflect the one-half year period. The Fund’s ending account values on the first line in each table are based on the actual six-month total return for each Fund of -10.31% for the Schneider Small Cap Value Fund and -2.72% for the Schneider Value Fund.

5

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Portfolio Holdings Summary Table

February 28, 2015

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:

	% of Net Assets			Value
Common Stocks:
Savings & Loans		12.8	%	$	5,329,608
Oil & Gas		12.6			5,237,751
Commercial Services		9.7			4,044,483
Telecommunications		8.8			3,688,585
Real Estate Investment Trusts		5.3			2,191,841
Home Builders		5.2			2,185,253
Industrial		5.0			2,065,237
Coal		4.5			1,888,522
Insurance		4.4			1,846,722
Banks		3.7			1,554,811
Healthcare — Services		3.2			1,329,150
Electronics		2.7			1,123,019
Semiconductors		2.7			1,117,998
Retail		2.4			992,620
Mining		1.9			796,343
Machinery — Diversified		1.8			752,871
Miscellaneous Manufacturing		1.6			674,573
Internet		1.3			552,286
Healthcare — Products		1.2			516,091
Metals Fabricating		0.5			211,087
Real Estate		0.4			162,363
Software		0.3			129,404
Auto Parts & Equipment		0.2			70,376
Securities Lending Collateral		7.2			2,998,346
Corporate Bonds		1.4			582,188
Exchange Traded Fund		0.9			376,002
Liabilities In Excess Of Other Assets		(1.7	)		(718,819	)
NET ASSETS		100.0	%	$	41,698,711

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

6

THE SCHNEIDER FUNDS

SCHNEIDER VALUE FUND

Portfolio Holdings Summary Table

February 28, 2015

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:

	% of Net Assets			Value
Common Stocks:
Banks		27.7	%	$	8,166,968
Insurance		14.9			4,398,581
Oil & Gas		14.0			4,129,771
Home Builders		8.5			2,513,498
Lodging		6.7			1,983,597
Leisure Time		4.5			1,332,237
Coal		4.0			1,168,597
Real Estate		2.0			593,602
Office Products		1.9			563,605
Aircraft		1.7			511,959
Commercial Services		1.7			503,923
IT Services		1.3			397,251
Real Estate Investment Trusts		1.2			345,558
Aerospace & Defense		0.3			95,790
Electric		0.3			83,427
Electronics		0.1			30,097
Securities Lending Collateral		3.2			948,569
Exchange Traded Fund		1.7			506,389
Assets In Excess Of Other Liabilities		4.3			1,259,417
NET ASSETS		100.0	%	$	29,532,836

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

7

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments

February 28, 2015

(Unaudited)

	Shares		Value
COMMON STOCKS — 92.2%
Auto Parts & Equipment — 0.2%
Commercial Vehicle Group, Inc. *		12,282	$	70,376
Banks — 3.7%
Bancorp, Inc. (The) *		42,529		397,221
Bank of the Ozarks, Inc.				12
Dundee Corp., Class A *		6,205		59,568
First Horizon National Corp.		51,345		733,720
First United Corp. *		100		904
MainSource Financial Group, Inc.		19,422		363,386
				1,554,811
Coal — 4.5%
Arch Coal, Inc. * (a)		319,054		417,961
Peabody Energy Corp. (a)		186,147		1,470,561
				1,888,522
Commercial Services — 9.7%
Aegean Marine Petroleum Network, Inc.		163,423		2,395,781
Ardmore Shipping Corp.		67,064		708,867
Baltic Trading, Ltd. (a)		59,095		105,780
Hudson Global Inc. *		151,418		414,885
Stolt-Nielsen, Ltd.		25,707		419,170
				4,044,483
Electronics — 2.7%
Kemet Corp. *		198,216		905,847
Pulse Electronics Corp. *		42,964		49,409
Viasystems Group, Inc. *		9,581		167,763
				1,123,019
Healthcare - Products — 1.2%
Orthofix International NV *		15,914		516,091
Healthcare - Services — 3.2%
Five Star Quality Care, Inc. *		365,151		1,329,150
Home Builders — 5.2%
Taylor Morrison Home Corp., Class A *		113,343		2,185,253
Industrial — 5.0%
FreightCar America, Inc.		65,982		2,065,237
Insurance — 4.4%
Assured Guaranty, Ltd.		19,510		517,405
Stewart Information Services Corp.		35,326		1,329,317
				1,846,722
Internet — 1.3%
ModusLink Global Solutions, Inc. *		147,670		552,286
Machinery - Diversified — 1.8%
Intevac, Inc. *		109,748		752,871

	Shares		Value
Metals Fabricating — 0.5%
AM Castle & Co. * (a)		65,555	$	211,087
Mining — 1.9%
Alumina Ltd. SP ADR		59,167		334,885
Thompson Creek Metals Co., Inc. *		176,372		280,431
Ur-Energy, Inc. *		205,712		181,027
				796,343
Miscellaneous Manufacturing — 1.6%
Orbotech, Ltd. *		41,925		674,573
Oil & Gas — 12.6%
MRC Global, Inc. *		63,760		820,591
Swift Energy Co. * (a)		205,547		643,362
Willbros Group, Inc. *		276,621		1,753,777
WPX Energy, Inc. *		187,386		2,020,021
				5,237,751
Real Estate — 0.4%
Forest City Enterprises, Inc., Class A *		2,344		59,186
Forestar Group, Inc. *		7,175		103,177
				162,363
Real Estate Investment Trusts — 5.3%
Parkway Properties, Inc.		26,191		461,224
Piedmont Office Realty Trust, Inc.		8,727		159,966
Redwood Trust, Inc. (a)		15,430		295,022
Rexford Industrial Realty, Inc.		49,211		789,344
Sunstone Hotel Investors, Inc.		27,867		486,285
				2,191,841
Retail — 2.4%
Office Depot, Inc. *		105,936		992,620
Savings & Loans — 12.8%
First Niagara Financial Group, Inc.		80,021		708,986
Flagstar Bancorp, Inc. *		173,642		2,568,165
HomeStreet, Inc. *		96,844		1,675,401
Pulaski Financial Corp.		31,343		377,056
				5,329,608
Semiconductors — 2.7%
Alpha & Omega Semiconductor, Ltd. *		15,464		137,166
Axcelis Technologies, Inc. *		250,663		701,856
SunEdison Semiconductor Ltd. *		11,595		278,976
				1,117,998
Software — 0.3%
Take-Two Interactive Software, Inc. *		4,885		129,404
Telecommunications — 8.8%
Aviat Networks, Inc. *		1,329,879		1,688,946
Comverse, Inc. *		43,850		786,669

The accompanying notes are an integral part of the financial statements.

8

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments (Concluded)

February 28, 2015

(Unaudited)

	Shares		Value
Telecommunications — (Continued)
UTStarcom Holdings Corp. * (a)		421,170	$	1,212,970
				3,688,585
TOTAL COMMON STOCKS (Cost $36,686,668)				38,460,994
	Par (000)
CORPORATE BONDS — 1.4%
LandAmerica Financial Group, Inc. CONV ‡ 3.25%, 05/15/34	$	33		8,068
RAIT Financial Trust CONV 7.00%, 04/01/31		463		574,120
TOTAL CORPORATE BONDS (Cost $463,000)				582,188
	Shares
EXCHANGE TRADED FUND — 0.9%
Finance — 0.9%
iShares Russell 2000 Value Index Fund		3,691		376,002
TOTAL EXCHANGE TRADED FUND (Cost $371,102)				376,002

	Shares		Value
SECURITIES LENDING COLLATERAL — 7.2%
BlackRock Liquidity TempFund, Institutional Shares		2,998,346	$	2,998,346
TOTAL SECURITIES LENDING COLLATERAL (Cost $2,998,346)				2,998,346
TOTAL INVESTMENTS — 101.7% (Cost $40,519,116)				42,417,530
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7)%				(718,819	)
NET ASSETS — 100.0%			$	41,698,711

* Non-income producing.

(a) All or a portion of the security is on loan. At February 28, 2015, the market value of securities on loan was $2,818,839.

‡ Holding in default resolution. Value has been determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors to be the estimated value of the future payouts under the default resolution. As of February 28, 2015, this holding amounted to $8,068 or 0.0% of net assets and is deemed illiquid by the portfolio manager pursuant to the Fund’s policies and procedures.

CONV Convertible

SP ADR Sponsored American Depository Receipt

The accompanying notes are an integral part of the financial statements.

9

THE SCHNEIDER FUNDS

SCHNEIDER VALUE FUND

Portfolio of Investments

February 28, 2015

(Unaudited)

	Shares		Value
COMMON STOCKS — 90.8%
Aerospace & Defense — 0.3%
Boeing Co. (The)		635	$	95,790
Aircraft — 1.7%
Bombardier, Inc., Class B *		250,000		511,959
Banks — 27.7%
Barclays PLC, SP ADR		31,301		496,434
Citigroup, Inc.		31,664		1,659,827
First Niagara Financial Group, Inc.		66,020		584,937
JPMorgan Chase & Co.		19,800		1,213,344
Regions Financial Corp.		58,065		558,005
State Street Corp.		18,533		1,379,782
SunTrust Banks, Inc.		55,479		2,274,639
				8,166,968
Coal — 4.0%
Arch Coal, Inc. *		123,455		161,726
Peabody Energy Corp. (a)		127,452		1,006,871
				1,168,597
Commercial Services — 1.7%
Aegean Marine Petroleum Network, Inc.		34,374		503,923
Electric — 0.3%
FirstEnergy Corp.		2,385		83,427
Electronics — 0.1%
Avnet, Inc.		657		30,097
Home Builders — 8.5%
Lennar Corp., Class A		16,865		846,792
Taylor Morrison Home Corp., Class A *		10,960		211,309
Toll Brothers, Inc. *		37,990		1,455,397
				2,513,498
Insurance — 14.9%
Allstate Corp., (The)		7,686		542,632
American International Group, Inc.		13,733		759,847
Assured Guaranty, Ltd.		29,993		795,414
First American Financial Corp.		13,766		482,223
Genworth Financial, Inc., Class A *		19,220		148,955
Hartford Financial Services Group, Inc.		29,356		1,202,422
Voya Financial, Inc.		10,570		467,088
				4,398,581
IT Services — 1.3%
Symantec Corp.		15,789		397,251
Leisure Time — 4.5%
Carnival Corp.		30,285		1,332,237

	Shares		Value
Lodging — 6.7%
Marriott International, Inc., Class A		23,870	$	1,983,597
Office Products — 1.9%
Office Depot, Inc. *		60,150		563,605
Oil & Gas — 14.0%
Chesapeake Energy Corp.		63,143		1,053,225
Devon Energy Corp.		1,662		102,363
SM Energy Co.		6,291		305,239
Weatherford International PLC. *		122,124		1,549,754
WPX Energy, Inc. *		103,821		1,119,190
				4,129,771
Real Estate — 2.0%
Forest City Enterprises, Inc., Class A *		23,509		593,602
Real Estate Investment Trusts — 1.2%
NorthStar Realty Finance Corp.		14,142		271,809
Paramount Group, Inc.		4,019		73,749
				345,558
TOTAL COMMON STOCKS (Cost $20,265,182)				26,818,461
EXCHANGE TRADED FUND — 1.7%
Finance — 1.7%
iShares Russell 1000 Value Index Fund		4,820		506,389
TOTAL EXCHANGE TRADED FUND (Cost $497,556)				506,389
SECURITIES LENDING COLLATERAL — 3.2%
BlackRock Liquidity TempFund, Institutional Shares		948,569		948,569
TOTAL SECURITIES LENDING COLLATERAL (Cost $948,569)				948,569
TOTAL INVESTMENTS — 95.7% (Cost $21,711,307)				28,273,419
ASSETS IN EXCESS OF OTHER LIABILITIES — 4.3%				1,259,417
NET ASSETS — 100.0%			$	29,532,836

* Non-income producing.

(a) All or a portion of the security is on loan. At February 28, 2015, market value of securities on loan was $966,929.

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

10

THE SCHNEIDER FUNDS

Statements of Assets & Liabilities

February 28, 2015

(Unaudited)

	Schneider Small Cap Value Fund			Schneider Value Fund
ASSETS
Investments, at value †^	$	42,417,530		$	28,273,419
Cash and cash equivalents		2,104,602			1,974,721
Receivables
Investments sold		564,422			218,756
Dividends and interest		21,428			35,069
Prepaid expenses and other assets		4,729			12,332
Total assets		45,112,711			30,514,297
LIABILITIES
Payables
Securities lending collateral		2,998,346			948,569
Investments purchased		326,787			—
Capital shares redeemed		31,343			—
Advisory fees		14,914			3,397
Other accrued expenses and liabilities		42,610			29,495
Total liabilities		3,414,000			981,461
Net Assets	$	41,698,711		$	29,532,836
NET ASSETS CONSIST OF
Par value	$	3,134		$	1,525
Paid-in capital		42,907,790			148,763,927
Undistributed/accumulated net investment income/(loss)		(42,250	)		14,282
Accumulated net realized loss from investments		(3,068,377	)		(125,809,010	)
Net unrealized appreciation on investments		1,898,414			6,562,112
Net Assets	$	41,698,711		$	29,532,836
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		3,133,927			1,525,023
Net asset value, offering and redemption price per share	$	13.31		$	19.37
† Investment in securities, at cost	$	40,519,116		$	21,711,307
^ Includes market value of securities on loan	$	2,818,839		$	966,929

The accompanying notes are an integral part of the financial statements.

11

THE SCHNEIDER FUNDS

Statements of Operations

For the Six Months Ended February 28, 2015

(Unaudited)

	Schneider Small Cap Value Fund			Schneider Value Fund
Investment Income
Dividends †	$	191,973		$	184,570
Securities Lending Income		25,391			3,006
Interest		18,509			115
Total investment income		235,873			187,691
Expenses
Advisory fees		235,595			105,371
Administration and accounting fees		60,967			57,301
Transfer agent fees		26,860			22,482
Professional fees		17,130			14,217
Registration and filing fees		14,746			10,586
Printing and shareholder reporting fees		14,077			1,845
Directors’ and officers’ fees		11,949			11,728
Custodian fees		11,021			11,413
Other expenses		3,895			1,867
Total expenses before waivers and reimbursements		396,240			236,810
Less: waivers and reimbursements		(125,305	)		(101,333	)
Net expenses after waivers and reimbursements		270,935			135,477
Net investment income/(loss)		(35,062	)		52,214
Net realized and unrealized gain/(loss) from investments Net realized gain/(loss) from:
Investments		1,618,357			1,676,442
Net change in unrealized depreciation on:
Investments		(7,742,562	)		(2,588,105	)
Net realized and unrealized loss on investments		(6,124,205	)		(911,663	)
Net decrease in net assets resulting from operations	$	(6,159,267	)	$	(859,449	)
† Net of foreign withholding taxes of	$	(579	)	$	(965	)

The accompanying notes are an integral part of the financial statements.

12

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Statement of Changes in Net Assets

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Year Ended August 31, 2014
Increase/(decrease) in net assets from operations:
Net investment loss	$	(35,062	)	$	(299,985	)
Net realized gain from investments		1,618,357			13,970,629
Net change in unrealized depreciation from investments		(7,742,562	)		(5,113,247	)
Net increase/(decrease) in net assets resulting from operations		(6,159,267	)		8,557,397
Dividends and distributions to shareholders from:
Net realized capital gains		(12,288,232	)		(10,779,654	)
Net decrease in net assets from dividends and distributions to shareholders		(12,288,232	)		(10,779,654	)
Capital transactions:
Proceeds from shares sold		534,194			734,685
Reinvestment of distributions		10,101,137			9,110,476
Redemption fees *		521			14,213
Shares redeemed		(11,729,700	)		(16,953,169	)
Net decrease in net assets from capital share transactions		(1,093,848	)		(7,093,795	)
Total decrease in net assets		(19,541,347	)		(9,316,052	)
Net assets:
Beginning of period		61,240,058			70,556,110
End of period	$	41,698,711		$	61,240,058
Accumulated net investment loss, end of period	$	(42,250	)	$	(7,188	)
Share transactions:
Shares sold		39,019			35,697
Shares reinvested		783,641			466,248
Shares redeemed		(726,072	)		(813,574	)
Net increase/(decrease) in shares outstanding		96,588			(311,629	)

* There is a 1.75% redemption fee on shares redeemed which have been held less than one year in the Schneider Small Cap Value Fund. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

The accompanying notes are an integral part of the financial statements.

13

THE SCHNEIDER FUNDS

SCHNEIDER VALUE FUND

Statement of Changes in Net Assets

	For the Six Months Ended February 28, 2015 (Unaudited)			For the Year Ended August 31, 2014
Increase/(decrease) in net assets from operations:
Net investment income	$	52,214		$	96,249
Net realized gain from investments		1,676,442			4,990,523
Net change in unrealized appreciation/(depreciation) from investments		(2,588,105	)		2,227,340
Net increase/(decrease) in net assets resulting from operations		(859,449	)		7,314,112
Dividends and distributions to shareholders from:
Net investment income		(134,181	)		(132,641	)
Net decrease in net assets from dividends and distributions to shareholders		(134,181	)		(132,641	)
Capital transactions:
Proceeds from shares sold		142,402			165,688
Reinvestment of distributions		130,012			126,471
Shares redeemed		(5,501,601	)		(5,590,418	)
Net decrease in net assets from capital share transactions		(5,229,187	)		(5,298,259	)
Total increase/(decrease) in net assets		(6,222,817	)		1,883,212
Net assets:
Beginning of period		35,755,653			33,872,441
End of period	$	29,532,836		$	35,755,653
Undistributed net investment income, end of period	$	14,282		$	96,249
Share transactions:
Shares sold		7,447			9,187
Shares reinvested		6,793			6,957
Shares redeemed		(280,968	)		(300,652	)
Net decrease in shares outstanding		(266,728	)		(284,508	)

* There is a 1.00% redemption fee on shares redeemed which have been held less than one year in the Schneider Value Fund. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

The accompanying notes are an integral part of the financial statements.

14

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Financial Highlights

Contained below is per share operating performance data for a share outstanding during each period, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28,  2015 (Unaudited)			For the Years Ended August 31,
				2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period	$	20.16		$	21.07		$	16.09		$	13.70		$	13.19		$	12.34
Net investment income/(loss)		(0.01	)(1)		(0.09	)(1)		0.08	(1)		(0.11	)		(0.06	)		(0.11	)
Net realized and unrealized gain/(loss) on investments and foreign currency transactions		(2.22	)		2.63			4.90			2.49			0.56			1.01
Net increase/(decrease) in net assets resulting from operations		(2.23	)		2.54			4.98			2.38			0.50			0.90
Dividends and distributions to shareholders from:
Net investment income		—			—			—			—			—			(0.07	)
Net realized gains		(4.62	)		(3.45	)		—			—			—			—
Total dividends and distributions to shareholders		(4.62	)		(3.45	)		—			—			—			(0.07	)
Redemption fees		—	(2)		—	(2)		—	(2)		0.01			0.01			0.02
Net asset value, end of period	$	13.31		$	20.16		$	21.07		$	16.09		$	13.70		$	13.19
Total investment return(3)		(10.31	)%(4)		12.59	%		30.95	%		17.45	%		3.87	%		7.48	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	41,699		$	61,240		$	70,556		$	62,691		$	69,698		$	73,243
Ratio of expenses to average net assets(5)		1.15	%(6)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of expenses to average net assets without waivers and expense reimbursements		1.68	%(6)		1.52	%		1.50	%		1.52	%		1.40	%		1.43	%
Ratio of net investment income/(loss) to average net assets(5)		(0.15	)%(6)		(0.44	)%		0.38	%		(0.64	)%		(0.33	)%		(0.65	)%
Portfolio turnover rate		43.07	%(4)		72.33	%		63.87	%		67.85	%		59.18	%		83.39	%

(1) Calculated based on average shares outstanding for the period.

(2) Amount is less than $0.005 per share.

(3) Total investment return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Reflects waivers and reimbursements.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

15

THE SCHNEIDER FUNDS

SCHNEIDER VALUE FUND

Financial Highlights

Contained below is per share operating performance data for a share outstanding during each period, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28,  2015 (Unaudited)			For the Years Ended August 31,
				2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period	$	19.96		$	16.31		$	12.77		$	12.50		$	11.72		$	12.14
Net investment income		0.03	(1)		0.05	(1)		0.10			0.10			0.07			0.08
Net realized and unrealized gain/(loss) from investments and foreign currency transactions		(0.53	)		3.67			3.58			0.23			0.80			(0.23	)
Net increase/(decrease) in net assets resulting from operations		(0.50	)		3.72			3.68			0.33			0.87			(0.15	)
Dividends and distributions to shareholders from:
Net investment income		(0.09	)		(0.07	)		(0.14	)		(0.06	)		(0.09	)		(0.27	)
Total dividends and distributions to shareholders		(0.09	)		(0.07	)		(0.14	)		(0.06	)		(0.09	)		(0.27	)
Redemption fees		—			—			—	(2)		—	(2)		—	(2)		—	(2)
Net asset value, end of period	$	19.37		$	19.96		$	16.31		$	12.77		$	12.50		$	11.72
Total investment return(3)		(2.72	)%(4)		22.83	%		29.08	%		2.67	%		7.35	%		(1.30	)%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	29,533		$	35,756		$	33,872		$	43,719		$	67,940		$	98,953
Ratio of expenses to average net assets(5)		0.90	%(6)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of expenses to average net assets without waivers and expense reimbursements		1.58	%(6)		1.50	%		1.55	%		1.28	%		1.07	%		1.03	%
Ratio of net investment income to average net assets(5)		0.35	%(6)		0.27	%		0.39	%		0.63	%		0.31	%		0.52	%
Portfolio turnover rate		32.89	%(4)		44.34	%		53.08	%		55.87	%		67.80	%		79.30	%

(1) Calculated based on average shares outstanding for the period.

(2) Amount is less than $0.005 per share.

(3) Total investment return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Reflects waivers and reimbursements.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

16

THE SCHNEIDER FUNDS

Notes to Financial Statements

February 28, 2015

(Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the Schneider Small Cap Value Fund (the “Small Cap Value Fund”) and the Schneider Value Fund (the “Value Fund”) (each a “Fund,” collectively the “Funds”), which commenced investment operations on September 2, 1998 and September 30, 2002, respectively. As of the date hereof, each Fund offers Institutional Class shares.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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

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

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

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

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

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

17

THE SCHNEIDER FUNDS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

The following summary of the inputs used, as of February 28, 2015, in valuing the Funds’ investments carried at fair value:

Small Cap Value Fund

	Total Value as of February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	38,460,994	$	38,460,994	$	—	$	—
Corporate Bonds		582,188		—		574,120		8,068
Exchange Traded Fund		376,002		376,002		—		—
Securities Lending Collateral		2,998,346		2,998,346		—		—
Total	$	42,417,530	$	41,835,342	$	574,120	$	8,068

Value Fund

	Total Value as of February 28, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	26,818,461	$	26,818,461	$	—	$	—
Exchange Traded Fund		506,389		506,389		—		—
Securities Lending Collateral		948,569		948,569		—		—
Total	$	28,273,419	$	28,273,419	$	—	$	—

* Please refer to the Portfolio of Investments for further details on portfolio holdings.

The fair value of a Fund’s bonds are generally based on quotes received from brokers of independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets. Bonds that are priced using quotes derived from implied values, indicative bids, or a limited amount of actual trades are classified as Level 3 assets because the inputs used by the brokers and pricing services to derive the values are not readily observable.

Investments designated as Level 3 may include assets valued using quotes or indications furnished by brokers which are based on models or estimates and may not be executable prices. In light of the developing market conditions, Schneider Capital Management continues to search for observable data points and evaluate broker quotes and indications received for portfolio investments. Determination of fair values is uncertain because it involves subjective judgments and estimates not easily substantiated by auditing procedures.

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

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

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents

18

THE SCHNEIDER FUNDS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

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

For the six months ended February 28, 2015, there were no transfers between Levels 1, 2 and 3 for the Small Cap Value Fund and the Value Fund.

USE OF ESTIMATES — The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME, AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued as earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Each Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all of the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Board of Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

FOREIGN CURRENCY TRANSLATION — Foreign securities and other foreign assets and liabilities are valued using the foreign currency exchange rate effective at the end of the reporting period. The books and records of the Funds are maintained in U.S. dollars. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement dates of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates, between the date income is accrued and paid, is treated as a gain or loss on foreign currency.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on the ex-dividend date and paid at least annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

CASH AND CASH EQUIVALENTS — The Funds consider liquid assets deposited into a bank demand deposit account to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in

19

THE SCHNEIDER FUNDS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Investment Adviser and Other Services

Schneider Capital Management Company (“SCM” or the “Adviser”) serves as each Fund’s investment adviser. For its advisory services, SCM is entitled to receive 1.00% of the Small Cap Value Fund’s average daily net assets and 0.70% of the Value Fund’s average daily net assets, computed daily and payable monthly.

SCM has contractually agreed to waive its advisory fees and/or reimburse expenses to the extent that total annual operating expenses (excluding certain items discussed below) of the Small Cap Value Fund and the Value Fund exceed 1.15% and 0.90%, respectively. In determining SCM’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual operating expenses to exceed 1.15% and 0.90% respectively: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes. This contractual limitation is in effect until December 31, 2015 and may not be terminated without the approval of the Company’s Board of Directors.

For the six months ended February 28, 2015, advisory fees and waivers of advisory fees were as follows:

	Gross Advisory Fees		Waivers			Net Advisory Fees
Small Cap Value Fund	$	235,595	$	(125,305	)	$	110,290
Value Fund		105,371		(101,333	)		4,038

The Funds will not pay SCM at a later time for any amounts it may waive or any amounts that SCM has assumed.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator for the Funds. For providing administration and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of each Fund’s average daily net assets, subject to certain minimum monthly fees.

Included in the administration and accounting services fees, shown on the Statement of Operations, are fees for providing regulatory administration services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio of the Company in proportion to its net assets of the Company.

In addition, BNY Mellon serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum monthly and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Foreside Funds Distributors LLC serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

3. Director Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The aggregate remuneration paid to the Directors by the Funds during the six months ended February 28, 2015 was $8,586. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Funds or the Company.

20

THE SCHNEIDER FUNDS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

4. Investment in Securities

For the six months ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Purchases		Sales
Small Cap Value Fund		$19,518,746		$31,125,749
Value Fund		9,338,868		13,983,200

5. Federal Income Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Each Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Small Cap Value Fund	$	40,519,116	$	8,511,930	$	(6,613,516	)	$	1,898,414
Value Fund		21,711,307		8,480,538		(1,918,426	)		6,562,112

Distributions to shareholders from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2014, the components of distributable earnings on a tax basis were as follows:

	Capital Loss Carryforwards			Undistributed Ordinary Income		Undistributed Long-Term Gains		Unrealized Appreciation		Qualified Late-Year Losses
Small Cap Value Fund	$	—		$	536,527	$	11,043,473	$	5,655,286	$	—
Value Fund		(123,392,204	)		96,249		—		5,296,721		(239,752	)

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains are reportable as ordinary income for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2014 and 2013 was as follows:

		Ordinary Income		Long-Term Gains		Total
Small Cap Value Fund	2014	$	3,741,955	$	7,037,699	$	10,779,654
	2013		—		—		—
Value Fund	2014		132,641		—		132,641
	2013		339,819		—		339,819

21

THE SCHNEIDER FUNDS

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Accumulated capital losses represent net capital loss carry forwards as of August 31, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

As of August 31, 2014, the Funds had the following pre-enactment net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by Treasury regulations. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.

	August 31, 2016		August 31, 2017		August 31, 2018		August 31, 2019		Total
Small Cap Value Fund	$	—	$	—	$	—	$	—	$	—
Value Fund		2,338,216		75,945,572		42,948,995		2,159,421		123,392,204

As of August 31, 2014, the Funds did not have any post-enactment capital loss carryforwards.

6. Securities Lending

The Funds may make secured loans of their portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Securities lending will expose the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and collateral as of February 28, 2015 and the income received for the six months ended February 28, 2015 were as follows:

	Fair Value of Securities Loaned		Fair Value of Collateral		Income Received from Securities Lending
Small Cap Value Fund	$	2,818,839	$	2,998,346	$	25,391
Value Fund		966,929		948,569		3,006

Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Funds to the same counterparty against amounts to be received and create one single net

22

THE SCHNEIDER FUNDS

Notes to Financial Statements (Concluded)

February 28, 2015

(Unaudited)

payment due to or from the Funds. The following table is a summary of each Fund’s open securities lending transactions which are subject to a MSLA as of February 28, 2015:

Securities Lending	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Gross Amount Not Offset in the Statement of Assets and Liabilities
							Financial Instruments1			Cash Collateral Received		Net Amount
Small Cap Value Fund	$	2,818,839	$	—	$	2,818,839	$	(2,818,839	)	$	—	$	—
Value Fund		966,929		—		966,929		(966,929	)		—		—

¹  Amount disclosed is limited to the amount of assets presented in the Statement of Assets and Liabilities. Actual collateral received may be more than the amount shown.

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and have determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

23

THE SCHNEIDER FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 520-3277 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. Information on the operation of the SEC Public Reference Room may be obtained by calling (800) SEC-0330.

24

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Schneider Capital Management

460 E. Swedesford Road

Suite 1080

Wayne, PA 19087

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Counsel

Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

SCH-SAR15

SCOTIA DYNAMIC U.S. GROWTH FUND

of

The RBB Fund, Inc.

Class I Shares

SEMI-ANNUAL REPORT

(Unaudited)

February 28, 2015

This report is submitted for the general information of the shareholders of the Fund.

It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

SCOTIA DYNAMIC U.S. GROWTH FUND

Semi-Annual Investment Adviser’s Report

February 28, 2015

(Unaudited)

February 28, 2015

Dear Shareholder:

We are pleased to provide you with this semi-annual report for the Scotia Dynamic U.S. Growth Fund (“Fund”). In this report, you will find important financial information about the Fund for the six-month period ended February 28, 2015.

During the six-month period ended February 28, 2015, the Fund’s broad based benchmark, the Russell 1000 Growth Index (“the Index”), returned 8.46% while the Fund earned a return of 9.60%. The Fund outperformed the Index primarily as a result of individual security selection within the information technology sector and security selection as well as an overweight position in the healthcare sector; healthcare was also the top performer for the Index. Not having exposure to the energy sector during the period was also a notable positive for relative Fund performance as the benchmark’s energy holdings posted a large negative return. At the security level, the primary contributors to performance included network security company Palo Alto Networks, data analytics software company Tableau Software, and biopharmaceutical company Pharmacyclics. At period end, the Fund remained primarily invested in the information technology, consumer discretionary and healthcare sectors, with these three sectors comprising over 85% of the Fund. As of February 28, 2015, the Fund held 22 individual stocks. As a result of the portfolio’s concentration, each individual security within the portfolio has a much more meaningful impact on the Fund’s performance than any individual security within the Index.

On a macro level, we reached the end of QE Infinity, a quantitative easing program of the Federal Reserve, in October 2014. Many viewed this period as the artificial suppression of interest rates, but we viewed it as the artificial suppression of volatility. Since the fall of last year, volatility returned to the markets with a vengeance which has made a lot of investors nervous but this volatility has created opportunities for the Fund.

We employ a disciplined, repeatable, and proven investment process that focuses on a bottom-up stock selection approach to generate excess returns. Our investment process begins by screening a universe of more than 5,000 publicly listed companies to seek out those with high revenue growth, high earnings growth, and the ability to become significantly larger companies. Sector weights in our Fund are derived strictly from this bottom-up stock selection process. Looking at the returns of our Fund over the years, the overwhelming majority has been driven by stock selection. Stock selection is what we do best and what we focus on; it seems to have become a lost art in the industry, possibly related to the concept of risk on - risk off. We believe that concept is just about coming to its end, and we are excited about the opportunities ahead.

Thank you for your investment and confidence in the Fund. We appreciate the opportunity you have given us to assist you in meeting your investment goals. We are grateful for the trust placed in us.

Sincerely,

Noah Blackstein, CFA

Vice President & Portfolio Manager

Scotia Institutional Asset Management U.S., Ltd.

Current and future portfolio holdings are subject to change and risk.

1

SCOTIA DYNAMIC U.S. GROWTH FUND

Performance Data

February 28, 2015

(Unaudited)

			Total Returns For the Periods Ended February 28, 2015
			Average Annual
	Six				Three				Since
	Months*		One Year		Years		Five Years		Inception
Scotia Dynamic U.S. Growth Fund - Class I Shares**		9.60%		4.46%		15.31%		22.56%		25.87%
Russell 1000® Growth Index***		8.46%		16.24%		18.06%		17.21%		9.23%

* Not annualized.

** The Fund operated as a series of Scotia Institutional Funds prior to the close of business on March 21, 2014 (the “Predecessor Fund”), at which time the Predecessor Fund was reorganized into the Scotia Dynamic U.S. Growth Fund (the “Fund”), a newly created series of The RBB Fund, Inc. The fiscal year end of the Predecessor Fund was September 30. The performance shown for periods prior to March 21, 2014 represents the performance for the Predecessor Fund. While the Predecessor Fund commenced operations on March 31, 2009, the Predecessor Fund began investing consistent with its investment objective on April 1, 2009.

*** Benchmark performance is from inception date of the Predecessor Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-888-572-0968.

The Fund applies a 2.00% redemption fee to the value of shares redeemed or exchanged within 60 days of purchase. This redemption fee is not reflected in the returns shown above. The performance data quoted reflects fee waivers in effect and would have been less in their absence.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2014, are 1.13% and 0.84%, respectively, of average daily net assets for Class I Shares. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. The Fund’s investment adviser has contractually agreed to waive management fees and/or reimburse certain expenses of the Fund through December 31, 2015 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) do not exceed 0.84% (on an annual basis) of Class I’s average daily net assets (the “Expense Limitation”). The Expense Limitation shall remain in effect until December 31, 2015, unless the Board of Directors of The RBB Fund, Inc. approves its earlier termination.

The Fund is non-diversified and invests in a limited number of securities. As a result, the Fund’s investment performance may be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers.

From time to time the Fund may focus its investments in one or more specific economic sectors and may be subject to greater risk from downturns affecting a specific sector.

The value of the Fund’s investments in equity securities may fluctuate drastically from day-to-day causing price volatility.

The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The index assumes the reinvestment of all dividends. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

2

SCOTIA DYNAMIC U.S. GROWTH FUND

Fund Expense Examples

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs including redemption fees; and (2) ongoing costs, including management fees, shareholder servicing fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2014 through February 28, 2015 and held for the entire period.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transactional costs were included, your costs would have been higher.

	Class I Shares
	Beginning Account Value	Ending Account Value	Expenses Paid
	September 1, 2014	February 28, 2015	During Period*
Actual	$1,000.00	$1,096.00	$4.37
Hypothetical (5% return before expenses)	1,000.00	1,020.63	4.21

* Expenses are equal to the Fund’s annualized six month expense ratio of 0.84% for Class I Shares, which includes waived fees and reimbursed expenses, multiplied by the average account value over the period multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half-year period. The Fund’s ending account value on the first line in the table is based on the actual six month total investment return for the Fund as of February 28, 2015 of 9.60% for Class I Shares.

3

SCOTIA DYNAMIC U.S. GROWTH FUND

Portfolio Holdings Summary Table

February 28, 2015

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund.

	% of Net
Security Type/Sector Classification	Assets			Value
COMMON STOCKS:
Information Technology		37.0	%		$	22,231,868
Consumer Discretionary		30.7				18,472,585
Health Care		19.4				11,637,059
Consumer Staples		5.3				3,175,200
Other Assets in Excess of Liabilities		7.6				4,554,381
NET ASSETS		100.0	%		$	60,071,093

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

4

SCOTIA DYNAMIC U.S. GROWTH FUND

Portfolio of Investments

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
COMMON STOCKSD - 92.4%
Consumer Discretionary — 30.7%
Amazon.com, Inc.*		4,600	$	1,748,736
Expedia, Inc.		12,900		1,183,575
lululemon athletica, Inc.*		36,400		2,491,216
Netflix, Inc.*		2,600		1,234,766
O’Reilly Automotive, Inc.*		10,100		2,102,113
Tractor Supply Co.		20,700		1,824,084
Ulta Salon Cosmetics & Fragrance, Inc.*		21,600		3,040,416
Under Armour, Inc., Class A*		42,900		3,303,729
Zoe’s Kitchen, Inc.*		45,000		1,543,950
				18,472,585
Consumer Staples — 5.3%
Monster Beverage Corp.*		22,500		3,175,200
				3,175,200
Health Care — 19.4%
Biogen Idec, Inc.*		5,900		2,416,581
Celgene Corp.*		20,300		2,467,059
Illumina, Inc.*		15,900		3,107,814
Medivation, Inc.*		22,800		2,679,684
Veeva Systems, Inc., Class A*		31,290		965,921
				11,637,059

	Number
	of Shares		Value
Information Technology — 37.0%
Facebook, Inc., Class A*		36,600	$	2,890,302
LinkedIn Corp., Class A*		7,200		1,923,840
Palo Alto Networks, Inc.*		21,200		3,015,064
Qualys, Inc.*		1,900		87,457
Salesforce.Com, Inc.*		51,700		3,586,946
ServiceNow, Inc.*		52,100		3,973,146
Skyworks Solutions, Inc.		24,700		2,167,425
Tableau Software, Inc., Class A*		48,800		4,587,688
				22,231,868
TOTAL COMMON STOCKS (Cost $47,789,857)				55,516,712
TOTAL INVESTMENTS - 92.4% (Cost $47,789,857)				55,516,712
OTHER ASSETS IN EXCESS OF LIABILITIES - 7.6%				4,554,381
NET ASSETS - 100.0%			$	60,071,093

D More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

* Non-income producing security.

The accompanying notes are an integral part of the financial statements.

5

SCOTIA DYNAMIC U.S. GROWTH FUND

Statement of Assets and Liabilities

February 28, 2015

(Unaudited)

ASSETS
Investments, at value (Cost $47,789,857)	$	55,516,712
Cash		1,251,281
Receivables for:
Investments sold		7,629,584
Capital shares sold		61,978
Dividends		5,992
Prepaid expenses		18,656
Total assets		64,484,203
LIABILITIES
Payables for:
Investments purchased		4,197,210
Capital shares redeemed		126,457
Distribution to shareholders		2,686
Advisory fees		11,601
Administration and accounting services fees		21,254
Other accrued expenses and liabilities		53,902
Total liabilities		4,413,110
Net Assets	$	60,071,093
NET ASSETS CONSISTS OF
Par value	$	2,160
Paid-in capital		51,349,416
Accumulated net investment loss		(231,942	)
Accumulated net realized gain from investments		1,224,604
Net unrealized appreciation on investments.		7,726,855
Net Assets	$	60,071,093
CLASS I SHARES:
Net Assets applicable to Class I Shares	$	60,071,093
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,159,971
Net asset value, offering price per share	$	27.81

The accompanying notes are an integral part of the financial statements.

6

SCOTIA DYNAMIC U.S. GROWTH FUND

Statements of Operations

For the Six Months Ended February 28, 2015

(Unaudited)

INVESTMENT INCOME
Dividends	$	9,871
Interest		59
Total investment income		9,930
EXPENSES
Advisory fees (Note 2)		187,162
Administration and accounting services fees (Note 2)		44,197
Shareholder servicing fees		28,794
Registration and filing fees		16,262
Transfer agent fees (Note 2)		15,543
Legal fees		13,750
Audit fees		13,294
Printing and shareholder reporting fees		12,622
Custodian fees (Note 2)		10,460
Directors’ and officers’ fees		2,674
Insurance expense		1,271
Other expenses		6,335
Total expenses before waivers and reimbursements		352,364
Less: waivers and reimbursements (Note 2)		(110,492	)
Net expenses after waivers and reimbursements		241,872
Net investment loss		(231,942	)
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from:
Investments		2,498,397
Net change in unrealized appreciation on:
Investments		2,963,587
Net realized and unrealized gain from investments		5,461,984
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,230,042

The accompanying notes are an integral part of the financial statements.

7

SCOTIA DYNAMIC U.S. GROWTH FUND

Statements of Changes in Net Assets

	For the
	Six Months Ended				For the				For the
	February 28, 2015				Eleven Months Ended				Year Ended
	(Unaudited)				August 31, 2014*				September 30, 2013
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss		$	(231,942	)		$	(487,645	)		$	(307,756	)
Net realized gain from investments			2,498,397				6,742,166				6,250,314
Net change in unrealized appreciation/ (depreciation) on investments			2,963,587				(5,023,483	)			2,137,548
Net increase in net assets resulting from operations			5,230,042				1,231,038				8,080,106
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Class I Shares
Net realized gains			(4,595,816	)			(5,671,518	)			—
Net decrease in net assets from dividends and distributions to shareholders			(4,595,816	)			(5,671,518	)			—
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares sold			5,118,534				55,361,805				28,465,703
Reinvestment of distributions			4,441,210				5,501,369				—
Shares redeemed			(10,047,327	)			(52,236,586	)			(39,815,730	)
Net increase/(decrease) in net assets from capital share transactions			(487,583	)			8,626,588				(11,350,027	)
Redemption fees**			950				—				—
Total increase/(decrease) in net assets			147,593				4,186,108				(3,269,921	)
NET ASSETS
Beginning of period			59,923,500				55,737,392				59,007,313
End of period		$	60,071,093			$	59,923,500			$	55,737,392
Accumulated net investment loss, end of period		$	(231,942	)		$	—			$	—
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Shares sold			185,671				1,975,436				1,273,440
Shares reinvested			182,241				210,700				—
Shares redeemed			(375,950	)			(2,048,881	)			(1,871,114	)
Net increase/(decrease) in shares			(8,038	)			137,255				(597,674	)

* The Fund changed its fiscal year end to August 31.

** Prior to February 1, 2012, shares of the Fund redeemed within 90 days of purchase were charged a 2.00% redemption fee. From February 1, 2012 until July 14, 2014, no redemption fee was imposed. Effective July 14, 2014, the Fund applies a 2.00% redemption fee to the value of shares redeemed within 60 days of purchase.

The accompanying notes are an integral part of the financial statements.

8

SCOTIA DYNAMIC U.S. GROWTH FUND

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return, ratios to average net assets and other supplemental data for the representative periods. This information has been derived from information provided in the financial statements.

	Class I Shares
	For the Six Months Ended February 28, 2015 (Unaudited)			For the Eleven Months Ended August 31, 2014(1)(2)			For the Year Ended September 30, 2013			For the Year Ended September 30, 2012			For the Year Ended September 30, 2011			For the Year Ended September 30, 2010			For the Period Ended September 30, 2009(3)
Per Share Operating Performance
Net asset value, beginning of period	$	27.64		$	27.45		$	22.45		$	18.83		$	16.36		$	12.32		$	10.00
Net investment loss(4)		(0.11	)		(0.20	)		(0.14	)		(0.16	)		(0.16	)		(0.13	)		(0.05	)
Net realized and unrealized gain from investments		2.46			2.96			5.14			4.21			2.82			5.80			2.37
Net increase in net assets resulting from operations		2.35			2.76			5.00			4.05			2.66			5.67			2.32
Dividends and distributions to shareholders from:
Net investment income		—			—			—			—			—			(0.23	)		—
Net realized gains		(2.18	)		(2.57	)		—			(0.50	)		(0.24	)		(1.40	)		—
Total dividends and distributions to shareholders		(2.18	)		(2.57	)		—			(0.50	)		(0.24	)		(1.63	)		—
Redemption fees added to paid-in capital(4)		—	(5)		—			—			0.07			0.05			—	(5)		—
Net asset value, end of period	$	27.81		$	27.64		$	27.45		$	22.45		$	18.83		$	16.36		$	12.32
Total investment return(6)		9.60	%(7)		10.62	%(7)		22.27	%		22.31	%		16.54	%		49.82	%		23.20	%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	60,071		$	59,924		$	55,737		$	59,007		$	53,332		$	10,319		$	616
Ratio of expenses to average net assets with waivers and reimbursements		0.84	%(8)		0.84	%(8)		0.86	%		0.95	%		0.95	%		0.95	%		0.95	%(8)
Ratio of expenses to average net assets without waivers and reimbursements		1.22	%(8)		1.13	%(8)		1.13	%		1.25	%		1.32	%		6.14	%		30.21	%(8)
Ratio of net investment loss to average net assets		(0.81	)%(8)		(0.80	)%(8)		(0.63	)%		(0.75	)%		(0.80	)%		(0.90	)%		(0.83	)%(8)
Portfolio turnover rate		119.46	%(7)		276.74	%(7)		345.12	%		323.54	%		358.15	%		244.38	%		205.10	%(7)

(1) The Fund changed its fiscal year end to August 31.

The accompanying notes are an integral part of the financial statements.

9

SCOTIA DYNAMIC U.S. GROWTH FUND

Financial Highlights (Continued)

(2) Effective as of the close of business on March 21, 2014, the Fund acquired all the assets and liabilities of the Dynamic U.S. Growth Fund (“Predecessor Fund”), a series of Scotia Institutional Funds. The financial highlights for the periods prior to that date reflect the performance of the Predecessor Fund.

(3) The Fund commenced investment operations on March 31, 2009.

(4) The selected per share data was calculated based on average shares outstanding method for the period. (5) Amount represent less than $0.005 per share.

(6) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(7) Not annualized.

(8) Annualized.

The accompanying notes are an integral part of the financial statements.

10

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Financial Statements

February 28, 2015

(Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “Investment Company Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the Investment Company Act, and for other purposes, and, a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the Scotia Dynamic U.S. Growth Fund (the “Fund”). The Fund is authorized to issue three classes of shares, Institutional Shares, Class I Shares and Class II Shares. As of February 28, 2015, Institutional Shares and Class II shares were not yet being offered to the public.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio. The Fund has issued shares with a par value of $0.001.

The Dynamic U.S. Growth Fund (the “Predecessor Fund”), a series of Scotia Institutional Funds, transferred all of its assets and liabilities to the Fund in a tax-free reorganization (the “Reorganization”). The Reorganization occurred at the close of business on March 21, 2014. The Predecessor Fund commenced operations on March 31, 2009. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to the close of business on March 21, 2014 included herein is that of the Predecessor Fund. See Note 7 for additional information on the Reorganization.

At the date of the reorganization, the Fund changed its fiscal year end to August 31.

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

11

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

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

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

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

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

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

The following is a summary of the inputs used, as of February 28, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at February 28, 2015		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Investments in Securities*	$	55,516,712	$	55,516,712	$ —	$ —

* Please refer to Portfolio of Investments for further details.

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

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

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

For the six months ended February 28, 2015, there were no transfers between Levels 1, 2 and 3 for the Fund.

12

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

Use of Estimates — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s policy is to allocate investment income, expenses and unrealized and realized gains and losses among classes on a daily basis, when applicable. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly to the class, fund or fund family to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred for all the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Company’s Board of Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Cash and Cash Equivalents — The Fund considers liquid assets deposited into a bank demand deposit account to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

Redemption Fees — On May 13, 2014, the Board of Directors of the Company approved the imposition of a redemption fee of 2.00% on redemptions and exchanges of Fund shares held less than 60 days effective on July 14, 2014. The fees will be reflected on the Statements of Changes in Net Assets. The Fund reserves the right to modify or eliminate the redemption fee or any waivers of such fee at any time.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

13

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

2. Investment Adviser and Other Services

Scotia Institutional Asset Management US, Ltd. (“SIAM” or the “Adviser”) serves as the Fund’s investment adviser. For its advisory services, the Adviser is entitled to receive an advisory fee calculated daily and payable monthly at an annual rate 0.65% of the average daily net assets of the Fund.

The Adviser has contractually agreed to waive advisory fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 0.74% for Institutional Shares, 0.84% for Class I Shares and 0.99% for Class II Shares (Institutional Shares and Class II Shares have not commenced operations as of February 28, 2015) until December 31, 2015. Prior to such date, this contractual agreement may only be terminated by the Fund’s Board of Directors. The expenses that are excluded from the waiver could cause the net total annual fund operating expenses to exceed 0.74%, 0.84% or 0.99%, as applicable. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.

As of February 28, 2015, the amount of the Adviser’s potential recovery was as follows:

Expiration
August 31, 2017	August 31, 2018
$109,821	$110,492

For the six months ended February 28, 2015, the Adviser earned fees of $187,162 and waived fees of $110,492. For the period March 24, 2014 through August 31, 2014, the Adviser earned fees of $186,594 and waived fees of $109,821. For the period from October 1, 2013 through March 21, 2014, SII US earned advisory fees of $209,443 and waived fees of $64,486. SII US is no longer eligible to recover any amounts previously waived or reimbursed.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees.

Included in the administration and accounting services fees, shown on the Statement of Operations, are fees for providing regulatory administration services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio of the Company in proportion to its net assets of the Company.

In addition, BNY Mellon serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Foreside Funds Distributors LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

14

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

3. Shareholder Servicing Plan

The Fund has adopted Shareholder Services Plans for the Class I and Class II Shares. Under the Shareholder Services Plans, the Fund may pay service fees to firms that provide shareholder services, such as responding to shareholder inquiries and assisting shareholders with their accounts, not exceeding ten basis points (0.10%) and twenty-five basis points (0.25%), respectively, of the Fund’s average daily net assets attributable to Class I Shares and Class II Shares.

4. Director Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The remuneration paid to the Directors by the Fund for the six months ended February 28, 2015 was $4,504. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Fund or the Company.

5. Investment in Securities

For the six months ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

	Purchases		Sales
Investment Securities	$	68,524,643	$	79,141,669

6. Federal Income Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of February 28, 2015, the federal tax cost and aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

Federal tax cost	$	47,789,857
Gross unrealized appreciation	$	7,772,772
Gross unrealized depreciation		(45,917	)
Net unrealized appreciation	$	7,726,855

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

15

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Financial Statements (Concluded)

February 28, 2015

(Unaudited)

As of August 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term  Gains	Net Unrealized Appreciation
$1,974,975	$2,620,839	$3,489,477

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

The tax character of dividends and distributions paid during the eleven month period ended August 31, 2014, fiscal year ended September 30, 2013 and fiscal year ended September 30, 2012 were as follows:

	Ordinary		Long-Term
	Income		Gains
2014	$	3,859,576	$	1,811,942
2013	$	—	$	—
2012	$	1,229,248	$	—

Accumulated capital losses represent net capital loss carry forwards as of August 31, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2014, the Fund did not have any capital loss carryforwards.

7. Reorganization

At a Special Meeting of Shareholders held on March 14, 2014, shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization pursuant to which the assets and identified liabilities of the Predecessor Fund were transferred to the Fund in exchange for Class I shares of the Fund. The closing of the Reorganization, which was a tax-free transaction, took place at the close of business on March 21, 2014.

Predecessor Fund (Series of Scotia Institutional Funds)	Acquiring Fund (Series of RBB Funds)	Net Assets		Shares Outstanding
Dynamic U.S. Growth Fund	Scotia Dynamic U.S. Growth
Class I	Fund Class I	$	93,463,746		3,403,112

8. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

16

SCOTIA DYNAMIC U.S. GROWTH FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (888) 572-0968 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Forms N-Q will be available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (800) SEC-0330.

17

Investment Adviser

Scotia Institutional Asset Management U.S., Ltd.

1 Adelaide St. E., Ste. 2800,

Toronto, ON M5C 2V9

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

BBD, LLP

1835 Market Street, 26^th Floor

Philadelphia, PA 19103

Legal Counsel

Drinker, Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

SCO-SAR15

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

of

The RBB Fund, Inc.

Class I Shares

SEMI-ANNUAL REPORT

February 28, 2015

(Unaudited)

This report is submitted for the general information of the shareholders of the Fund.

It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Semi-Annual Investment Adviser’s Report

February 28, 2015

(Unaudited)

Dear Shareholder:

We appreciate the confidence you have placed in us and are continually grateful to work with you. It enables all of us at Summit Global Investments to do what we love and enjoy everyday; managing equities. At Summit we believe that investors are ultimately rewarded when risk is prudently managed. Our strategy utilizes time-tested investment principles and seeks to be fully invested in the equity market while providing a smoother ride than other investment strategies.

We firmly believe that investing with a long-term, risk-return perspective is key to experiencing superior risk-adjusted returns. While staying the course with a low volatility portfolio doesn’t eliminate risk, it can considerably lessen the effect of the market gyrations.

Summit’s investment approach to portfolio construction takes into consideration a multitude of factors that ultimately help drive the price of equities. We sincerely value and believe strongly that return and risk must coincide and be effectively managed together. Investing in cap-weighted indexes, higher risk strategies, or products or markets just for exposure without regard to the investment’s return seems unwarranted.

Investing for return must always be weighed against the risk of the investments. As such, we continually look to be efficient and effective in providing shareholders with superior risk-adjusted equity returns.

Since our last letter to shareholders dated August 31, 2014, U.S. equities continued to experience overall gains. Volatility spiked in October and the market experienced a small inter-month correction, but recovered by month end. The price of oil fell from $90 per barrel to under $50 per barrel as the global economy slowed and oil sands brought increased supply. Though stocks in the energy sector were punished, consumers enjoyed lower gas prices and increased discretionary spending.

For the six month period from September 1, 2014 through February 28, 2015, the total return for the Fund was 8.47% vs. 6.12% (including dividends) for the S&P 500^® Index (the “Index”), outperforming the Index by 2.35%. Risk-adjusted¹, the Index rose 4.28%, thus the Fund outperformed the Index by 4.19% on a risk-adjusted basis during the period. The beta² for the Fund, as of February 28, 2015, was 0.70.

For the calendar year 2014, the total return was 14.94% vs. 13.68% for the Index, outperforming the Index by 1.26%. Risk-adjusted¹, the Index rose 9.58%, thus the Fund outperformed the Index by 5.36% on a risk-adjusted basis. The beta² for the Fund, as of December 31, 2014, was 0.70.

The Fund benefited from its over-allocation to Healthcare and Utilities, and its under-allocation to Energy. Poor stock selection within Healthcare detracted from performance, while good stock selection within Energy helped performance.

We continue to reiterate that large market events are being driven more and more by world events than ever before. U.S. markets do not stand alone, isolated from the world. U.S. companies are global companies. Their revenue and profits, business plans and investments, and ultimately success or failure is more correlated to global events than ever in history. As such, companies must be as strong or stronger, balance sheet wise, than the country in which they are headquartered. We must keep an eye on such events and company strength throughout the coming months and years.

In addition to global and political events, companies are unique in how each prepares, responds and survives the impact of such macro events and economic cycles. While some cycles may vary in length and events differ in impact, we believe, for U.S. equity exposure, the Fund’s approach is effective over full market cycles.

Our philosophy to navigate such markets is simple and consistent throughout up and down markets. We believe that being invested in a low volatility equity portfolio over full market cycles provides lower price fluctuations, more consistent and reliable returns with smaller drawdowns, and adds increased diversification when combined with other investment strategies. Our approach takes into account each underlying company’s stock volatility, expected market return and how it correlates with other stocks within the portfolio, ultimately seeking to maximize return with an overall lower risk than a cap-weighted benchmark. As stated in the prospectus, the Fund seeks to outperform the S&P 500^® Index over a full market cycle while reducing overall volatility.

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Semi-Annual Investment Adviser’s Report (Continued)

February 28, 2015

(Unaudited)

Financial markets are always unpredictable, but there are several time-tested investment principles that may help put the odds in your favor. It is our sincere effort to follow such principles and provide acceptable long-term, risk-adjusted returns.

While we remain optimistic about the opportunities within the U.S. equity market, we remain focused on monitoring the risk of individual companies and the overall portfolio. During these times of continued uncertainty we believe the Fund will provide access to market returns with less overall risk.

Sincerely,

Summit Global Investments, LLC

¹A more comparable risk benchmark using 70% of the S&P 500 return and 30% cash.

²Beta attempts to measure relative market risk. A beta rating above 1.0 indicates greater volatility than the market. A beta rating below 1.0 indicates lower volatility than the market.

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Performance Data

February 28, 2015

(Unaudited)

Total Returns For the Periods Ended February 28, 2015
			Average Annual
					Three		Since
	Six Months*		One Year		Years		Inception
Summit Global Investments U.S. Low Volatility Equity Fund - Class I Shares **		8.47%		16.81%		15.53%		15.53%
S&P 500® Index (excluding dividends)***		5.05%		13.18%		15.52%		15.52%

* Not annualized.

** The Fund commenced operations on February 29, 2012.

*** Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling (855) 744-8500.

The Fund applies a 1.50% redemption fee to the value of shares redeemed within 60 days of purchase. This redemption fee is not reflected in the returns shown above. The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2014, are 1.35% and 0.98%, respectively, of average daily net assets for Class I Shares. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. The Fund’s investment adviser has contractually agreed to waive management fees and/or reimburse certain expenses of the Fund through December 31, 2015 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) do not exceed 0.98% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation shall remain in effect until December 31, 2015, unless the Board of Directors of The RBB Fund, Inc. approves its earlier termination.

The Fund invests in common stock, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change.

The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®”). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

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Fund Expense Examples

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2014 through February 28, 2015 and held for the entire period.

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Class I Shares
	Beginning Account Value	Ending Account Value	Expenses Paid
	September 1, 2014	February 28, 2015	During Period*
Actual	$1,000.00	$1,084.70	$5.07
Hypothetical (5% return before expenses)	1,000.00	1,019.93	4.91

* Expenses are equal to the Fund’s annualized six month expense ratio of 0.98% for Class I Shares, which includes waived fees and reimbursed expenses, multiplied by the average account value over the period multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half-year period. The Fund’s ending account values on the first line in the table is based on the actual six month total investment return for the Fund of 8.47% for Class I Shares.

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Portfolio Holdings Summary Table

February 28, 2015

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund.

	% of Net
Security Type/Sector Classification	Assets			Value
COMMON STOCKS:
Pharmaceuticals		13.6	%		$	9,474,494
Electric		10.0				6,975,742
Retail		9.1				6,349,954
Computers		7.9				5,524,217
Food		7.7				5,373,793
Real Estate Investment Trusts		6.4				4,470,093
Telecommunications		5.4				3,775,519
Healthcare-Services		5.4				3,748,426
Oil & Gas		4.0				2,813,024
Software		3.5				2,469,327
Banks		3.1				2,150,369
Insurance		3.0				2,113,576
Household Products/Wares		2.9				2,006,326
Environmental Control		2.5				1,771,398
Healthcare-Products		2.1				1,486,120
Semiconductors		2.0				1,424,097
Media		1.5				1,056,349
Housewares		1.5				1,028,219
Commercial Services		1.4				986,859
Transportation		1.1				796,885
Electronics		1.1				774,912
Cosmetics/Personal Care		1.0				720,146
Office/Business Equipment		0.5				363,769
Internet		0.5				344,428
Miscellaneous Manufacturing		0.4				270,036
Airlines		0.2				102,911
Pipelines		0.1				64,733
Machinery-Construction & Mining		0.1				43,937
Other Assets in Excess of Liabilities		2.0				1,403,921
NET ASSETS		100.0	%		$	69,883,580

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

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SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
COMMON STOCKS - 98.0%
Airlines — 0.2%
Southwest Airlines Co.		2,380	$	102,911
				102,911
Banks — 3.1%
Northern Trust Corp.		1,050		73,321
US Bancorp.		38,540		1,719,269
Wells Fargo & Co.		6,530		357,779
				2,150,369
Commercial Services — 1.4%
Cintas Corp.		3,640		303,867
Total System Services, Inc.		16,050		613,110
Western Union Co., (The)		3,580		69,882
				986,859
Computers — 7.9%
Accenture PLC, Class A		4,480		403,334
Apple, Inc.		12,770		1,640,434
EMC Corp.		51,440		1,488,674
Hewlett-Packard Co.		46,120		1,606,821
NetApp, Inc.		9,960		384,954
				5,524,217
Cosmetics/Personal Care — 1.0%
Colgate-Palmolive Co.		1,610		114,020
Procter & Gamble Co., (The)		7,120		606,126
				720,146
Electric — 10.0%
AES Corp.		23,040		298,829
CMS Energy Corp.		4,550		159,841
DTE Energy Co.		1,770		145,193
Duke Energy Corp.		10,140		796,497
Edison International		23,270		1,495,097
Exelon Corp.		13,240		449,101
FirstEnergy Corp.		1,760		61,565
NRG Energy, Inc.		7,510		180,090
PG&E Corp.		1,300		69,849
PPL Corp.		23,640		806,124
SCANA Corp.		2,990		170,280
Southern Co. (The)		3,630		166,218
TECO Energy, Inc.		41,860		821,712
Wisconsin Energy Corp.		15,970		814,151
Xcel Energy, Inc.		15,340		541,195
				6,975,742
Electronics — 1.1%
Garmin Ltd.		1,050		52,112
Thermo Fisher Scientific, Inc.		5,560		722,800
				774,912
Environmental Control — 2.5%
Republic Services, Inc.		25,260		1,033,639
Stericycle, Inc.*		4,570		616,813

	Number
	of Shares		Value
Environmental Control — (Continued)
Waste Management, Inc.		2,220	$	120,946
				1,771,398
Food — 7.7%
ConAgra Foods, Inc.		35,080		1,227,098
General Mills, Inc.		7,900		424,941
Hershey Co., (The)		1,740		180,577
Hormel Foods Corp.		19,080		1,116,371
Kellogg Co.		13,800		889,824
McCormick & Co., Inc.		3,920		295,490
Sysco Corp.		31,790		1,239,492
				5,373,793
Healthcare-Products — 2.1%
Baxter International, Inc.		8,090		559,423
DENTSPLY International, Inc.		1,240		65,732
Medtronic, PLC		2,750		213,373
Patterson Cos., Inc.		11,540		577,865
Varian Medical Systems, Inc.*		750		69,727
				1,486,120
Healthcare-Services — 5.4%
Aetna, Inc.		17,070		1,699,318
Anthem, Inc.		1,300		190,385
Cigna Corp.		670		81,492
Quest Diagnostics, Inc.		6,400		448,896
UnitedHealth Group, Inc.		11,690		1,328,335
				3,748,426
Household Products/Wares — 2.9%
Clorox Co., (The)		16,570		1,800,165
Kimberly-Clark Corp.		1,880		206,161
				2,006,326
Housewares — 1.5%
Newell Rubbermaid, Inc.		26,170		1,028,219
				1,028,219
Insurance — 3.0%
Berkshire Hathaway, Inc., Class B*		6,990		1,030,396
Cincinnati Financial Corp.		13,000		685,880
Principal Financial Group, Inc.		6,280		321,348
Progressive Corp., (The)		2,850		75,952
				2,113,576
Internet — 0.5%
VeriSign, Inc.*		5,380		344,428
				344,428
Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		530		43,937
				43,937

The accompanying notes are an integral part of the financial statements.

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SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments (Concluded)

February 28, 2015

(Unaudited)

	Number
	of Shares		Value
Media — 1.5%
Scripps Networks Interactive, Inc.		1,050	$	75,915
Walt Disney Co., (The)		9,420		980,434
				1,056,349
Miscellaneous Manufacturing — 0.4%
General Electric Co.		10,390		270,036
				270,036
Office/Business Equipment — 0.5%
Pitney Bowes, Inc.		15,700		363,769
				363,769
Oil & Gas — 4.0%
Chevron Corp.		7,330		781,964
ConocoPhillips		11,520		751,104
Exxon Mobil Corp.		12,340		1,092,584
Marathon Petroleum Corp.		620		65,100
Occidental Petroleum Corp.		1,570		122,272
				2,813,024
Pharmaceuticals — 13.6%
Actavis PLC*		1,050		305,928
Eli Lilly & Co.		22,680		1,591,456
Express Scripts Holding Co.*		12,560		1,064,962
Johnson & Johnson		13,190		1,352,107
Merck & Co., Inc.		28,070		1,643,218
Pfizer, Inc.		54,770		1,879,706
Zoetis, Inc.		35,520		1,637,117
				9,474,494
Pipelines — 0.1%
Williams Cos., Inc. (The)		1,320		64,733
				64,733
Real Estate Investment Trusts — 6.4%
American Tower Corp.		1,300		128,882
Apartment Investment & Management Co., Class A		5,540		208,747
Crown Castle International Corp.		1,200		103,572
Equity Residential		5,000		385,150
General Growth Properties, Inc.		20,040		581,360
HCP, Inc.		1,340		56,762
Health Care REIT, Inc.		10,470		807,342
Public Storage		2,000		394,440
Simon Property Group, Inc.		5,380		1,024,137
Ventas, Inc.		10,470		779,701
				4,470,093

	Number
	of Shares		Value
Retail — 9.1%
Bed Bath & Beyond, Inc.*		1,050	$	78,393
Coach, Inc.		1,060		46,163
Costco Wholesale Corp.		11,200		1,645,952
Dollar Tree, Inc.*		25,580		2,038,214
Macy’s, Inc.		4,740		302,033
McDonald’s Corp.		6,500		642,850
Wal-Mart Stores, Inc.		19,020		1,596,349
				6,349,954
Semiconductors — 2.0%
Intel Corp.		42,830		1,424,097
				1,424,097
Software — 3.5%
Fidelity National Information Services, Inc.		1,420		95,978
Intuit, Inc.		12,560		1,226,233
Microsoft Corp.		26,160		1,147,116
				2,469,327
Telecommunications — 5.4%
AT&T, Inc.		43,990		1,520,294
Cisco Systems, Inc.		19,360		571,314
Motorola Solutions, Inc.		890		60,467
Verizon Communications, Inc.		32,830		1,623,444
				3,775,519
Transportation — 1.1%
C.H. Robinson Worldwide, Inc.		6,960		517,128
United Parcel Service, Inc., Class B		2,750		279,757
				796,885
TOTAL COMMON STOCKS (Cost $59,075,156)				68,479,659
TOTAL INVESTMENTS - 98.0% (Cost $59,075,156)				68,479,659
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%				1,403,921
NET ASSETS - 100.0%			$	69,883,580

* Non-income producing security.

The accompanying notes are an integral part of the financial statements.

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Statement of Assets and Liabilities

February 28, 2015

(Unaudited)

ASSETS
Investments, at value (Cost $59,075,156)	$	68,479,659
Cash		1,246,378
Receivables for:
Investments sold		23,273
Capital shares sold		27,120
Dividends		143,272
Prepaid expenses and other assets		34,465
Total assets		69,954,167
LIABILITIES
Payables for:
Capital shares redeemed		17,376
Advisory fees		22,433
Audit fees		12,924
Administration and accounting services fees		8,744
Directors’ and officers’ fees		1,120
Other accrued expenses and liabilities		7,990
Total liabilities		70,587
Net Assets	$	69,883,580
NET ASSETS CONSISTS OF
Par value	$	4,902
Paid-in capital		59,397,388
Undistributed net investment income		206,801
Accumulated net realized gain from investments		869,986
Net unrealized appreciation on investments		9,404,503
Net Assets	$	69,883,580
I SHARES:
Net Assets applicable to Class I Shares	$	69,883,580
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		4,902,172
Net asset value, offering and redemption price per share	$	14.26

The accompanying notes are an integral part of the financial statements.

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Statement of Operations

For the Six Months Ended February 28, 2015

(Unaudited)

INVESTMENT INCOME
Dividends and interest	$	827,820
Total investment income		827,820
EXPENSES
Advisory fees (Note 2)		225,147
Administration and accounting services fees (Note 2)		44,463
Transfer agent fees (Note 2)		34,328
Registration and filing fees		16,930
Custodian fees (Note 2)		13,184
Audit fees		13,137
Printing and shareholder reporting fees		9,577
Legal fees		7,050
Directors’ and officers’ fees		5,930
Other expenses		12,257
Total expenses before waivers and reimbursements		382,003
Less: waivers and reimbursements (Note 2)		(66,797	)
Net expenses after waivers and reimbursements		315,206
Net investment income		512,614
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from:
Investments		949,528
Net change in unrealized appreciation on:
Investments		3,827,661
Net realized and unrealized gain from investments		4,777,189
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,289,803

The accompanying notes are an integral part of the financial statements.

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Statements of Changes in Net Assets

	For the
	Six Months Ended				For the
	February 28, 2015				Year Ended
	(Unaudited)				August 31, 2014
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income		$	512,614			$	571,518
Net realized gain from investments			949,528				2,064,024
Net change in unrealized appreciation on investments			3,827,661				4,691,346
Net increase in net assets resulting from operations			5,289,803				7,326,888
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Class I Shares
Net investment income			(764,753	)			(250,235	)
Net realized gains			(1,984,239	)			(668,385	)
Net decrease in net assets from dividends and distributions to shareholders			(2,748,992	)			(918,620	)
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares sold			10,371,893				33,583,169
Reinvestment of distributions			2,688,722				918,422
Shares redeemed			(5,984,915	)			(6,284,602	)
Redemption fees			782				2,994
Net increase in net assets from capital share transactions			7,076,482				28,219,983
Total increase in net assets			9,617,293				34,628,251
NET ASSETS
Beginning of period			60,266,287				25,638,036
End of period		$	69,883,580			$	60,266,287
Undistributed net investment income, end of period		$	206,801			$	458,940
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Shares sold			739,041				2,641,785
Shares reinvested			198,723				74,608
Shares redeemed			(428,866	)			(486,015	)
Net increase in shares			508,898				2,230,378

The accompanying notes are an integral part of the financial statements.

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Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return, ratios to average net assets and other supplemental data for the representative periods. This information has been derived from information provided in the financial statements.

	For the
	Six Months Ended				For the				For the				For the Period
	February 28, 2015				Year Ended				Year Ended				February 29, 2012 to
	(Unaudited)				August 31, 2014				August 31, 2013				August 31, 2012(1)
Per Share Operating Performance
Net asset value, beginning of period		$	13.72			$	11.85			$	10.18			$	10.00
Net investment income(2)			0.11				0.16				0.15				0.08
Net realized and unrealized gain from investments(3)			1.02				2.01				1.64				0.10
Net increase in net assets resulting from operations			1.13				2.17				1.79				0.18
Dividends and distributions to shareholders from:
Net investment income			(0.16	)			(0.08	)			(0.05	)			—
Net realized gains			(0.43	)			(0.22	)			(0.07	)			—
Total dividends and distributions to shareholders			(0.59	)			(0.30	)			(0.12	)			—
Net asset value, end of period		$	14.26			$	13.72			$	11.85			$	10.18
Total investment return(4)			8.47	%(5)			18.57	%			17.78	%			1.80	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	69,884			$	60,266			$	25,638			$	3,602
Ratio of expenses to average net assets with waivers and reimbursements			0.98	%(6)			0.98	%			0.98	%			0.98	%(6)
Ratio of expenses to average net assets without waivers and reimbursements			1.19	%(6)			1.35	%			2.74	%			20.03	%(6)
Ratio of net investment income to average net assets			1.59	%(6)			1.25	%			1.34	%			1.64	%(6)
Portfolio turnover rate			15	%(5)			110	%			81	%			95	%(5)

(1) The Fund commenced investment operations on February 29, 2012.

(2) The selected per share data was calculated based on average shares outstanding method for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(4) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(5) Not annualized.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

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Notes to Financial Statements

February 28, 2015

(Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “Investment Company Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the Investment Company Act, and for other purposes, and, a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-two active investment portfolios, including the Summit Global Investments U.S. Low Volatility Equity Fund (the “Fund”), which commenced investment operations on February 29, 2012. As of February 28, 2015, the Fund offers three classes of shares, Class A Shares, Retail Shares and Class I Shares. As of February 28, 2015, Class A Shares and Retail Shares have not been issued.

RBB has authorized capital of one hundred billion shares of common stock of which 82.373 billion shares are currently classified into one hundred and fifty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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

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

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

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

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SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

The following is a summary of the inputs used, as of February 28, 2015, in valuing the Fund’s investments carried at fair value:

					Level 2
					Other	Level 3
	Total Value at		Level 1		Significant	Significant
	February 28,		Quoted		Observable	Unobservable
	2015		Price		Inputs	Inputs
Investments in Securities*		$68,479,659		$68,479,659	$ —	$ —
* Please refer to Portfolio of Investments for further details.

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

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

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

For the six months ended February 28, 2015, there were no transfers between Levels 1, 2 and 3 for the Fund.

Use of Estimates — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP 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 period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s policy is to allocate investment income, expenses and unrealized and realized gains and losses among classes on a daily basis, when applicable. Expenses incurred on behalf of a specific class, fund or fund

13

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

family are charged directly to the class, fund or fund family to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred for all the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Company’s Board of Directors deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Cash and Cash Equivalents — The Fund considers liquid assets deposited into a bank demand deposit account to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

Redemption Fees — The Fund retains a redemption fee of 1.50% on redemptions of Fund shares held less than 60 days. The fees are reflected on the Statements of Changes in Net Assets. The Fund reserves the right to modify or eliminate the redemption fees or waivers at any time.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

2. Investment Adviser and Other Services

Summit Global Investments, LLC (“Summit” or the “Adviser”) serves as the Fund’s investment adviser. For its advisory services, the Adviser is entitled to receive a monthly advisory fee from the Fund calculated at an annual rate of 0.70% of the Fund’s average daily net assets.

Summit has contractually agreed to waive its advisory fees and/or reimburse expenses, to the extent that total annual operating expenses (excluding certain items discussed below) exceed 1.23% of the average daily net assets for Class A Shares and Retail Shares and 0.98% of the average daily net assets for Class I Shares. In determining Summit’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual operating expenses to exceed 1.23% or 0.98%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2015 and may not be terminated before December 31, 2015 without approval by the Company’s Board of Directors. If at any time during the three years from January 1, 2014 through December 31, 2016 in which the advisory agreement is in effect, the Fund’s total annual Fund operating expenses for that year are less than 1.23% of the average daily net assets attributable to the Fund’s Class A Shares or Retail Shares or less than 0.98% of the average daily net assets attributable to the Fund’s Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund during such three-year period. For the six months ended February

14

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Notes to Financial Statements (Continued)

February 28, 2015

(Unaudited)

28, 2015, advisory fees accrued were $225,147, of which $66,797 were waived by the Adviser. As of February 28, 2015, the amounts available for recoupment were $215,828, $106,429 and $66,797 expiring in 2015, 2016 and 2018, respectively.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees.

Included in the administration and accounting services fees, shown on the Statement of Operations, are fees for providing regulatory administration services to RBB. For providing these services, BNY Mellon is entitled to receive compensation as agreed to by the Company and BNY Mellon. This fee is allocated to each portfolio of the Company in proportion to its net assets of the Company.

In addition, BNY Mellon serves as the Fund’s transfer and dividend disbursing agent. For providing these transfer agent services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Foreside Funds Distributors LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

3. Director Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The aggregate remuneration paid to the Directors by the Fund during the six months ended February 28, 2015 was $4,548. Certain employees of BNY Mellon serve as an Officer or Director of the Company. They are not compensated by the Fund or the Company.

4. Investment in Securities

For the six months ended February 28, 2015, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

	Purchases	Sales
Investment Securities	$15,699,763	$9,719,070

5. Federal Income Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

15

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Notes to Financial Statements (Concluded)

February 28, 2015

(Unaudited)

As of February 28, 2015, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

Federal tax cost	$	59,075,156
Gross unrealized appreciation	$	9,925,950
Gross unrealized depreciation		(521,447	)
Net unrealized appreciation	$	9,404,503

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed	Undistributed	Net Unrealized
Ordinary Income	Long-Term Gains	Appreciation
$1,652,595	$757,020	$5,530,864

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes.

The tax character of dividends and distributions paid during the year ended August 31, 2014 was as follows:

Ordinary	Long-Term
Income	Gains	Total
$834,929	$83,691	$918,620

Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2014, the Fund did not have any capital loss carryforwards.

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund though the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

16

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent six-month period ended June 30 are available without charge, upon request, by calling (855) 744-8500 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company will file its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) on Form N-Q. The Company’s Forms N-Q will be available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (800) SEC-0330.

17

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Investment Adviser

Summit Global Investments, LLC

620 South Main Street

Bountiful, UT 84010

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

Legal Counsel

Drinker, Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103

SUM-SAR15

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of the report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)      The RBB Fund, Inc.
By (Signature and Title)*        /s/ Salvatore Faia
	Salvatore Faia, President
	(principal executive officer)
Date      05/01/15

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*        /s/ Salvatore Faia
	Salvatore Faia, President
	(principal executive officer)
Date      05/01/15
By (Signature and Title)*        /s/ Joel Weiss
	Joel Weiss, Treasurer
	(principal financial officer)
Date      05/01/15

^*  Print the name and title of each signing officer under his or her signature.