N-CSR 1 fp0028475_ncsr.htm
 
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)
 
615 East Michigan Street,
Milwaukee, WI 53202
 (Address of principal executive offices) (Zip code)
 
Salvatore Faia, President
c/o U.S. Bancorp Funds Services, LLC
 615 East Michigan Street,
Milwaukee, WI 53202
  (Name and address of agent for service)

Registrant's telephone number, including area code: (414) 765-5145
 
Date of fiscal year end: August 31
 
Date of reporting period: August 31, 2017
 
Explanatory Note: This filing covers the Motley Fool Independence Fund, the Motley Fool Great America Fund and the Motley Fool Emerging Markets Fund (formerly, the Motley Fool Epic Voyage Fund).
 
Item 1. Reports to Stockholders.
 
The Report to Shareholders is attached herewith.
 
<PAGE>
 

 
Letter from the President
 

 

 
[GRAPHIC OMITTED]
 

 

 
                     Dear Fellow Shareholder,
 

 
                     If you're a fund investor you've likely heard a lot over
 
                     the last two years about the debate between
 
                     actively-managed mutual funds and passive products, such
 
                     as index funds and ETFs. Behind that debate is another
 
                     question: - are active managers worth their fees? Why or
 
                     why not?
 

 
                     A few months ago, my esteemed colleague Bryan Hinmon made
 
                     the case for active investing in -an article for our
 
                     website, www.foolfunds.com. (You can find it here:
 
https://  www.foolfunds.com/insights/the-case-for-active-investing).  -I highly
 
                 recommend you take -six minutes and President
 
                     read it (after you're -finished here).
 
                               Denise H. Coursey
 

 
I can't possibly make the case more eloquently or thoughtfully than Bryan has.
 
But as an amateur investor like you, I can tell you why I own actively managed
 
funds. - It comes down to this: I deserve better than average.
 

 
The argument in favor of passive investing goes like this:
 

 
     1. Most actively managed funds don't beat their benchmarks.
 
  2. Why pay more for less in performance, when you can buy an index fund or
 
  ETF and match the market's performance?
 
I'll admit, I can see the logic there. If you can't beat `em, join `em.
 

 
Certainly, there's a place for passive in any portfolio, including mine. But
 
the thing is, I'm not willing to concede defeat across the board and settle for
 
average whatever-the-market-does-is-fine-with-me performance.
 

 
It's very easy for your brain to turn the statement "most actively managed
 
funds can't beat the market" into "none of them can," or "so few can that it's
 
not worth looking for them."
 

 
I suggest we take a closer look at the data. According to Jim Atkinson of
 
Guinness Atkinson Asset Management, "for the 15-year period ending June 30,
 
2017, 35% of actively managed equity funds outperformed their benchmark." Over
 
the 5 year period, that number is 31% and over 1 year, 43% beat their
 
benchmarks. -And that's net of fund fees! And if you strip out U.S. equity
 
funds for large caps, where the market is most efficient and it's harder to
 
outperform, the number jumps to 41%.
 

 
That could be viewed as -a 1-in-3 chance of finding a benchmark-beating
 
manager. I don't know about you, but I'm willing to take those odds -
 
especially because I think I can improve them with a little research. Allow me
 
to explain.
 

 
Cleaning out the closet indexers
 

 
The way I see it, there is one guaranteed way for an active fund -to
 
underperform its benchmark (or a passive fund or ETF that tracks that
 
benchmark): by owning most of the holdings of the benchmark and then charging a
 
high management fee. You simply can't perform better than your benchmark if you
 
don't vary from it.
 

 

 
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Funds that do this are called "closet indexers," and there are a remarkable
 
number of them out there. A study by K.J. Martijn Cremers and Antti Patejisto
 
of Yale in 2009, detailed in their paper How Active is Your Fund Manager? A New
 
Measure that Predicts Performance, -found that nearly a third of actively
 
managed U.S. mutual funds are -closet indexers. So the logic follows that you
 
could significantly increase your odds of finding benchmark-beating active
 
funds -if you can -find the closet indexers and take them out of the equation.
 

 
Fortunately, those smart researchers at Yale devised a measure to help us do
 
that. It's called "active share." Active share measures the percentage of fund
 
holdings that are different from benchmark holdings. So if a fund uses the S&P
 
500 Index as a benchmark, active share will tell us the percentage of the fund
 
holdings that aren't in the S&P 500. A fund with an active share of 0
 
completely overlaps its benchmark - some might call that an "index fund" - and
 
a fund with an active share of 100 has no overlap with its benchmark. -And you
 
know, at the very least, that those active managers are doing their jobs.
 

 
But does higher active share equate to better returns? Cremers and Patejisto's
 
aforementioned research says yes. They studied and computed Active Share for
 
all U.S. equity mutual funds from 1980 to 2003 and found that high active-share
 
funds outperformed their benchmarks by 1.13% to 1.15% annually, net of fees and
 
expenses.
 

 
I don't know about you, but I'd say it's worth a little bit of work and thought
 
for a chance at doing -better than average.
 

 
You'll have to dig a little to find a fund's active-share score. Morningstar
 
doesn't provide it, so you'll have to go to the fund's website and -poke around
 
some more. You'll -probably find it on the fund's fact sheet.
 

 
At Motley Fool Funds, we are pretty darn proud of our active-share scores.
 
They're all in the mid-90s, and you can find our active share scores in our
 
"Fund Fact Sheets" on our website at www.foolfunds.com. More importantly, that
 
number is a sign to our investors that we're doing our jobs and earning our
 
fee, because we know if you're investing with us, you aren't willing to settle
 
for average. -
 

 
Thank you, as always, for putting your trust in us. My team and I will continue
 
to work hard to earn and deserve that trust every day.
 

 
Foolish best,
 

 

 

 

 

 
[GRAPHIC OMITTED]
 

 

 

 
Denise H. Coursey
 
President, Motley Fool Asset Management
 

 
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<PAGE>
 

 
Letter to Shareholders
 

 

 
[GRAPHIC OMITTED]
 

 

 
                     Stay Active
 

 

 
                     Dear Fellow Shareholder,
 

 
This past spring, I got invited to a lot of weddings. It seems the most common
 
two conversation starters at these events are "how do you know so-and-so?" and
 
"what do you do for work?" Once I reveal my profession, the wedding
 
conversations turn to how the stock market is due for a correction. The people
 
I'm speaking with are usually seeking confirmation, but I don't offer it.
 
              Instead, I steer the conversation Portfolio Manager
 
Bryan Hinmon         toward more fertile ground by asking two simple questions.
 

 
What if you're -wrong?
 

 
While it's true that the U.S. unemployment rate is at its lowest rate in a
 
decade, did you know that the labor participation rate is considerably below
 
its historical average? In fact, it's at levels not seen since the 1970s. Yet
 
at the same time, the employment-to-population ratio is strongly rising. The
 
trend is healthy as more people are coming back to work.
 

 
How about debt? Household debt service levels are near their lowest levels
 
ever, meaning disposable income is near an all-time high. Whether this
 
disposable income is spent (leading to sales and profit growth for U.S.
 
companies) or saved (and possibly invested in stocks to drive prices higher)
 
the result is unlikely to support a lasting market slide.
 

 
There's also concern that with the baby boomers aging, there may not be enough
 
spending to spur the economy along. However, according to projections by the
 
U.S. Census Bureau based on the 2010 census the most common age in the U.S. is
 
26, and the number of 30- to 39-year-olds is poised to accelerate from 43
 
million to 49 million over the next decade. From a demographic standpoint, the
 
U.S. is in good shape. The Bureau of Labor Statistics tells us the largest
 
increases in consumer expenditures come as citizens hit the 25- to 34-year-old
 
and 35- to 44-year old cohorts.
 

 
Finally, consider that stocks are subject to the fundamental law of supply and
 
demand. On the supply side, the number of public companies in the U.S. has
 
fallen more than 35% since 1997. On the demand side, only 52% - of adults are
 
invested in stocks directly or through funds of some sort. Lower supply and the
 
potential for higher demand would support higher equilibrium prices.
 

 
At the point of taking about equilibrium prices, the person I'm speaking with
 

 
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<PAGE>
 

 
usually resigns to the fact that there may be another side to the market-
 
correction debate. But they haven't answered the question yet: "What should you
 
do if you're wrong?"
 

 
The common answer, in its simplest form, is some version of "stay invested in
 
stocks." The data -here is not intended to change any minds; it's presented to
 
-open them. Predicting the future is hard, and there are real costs involved if
 
you're wrong.
 

 
What if you're right?
 

 
The market correction debate usually centers -on the economic and equity market
 
runs and valuation. I happily entertain a discussion on both.
 

 
We've had 10 economic recoveries since World War II. The average recovery has
 
lasted 5.7 years, and the current recovery is now more than eight years long.
 
Similarly, the S&P 500 is closing in on its ninth consecutive year of positive
 
performance. This is an impressive run. A common refrain is that these streaks
 
can't last.
 

 
The S&P 500 appears expensive, trading at a price-to-earnings ratio above 24.
 
This is rarified air - a level not seen outside of the tech bubble. The
 
cyclically adjusted price-to-earnings ratio, which takes a 10-year view, is now
 
higher than it was during Black Tuesday -in 1929 and -Black Monday -in 1987.
 
Regardless of what valuation multiple one choses to look at, the conclusion is
 
the same: it's on the high side of historical normality.
 

 
At this point, the person I'm chatting with feels vindicated. -And that's when
 
I ask, "What should you do if you are right?"
 

 
Imagine what the combination of frustration and a blank stare looks like,
 
because that's what I usually see. All the responses I get end in question
 
marks. Buy bonds? (Near record-low interest rates.) Buy gold? (Historically low
 
returns.) Move to cash? (Zero capital appreciation.) Move to the cryptocurrency
 
-du jour? (There's no history to help you know where to invest.) Short stocks?
 
(You introduce catastrophic loss scenarios.)
 

 
In short: Predicting the future is meaningless unless there's a clear action to
 
take that can move you toward your goals.
 

 
Stay Active
 

 
I believe the fundamentals of the economy and market are supportive of the
 
potential for -healthy returns. Yet I can assure you that the market will fall,
 
possibly hard, at some point. Regardless of what the future holds, what really
 
matters is positioning your capital to help you achieve your goals over time.
 
There are two things you should consider.
 

 
First, lengthen your time frame. Why is 365 days the optimal measurement
 
period? It's reassuring that historically from 1927 to 2016 the market has
 
risen in seven
 

 

 
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<PAGE>
 

 
out of every 10 years, but it's downright empowering to know that it rose over
 
85% of rolling five-year periods and 94% of rolling 10-year periods. Whether
 
the market is due for a correction matters much less with a longer-term
 
outlook. A key to staying invested is having an appropriate (ahem, long) time
 
horizon.
 

 
Second, to give yourself a chance to avoid a market losing streak, invest
 
differently from the market average. Losing streaks do happen (1929-1932, 1940-
 
1941, 1973-1974, 2000-2002) and they're assured for you if you invest passively
 
and accept "average." To get "different," you must -be different, and choosing
 
to invest through an actively managed mutual fund - like the Independence,
 
Great America, and Emerging Markets funds - it may be a -way to do so.
 

 
At this point, we've moved beyond awkward wedding conversation. Your team at
 
Motley Fool Investment Management has internalized a "Stay Active" mantra. Our
 
core investing belief is that independent research, conducted with a long-term
 
mindset, will lead to outperformance. Conducting independent research ensures
 
that we continuously depart from "average." Maintaining a long-term mindset
 
ensures that we're constructing portfolios filled with companies we anticipate
 
owning for years.
 

 
If you're reading this, you've probably chosen to Stay Active. We commend you
 
for this approach and thank you for the trust you put in our team. Independent
 
research and a long-term mindset will continue to define our approach and
 
differentiate us from others. - -
 

 
Onward,
 

 

 

 

 

 

 

 

 
[GRAPHIC OMITTED]
 

 

 

 

 
Bryan Hinmon
 
Chief Investment Officer, Motley Fool Asset Management
 

 
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<PAGE>
 

 
Past performance does not guarantee future results. There can be no guarantee
 
that any strategy (risk management or otherwise) will be successful. All
 
investing involves risk, including potential loss of principal. Securities in a
 
Fund may not match those in an index and performance of the Fund will be
 
differ. You cannot invest directly into an index. Active Share-The percentage
 
of Fund holdings that differ from the benchmark.
 

 
The Letter to Shareholders seeks to describe some of the Adviser's current
 
opinions and views of the financial markets. Although the Adviser believes it
 
has a reasonable basis for any opinions or views expressed, actual results may
 
differ, sometimes significantly so, from those expected or expressed. The
 
securities held by the Funds that are discussed in the Letter to Shareholders
 
were held during the period covered by the annual report. They do not comprise
 
the entire investment portfolio of the Funds, may be sold at any time, and may
 
no longer be held by the Funds. The opinions of the Adviser with respect to
 
those securities may change at any time. -
 

 

 

 
[GRAPHIC OMITTED]
 

 

 
   New to investing? Reading your first mutual fund annual report?
 
       Welcome! Here are some important things you need to know.
 

 

 
       Mutual fund investing offers many potential benefits. But there also are
 
       risks. Financial gain is not guaranteed when it comes to investing in
 
       equity securities. It's possible to lose money, including your principal
 
       - especially during the short term.
 

 

 
       We focus on stocks we have good reason to believe are undervalued by the
 
       market.We expect the price of these stocks eventually to rise as the
 
       market recognizes the true worth of the companies issuing them. But keep
 
       in mind that value stocks can remain undervalued by the market for a
 
       long time. And it's possible that the intrinsic worth of any particular
 
       company may not match our valuation.
 

 

 
       Our funds may invest in foreign companies and in companies with small
 
       market capitalization. There are certain risks associated with these
 
       types of investments. The risks are described on pages 10, 28, and -44
 
       of this report. Additional risk information is provided in section 3 of
 
       the Notes to Financial Statements, pp. 63-67.
 

 

 
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<PAGE>
 

 
Motley Fool Independence Fund Portfolio Characteristics
 

 
Effective August 1, 2017, the Fund changed -its fiscal year end to August 31. -
 
As a result the -commentary and returns address the period from November 1,
 
2016 to August 31, 2017.
 

 

 
The Motley Fool Independence Fund operated as a series of The Motley Fool Funds
 
Trust (the "Predecessor Fund") prior to December 21, 2016, at which time the
 
Predecessor Fund was reorganized into the Fund. -The performance shown for
 
periods prior to December 21, 2016 represents the performance of the
 
Predecessor Fund. At August 31, 2017, the Motley Fool Independence Fund
 
-Investor -Shares had an audited net asset value of $24.09 per share attributed
 
to 14,024,704 shares outstanding and the Institutional -Shares had an audited
 
net asset value of $24.09 per share attributed to 2,516,056 shares outstanding.
 
This compares with an unaudited net asset value as of June 16, 2009 for the
 
Investor Shares of $10.00 per share attributed to 100,000 shares outstanding
 
and as of June 17, 2014 for the Institutional Shares of $20.36 per share
 
attributed to 1 share outstanding. From the -Investor Shares -launch on June
 
16, 2009 to August 31, 2017, the -Investor Shares -had an average -annual
 
-total return of -12.73%(+) versus a return of 11.58%(+) over the same period
 
for its benchmark, -FTSE Global All Cap Net Tax -Index. From the Institutional
 
Shares launch on June 17, 2014 to August 31, 2017, the Institutional -Shares
 
returned 7.27%(+) versus a return of 6.27%(+) over the same period for the
 
-FTSE Global All Cap Net Tax -Index.
 

 

 
The graph below shows the performance of $10,000 invested in the Investor
 
Shares at inception. The results shown below do not reflect the deduction of
 
taxes that a shareholder would pay on fund distributions or the redemption of
 
fund shares. -
 

 

 

 
 -
 
<TABLE>
 
<CAPTION>
 
  Average Annual Total Returns as of 8/31/2017
 
===============================================
 
<S>                                             <C>          <C>           <C>              <C>
 
                                                                           Since            Inception
 
                                                One Year     Five Year     Inception           Date
 
Investor Shares*                                19.62%       11.36%        12.73%           6/16/2009
 
Institutional Shares*                           19.74%           -          7.27%           6/17/2014
 
FTSE Global All Cap Net Tax Index**             18.97%       11.08%         - (1)                -
 
Fund Expense Ratios(2): Investor Shares: Gross 1.14% and Net 1.14%; Institutional Shares: Gross
 
2.12% and Net 0.95%
 
</TABLE>
 

 

 
                                       - -
 
[GRAPHIC OMITTED]
 

 

 

 
The performance data quoted represents past performance and does not guarantee
 
future results. Current performance may be lower or higher. Performance data
 
current to the most recent month-end may be obtained at www.FoolFunds.com. The
 
investment return and principal value of an investment will fluctuate so that
 
shares, when redeemed, may be worth more or less than their original cost.
 
(1)The index returned 11.58% from the inception date -of the Investor -Shares
 
and 6.27% from the inception date of the -Institutional -Shares.
 
(2)The -expense ratios of the Fund are set forth according to the -2/28/2017
 
Prospectus, as supplemented, -for the Fund and may differ from the expense
 
ratios disclosed in the -Financial Highlights tables in this report. See the
 
Financial Highlights for more current expense ratios.
 

 
(+) Returns less than one year are not annualized.
 
*These returns reflect expense waivers by the Fund's investment adviser.
 
Without these waivers, returns would have been lower.
 
**The FTSE Global All Cap Net Tax Index is a market-capitalization weighted
 
index representing the performance of large, mid and small cap companies in
 
Developed and Emerging markets. The index is comprised of approximately 7,600
 
securities from 47 countries and captures 98% of the world's investable market
 
capitalization. Fair value prices and foreign exchange as of 4 pm ET are used
 
in the calculation of this index, and returns are adjusted for withholding
 
taxes applicable to dividends
 

 

 
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                                       Motley Fool Independence Fund (Unaudited)
 
<PAGE>
 

 
received by a U.S. Regulated Investment Company domiciled in the United States.
 
-The index is unmanaged and not available for direct investments. Its
 
performance does not reflect deductions for fees, expenses or taxes.
 

 

 
The investment objective of the Independence Fund is to achieve long-term
 
capital appreciation, and it pursues this objective by investing primarily in
 
common stocks of companies located anywhere in the world. The Fund employs a
 
growth at a reasonable price investment strategy and seeks long-term growth by
 
identifying and acquiring securities of companies that are, in the view of
 
Motley Fool Asset Management, LLC (the "Adviser"), high quality. To identify
 
these high-quality businesses, the Adviser engages in research to evaluate each
 
company under consideration using four criteria: management, culture, and
 
incentives; the economics of the business; competitive advantage; and the
 
durability of its competitive advantage period. The Adviser's approach prizes a
 
long-term mindset and a balance of qualitative and quantitative factors.
 

 

 
The Fund will invest in areas of the market, that, in the view of the Adviser,
 
offer the greatest potential for long-term capital appreciation, and it does
 
not attempt to match the allocations of its benchmark. As such, significant
 
deviation from the benchmark is expected from time to time, especially over
 
shorter time frames.
 

 

 
The allocations to various sectors, countries, or any other macro-economic
 
designation, are the byproduct of rigorous bottom-up analysis rather than an
 
intentional top-down opinion of asset classes. While market conditions are
 
constantly changing, exposure to equity market risk is needed to consistently
 
achieve equity-like returns. Despite having an Active Share over 93% at the end
 
of the period, the Fund and its benchmark's monthly returns were 89% correlated
 
over the past twelve months, and this level of correlation will likely persist.
 
The Adviser views its time as best spent focused on evaluating businesses and
 
seeking to minimize company-specific risk in order to pursue its objective of
 
long-term capital appreciation.
 

 

 
Because the Independence Fund is free to invest in companies of any size around
 
the world, at times, the Fund may be heavily invested in small-cap stocks and
 
foreign securities, each of which presents extra risk. Small-cap stocks tend to
 
be more volatile and less liquid than their large-cap counterparts. As of
 
August 31, 2017, more than half of the Fund's net assets were invested in
 
companies with a market capitalization below $15 billion, including one-fifth
 
of the Fund invested in companies smaller than $3 billion. In addition to
 
company risk, fluctuations in currency exchange rates can cause losses when
 
investing in foreign securities, with emerging markets presenting additional
 
risks of illiquidity, political instability, and lax regulation. As of August
 
31, 2017, 46.5% of the Fund's net assets were invested outside the United
 
States, including 29.5% invested in companies headquartered in countries that
 
FTSE considers to be Emerging, Frontier, or Unclassified. Please refer to the
 
prospectus for a more detailed discussion of the Fund's strategies and risks.
 

 

 
While investing in a particular sector is not a principal investment strategy
 
of the Independence Fund, the portfolio may be significantly invested in a
 
sector as a result of the portfolio management decisions made pursuant to its
 
principal investment strategy. As of August 31, 2017, 30.5% of the Fund's net
 
assets were invested in the Information Technology sector. The heavy allocation
 
to Information Technology companies was driven by two different factors during
 
the year. First, more money was allocated to the sector throughout the year.
 
Six of the fourteen Fund holdings classified as Information Technology were
 
first purchased during this fiscal year, including Facebook, Mastercard,
 
MercadoLibre, Paycom Software, PayPal Holdings, and Splunk. And second, these
 
investments paid off very well, as the Fund's Technology sector holdings
 
delivered a weighted average return in excess of 32% for the year. This
 
includes IPG Photonics, Douzone Bizon, Tencent Holdings, and Apple, which all
 
gained 50% or more over the period.
 

 

 
Other top performers included a trio of Healthcare companies, NMC Health, Align
 
Technology, and Ionis Pharmaceuticals, which gained 97%, 90%, and 81%,
 
respectively, over the twelve-month period. Given the position sizes, NMC
 
Health and Align Technology were the two largest contributors to Fund returns
 
for the year, followed by IPG Photonics, Douzone Bizon, and Tencent Holdings.
 
The largest individual detractors to performance during the year were all
 
consumer-facing companies: Under Armour, Nippon Indosari Corpindo, and
 
TripAdvisor.
 

 

 
The following tables show the top eleven holdings, sector allocations, and top
 
eleven countries in which the Fund was invested in as of August 31, 2017.
 
Portfolio holdings are subject to change
 

 

 
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                                                                               7
 
Motley Fool Independence Fund (Unaudited)
 
<PAGE>
 

 
without notice.
 
      -
 
[GRAPHIC OMITTED]
 

 

 
   Certain mutual fund ratings and review services have created style boxes,
 
         which look more or less like a tic-tac-toe board; arranging funds by
 
         the size of the companies they typically invest in (large-, mid-, and
 
         small-cap) along one axis, and along a "value" to "growth" basis on
 
         the other axis. This may be a helpful way - at times - to think about
 
         certain investment opportunities, but we don't believe we'll improve
 
         your returns by limiting ourselves to any one portion of that style
 
         box.
 

 

 
<TABLE>
 
<CAPTION>
 
                              % of Net
 
 Top Eleven Holdings*          Assets
 
==========================   =========
 
<S>                          <C>
 
Amazon.com, Inc.                4.18%
 
NMC Health PLC                  3.86
 
Medtronic PLC                   3.60
 
Mastercard, Inc. Class A        3.19
 
IPG Photonics Corp.             3.18
 
Douzone Bizon Co., Ltd.         2.96
 
BGEO Group PLC                  2.95
 
XPO Logistics, Inc.             2.86
 
Tencent Holdings Ltd.           2.85
 
Starbucks Corp.                 2.68
 
HDFC Bank Ltd.                  2.45
 
                               -----
 
                               34.76%
 
                               =====
 
</TABLE>
 

 
* As of the date of the report, the Fund had a holding of -2.78% in the -BNY
 
Mellon Cash Reserve.
 

 
The Motley Fool Independence Fund uses the Global Industry Classification
 
StandardSM ("GICS SM") as the basis for the classification of securities on the
 
Schedule of Investments ("SOI"). We believe that this -makes the SOI
 
classifications more standard with the rest of the industry.
 

 

 
<TABLE>
 
<CAPTION>
 
                                 % of Net
 
 Sector Allocation                Assets
 
============================   ===========
 
<S>                            <C>
 
Information Technology             30.45%
 
Consumer Discretionary             17.31
 
Health Care                        16.52
 
Industrials                        12.35
 
Financials                          9.76
 
Real Estate                         4.69
 
Consumer Staples                    4.28
 
Telecommunication Services          1.96
 
                                   -----
 
                                   97.31%
 
                                   =====
 
</TABLE>
 

 

 
 - - -
 
<TABLE>
 
<CAPTION>
 
                            % of Net
 
 Top Eleven Countries        Assets
 
=======================   ===========
 
<S>                       <C>
 
United States*                53.53%
 
</TABLE>
 

 
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8
 
                                       Motley Fool Independence Fund (Unaudited)
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                           % of Net
 
 Top Eleven Countries       Assets
 
=======================   =========
 
<S>                       <C>
 
United Arab Emirates         4.95
 
China                        4.73
 
Japan                        4.59
 
Ireland                      3.60
 
United Kingdom               3.04
 
South Korea                  2.96
 
Georgia                      2.95
 
Indonesia                    2.86
 
India                        2.45
 
Argentina                    2.36
 
                            -----
 
                            88.02%
 
                            =====
 
</TABLE>
 

 
* As of the date of the report, the Fund had a holding of -2.78% in the -BNY
 
Mellon Cash Reserve. -
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                               9
 
Motley Fool Independence Fund (Unaudited)
 
<PAGE>
 

 
About Your Expenses
 

 
As a shareholder of the Independence Fund, you incur (1) transaction costs and
 
(2) ongoing costs, including advisory fees and other Fund expenses. This
 
example is intended to help you to 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. It is based on an investment of $1,000
 
invested at the beginning of the period and held for the entire period from
 
-March 1, 2017 to August 31, 2017.
 
Actual Expenses
 

 
The first section of the table below provides information about actual account
 
values and actual expenses. You may use the information in this section,
 
together with the amount you invested, to estimate the expenses that you
 
incurred 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 section under the heading entitled "Expenses
 
Paid During Period" to estimate the expenses attributable to your investment
 
during this period.
 
Hypothetical Example for Comparison Purposes
 

 
The second section of the table below provides information about hypothetical
 
account values and hypothetical expenses based on the Independence 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. Thus, you should not use the
 
hypothetical account values and expenses to estimate the actual ending account
 
balance or your expenses for the period. Rather, these figures are provided to
 
enable you to compare the ongoing costs of investing in the Fund as compared to
 
the costs of investing in other funds. To do so, compare this 5% hypothetical
 
example with the 5% hypothetical examples that appear in the shareholder
 
reports of the other funds. Please note that the expenses shown in the table
 
are meant to highlight your ongoing costs only and do not reflect any
 
transactional costs. Therefore, the second section of the 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.
 

 
[GRAPHIC OMITTED]
 

 

 
   Do you know how many times a fund, or the market, has returned a smooth 5%
 
         over a long period of time? Never. But we have to pick some example.
 
         In reality, the market's returns are always far bumpier, with the
 
         market returning 20% one year, followed by a loss of 10% the next
 
         year, followed by a 3% gain, etc. These variations affect actual
 
         expenses as well. Happily, over almost all time periods of 20 years or
 
         longer, according to the research of University of Pennsylvania's
 
         Jeremy Siegel and others, the domestic market's returns have been at
 
         least 5% per year on average.
 

 

 
 -
 
<TABLE>
 
<CAPTION>
 
                                                                             Expenses
 
                            Beginning           Ending        Annualized       Paid
 
                          Account Value     Account Value       Expense       During
 
                             3/01/17           8/31/17         Ratio(1)      Period(2)
 
                         ===============   ===============   ============   ==========
 
<S>                      <C>               <C>               <C>            <C>
 
Investor Shares
 
Actual                       $ 1,000         $ 1,150.42           1.15%      $  6.23
 
Hypothetical                 $ 1,000         $ 1,019.41           1.15%      $  5.86
 
Institutional Shares
 
Actual                       $ 1,000         $ 1,150.97           0.95%      $  5.17
 
Hypothetical                 $ 1,000         $ 1,020.39           0.95%      $  4.86
 
</TABLE>
 

 
(1)These ratios reflect expenses waived by the Fund's investment adviser. -
 
 Without these waivers, the Fund's expenses would have been higher and the
 
 ending account values would have been lower.
 

 
(2) Expenses are equal to the Fund's annualized expense ratio for the period
 
 -March 1, 2017 to August 31, 2017, multiplied by the average account value
 
 over the period, multiplied by the number of days (184) in the most recent
 
 fiscal -half-year, then -divided by 365.
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
10
 
                                       Motley Fool Independence Fund (Unaudited)
 
<PAGE>
 

 
                         Motley Fool Independence Fund
 
                            Schedule of Investments
 
                                August 31, 2017
 

 

 

 
<TABLE>
 
<CAPTION>
 
                                                                            Value
 
 Issues                                                      Shares       (Note 2)
 
======================================================== ============= ==============
 
<S>                                                      <C>           <C>
 
Equity Securities - 94.12%
 
Air Freight & Logistics - 2.86%
 
XPO Logistics, Inc. (United States)*                        186,000    $11,383,200
 
                                                                       -----------
 
Auto Components - 0.92%
 
Gentex Corp. (United States)                                200,000      3,654,000
 
                                                                       -----------
 
Banks - 7.72%
 
Banco Latinoamericano de Comercio Exterior SA (Panama)      343,129      9,250,758
 
BGEO Group PLC (Georgia)                                    263,132     11,754,961
 
HDFC Bank Ltd. (India)(a)                                   100,000      9,743,000
 

 
                                                                       -----------
 
                                                                        30,748,719
 
                                                                       -----------
 
Biotechnology - 1.88%
 
Ionis Pharmaceuticals, Inc. (United States)*                140,000      7,506,800
 
                                                                       -----------
 
Commercial Services & Supplies - 1.33%
 
KAR Auction Services, Inc. (United States)                  117,708      5,307,454
 
                                                                       -----------
 
Communications Equipment - 1.40%
 
Infinera Corp. (United States)*                             661,100      5,592,906
 
                                                                       -----------
 
Diversified Financial Services - 2.04%
 
Berkshire Hathaway, Inc. Class A (United States)*                30      8,143,500
 
                                                                       -----------
 
Electronic Equipment, Instruments & Components - 3.18%
 
IPG Photonics Corp. (United States)*                         72,000     12,656,880
 
                                                                       -----------
 
Equity Real Estate Investment Trusts - 4.69%
 
American Tower Corp. (United States)                         64,000      9,475,200
 
SBA Communications Corp. (United States)*                    60,000      9,213,000
 

 
                                                                       -----------
 
                                                                        18,688,200
 
                                                                       -----------
 
Food & Staples Retailing - 1.57%
 
Costco Wholesale Corp. (United States)                       40,000      6,269,600
 
                                                                       -----------
 
Food Products - 2.71%
 
Nestle SA (Switzerland)                                      68,694      5,823,599
 
PT Nippon Indosari Corpindo Tbk (Indonesia)              54,234,800      4,959,261
 

 
                                                                       -----------
 
                                                                        10,782,860
 
                                                                       -----------
 
Health Care Equipment & Supplies - 9.09%
 
Align Technology, Inc. (United States)*                      53,000      9,367,220
 
Medtronic PLC (Ireland)                                     177,772     14,331,979
 
</TABLE>
 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              11
 
Motley Fool Independence Fund
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                                                 Value
 
 Issues                                            Shares       (Note 2)
 
=============================================== ============ =============
 
<S>                                             <C>          <C>
 
Equity Securities (continued)
 
Health Care Equipment & Supplies (continued)
 
Natus Medical, Inc. (United States)*               136,900   $4,599,840
 
ResMed, Inc. (United States)                       102,000    7,913,160
 

 
                                                             ----------
 
                                                             36,212,199
 
                                                             ----------
 
Health Care Providers & Services - 3.86%
 
NMC Health PLC (United Arab Emirates)              435,482   15,365,041
 
                                                             ----------
 
Hotels, Restaurants & Leisure - 3.64%
 
Starbucks Corp. (United States)                    195,000   10,697,700
 
Texas Roadhouse, Inc. (United States)               80,500    3,819,725
 

 
                                                             ----------
 
                                                             14,517,425
 
                                                             ----------
 
Internet & Catalog Retail - 7.52%
 
Amazon.com, Inc. (United States)*                   17,000   16,670,200
 
Ctrip.com International Ltd. (China)*(a)           145,800    7,501,410
 
zooplus AG (Germany)*                               33,000    5,779,974
 

 
                                                             ----------
 
                                                             29,951,584
 
                                                             ----------
 
Internet Software & Services - 9.72%
 
Alphabet, Inc. Class C (United States)*              9,024    8,476,514
 
Facebook, Inc. Class A (United States)*             55,000    9,458,350
 
MercadoLibre, Inc. (Argentina)                      36,437    9,417,871
 
Tencent Holdings Ltd. (China)                      270,000   11,361,512
 

 
                                                             ----------
 
                                                             38,714,247
 
                                                             ----------
 
IT Services - 4.74%
 
Mastercard, Inc. Class A (United States)            95,500   12,730,150
 
PayPal Holdings, Inc. (United States)*             100,000    6,168,000
 

 
                                                             ----------
 
                                                             18,898,150
 
                                                             ----------
 
Leisure Products - 1.42%
 
Shimano, Inc. (Japan)                               42,000    5,674,208
 
                                                             ----------
 
Life Sciences Tools & Services - 1.69%
 
Horizon Discovery Group PLC (United Kingdom)*    2,135,499    6,737,809
 
                                                             ----------
 
Machinery - 1.20%
 
FANUC Corp. (Japan)                                 24,600    4,779,349
 
                                                             ----------
 
Media - 2.18%
 
Multiplus SA (Brazil)                              278,600    3,318,932
 
</TABLE>
 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
12
 
                                                   Motley Fool Independence Fund
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                                                                   Value
 
 Issues                                                             Shares       (Note 2)
 
=============================================================== ============= ==============
 
<S>                                                             <C>           <C>
 
Equity Securities (continued)
 
Media (continued)
 
System1 Group PLC (United Kingdom)                                 700,000    $ 5,384,824
 

 
                                                                              -----------
 
                                                                                8,703,756
 
                                                                              -----------
 
Multiline Retail - 1.62%
 
PT Mitra Adiperkasa Tbk (Indonesia)                             12,301,000      6,453,830
 
                                                                              -----------
 
Semiconductors & Semiconductor Equipment - 2.00%
 
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)           215,000      7,948,550
 
                                                                              -----------
 
Software - 7.56%
 
Douzone Bizon Co., Ltd. (South Korea)                              401,680     11,787,506
 
Paycom Software, Inc. (United States)*                              88,000      6,565,680
 
Splunk, Inc. (United States)*                                       97,500      6,541,275
 
Ultimate Software Group, Inc. (The) (United States)*                26,000      5,223,400
 

 
                                                                              -----------
 
                                                                               30,117,861
 
                                                                              -----------
 
Technology Hardware, Storage & Peripherals - 1.85%
 
Apple, Inc. (United States)                                         45,000      7,380,000
 
                                                                              -----------
 
Textiles, Apparel & Luxury Goods - 0.00%
 
Under Armour, Inc. Class C (United States)*                              1             15
 
                                                                              -----------
 
Trading Companies & Distributors - 1.85%
 
Watsco, Inc. (United States)                                        50,000      7,368,000
 
                                                                              -----------
 
Transportation Infrastructure - 1.92%
 
International Container Terminal Services, Inc. (Philippines)    3,750,000      7,663,812
 
                                                                              -----------
 
Wireless Telecommunication Services - 1.96%
 
SoftBank Group Corp. (Japan)                                        96,000      7,815,477
 
                                                                              -----------
 
Total Equity Securities (Cost $ 253,401,524)                                  375,035,432
 
                                                                              -----------
 
Participatory Notes - 3.19%
 
Air Freight & Logistics - 1.09%
 
Aramex PJSC (United Arab Emirates)(b)                            3,134,000      4,351,716
 
                                                                              -----------
 
Food Products - 2.10%
 
Almarai Co. (Saudi Arabia)(b)                                      383,678      8,341,915
 
                                                                              -----------
 
Total Participatory Notes (Cost $ 6,617,958)                                   12,693,631
 
                                                                              -----------
 
</TABLE>
 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              13
 
Motley Fool Independence Fund
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                                                Value
 
 Issues                                          Shares       (Note 2)
 
============================================= ============ ==============
 
<S>                                           <C>          <C>
 
Other Investments - 2.78%
 
Temporary Cash Investment - 2.78%
 
BNY Mellon Cash Reserve                       11,090,471   $11,090,471
 
                                                           -----------
 
Total Other Investments (Cost $ 11,090,471)                 11,090,471
 
                                                           -----------
 
</TABLE>
 

 

 
<TABLE>
 
<S>                                                         <C>
 
Total Investments Portfolio (Cost $ 271,109,953) -100.09%       398,819,534
 
Liabilities in Excess of Other Assets - (0.09)%                    (375,832)
 
                                                                -----------
 
NET ASSETS - 100.00%
 
(Applicable to 16,540,760 shares outstanding)                 $ 398,443,702
 
                                                              =============
 
</TABLE>
 

 
* Non-income producing security.
 
(a) ADR - American Depositary Receipts
 
(b) Security exempt from registration under Rule 144A of the Securities Act of
 
    1933. These securities may be resold in transactions exempt from
 
    registration, normally to qualified institutional buyers. Total market
 
    value of Rule 144A securities is -$12,693,631 and represents 3.19% of net
 
    assets as of August 31, 2017.
 

 
<TABLE>
 
<S>                          <C>
 
PLC - Public Limited Company
 
</TABLE>
 

 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
14
 
                                                   Motley Fool Independence Fund
 
<PAGE>
 

 
Statement of Assets and Liabilities
 

 

 
<TABLE>
 
<CAPTION>
 
                                                          As of
 
                                                     August 31, 2017
 
                                                    ================
 
<S>                                                 <C>
 
Assets:
 
Investments in securities of unaffiliated issuers,
 
  at value (at cost, $271,109,953)                  $ 398,819,534
 
Receivables:
 
Dividends and tax reclaims                                399,826
 
Shares of beneficial interest sold                        309,211
 
Prepaid expenses and other assets                          20,914
 
                                                    -------------
 
Total Assets                                          399,549,485
 
                                                    -------------
 
Liabilities
 
Payables:
 
Shares of beneficial interest redeemed                    571,291
 
Accrued expenses:
 
Audit fees                                                 21,000
 
Accounting and administration fees                        116,688
 
Advisory fees                                             272,802
 
Custodian fees                                             29,290
 
Transfer agent fees                                        57,800
 
Other expenses                                             36,912
 
                                                    -------------
 
Total Liabilities                                       1,105,783
 
                                                    -------------
 
Net Assets                                          $ 398,443,702
 
                                                    =============
 
</TABLE>
 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              15
 
Motley Fool -Independence Fund
 
<PAGE>
 

 
Statement of Assets and Liabilities
 

 

 
<TABLE>
 
<CAPTION>
 
                                                             As of
 
                                                        August 31, 2017
 
                                                      ==================
 
<S>                                                   <C>
 
Net Assets consist of:
 
Paid-in-capital                                       $ 222,420,428
 
Undistributed net investment income                        814,529
 
Accumulated net realized gain on investment
 
  securities and foreign currency transactions          47,502,180
 
Net unrealized appreciation/(depreciation) on
 
  investment securities, foreign currencies, and
 
  assets and liabilities denominated in foreign
 
  currencies                                           127,706,565
 
                                                      -------------
 
Net Assets                                            $ 398,443,702
 
                                                      =============
 
Net Asset Value:
 
Investor Shares:
 
Net assets applicable to capital shares outstanding   $ 337,820,744
 
Shares outstanding ($0.001 par value; unlimited
 
  shares authorized)                                    14,024,704
 
                                                      -------------
 
Net asset value, offering, and redemption price per
 
  share*                                              $      24.09
 
                                                      =============
 
Institutional Shares:
 
Net assets applicable to capital shares outstanding   $ 60,622,958
 
Shares outstanding ($0.001 par value; 100,000,000
 
  shares authorized)                                     2,516,056
 
                                                      -------------
 
Net asset value, offering, and redemption price per
 
  share*                                              $      24.09
 
                                                      =============
 
</TABLE>
 

 
* A charge of 2% is imposed on the redemption proceeds of shares redeemed or
 
  exchanged within 90 days of purchase.
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
16
 
                                                  Motley Fool -Independence Fund
 
<PAGE>
 

 
Statement of Operations
 

 

 
<TABLE>
 
<CAPTION>
 
                                                       Fiscal Period Ended      Year Ended
 
                                                       August 31, 2017 (1)   October 31, 2016
 
                                                      ===================== =================
 
<S>                                                   <C>                   <C>
 
Investment income
 
Dividends                                                 $  4,390,605      $ 5,216,918
 
Interest                                                             -              104
 
Less foreign taxes withheld                                   (265,502)        (256,559)
 
                                                          ------------      -----------
 
Total investment income                                      4,125,103        4,960,463
 
                                                          ------------      -----------
 
Expenses
 
Investment advisory fees                                     2,626,713        3,149,025
 
Transfer agent fees - Investor Shares                          199,357          261,629
 
Transfer agent fees - Institutional Shares                      39,106           39,149
 
Accounting fees - Investor Shares                              180,542          242,420
 
Accounting fees - Institutional Shares                          40,695           22,864
 
Shareholder account-related services - Investor
 
Shares                                                         164,733          220,076
 
Shareholder account-related services - Institutional
 
  Shares                                                         2,357            5,004
 
Custodian fees                                                  76,781           81,081
 
Administration fees                                             59,211           54,501
 
Shareholder reporting fees - Investor Shares                    51,020           31,938
 
Shareholder reporting fees - Institutional Shares                1,052            2,474
 
Professional fees                                               29,859           57,742
 
Blue sky fees - Investor Shares                                 25,450           24,975
 
Blue sky fees - Institutional Shares                            13,112           17,589
 
Trustee/Director fees                                            3,990           31,627
 
Chief Compliance Officer fees                                    4,187           26,852
 
Other expenses                                                  32,683           28,596
 
                                                          ------------      -----------
 
Total expenses                                               3,550,848        4,297,542
 
                                                          ------------      -----------
 
Management fees waived/reimbursed net of amount
 
  recaptured - Investor Shares                                       -              266
 
Expenses waived/reimbursed net of amount
 
  recaptured - Institutional Shares                            (83,548)         (85,311)
 
                                                          ------------      -----------
 
Net expenses                                                 3,467,300        4,212,497
 
                                                          ------------      -----------
 
Net investment income (loss)                                   657,803          747,966
 
                                                          ------------      -----------
 
Realized and unrealized gain (loss)
 
Net realized gain (loss) from:
 
Investment securities                                       47,858,006        9,587,746
 
Foreign currency transactions                                  (10,585)         (41,550)
 
                                                          ------------      -----------
 
Net realized gain (loss) on investment securities
 
  and foreign currency transactions                         47,847,421        9,546,196
 
                                                          ------------      -----------
 
Change in net unrealized
 
  appreciation/(depreciation) on:
 
Investment securities                                       24,596,574      (10,796,371)
 
Foreign currency translations                                   11,629              650
 
                                                          ------------      -----------
 
Change in net unrealized appreciation/
 
  (depreciation) on investment securities, foreign
 
  currencies, and assets and liabilities
 
  denominated in foreign currencies                         24,608,203      (10,795,721)
 
                                                          ------------      -----------
 
Net realized and unrealized gain (loss)                     72,455,624       (1,249,525)
 
                                                          ------------      -----------
 
Net increase (decrease) in net assets resulting from
 
  operations                                              $ 73,113,427      $  (501,559)
 
                                                          ============      ===========
 
(1)The Fund changed its fiscal year end to August 31
 
  during the period.
 
</TABLE>
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              17
 
Motley Fool Independence Fund
 
<PAGE>
 

 
Statements of Changes in Net Assets
 

 

 
<TABLE>
 
<CAPTION>
 
                                                         Fiscal Period         Year             Year
 
                                                             Ended             Ended           Ended
 
                                                           August 31,       October 31,     October 31,
 
                                                            2017(1)            2016             2015
 
                                                       ================= ================ ===============
 
<S>                                                    <C>               <C>              <C>
 
Operations:
 
Net investment income (loss)                           $    657,803      $    747,966     $    963,521
 
Net realized gain (loss) on investment securities and
 
  foreign currency transactions                          47,847,421         9,546,196         (524,695)
 
Change in net unrealized appreciation/
 
  (depreciation) on investment securities, foreign
 
  currencies, and assets and liabilities denominated
 
  in foreign currencies                                  24,608,203       (10,795,721)      (5,336,798)
 
                                                       ------------      -------------    -------------
 
Net increase (decrease) in net assets resulting from
 
  operations                                             73,113,427          (501,559)      (4,897,972)
 
                                                       ------------      -------------    -------------
 
Dividends to Shareholders:
 
Dividends from net investment income
 
Investor Shares                                            (604,493)          (34,910)      (2,188,018)
 
Institutional Shares                                       (186,098)          (13,802)         (26,738)
 
Distributions from net realized capital gains
 
Investor Shares                                          (8,485,045)         (166,111)      (6,627,841)
 
Institutional Shares                                     (1,167,344)           (3,300)         (72,605)
 
                                                       ------------      -------------    -------------
 
Total dividends and distributions                       (10,442,980)         (218,123)      (8,915,202)
 
                                                       ------------      -------------    -------------
 
Capital Share Transactions:
 
Proceeds from shares sold
 
Investor Shares (1,001,231, 1,642,369 and 2,584,826
 
  shares, respectively)                                  22,119,265        32,544,953       53,616,724
 
Institutional Shares (2,235,895, 44,003 and 222,884
 
  shares, respectively)                                  46,460,601           876,179        4,626,757
 
Reinvestment of dividends
 
Investor Shares (449,511, 9,795 and 424,462 shares,
 
  respectively)                                           8,937,049           197,667        8,654,772
 
Institutional Shares (66,891, 837 and 4,766 shares,
 
  respectively)                                           1,333,174            16,889           97,176
 
Value of shares redeemed
 
Investor Shares (4,767,676, 3,682,983 and 3,334,905
 
  shares, respectively)                                (100,374,196)      (72,564,161)     (68,761,591)
 
Institutional Shares (141,726, 69,455 and 40,220
 
  shares, respectively)                                  (3,097,677)       (1,365,672)        (818,282)
 
Redemption and small-balance account fees
 
Investor Shares                                              33,388            38,069           72,419
 
Institutional Shares                                            519                20                5
 
                                                       ------------      -------------    -------------
 
Net increase (decrease) from capital share
 
  transactions                                          (24,587,877)      (40,256,056)      (2,512,020)
 
                                                       ------------      -------------    -------------
 
Total increase (decrease) in net assets                  38,082,570       (40,975,738)     (16,325,194)
 
                                                       ------------      -------------    -------------
 
Net Assets:
 
Beginning of Period                                     360,361,132       401,336,870      417,662,064
 
                                                       ------------      -------------    -------------
 
End of Period*                                         $398,443,702      $360,361,132     $401,336,870
 
                                                       ============      =============    =============
 
*Including undistributed net investment income
 
  (loss)                                               $    814,529      $   (760,546)    $    (11,005)
 
                                                       ============      =============    =============
 
(1)The Fund changed its fiscal year end to August 31
 
  during the period.
 
</TABLE>
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
18
 
                                                 Motley Fool -Independence -Fund
 
<PAGE>
 

 
Financial Highlights
 

 
(for a share outstanding throughout each period)
 

 

 
<TABLE>
 
<CAPTION>
 
                           Fiscal Period
 
                               Ended
 
                            August 31,                              Years Ended October 31,
 
                          --------------   -------------------------------------------------------------------------
 
 Investor Shares            2017(1)(2)         2016            2015           2014           2013           2012
 
-----------------------   --------------   ------------   -------------   ------------   ------------   ------------
 
<S>                       <C>              <C>            <C>             <C>            <C>            <C>
 
Net Asset Value,
 
  Beginning of Period        $ 20.36         $ 20.32         $ 21.00        $ 19.24        $ 15.48        $ 14.15
 
                             -------         -------         -------        -------        -------        -------
 
Income (Loss) From
 
  Investment
 
  Operations
 
  Net Investment
 
   Income (Loss)(3)             0.03            0.04            0.05           0.11           0.07           0.14
 
  Net Gain (Loss) on
 
   Securities
 
   (Realized and
 
   Unrealized)                  4.30            0.01          ( 0.29)          1.87           3.79           1.29
 
                             -------         -------         -------        -------        -------        -------
 
Total From
 
  Investment
 
  Operations                    4.33            0.05          ( 0.24)          1.98           3.86           1.43
 
                             -------         -------         -------        -------        -------        -------
 
Less Distributions
 
  Net Investment
 
   Income                      ( 0.04)              -*        ( 0.11)         ( 0.04)        ( 0.11)        ( 0.10)
 
  Net Realized Capital
 
   Gains                       ( 0.56)         ( 0.01)        ( 0.33)         ( 0.18)             -              -
 
                             --------        --------        -------        --------       --------       --------
 
Total Distributions            ( 0.60)         ( 0.01)        ( 0.44)         ( 0.22)        ( 0.11)        ( 0.10)
 
                             --------        --------        -------        --------       --------       --------
 
Redemption and
 
  Small-Balance
 
  Account Fees                      -*              -*             -*              -*         0.01               -*
 
                             ---------       ---------       --------       ---------      --------       ---------
 
Net Asset Value, End
 
  of Period                  $ 24.09         $ 20.36         $ 20.32        $ 21.00        $ 19.24        $ 15.48
 
                             ========        ========        =======        ========       ========       ========
 
Total Return(4)(5)              21.91%           0.25%        ( 1.13%)         10.43%         25.14%         10.21%
 
Net Assets, End of
 
  Period (thousands)         $337,821        $353,118        $393,611       $413,624       $354,081       $227,881
 
Ratios/Supplemental
 
  Data
 
Ratio of Expenses to
 
  Average Net Assets             1.15%           1.14%          1.15%           1.26%          1.36%          1.47%
 
Ratio of Expenses to
 
  Average Net Assets
 
  (Before Waivers and
 
  Reimbursement of
 
  Expenses and/or
 
  Recapture of
 
  Previously Waived
 
  Fees)                          1.15%           1.14%          1.13%           1.23%          1.37%          1.54%
 
Ratio of Net
 
  Investment Income
 
  (Loss) to Average
 
  Net Assets                     0.18%           0.20%          0.23%           0.55%          0.44%          0.93%
 
</TABLE>
 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              19
 
Motley Fool Independence Fund
 
<PAGE>
 

 
Financial Highlights
 

 

 
<TABLE>
 
<CAPTION>
 
                         Fiscal Period
 
                             Ended
 
                          August 31,                        Years Ended October 31,
 
                        --------------   --------------------------------------------------------------
 
 Investor Shares          2017(1)(2)        2016         2015         2014         2013         2012
 
---------------------   --------------   ----------   ----------   ----------   ----------   ----------
 
<S>                     <C>              <C>          <C>          <C>          <C>          <C>
 
Ratio of Net
 
  Investment Income
 
  (Loss) to Average
 
  Net Assets (Before
 
  Waivers and
 
  Reimbursement of
 
  Expenses and/or
 
  Recapture of
 
  Previously Waived
 
  Fees)                       0.18%          0.20%        0.25%        0.59%        0.43%        0.86%
 
Portfolio Turnover              38%            26%          21%          24%          22%          37%
 
</TABLE>
 

 
* Amount represents less than $0.005 per share.
 
(1) The Fund changed its fiscal year end to August 31 during the period. All
 
    ratios for the fiscal period have been annualized. -Total return and
 
    portfolio turnover for the fiscal period have not been annualized.
 
(2) Effective as of December 21, 2016, the Fund acquired all the assets and
 
    liabilities of the Motley Fool Independence Fund, a series of The Motley
 
    Fool Funds Trust (the "Predecessor Fund"). The financial highlights for
 
    the periods prior to that date reflect the performances of the Predecessor
 
    Fund.
 
(3) Per share data calculated using average shares outstanding method.
 
(4) During the -year ended October 31, 2013, -0.06% of the Fund's total return
 
    was attributable to redemption and small-balance account fees received as
 
    referenced in Note 4. Excluding this item, the total return would have
 
    been 25.08%. -For the fiscal year ended August 31, 2017 and the years
 
    ended October 31, 2016, October 31, 2015, October 31, 2014 and -October
 
    31, 2012, redemption and small-balance account fees received had no effect
 
    on the Fund's total return.
 
(5) Total return reflects the rate an investor would have earned on an
 
    investment in the Fund during -the period.
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
20
 
                                                   Motley Fool Independence Fund
 
<PAGE>
 

 
Financial Highlights
 

 

 
<TABLE>
 
<CAPTION>
 
                                           Fiscal Period                                     Period
 
                                               Ended                                          Ended
 
                                             August 31,       Years Ended October 31,      October 31,
 
                                          ---------------   ---------------------------   ------------
 
 Institutional Shares                        2017(1)(2)         2016           2015        2014(3)(4)
 
---------------------------------------   ---------------   ------------   ------------   ------------
 
<S>                                       <C>               <C>            <C>            <C>
 
Net Asset Value, Beginning of Period         $  20.40         $  20.35       $  21.01       $  20.36
 
                                             --------         --------       --------       --------
 
Income (Loss) From Investment
 
  Operations
 
  Net Investment Income (Loss)(5)               0.09              0.08           0.10           0.03
 
  Net Gain (Loss) on Securities
 
   (Realized and Unrealized)                    4.25              0.02        (  0.31)          0.62
 
                                             --------         --------       --------       --------
 
Total From Investment Operations                4.34              0.10        (  0.21)          0.65
 
                                             --------         --------       --------       --------
 
Less Distributions
 
  Net Investment Income                       (  0.09)         (  0.04)       (  0.12)             -
 
  Net Realized Capital Gains                  (  0.56)         (  0.01)       (  0.33)             -
 
                                             --------         --------       --------       --------
 
Total Distributions                           (  0.65)         (  0.05)       (  0.45)             -
 
                                             --------         --------       --------       --------
 
Redemption and Small-Balance
 
  Account Fees                                      -*               -*             -*             -
 
                                             ---------        ---------      ---------      --------
 
Net Asset Value, End of Period               $  24.09         $  20.40       $  20.35       $  21.01
 
                                             ========         ========       ========       ========
 
Total Return(6)(7)                              21.97%         (  0.47%)      (  0.97%)         3.19%
 
Net Assets, End of Period (thousands)        $ 60,623         $  7,243       $  7,726       $  4,038
 
Ratios/Supplemental Data
 
Ratio of Expenses to Average Net
 
  Assets                                         0.95%            0.95%          0.95%          0.95%
 
Ratio of Expenses to Average Net
 
  Assets (Before Waivers and
 
  Reimbursement of Expenses
 
  and/or Recapture of Previously
 
  Waived Fees)                                   1.17%            2.12%          2.14%          3.78%
 
Ratio of Net Investment Income
 
  (Loss) to Average Net Assets                   0.48%            0.39%          0.46%          0.39%
 
Ratio of Net Investment Income
 
  (Loss) to Average Net Assets
 
  (Before Waivers and
 
  Reimbursement of Expenses
 
  and/or Recapture of Previously
 
  Waived Fees)                                   0.26%         (  0.78%)         0.73%       (  2.43%)
 
Portfolio Turnover                                 38%              26%            21%            24%
 
</TABLE>
 

 
* Amount represents less than $0.005 per share.
 
(1) The Fund changed its fiscal year end to August 31 during the period. All
 
    ratios for the fiscal period have been annualized. -Total return and
 
    portfolio turnover for the fiscal period have not been annualized.
 
(2) Effective as of December 21, 2016, the Fund acquired all the assets and
 
    liabilities of the Motley Fool Independence Fund, a series of The Motley
 
    Fool Funds Trust (the "Predecessor Fund"). The financial highlights for
 
    the periods prior to that date reflect the performances of the Predecessor
 
    Fund.
 
(3) Commenced operations on June 17, 2014. - All ratios for the period have
 
    been annualized. Total return -for the period has not been annualized.
 
(4) Because of commencement of operations and related preliminary transaction
 
    costs, these ratios
 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              21
 
Motley Fool Independence Fund
 
<PAGE>
 

 
Financial Highlights
 

 
     are not necessary indicative of future ratios.
 
(5) Per share data calculated using average shares outstanding method.
 
(6) For the -fiscal period -ended August 31, 2017 and the years ended October
 
    31, 2016, October 31, 2015, and the period ended October 31, 2014,
 
    redemption and small-balance account fees received had no effect on the
 
    Fund's total return.
 
(7) Total return reflects the rate an investor would have earned on an
 
    investment in the Fund during -the period. -
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
22
 
                                                   Motley Fool Independence Fund
 
<PAGE>
 

 
Motley Fool Great America Fund Portfolio Characteristics -
 

 
Effective August 1, 2017, the -Fund changed its fiscal year end to August 31.
 
As a result the commentary and returns address the period from November 1, 2016
 
to August 31, 2017.
 
The Motley Fool Great America Fund operated as a series of The Motley Fool
 
Funds Trust (the "Predecessor Fund") prior to December 21, 2016, at which time
 
the Predecessor Fund was reorganized into the Fund. The performance shown for
 
periods prior to December 21, 2016 represents performance of the Predecessor
 
Fund. At -August 31, 2017, the Motley Fool Great America Fund Investor -Shares
 
had an audited net asset value of $22.04 per share attributed to -9,548,476
 
shares outstanding and the Institutional -Shares had an audited net asset value
 
of $22.14 per share attributed to -919,956 shares outstanding. This compares
 
with an unaudited net asset value as of November 1, 2010 for the Investor
 
-Shares of $10.00 per share attributed to 102,000 shares outstanding and as of
 
June 17, 2014 for the Institutional Shares of $17.94 per share attributed to 1
 
share outstanding. From the Investor -Shares launch on November 1, 2010 to
 
-August 31, 2017, the Investor Shares had an average annual total return of
 
12.62%(+) versus a return of 13.49%(+) over the same period for its benchmark,
 
the Russell 2500 Growth -Index, and a return of 13.08%(+) for its previous
 
benchmark, the Russell MidCap Index. -Over the same period, the Russell 2000
 
Index returned 12.30%(+). From the Institutional Shares launch on -June 17,
 
2014 to -August 31, 2017, the Institutional -Shares returned 6.98%(+), versus a
 
return of 8.14%(+) over the same period for the Russell 2500 -Growth Index, and
 
a return of -7.86%(+) for the Russell MidCap Index. -Over the same period, the
 
Russell 2000 Index returned 7.27%(+).
 
Please note that we are using a new -benchmark for the Fund, the Russell 2500
 
Growth Index, as a replacement for the Russell Midcap -Index and the Russell
 
2000 Index. - The reason for the change is because the Russell 2500 Growth
 
Index more appropriately reflects the types of securities held in the Fund's
 
portfolio and provides better comparative performance information. -
 
The graph below shows the performance of $10,000 invested in the Investor
 
-Shares at inception. The results shown below do not reflect the deduction of
 
taxes that a shareholder would pay on fund distributions or the redemption of
 
fund shares.
 

 

 

 
<TABLE>
 
<CAPTION>
 
  Average Annual Total Returns as of 8/31/2017
 
===============================================
 
<S>                                             <C>          <C>           <C>              <C>
 
                                                                           Since            Inception
 
                                                One Year     Five Year     Inception           Date
 
Investor Shares*                                15.03%       13.37%        12.62%           11/1/2010
 
Institutional Shares*                           15.31%           -          6.98%           6/17/2014
 
Russell 2500 Growth Index**                     21.71%       14.07%         - (1)                -
 
Russell Midcap Index***                         15.89%       14.11%         - (2)                -
 
Russell 2000 Index****                          19.03%       13.19%         - (3)                -
 
Fund Expense Ratios(4): Investor Shares: Gross 1.17% and Net 1.15%; Institutional Shares: Gross
 
2.40% and Net 0.95%
 
</TABLE>
 

 

 
[GRAPHIC OMITTED]
 

 

 

 
The performance data quoted represents past performance and does not guarantee
 
future results. Current performance may be lower or higher. Performance data
 
current to the most recent month-end may be obtained at www.FoolFunds.com. The
 
investment return and principal value of an investment will fluctuate so that
 
shares, when redeemed, may be worth more or less than their original cost.
 
(1)The index returned 13.49% from the inception date of the Investor -Shares
 
and 8.14% from the inception date of the Institutional -Shares.
 
(2)The index returned 13.08% from the inception date of the Investor -Shares
 
and 7.86% from the inception date of the Institutional -Shares.
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              23
 
Motley Fool Great America Fund (Unaudited)
 
<PAGE>
 

 
(3)The index returned 12.30% from the inception date of the Investor Shares and
 
7.27% from the inception date of the Institutional -Shares.
 
(4)The expense ratios of the Fund are set forth according to the 2/28/2017
 
-Prospectus, as supplemented,  -for the Fund and may differ from the expense
 
ratios disclosed in the Financial Highlights tables in this report. See the
 
Financial Highlights for more current expense ratios.
 

 
(+)Returns less than one year are not annualized.
 
*These returns reflect expense waivers by the Fund's investment adviser.
 
Without these waivers, returns would have been lower.
 
**The Russell 2500 Growth Index is an unmanaged, free float-adjusted, market
 
capitalization weighted index that is designed to measure the performance of
 
the small and mid-cap growth segment of the U.S. stock market. The Russell
 
-2500 Growth -Index is a subset of the Russell 3000(R) Index. It includes
 
approximately 2,500 of the smallest securities based on a combination of their
 
market cap and current index membership. -The Fund may invest in companies that
 
are not included within the Russell -2500 Growth -Index and its investment
 
portfolio is not weighted in terms of issuers the same as the Russell -2500
 
Growth -Index. For this reason, the Fund's investment performance should not be
 
expected to track, and may exceed or trail, the Russell -2500 Growth -Index.
 
The index is unmanaged and not available -for direct investment. Its
 
performance does not reflect deductions for fees, expenses or taxes. -
 
***The Russell Midcap Index is an unmanaged, free float-adjusted, market
 
capitalization weighted index that is designed to measure the performance of
 
the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a
 
subset of the Russell 1000(R) Index. It includes approximately 800 of the
 
smallest securities based on a combination of their market cap and current
 
index membership. The Russell Midcap Index represents approximately 31% of the
 
total market capitalization of the Russell 1000 companies. -The Fund may invest
 
in companies that are not included within the Russell Midcap Index - and its
 
investment portfolio is not weighted in terms of issuers the same as the
 
Russell Midcap Index. For this reason, the Fund's investment performance should
 
not be expected to track, and may exceed or trail, the Russell Midcap Index.
 
The index is unmanaged and not available -for direct investment. Its
 
performance does not reflect deductions for fees, expenses or taxes.
 
****The Russell 2000 Index is an unmanaged, free float-adjusted, market
 
capitalization weighted index that is designed to measure the performance of
 
the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a
 
subset of the Russell 3000 Index. It includes approximately 2,000 of the
 
smallest securities based on a combination of their market cap and current
 
index membership. The Fund may invest in companies that are not included within
 
the Russell 2000 Index and its investment portfolio is not weighted in terms of
 
issuers the same as the Russell 2000 Index. For this reason, the Fund's
 
investment performance should not be expected to track, and may exceed or
 
trail, the Russell 2000 Index. The index is unmanaged and not available -for
 
direct investment. Its performance does not reflect deductions for fees,
 
expenses or taxes.
 

 

 
The investment objective of the Great America Fund is to achieve long-term
 
capital appreciation, and it pursues this objective by investing primarily in
 
common stocks of companies organized in the United States. The Fund employs a
 
growth at a reasonable price investment strategy and seeks long-term growth by
 
identifying and acquiring securities of companies that are, in the view of
 
Motley Fool Asset Management, LLC (the "Adviser"), high quality. To identify
 
these high-quality businesses, the Adviser engages in research to evaluate each
 
company under consideration using four criteria: management, culture, and
 
incentives; the economics of the business; competitive advantage; and the
 
durability of its competitive advantage period. The Adviser's approach prizes a
 
long-term mindset and a balance of qualitative and quantitative factors.
 

 

 
The Fund will invest in areas of the market, that, in the view of the Adviser,
 
offer the greatest potential for long-term capital appreciation, and it does
 
not attempt to match the allocations of its benchmark. As such, significant
 
deviation from the benchmark is expected from time to time, especially over
 
shorter time frames.
 

 

 
The allocations to various sectors, or any other macro-economic designation,
 
are the byproduct of rigorous bottom-up analysis rather than an intentional
 
top-down opinion of asset classes. While market conditions are constantly
 
changing, exposure to equity market risk is needed to consistently achieve
 
equity-like returns. Despite having an Active Share over 94% at the end of the
 
period, the Fund and its benchmark's monthly returns were 94% correlated over
 
the past twelve months, and this level of correlation will likely persist. The
 
Adviser views its time as best spent
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
24
 
                                      Motley Fool Great America Fund (Unaudited)
 
<PAGE>
 

 
focused on evaluating businesses and seeking to minimize company-specific risk
 
in order to pursue its objective of long-term capital appreciation.
 

 

 
Although the Great America Fund may invest in companies with any market
 
capitalization, the Adviser expects that investments in the securities of
 
companies having smaller- and mid-market capitalizations will be important
 
components of the Fund's investment program. Investments in securities of these
 
companies may involve greater risk than do investments in larger, more
 
established companies. Small- and mid-cap stocks tend to be more volatile and
 
less liquid than their large-cap counterparts. As of August 31, 2017, all the
 
Fund's invested assets were in companies with a market capitalization below $20
 
billion, and 24% of those companies were smaller than $3 billion.
 

 

 
While investing in a particular sector is not a principal investment strategy
 
of the Great America Fund, its portfolio may be significantly invested in a
 
sector as a result of the portfolio management decisions made pursuant to its
 
principal investment strategy. As of August 31, 2017, the Fund had more than
 
20% of its net assets invested in the consumer discretionary sector, which is a
 
significant decline from the more than 33% invested in that sector a year
 
prior. The success of consumer product manufacturers and retailers is closely
 
to the performance of the overall domestic and global economy, interest rates,
 
competition, and consumer confidence. Success depends heavily on disposable
 
household income and consumer spending. Also, companies in the consumer
 
discretionary sector may be subject to severe competition, which may have an
 
adverse impact on their respective profitability. Changes in demographics and
 
consumer tastes can also affect the demand for, and success of, consumer
 
products and services in the marketplace. Please refer to the prospectus for a
 
more detailed discussion of the Fund's strategies and risks.
 

 

 
In the past twelve months, the Fund's weighted average return for companies in
 
both the Healthcare and Information Technology sectors was in excess of 35%.
 
The best performer was IPG Photonics, which more than doubled. Align
 
Technology, XPO Logistics, and Ionis Pharmaceuticals all gained over 70% for
 
the year as well. These four companies were among the five largest contributors
 
to Fund returns, along with Thor Industries. Thor returned a slightly more
 
modest 35% but spent most of the year as the Fund's largest holding; XPO
 
Logistics recently became the largest. The Fund first purchased shares of Thor
 
Industries on the inception date of the Fund and has held continuously ever
 
since, illustrating the Adviser's preference for a long-term mindset.
 

 

 
Several Consumer Discretionary companies were among the largest detractors to
 
the Fund's performance. Under Armour, Tractor Supply, and Autozone -  all
 
Consumer Discretionary companies - had the largest negative contributions,
 
followed by Healthcare companies Aceto Corp. and Tandem Diabetes Care.
 
Combining the negative returns from the three Consumer Discretionary companies
 
mentioned above with positive contributions from companies like Thor
 
Industries, the entire Consumer Discretionary sector had a weighted average
 
return of -1% for the period.
 

 

 
The following tables show the top eleven holdings, sector allocations, and top
 
eleven countries in which the Fund was invested in as of August 31, 2017.
 
Portfolio holdings are subject to change without notice.
 
     - -
 
[GRAPHIC OMITTED]
 

 

 
   Certain mutual fund ratings and review services have created style boxes,
 
         which look more or less like a tic-tac-toe board; arranging funds by
 
         the size of the companies they typically invest in (large-, mid-, and
 
         small-cap) along one axis, and along a "value" to "growth" basis on
 
         the other axis. This may be a helpful way - at times - to think about
 
         certain investment opportunities, but we don't believe we'll improve
 
         your returns by limiting ourselves to any one portion of that style
 
         box.
 

 

 
<TABLE>
 
<CAPTION>
 
                           % of Net
 
 Top Eleven Holdings*       Assets
 
=======================   =========
 
<S>                       <C>
 
XPO Logistics, Inc.          5.70%
 
</TABLE>
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              25
 
Motley Fool Great America Fund (Unaudited)
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                  % of Net
 
 Top Eleven Holdings*              Assets
 
==============================   =========
 
<S>                              <C>
 
Thor Industries, Inc.               5.41
 
IPG Photonics Corp.                 4.91
 
Align Technology, Inc.              4.90
 
LCI Industries                      4.27
 
Cooper Companies, Inc. (The)        3.85
 
Texas Roadhouse, Inc.               3.80
 
SBA Communications Corp.            3.66
 
Markel Corp.                        3.60
 
Jones Lang LaSalle, Inc.            3.41
 
ResMed, Inc.                        3.33
 
                                   -----
 
                                   46.84%
 
                                   =====
 
</TABLE>
 

 
* As of the date of the report, the Fund had a holding of -5.42% in the -BNY
 
Mellon Cash Reserve.
 

 
The Motley Fool Great America Fund uses the Global Industry Classification
 
StandardSM ("GICS SM") as the basis for the classification of securities on the
 
Schedule of Investments ("SOI"). We believe that this makes the SOI
 
classifications more standard with the rest of the industry.
 

 

 
<TABLE>
 
<CAPTION>
 
                             % of Net
 
 Sector Allocation            Assets
 
========================   ===========
 
<S>                        <C>
 
Consumer Discretionary         20.65%
 
Health Care                    19.74
 
Industrials                    16.65
 
Financials                     13.14
 
Information Technology         12.55
 
Real Estate                     9.07
 
Consumer Staples                1.83
 
Materials                       1.07
 
                               -----
 
                               94.70%
 
                               =====
 
</TABLE>
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
26
 
                                      Motley Fool Great America Fund (Unaudited)
 
<PAGE>
 

 
About Your Expenses
 

 
As a shareholder of the Great America Fund, you incur -(1) transaction costs
 
and (2) -ongoing costs, including advisory fees and other Fund expenses. This
 
example is intended to help you to 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. It is based on an investment of $1,000
 
invested at the beginning of the period and held for the entire period from
 
-March 1, 2017 to August 31, 2017.
 

 
Actual Expenses
 

 
The first section of the table below provides information about actual account
 
values and actual expenses. You may use the information in this section,
 
together with the amount you invested, to estimate the expenses that you
 
incurred 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 section under the heading entitled "Expenses
 
Paid During Period" to estimate the expenses attributable to your investment
 
during this period.
 

 
Hypothetical Example for Comparison Purposes
 

 
The second section 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 the Fund's actual return. Thus, you should not use the hypothetical account
 
values and expenses to estimate the actual ending account balance or your
 
expenses for the period. Rather, these figures are provided to enable you to
 
compare the ongoing costs of investing in the Fund as compared to the costs of
 
investing in other funds. To do so, compare this 5% hypothetical example with
 
the 5% hypothetical examples that appear in the shareholder reports of the
 
other funds. Please note that the expenses shown in the table are meant to
 
highlight your ongoing costs only and do not reflect transactional costs.
 
Therefore, the second section of the 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 transaction costs were included, your
 
costs would have been higher.
 

 
[GRAPHIC OMITTED]
 

 

 
   Do you know how many times a fund, or the market, has returned a smooth 5%
 
         over a long period of time? Never. But we have to pick some example.
 
         In reality, the market's returns are always far bumpier, with the
 
         market returning 20% one year, followed by a loss of 10% the next
 
         year, followed by a 3% gain, etc. These variations affect actual
 
         expenses as well. Happily, over almost all time periods of 20 years or
 
         longer, according to the research of University of Pennsylvania's
 
         Jeremy Siegel and others, the domestic market's returns have been at
 
         least 5% per year on average.
 

 

 
<TABLE>
 
<CAPTION>
 
                                                                             Expenses
 
                            Beginning           Ending        Annualized       Paid
 
                          Account Value     Account Value       Expense       During
 
                             3/01/17           8/31/17         Ratio(1)      Period(2)
 
                         ===============   ===============   ============   ==========
 
<S>                      <C>               <C>               <C>            <C>
 
Investor Shares
 
Actual                       $ 1,000         $ 1,069.38           1.15%      $  6.00
 
Hypothetical                 $ 1,000         $ 1,019.41           1.15%      $  5.85
 
Institutional Shares
 
Actual                       $ 1,000         $ 1,070.09           0.95%      $  4.98
 
Hypothetical                 $ 1,000         $ 1,020.39           0.95%      $  4.86
 
</TABLE>
 

 
(1) These ratios reflect expenses waived by the Fund's investment adviser. -
 
 Without these waivers, the Fund's expenses would have been higher and the
 
 ending account values would have been lower.
 

 
(2) Expenses are equal to the Fund's annualized expense ratio for the period
 
 March 1, 2017 to August 31, 2017, multiplied by the average account value over
 
 the period, multiplied by the number of days (184) in the most recent fiscal
 
 half-year, then divided by 365.
 
-
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              27
 
Motley Fool Great America Fund (Unaudited)
 
<PAGE>
 

 
                         Motley Fool Great America Fund
 
                            Schedule of Investments
 
                                August 31, 2017
 

 

 

 
<TABLE>
 
<CAPTION>
 
                                                                       Value
 
 Issues                                                   Shares      (Note 2)
 
======================================================= ========== =============
 
<S>                                                     <C>        <C>
 
Equity Securities - 94.70%
 
Air Freight & Logistics - 7.11%
 
CH Robinson Worldwide, Inc. (United States)               46,000   $3,248,980
 
XPO Logistics, Inc. (United States)*                     215,000   13,158,000
 

 
                                                                   ----------
 
                                                                   16,406,980
 
                                                                   ----------
 
Auto Components - 7.99%
 
Dorman Products, Inc. (United States)*                    35,938    2,387,002
 
Gentex Corp. (United States)                             340,000    6,211,800
 
LCI Industries (United States)                            99,670    9,847,396
 

 
                                                                   ----------
 
                                                                   18,446,198
 
                                                                   ----------
 
Automobiles - 5.41%
 
Thor Industries, Inc. (United States)                    115,000   12,493,600
 
                                                                   ----------
 
Banks - 3.23%
 
Access National Corp. (United States)                     90,529    2,324,785
 
Huntington Bancshares, Inc. (OH) (United States)         100,000    1,259,000
 
Lakeland Financial Corp. (United States)                  50,000    2,173,000
 
SVB Financial Group (United States)*                      10,000    1,693,400
 

 
                                                                   ----------
 
                                                                    7,450,185
 
                                                                   ----------
 
Biotechnology - 4.58%
 
Genomic Health, Inc. (United States)*                    131,935    4,182,340
 
Ionis Pharmaceuticals, Inc. (United States)*             119,000    6,380,780
 

 
                                                                   ----------
 
                                                                   10,563,120
 
                                                                   ----------
 
Building Products - 1.82%
 
American Woodmark Corp. (United States)*                  50,636    4,192,661
 
                                                                   ----------
 
Capital Markets - 6.31%
 
Diamond Hill Investment Group, Inc. (United States)       29,023    5,698,086
 
FactSet Research Systems, Inc. (United States)            18,250    2,868,535
 
Oaktree Capital Group LLC (United States)                131,072    5,989,990
 

 
                                                                   ----------
 
                                                                   14,556,611
 
                                                                   ----------
 
Commercial Services & Supplies - 1.66%
 
KAR Auction Services, Inc. (United States)                85,000    3,832,650
 
                                                                   ----------
 
Electronic Equipment, Instruments & Components - 4.91%
 
IPG Photonics Corp. (United States)*                      64,500   11,338,455
 
                                                                   ----------
 
Equity Real Estate Investment Trusts - 5.66%
 
SBA Communications Corp. (United States)*                 55,000    8,445,250
 
</TABLE>
 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
28
 
                                                  Motley Fool Great America Fund
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                                                     Value
 
 Issues                                                  Shares     (Note 2)
 
====================================================== ========= =============
 
<S>                                                    <C>       <C>
 
Equity Securities (continued)
 
Equity Real Estate Investment Trusts (continued)
 
STAG Industrial, Inc. (United States)                  165,000   $4,618,350
 

 
                                                                 ----------
 
                                                                 13,063,600
 
                                                                 ----------
 
Food Products - 0.82%
 
McCormick & Co., Inc. (MD) (United States)              20,000    1,902,600
 
                                                                 ----------
 
Health Care Equipment & Supplies - 15.16%
 
Align Technology, Inc. (United States)*                 64,000   11,311,360
 
Cooper Companies, Inc. (The) (United States)            35,400    8,879,382
 
ResMed, Inc. (United States)                            99,000    7,680,420
 
Varian Medical Systems, Inc. (United States)*           67,000    7,118,750
 

 
                                                                 ----------
 
                                                                 34,989,912
 
                                                                 ----------
 
Hotels, Restaurants & Leisure - 3.80%
 
Texas Roadhouse, Inc. (United States)                  184,929    8,774,881
 
                                                                 ----------
 
Household Durables - 0.25%
 
TRI Pointe Group, Inc. (United States)*                 46,000      586,040
 
                                                                 ----------
 
Household Products - 1.01%
 
Church & Dwight, Co., Inc. (United States)              46,600    2,337,922
 
                                                                 ----------
 
Insurance - 3.60%
 
Markel Corp. (United States)*                            7,900    8,310,721
 
                                                                 ----------
 
Internet Software & Services - 1.36%
 
GrubHub, Inc. (United States)*                          55,000    3,139,950
 
                                                                 ----------
 
IT Services - 0.85%
 
Broadridge Financial Solutions, Inc. (United States)    25,000    1,953,250
 
                                                                 ----------
 
Machinery - 1.24%
 
Proto Labs, Inc. (United States)*                       40,000    2,872,000
 
                                                                 ----------
 
Paper & Forest Products - 1.07%
 
KapStone Paper and Packaging Corp. (United States)     110,400    2,469,648
 
                                                                 ----------
 
Real Estate Management & Development - 3.41%
 
Jones Lang LaSalle, Inc. (United States)                64,500    7,863,195
 
                                                                 ----------
 
Road & Rail - 1.49%
 
Genesee & Wyoming, Inc. Class A (United States)*        50,000    3,428,000
 
                                                                 ----------
 
Software - 5.43%
 
Paycom Software, Inc. (United States)*                  60,000    4,476,600
 
Splunk, Inc. (United States)*                           57,000    3,824,130
 
Ultimate Software Group, Inc. (The) (United States)*    21,000    4,218,900
 

 
                                                                 ----------
 
                                                                 12,519,630
 
                                                                 ----------
 
</TABLE>
 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              29
 
Motley Fool Great America Fund
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                                                              Value
 
 Issues                                                       Shares         (Note 2)
 
========================================================= ============= =================
 
<S>                                                       <C>           <C>
 
Equity Securities (continued)
 
Specialty Retail - 2.83%
 
AutoZone, Inc. (United States)*                                7,300      $   3,857,612
 
Tractor Supply Co. (United States)                            44,800          2,666,048
 

 
                                                                          -------------
 
                                                                              6,523,660
 
                                                                          -------------
 
Textiles, Apparel & Luxury Goods - 0.36%
 
Under Armour, Inc. Class C (United States)*                   55,615            839,786
 
                                                                          -------------
 
Trading Companies & Distributors - 3.34%
 
Fastenal Co. (United States)                                  76,750          3,274,922
 
Watsco, Inc. (United States)                                  30,000          4,420,800
 

 
                                                                          -------------
 
                                                                              7,695,722
 
                                                                          -------------
 
Total Equity Securities (Cost $ 137,495,275)                                218,550,977
 
                                                                          -------------
 
Other Investments - 5.42%
 
Temporary Cash Investment - 5.42%
 
BNY Mellon Cash Reserve                                   12,500,675         12,500,675
 
                                                                          -------------
 
Total Other Investments (Cost $ 12,500,675)                                  12,500,675
 
                                                                          -------------
 
Total Investment Portfolio (Cost $ 149,995,950)-100.12%                     231,051,652
 
Liabilities in Excess of Other Assets - (0.12)%                                (282,614)
 
                                                                          -------------
 
NET ASSETS - 100.00%
 
(Applicable to 10,468,432 shares outstanding)                             $ 230,769,038
 
                                                                          =============
 
</TABLE>
 

 
* Non-income producing security.
 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
30
 
                                                  Motley Fool Great America Fund
 
<PAGE>
 

 
Statement of Assets and Liabilities
 

 

 
<TABLE>
 
<CAPTION>
 
                                                             As of
 
                                                        August 31, 2017
 
                                                       ================
 
<S>                                                    <C>
 
Assets:
 
Investments in securities of unaffiliated issuers, at
 
  value (at cost, $149,995,950)                        $ 231,051,652
 
Receivables:
 
Dividends                                                    156,673
 
Shares of beneficial interest sold                           180,942
 
Prepaid expenses and other assets                             27,183
 
                                                       -------------
 
Total Assets                                             231,416,450
 
                                                       -------------
 
Liabilities
 
Payables:
 
Shares of beneficial interest redeemed                       312,378
 
Accrued expenses:
 
Audit fees                                                    21,000
 
Accounting and administration fees                            91,298
 
Advisory fees                                                144,194
 
Custodian fees                                                 6,703
 
Transfer agent fees                                           36,256
 
Other expenses                                                35,583
 
                                                       -------------
 
Total Liabilities                                            647,412
 
                                                       -------------
 
Net Assets                                             $ 230,769,038
 
                                                       =============
 
</TABLE>
 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              31
 
Motley Fool Great America -Fund
 
<PAGE>
 

 
Statement of Assets and Liabilities
 

 

 
<TABLE>
 
<CAPTION>
 
                                                            As of
 
                                                       August 31, 2017
 
                                                      ================
 
<S>                                                   <C>
 
Net assets consist of:
 
Paid-in-capital                                        $ 138,357,275
 
Accumulated net investment loss                             (544,611)
 
Accumulated net realized gain on investments              11,900,672
 
Net unrealized appreciation/(depreciation) on
 
  investments                                             81,055,702
 
                                                       -------------
 
Net Assets                                             $ 230,769,038
 
                                                       =============
 
Net Asset Value:
 
Investor Shares:
 
Net assets applicable to capital shares outstanding    $ 210,403,611
 
Shares outstanding ($0.001 par value; unlimited
 
  shares authorized)                                       9,548,476
 
                                                       -------------
 
Net asset value, offering, and redemption price per
 
  share*                                               $       22.04
 
                                                       =============
 
Institutional Shares:
 
Net assets applicable to capital shares outstanding    $  20,365,427
 
Shares outstanding ($0.001 par value; 100,000,000
 
  shares authorized)                                         919,956
 
                                                       -------------
 
Net asset value, offering, and redemption price per
 
  share*                                               $       22.14
 
                                                       =============
 
</TABLE>
 

 
* A charge of 2% is imposed on the redemption proceeds of shares redeemed or
 
  exchanged within 90 days of purchase.
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
32
 
                                                 Motley Fool Great America -Fund
 
<PAGE>
 

 
Statement of Operations
 

 

 
<TABLE>
 
<CAPTION>
 
                                                       Fiscal Period Ended     Year Ended
 
                                                       August 31, 2017(1)   October 31, 2016
 
                                                      ==================== =================
 
<S>                                                   <C>                  <C>
 
Investment Income
 
Dividends                                              $  1,594,256        $  1,948,561
 
Interest                                                      2,487               1,309
 
                                                       ------------        ------------
 
Total investment income                                   1,596,743           1,949,870
 
                                                       ------------        ------------
 
Expenses
 
Investment advisory fees                                  1,598,288           1,933,223
 
Accounting fees - Investor Shares                           121,727             154,928
 
Accounting fees - Institutional Shares                       24,897              22,279
 
Shareholder account-related services - Investor
 
Shares                                                      117,869             158,764
 
Shareholder account-related services - Institutional
 
  Shares                                                      2,800               7,261
 
Administration fees                                          59,023              54,316
 
Transfer agent fees - Investor Shares                       109,993             139,658
 
Transfer agent fees - Institutional Shares                   35,032              39,071
 
Shareholder reporting fees - Investor Shares                 37,483              25,481
 
Shareholder reporting fees - Institutional Shares               958               2,734
 
Professional fees                                            29,859              57,742
 
Blue sky fees - Investor Shares                              25,255              25,859
 
Blue sky fees - Institutional Shares                         13,131              18,007
 
Custodian fees                                               16,976              19,628
 
Trustee/Director fees                                         3,990              31,627
 
Chief Compliance Officer fees                                 4,187              26,852
 
Other expenses                                               25,248              19,334
 
                                                       ------------        ------------
 
Total expenses                                            2,226,716           2,736,764
 
                                                       ------------        ------------
 
Management fees waived/reimbursed net of amount
 
  recaptured - Investor Shares                              (19,416)            (44,651)
 
Expenses waived/reimbursed net of amount
 
  recaptured - Institutional Shares                         (71,535)            (87,578)
 
Management fees waived/reimbursed net of amount
 
  recaptured - Institutional Shares                          (1,574)             (1,234)
 
                                                       ------------        ------------
 
Net expenses                                              2,134,191           2,603,301
 
                                                       ------------        ------------
 
Net investment income (loss)                               (537,448)           (653,431)
 
                                                       ------------        ------------
 
Realized and unrealized gain (loss)
 
Net realized gain (loss) from:
 
Investment securities                                    15,186,364          (2,484,075)
 
                                                       ------------        ------------
 
Net realized gain (loss) on investment securities        15,186,364          (2,484,075)
 
                                                       ------------        ------------
 
Change in net unrealized appreciation/
 
  (depreciation) on:
 
Investment securities                                    26,696,119          (1,992,860)
 
                                                       ------------        ------------
 
Change in net unrealized appreciation/
 
  (depreciation) on investment securities                26,696,119          (1,992,860)
 
                                                       ------------        ------------
 
Net realized and unrealized gain (loss)                  41,882,483          (4,476,935)
 
                                                       ------------        ------------
 
Net increase (decrease) in net assets resulting from
 
  operations                                           $ 41,345,035        $ (5,130,366)
 
                                                       ============        ============
 
(1)The Fund changed its fiscal year end to August 31
 
  during the period.
 
</TABLE>
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              33
 
Motley Fool -Great America Fund
 
<PAGE>
 

 
Statements of Changes in Net Assets
 

 

 
<TABLE>
 
<CAPTION>
 
                                                        Fiscal Period        Year             Year
 
                                                            Ended            Ended            Ended
 
                                                         August 31,       October 31,      October 31,
 
                                                           2017(1)           2016             2015
 
                                                      ================ ================ ================
 
<S>                                                   <C>              <C>              <C>
 
Operations:
 
Net investment income (loss)                          $   (537,448)    $   (653,431)    $    454,793
 
Net realized gain (loss) on investment securities       15,186,364       (2,484,075)         953,108
 
Change in net unrealized appreciation/
 
  (depreciation) on investment securities               26,696,119       (1,992,860)        (108,297)
 
                                                      -------------    -------------    -------------
 
Net increase (decrease) in net assets resulting from
 
  operations                                            41,345,035       (5,130,366)       1,299,604
 
                                                      -------------    -------------    -------------
 
Dividends to Shareholders:
 
Dividends from net investment income
 
Investor Shares                                                  -         (349,750)        (510,810)
 
Institutional Shares                                             -          (20,359)         (11,463)
 
                                                      -------------    -------------    -------------
 
Total dividends and distributions                                -         (370,109)        (522,273)
 
                                                      -------------    -------------    -------------
 
Capital Share Transactions:
 
Proceeds from shares sold
 
Investor Shares (894,155, 1,202,801 and 2,746,354
 
shares, respectively)                                   18,375,235       21,811,467       53,268,650
 
Institutional Shares (818,234, 77,879 and 243,608
 
shares, respectively)                                   16,606,797        1,388,492        4,716,283
 
Reinvestment of dividends
 
Investor Shares (0, 18,293 and 25,996 shares,
 
respectively)                                                    -          343,728          501,729
 
Institutional Shares (0, 1,083 and 593 shares,
 
respectively)                                                    -           20,358           11,463
 
Value of shares redeemed
 
Investor Shares (2,559,950, 2,748,791 and 2,487,924
 
shares, respectively)                                  (52,151,022)     (50,140,829)     (47,840,341)
 
Institutional Shares (198,206, 152,821 and 20,753
 
shares, respectively)                                   (4,083,956)      (2,787,636)        (391,356)
 
Redemption and small-balance account fees
 
Investor Shares                                             22,135           24,628           50,331
 
Institutional Shares                                         3,350              175                2
 
                                                      -------------    -------------    -------------
 
Net increase (decrease) from capital share
 
  transactions                                         (21,227,461)     (29,339,617)      10,316,761
 
                                                      -------------    -------------    -------------
 
Total increase (decrease) in net assets                 20,117,574      (34,840,092)      11,094,092
 
                                                      -------------    -------------    -------------
 
Net Assets:
 
Beginning of Period                                    210,651,464      245,491,556      234,397,464
 
                                                      -------------    -------------    -------------
 
End of Period*                                        $230,769,038     $210,651,464     $245,491,556
 
                                                      =============    =============    =============
 
*Including undistributed net investment income
 
  (loss)                                              $   (544,611)    $   (639,202)    $    289,577
 
                                                      =============    =============    =============
 
(1)The Fund changed its fiscal year end to August 31 during the
 
period.
 
</TABLE>
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
34
 
                                                 Motley Fool Great America -Fund
 
<PAGE>
 

 
Financial Highlights
 

 
(for a share outstanding throughout each period)
 

 

 
<TABLE>
 
<CAPTION>
 
                            Fiscal Period
 
                                Ended
 
                             August 31,                                Years Ended October 31,
 
                           --------------   -----------------------------------------------------------------------------
 
 Investor Shares             2017(1)(2)          2016             2015            2014            2013           2012
 
------------------------   --------------   --------------   -------------   -------------   -------------   ------------
 
<S>                        <C>              <C>              <C>             <C>             <C>             <C>
 
Net Asset Value,
 
  Beginning of Period         $  18.29         $  18.72        $  18.59        $  17.25        $  12.58        $  11.04
 
                              --------         --------        --------        --------        --------        --------
 
Income (Loss) From
 
  Investment
 
  Operations
 
  Net Investment
 
   Income (Loss)(3)            (  0.05)         (  0.05)           0.03            0.07                -*       (  0.06)
 
  Net Gain (Loss) on
 
   Securities
 
   (Realized and
 
   Unrealized)                   3.80           (  0.35)           0.14            1.51            4.69           1.60
 
                              --------         --------        --------        --------        --------        --------
 
Total From Investment
 
  Operations                     3.75           (  0.40)           0.17            1.58            4.69           1.54
 
                              --------         --------        --------        --------        --------        --------
 
Less Distributions
 
  Net Investment
 
   Income                            -          (  0.03)         (  0.04)        (  0.03)        (  0.03)             -*
 
  Net Realized Capital
 
   Gains                             -                -                -         (  0.22)              -              -
 
                              --------         --------        ---------       ---------       ---------       --------
 
Total Distributions                  -          (  0.03)         (  0.04)        (  0.25)        (  0.03)             -*
 
                              --------         --------        ---------       ---------       ---------       ---------
 
Redemption and
 
  Small-Balance
 
  Account Fees                       -*               -*               -*          0.01            0.01               -*
 
                              ---------        ---------       ----------      ---------       ---------       ---------
 
Net Asset Value, End of
 
  Period                      $  22.04         $  18.29        $  18.72        $  18.59        $  17.25        $  12.58
 
                              ========         ========        =========       =========       =========       ========
 
Total Return(4)(5)               20.50%         (  2.15%)           0.91%           9.35%          37.44%         13.96%
 
Net Assets, End of
 
  Period (thousands)          $ 210,404        $ 205,149       $ 238,482       $ 231,600       $ 162,336       $ 67,337
 
Ratios/Supplemental
 
  Data
 
Ratio of Expenses to
 
  Average Net Assets              1.15%            1.15%            1.15%           1.27%           1.38%          1.37%
 
Ratio of Expenses to
 
  Average Net Assets
 
  (Before Waivers and
 
  Reimbursement of
 
  Expenses and/or
 
  Recapture of
 
  Previously
 
  Waived Fees)                    1.16%            1.17%            1.16%           1.30%           1.54%          1.74%
 
Ratio of Net Investment
 
  Income (Loss) to
 
  Average Net Assets           (  0.30%)        (  0.29%)           0.17%           0.38%           0.03%       (  0.51%)
 
</TABLE>
 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              35
 
Motley Fool Great America Fund
 
<PAGE>
 

 
Financial Highlights
 

 

 
<TABLE>
 
<CAPTION>
 
                            Fiscal Period
 
                                Ended
 
                             August 31,                           Years Ended October 31,
 
                           --------------   --------------------------------------------------------------------
 
 Investor Shares             2017(1)(2)         2016          2015         2014          2013           2012
 
------------------------   --------------   ------------   ----------   ----------   ------------   ------------
 
<S>                        <C>              <C>            <C>          <C>          <C>            <C>
 
Ratio of Net Investment
 
  Income (Loss) to
 
  Average Net Assets
 
  (Before Waivers and
 
  Reimbursement of
 
  Expenses and/or
 
  Recapture of
 
  Previously Waived
 
  Fees)                         (0.31%)         (0.31%)        0.17%        0.36%        (0.13%)        (0.88%)
 
Portfolio Turnover                 24%             21%           30%          18%           24%            30%
 
</TABLE>
 

 
* Amount represents less than $0.005 per share.
 
(1) The Fund changed its fiscal year end to August 31 during the period. All
 
    ratios for the fiscal period have been annualized. -Total return and
 
    portfolio turnover for the fiscal period have not been annualized.
 
(2) Effective as of December 21, 2016, the Fund acquired all the assets and
 
    liabilities of the Motley Fool -Great America Fund, a series of The Motley
 
    Fool Funds Trust (the "Predecessor Fund"). The financial highlights for
 
    the periods prior to that date reflect the performances of the Predecessor
 
    Fund.
 
(3) Per share data calculated using average shares outstanding method.
 
(4) For the -years ended October 31, 2014 and October 31, 2013, -0.06% and
 
    -0.08%, respectively, -of the Fund's total return was attributable to
 
    redemption and small-balance account -fees received as referenced in Note
 
    4. Excluding this item, the total return would have been -9.29% and
 
    37.36%, respectively. -For the fiscal period ended August 31, 2017 and
 
    years ended -October 31, 2016, October 31, 2015 and -October 31, 2012,
 
    redemption and small-balance account fees received had no effect on the
 
    Fund's total return.
 
(5) Total return reflects the rate an investor would have earned on an
 
    investment in the Fund during -the period. -
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
36
 
                                                  Motley Fool Great America Fund
 
<PAGE>
 

 
Financial Highlights
 

 

 
<TABLE>
 
<CAPTION>
 
                                       Fiscal Period
 
                                           Ended                                      Period Ended
 
                                        August 31,       Years Ended October 31,      October 31,
 
                                      --------------   ---------------------------   -------------
 
 Institutional Shares                   2017(1)(2)         2016           2015         2014(3)(4)
 
-----------------------------------   --------------   ------------   ------------   -------------
 
<S>                                   <C>              <C>            <C>            <C>
 
Net Asset Value, Beginning of
 
  Period                                 $  18.34        $  18.75       $  18.61       $  17.94
 
                                         --------        --------       --------       --------
 
Income (Loss) From Investment
 
  Operations
 
  Net Investment Income (Loss)(5)         (  0.03)        (  0.02)          0.07           0.02
 
  Net Gain (Loss) on Securities
 
   (Realized and Unrealized)                 3.83         (  0.33)          0.13           0.65
 
                                         --------        --------       --------       --------
 
Total From Investment Operations             3.80         (  0.35)          0.20           0.67
 
                                         --------        --------       --------       --------
 
Less Distributions
 
  Net Investment Income                         -         (  0.06)       (  0.06)             -
 
  Net Realized Capital Gains                    -               -              -              -
 
                                         --------        --------       --------       --------
 
Total Distributions                             -         (  0.06)       (  0.06)             -
 
                                         --------        --------       --------       --------
 
Redemption and Small-Balance
 
  Account Fees                                  -*              -*             -*             -
 
                                         ---------       ---------      ---------      --------
 
Net Asset Value, End of Period           $  22.14        $  18.34       $  18.75       $  18.61
 
                                         ========        ========       ========       ========
 
Total Return(6)(7)                          20.72%        (  1.89%)         1.04%          3.73%
 
Net Assets, End of Period
 
  (thousands)                            $ 20,365        $  5,502       $  7,010       $  2,798
 
Ratios/Supplemental Data
 
Ratio of Expenses to Average Net
 
  Assets                                     0.95%           0.95%          0.95%          0.95%
 
Ratio of Expenses to Average Net
 
  Assets (Before Waivers and
 
  Reimbursement of Expenses
 
  and/or Recapture of Previously
 
  Waived Fees)                               1.47%           2.40%          2.45%          4.93%
 
Ratio of Net Investment Income
 
  (Loss) to Average Net Assets            (  0.15%)       (  0.08%)         0.35%          0.27%
 
Ratio of Net Investment Income
 
  (Loss) to Average Net Assets
 
  (Before Waivers and
 
  Reimbursement of Expenses
 
  and/or Recapture of Previously
 
  Waived Fees)                            (  0.67%)       (  1.53%)      (  1.15%)      (  3.71%)
 
Portfolio Turnover                             24%             21%            30%            18%
 
</TABLE>
 

 
* Amount represents less than $0.005 per share.
 
(1) The Fund changed its fiscal year end to August 31 during the period. All
 
    ratios for the fiscal period have been annualized. -Total return and
 
    portfolio turnover for the fiscal period have not been annualized.
 
(2) Effective as of December 21, 2016, the Fund acquired all the assets and
 
    liabilities of the Motley Fool -Great America Fund, a series of The Motley
 
    Fool Funds Trust (the "Predecessor Fund"). The financial highlights for
 
    the periods prior to that date reflect the performances of the Predecessor
 
    Fund.
 
(3) Commenced operations on June 17, 2014. - All ratios for the period have
 
    been annualized. Total
 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              37
 
Motley Fool Great America Fund
 
<PAGE>
 

 
Financial Highlights
 

 
     return -for the period has not been annualized.
 
(4) Because of commencement of operations and related preliminary transaction
 
    costs, these ratios are not necessary indicative of future ratios.
 
(5) Per share data calculated using average shares outstanding method.
 
(6) For the fiscal period ended August 31, 2017, years ended October 31, 2016,
 
    October 31, 2015 and the period ended October 31, 2014, redemption and
 
    small-balance account fees received had no effect on the Fund's total
 
    return.
 
(7) Total return reflects the rate an investor would have earned on an
 
    investment in the Fund during -the period.
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
38
 
                                                  Motley Fool Great America Fund
 
<PAGE>
 

 
Motley Fool -Emerging Markets -Fund Portfolio Characteristics
 

 
Effective August 1, 2017, the Fund changed its fiscal year end to August 31. As
 
a result the commentary and returns address the period from November 1, 2016 to
 
August 31, 2017.
 

 

 
The Motley Fool Emerging Markets Fund operated as a series of The Motley Fool
 
Funds Trust (the "Predecessor Fund") prior to December 21, 2016, at which time
 
the Predecessor Fund was reorganized into the Fund. The performance shown for
 
periods prior to December 21, 2016 represents the performance of the
 
Predecessor Fund. At -August 31, 2017, the Motley Fool Emerging Markets -Fund
 
Investor -Shares had an audited net asset value of $14.36 per share attributed
 
to -2,399,060 shares outstanding. This compares with an unaudited net asset
 
value as of November 1, 2011 for the Investor -Shares of $10.00 per share
 
attributed to 106,350 shares outstanding. From the Investor -Shares launch on
 
November 1, 2011 to -August 31, 2017, the Investor Shares had an average annual
 
total return of 7.41%(+) versus a return of 4.96%(+) over the same period for
 
its benchmark, the FTSE Emerging Markets All Cap China A Inclusion Net Tax
 
-Index and -a return of 7.57%(+) for its previous benchmark the FTSE Global All
 
Cap ex-US Net Tax Index. -Effective June 30, 2017,  -the Institutional Shares
 
of the Fund were -liquidated. -
 

 

 
Please note that we are using a new benchmark for the Fund, the FTSE Emerging
 
Markets All Cap -China A Inclusion Net Tax Index, as a replacement for the FTSE
 
Global All Cap ex-US Net Tax Index. - The reason for the change was because the
 
-FTSE Emerging Markets All Cap China A Inclusion Net Tax Index more
 
appropriately reflects the types of securities held in the -Fund's portfolio
 
and provides better comparative performance information. -
 

 

 
The graph below shows the performance of $10,000 invested in the Investor
 
Shares at inception. The results shown below do not reflect the deduction of
 
taxes that a shareholder would pay on fund distributions or the redemption of
 
fund shares. -
 

 

 
<TABLE>
 
<CAPTION>
 
       Average Annual Total Returns as of 8/31/2017
 
========================================================
 
<S>                                                      <C>          <C>           <C>
 
                                                                                    Since
 
                                                         One Year     Five Year     Inception
 
Investor Shares*                                         21.88%       7.91%         7.41%
 
FTSE Emerging Markets All Cap China A Inclusion Net Tax
 
  Index**                                                18.99%       5.61%          - (1)
 
FTSE Global All Cap ex-US Net Tax Index***               19.24%       7.94%          - (2)
 
Fund Expense Ratios(3): Investor Shares: Gross 2.09% and Net 1.15%; Institutional Shares: Gross
 
5.66% and Net 0.95%
 
</TABLE>
 

 
 -
 
                                        -
 
[GRAPHIC OMITTED]
 

 

 

 
The performance data quoted represents past performance and does not guarantee
 
future results. Current performance may be lower or higher. Performance data
 
current to the most recent month-end may be obtained at www.FoolFunds.com. The
 
investment return and principal value of an investment will fluctuate so that
 
shares, when redeemed, may be worth more or less than their original cost.
 

 
(1)The Index returned 4.96% from the inception date of the Investor -Shares.
 
(2)The Index returned -7.57% from the inception -date of the Investor -Shares.
 

 
(3)The expense ratios of the Fund are set forth according to the -2/28/2017
 
Prospectus, as supplemented,  -for the Fund -may differ from the expense ratios
 
disclosed in the Financial Highlights tables in this report. See the Financial
 
Highlights for more current expense ratios.
 

 
(+) Returns less than one year are not annualized. -
 
*These returns reflect expense waivers by the Fund's investment adviser.
 
Without these waivers, returns would have been lower.
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              39
 
Motley Fool Emerging Markets -Fund (Unaudited)
 
<PAGE>
 

 
**The FTSE Emerging Markets All Cap China A Inclusion Net Tax Index is a
 
market-capitalization weighted index representing the performance of large, mid
 
and small cap companies in Emerging markets. The index is comprised of
 
approximately 3,350 securities from 22 countries, and is part of the FTSE China
 
A Inclusion Indexes which contain FTSE China A All Cap Index securities
 
adjusted for the aggregate approved QFII and RQFII quotas available to
 
international investors. Fair value prices and foreign exchange as of 4 pm EST
 
are used in the calculation of this index, and returns are adjusted for
 
withholding taxes applicable to dividends received by a U.S. Regulated
 
Investment Company domiciled in the United States. The index is unmanaged and
 
not available for direct investment. Its performance does not reflect deduction
 
of fees, expenses or taxes.
 
***The FTSE Global All Cap ex-US Net Tax Index is a market-capitalization
 
weighted index representing the performance of large, mid and small cap
 
companies in Developed and Emerging markets, excluding the USA. The index is
 
comprised of approximately 6,600 securities from 47 countries. Fair value
 
prices and foreign exchange as of 4 pm ET are used in the calculation of this
 
index, and returns are adjusted for withholding taxes applicable to dividends
 
received by a U.S. Regulated Investment Company domiciled in the United States.
 
The index is unmanaged and not available for direct investment. Its performance
 
does not reflect deduction of fees, expenses or taxes.
 

 

 
The investment objective of the Emerging Markets Fund is to achieve long-term
 
capital appreciation, and it pursues this objective by investing primarily in
 
common stocks of companies organized in emerging market foreign countries. In
 
prior years, the Fund's strategy included investments in both developed and
 
emerging markets countries. Along with a name change effective February 28,
 
2017, the Fund has been focused on emerging economies.
 

 

 
The Fund employs a growth at a reasonable price investment strategy and seeks
 
long-term growth by identifying and acquiring securities of companies that are,
 
in the view of Motley Fool Asset Management, LLC (the "Adviser"), high quality.
 
To identify these high-quality businesses, the Adviser engages in research to
 
evaluate each company under consideration using four criteria: management,
 
culture, and incentives; the economics of the business; competitive advantage;
 
and the durability of its competitive advantage period. The Adviser's approach
 
prizes a long-term mindset and a balance of qualitative and quantitative
 
factors. While emerging markets have always been included in the Fund, the new
 
focus following the name change mentioned above resulted in several new
 
companies entering the portfolio; in the past twelve months, fourteen of the
 
Fund's thirty holdings were new additions.
 

 

 
The Fund will invest in areas of the market, that, in the view of the Adviser,
 
offer the greatest potential for long-term capital appreciation, and it does
 
not attempt to match the allocations of its benchmark. As such, significant
 
deviation from the benchmark is expected from time to time, especially over
 
shorter time frames.
 

 

 
The allocations to various sectors, countries, or any other macro-economic
 
designation, are the byproduct of rigorous bottom-up analysis rather than an
 
intentional top-down opinion of asset classes. While market conditions are
 
constantly changing, exposure to equity market risk is needed to consistently
 
achieve equity-like returns. Despite having an Active Share of 91% at the end
 
of the period, the Fund and its benchmark's monthly returns were 82% correlated
 
over the past twelve months, and this level of correlation will likely persist.
 
The Adviser views its time as best spent focused on evaluating businesses and
 
seeking to minimize company-specific risk in order to pursue its objective of
 
long-term capital appreciation.
 

 

 
Because the Emerging Markets Fund is free to invest in companies of any size
 
around the world, investments in companies with smaller market capitalizations
 
will be an important component of the Fund's investment program. Small-cap
 
stocks tend to be more volatile and less liquid than their large-cap
 
counterparts. As of August 31, 2017, 41% of the Fund's net assets were invested
 
in companies with a market capitalization below $3 billion. In addition to
 
company risk, fluctuations in currency exchange rates can cause losses when
 
investing in foreign securities, with emerging markets presenting additional
 
risks of illiquidity, political instability, and lax regulation. Please refer
 
to the prospectus for a more detailed discussion of the Fund's strategies and
 
risks.
 

 

 
While investing in a particular sector is not a principal investment strategy
 
of the Emerging Markets Fund, the portfolio may be significantly invested in a
 
sector as a result of the portfolio management decisions made pursuant to its
 
principal investment strategy. As of August 31, 2017, 20% of the Fund's net
 
assets were invested in the Information Technology sector.
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
40
 
                                  Motley Fool Emerging Markets -Fund (Unaudited)
 
<PAGE>
 

 
Following several lackluster years, emerging markets have produced attractive
 
results this year. Of the thirty companies held in the Fund at the end of the
 
period, seven returned more than 50% in the past twelve months. An eighth
 
company, Alibaba Group, also saw its stock increase by more than 50%, but it
 
has only returned 37% since the Fund purchases shares three months prior to the
 
period end. The largest contributors to positive investment performance were
 
NMC Health, Tencent Holdings, Douzone Bizon, Almarai, and Mitra Adiperkasa.
 
Largely due to the returns of Tencent and Douzone Bizon, the Information
 
Technology sector provided a weighted average return of 53% over the past
 
twelve months. The Healthcare sector also contributed a weighted average return
 
of 37%. The largest detractors to Fund performance were Tarpon Investimentos
 
SA, BRF SA, and Nippon Indosari Corpindo. As of the period end, Tarpon and BRF
 
are no longer held by the Fund.
 

 

 
The following tables show the top eleven holdings, sector allocations, and top
 
eleven countries in which the Fund was invested in as of August 31, 2017.
 
Portfolio holdings are subject to change without notice.
 
     -
 
[GRAPHIC OMITTED]
 

 

 
   Certain mutual fund ratings and review services have created style boxes,
 
         which look more or less like a tic-tac-toe board; arranging funds by
 
         the size of the companies they typically invest in (large-, mid-, and
 
         small-cap) along one axis, and along a "value" to "growth" basis on
 
         the other axis. This may be a helpful way - at times - to think about
 
         certain investment opportunities, but we don't believe we'll improve
 
         your returns by limiting ourselves to any one portion of that style
 
         box.
 

 

 
<TABLE>
 
<CAPTION>
 
                                                     % of Net
 
 Top Eleven Holdings*                                 Assets
 
=================================================   =========
 
<S>                                                 <C>
 
Tencent Holdings Ltd.                                  5.57%
 
NMC Health PLC                                         5.12
 
Douzone Bizon Co., Ltd.                                4.50
 
Almarai Co.                                            4.29
 
Ctrip.com International Ltd.                           4.15
 
MercadoLibre, Inc.                                     4.13
 
Odontoprev SA                                          4.04
 
BGEO Group PLC                                         3.89
 
International Container Terminal Services, Inc.        3.83
 
Gentera SAB de CV                                      3.80
 
Grupo Aeroportuario del Sureste SAB de CV              3.78
 
                                                      -----
 
                                                      47.10%
 
                                                      =====
 
</TABLE>
 

 
* As of the date of the report, the Fund had a holding of -8.50% in the -BNY
 
Mellon Cash Reserve.
 

 
The Motley Fool Emerging Markets -Fund uses the Global Industry Classification
 
StandardSM ("GICS SM") as the basis for the classification of securities on the
 
Schedule of Investments ("SOI"). We believe that this makes the SOI
 
classifications more standard with the rest of the industry.
 

 

 
<TABLE>
 
<CAPTION>
 
                             % of Net
 
 Sector Allocation            Assets
 
========================   ===========
 
<S>                        <C>
 
Information Technology         20.04%
 
Financials                     18.52
 
Industrials                    17.40
 
</TABLE>
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              41
 
Motley Fool Emerging Markets -Fund (Unaudited)
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                % of Net
 
 Sector Allocation               Assets
 
============================   =========
 
<S>                            <C>
 
Health Care                      13.41
 
Consumer Staples                 10.51
 
Consumer Discretionary            9.79
 
Telecommunication Services        4.28
 
Real Estate                       1.71
 
                                 -----
 
                                 95.66%
 
                                 =====
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
                            % of Net
 
 Top Eleven Countries        Assets
 
=======================   ===========
 
<S>                       <C>
 
China                         12.07%
 
Mexico                        11.27
 
Indonesia                      7.93
 
United Arab Emirates           7.92
 
Brazil                         6.12
 
Turkey                         5.84
 
Georgia                        5.09
 
South Korea                    4.51
 
Saudi Arabia                   4.29
 
Argentina                      4.13
 
Philippines                    3.83
 
                              -----
 
                              73.00%
 
                              =====
 
</TABLE>
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
42
 
                                  Motley Fool Emerging Markets -Fund (Unaudited)
 
<PAGE>
 

 
About Your Expenses
 

 
As a shareholder of the Emerging Markets -Fund, you incur (1) transaction costs
 
and (2) ongoing costs, including advisory fees and other Fund expenses. This
 
example is intended to help you to 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. It is based on an investment of $1,000
 
invested at the beginning of the period and held for the entire period from
 
-March 1, 2017 to August 31, 2017.
 
Actual Expenses
 

 
The first section of the table below provides information about actual account
 
values and actual expenses. You may use the information in this section,
 
together with the amount you invested, to estimate the expenses that you
 
incurred 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 section under the heading entitled "Expenses
 
Paid During Period" to estimate the expenses attributable to your investment
 
during this period.
 
Hypothetical Example for Comparison Purposes
 

 
The second section 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 the Fund's actual return. Thus, you should not use the hypothetical account
 
values and expenses to estimate the actual ending account balance or your
 
expenses for the period. Rather, these figures are provided to enable you to
 
compare the ongoing costs of investing in the Fund as compared to the costs of
 
investing in other funds. To do so, compare this 5% hypothetical example with
 
the 5% hypothetical examples that appear in the shareholder reports of the
 
other funds. Please note that the expenses shown in the table are meant to
 
highlight your ongoing costs only and do not reflect transactional costs.
 
Therefore, the second section of the 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 transaction costs were included, your
 
costs would have been higher.
 

 
[GRAPHIC OMITTED]
 

 

 
   Do you know how many times a fund, or the market, has returned a smooth 5%
 
         over a long period of time? Never. But we have to pick some example.
 
         In reality, the market's returns are always far bumpier, with the
 
         market returning 20% one year, followed by a loss of 10% the next
 
         year, followed by a 3% gain, etc. These variations affect actual
 
         expenses as well. Happily, over almost all time periods of 20 years or
 
         longer, according to the research of University of Pennsylvania's
 
         Jeremy Siegel and others, the domestic market's returns have been at
 
         least 5% per year on average.
 

 

 
<TABLE>
 
<CAPTION>
 
                                                                        Expenses
 
                       Beginning           Ending        Annualized       Paid
 
                     Account Value     Account Value       Expense       During
 
                        3/01/17           8/31/17         Ratio(1)      Period(2)
 
                    ===============   ===============   ============   ==========
 
<S>                 <C>               <C>               <C>            <C>
 
Investor Shares
 
Actual                  $ 1,000         $ 1,212.83           1.15%      $  6.43
 
Hypothetical            $ 1,000         $ 1,019.39           1.15%      $  5.87
 
</TABLE>
 

 
 -(1)These ratios reflect expenses waived by the Fund's investment adviser. -
 
  Without these waivers, the Fund's expenses would have been higher and the
 
  ending account values would have been lower.
 

 
(2)Expenses are equal to the Fund's annualized expense ratio for the period
 
 March 1, 2017 to August 31, 2017, multiplied by the average account value over
 
 the period, multiplied by the number of days (184) in the most recent fiscal
 
 half-year, then divided by 365.
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              43
 
Motley Fool Emerging Markets -Fund (Unaudited)
 
<PAGE>
 

 
                      Motley Fool -Emerging Markets -Fund
 
                            Schedule of Investments
 
                                August 31, 2017
 

 

 

 
<TABLE>
 
<CAPTION>
 
                                                                           Value
 
 Issues                                                      Shares       (Note 2)
 
======================================================== ============= =============
 
<S>                                                      <C>           <C>
 
Equity Securities - 91.37%
 
Banks - 14.72%
 
Banco Latinoamericano de Comercio Exterior SA (Panama)       45,000    $1,213,200
 
BGEO Group PLC (Georgia)                                     30,000     1,340,197
 
Credicorp Ltd. (Peru)                                         6,000     1,217,040
 
HDFC Bank Ltd. (India)(a)                                    13,350     1,300,691
 

 
                                                                       ----------
 
                                                                        5,071,128
 
                                                                       ----------
 
Beverages - 2.53%
 
Coca-Cola Icecek AS (Turkey)                                 75,000       872,600
 
                                                                       ----------
 
Consumer Finance - 3.80%
 
Gentera SAB de CV (Mexico)                                  850,000     1,309,283
 
                                                                       ----------
 
Diversified Telecommunication Services - 1.40%
 
Telkom SA SOC Ltd. (South Africa)                           100,000       482,444
 
                                                                       ----------
 
Food & Staples Retailing - 1.03%
 
CP ALL PCL (Thailand)(b)                                    190,000       355,092
 
                                                                       ----------
 
Food Products - 2.66%
 
PT Nippon Indosari Corpindo Tbk (Indonesia)              10,022,700       916,481
 
                                                                       ----------
 
Health Care Equipment & Supplies - 3.05%
 
Top Glove Corp. Bhd (Malaysia)                              800,000     1,050,931
 
                                                                       ----------
 
Health Care Providers & Services - 10.36%
 
Georgia Healthcare Group PLC (Georgia)*(c)                   90,000       412,980
 
NMC Health PLC (United Arab Emirates)                        50,000     1,764,142
 
Odontoprev SA (Brazil)                                      300,000     1,392,379
 

 
                                                                       ----------
 
                                                                        3,569,501
 
                                                                       ----------
 
Internet & Catalog Retail - 5.35%
 
Alibaba Group Holding Ltd. (China)*(a)                        2,400       412,176
 
Ctrip.com International Ltd. (China)*(a)                     27,800     1,430,310
 

 
                                                                       ----------
 
                                                                        1,842,486
 
                                                                       ----------
 
Internet Software & Services - 10.85%
 
Baidu, Inc. (China)*(a)                                       1,750       399,088
 
MercadoLibre, Inc. (Argentina)                                5,500     1,421,585
 
Tencent Holdings Ltd. (China)                                45,600     1,918,833
 

 
                                                                       ----------
 
                                                                        3,739,506
 
                                                                       ----------
 
</TABLE>
 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
44
 
                                              Motley Fool Emerging Markets -Fund
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                                                                  Value
 
 Issues                                                            Shares        (Note 2)
 
=============================================================== ============ ===============
 
<S>                                                             <C>          <C>
 
Equity Securities (continued)
 
Media - 2.07%
 
Multiplus SA (Brazil)                                               60,000    $    714,774
 
                                                                              ------------
 
Multiline Retail - 3.57%
 
PT Mitra Adiperkasa Tbk (Indonesia)                              2,342,000       1,228,751
 
                                                                              ------------
 
Real Estate Management & Development - 1.71%
 
PT Lippo Karawaci Tbk (Indonesia)                               10,000,000         588,755
 
                                                                              ------------
 
Semiconductors & Semiconductor Equipment - 3.49%
 
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)            32,500       1,201,525
 
                                                                              ------------
 
Software - 4.50%
 
Douzone Bizon Co., Ltd. (South Korea)                               52,900       1,552,378
 
                                                                              ------------
 
Transportation Infrastructure - 17.40%
 
DP World Ltd. (United Arab Emirates)                                42,000         963,480
 
Grupo Aeroportuario del Pacifico SAB de CV (Mexico)(a)              11,500       1,271,325
 
Grupo Aeroportuario del Sureste SAB de CV (Mexico)(a)                6,400       1,303,424
 
International Container Terminal Services, Inc. (Philippines)      645,000       1,318,176
 
TAV Havalimanlari Holding AS (Turkey)                              185,000       1,137,958
 

 
                                                                              ------------
 
                                                                                 5,994,363
 
                                                                              ------------
 
Wireless Telecommunication Services - 2.88%
 
Safaricom Ltd. (Kenya)                                           4,000,000         991,736
 
                                                                              ------------
 
Total Equity Securities (Cost $ 23,030,577)                                     31,481,734
 
                                                                              ------------
 
Participatory Notes - 4.29%
 
Food Products - 4.29%
 
Almarai Co. (Saudi Arabia)(c)                                       67,915       1,476,606
 
                                                                              ------------
 
Total Participatory Notes (Cost $ 587,403)                                       1,476,606
 
                                                                              ------------
 
Other Investments - 8.50%
 
Temporary Cash Investment - 8.50%
 
BNY Mellon Cash Reserve                                          2,930,469       2,930,469
 
                                                                              ------------
 
Total Other Investments (Cost $ 2,930,469)                                       2,930,469
 
                                                                              ------------
 
Total Investment Portfolio (Cost $ 26,548,449)-104.16%                          35,888,809
 
Liabilities in Excess of Other Assets - (4.16)%                                 (1,432,978)
 
                                                                              ------------
 
NET ASSETS - 100.00%
 
(Applicable to 2,399,060 shares outstanding)                                  $ 34,455,831
 
                                                                              ============
 
</TABLE>
 

 
* Non-income producing security.
 
(a) ADR - American Depositary Receipts
 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              45
 
Motley Fool Emerging Markets -Fund
 
<PAGE>
 

 
(b) NVDR - Non-Voting -Depository Receipts
 
(c) Security exempt from registration under Rule 144A of the Securities Act of
 
    1933. These securities may be resold in transactions exempt from
 
    registration, normally to qualified institutional buyers. Total market
 
    value of Rule 144A securities is -$1,889,586 and represents 5.48% of net
 
    assets as of August 31, 2017. -
 

 
<TABLE>
 
<S>                          <C>
 
PLC - Public Limited Company
 
</TABLE>
 

 
 -
 

 
                       See Notes to Financial Statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
46
 
                                              Motley Fool Emerging Markets -Fund
 
<PAGE>
 

 
Statement of Assets and Liabilities
 

 

 
<TABLE>
 
<CAPTION>
 
                                                             As of
 
                                                        August 31, 2017
 
                                                       ================
 
<S>                                                    <C>
 
Assets:
 
Investments in securities of unaffiliated issuers, at
 
  value (at cost, $26,548,449)                         $ 35,888,809
 
Receivables:
 
Dividends and tax reclaims                                   55,529
 
Shares of beneficial interest sold                           26,388
 
Reimbursement due from adviser                                6,534
 
Prepaid expenses and other assets                            26,084
 
                                                       ------------
 
Total Assets                                             36,003,344
 
                                                       ------------
 
Liabilities
 
Payables:
 
Investment securities purchased                           1,433,706
 
Shares of beneficial interest redeemed                          300
 
Accrued expenses:
 
Audit fees                                                   21,000
 
Accounting and administration fees                           53,396
 
Custodian fees                                               11,851
 
Transfer agent fees                                          17,650
 
Other expenses                                                9,610
 
                                                       ------------
 
Total Liabilities                                         1,547,513
 
                                                       ------------
 
Net Assets                                             $ 34,455,831
 
                                                       ============
 
</TABLE>
 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              47
 
Motley Fool Emerging Markets -Fund
 
<PAGE>
 

 
Statement of Assets and Liabilities
 

 

 
<TABLE>
 
<CAPTION>
 
                                                            As of
 
                                                       August 31, 2017
 
                                                      ================
 
<S>                                                   <C>
 
Net Assets Consist of:
 
Paid-in-Capital                                        $ 26,378,040
 
Undistributed Net Investment Income                         284,107
 
Accumulated Net Realized Loss on Investments             (1,545,914)
 
Net Unrealized Appreciation/(Depreciation) on
 
  Investments, Foreign Currencies, and Assets and
 
  Liabilities Denominated in Foreign Currencies           9,339,598
 
                                                       ------------
 
Net Assets                                             $ 34,455,831
 
                                                       ============
 
Net Asset Value:
 
Investor Shares:
 
Net assets applicable to capital shares outstanding    $ 34,455,831
 
Shares outstanding ($0.001 par value; unlimited
 
  shares authorized)                                      2,399,060
 
                                                       ------------
 
Net asset value, offering, and redemption price per
 
  share*                                               $      14.36
 
                                                       ============
 
</TABLE>
 

 
* A charge of 2% is imposed on the redemption proceeds of shares redeemed or
 
  exchanged within 90 days of purchase.
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
48
 
                                              Motley Fool Emerging Markets -Fund
 
<PAGE>
 

 
Statement of Operations
 

 

 
<TABLE>
 
<CAPTION>
 
                                       -
 
                                                        Fiscal Period Ended     Year Ended
 
                                                        August 31, 2017(1)   October 31, 2016
 
                                                       ==================== =================
 
<S>                                                    <C>                  <C>
 
Investment Income
 
Dividends                                                  $    679,202      $   618,282
 
Interest                                                            230               26
 
Less foreign taxes withheld                                     (77,770)         (67,078)
 
                                                           ------------      -----------
 
Total investment income                                         601,662          551,230
 
                                                           ------------      -----------
 
Expenses
 
Investment advisory fees                                        218,226          262,406
 
Transfer agent fees - Investor Shares                            55,774           66,201
 
Transfer agent fees - Institutional Shares(2)                    26,303           38,970
 
Administration fees                                              58,883           54,157
 
Accounting fees - Investor Shares                                16,578           20,271
 
Accounting fees - Institutional Shares(2)                        13,393           19,339
 
Professional fees                                                29,859           57,742
 
Custodian fees                                                   29,667           25,522
 
Shareholder account-related services - Investor
 
Shares                                                           20,106           28,559
 
Shareholder account-related services - Institutional
 
  Shares(2)                                                          86                -
 
Blue sky fees - Investor Shares                                  23,896           18,832
 
Blue sky fees - Institutional Shares(2)                          13,218           17,931
 
Shareholder reporting fees - Investor Shares                      8,620           13,530
 
Shareholder reporting fees - Institutional Shares(2)                377            1,755
 
Trustee/Director fees                                             3,990           31,627
 
Chief Compliance Officer fees                                     4,188           26,852
 
Other expenses                                                   33,680           28,965
 
                                                           ------------      -----------
 
Total expenses                                                  556,844          712,659
 
                                                           ------------      -----------
 
Expenses waived/reimbursed net of amount
 
  recaptured - Investor Shares                                   (1,000)         (25,287)
 
Management fees waived/reimbursed net of amount
 
  recaptured - Investor Shares                                 (201,227)        (246,162)
 
Expenses waived/reimbursed net of amount
 
  recaptured - Institutional Shares(2)                          (46,505)         (73,768)
 
Management fees waived/reimbursed net of amount
 
  recaptured - Institutional Shares(2)                          (16,957)         (16,244)
 
                                                           ------------      -----------
 
Net expenses                                                    291,155          351,198
 
                                                           ------------      -----------
 
Net investment income (Loss)                                    310,507          200,032
 
                                                           ------------      -----------
 
Realized and unrealized gain (loss)
 
Net realized gain (loss) from:
 
Investment securities                                        (1,152,966)         659,763
 
Foreign currency transactions                                   (28,121)         (21,527)
 
                                                           ------------      -----------
 
Net realized gain (loss) on investment securities
 
  and foreign currency transactions                          (1,181,087)         638,236
 
                                                           ------------      -----------
 
Change in net unrealized appreciation/
 
  (depreciation) on:
 
Investment securities                                         6,835,783        2,234,694
 
Foreign currency translations                                       807             (270)
 
                                                           ------------      -----------
 
Change in net unrealized appreciation/
 
  (depreciation) on investment securities, foreign
 
  currencies, and assets and liabilities
 
  denominated in foreign currencies                           6,836,590        2,234,424
 
                                                           ------------      -----------
 
Net realized and unrealized gain (loss)                       5,655,503        2,872,660
 
                                                           ------------      -----------
 
Net increase (decrease) in net assets resulting from
 
  operations                                               $  5,966,010      $ 3,072,692
 
                                                           ============      ===========
 
(1)The Fund changed its fiscal year end to August 31
 
  during the period.
 
(2)See Note 1 in Notes to Financial Statements.
 
</TABLE>
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              49
 
Motley Fool -Emerging Markets -Fund
 
<PAGE>
 

 
Statement of Changes in Net Assets
 

 

 
<TABLE>
 
<CAPTION>
 
                                                        Fiscal Period        Year            Year
 
                                                            Ended           Ended           Ended
 
                                                          August 31,     October 31,     October 31,
 
                                                           2017(1)           2016            2015
 
                                                       =============== =============== ===============
 
<S>                                                    <C>             <C>             <C>
 
Operations:
 
Net investment income (Loss)                           $   310,507     $   200,032     $   320,996
 
Net realized gain (loss) on investment securities and
 
  foreign currency transactions                         (1,181,087)        638,236        (415,250)
 
Change in net unrealized appreciation
 
  (depreciation) on investment securities and
 
  foreign currency translation                           6,836,590       2,234,424      (5,225,391)
 
                                                       ------------    ------------    -----------
 
Net increase (decrease) in net assets resulting from
 
  operations                                             5,966,010       3,072,692      (5,319,645)
 
                                                       ------------    ------------    -----------
 
Dividends to Shareholders:
 
Dividends from net investment income
 
Investor Shares                                           (150,543)       (300,972)       (677,612)
 
Institutional Shares(2)                                    (27,959)        (18,444)        (24,330)
 
                                                       ------------    ------------    -----------
 
Total dividends and distributions                         (178,502)       (319,416)       (701,942)
 
                                                       ------------    ------------    -----------
 
Capital Share Transactions:
 
Proceeds from shares sold
 
Investor Shares (508,484, 228,294 and 426,373
 
  shares, respectively)                                  6,665,378       2,517,000       5,009,661
 
Institutional Shares (132,224, 13,740 and 33,099
 
  shares, respectively)(2)                               1,528,574         147,950         388,538
 
Reinvestment of dividends
 
Investor Shares (13,160, 27,787 and 57,128 shares,
 
  respectively)                                            150,020         300,095         670,684
 
Institutional Shares (2,448, 1,705 and 2,071 shares,
 
  respectively)(2)                                          27,959          18,444          24,330
 
Value of shares redeemed
 
Investor Shares (534,316, 709,020 and 1,392,043
 
  shares, respectively)                                 (6,442,570)     (7,766,303)    (16,320,233)
 
Institutional Shares (309,403, 387 and 3,508 shares,
 
  respectively)(2)                                      (4,132,249)         (4,349)        (41,366)
 
Redemption fees and small-balance account fees
 
Investor Shares                                              1,728           3,403           8,692
 
Institutional Shares                                            61               -               1
 
                                                       ------------    ------------    -----------
 
Net increase (decrease) from capital share
 
  transactions                                          (2,201,099)     (4,783,760)    (10,259,693)
 
                                                       ------------    ------------    -----------
 
Total increase (decrease) in net assets                  3,586,409      (2,030,484)    (16,281,280)
 
                                                       ------------    ------------    -----------
 
Net Assets:
 
Beginning of Period                                     30,869,422      32,899,906      49,181,186
 
                                                       ------------    ------------    -----------
 
End of Period*                                         $34,455,831     $30,869,422     $32,899,906
 
                                                       ============    ============    ===========
 
*Including undistributed net investment income         $   284,107     $   178,488     $   319,399
 
                                                       ============    ============    ===========
 
(1)The Fund changed its fiscal year end to August 31 during the
 
period.
 
(2)see Note 1 in Notes to Financial Statements.
 
</TABLE>
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
50
 
                                             Motley Fool -Emerging Markets -Fund
 
<PAGE>
 

 
Financial Highlights
 

 
(for a share outstanding throughout each period)
 

 
<TABLE>
 
<CAPTION>
 
                           Fiscal Period
 
                               Ended                                                                    Period Ended
 
                            August 31,                      Years Ended October 31,                     October 31,
 
                          --------------   ---------------------------------------------------------   -------------
 
 Investor Shares+           2017(1)(2)         2016           2015           2014           2013         2012(3)(4)
 
-----------------------   --------------   ------------   ------------   ------------   ------------   -------------
 
<S>                       <C>              <C>            <C>            <C>            <C>            <C>
 
Net Asset Value,
 
  Beginning of Period        $  11.93        $  10.88       $  12.61       $  12.66       $  10.94       $  10.00
 
                             --------                       --------       --------       --------       --------
 
Income (Loss) From
 
  Investment
 
  Operations
 
  Net Investment
 
   Income (Loss)(5)             0.12             0.07           0.09          0.16           0.13           0.18
 
  Net Gain (Loss) on
 
   Securities
 
   (Realized and
 
   Unrealized)                  2.38             1.09        (  1.63)       (  0.12)         1.73           0.77
 
                             --------        --------       --------       --------       --------       --------
 
Total From
 
  Investment
 
  Operations                    2.50             1.16        (  1.54)         0.04           1.86           0.95
 
                             --------        --------       --------       --------       --------       --------
 
Less Distributions
 
  Net Investment
 
   Income                     (  0.07)        (  0.11)       (  0.19)       (  0.08)       (  0.15)       (  0.01)
 
  Net Realized
 
   Capital Gains                    -               -              -        (  0.02)             -              -
 
                             --------        --------       --------       --------       --------       --------
 
Total Distributions           (  0.07)        (  0.11)       (  0.19)       (  0.10)       (  0.15)       (  0.01)
 
                             --------        --------       --------       --------       --------       --------
 
Redemption and
 
  Small-Balance
 
  Account Fees                      -*              -*             -*         0.01           0.01               -*
 
                             ---------       ---------      ---------      --------       --------       ---------
 
Net Asset Value, End
 
  of Period                  $  14.36        $  11.93       $  10.88       $  12.61       $  12.66       $  10.94
 
                             ========        ========       ========       ========       ========       ========
 
Total Return(6)(7)              21.06%        ( 10.76%)      ( 12.33%)         0.47%         17.32%          9.52%
 
Net Assets, End of
 
  Period (thousands)         $ 34,456        $ 28,776       $ 31,160       $ 47,566       $ 40,119       $ 19,272
 
Ratios/Supplemental
 
  Data
 
Ratio of Expenses to
 
  Average Net Assets             1.15%           1.15%          1.13%          1.24%          1.35%          1.35%
 
Ratio of Expenses to
 
  Average Net Assets
 
  (Before Waivers and
 
  Reimbursement of
 
  Expenses and/or
 
  Recapture of
 
  Previously Waived
 
  Fees)                          2.00%           2.09%          1.84%          1.88%          2.60%          4.13%
 
Ratio of Net
 
  Investment Income
 
  (Loss) to Average
 
  Net Assets                     1.17%           0.64%          0.80%          1.29%          1.15%          1.75%
 
</TABLE>
 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              51
 
Motley Fool Emerging Markets -Fund
 
<PAGE>
 

 
Financial Highlights
 

 

 
<TABLE>
 
<CAPTION>
 
                         Fiscal Period
 
                             Ended                                                                Period Ended
 
                          August 31,                    Years Ended October 31,                   October 31,
 
                        --------------   -----------------------------------------------------   -------------
 
 Investor Shares+         2017(1)(2)         2016          2015         2014          2013         2012(3)(4)
 
---------------------   --------------   ------------   ----------   ----------   ------------   -------------
 
<S>                     <C>              <C>            <C>          <C>          <C>            <C>
 
Ratio of Net
 
  Investment Income
 
  (Loss) to Average
 
  Net Assets (Before
 
  Waivers and
 
  Reimbursement of
 
  Expenses and/or
 
  Recapture of
 
  Previously Waived
 
  Fees)                       0.32%          (0.30%)        0.09%        0.66%        (0.10%)        (1.03%)
 
Portfolio Turnover              21%             54%           20%          25%           26%            17%
 
</TABLE>
 

 
* Amount represents less than $0.005 per share.
 
+ Effective June 30, 2017, Institutional Shares of the Fund were liquidated.
 
  -See Note 1 in Notes to Financial Statements.
 
(1) The Fund changed its fiscal year end to August 31 during the period. All
 
    ratios for the fiscal period have been annualized. -Total return and
 
    portfolio turnover for the fiscal period have not been annualized.
 
(2) Effective as of December 21, 2016, the Fund acquired all the assets and
 
    liabilities of the Motley Fool -Epic Voyage -Fund, a series of The Motley
 
    Fool Funds Trust (the "Predecessor Fund"). The financial highlights for
 
    the periods prior to that date reflect the performances of the Predecessor
 
    Fund.
 
(3) Inception date of the -Emerging Markets Fund was November 1, 2011. All
 
    ratios for the period have been annualized. Total return and portfolio
 
    turnover for -the period have not been annualized.
 
(4) Because of commencement of operations and related preliminary transaction
 
    costs, these ratios are not necessarily indicative of future ratios.
 
(5) Per share data calculated using average shares outstanding method.
 
(6) During the -years ended October 31, 2014 and October 31, 2013, -0.08% and
 
    -0.09%, respectively -of the Fund's total return was attributable to
 
    redemption and small-balance account fees received as referenced in Note
 
    4. Excluding this item, the total return would have been 0.39% and
 
    -17.23%, respectively. For the -fiscal year -ended August 31, 2017, years
 
    ended October 31, 2016 and October 31, 2015, and the -period ended October
 
     31, 2012, redemption and small-balance account fees received -had no
 
effect on the Fund's total return.
 
(7) Total return reflects the rate an investor would have earned on an
 
    investment in the Fund during -the period. -
 

 

 
   The accompanying notes are an integral part of these financial statements.
 
--------------------------------------------------------------------------------
 
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52
 
                                              Motley Fool Emerging Markets -Fund
 
<PAGE>
 

 
Notes to Financial Statements
 

 
1. Organization:
 

 
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-seven active investment portfolios,
 
including Motley Fool Independence Fund ("Independence Fund"), Motley Fool
 
Great America Fund ("Great America Fund") and Motley Fool Emerging Markets Fund
 
("Emerging Markets Fund") (formerly known as Motley Fool Epic Voyage Fund)
 
(each a "Fund" and together the "Funds"), which became series of RBB at the
 
close of business on -December 21, 2016. As of August 31, 2017, - -Independence
 
Fund and Great America Fund each offered two classes of shares, Investor and
 
Institutional. Emerging Markets Fund offered one class of shares, Investor.
 
Effective August 1, 2017, the Funds changed its fiscal year end from October 31
 
to August 31.
 

 

 
Prior to December 21, 2016, Independence Fund, Great America Fund, and Emerging
 
Markets Fund were diversified series (the "Predecessor Funds") of The Motley
 
Fool Funds Trust (the "Trust"), an open-end management investment company (or
 
mutual fund) organized on November 7, 2008, as a statutory trust under the laws
 
of the State of Delaware. Each of the Predecessor Funds was reorganized into
 
its corresponding Fund on December 21, 2016 (the "Reorganization"). - As a
 
result of the Reorganization, the performance and accounting history of each
 
Predecessor Fund was assumed by its corresponding Fund. - Performance and
 
accounting information prior to December 21, 2016 included herein is that of
 
the relevant Predecessor Fund.
 

 

 
Based -on the recommendation of -the Adviser and such other factors and events
 
as deemed relevant, the Board of Directors -of the Company -(the "Board")
 
approved the termination of the Institutional -Shares of the Motley Fool
 
Emerging Markets Fund -as of June 30, 2017. The Institutional -Shares of the
 
Fund -closed to all new and existing shareholders on May 2, 2017. Institutional
 
-shareholders of the Fund -had the right to exchange their Institutional Shares
 
for Investor -Shares of the Fund, or to redeem their investment in
 
Institutional -Shares by June 30, 2017. Any Institutional -Shares of the Fund
 
that -were not exchanged for Investor -Shares of the Fund, or redeemed, by June
 
30, 2017, -were liquidated and the proceeds returned to the shareholder. All
 
shares were liquidated.
 

 

 
The investment objective of each Fund is to achieve long-term capital
 
appreciation. The Independence Fund pursues its objective by investing
 
primarily in common stocks of U.S. companies and of companies that are
 
organized under the laws of other countries around the world. The Great America
 
Fund pursues its objective by investing primarily in common stocks of companies
 
that are organized in the United States and that are
 

 

 
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                                                                              53
 
A series of The RBB Fund, Inc.
 
<PAGE>
 

 
engaged in a broad range of industries. The Emerging Markets Fund pursues its
 
objective by investing primarily in common stocks of -companies organized in
 
emerging market foreign countries.
 

 

 
In the normal course of business, the Funds may enter into contracts that
 
provide general indemnifications. Each 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 for such claims is considered remote.
 

 

 
2. Significant Accounting Policies:
 

 

 
Basis of Preparation
 

 
The policies described below are followed consistently by the Funds in the
 
preparation of their financial statements in conformity with accounting
 
principles generally accepted in the United States of America ("U.S. GAAP") for
 
U.S. mutual funds. The Funds operate as an investment company and accordingly
 
follow the investment company accounting and reporting guidance of the
 
Financial Accounting Standards Board ("FASB") Accounting Standards Codification
 
Topic 946 Financial Services - Investment Companies.
 

 

 
The preparation of financial statements in accordance with U.S. GAAP requires
 
management to make estimates and assumptions that affect the reported amounts
 
and disclosures. Actual results could differ from those estimates.
 

 

 
Portfolio -Valuation
 

 
Securities held by -a Fund -are generally valued at market value as of the
 
close of regular trading on each business day (generally 4 pm Eastern time)
 
that the New York Stock Exchange ("NYSE") is open. Securities, other than stock
 
options, listed on the NYSE or other exchanges are valued on the basis of the
 
last quoted sale price on the exchange on which they are primarily traded.
 
However, if the last sale price on the NYSE is different from the last sale
 
price on any other exchange, the NYSE price will be used. If there are no sales
 
on that day, then the securities are valued at the bid price on the NYSE or
 
other primary exchange for that day. Securities traded in the OTC market are
 
valued on the basis of the last sales price as reported by NASDAQ. If there are
 
no sales on that day, then the securities are valued at the mean between the
 
closing bid and asked prices as reported by NASDAQ. Stock options and stock
 
index options traded on national securities exchanges or on NASDAQ are valued
 
at the mean between the latest bid and asked prices for such options.
 
Securities for which market quotations are not readily available or whose
 
values have been affected by events occurring before the Funds' pricing time
 
but after the close of the securities markets, and other assets are valued at
 
fair value as determined pursuant to procedures adopted in good faith by the
 
Board. Debt securities that mature in fewer than 60 days are valued at
 
amortized cost, which approximates market value -(unless the Board determines
 
that this method does not
 

 

 
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54
 
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<PAGE>
 

 
represent fair value), if their original maturity was 60 days or less or by
 
amortizing the value as of the 61st day before maturity, if their original term
 
to maturity exceeded 60 days.
 

 

 
When fair value pricing is employed, the prices of securities used by a Fund to
 
calculate its net asset value (the "NAV") may differ from quoted or published
 
prices for the same securities.
 

 
[GRAPHIC OMITTED]
 

 

 
   You'd think that it would be easy to determine what a share of the Fund is
 
         worth - just add up the value of everything it holds, and then divide
 
         by the number of shares. It's not that simple, though. Some foreign
 
         markets have different operating hours (when it's daytime in Chicago,
 
         for example, it is night in Shanghai). That means that when we
 
         calculate a Fund's value at the end of the day, the market quotations
 
         for some of the securities held by the Fund could be several hours
 
         old, and intervening events may have affected what the stocks are
 
         worth. In addition, characteristics of the relevant markets and stocks
 
         might, in some cases, cast doubt on a particular valuation. For these
 
         reasons, we may rely on a pricing service to determine the value of
 
         particular securities. It is possible that when a Fund buys or sells
 
         the securities, the price on the real market will be different from
 
     the value used for the fair-value pricing.
 
The values of securities held by the Funds and other assets used in computing
 
NAV are generally determined as of the time trading in such securities is
 
completed each day, which, in the case of foreign securities, generally occurs
 
at various times before the close of the NYSE. Trading in securities listed on
 
foreign securities exchanges are valued at the last sale or, if no sales are
 
reported, at the bid price as of the close of the exchange, subject to possible
 
adjustment as described in the Prospectus. Foreign currency exchange rates are
 
also generally determined before the close of the NYSE. On occasion, the values
 
of such securities and exchange rates may be affected by events occurring
 
between the time as of which determinations of such values or exchange rates
 
are made and the close of the NYSE. When such events materially affect the
 
value of securities held by the Funds or their liabilities, such securities and
 
liabilities will be valued at fair value in accordance with procedures adopted
 
in good faith by the Board. In this regard, the Company has retained a
 
third-party fair-value pricing service to quantitatively analyze the price
 
movement of the Funds' holdings on foreign exchanges and to automatically
 
determine fair value if the variation from the prior day's closing price
 
exceeds specified parameters. As of August 31, 2017, such price movements for
 
certain securities had exceeded specified parameters and the third-party
 
fair-value service quantitatively fair valued the affected securities. The
 
Board will review and monitor the methods used by the service to assure itself
 
that securities are valued at their fair values. The values of any assets and
 
liabilities initially expressed in foreign currencies will be converted to U.S.
 
dollars based on exchange rates supplied by a quotation service.
 

 

 
--------------------------------------------------------------------------------
 
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                                                                              55
 
A series of The RBB Fund, Inc.
 
<PAGE>
 

 
Fair Value Measurements
 

 
The Financial Accounting Standards Board ("FASB") "Fair Value Measurements and
 
Disclosures" defines fair value as the price that a Fund would receive upon
 
selling an investment in an orderly transaction to an independent buyer in the
 
principal market, or in the absence of a principal market, the most
 
advantageous market for the investment. Valuation techniques should maximize
 
the use of observable market data and minimize the use of unobservable inputs.
 
Inputs refer broadly to the assumptions that market participants would use in
 
pricing an asset. Inputs may be observable or unobservable. Observable inputs
 
are inputs that reflect the assumptions market participants would use in
 
pricing the asset or liability developed based on market data obtained from
 
sources independent of the reporting entity. Unobservable inputs are inputs
 
that reflect the reporting entity's own assumptions about the assumptions
 
market participants would use in pricing the asset or liability developed based
 
on the best information available in the circumstances.
 

 

 
Fair value measurements utilize a hierarchy based on the observability of
 
inputs used to establish fair value.
 

 

 
Investment assets reported at fair value are classified based on the lowest
 
level input that is significant to fair value:
 

 

 
Level 1 - quoted prices in active markets for identical securities
 

 
Investments whose values are based on quoted market prices in active markets,
 
and whose values are therefore classified as Level 1 prices, include active
 
listed domestic and foreign equity securities.
 

 

 
Level 2 - observable inputs other than Level 1 (including quoted prices for
 
similar securities, interest rates, prepayment speeds, credit risk, etc.)
 

 

 
Investments that trade in markets that are not considered to be active, but
 
whose values are based on quoted market prices, dealer quotations or valuations
 
provided by alternative pricing sources supported by observable inputs are
 
classified as Level 2 prices. These generally include investment grade
 
corporate bonds and less liquid listed domestic and foreign equity securities.
 

 

 
Level 3 - significant unobservable inputs (including the Fund's own assumptions
 
in determining the fair value of investments)
 

 

 
Investments whose values are classified as Level 3 prices have significant
 
unobservable inputs, as they may trade infrequently or not at all.
 

 

 
The Independence Fund and the -Emerging Markets Fund -had significant transfers
 
between Level 1 to Level 2 of - $13,357,445 and $1,577,025 respectively, and
 
between Level -2 -to Level -1 of $651,413 and $173,469 -respectively, during
 
the -fiscal period -ended August 31, 2017 -due to fair value pricing.
 

 

 
--------------------------------------------------------------------------------
 
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56
 
                                                  A series of The RBB Fund, Inc.
 
<PAGE>
 

 
The Great America -Fund -did not have any -transfers between Level 1 and Level
 
2 -during the -fiscal period -ended August 31, 2017.
 

 

 
The following is a summary of the inputs used in valuing the assets and
 
liabilities carried at fair value as of -August 31, 2017:
 

 
<TABLE>
 
<CAPTION>
 
                                                    Independence
 
                                                        Fund
 
                                                  ================
 
 Valuation Inputs                                       Value
 
===============================================   ================
 
<S>                                               <C>
 
Level 1 - Quoted Prices
 
  U.S. Common Stocks                              $ 202,181,769
 
  Foreign Common Stocks
 
   Banks                                             18,993,758
 
   Heath Care Equipment & Supplies                   14,331,979
 
   Food Products                                      4,959,261
 
   Internet & Catalog Retail                          7,501,410
 
   Internet Software & Services                       9,417,871
 
   Life Sciences Tools & Services                     6,737,809
 
   Media                                              8,703,756
 
   Multiline Retail                                   6,453,830
 
   Semiconductors & Semiconductor Equipment           7,948,550
 
   Temporary Cash Investment                         11,090,471
 
  Total Level 1                                     298,320,464
 
Level 2 - Other Significant Observable Inputs
 
  Foreign Common Stocks
 
   Banks                                             11,754,961
 
   Food Products                                      5,823,599
 
   Health Care Providers & Services                  15,365,041
 
   Internet & Catalog Retail                          5,779,974
 
   Internet Software & Services                      11,361,512
 
   Leisure Products                                   5,674,208
 
   Machinery                                          4,779,349
 
   Software                                          11,787,506
 
   Transportation Infrastructure                      7,663,812
 
   Wireless Telecommunication Services                7,815,477
 
  Participatory Notes                                12,693,631
 
  Total Level 2                                     100,499,070
 
Level 3 - Significant Unobservable Inputs                     -
 
Total Value of Investments                        $ 398,819,534
 
</TABLE>
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              57
 
A series of The RBB Fund, Inc.
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                                    Great America
 
                                                        Fund
 
                                                  ================
 
 Valuation Inputs                                       Value
 
===============================================   ================
 
<S>                                               <C>
 
Level 1 - Quoted Prices
 
  U.S. Common Stocks                              $ 218,550,977
 
  Temporary Cash Investment                          12,500,675
 
Level 2 - Other Significant Observable Inputs                 -
 
Level 3 - Significant Unobservable Inputs                     -
 
Total Value of Investments                        $ 231,051,652
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                                   Emerging Markets
 
                                                         Fund
 
                                                  =================
 
 Valuation Inputs                                       Value
 
===============================================   =================
 
<S>                                               <C>
 
Level 1 - Quoted Prices
 
  Foreign Common Stocks
 
   Banks                                             $ 3,730,931
 
   Consumer Finance                                    1,309,283
 
   Diversified Telecommunication Services                482,444
 
   Food Products                                         916,481
 
   Health Care Equipment & Supplies                    1,050,931
 
   Health Care Providers & Services                    1,392,379
 
   Internet & Catalog Retail                           1,430,310
 
   Internet Software & Services                        2,232,849
 
   Media                                                 714,774
 
   Multiline Retail                                    1,228,751
 
   Semiconductors & Semiconductor Equipment            1,201,525
 
   Transportation Infrastructure                       3,538,229
 
   Wireless Telecommunication Services                   991,736
 
   Temporary Cash Investment                           2,930,469
 
  Total Level 1                                       23,151,092
 
Level 2 - Other Significant Observable Inputs
 
  Foreign Common Stocks
 
   Banks                                               1,340,197
 
   Beverages                                             872,600
 
   Food & Staples Retailing                              355,092
 
   Health Care Providers & Services                    2,177,122
 
   Internet Software & Services                        1,918,833
 
</TABLE>
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
58
 
                                                  A series of The RBB Fund, Inc.
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
                                                Emerging Markets
 
                                                      Fund
 
                                               =================
 
 Valuation Inputs                                    Value
 
============================================   =================
 
<S>                                            <C>
 
   Real Estate Management & Development           $   588,755
 
   Software                                         1,552,378
 
   Transportation Infrastructure                    2,456,134
 
   Participatory Notes                              1,476,606
 
  Total Level 2                                    12,737,717
 
Level 3 -  Significant Unobservable Inputs                  -
 
Total Value of Investments                        $35,888,809
 
</TABLE>
 

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

 

 
Dividends and Distributions
 

 
[GRAPHIC OMITTED]
 

 

 
   When a Fund pays a dividend or other distribution, its net asset value (NAV)
 
         per share will decline by the per-share amount of the distribution.
 
         Investors are no poorer for this "distribution drop," however. As this
 
         section explains, investors may elect to reinvest their dividend and
 
         distribution payments. Doing so would allow them to acquire additional
 
         shares at the post-distribution NAV per share. They may also choose to
 
         receive a check in the amount of their portion of the dividend or
 
     distribution.
 
Each Fund pays dividends from its net investment income and distributes any net
 
capital gains that it realizes. Dividends and capital gains distributions are
 
generally paid once a year and as required to comply with federal excise tax
 
requirements. Distributions to shareholders are determined in accordance with
 
tax regulations and recorded on ex dividend date. All dividends and other
 
distributions will be reinvested in Fund shares unless a shareholder chooses
 
either to (1) receive dividends in cash, while reinvesting capital gains
 
distributions in additional Fund shares; or (2) receive all distributions in
 
cash. Additionally, each Fund reports details of distribution-related
 
transactions on quarterly account statements. You may not receive a separate
 
confirmation statement for these transactions.
 

 

 
Securities Transactions, Investment Income and Expenses
 

 
Securities transactions are accounted for as of the trade date. Costs used in
 
determining realized gains and losses on the sales of investment securities are
 
on the basis of identified cost. Dividend income is recorded on the ex-dividend
 
date. Interest income is recorded on an accrual basis. Discount and premium are
 
amortized using the effective interest method. Expenses directly attributable
 
to a Fund are directly charged to that Fund. Common expenses of the Company are
 
allocated using methods approved by the Board. Income, expense (other than
 
expenses attributable to a specific class) and
 

 

 
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                                                                              59
 
A series of The RBB Fund, Inc.
 
<PAGE>
 

 
realized and unrealized gains are allocated to each class of shares based on
 
its relative net assets. Withholding taxes on foreign dividends have been
 
provided for in accordance with the Funds' understanding of the applicable
 
country's tax rules and rates.
 

 

 
Foreign Currency Translation
 

 
The books and records of the Funds are maintained in U.S. dollars as follows:
 
(1) the values of investment securities and other assets and liabilities stated
 
in foreign currencies are translated at the exchange rates prevailing at the
 
end of the period; and (2) purchases, sales and income are translated at the
 
rates of exchange prevailing on the respective dates of such transactions.
 
Transaction gains or losses resulting from changes in exchange rates during the
 
reporting period or upon settlement from foreign currency transactions are
 
reported in the Statements of Operations for the current period. The Funds do
 
not isolate the portion of gains and losses on investments.
 

 

 
3. Investment Policies and Practices:
 

 
The sections below describe some of the different types of investments that may
 
be made by the Funds and the investment practices in which the Funds may
 
engage.
 

 
[GRAPHIC OMITTED]
 

 

 
   When we say that the Funds may invest in other types of securities and in
 
         other asset classes, the "may" is well worth emphasizing, as the
 
         Fund's primary focus is the common stock companies that the Adviser
 
         believes are both promising and undervalued.
 

 
Foreign Securities
 

 
The Independence Fund and -Emerging Markets -Fund invest, and the Great America
 
Fund may invest, in equity and fixed-income securities of foreign companies,
 
including companies located in both developed and emerging-market countries.
 
Investment in foreign securities may include the purchase of American
 
Depositary Receipts ("ADRs") and other depositary receipts (European Depositary
 
Receipts ("EDRs") and Global Depositary Receipts ("GDRs")) that represent
 
indirect interests in securities of foreign issuers. A significant portion of a
 
Fund's exposure to foreign investments may be composed of such investments.
 
Investments in foreign securities are affected by risk factors generally not
 
associated with investments in the securities of U.S. companies in the U.S.
 
With respect to such securities, there may be more limited information publicly
 
available concerning the issuer than would be the case with respect to domestic
 
securities, foreign issuers may use different accounting standards, and foreign
 
trading markets may not be as liquid as are U.S. markets. Foreign securities
 
also involve such risks as currency risks, possible imposition of withholding
 
or confiscatory taxes, possible currency transfer restrictions, expropriation
 
or other adverse political or economic developments, and the difficulty of
 
enforcing obligations in other countries. These risks may be greater in
 
emerging-market countries and in less-developed
 

 

 
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60
 
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<PAGE>
 

 
countries.
 

 
[GRAPHIC OMITTED]
 

 

 
   If a Fund holds a foreign stock, and the stock is traded on a foreign
 
         exchange, with its price denominated in that foreign currency, the
 
         value of the stock will change, for the Fund, whenever the relative
 
         value of the U.S. dollar and that foreign currency change. To take an
 
         imaginary example, if the Fund holds shares in Ruritania Telecom,
 
         traded on the Ruritanian Stock Exchange, those shares will be worth
 
         more to the Fund if the value of the Ruritanian ploof increases
 
         against the U.S. dollar, and vice versa, all other things being equal.
 

 
The purchase of securities denominated in foreign currencies will subject the
 
value of the Funds' investments in those securities to fluctuations caused by
 
changes in foreign exchange rates. To hedge against the effects of changes in
 
foreign exchange rates, the Funds may enter into forward foreign currency
 
exchange contracts ("forward contracts"). These contracts represent agreements
 
to exchange an amount of currency at an agreed-upon future date and rate. The
 
Funds will generally use forward contracts only to "lock in" the price in U.S.
 
dollars of a foreign security that a Fund plans to purchase or to sell. In
 
certain limited cases, it may use such contracts to hedge against an
 
anticipated substantial decline in the price of a foreign currency against the
 
U.S. dollar that would adversely affect the U.S. dollar value of foreign
 
securities held by the Fund. Forward contracts will not be used in all cases
 
and, in any event, cannot completely protect the Funds against all changes in
 
the values of foreign securities resulting from fluctuations in foreign
 
exchange rates. The Funds will not enter into a forward contract if, as a
 
result, forward contracts would represent more than 20% of a Fund's total
 
assets. For hedging purposes, the Funds may also use options on foreign
 
currencies, which expose the Funds to certain risks.
 

 

 
Some foreign securities are traded in the U.S. in the form of ADRs. ADRs are
 
receipts typically issued by a U.S. bank or Company company evidencing
 
ownership of the underlying securities of foreign issuers. EDRs and GDRs are
 
receipts typically issued by foreign banks or -trust companies, evidencing
 
ownership of underlying securities issued by either a foreign or U.S. issuer.
 
Generally, depositary receipts in registered form are designed for use in the
 
U.S. and depositary receipts in bearer form are designed for use in securities
 
markets outside the U.S. Depositary receipts may not necessarily be denominated
 
in the same currency as the underlying securities into which they may be
 
converted. Depositary receipts generally involve the same risks as other
 
investments in foreign securities. However, holders of ADRs and other
 
depositary receipts may not have all the legal rights of shareholders and may
 
experience difficulty in receiving shareholder communications.
 

 

 
Types of Fixed-Income Securities
 
A Fund may invest in bonds and other types of debt obligations of U.S. and
 
foreign issuers. Fixed income securities purchased by a Fund may include, among
 
others, bonds, notes, and debentures issued by corporations; debt securities
 
issued or
 

 

 
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                                                                              61
 
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<PAGE>
 

 
guaranteed by the U.S. government or one of its agencies or instrumentalities
 
("U.S. Government Securities"); municipal securities; mortgage-backed and
 
asset-backed securities; and debt securities issued or guaranteed by foreign
 
governments, their agencies, instrumentalities, or political subdivisions, or
 
by government-owned,
 
-controlled, or -sponsored entities, including central banks. These investments
 
also include money market instruments and other types of obligations. Investors
 
should recognize that, although securities ratings issued by Standard &
 
Poor's(R) Ratings Services ("S&P"), a division of The McGraw-Hill Companies,
 
Inc., and Moody's Investors Services(C), Inc. ("Moody's"), provide a generally
 
useful guide as to credit risks, they do not offer any criteria to evaluate
 
interest rate risk. Changes in interest rate levels generally cause
 
fluctuations in the prices of fixed-income securities and will, therefore,
 
cause fluctuations in the NAV per share of a Fund. Subsequent to the purchase
 
of a fixed-income security by a Fund, the ratings or credit quality of such
 
security may deteriorate. Any such subsequent adverse changes in the rating or
 
quality of a security held by a Fund would not require a Fund to sell the
 
security.
 

 

 
Participatory Notes
 

 
A participatory note, as used by a Fund, is an instrument used by investors to
 
obtain exposure to an equity investment, including common stocks and warrants,
 
in a local market where direct ownership is not permitted (or is impractical.)
 
In countries where direct ownership by a foreign investor, such as a Fund, is
 
not allowed by local law, such as Saudi Arabia, an investor may gain exposure
 
to the market through a participatory note, which derives its value from a
 
group of underlying equity securities. A participatory note is intended
 
(disregarding the effect of any fees and expenses) to reflect the performance
 
of the underlying equity securities on a one-to-one basis so that investors
 
will not normally gain more in absolute terms than they would have made had
 
they invested in the underlying securities directly, and will not normally lose
 
more than they would have lost had they invested in the underlying securities
 
directly.
 

 

 
In addition to providing access to otherwise closed markets, participatory
 
notes can also provide a less expensive option to direct investment (where
 
ownership by foreign investors is permitted) by reducing registration and
 
transaction costs in acquiring and selling local registered shares. The Funds'
 
investment manager also believes that participatory notes can offer greater
 
liquidity in markets that restrict the ability of the Funds to dispose of an
 
investment by either restricting transactions by size or requiring registration
 
and/or regulatory approvals.
 

 

 
The purchase of participatory notes involves risks that are in addition to the
 
risks normally associated with a direct investment in the underlying
 
securities. The Fund is subject to the risk that the issuer of the
 
participatory note (i.e., the issuing bank or broker-dealer), which is the only
 
responsible party under the note, is unable or refuses to perform under the
 
terms of the participatory note, also known as counterparty risk.
 

 

 
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While the holder of a participatory note is entitled to receive from the bank
 
or broker-dealer any dividends or other distributions paid on the underlying
 
securities, the holder is not entitled to the same rights as an owner of the
 
underlying securities, such as voting rights.
 

 

 
Participatory notes may not be traded on exchanges, are privately issued, and
 
may be illiquid. To the extent a participatory note is determined to be
 
illiquid, it would be subject to the Fund's limitation on investments in
 
illiquid securities. There can be no assurance that the trading price or value
 
of participatory notes will equal the value of the underlying value of the
 
equity securities they seek to replicate.
 

 

 
Real Estate Investment Trusts
 
Real estate investment trusts -("REITs") are pooled investment vehicles that
 
manage a portfolio of real estate or real estate-related loans to earn profits
 
for their shareholders. REITs are generally classified as equity REITs,
 
mortgage REITs, or a combination of equity and mortgage REITs. Investing in
 
REITs involves certain unique risks in addition to those risks associated with
 
investing in the real estate industry in general. Equity REITs may be affected
 
by changes in the value of the underlying property owned by the REITs, while
 
mortgage REITs may be affected by the quality of the borrower on any credit
 
extended. REITs are dependent upon management skills, may not be diversified
 
geographically or by property type, and are subject to heavy cash-flow
 
dependency, default by borrowers, and self-liquidation. REITs must also meet
 
certain requirements under the Internal Revenue Code of 1986, as amended (the
 
"Code"), to avoid entity level tax and be eligible to pass through certain tax
 
attributes of their income to shareholders. REITs are consequently subject to
 
the risk of failing to meet these requirements for favorable tax treatment and
 
of failing to maintain their exemptions from registration under the 1940 Act.
 
REITs are also subject to the risks of changes in the Code, affecting their tax
 
status.
 

 
REITs (especially mortgage REITs) are also subject to interest rate risks. When
 
interest rates decline, the value of a REIT's investment in fixed-rate
 
obligations can be expected to rise. Conversely, when interest rates rise, the
 
value of a REIT's investment in fixed-rate obligations can be expected to
 
decline. In contrast, as interest rates on adjustable-rate mortgage loans are
 
reset periodically, yields on a REIT's investments in such loans will gradually
 
align themselves to reflect changes in market interest rates, causing the value
 
of such investments to fluctuate less dramatically in response to interest rate
 
fluctuations than would investments in fixed-rate obligations.
 

 
The management of a REIT may be subject to conflicts of interest with respect
 
to the operation of the business of the REIT and may be involved in real estate
 
activities competitive with the REIT. REITs may own properties through joint
 
ventures or in other circumstances in which a REIT may not have control over
 
its investments. REITs may use significant amounts of leverage.
 

 
REITs often do not provide complete tax information until after the end of the
 
calendar year. Consequently, because of the delay, it may be necessary for a
 
Fund, if invested in
 

 

 
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REITs, to request permission to extend the deadline for issuance of Forms
 
1099-DIV beyond January 31. Alternatively, amended Forms 1099-DIV may be sent.
 
During the -fiscal period ended August 31, 2017, the Independence, Great
 
America, and Emerging Markets -Funds invested in REITs.
 

 

 
Temporary Investments
 

 
During periods of adverse market or economic conditions, a Fund may temporarily
 
invest all or a substantial portion of its assets in high-quality, fixed-income
 
securities, money market instruments, and shares of money market mutual funds,
 
or it may hold cash. At such times, a Fund would not be pursuing its stated
 
investment objective with its usual investment strategies. A Fund may also hold
 
these investments for liquidity purposes. Fixed-income securities will be
 
deemed to be of high quality if they are rated "A" or better by S&P or Moody's
 
or, if unrated, are determined to be of comparable quality by the Adviser.
 
Money market instruments are high-quality, short-term fixed income obligations
 
(which generally have remaining maturities of one year or less), and may
 
include U.S. Government Securities, commercial paper, certificates of deposit
 
and banker's acceptances issued by domestic branches of United States banks
 
that are members of the Federal Deposit Insurance Corporation, and repurchase
 
agreements for US. Government Securities. In lieu of purchasing money market
 
instruments, a Fund may purchase shares of money market mutual funds that
 
invest primarily in U.S. Government Securities and repurchase agreements
 
involving those securities, subject to certain limitations imposed by the 1940
 
Act. A Fund, as an investor in a money market fund, will indirectly bear the
 
fees and expenses of the money market fund. These indirect fees and expenses
 
will be in addition to the fees and expenses of the Funds. Repurchase
 
Agreements involve certain risks not associated with direct investments in debt
 
securities.
 

 

 
Securities Lending
 

 
Each Fund may lend its portfolio securities pursuant to a securities lending
 
agreement with the Bank of New York Mellon. The Funds may lend its securities
 
to brokers, dealers, and financial institutions in an amount not exceeding 33
 
1/3% of the value of the Funds total assets. These loans will be secured by
 
collateral (consisting of cash, U.S. Government Securities, or irrevocable
 
letters of credit) maintained in an amount equal to at least 100% of the market
 
value, determined daily, of the loaned securities. The Funds may, subject to
 
certain notice requirements, at any time call the loan and obtain the return of
 
the securities loaned. The Funds will be entitled to payments equal to the
 
interest and dividends on the loaned securities and may receive a premium for
 
lending the securities. The Funds did not lend any portfolio securities during
 
the -fiscal period -ended -August 31, 2017.
 

 

 
--------------------------------------------------------------------------------
 
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4. Fees and Transactions with Related Parties:
 

 

 
Fund Expenses
 

 
Each Fund pays all of its expenses other than those expressly assumed by Motley
 
Fool Asset Management (the "Adviser"). Expenses of each Fund are deducted from
 
the Funds' total income before dividends are paid.
 

 

 
Investment Adviser
 

 
Subject to the supervision of the Board, -the Adviser manages the overall
 
investment operations of the Funds in accordance with the Funds' investment
 
objective and policies and formulates a continuing investment strategy for the
 
Funds pursuant to the terms of the Investment Advisory Agreement between the
 
Adviser and the Company on behalf of the Funds. The Adviser is a wholly owned
 
subsidiary of The Motley Fool Holdings Inc. ("TMF Holdings"), a multimedia
 
financial-services holding company that also owns The Motley Fool, LLC, which
 
publishes investment information and analysis across a wide range of media,
 
including investment newsletter services, websites, and books. TMF Holdings is
 
controlled by David Gardner and Tom Gardner, along with other private
 
shareholders.
 

 

 
Each Fund pays the Adviser a fee that is computed daily and paid monthly at an
 
annual rate of 0.85% of each Fund's average -daily net assets.
 

 

 
The Adviser has contractually agreed to pay, waive or absorb a portion of the
 
operating expenses of the Investor and Institutional Shares of each Fund
 
through the end of February 2018, to the extent necessary to limit the annual
 
operating expenses of the Investor and Institutional Shares of each Fund
 
(excluding brokerage commissions, taxes, interest expense, acquired fund fees
 
and expenses, and any other extraordinary expenses) to an amount not exceeding
 
the rates listed below annually of each Fund's average daily net assets.
 

 

 

 
<TABLE>
 
<CAPTION>
 
                     Expense Limits
 
========================================================
 
<S>                                           <C>
 
Independence Fund - Investor Shares           1.15%
 
Independence Fund - Institutional Shares      0.95%
 
Great America Fund - Investor Shares          1.15%
 
Great America Fund - Institutional Shares     0.95%
 
Emerging Markets Fund - Investor Shares       1.15%
 
</TABLE>
 

 
The Adviser may recover from the Investor and Institutional -Shares of each
 
Fund fees and expenses previously paid, waived, or absorbed for a period of
 
three years after such fees or expenses were incurred, provided that the
 
repayments do not cause the Funds' operating expenses (excluding -brokerage
 
commissions, taxes, interest expense, acquired fund fees and expenses, and any
 
extraordinary expenses) to exceed the expense limits of the Investor and
 
Institutional Class, respectively, of each Fund that were in effect at the
 

 

 
--------------------------------------------------------------------------------
 
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time the fees and expenses were paid, waived, or absorbed by the Adviser, as
 
well as the expense limits that are currently in effect, if different.
 
Previously waived fees subject to future recovery by the Adviser are as
 
follows:
 

 

 

 
<TABLE>
 
<CAPTION>
 
  Independence Fund
 
====================
 
                                     Recovery
 
                                    Available
 
                     ========================================
 
      Period End      Investor Shares   Institutional Shares
 
==================== ================= ======================
 
<S>                  <C>               <C>                    <C>
 
October 2017                 $-               $  14,864
 
October 2018                 $-               $  80,208
 
October 2019                 $-               $  85,311
 
August 2020                  $-               $  83,548
 
Total                        $-               $ 263,931
 
</TABLE>
 

 

 
<TABLE>
 
<S>
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Great America Fund
 
=====================
 
                                      Recovery
 
                                     Available
 
                      ========================================
 
      Period End       Investor Shares   Institutional Shares
 
===================== ================= ======================
 
<S>                   <C>               <C>                    <C>
 
October 2017              $  24,807            $  14,897
 
October 2018              $  18,749            $  85,273
 
October 2019              $  44,651            $  88,812
 
August 2020               $  19,415            $  73,109
 
Total                     $ 107,622            $ 262,091
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Emerging Markets Fund
 
========================
 
                                  Recovery
 
                                  Available
 
                           =======================
 
        Period End          Investor Shares
 
========================   =================
 
<S>                        <C>                 <C>   <C>
 
October 2017                   $  48,584
 
October 2018                   $ 269,503
 
October 2019                   $ 271,449
 
August 2020                    $ 202,227
 
Total                          $ 791,763
 
</TABLE>
 

 
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 -Directors' and Officers' Compensation
 

 
The Directors of the Company receive an annual retainer and meeting fees for
 
meetings attended. Employees of Vigilant Compliance, LLC serve as President,
 
Chief Compliance Officer and Assistant Treasurer of the Company. Vigilant
 
Compliance, LLC is compensated for the services provided to the Company. An
 
employee of RBB serves as Treasurer and Secretary, and is compensated for
 
services provided. Certain employees of U.S. Bancorp Fund Services, LLC serve
 
as officers of the Company. They are not compensated by the Funds or the
 
Company.
 

 

 
Each Trustee of the Trust -who was -not an "interested person," as defined by
 
the 1940 Act, of the Predecessor Funds -was paid an annual retainer of $40,000.
 
-Officers of the Predecessor Funds, all of whom -were members, officers, or
 
employees of the Adviser, or their affiliates, received no compensation from
 
the Trust. -
 

 

 
Other Service Providers
 

 
Administration and Accounting Services
 

 
The Company has entered into an Administration and Accounting Services
 
Agreement with BNY Mellon. Pursuant to the Administration and Accounting
 
Services Agreement, BNY Mellon provides various administrative and accounting
 
services necessary for the operations of the Company and the Funds. Services
 
provided by BNY Mellon include facilitating general Fund management; monitoring
 
the Funds' compliance with federal and state regulations; supervising the
 
maintenance of the Funds' general ledger, the preparation of the Funds'
 
financial statements, the determination of the Funds' daily NAVs, and the
 
payment of dividends and other distributions to shareholders; and preparing
 
specified financial, tax, and other reports. The Funds pay the Administrator an
 
annual fee calculated based upon the Funds' average net assets. The fee is paid
 
monthly. The Funds also reimburse the Administrator for certain out-of-pocket
 
expenses.
 

 
Transfer Agent
 

 

 
BNY Mellon serves as the Funds' transfer agent and dividend disbursing agent.
 
BNY Mellon receives a fee based mainly upon the number of accounts serviced.
 
Certain minimum fees and transaction charges may apply.
 

 

 
For the -fiscal period -ended August 31, 2017 -and the year ended October 31
 
,2016, BNY Mellon received $1,040,514 and $1,229,753, respectively, -in
 
aggregate fees and expenses -from the Funds and the Predecessor Funds for
 
services rendered under the various agreements described above.
 

 

 
Custodian
 

 
BNY Mellon serves as custodian of the Company's assets and is responsible for
 
maintaining custody of the Funds' cash and investments and retaining
 
subcustodians, including in connection with the custody of foreign securities.
 

 

 
--------------------------------------------------------------------------------
 
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                                                                              67
 
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<PAGE>
 

 
Custodian fees for the Funds are calculated based on the average daily gross
 
assets of the Funds. BNY Mellon also receives other transaction based charges
 
and is reimbursed for out-of-pocket expenses.
 

 

 
For the -fiscal period -ended August 31, 2017 -and the year ended October 31,
 
2016,  -BNY Mellon received $123,424 and $126,231, respectively, -in aggregate
 
fees and expenses from the Funds and the Predecessor Funds for services
 
rendered under the custody agreements described above.
 

 

 
Distribution
 

 
Foreside Funds Distributors LLC serves as the principal underwriter of the
 
Funds pursuant to an Underwriting Agreement for the limited purpose of acting
 
as statutory underwriter to facilitate the distribution of shares of the Funds.
 
The Funds do not pay any fees to the Distributor in its capacity as
 
Underwriter. The fees are paid by the Adviser.
 

 

 
Shareholder Account-Related Services
 

 
The Company's Board has authorized it to pay fees to financial intermediaries,
 
including securities dealers, that provide shareholder account-related services
 
to their customers who own shares of the Company's Funds, or to reimburse the
 
Adviser for such expenses it paid on the Company's behalf. - These financial
 
intermediaries generally have omnibus accounts with the Company's Transfer
 
Agent and provide shareholder services or sub-transfer agent services to the
 
shareholders who are their customers. - The fees paid by the Funds for these
 
services will not exceed the fees they would have incurred if customers of the
 
financial intermediaries maintained their accounts directly with the Company. -
 
For the -fiscal period -ended August 31, 2017, -Motley Fool Independence Fund
 
paid $167,090, -Motley Fool Great America Fund paid $120,669 and -Motley Fool
 
Emerging Markets -Fund paid $20,192 for such third-party shareholder
 
account-related services. For the year ended October 31, 2016, Motley Fool
 
Independence Fund paid $225,080, Motley Fool Great America Fund paid $166,025
 
and Motley Fool Emerging Markets Fund paid $28,559 for such third-party
 
shareholder account-related services. These amounts include -what was -paid by
 
the Predecessor Funds.
 

 

 
Redemption Fee
 

 
The Funds charge a redemption fee of 2.00% on proceeds from Shares redeemed or
 
exchanged within 90 days following their acquisition. The redemption fee is
 
calculated as a percentage of the net asset value of the total redemption
 
proceeds and is retained by the Funds and accounted for as additional paid-in
 
capital. Certain exceptions to the imposition of the redemption fee exist.
 
Please see the Funds' prospectus for more information.
 

 

 
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<PAGE>
 

 
Small-Balance Account -Fee
 
The Funds charge a small-balance account fee of $24 annually if the value of an
 
-account -is less than $10,000. The fee is assessed by redeeming shares from
 
that -account. Certain exceptions to the imposition of the small-balance
 
account fee exist. Please see the Funds' prospectus for more information.
 

 

 
Transactions with Affiliates -
 

 
Advisers to investment companies, including Motley Fool Funds, are permitted
 
under 17a-7 of the 1940 Act to purchase or sell securities directly between
 
affiliated clients. - When affecting these "cross" transactions, Rule 17a-7
 
imposes restrictions on how the trades are processed and reported. The
 
specified conditions within Rule 17a-7 are outlined in procedures established
 
by or under the direction of the Board of Directors. - The procedures have been
 
designed to provide assurance that any purchase or sale of securities by the
 
Fund from or to another Fund complies with Rule 17a-7 under the 1940 Act.
 

 

 
For the -fiscal period ended -August 31, 2017, the Funds and the Predecessor
 
Funds did not engage in any -security transactions with affiliates.
 

 

 
5. Control Persons and Principal Holders (Unaudited):
 

 
Any person beneficially owning, directly or indirectly, more than 25% of the
 
outstanding shares of a Fund is presumed to control the Fund. Through the
 
exercise of voting rights with respect to shares of the Fund, such a person may
 
be able to determine the outcome of shareholders voting on matters as to which
 
the approval of shareholders of the Fund is required. Principal holders are
 
persons who own of record or are known by -the Fund to own beneficially 5% or
 
more of the outstanding shares of the Fund. As of August 31, 2017, -the
 
following individuals owned 5% or more of the Funds:
 

 

 

 
<TABLE>
 
<CAPTION>
 
         Independence Fund
 
=================================
 
               Name                  % of Shares
 
=================================   ============
 
<S>                                 <C>
 
Charles Schwab & Co. Inc.               32.82%
 
National Financial Services LLC         24.87%
 
TD Ameritrade Inc.                      12.07%
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
        Great America Fund
 
=================================
 
               Name                  % of Shares
 
=================================   ============
 
<S>                                 <C>
 
Charles Schwab & Co. Inc.               31.92%
 
National Financial Services LLC         25.99%
 
</TABLE>
 

 
--------------------------------------------------------------------------------
 
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<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Great America Fund
 
=====================
 
         Name            % of Shares
 
=====================   ============
 
<S>                     <C>
 
TD Ameritrade Inc.          10.57%
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
       Emerging Markets Fund
 
=================================
 
               Name                  % of Shares
 
=================================   ============
 
<S>                                 <C>
 
National Financial Services LLC         25.52%
 
Charles Schwab & Co. Inc.               21.46%
 
TD Ameritrade Inc.                      12.03%
 
</TABLE>
 

 
6. Investment Transactions:
 

 

 
For the -fiscal period -ended August 31, 2017, the cost of purchases and
 
proceeds from sales and maturities of investment securities for the Funds and
 
the Predecessor Funds were as follows:
 

 

 

 
<TABLE>
 
<CAPTION>
 
                      Cost of Purchases and Proceeds from Sales and Maturities of Long-Term Securities
 
                                           (other than Temporary Cash Investments)
 
=============================================================================================================================
 
                                       Fund                                          Purchases    Sales and Maturity Proceeds
 
================================================================================ =============== ============================
 
<S>                                                                              <C>             <C>
 
Independence Fund                                                                $ 138,542,283           $ 178,097,757
 
Great America Fund                                                                  52,308,830              76,064,059
 
Emerging Markets Fund                                                                6,133,266               9,340,701
 
</TABLE>
 

 
7. Shares of Common Stock:
 

 

 
RBB has authorized capital of one hundred billion shares of common stock at a
 
par value of $0.001 per share, of which 84.923 billion shares are currently
 
classified into one hundred and seventy-six classes of common stock. Each class
 
represents an interest in an active or inactive RBB investment portfolio.
 

 

 
8. Federal Income Taxes:
 

 
Each Fund intends to qualify as a regulated investment company ("RIC") under
 
Subchapter M of the Code. If so qualified, a Fund will not be subject to
 
federal income tax on that part of its net investment income and net capital
 
gains that it distributes to its shareholders. Certain federal income and
 
excise taxes would be imposed on a Fund if it fails to make certain required
 
distributions of its income to shareholders. The Funds intend, however, to make
 
distributions in a manner that will avoid the imposition of
 

 

 
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<PAGE>
 

 
any such taxes. For this reason, no provision for excise or income taxes is
 
required. Each Fund is treated as a separate entity for federal income tax
 
purposes.
 

 

 
The -Funds may be subject to -taxes imposed by countries in which they invest
 
in issuers existing or operating in such countries. Such taxes are generally
 
based on income earned. The Funds accrue such taxes when the related income is
 
earned. - Dividend and interest income is recorded net of non-U.S. taxes paid.
 

 

 
Net investment income (loss) and net realized gains (losses) may differ for
 
financial statements and tax purposes primarily due to differing treatments for
 
-foreign currency transactions, investments in partnerships and Passive Foreign
 
Investment Companies ("PFICs"), and loss deferrals due to wash sales and
 
qualified late-year losses.
 

 

 
Distribution of the Funds and/or the Predecessor Funds , as applicable, during
 
the -fiscal period -ended -August 31, 2017, the year ended -October 31, 2016
 
and the year ended October 31, 2015, were characterized as follows for tax
 
purposes:
 

 

 

 
<TABLE>
 
<CAPTION>
 
  Independence Fund
 
====================
 
                          Ordinary         Long-Term
 
     Tax Year End          Income        Capital Gain
 
====================   ==============   ==============
 
<S>                    <C>              <C>              <C>
 
2017                    $   799,221      $ 9,643,760
 
2016                    $    48,712      $   169,411
 
2015                    $ 1,957,567      $ 6,957,635
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Great America Fund
 
=====================
 
                          Ordinary        Long-Term
 
     Tax Year End          Income       Capital Gain
 
=====================   ============   ==============
 
<S>                     <C>            <C>              <C>
 
2017                     $       -     $-
 
2016                     $ 370,109     $-
 
2015                     $ 522,273     $-
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Emerging Markets Fund
 
========================
 
                             Ordinary        Long-Term
 
       Tax Year End           Income       Capital Gain
 
========================   ============   ==============
 
<S>                        <C>            <C>              <C>
 
2017                        $ 178,502     $-
 
2016                        $ 319,416     $-
 
2015                        $ 701,942     $-
 
</TABLE>
 

 
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                                                                              71
 
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<PAGE>
 

 
At -August 31, 2017, the components of distributable earnings for the -Funds,
 
on a tax basis were as follows:
 

 

 

 
<TABLE>
 
<CAPTION>
 
  Independence Fund
 
====================
 
                                                                  Net Unrealized
 
    Undistributed       Undistributed      Capital                 Appreciation
 
      Ordinary            Long-Term          Loss                 (Depreciation)
 
       Income            Capital Gain     Carryover     Other     on Investments
 
====================   ===============   ===========   =======   ===============
 
<S>                    <C>               <C>           <C>       <C>
 
   $     2,302,285     $ 46,172,290      $-            $-        $ 127,548,699
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Great America Fund
 
=====================
 
                                                                           Net Unrealized
 
     Undistributed       Undistributed      Capital                         Appreciation
 
       Ordinary            Long-Term          Loss                         (Depreciation)
 
        Income            Capital Gain     Carryover         Other         on Investments
 
=====================   ===============   ===========   ===============   ===============
 
<S>                     <C>               <C>           <C>               <C>
 
$      -                $ 12,051,987      $-              $  (544,611)    $ 80,904,387
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Emerging Markets Fund
 
========================
 
                                                                            Net Unrealized
 
      Undistributed         Undistributed         Capital                    Appreciation
 
        Ordinary              Long-Term             Loss                    (Depreciation)
 
         Income              Capital Gain        Carryover        Other     on Investments
 
========================   ===============   =================   =======   ===============
 
<S>                        <C>               <C>                 <C>       <C>
 
     $       284,107       $-                  $  (1,545,914)    $-          $ 9,339,598
 
</TABLE>
 

 
During the fiscal period -ended -August 31, 2017 the -Predecessor Fund to the
 
-Great America -Fund utilized capital loss carryovers to offset realized
 
capital gains for Federal income tax purposes in the amount of $3,132,797. -
 

 

 
For federal income tax purposes, the Funds measure capital loss carryovers
 
annually at August 31, their fiscal year end. Capital loss carryovers may be
 
carried forward and applied against future capital gains. Under the Regulated
 
Investment Company Modernization Act of 2010, capital losses incurred by these
 
funds after October 31, 2012 will not be subject to expiration and will retain
 
their character as either short-term or long-term capital losses. In addition,
 
such losses must be utilized prior to the losses incurred in the years
 
preceding enactment. As of August 31, 2017, the Emerging -Markets Fund had
 
unexpiring short-term -losses of -$479,367 and long-term losses of $1,066,547.
 

 

 
Great America Fund deferred qualified late-year losses of $544,611 which will
 
be treated as arising on the first business day of the year ending -August 31,
 
2018.
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
72
 
                                                  A series of The RBB Fund, Inc.
 
<PAGE>
 

 
At August 31, 2017, the aggregate cost of investment securities for federal
 
income tax purposes (excluding foreign currency) and the net unrealized
 
appreciation from investments for those securities having an excess of value
 
over cost and net unrealized depreciation from investments for those securities
 
having an excess of cost over value (based on cost for federal income tax
 
purposes) were as follows:
 

 

 

 
<TABLE>
 
<CAPTION>
 
  Independence Fund
 
====================
 
                        Net Unrealized
 
                         Appreciation        Appreciated        Depreciated
 
   Federal Tax Cost     (Depreciation)       Securities          Securities
 
====================   ================   ================   =================
 
<S>                    <C>                <C>                <C>
 
  $    271,267,819     $ 127,551,715      $ 135,624,277        $  (8,072,562)
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Great America Fund
 
=====================
 
                         Net Unrealized
 
                          Appreciation       Appreciated       Depreciated
 
   Federal Tax Cost      (Depreciation)       Securities        Securities
 
=====================   ================   ===============   ===============
 
<S>                     <C>                <C>               <C>
 
   $    150,147,265       $ 80,904,387     $ 81,712,472        $  (808,085)
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Emerging Markets Fund
 
========================
 
                            Net Unrealized
 
                             Appreciation      Appreciated      Depreciated
 
     Federal Tax Cost       (Depreciation)      Securities      Securities
 
========================   ================   =============   ==============
 
<S>                        <C>                <C>             <C>
 
    $      26,548,449         $ 9,340,360     $ 9,360,456       $  (20,096)
 
</TABLE>
 

 
The differences between book basis and tax basis unrealized appreciation is
 
attributable primarily to the deferral of losses on wash sales and cumulative
 
basis adjustments for partnerships.
 

 

 
At -August 31, 2017, capital contributions, accumulated undistributed net
 
investment income, and accumulated net realized gain (loss) from investments
 
have been adjusted for current period permanent book/tax differences which
 
arose principally from differing book/tax treatments due to -NOL (net operating
 
loss) adjustments, foreign currency transactions, and investments in
 
partnerships and PFICs. The following amounts were reclassified within the
 
capital accounts of the -Funds:
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              73
 
A series of The RBB Fund, Inc.
 
<PAGE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Independence Fund
 
====================
 
                                                  Accumulated
 
                                                  Net Realized
 
                             Accumulated          Gain (Loss)
 
   Paid in Capital      Undistributed Income     on Investments
 
====================   ======================   ===============
 
<S>                    <C>                      <C>
 
     $      268               $186,772            $ (187,040)
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Great America Fund
 
=====================
 
                                                   Accumulated
 
                                                   Net Realized
 
                              Accumulated          Gain (Loss)
 
    Paid in Capital      Undistributed Income     on Investments
 
=====================   ======================   ===============
 
<S>                     <C>                      <C>
 
   $     (428,951)             $632,039            $ (203,088)
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Emerging Markets Fund
 
========================
 
                                                      Accumulated
 
                                                      Net Realized
 
                                 Accumulated          Gain (Loss)
 
     Paid in Capital        Undistributed Income     on Investments
 
========================   ======================   ===============
 
<S>                        <C>                      <C>
 
$       -                        $ (26,386)             $26,386
 
</TABLE>
 

 
Management has analyzed the Funds' tax positions through the fiscal year ended
 
August 31, 2017 and the Funds' open tax years (years ended October 31, 2014
 
through October 31, 2016),  -and has concluded that no provision for income tax
 
is required in the financial statements. The Funds are not aware of any tax
 
positions for which it is reasonably possible that the total amounts of
 
unrecognized tax benefits will significantly change in the next twelve months.
 
However, management's conclusions may be subject to review and adjustment at a
 
later date based on certain factors including, but not limited to, further
 
implementation guidance from the FASB, new tax laws, regulations, and
 
administrative interpretations (including court decisions).
 

 

 
9. Subsequent Events:
 

 
Subsequent events have been evaluated through the date that the financial
 
statements were issued. All subsequent events determined to be relevant and
 
material to the financial statements have been appropriately recorded or
 
disclosed. - - -
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
74
 
                                                  A series of The RBB Fund, Inc.
 
<PAGE>
 

 
Report of Independent Registered Public Accounting Firm
 

 
To the -Board of Directors of
 
The -RBB -Fund, Inc.
 

 

 
We have audited the accompanying statements of assets and liabilities of Motley
 
Fool Independence Fund, Motley Fool Great America Fund and Motley Fool Emerging
 
Markets Fund (formerly the Motley Fool Epic Voyage Fund), the "Funds," each a
 
series of The RBB Fund, Inc. (formerly a series of The Motley Fool Funds
 
Trust), including the schedules of investments, as of August 31, 2017, and the
 
related statements of operations for the period ended August 31, 2017 and for
 
the year ended October 31, 2016, the statements of changes in net assets for
 
the period ended August 31, 2017 and the two years in the period ended October
 
31, 2016 and the financial highlights for the period ended August 31, 2017 and
 
for each of the five years in the period ended October 31, 2016. - These
 
financial statements and financial highlights are the responsibility of the
 
Funds' management. - - Our responsibility is to express an opinion on these
 
financial statements and financial highlights based on our audits. - - - - -
 

 

 
We conducted our audits in accordance with the standards of the Public Company
 
Accounting Oversight Board (United States). - - Those standards require that we
 
plan and perform the audit to obtain reasonable assurance about whether the
 
financial statements and financial highlights are free of material
 
misstatement. - The Funds are not required to have, nor were we engaged to
 
perform, an audit of their internal control over financial reporting. - Our
 
audits included consideration of internal control over financial reporting as a
 
basis for designing audit procedures that are appropriate in the circumstances,
 
but not for the purpose of expressing an opinion on the effectiveness of the
 
Funds' internal control over financial reporting. - Accordingly, we express no
 
such opinion. - An audit includes examining, on a test basis, evidence
 
supporting the amounts and disclosures in the financial statements. - - Our
 
procedures included confirmation of securities owned as of August 31, 2017, by
 
correspondence with the custodian and brokers or by other appropriate auditing
 
procedures where replies from brokers were not received. - An audit also
 
includes assessing the accounting principles used and significant estimates
 
made by management, as well as evaluating the overall financial statement
 
presentation. - - We believe that our audits provide a reasonable basis for our
 
opinion.
 

 

 
In our opinion, the financial statements and financial highlights referred to
 
above present fairly, in all material respects, the financial position of
 
Motley Fool Independence Fund, Motley Fool Great America Fund - and Motley Fool
 
Emerging Markets Fund as of August 31, 2017, the results of their operations,
 
the changes in their net assets and the financial highlights for the periods
 
indicated above, in conformity with accounting principles generally accepted in
 
the United States of America.
 

 

 
                                                        TAIT, WELLER & BAKER LLP
 
Philadelphia, Pennsylvania
 
October 13, 2017 -
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              75
 
A series of The RBB Fund, Inc.
 
<PAGE>
 

 
Notice to Shareholders -(Unaudited)
 

 
Tax Information
 

 
All reportings are based on financial information available as of the date of
 
this annual report and, accordingly, are subject to change. For each item, it
 
is the intention of the Fund to report the maximum amount permitted under the
 
Internal Revenue Code and the regulations thereunder.
 

 

 
For the period ended August 31, 2017, -each Fund reported a portion of its
 
distributions as follows:
 

 

 
<TABLE>
 
<CAPTION>
 
  Motley Fool Independence Fund
 
================================
 
            Qualified               Dividends     Foreign     Foreign        Long-Term
 
            Dividend                 Received      Source       Tax         Capital Gain
 
             Income                 Deduction      Income      Credit       Distribution
 
================================   ===========   =========   =========   =================
 
<S>                                <C>           <C>         <C>         <C>
 
        $        799,221           $799,221          $-          $-         $ 9,643,760
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
<S>                                    <C>
 
Qualified Dividend Income (QDI)            100.00%
 
Dividends Received Deduction (DRD)         100.00%
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Motley Fool Great America Fund
 
=================================
 
             Qualified               Dividends     Foreign     Foreign        Long-Term
 
             Dividend                 Received      Source       Tax         Capital Gain
 
              Income                 Deduction      Income      Credit       Distribution
 
=================================   ===========   =========   =========   =================
 
<S>                                 <C>           <C>         <C>         <C>
 
          $           --                 $-           $-          $-              $-
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
<S>                                    <C>
 
Qualified Dividend Income (QDI)            0.00%
 
Dividends Received Deduction (DRD)         0.00%
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
  Motley Fool Emerging Markets Fund
 
====================================
 
              Qualified                 Dividends      Foreign      Foreign        Long-Term
 
              Dividend                   Received       Source        Tax         Capital Gain
 
               Income                   Deduction       Income       Credit       Distribution
 
====================================   ===========   ===========   =========   =================
 
<S>                                    <C>           <C>           <C>         <C>
 
         $          243,907                $776      $676,876      $65,405             $-
 
</TABLE>
 

 

 
<TABLE>
 
<CAPTION>
 
<S>                                    <C>
 
Qualified Dividend Income (QDI)            100.00%
 
Dividends Received Deduction (DRD)           0.32%
 
</TABLE>
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
76
 
                                                  A series of The RBB Fund, Inc.
 
<PAGE>
 

 
Information on 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 -during the most recent 12-month
 
period ended June 30 is available (i) without charge, upon request, by calling
 
(888) 863-8803; (ii) on the U.S. Securities and Exchange Commission's ("SEC")
 
website at http://www.sec.gov; and (iii) on the Funds' website at
 
http://www.FoolFunds.com.
 

 

 
Quarterly Schedule of Investments
 

 

 
The Company files a complete schedule of portfolio holdings with the SEC for
 
the first and third quarters of each fiscal year on Form N-Q. Shareholders can
 
obtain the Form N-Q (i) without charge, upon request, by calling (888)
 
863-8803; (ii) on the SEC's website at http://www.sec.gov; and (iii) on the
 
Funds' website at http://
 
www.FoolFunds.com. The Form N-Q may be reviewed or copied at the SEC Public
 
Reference Room in Washington, D.C. Information on the operation of the Public
 
Reference Room may be obtained by calling (800) SEC-0330.
 

 

 
Meeting of Shareholders
 

 

 
No special meeting of Shareholders was held during the -period ended -August
 
31, 2017.
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              77
 
A series of The RBB Fund, Inc.
 
<PAGE>
 

 
--------------------------------------------------------------------------------
 
The Motley Fool Funds Privacy Notice
 

 

 
What Does Motley Fool 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 type of personal information we collect and share depend on the
 
product of service you have with us. This information can include:
 
      o  Social Security number and transaction history
 
      o  Account balances and checking account information
 
      o  Account transactions and wire transfer instructions
 
When you are no longer a 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 Motley Fool Funds chooses to share; and whether you can limit this
 
sharing.
 

 

 
<TABLE>
 
<CAPTION>
 
 Reasons we share your personal information              Does the Motley Fool Funds share?     Can you limit this sharing?
 
=====================================================   ===================================   ============================
 
<S>                                                     <C>                                   <C>
 
 For our everyday business purposes -                   Yes                                   No
 
  such as to process your transaction,
 
  maintain your account(s), provide
 
  you with necessary information, respond
 
  to court orders and legal investigation,
 
  or report to credit bureaus
 
 For our marketing purposes -                           Yes                                   Yes
 
  to offer our products and services to you
 
 For joint marketing with other financial companies     No                                    We don't share
 
 For our affiliates' everyday business purposes -       Yes                                   No
 
  information about your transactions and
 
  experiences
 
 For our affiliates' everyday business purposes -       No                                    We don't share
 
  information about your creditworthiness
 
 For our affiliates to market to you                    Yes                                   Yes
 
 For nonaffiliates to market to you                     No                                    We don't share
 
</TABLE>
 

 
To limit our sharing:
 

 
      o Visit us online: http://signup.foolfunds.com/marketing/
 
      SubscriptionManagement.aspx
 

 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
78
 
                                                  A series of The RBB Fund, Inc.
 
<PAGE>
 

 
Please note:
 
      If you are a new customer, we can begin sharing your information 30 days
 
      from the days from the date we sent this notice. When you are no longer
 
      our customer, we continue to share your information as described in this
 
      notice.
 

 

 
However, you can contact us at any time to limit our sharing.
 

 
Questions: Call 1-888-863-8803 or go to www.FoolFunds.com
 

 
What we do:
 
How does The Motley Fool 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
 
physical, electronic, and procedural safeguards, including encryption,
 
authentication and secured buildings and files.
 

 

 
How does The Motley Fool Funds collect my personal information?
 
We collect your personal information, for example, when you
 
      o  open an account or provide account information
 
      o  make deposits or withdrawals from your account
 
      o  make a wire transfer or tell us where to send the money
 
We also collect your personal information from other companies.
 

 

 
Why can't I limit all sharing?
 
Federal law gives you the right to limit only
 
      o  sharing for affiliates' everyday business purposes - information about
 
      your creditworthiness
 
      o  make deposits or withdrawals from your account
 
      o  sharing for nonaffiliates to market to you
 
State laws and individual companies may give you additional rights to limit
 
      sharing.
 

 

 
What happens when I limit sharing for an account I hold jointly with someone
 
else?
 
Your choices will apply to everyone on your account.
 

 

 
Definitions:
 
Affiliates - Companies related by common ownership or control. They can be
 
financial and nonfinancial companies.
 
Our affiliates include companies with a Motley Fool name; financial companies
 
such as Motley Fool Asset Management, LLC; and nonfinancial companies such as
 
The Motley Fool, LLC and The Motley Fool Holdings, Inc.
 

 
Nonaffiliates - Companies not related by common ownership or control. They can
 
be financial and nonfinancial companies.
 
The Motley Fool Funds does not 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 Motley Fool Funds doesn't jointly market. -
 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              79
 
A series of The RBB Fund, Inc.
 
<PAGE>
 

 

 
--------------------------------------------------
 
--------------------------------------------------
 
80
 
The Motley Fool Funds Trust
 
<TABLE>
 
<CAPTION>
 
                                          Term of Office
 
                           Positions(s)        and
 
       Name, Address,        Held with      Length of
 
          and Age             Company       Served(1)
 
========================= ============= =================
 
<S>                       <C>           <C>
 
                    INDEPENDENT DIRECTORS
 
Julian A. Brodsky            Director   1988 to present
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 84
 
J. Richard Carnall           Director   2002 to present
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 79
 
Gregory P. Chandler          Director   2012 to present
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 50
 
Nicholas A. Giordano         Director   2012 to present
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 74
 
Sam Lambroza                 Director   2016 to present
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 63
 
Arnold M. Reichman           Chairman   2005 to present
 
615 East Michigan Street     Director   1991 to present
 
Milwaukee, WI 53202
 
Age: 69
 

 

 

 
<CAPTION>
 
              --------------------------------------------------
 
              --------------------------------------------------
 
                                       80
 
                          The Motley Fool Funds Trust
 
                                                                                                   Number of
 
                                                                                                 Portfolios in
 
                                                                                                     Fund
 
                                                                                                    Complex
 
       Name, Address,                             Principal Occupation(s)                         Overseen by
 
          and Age                                   During Past 5 Years                           Director(*)
 
=============================================================================================== ==============
 
<S>                       <C>                                                                   <C>
 
                                              INDEPENDENT DIRECTORS
 
Julian A. Brodsky         From 1969 to 2011, Director and Vice Chairman, Comcast Corporation          29
 
615 East Michigan Street  (cable television and communications).
 
Milwaukee, WI 53202
 
Age: 84
 
J. Richard Carnall        Since 1984, Director of Haydon Bolts, Inc. (bolt manufacturer) and          29
 
615 East Michigan Street  Parkway Real Estate Company (subsidiary of Haydon Bolts, Inc.);
 
Milwaukee, WI 53202       since 2004, Director of Cornerstone Bank.
 
Age: 79
 
Gregory P. Chandler       Since 2009, Chief Financial Officer, Emtec, Inc. (information               29
 
615 East Michigan Street  technology consulting/services); from 2003 to 2009, Managing
 
Milwaukee, WI 53202       Director, head of Business Services and IT Services Practice, Janney
 
Age: 50                   Montgomery Scott LLC (investment banking/brokerage).
 
Nicholas A. Giordano      Since 1997, Consultant, financial services organizations.                   29
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 74
 
Sam Lambroza              Since 2010, Managing Director, Chief Investment Officer and Board           29
 
615 East Michigan Street  Member, Tinsel Group of Companies (asset management).
 
Milwaukee, WI 53202
 
Age: 63
 
Arnold M. Reichman        Since 2006, Co-Founder and Chief Executive Officer, Lifebooker, LLC         29
 
615 East Michigan Street  (online beauty and health appointment booking service).
 
Milwaukee, WI 53202
 
Age: 69
 

 

 

 
--------------------------------------------------
 
--------------------------------------------------
 
80
 
The Motley Fool Funds Trust
 
<CAPTION>
 
                                   Other
 
                               Directorships
 
       Name, Address,         Held by Director
 
          and Age           in the Past 5 Years
 
=================================================
 
<S>                       <C>
 
                INDEPENDENT DIRECTORS
 
Julian A. Brodsky         AMDOCS Limited
 
615 East Michigan Street  (service provider to
 
Milwaukee, WI 53202       telecommunications
 
Age: 84                   companies).
 
J. Richard Carnall        None
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 79
 
Gregory P. Chandler       Emtec, Inc.; FS
 
615 East Michigan Street  Investment
 
Milwaukee, WI 53202       Corporation
 
Age: 50                   (business
 
                          development
 
                          company); FS Energy
 
                          and Power Fund
 
                          (business
 
                          development
 
                          company).
 
Nicholas A. Giordano      Kalmar Pooled
 
615 East Michigan Street  Investment Trust
 
Milwaukee, WI 53202       (registered investment
 
Age: 74                   company)(until
 
                          September 2017);
 
                          Wilmington Funds 12
 
                          portfolios(registered
 
                          investment company);
 
                          Independence Blue
 
                          Cross (healthcare
 
                          insurance); Intricon
 
                          Corp. (producer of
 
                          medical devices).
 
Sam Lambroza              None
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 63
 
Arnold M. Reichman        Independent Trustee of
 
615 East Michigan Street  EIP Investment Trust
 
Milwaukee, WI 53202       (registered investment
 
Age: 69                   company).
 
</TABLE>
 

 
Trustees -and Officers
 
<PAGE>
 

 

 
--------------------------------------------------
 
81
 
The Motley Fool Funds Trust
 
<TABLE>
 
<CAPTION>
 
                                                Term of Office
 
                               Positions(s)          and
 
        Name, Address,           Held with        Length of
 
           and Age                Company         Served(1)
 
=========================== ================= =================
 
<S>                         <C>               <C>
 
Robert A. Straniere              Director     2006 to present
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 76
 
                      INTERESTED DIRECTOR(2)
 
Robert Sablowsky               Vice Chairman  2016 to present
 
615 East Michigan Street         Director     1991 to present
 
Milwaukee, WI 53202
 
Age: 79
 
                             OFFICERS
 
Salvatore Faia, JD, CPA,         President    2009 to present
 
CFE Vigilant Compliance,     Chief Compliance 2004 to present
 
LLC Gateway Corporate             Officer
 
Center Suite 216 226
 
Wilmington West Chester
 
Pike Chadds Ford, PA 19317
 
Age: 54
 
James G. Shaw                  Treasurer and  2016 to present
 
615 East Michigan Street         Secretary
 
Milwaukee, WI 53202
 
Age: 57
 
Robert Amweg Vigilant            Assistant    2016 to present
 
Compliance, LLC Gateway          Treasurer
 
Corporate Center Suite 216
 
226 Wilmington West
 
Chester Pike Chadds Ford,
 
PA 19317
 
Age: 64
 
Jesse Schmitting                 Assistant    2016 to present
 
615 East Michigan Street         Treasurer
 
Milwaukee, WI 53202
 
Age: 35
 
Edward Paz                       Assistant    2016 to present
 
615 East Michigan Street         Secretary
 
Milwaukee, WI 53202
 
Age: 46
 
Michael P. Malloy                Assistant    1999 to present
 
One Logan Square                 Secretary
 
Ste. 2000
 
Philadelphia, PA 19103
 
Age: 58
 

 

 

 
<CAPTION>
 
              --------------------------------------------------
 
                                       81
 
                          The Motley Fool Funds Trust
 
                                                                                                            Number of
 
                                                                                                          Portfolios in
 
                                                                                                              Fund
 
                                                                                                             Complex
 
        Name, Address,                                 Principal Occupation(s)                             Overseen by
 
           and Age                                       During Past 5 Years                               Director(*)
 
======================================================================================================== ==============
 
<S>                         <C>                                                                          <C>
 
Robert A. Straniere         Since 2009, Administrative Law Judge, New York City; since 1980, Founding          29
 
615 East Michigan Street    Partner, Straniere Law Group (law firm).
 
Milwaukee, WI 53202
 
Age: 76
 
                                                  INTERESTED DIRECTOR(2)
 
Robert Sablowsky            Since 2002, Senior Director - Investments and prior thereto, Executive Vice        29
 
615 East Michigan Street    President, of Oppenheimer & Co., Inc. (a registered broker-dealer).
 
Milwaukee, WI 53202
 
Age: 79
 
                                                         OFFICERS
 
Salvatore Faia, JD, CPA,    Since 2004, President, Vigilant Compliance, LLC (investment management            N/A
 
CFE Vigilant Compliance,    services company); since 2005, Independent Trustee of EIP Investment
 
LLC Gateway Corporate       Trust (registered investment company).
 
Center Suite 216 226
 
Wilmington West Chester
 
Pike Chadds Ford, PA 19317
 
Age: 54
 
James G. Shaw               Since 2016, Treasurer and Secretary of The RBB Fund, Inc.; from 1995 to           N/A
 
615 East Michigan Street    2016, Senior Director and Vice President of BNY Mellon Investment
 
Milwaukee, WI 53202         Servicing (US) Inc. (financial services company).
 
Age: 57
 
Robert Amweg Vigilant       Since 2013, Compliance Director, Vigilant Compliance, LLC (investment             N/A
 
Compliance, LLC Gateway     management services company); since 2012, Consultant to the financial
 
Corporate Center Suite 216  services industry; from 2007 to 2012, Chief Financial Officer and Chief
 
226 Wilmington West         Accounting Officer, Turner Investments, LP (registered investment
 
Chester Pike Chadds Ford,   company).
 
PA 19317
 
Age: 64
 
Jesse Schmitting            Since 2008, Assistant Vice President, U.S. Bancorp Fund Services, LLC (fund       N/A
 
615 East Michigan Street    administrative services firm).
 
Milwaukee, WI 53202
 
Age: 35
 
Edward Paz                  Since 2007, Vice President and Counsel, U.S. Bancorp Fund Services, LLC           N/A
 
615 East Michigan Street    (fund administrative services firm).
 
Milwaukee, WI 53202
 
Age: 46
 
Michael P. Malloy           Since 1993, Partner, Drinker Biddle & Reath LLP (law firm).                       N/A
 
One Logan Square
 
Ste. 2000
 
Philadelphia, PA 19103
 
Age: 58
 

 

 

 
--------------------------------------------------
 
81
 
The Motley Fool Funds Trust
 
<CAPTION>
 
                                    Other
 
                                Directorships
 
        Name, Address,         Held by Director
 
           and Age           in the Past 5 Years
 
=================================================
 
<S>                         <C>
 
Robert A. Straniere         Reich and Tang Group
 
615 East Michigan Street    (asset management).
 
Milwaukee, WI 53202
 
Age: 76
 
               INTERESTED DIRECTOR(2)
 
Robert Sablowsky            None
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 79
 
                      OFFICERS
 
Salvatore Faia, JD, CPA,    N/A
 
CFE Vigilant Compliance,
 
LLC Gateway Corporate
 
Center Suite 216 226
 
Wilmington West Chester
 
Pike Chadds Ford, PA 19317
 
Age: 54
 
James G. Shaw               N/A
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 57
 
Robert Amweg Vigilant       N/A
 
Compliance, LLC Gateway
 
Corporate Center Suite 216
 
226 Wilmington West
 
Chester Pike Chadds Ford,
 
PA 19317
 
Age: 64
 
Jesse Schmitting            N/A
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 35
 
Edward Paz                  N/A
 
615 East Michigan Street
 
Milwaukee, WI 53202
 
Age: 46
 
Michael P. Malloy           N/A
 
One Logan Square
 
Ste. 2000
 
Philadelphia, PA 19103
 
Age: 58
 
</TABLE>
 

 
--------------------------------------------------
 
<PAGE>
 

 

 
--------------------------------------------------
 
82
 
The Motley Fool Funds Trust
 
<TABLE>
 
<CAPTION>
 
                                    Term of Office
 
                     Positions(s)        and
 
    Name, Address,     Held with      Length of
 
       and Age          Company       Served(1)
 
=================== ============= =================
 
<S>                 <C>           <C>
 
Jillian L. Bosmann     Assistant  2017 to present
 

 

 

 
<CAPTION>
 
              --------------------------------------------------
 
                                       82
 
                          The Motley Fool Funds Trust
 
                                                                                               Number of
 
                                                                                             Portfolios in
 
                                                                                                 Fund             Other
 
                                                                                                Complex       Directorships
 
    Name, Address,                           Principal Occupation(s)                          Overseen by   Held by Director
 
       and Age                                 During Past 5 Years                            Director(*)  in the Past 5 Years
 
=========================================================================================== ============= ====================
 
<S>                 <C>                                                                     <C>           <C>
 
Jillian L. Bosmann  Partner, Drinker Biddle & Reath LLP (law firm) (2017-Present); Drinker        N/A     N/A
 
</TABLE>
 

 
(*) Each Director oversees twenty-nine portfolios of the Company that are
 
 currently offered for sale.
 

 
<TABLE>
 
<CAPTION>
 
<S>                     <C>         <C>
 
One Logan Square         Secretary  Biddle & Reath LLP (2006-Present).
 
Ste. 2000
 
Philadelphia, PA 19103
 
Age: 38
 
</TABLE>
 

 
(1) Subject to the Company's Retirement Policy, each Director may continue to
 
 serve as a Director until the last day of the calendar year in which the
 
 applicable Director attains age 75 or until his successor is elected and
 
 qualified or his death, resignation or removal. The Board reserves the right
 
 to waive the requirements of the Policy with respect to an individual
 
 Director. The Board has approved waivers of the policy with respect to Messrs.
 
 Brodsky, Carnall, Sablowsky and Straniere. Each officer holds office at the
 
 pleasure of the Board until the next special meeting of the Company or until
 
 his or her successor is duly elected and qualified, or until he or she dies,
 
 resigns or is removed.
 
(2) Mr. Sablowsky is considered an "interested person" of the Company as that
 
 term is defined in the 1940 Act and is referred to as an "Interested
 
 Director." Mr. Sablowsky is considered an "Interested Director" of the Company
 
 by virtue of his position as an employee of Oppenheimer & Co., Inc., a
 
 registered broker-dealer.
 

 
--------------------------------------------------
 
<PAGE>
 

 
                               Investment Adviser
 

 
                       Motley Fool Asset Management, LLC
 
                               2000 Duke Street
 
                                   Suite 175
 
                              Alexandria, VA 22314
 

 

 
                        Administrator and Transfer Agent
 

 

 
                   BNY Mellon -Investment Servicing (US) Inc.
 
                                 P.O. Box 9780
 
                           Providence, RI 02940-9780
 

 

 
                                   Custodian
 

 

 
                         The Bank of New York Mellon -
 
                                One Wall Street
 
                               New York, NY 10286
 

 

 
                 Independent Registered Public Accounting Firm
 

 

 
                           Tait, Weller & Baker, LLP
 
                         1818 Market Street, Suite 2400
 
                             Philadelphia, PA 19103
 

 

 
                                  Distributor
 

 

 
                        Foreside Funds Distributors LLC
 
                               899 Cassatt Road
 
                          400 Berwyn Park, Suite 110
 
                                Berwyn, PA 19312
 

 

 
                                 Legal Counsel
 

 

 
                           Drinker Biddle & Reath LLP
 
                         One Logan Square, Suite 2000
 
                         Philadelphia, -PA -19103-6996
 

 

 
--------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------
 
                                                                              83
 
A series of The RBB Fund, Inc.
 
 
Item 2. Code of Ethics.
 
(a)
The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
 
(c)
There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.
 
(d)
The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.
 
Item 3. Audit Committee Financial Expert.
 
The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Julian A. Brodsky, Gregory P. Chandler and Nicholas A. Giordano are the registrant’s audit committee financial experts and each of them is “independent.”
 
Item 4. Principal Accountant Fees and Services.
 
Audit Fees
 
(a)
The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were:
 
 
Fiscal Year 2016
Fiscal Year 2017
Tait Weller
$51,900
$52,500
 
Audit-Related Fees
 
(b)
The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for 2016 and $0 for 2017.
 
Tax Fees
 
(c)
The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were:
 
 
Fiscal Year 2016
Fiscal Year 2017
Tait Weller
$10,500
$10,500
 
All Other Fees
 
(d)
The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for 2016 and $0 for 2017.
 
 (e)(1)
Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
 
Pre-Approval of Audit and Permitted Non-Audit Services
 
1.
Pre-Approval Requirements of the Company. The Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditor, including the fees associated with those services.
 
2.
Pre-Approval Requirements of Affiliates. Additionally, the Committee shall pre-approve any engagement of the Auditor to provide non-audit services to an investment adviser of a Portfolio or to any affiliate of such investment adviser that provides ongoing services to the Company, if the engagement relates directly to the operations and financial reporting of the Company.
 
3.
Delegation. The Committee may delegate to the Chairman of the Committee, or if the Chairman is not available, one or more of its members, the authority to grant pre-approvals. The decisions of any member to whom authority is delegated shall be presented to the full Committee at its next scheduled meeting.
 
4.
Prohibited Services. The Committee shall confirm with the Auditor that the Auditor is not performing contemporaneously with the Company’s audit any prohibited non-audit services for the Company, any investment adviser of a Portfolio, or any affiliates of the Company or such investment advisers. The Auditor is responsible for informing the Committee of whether it believes that a particular service is permissible or prohibited pursuant to applicable regulations and standards.

 (e)(2)
The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:
 
(b) Not applicable.
 
(c) 100%
 
(d) Not applicable.
 
(f)
Not applicable.
 
(g)
Not applicable.
 
(h)
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”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(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 (17 CFR 270.30a-3(d)) that occurred during the four-month period from May 1, 2017 to August 31, 2017 that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 12. Exhibits.
 
(a)(1)
Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(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.

(12.other) Not applicable.

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
10/13/2017
  

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
10/13/2017
  
     
By (Signature and Title)*  /s/ James Shaw  
  James Shaw, Treasurer  
  (principal financial officer)  
     
Date
10/13/2017
  
 
*
Print the name and title of each signing officer under his or her signature.