As filed with the Securities and Exchange Commission on [date]

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

811-05518

Investment Company Act file number

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 Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202
(Name and address of agent for service)

(414) 765-5366

Registrant's telephone number, including area code

Date of fiscal year end: August 31

Date of reporting period: February 28, 2018

Item 1. Reports to Stockholders.

Abbey Capital Futures Strategy Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 28, 2018
(Unaudited)

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

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report

February 28, 2018 (Unaudited)

Dear Shareholder,

The Abbey Capital Futures Strategy Fund (the “Fund”) Class I Shares returned +1.43% net of fees for the six-month period ended February 28, 2018. The positive performance was driven by strong trends in equities, energy and interest rates over the period, with some partially offsetting losses from trading in bonds and major currencies. The presence of strong trends in some markets supported the Fund’s core allocation to trendfollowing systems, through its investment in Abbey Capital Offshore Fund Limited (the “ACOF”), a wholly-owned subsidiary of the Fund. The Fund invests up to 25% of its assets into the ACOF and its remaining assets in a fixed income strategy consisting primarily of U.S. Treasury obligations.

	2018 YTD	MAR. 1, 2017 TO FEB. 28, 2018	SEPT. 1, 2017 TO FEB. 28, 2018	ANNUALIZED SINCE INCEPTION ON JULY 1, 2014 TO FEB. 28, 2018
Class I Shares	-2.07%	-2.57%	1.43%	4.20%
Class A Shares*	-2.16%	-2.84%	1.25%	3.94%
Class A Shares (max load)*	-7.76%	-8.43%	-4.56%	2.27%
Class C Shares**	-2.28%	-3.56%	0.91%	3.18%
BofA Merrill Lynch 3-Month T-Bill Index	0.21%	0.99%	0.58%	0.40%
S&P 500® Total Return Index	1.83%	17.10%	10.84%	11.58%
Barclay CTA Index	-1.02%	0.09%	0.34%	1.03%

Source: Abbey Capital and Bloomberg

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

Please note the above is shown for illustrative purposes only; the Fund is not benchmarked against any of the indices referenced.

* Class A Shares performance prior to its inception on August 29, 2014 is the performance of Class I Shares, adjusted for the Class A Shares expense ratio. There is a maximum sales charge (load) imposed on purchases (as a percentage of offering price) of 5.75% in Class A Shares.

** Class C Shares performance prior to its inception on October 6, 2015 is the performance of Class I Shares, adjusted for the Class C Shares expense ratio.

The Barclay CTA Index is derived from data which is self-reported by investment managers based on the performance of privately managed funds. In contrast, the S&P 500^® Total Return Index and the Bank of America Merrill Lynch 3-Month T-Bill Index are comprised of publicly traded securities. As a result of these differences, these indices may not be directly comparable and the above is shown for illustrative purposes only.

Abbey Capital Limited (the “Adviser”) has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79%, 2.04% and 2.79% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares, and Class C Shares, respectively. This contractual limitation is in effect until December 31, 2018, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. In addition, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Adviser, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. In determining the Adviser’s obligation to waive its investment advisory fees and/or reimburse expenses, the following expenses are not taken into account: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. Without the

1

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Continued)

February 28, 2018 (Unaudited)

limitation agreement, the expense ratios are 1.93%. 2.18% and 2.93% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares, and Class C Shares, respectively, as stated in the current prospectus dated December 31, 2017, as supplemented (and which may differ from the actual expense ratios for the period covered by this report). The quoted performance would have been lower without the expense limitation.

Please refer to the prospectus for further information on expenses and fees.

Market Commentary

In general, investor sentiment was positive over the six-month period ended February 28, 2018 and this supported risk assets amid signs of an uptick in global growth; however this positive sentiment did appear to unwind somewhat in late January and February on signs of building inflationary pressures.

Global equities rallied over the period, supported by solid earnings growth, signs of improving economic conditions and the passing of U.S. tax reform. While most developed market equity indices were positive for the period, gains were pared from late January onwards as worries that mounting inflationary pressures could lead to a more aggressive pace of central bank tightening weighed on risk appetite.

Signs of higher inflation also impacted U.S. Treasuries. The Federal Reserve (“Fed”) began its balance sheet normalisation program in September 2017 and hiked interest rates in December 2017, and this, along with some hawkish Fed signals and higher inflation expectations, resulted in a decline in U.S. Treasury prices as the market priced a steeper path of monetary tightening. In Europe, the European Central Bank began tapering its asset purchase program in January 2018, and this helped to push bond yields in the region higher. The re-appointment of Kuroda as Bank of Japan Governor together with the re-affirmation of the central bank’s commitment to accommodative monetary policy and its yield targeting program meant that Japanese bond yields were largely range-bound over the period.

Despite the improving yield differential of U.S. Treasuries versus other developed market bonds and forecasts of more aggressive Fed rate hikes, the USD weakened over the period. Worries that tax reform could lead to a larger budget deficit weighed on demand for the greenback, as did uncertainty about the U.S. government’s views on currency strength. The EUR was supported by signs of stronger growth in the eurozone, while GBP benefited from reports of progress in Brexit negotiations and forecasts of rate hikes by the Bank of England in 2018.

Signs of stronger global growth were generally supportive of commodity markets, as was the overall weakness in the USD. Crude oil rallied over the period, boosted by the extension of OPEC supply cuts and projections of stronger global demand, however gains were pared somewhat in February as U.S. production reached a 47-year high. Stronger global growth was generally supportive of base metals prices, while in precious metals, the benefits from a weaker USD were offset by signs of a reduction in safe-haven demand. In agricultural commodities, both wheat and soybeans benefited late in the period from concerns about growing conditions in the U.S. and Argentina, respectively, while sugar dropped on concerns of a global supply glut.

Performance Attribution

Returns for the ACOF were driven by gains in equities, interest rates and energy. Within equities, strong upward trends in prices generated profits from long positions, however these gains unwound somewhat later in the period amid sharp corrections in equity markets. Within equities, the S&P 500^®, Nikkei 225 and NASDAQ 100 were the top-performing positions, with ACOF’s Diversified Trendfollowing (“Trendfollowing”) sub-advisors (sub-advisors are also known as “Trading Advisors”) generating the largest gains. Profits from energy were generated mostly by Trendfollowing sub-advisors via long positions in crude oil and distillates. In interest rates, the ACOF’s Global Macro and Trendfollowing sub-advisors performed positively, with mostly short positions in 3-month Eurodollar contracts the primary driver. In major currencies, a short position in USD/NOK was the worst performer, with Value sub-advisors seeing the largest

2

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Concluded)

February 28, 2018 (Unaudited)

losses in this currency pair. Trendfollowing sub-advisors saw the largest losses in bonds, with primarily long positions in UK and eurozone contracts the largest detractors, while Value sub-advisors saw some partially offsetting profits through short positions in U.S. Treasury contracts as U.S. rate hike expectations increased.

An investment in the Abbey Capital Futures Strategy Fund is speculative and involves substantial risk and conflicts of interest. It is possible that an investor may lose some or all of their investment. Except for fund returns, the portfolio statistics shown in this presentation are based only on the open forward, future and option contracts held by Abbey Capital Offshore Fund Limited (a wholly-owned and controlled subsidiary of the Fund) and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund may invest up to 25% of its total assets in the Abbey Capital Offshore Fund Limited which is a multi-advisor fund that invests in managed futures and foreign exchange. All investments in securities involve risk of the loss of capital. An investment in the Fund includes the risks inherent in an investment in securities, as well as specific risks associated with this open-ended investment product. Among the risks associated with investing in this Fund are Commodity Sector Risk, Counter-Party Risk, Credit Risk, Currency Risk, Derivatives Risk, Manager and Management Risks, Advisory Risk, Subsidiary Risks, Tax Risks, Emerging Markets Risk, Leveraging Risks, Foreign Investment Risks, Fixed Income Securities Risks, Short Sale Risk and Portfolio Turnover Risks. The Fund may invest in or utilize derivative investments, futures contracts, and hedging strategies. A portfolio of hedge funds may increase the potential for losses or gains. One or more underlying managers, from time to time, may invest a substantial portion of the assets managed in a specific industry sector. As a result, the underlying manager’s investment portfolio (as well as the Fund’s) may be subject to greater risk and volatility than if investments had been made in the securities of a broader range of issuers. Trading in futures is not suitable for all investors given its speculative nature and the high level of risk involved. There can be no assurance that the Fund’s or an underlying manager’s strategy (hedging or otherwise) will be successful or that it will employ such strategies with respect to all or any portion of its portfolio. The value of the Fund’s portfolio investments should be expected to fluctuate. Investing in managed futures is not suitable for all investors given its speculative nature and the high level of risk involved. The Fund is appropriate only for investors who can bear the risks associated with the product. Investors may lose some or all of their investment. This brief statement cannot disclose all of the risks and other factors necessary to evaluate a participation in the Fund. Investors are urged to take appropriate investment advice and to carefully consider their investment objectives, personal situation, and factors such as net worth, income, age, risk tolerance and liquidity needs before investing in the Fund. Before investing, investors should carefully consider the Fund’s investment objectives, risks, conflicts, tax considerations, charges and expenses. It is not possible to invest directly in an index.

Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. Please refer to the Schedule of Investments in this report for a complete list of fund holdings.

Earnings growth is not representative of the Fund’s future performance.

3

Abbey Capital Futures Strategy Fund

Performance Data

February 28, 2018 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2018
	Six Months†	One Year	Three Years	Since Inception††
Class A Shares (without sales charge) (Pro forma July 1, 2014 to August 29, 2014)	1.25%	-2.84%	-3.03%	3.94%*
Class A Shares (with sales charge) (Pro forma July 1, 2014 to August 29, 2014)	-4.56%	-8.43%	-4.93%	2.27%*
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.58%	0.99%	0.48%	0.40%**
S&P 500® Total Return Index	10.84%	17.10%	11.14%	11.58%**
Barclay CTA Index	0.34%	0.09%	-1.92%	1.03%**

† Not annualized.

†† Inception date of Class A Shares of the Fund was August 29, 2014.

* Class A Shares performance prior to its inception on August 29, 2014 is the performance of Class I Shares, adjusted for the Class A Shares expense ratio.

** Performance is from the inception date of the Fund and is not the inception date of the index itself. The above is shown for illustrative purposes only the Fund is not benchmarked against any of the indices referenced.

The Fund charges a 5.75% maximum sales charge on purchases (as a percentage of offering price) of Class A Shares. The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.04% of the Fund’s average daily net assets attributable to Class A Shares. Without the limitation arrangement, the gross expense ratios are 2.18% for Class A Shares as stated in the current prospectus (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

4

Abbey Capital Futures Strategy Fund

Performance Data (Continued)

February 28, 2018 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2018
	Six Months†	One Year	Three Years	Since Inception††
Class I Shares	1.43%	-2.57%	-2.80%	4.20%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.58%	0.99%	0.48%	0.40%*
S&P 500® Total Return Index	10.84%	17.10%	11.14%	11.58%*
Barclay CTA Index	0.34%	0.09%	-1.92%	1.03%*

† Not annualized.

†† Inception date of Class I Shares of the Fund was July 1, 2014.

* Performance is from the inception date of the Fund and is not the inception date of the index itself. The above is shown for illustrative purposes only, the Fund is not benchmarked against any of the indices referenced.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79% of the Fund’s average daily net assets attributable to Class I Shares. Without the limitation arrangement, the gross expense ratio is 1.93% for Class I Shares, as stated in the current prospectus (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

5

Abbey Capital Futures Strategy Fund

Performance Data (Continued)

February 28, 2018 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2018
	Six Months†	One Year	Three Years	Since Inception††
Class C Shares (Pro forma July 1, 2014 to October 6, 2015)	0.91%	-3.56%	N/A	3.18%*
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.58%	0.99%	0.48%	0.40%**
S&P 500® Total Return Index	10.84%	17.10%	11.14%	11.58%**
Barclay CTA Index	0.34%	0.09%	-1.92%	1.03%**

† Not annualized.

†† Inception date of Class C Shares of the Fund was October 6, 2015.

* Class C Shares performance prior to its inception on October 6, 2015 is the performance of Class I Shares, adjusted for the Class C Shares expense ratio.

** Performance is from the inception date of the Fund and is not the inception date of the index itself. The above is shown for illustrative purposes only the Fund is not benchmarked against any of the indices referenced.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.79% of the Fund’s average daily net assets attributable to Class C Shares. Without the limitation arrangement, the gross expense ratio is 2.93% for Class C Shares, as stated in the current prospectus (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

Performance quoted is past performance and does not guarantee future results. 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. Current performance may be lower or higher than the returns quoted. Visit www.abbeycapital.com for returns updated daily. Call (US Toll Free) 1-844-261-6484 or (international callers) + 1-508-871-3276 for returns current to the most recent month-end.

The Barclay CTA Index is derived from data which is self-reported by investment managers based on the performance of privately managed funds. In contrast, the S&P 500^® Total Return Index and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index are comprised of publicly traded securities. As a result of these differences, these indices may not be directly comparable, are not available for direct investment and the above is shown for illustrative purposes only.

6

Abbey Capital Futures Strategy Fund

Performance Data (Concluded)

February 28, 2018 (Unaudited)

The S&P 500^® Total Return Index

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

S&P 500^® Index

The S&P 500^® Index is a market-capitalization-weighted index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500^® Index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. The S&P 500^® Index was first introduced on the 1st of January, 1923, though expanded to 500 stocks on March 4, 1957.

Nasdaq 100 Index

Launched in January 1985, the Nasdaq-100 Index includes 100 of the largest US domestic and international non-financial companies listed on the Nasdaq stock market. The Nasdaq-100 Index is calculated under a modified capitalization-weighted methodology. The index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

Barclay CTA Index

The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors. There are currently 541 programs included in the calculation of the Barclay CTA Index for 2018. The Barclay CTA Index is equally weighted and rebalanced at the beginning of each year.

BofA Merrill Lynch 3-Month U.S. Treasury Bill Index

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

Hang Seng Index

The Hang Seng Index is a market capitalization-weighted index of 40 of the largest companies that trade on the Hong Kong Exchange. The Hang Seng Index is maintained by a subsidiary of Hang Seng Bank, and has been published since 1969.

Nikkei 225 Index

The Nikkei 225 Index is a price-weighted index comprised of Japan’s top 225 blue-chip companies traded on the Tokyo Stock Exchange.

Portfolio composition is subject to change. It is not possible to invest directly in an index.

7

Abbey Capital Futures Strategy Fund

Fund Expense Examples

February 28, 2018 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, (if any) and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

	Class A Shares
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$ 1,000.00	$ 1,012.50	$ 10.18
Hypothetical (5% return before expenses)	1,000.00	1,014.68	10.19

	Class I Shares
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period**
Actual	$ 1,000.00	$ 1,014.30	$ 8.94
Hypothetical (5% return before expenses)	1,000.00	1,015.92	8.95

8

Abbey Capital Futures Strategy Fund

Fund Expense Examples (Concluded)

(Unaudited)

	Class C Shares
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period***
Actual	$ 1,000.00	$ 1,009.10	$ 13.90
Hypothetical (5% return before expenses)	1,000.00	1,010.96	13.91

* Expenses are equal to an annualized expense ratio for the period September 1, 2017 to February 28, 2018 of 2.04% for the Class A Shares of the Fund, which includes waived fees or reimbursed expenses (including interest expense), multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Class A Shares of the Fund of 1.25%.

** Expenses are equal to an annualized expense ratio for the period September 1, 2017 to February 28, 2018 of 1.79% for the Class I Shares of the Fund, which includes waived fees or reimbursed expenses (including interest expense), multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Class I Shares of the Fund of 1.43%.

*** Expenses are equal to an annualized expense ratio for the period September 1, 2017 to February 28, 2018 of 2.79% for the Class C Shares of the Fund, which includes waived fees or reimbursed expenses (including interest expense), multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Class C Shares of the Fund of 0.91%.

9

Abbey Capital Futures Strategy Fund

Consolidated Portfolio Holdings Summary Table

February 28, 2018 (Unaudited)

The following table presents a consolidated summary of the portfolio holdings of the Fund at February 28, 2018.

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		94.8	%	$	894,516,988
PURCHASED OPTIONS		0.9			8,638,070
OTHER ASSETS IN EXCESS OF LIABILITIES
(including futures, forward foreign currency contracts and written options)		4.3			40,926,049
NET ASSETS		100.0	%	$	944,081,107

Portfolio holdings are subject to change at any time.

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

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

10

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments

February 28, 2018 (Unaudited)

	Coupon*			Maturity Date	Par (000’s)		Value
Short-Term Investments — 94.8%
U.S. Treasury Obligations — 94.8%
U.S. Treasury Bills		1.086	%	03/01/18	$	51,370	$	51,370,000
U.S. Treasury Bills		1.133	%	03/08/18		4,825		4,823,898
U.S. Treasury Bills		1.167	%	03/22/18		24,525		24,505,776
U.S. Treasury Bills		1.192	%	03/29/18		2,990		2,986,576
U.S. Treasury Bills		1.226	%	04/05/18		20,784		20,754,498
U.S. Treasury Bills		1.226	%	04/12/18		4,690		4,681,707
U.S. Treasury Bills		1.252	%	04/19/18		7,874		7,857,524
U.S. Treasury Bills		1.242	%	04/26/18		23,948		23,891,329
U.S. Treasury Bills		1.374	%	05/10/18		57,543		57,369,292
U.S. Treasury Bills		1.382	%	05/17/18		63,050		62,838,781
U.S. Treasury Bills		1.412	%	05/24/18		61,218		60,990,524
U.S. Treasury Bills		1.421	%	05/31/18		10,731		10,687,124
U.S. Treasury Bills		1.438	%	06/07/18		40,754		40,576,216
U.S. Treasury Bills		1.477	%	06/14/18		70,880		70,544,059
U.S. Treasury Bills		1.509	%	06/21/18		18,150		18,057,677
U.S. Treasury Bills		1.549	%	06/28/18		25,087		24,950,172
U.S. Treasury Bills		1.563	%	07/05/18		9,518		9,461,576
U.S. Treasury Bills		1.601	%	07/12/18		77,940		77,443,328
U.S. Treasury Bills		1.610	%	07/19/18		97,200		96,535,912
U.S. Treasury Bills		1.613	%	07/26/18		42,912		42,604,106
U.S. Treasury Bills		1.635	%	08/02/18		52,611		52,219,399
U.S. Treasury Bills		1.746	%	08/09/18		27,306		27,091,071
U.S. Treasury Bills		1.826	%	08/16/18		12,858		12,750,068
U.S. Treasury Bills		1.831	%	08/23/18		90,319		89,526,375
								894,516,988
TOTAL SHORT-TERM INVESTMENTS
(Cost $894,901,865)								894,516,988
Total Purchased Options — 0.9%**
(Cost $4,027,045)								8,638,070
Total Investments — 95.7%
(Cost $898,928,910)								903,155,058
Other Assets in Excess of Liabilities — 4.3%								40,926,049
Net Assets — 100.0%							$	944,081,107

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

** See page 19 for detailed information regarding the Purchased Options.

The accompanying notes are an integral part of the consolidated financial statements.
11

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Futures contracts outstanding as of February 28, 2018 were as follows:

Long Contracts	Expiration Date	Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
10-Year Mini Japanese Government Bond Futures	Mar-18		46	$	4,311,355	$	4,836
2-Year Euro Swapnote Futures	Mar-18		47		5,734,015		(4,301	)
3-Month Euro Euribor	Jun-18		10		3,050,008		1,525
3-Month Euro Euribor	Sep-18		8		2,440,006		732
3-Month Euro Euribor	Dec-18		247		75,335,196		4,789
3-Month Euro Euribor	Mar-19		25		7,625,020		137
3-Month Euro Euribor	Jun-19		340		103,700,270		(28,182	)
3-Month Euro Euribor	Sep-19		11		3,355,009		(1,189	)
5-Year Euro Swapnote Futures	Mar-18		12		1,464,004		(16,372	)
90-DAY Bank Bill	Jun-18		48		37,281,553		(588	)
90-DAY Bank Bill	Sep-18		516		400,776,699		22,880
90-DAY Bank Bill	Dec-18		112		86,990,291		(1,708	)
90-DAY Bank Bill	Mar-19		22		17,087,379		341
90-DAY Eurodollar Futures	Dec-18		694		173,500,000		(1,063,613	)
90-DAY Eurodollar Futures	Jun-21		1		250,000		(63	)
90-DAY Eurodollar Futures	Sep-21		2		500,000		(163	)
90-DAY Sterling Futures	Jun-18		10		1,720,886		(2,925	)
90-DAY Sterling Futures	Sep-18		7		1,204,620		(2,409	)
Amsterdam Index Futures	Mar-18		61		7,968,170		179,572
AUD/USD Currency Futures	Mar-18		215		16,684,774		(435,738	)
BP Currency Futures	Mar-18		366		31,464,492		(471,590	)
Brent Crude Futures	May-18		160		10,356,800		(41,850	)
Brent Crude Futures	Jun-18		18		1,160,280		3,030
Brent Crude Futures	Jul-18		14		897,820		4,430
Brent Crude Futures	Aug-18		12		765,360		(1,020	)
Brent Crude Futures	Sep-18		3		190,320		(5,040	)
Brent Crude Futures	Oct-18		3		189,210		(5,720	)
CAC40 10 Euro Futures	Mar-18		117		7,592,360		187,228
CAD Currency Futures	Mar-18		49		3,817,835		(49,481	)
Cattle Feeder Futures	Mar-18		9		651,375		(12,000	)
Cattle Feeder Futures	Apr-18		15		1,102,500		(14,275	)
Cattle Feeder Futures	May-18		19		1,411,225		(1,425	)
CHF Currency Futures	Mar-18		87		11,515,248		(186,084	)
Cocoa Futures	May-18		73		1,619,140		85,310
Cocoa Futures	Jul-18		8		179,280		6,850
Cocoa Futures	Sep-18		3		67,710		2,000
COP/USD Futures	Mar-18		107		3,733,061		97,877
Copper Futures	May-18		101		7,909,563		(178,075	)
Copper Futures	Jul-18		10		788,000		(30,388	)
Copper Futures	Sep-18		1		79,238		(1,575	)
Corn Futures	May-18		61		1,165,100		(64,163	)
Cotton No.2 Futures	May-18		146		6,053,890		(36,780	)
DAX Index Futures	Mar-18		7		2,654,346		(267,104	)
EUR Foreign Exchange Currency Futures	Mar-18		86		13,110,236		(2,063,836	)
Euro E-Mini Futures	Mar-18		29		2,210,447		(40,600	)
Euro STOXX 50	Mar-18		18		754,987		(188,478	)
Euro/CHF 3-Month Futures ICE	Jun-18		1		264,718		(26	)
Euro/CHF 3-Month Futures ICE	Sep-18		4		1,058,873		(26	)

The accompanying notes are an integral part of the consolidated financial statements.
12

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Long Contracts	Expiration Date	Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Euro/CHF 3-Month Futures ICE	Dec-18		4	$	1,058,873	$	26
Euro/CHF 3-Month Futures ICE	Mar-19		2		529,437		79
Euro/JPY Futures	Mar-18		7		1,067,112		(48,315	)
Euro-BTP Futures	Mar-18		114		13,908,036		(99,833	)
Euro-BTP Futures	Jun-18		19		2,318,006		(695	)
Euro-Bund Futures	Jun-18		3		366,001		11,773
Euro-Oat Futures	Mar-18		26		3,172,008		11,053
Euro-Schatz Futures	Mar-18		134		16,348,043		(1,659	)
FTSE 100 Index Futures	Mar-18		51		5,073,530		(286,941	)
FTSE 250 Index Futures	Mar-18		46		2,493,437		(50,576	)
FTSE/JSE TOP 40	Mar-18		60		2,610,722		(68,009	)
FTSE/MIB Index Futures	Mar-18		33		4,549,794		(145,388	)
Gasoline RBOB Futures	Apr-18		196		15,843,307		(363,661	)
Gasoline RBOB Futures	May-18		21		1,710,463		(60,203	)
Gasoline RBOB Futures	Jul-18		2		161,557		(4,339	)
Gold 100 Oz Futures	Apr-18		507		66,817,530		(1,109,860	)
Gold 100 Oz Futures	Jun-18		16		2,117,920		(15,410	)
Hang Seng China Enterprises Index Futures	Mar-18		115		9,072,567		(210,538	)
Hang Seng Index Futures	Mar-18		93		18,260,366		(276,760	)
IBEX 35 Index Futures	Mar-18		25		2,999,500		32,550
ILS/USD Futures	Mar-18		16		4,604,250		(31,460	)
INR/USD Futures	Mar-18		295		9,049,177		(12,492	)
JPN 10-Year Bond (Osaka Securities Exchange)	Mar-18		139		130,277,895		342,284
JPY Currency Futures	Mar-18		313		36,692,476		444,218
Lean Hogs Futures	Jun-18		7		225,892		(13,550	)
Live Cattle Futures	Apr-18		107		5,276,176		(69,010	)
Live Cattle Futures	Jun-18		49		2,265,760		(13,180	)
Live Cattle Futures	Aug-18		22		994,180		(12,280	)
LME Aluminum Forward	Mar-18		1,471		78,312,363		(469,874	)
LME Aluminum Forward	Apr-18		34		1,810,500		(123,133	)
LME Aluminum Forward	May-18		6		319,725		(54,916	)
LME Aluminum Forward	Jun-18		292		15,581,850		(371,282	)
LME Copper Forward	Mar-18		1		172,588		183,525
LME Copper Forward	Apr-18		34		5,878,388		(270,456	)
LME Copper Forward	May-18		1		173,194		(2,981	)
LME Copper Forward	Jun-18		156		27,077,700		(646,276	)
LME Lead Forward	Mar-18		8		500,000		20,873
LME Lead Forward	Apr-18		11		687,775		(30,001	)
LME Lead Forward	May-18		4		250,000		(5,800	)
LME Nickel Forward	Mar-18		5		412,575		815,626
LME Nickel Forward	Apr-18		19		1,569,438		84,478
LME Nickel Forward	May-18		7		578,970		3,921
LME Nickel Forward	Jun-18		80		6,626,400		(459	)
LME Zinc Forward	Mar-18		10		865,000		646,862
LME Zinc Forward	Apr-18		23		1,986,625		17,555
LME Zinc Forward	May-18		9		776,588		(9,756	)
LME Zinc Forward	Jun-18		60		5,169,750		(45,831	)
Low Sulphur Gasoil G Futures	Apr-18		185		10,706,875		(155,725	)
Low Sulphur Gasoil G Futures	May-18		38		2,197,350		(29,625	)
Low Sulphur Gasoil G Futures	Jun-18		5		288,000		(5,550	)

The accompanying notes are an integral part of the consolidated financial statements.
13

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Long Contracts	Expiration Date	Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Mini HSI Index Futures	Mar-18		24	$	942,471	$	(16,157	)
MSCI EAFE Index Futures	Mar-18		29		2,952,925		(98,445	)
MSCI Emerging Markets Index Futures	Mar-18		62		3,667,300		(13,460	)
MSCI Singapore Exchange ETS	Mar-18		180		5,443,820		(14,335	)
MSCI Taiwan Index Futures	Mar-18		118		4,697,580		(6,080	)
MXN Currency Futures	Mar-18		386		10,247,751		(33,425	)
Nasdaq 100 E-Mini	Mar-18		280		38,444,000		(6,050	)
Natural Gas Futures	Nov-18		1		28,400		(570	)
Nikkei 225 (Chicago Mercantile Exchange)	Mar-18		10		1,096,000		(35,750	)
Nikkei 225 (Singapore Exchange)	Mar-18		67		6,940,508		(424,575	)
Nikkei 225 Mini	Mar-18		191		3,956,230		(217,709	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Apr-18		174		13,910,778		(616,224	)
NY Harbor Ultra-Low Sulfur Diesel Futures	May-18		13		1,040,130		(48,476	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Jun-18		23		1,838,588		(57,288	)
NZD Currency Futures	Mar-18		367		26,442,256		(437,435	)
OMX Stockholm 30 Index Futures	Mar-18		30		569,154		10,783
Palladium Futures	Jun-18		19		1,971,440		20,850
Platinum Futures	Apr-18		76		3,754,780		(85,120	)
PLN/USD Futures	Mar-18		46		6,716,544		92,270
RUB Currency Futures	Mar-18		62		2,754,162		116,125
Russell 2000 E-Mini	Mar-18		112		8,462,720		(231,340	)
S&P 500 E-Mini Futures	Mar-18		122		16,557,840		(553,868	)
S&P Mid 400 E-Mini Futures	Mar-18		28		5,220,600		(173,410	)
S&P/TSX 60 IX Futures	Mar-18		70		9,957,762		(308,180	)
SGX Nifty 50	Mar-18		294		6,185,172		5,628
Soybean Futures	May-18		257		13,563,175		246,075
Soybean Futures	Jul-18		2		106,425		725
Soybean Futures	Sep-18		1		52,275		(88	)
Soybean Meal Futures	May-18		214		8,446,580		461,270
Soybean Meal Futures	Jul-18		46		1,803,660		56,950
Soybean Meal Futures	Aug-18		5		193,050		5,190
SPI 200 Futures	Mar-18		194		22,605,709		30,369
Swiss Federal Bond Futures	Mar-18		20		2,117,747		(39,814	)
Topix Index Futures	Mar-18		59		9,776,653		(230,048	)
TRY/USD Futures	Mar-18		29		3,812,579		10,265
WTI Crude Futures	Apr-18		312		19,231,680		109,250
WTI Crude Futures	May-18		183		11,249,010		(277,520	)
WTI Crude Futures	Jun-18		10		611,400		(15,230	)
WTI Crude Futures	Jul-18		2		121,340		(3,180	)
WTI Crude Futures	Aug-18		6		360,840		21,390
WTI Crude Futures	Sep-18		6		357,480		(4,050	)
WTI Crude Futures	Oct-18		1		59,040		(1,680	)
WTI Crude Futures	Nov-18		1		58,560		(1,770	)
						$	(9,880,388	)

The accompanying notes are an integral part of the consolidated financial statements.
14

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Short Contracts	Expiration Date	Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
3-Month Euro Euribor	Dec-19		1,083	$	(330,315,859	)	$	227,238
3-Month Euro Euribor	Mar-20		4		(1,220,003	)		(717	)
3-Month Euro Euribor	Jun-20		19		(5,795,015	)		(3,248	)
3-Month Euro Euribor	Sep-20		1		(305,001	)		(31	)
3-Month Euro Euribor	Dec-20		1		(305,001	)		(76	)
90-DAY Eurodollar Futures	Mar-18		72		(18,000,000	)		94,838
90-DAY Eurodollar Futures	Jun-18		224		(56,000,000	)		220,300
90-DAY Eurodollar Futures	Sep-18		295		(73,750,000	)		251,900
90-DAY Eurodollar Futures	Mar-19		298		(74,500,000	)		268,725
90-DAY Eurodollar Futures	Jun-19		1,827		(456,750,000	)		2,445,483
90-DAY Eurodollar Futures	Sep-19		209		(52,250,000	)		252,038
90-DAY Eurodollar Futures	Dec-19		2,549		(637,250,000	)		2,649,125
90-DAY Eurodollar Futures	Mar-20		77		(19,250,000	)		66,963
90-DAY Eurodollar Futures	Jun-20		71		(17,750,000	)		62,537
90-DAY Eurodollar Futures	Sep-20		1		(250,000	)		(125	)
90-DAY Eurodollar Futures	Dec-20		132		(33,000,000	)		143,325
90-DAY Eurodollar Futures	Mar-21		2		(500,000	)		(75	)
90-DAY Sterling Futures	Dec-18		1,512		(260,197,971	)		62,933
90-DAY Sterling Futures	Mar-19		145		(24,952,848	)		(688	)
90-DAY Sterling Futures	Jun-19		223		(38,375,759	)		(12,291	)
90-DAY Sterling Futures	Sep-19		271		(46,636,012	)		20,302
90-DAY Sterling Futures	Dec-19		416		(71,588,860	)		109,338
90-DAY Sterling Futures	Mar-20		252		(43,366,328	)		14,920
90-DAY Sterling Futures	Jun-20		273		(46,980,189	)		40,763
90-DAY Sterling Futures	Sep-20		8		(1,376,709	)		120
90-DAY Sterling Futures	Dec-20		220		(37,859,493	)		104,819
Australian 10-Year Bond Futures	Mar-18		88		(6,834,951	)		(50,167	)
Australian 3-Year Bond Futures	Mar-18		19		(1,475,728	)		(12,751	)
Bank Acceptance Futures	Jun-18		13		(2,532,731	)		(3,419	)
Bank Acceptance Futures	Sep-18		59		(11,494,701	)		2,445
Bank Acceptance Futures	Dec-18		85		(16,560,162	)		18,937
Canadian 10-Year Bond Futures	Jun-18		358		(27,899,002	)		(215,578	)
Canola Futures (Winnipeg Commodity Exchange)	May-18		1		(8,167	)		(401	)
Canola Futures (Winnipeg Commodity Exchange)	Jul-18		5		(41,225	)		(1,897	)
Cocoa Futures	May-18		69		(1,502,788	)		(113,207	)
Cocoa Futures	Jul-18		22		(484,299	)		(53,471	)
Coffee 'C' Futures	May-18		325		(14,868,750	)		253,144
Coffee 'C' Futures	Jul-18		45		(2,094,188	)		67,781
Coffee 'C' Futures	Sep-18		10		(473,250	)		3,769
Coffee Robusta Futures	May-18		72		(1,241,280	)		77,340
Coffee Robusta Futures	Jul-18		30		(526,200	)		120
Corn Futures	Sep-18		25		(493,750	)		(28,525	)
DJIA Mini E-CBOT	Mar-18		60		(7,511,400	)		(431,385	)
Dollar Index	Mar-18		3		(300,000	)		(4,448	)
E-Mini Natural Gas	Apr-18		16		(106,675	)		(1,780	)
Euro BUXL 30-Year Bond Futures	Mar-18		17		(2,074,005	)		(53,241	)
Euro/CHF 3-Month Futures ICE	Mar-18		1		(264,718	)		(132	)
Euro-Bobl Futures	Mar-18		444		(54,168,141	)		(96,917	)
Euro-Bobl Futures	Jun-18		186		(22,692,059	)		(20,740	)
Euro-Bund Futures	Mar-18		193		(23,546,061	)		(388,546	)

The accompanying notes are an integral part of the consolidated financial statements.
15

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Short Contracts	Expiration Date	Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Euro-Oat Futures	Jun-18		37	$	(4,514,012	)	$	(451	)
Kansas City Hard Red Winter Wheat Futures	May-18		22		(574,475	)		(46,025	)
Kansas City Hard Red Winter Wheat Futures	Jul-18		58		(1,563,100	)		(131,925	)
Lean Hogs Futures	Apr-18		92		(2,473,880	)		67,880
Lean Hogs Futures	Jul-18		1		(32,880	)		(850	)
LME Aluminum Forward	Mar-18		1,471		(78,312,363	)		447,614
Long Gilt Futures	Jun-18		306		(42,127,290	)		(131,710	)
Mill Wheat Euro	Mar-18		1		(10,172	)		(427	)
Mill Wheat Euro	May-18		180		(1,847,390	)		10,217
Mill Wheat Euro	Sep-18		118		(1,239,859	)		(30,454	)
Natural Gas Futures	Apr-18		533		(14,215,200	)		(54,980	)
Natural Gas Futures	May-18		207		(5,580,700	)		(28,220	)
Natural Gas Futures	Jun-18		20		(547,000	)		(9,070	)
Natural Gas Futures	Jul-18		14		(389,100	)		(7,290	)
Natural Gas Futures	Aug-18		6		(167,500	)		(3,740	)
Natural Gas Futures	Sep-18		1		(27,700	)		(700	)
Nikkie 225 (Osaka Securities Exchange)	Mar-18		5		(1,035,662	)		(6,467	)
Rapeseed Euro	May-18		94		(2,067,112	)		(55,998	)
Rapeseed Euro	Aug-18		62		(1,345,450	)		(4,514	)
Rapeseed Euro	Nov-18		6		(131,211	)		(4,133	)
Silver Futures	May-18		97		(7,957,400	)		84,795
Silver Futures	Jul-18		5		(412,450	)		3,125
Soybean Futures	Aug-18		3		(159,488	)		(11,975	)
Soybean Oil Futures	May-18		98		(1,895,124	)		74,262
Soybean Oil Futures	Jul-18		88		(1,712,304	)		36,042
Sugar No. 11 (World)	May-18		355		(5,319,888	)		78,299
Sugar No. 11 (World)	Jul-18		314		(4,744,163	)		37,094
Sugar No. 11 (World)	Oct-18		22		(340,278	)		1,042
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Jun-18		1,559		(152,323,900	)		54,609
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Jun-18		694		(136,276,340	)		63,813
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Jun-18		2,012		(192,733,675	)		242,054
U.S. Treasury Long Bond (Chicago Board of Trade)	Jun-18		246		(29,597,586	)		(106,570	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Jun-18		22		(2,432,024	)		(26,164	)
USD/CZK Futures	Mar-18		30		(3,000,000	)		60,939
USD/HUF Futures	Mar-18		29		(2,900,000	)		(26,120	)
USD/NOK Futures	Mar-18		1		(100,000	)		(49,036	)
USD/SEK Futures	Mar-18		3		(300,000	)		(6,266	)
Wheat (Chicago Board of Trade)	May-18		53		(1,311,750	)		(200,038	)
Wheat (Chicago Board of Trade)	Jul-18		10		(253,625	)		(21,400	)
White Sugar ICE	May-18		111		(2,005,215	)		4,280
White Sugar ICE	Aug-18		51		(914,175	)		43,860
White Sugar ICE	Oct-18		3		(54,210	)		(30	)
							$	6,310,719
Total Futures Contracts							$	(3,569,669	)

The accompanying notes are an integral part of the consolidated financial statements.
16

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Forward foreign currency contracts outstanding as of February 28, 2018 were as follows:

Currency Purchased		Currency Sold		Expiration Date	Counterparty	Unrealized Appreciation/ (Depreciation)
AUD	28,207,023	USD	21,925,673	Mar 21 2018	BOA	$	(16,788	)
AUD	62,391,000	USD	49,588,180	Mar 23 2018	BOA		(1,127,841	)
AUD	66,000	USD	51,293	Mar 28 2018	BOA		(29	)
BRL	35,100,283	USD	10,635,697	Mar 21 2018	BOA		150,069
BRL	4,083,438	USD	1,250,000	Jun 20 2018	BOA		(6,969	)
CAD	411,008	USD	320,712	Mar 01 2018	BOA		(408	)
CAD	43,572,010	USD	34,524,849	Mar 21 2018	BOA		(554,833	)
CAD	35,824,000	USD	28,619,060	Mar 23 2018	BOA		(688,285	)
CAD	83,000	USD	64,710	Mar 28 2018	BOA		10
CHF	18,249,000	USD	19,460,315	Mar 23 2018	BOA		(95,082	)
CHF	2,108,000	USD	2,257,788	Mar 28 2018	BOA		(19,671	)
CLP	9,543,488,344	USD	15,089,803	Mar 21 2018	BOA		945,930
CLP	5,739,651,730	USD	9,700,000	Jun 20 2018	BOA		(67,079	)
CNH	35,398,277	USD	5,450,000	Mar 21 2018	BOA		136,056
EUR	1,211,918	USD	1,492,251	Mar 01 2018	BOA		(13,617	)
EUR	351,108	USD	428,352	Mar 02 2018	BOA		53
EUR	7,000,000	HUF	2,193,803,866	Mar 21 2018	BOA		15,246
EUR	20,200,000	NOK	198,381,048	Mar 21 2018	BOA		(452,959	)
EUR	4,200,000	PLN	17,540,487	Mar 21 2018	BOA		6,001
EUR	32,900,000	SEK	326,224,377	Mar 21 2018	BOA		773,199
EUR	57,430,978	USD	68,993,607	Mar 21 2018	BOA		1,190,419
EUR	40,911,000	USD	49,034,498	Mar 23 2018	BOA		970,126
EUR	51,000	JPY	6,636,865	Mar 28 2018	BOA		28
EUR	1,598,000	USD	1,967,381	Mar 28 2018	BOA		(13,303	)
GBP	187,872	USD	262,411	Mar 01 2018	BOA		(3,758	)
GBP	629,759	USD	868,438	Mar 02 2018	BOA		(1,393	)
GBP	40,902,068	USD	55,339,182	Mar 21 2018	BOA		1,027,891
GBP	28,572,000	USD	38,718,816	Mar 23 2018	BOA		660,764
HUF	1,209,335,168	EUR	3,900,000	Mar 21 2018	BOA		(58,811	)
HUF	871,004,193	USD	3,331,682	Mar 21 2018	BOA		58,616
ILS	60,457,605	USD	17,400,000	Mar 21 2018	BOA		2,551
INR	1,592,111,220	USD	24,581,464	Mar 21 2018	BOA		(204,581	)
INR	464,187,362	USD	7,050,000	Jun 20 2018	BOA		(12,507	)
JPY	132,243,069	USD	1,235,398	Mar 01 2018	BOA		4,116
JPY	33,394,981	USD	313,074	Mar 02 2018	BOA		(47	)
JPY	13,734,831,293	USD	123,792,616	Mar 22 2018	BOA		5,146,085
JPY	7,665,381,000	USD	70,211,719	Mar 23 2018	BOA		1,754,740
JPY	754,889,850	EUR	5,756,000	Mar 28 2018	BOA		51,666
JPY	269,445,000	USD	2,529,742	Mar 28 2018	BOA		1,005
KRW	15,558,251,318	USD	14,321,492	Mar 21 2018	BOA		50,069
KRW	6,203,926,766	USD	5,800,000	Jun 20 2018	BOA		(54,855	)
MXN	247,139,302	USD	12,925,820	Mar 21 2018	BOA		138,374
MXN	42,318,000	USD	2,234,541	Mar 23 2018	BOA		1,700
NOK	1,995,841	USD	253,054	Mar 02 2018	BOA		(316	)
NOK	182,185,533	EUR	18,850,000	Mar 21 2018	BOA		50,467
NOK	76,291,950	USD	9,469,998	Mar 21 2018	BOA		197,602
NZD	567,875	USD	411,550	Mar 01 2018	BOA		(2,005	)
NZD	646,453	USD	466,752	Mar 02 2018	BOA		(543	)
NZD	29,127,323	USD	20,780,991	Mar 21 2018	BOA		221,313

The accompanying notes are an integral part of the consolidated financial statements.
17

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Currency Purchased		Currency Sold		Expiration Date	Counterparty	Unrealized Appreciation/ (Depreciation)
NZD	26,641,000	USD	19,503,897	Mar 23 2018	BOA	$	(294,674	)
PHP	152,928,179	USD	3,000,000	Mar 21 2018	BOA		(67,139	)
PHP	52,708,000	USD	1,000,000	Jun 20 2018	BOA		5,739
PLN	59,357,624	EUR	14,100,000	Mar 21 2018	BOA		117,720
PLN	41,783,161	USD	11,878,179	Mar 21 2018	BOA		333,993
RUB	697,612,030	USD	11,850,000	Mar 21 2018	BOA		491,484
RUB	582,127,294	USD	10,300,000	Jun 20 2018	BOA		(95,873	)
SEK	102,050,745	EUR	10,300,000	Mar 21 2018	BOA		(251,770	)
SEK	55,748,129	USD	6,835,933	Mar 21 2018	BOA		(97,350	)
SGD	18,595,366	USD	13,921,309	Mar 21 2018	BOA		119,601
THB	281,887,053	USD	8,750,000	Mar 21 2018	BOA		235,164
TRY	92,811,563	USD	23,922,279	Mar 21 2018	BOA		332,803
TWD	141,365,177	USD	4,837,566	Mar 21 2018	BOA		9,586
TWD	13,005,450	USD	450,000	Jun 20 2018	BOA		(1,327	)
USD	19,565,650	AUD	25,093,248	Mar 21 2018	BOA		75,288
USD	44,176,625	AUD	56,848,000	Mar 23 2018	BOA		21,646
USD	3,725,832	AUD	4,784,000	Mar 28 2018	BOA		9,972
USD	8,847,371	BRL	28,935,944	Mar 21 2018	BOA		(44,190	)
USD	321,789	CAD	411,008	Mar 01 2018	BOA		1,486
USD	31,434,971	CAD	39,648,157	Mar 21 2018	BOA		524,105
USD	44,962,240	CAD	56,987,000	Mar 23 2018	BOA		531,381
USD	4,766,897	CAD	6,079,000	Mar 28 2018	BOA		26,738
USD	17,011,798	CHF	16,644,000	Mar 23 2018	BOA		(650,263	)
USD	10,953,013	CHF	10,287,000	Mar 28 2018	BOA		31,046
USD	14,800,000	CLP	8,868,988,180	Mar 21 2018	BOA		(102,383	)
USD	1,150,000	CNH	7,330,709	Mar 21 2018	BOA		(6,829	)
USD	1,483,788	EUR	1,211,918	Mar 01 2018	BOA		5,154
USD	428,615	EUR	351,108	Mar 02 2018	BOA		210
USD	59,106,325	EUR	48,486,598	Mar 21 2018	BOA		(147,144	)
USD	28,729,544	EUR	23,458,000	Mar 23 2018	BOA		57,342
USD	11,520,132	EUR	9,383,000	Mar 28 2018	BOA		46,343
USD	260,932	GBP	187,872	Mar 01 2018	BOA		2,279
USD	872,316	GBP	629,759	Mar 02 2018	BOA		5,272
USD	46,249,538	GBP	33,729,682	Mar 21 2018	BOA		(233,282	)
USD	27,658,457	GBP	19,905,000	Mar 23 2018	BOA		224,236
USD	2,314,604	HUF	599,008,928	Mar 21 2018	BOA		(16,979	)
USD	11,600,000	ILS	40,282,107	Mar 21 2018	BOA		4,909
USD	20,649,868	INR	1,336,353,258	Mar 21 2018	BOA		188,906
USD	50,000	INR	3,307,516	Jun 20 2018	BOA		(145	)
USD	1,230,443	JPY	132,243,069	Mar 01 2018	BOA		(9,071	)
USD	311,734	JPY	33,394,981	Mar 02 2018	BOA		(1,294	)
USD	98,816,578	JPY	10,953,406,181	Mar 22 2018	BOA		(4,010,893	)
USD	51,519,027	JPY	5,703,270,000	Mar 23 2018	BOA		(2,026,145	)
USD	13,401,378	KRW	14,391,319,609	Mar 21 2018	BOA		107,742
USD	9,136,033	MXN	175,545,983	Mar 21 2018	BOA		(143,619	)
USD	7,904,221	MXN	154,908,000	Mar 23 2018	BOA		(281,694	)
USD	253,470	NOK	1,995,841	Mar 02 2018	BOA		731
USD	8,291,714	NOK	67,238,070	Mar 21 2018	BOA		(228,592	)
USD	412,815	NZD	567,875	Mar 01 2018	BOA		3,269
USD	467,453	NZD	646,453	Mar 02 2018	BOA		1,244
USD	17,986,186	NZD	25,480,884	Mar 21 2018	BOA		(386,847	)

The accompanying notes are an integral part of the consolidated financial statements.
18

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Currency Purchased		Currency Sold		Expiration Date	Counterparty	Unrealized Appreciation/ (Depreciation)
USD	10,865,269	NZD	15,391,000	Mar 23 2018	BOA	$	(232,256	)
USD	3,000,000	PHP	154,804,442	Mar 21 2018	BOA		31,156
USD	9,195,286	PLN	31,764,012	Mar 21 2018	BOA		(88,539	)
USD	12,437,693	RUB	697,612,030	Mar 21 2018	BOA		96,209
USD	5,149,397	SEK	41,633,135	Mar 21 2018	BOA		116,972
USD	4,417,203	SGD	5,862,398	Mar 21 2018	BOA		(9,352	)
USD	3,200,000	THB	101,847,261	Mar 21 2018	BOA		(46,387	)
USD	13,415,657	TRY	52,288,666	Mar 21 2018	BOA		(249,298	)
USD	5,140,721	TWD	152,408,122	Mar 21 2018	BOA		(85,073	)
USD	5,986,475	ZAR	74,065,828	Mar 22 2018	BOA		(271,782	)
ZAR	177,193,588	USD	14,000,133	Mar 22 2018	BOA		971,996
ZAR	19,636,000	USD	1,688,550	Mar 28 2018	BOA		(30,988	)
Total Forward Foreign Currency Contracts						$	4,778,960

	Put/Call		Counterparty		Number Of Contracts		Notional Amount	Value
Purchased Options — 0.9%
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.50		Put		BAML		4,356	EUR 173,996,064	$	963,223
EURO Currency Futures, Expires 4/06/18, Strike Price $1.20		Put		BAML		561	EUR 70,125,000		203,363
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.625		Put		BAML		2,420	EUR 94,350,960		1,376,375
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.875		Put		BAML		4,699	EUR 183,204,612		5,022,056
IMM Eurodollar Futures, Expires 3/19/18, Strike Price $98		Put		BAML		1,753	EUR 68,636,962		514,944
U.S. 10-Year Treasury Bond, Expires 3/23/18, Strike Price $119		Put		BAML		1,508	USD 181,035		282,750
USD JPY Currency Futures, Expires 4/06/18, Strike Price $103		Put		BAML		111,032,000	JPY 111,032,000		275,359
TOTAL PURCHASED OPTIONS (COST $4,027,045)								$	8,638,070

The accompanying notes are an integral part of the consolidated financial statements.
19

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Concluded)

February 28, 2018 (Unaudited)

	Put/Call		Counterparty		Number Of Contracts		Notional Amount	Value
Written Options — (0.6)%
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.375		Put		BAML		4,356	EUR 173,996,064	$	(697,506	)
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.5		Put		BAML		2,420	EUR 94,350,960		(892,375	)
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.75		Put		BAML		4,699	EUR 183,204,612		(3,788,569	)
U.S. 10-Year Treasury Bond, Expires 3/23/18, Strike Price $118		Put		BAML		1,508	USD 181,035		(70,687	)
USD JPY Currency Futures, Expires 4/06/18, Strike Price $100		Put		BAML		111,032,000	JPY 111,032,000		(79,499	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $2,164,490)								$	(5,528,636	)

AUD	Australian Dollar
BAML	Bank of America Merrill Lynch
BOA	Bank of America
BRL	Brazilian Real
CAD	Canadian Dollar
CBOT	Chicago Board of Trade
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DAX	Deutscher Aktienindex
DJIA	Dow Jones Industrial Average
EUR	Euro
FTSE	Financial Times Stock Exchange
GBP	British Pound
HUF	Hungarian Forint
IBEX	Index of the Bolsa de Madrid
ICE	Intercontinental Exchange
ILS	Israeli New Shekel
IMM	International Monetary Market

INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
LME	London Mercantile Exchange
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RBOB	Reformulated Blendstock for Oxygenate Blending
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
SGX	Singapore Exchange
THB	Thai Baht
TRY	Turkish Lira
TSX	Toronto Stock Exchange
TWD	Taiwan Dollar
USD	United States Dollar
WTI	West Texas Intermediate
ZAR	South African Rand

The accompanying notes are an integral part of the consolidated financial statements.
20

Abbey Capital Futures Strategy Fund

Consolidated Statement of Assets And Liabilities

February 28, 2018 (Unaudited)

ASSETS
Investments, at value (cost $898,928,910)	$	903,155,058
Cash		17,881,937
Deposits with broker for forward foreign currency contracts		10,935,448
Deposits with brokers for futures contracts		66,187,979
Receivables for:
Capital shares sold		9,860,916
Unrealized appreciation on forward foreign currency contracts		18,285,818
Unrealized appreciation on futures contracts		13,172,628
Prepaid expenses and other assets		65,644
Total assets		1,039,545,428
LIABILITIES
Options written, at value (premiums received $2,164,490)		5,528,636
Due to broker		2,395,078
Payables for:
Investments purchased		55,379,630
Advisory fees		1,211,443
Capital shares redeemed		432,956
Administration and accounting services fees		72,108
Unrealized depreciation on forward foreign currency contracts		13,506,858
Unrealized depreciation on futures contracts		16,742,297
Other accrued expenses and liabilities		195,315
Total liabilities		95,464,321
Net assets	$	944,081,107
NET ASSETS CONSIST OF:
Par value	$	83,096
Paid-in capital		921,161,000
Accumulated net investment income/(loss)		(13,674,585	)
Accumulated net realized gain/(loss) from investments, futures contracts, foreign currency transactions, forward foreign currency contracts and written options		34,401,388
Net unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translation, forward foreign currency contracts and written options		2,110,208
Net assets	$	944,081,107
CLASS A SHARES:
Net assets	$	13,107,496
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,160,554
Net asset value and redemption price per share	$	11.29
Maximum offering price per share (100/94.25 of $11.29)	$	11.98
CLASS I SHARES:
Net assets	$	921,700,371
Shares outstanding ($0.001 par value, 300,000,000 shares authorized)		81,101,363
Net asset value, offering and redemption price per share	$	11.36
CLASS C SHARES:
Net assets	$	9,273,240
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		834,273
Net asset value, offering and redemption price per share	$	11.12

The accompanying notes are an integral part of the consolidated financial statements.
21

Abbey Capital Futures Strategy Fund

Consolidated Statement of Operations

For the Six Months Ended
February 28, 2018 (Unaudited)

INVESTMENT INCOME
Interest	$	4,773,127
Total investment income		4,773,127
EXPENSES
Advisory fees (Note 2)		7,678,675
Administration and accounting services fees (Note 2)		194,293
Legal fees		93,565
Registration and filing fees		53,329
Transfer agent fees (Note 2)		47,853
Printing and shareholder reporting fees		46,579
Distribution fees (Class C Shares) (Note 2)		35,797
Distribution fees (Class A Shares) (Note 2)		17,217
Audit and tax service fees		31,245
Directors fees		26,945
Officers fees		16,127
Custodian fees (Note 2)		8,765
Other expenses		32,113
Total expenses before waivers and reimbursements		8,282,503
Less: waivers and reimbursements (Note 2)		(447,424	)
Net expenses after waivers and reimbursements		7,835,079
Net investment income/(loss)		(3,061,952	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		2,242,234
Futures contracts		37,972,930
Foreign currency transactions		71,372
Forward foreign currency contracts		(4,566,810	)
Written options		(1,313,894	)
Net change in unrealized appreciation/(depreciation) on:
Investments		4,447,722
Futures contracts		(26,263,709	)
Foreign currency translation		38,915
Forward foreign currency contracts		2,465,906
Written options		(3,416,396	)
Net realized and unrealized gain/(loss) from investments		11,678,270
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,616,318

The accompanying notes are an integral part of the consolidated financial statements.
22

Abbey Capital Futures Strategy Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSET FROM OPERATIONS:
Net investment income/(loss)	$	(3,061,952	)	$	(10,879,903	)
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions, forward foreign currency contracts and written options		34,405,832			(50,609,874	)
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translation, forward foreign currency contracts and written options		(22,727,562	)		20,193,769
Net increase/(decrease) in net assets resulting from operations		8,616,318			(41,296,008	)
capital SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		1,754,722			9,247,071
Shares redeemed		(4,206,562	)		(10,029,596	)
Total from Class A Shares		(2,451,840	)		(782,525	)
Class I Shares
Proceeds from shares sold		340,278,315			561,507,438
Shares redeemed		(199,363,200	)		(489,198,240	)
Total from Class I Shares		140,915,115			72,309,198
Class C Shares
Proceeds from shares sold		1,068,532			6,146,653
Shares redeemed		(1,342,971	)		(4,447,796	)
Total from Class C Shares		(274,439	)		1,698,857
Net increase/(decrease) in net assets from capital share transactions		138,188,836			73,225,530
Total increase/(decrease) in net assets		146,805,154			31,929,522
NET ASSETS:
Beginning of period		797,275,953			765,346,431
End of period	$	944,081,107		$	797,275,953
Accumulated net investment income/(loss), end of period	$	(13,674,585	)	$	(10,612,633	)

The accompanying notes are an integral part of the consolidated financial statements.
23

Abbey Capital Futures Strategy Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
SHARE TRANSACTIONS:
Class A Shares
Shares sold		153,265			807,849
Shares redeemed		(374,285	)		(881,702	)
Total Class A Shares		(221,020	)		(73,853	)
Class I Shares
Shares sold		29,381,645			49,037,837
Shares redeemed		(17,226,439	)		(42,813,179	)
Total Class I Shares		12,155,206			6,224,658
Class C Shares
Shares sold		93,830			539,738
Shares redeemed		(118,786	)		(395,929	)
Total Class C Shares		(24,956	)		143,809
Net increase/(decrease) in shares outstanding		11,909,230			6,294,614

The accompanying notes are an integral part of the consolidated financial statements.
24

Abbey Capital Futures Strategy Fund

Consolidated Financial Highlights

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

	Class A Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015(1)
Per Share Operating Performance
Net asset value, beginning of period	$	11.15		$	11.77		$	12.01		$	10.36
Net investment income/(loss)(2)		(0.05	)		(0.18	)		(0.24	)		(0.27	)
Net realized and unrealized gain/(loss) from investments		0.19			(0.44	)		0.01			2.14
Net increase/(decrease) in net assets resulting from operations		0.14			(0.62	)		(0.23	)		1.87
Dividends and distributions to shareholders from:
Net investment income		—			—			(0.01	)		(0.21	)
Net realized capital gains		—			—			—			(0.01	)
Total dividends and distributions to shareholders		—			—			(0.01	)		(0.22	)
Net asset value, end of period	$	11.29		$	11.15		$	11.77		$	12.01
Total investment return(3)		1.25	%(4)		(5.18	)%		(1.94	)%		18.17	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	13,107		$	15,401		$	17,125		$	11,013
Ratio of expenses to average net assets with waivers and reimbursements (including interest expense)(6)		2.04	%(5)		2.14	%		2.26	%		2.28	%
Ratio of expenses to average net assets with waivers and reimbursements (excluding interest expense)(6)		2.04	%(5)		2.14	%		2.24	%		2.24	%
Ratio of expenses to average net assets without waivers and reimbursements (including interest expense)(6)		2.14	%(5)		2.28	%		2.42	%		2.71	%
Ratio of net investment income/(loss) to average net assets		(0.94	)%(5)		(1.60	)%		(2.01	)%		(2.23	)%
Portfolio turnover rate(7)		0.00	%(4)		0.00	%		0.00	%		0.00	%

(1) Inception date of Class A Shares of the Fund was August 29, 2014.

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

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

(4) Not annualized.

(5) Annualized.

(6) Effective February 28, 2017, the Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.04% of the Fund’s average daily net assets attributable to Class A Shares. Prior to February 28, 2017, the contractual fee waiver limited total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.24% of the Fund’s average daily net assets attributable to Class A Shares.

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the consolidated financial statements.
25

Abbey Capital Futures Strategy Fund

Consolidated Financial Highlights (Continued)

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

	Class I Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Period Ended August 31, 2014(1)
Per Share Operating Performance
Net asset value, beginning of period	$	11.20		$	11.80		$	12.03		$	10.36		$	10.00
Net investment income/(loss)(2)		(0.04	)		(0.15	)		(0.21	)		(0.24	)		(0.03	)
Net realized and unrealized gain/(loss) from investments		0.20			(0.45	)		0.01			2.14			0.39
Net increase/(decrease) in net assets resulting from operations		0.16			(0.60	)		(0.20	)		1.90			0.36
Dividends and distributions to shareholders from:
Net investment income		—			—			(0.03	)		(0.22	)		—
Net realized gains		—			—			—			(0.01	)		—
Total dividends and distributions to shareholders		—			—			(0.03	)		(0.23	)		—
Net asset value, end of period	$	11.36		$	11.20		$	11.80		$	12.03		$	10.36
Total investment return(3)		1.43	%(4)		(5.00	)%		(1.68	)%		18.46	%		3.60	%(4)
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	921,700		$	772,413		$	739,842		$	220,441		$	24,349
Ratio of expenses to average net assets with waivers and reimbursements (including interest expense)(6)		1.79	%(5)		1.89	%		2.01	%		2.03	%		2.01	%(5)
Ratio of expenses to average net assets with waivers and reimbursements (excluding interest expense)(6)		1.79	%(5)		1.89	%		1.99	%		1.99	%		1.99	%(5)
Ratio of expenses to average net assets without waivers and reimbursements (including interest expense)(6)		1.89	%(5)		2.03	%		2.17	%		2.46	%		4.71	%(5)
Ratio of net investment income/(loss) to average net assets		(0.69	)%(5)		(1.35	)%		(1.76	)%		(1.98	)%		(1.99	)%(5)
Portfolio turnover rate(7)		0.00	%(4)		0.00	%		0.00	%		0.00	%		0.00	%(4)

(1) Inception date of Class I Shares of the Fund was July 1, 2014.

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

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

(4) Not annualized.

(5) Annualized.

(6) Effective February 28, 2017, the Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79% of the Fund’s average daily net assets attributable to Class I Shares. Prior to February 28, 2017, the contractual fee waiver limited total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.99% of the Fund’s average daily net assets attributable to Class I Shares.

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the consolidated financial statements.
26

Abbey Capital Futures Strategy Fund

Consolidated Financial Highlights (Concluded)

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

	Class C Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Period Ended August 31, 2016(1)
Per Share Operating Performance
Net asset value, beginning of period	$	11.01		$	11.71		$	11.99
Net investment income/(loss)(2)		(0.09	)		(0.26	)		(0.30	)
Net realized and unrealized gain/(loss) from investments		0.20			(0.44	)		0.03
Net increase/(decrease) in net assets resulting from operations		0.11			(0.70	)		(0.27	)
Dividends and distributions to shareholders from:
Net investment income		—			—			(0.01	)
Total dividends and distributions to shareholders		—			—			(0.01	)
Net asset value, end of period	$	11.12		$	11.01		$	11.71
Total investment return(3)		0.91	%(4)		(5.89	)%		(2.22	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	9,273		$	9,462		$	8,380
Ratio of expenses to average net assets with waivers and reimbursements (including interest expense)(6)		2.79	%(5)		2.89	%		3.01	%(5)
Ratio of expenses to average net assets with waivers and reimbursements (excluding interest expense)(6)		2.79	%(5)		2.89	%		2.99	%(5)
Ratio of expenses to average net assets without waivers and reimbursements (including interest expense)(6)		2.89	%(5)		3.03	%		3.17	%(5)
Ratio of net investment income/(loss) to average net assets		(1.69	)%(5)		(2.35	)%		(2.76	)%(5)
Portfolio turnover rate(7)		0.00	%(4)		0.00	%		0.00	%(4)

(1) Inception date of Class C Shares of the Fund was October 6, 2015.

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

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

(4) Not annualized.

(5) Annualized.

(6) Effective February 28, 2017, the Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.79% of the Fund’s average daily net assets attributable to Class C Shares. Prior to February 28, 2017, the contractual fee waiver limited total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.99% of the Fund’s average daily net assets attributable to Class C Shares.

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the consolidated financial statements.
27

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements

February 28, 2018 (Unaudited)

1. Organization and Significant Accounting Policies

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

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 – “Financial Services – Investment Companies.”

The end of the reporting period for the Fund is February 28, 2018, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

Consolidation of Subsidiary — The Managed Futures strategy will be achieved by the Fund investing up to 25% of its total assets in Abbey Capital Offshore Fund Limited (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $188,789,159, which represented 20.00% of the Fund’s net assets.

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

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

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

28

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Short-Term Investments	$	894,516,988	$	894,516,988	$	—	$	—
Commodity Contracts
Futures Contracts		4,086,824		4,086,824		—		—
Equity Contracts
Futures Contracts		446,130		446,130		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		18,285,818		—		18,285,818		—
Futures Contracts		821,694		821,694		—		—
Purchased Options		478,722		478,722		—		—
Interest Rate Contracts
Futures Contracts		7,817,980		7,817,980		—		—
Purchased Options		8,159,348		8,159,348		—		—
Total Assets	$	934,613,504	$	916,327,686	$	18,285,818	$	—

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(6,197,715	)	$	(6,197,715	)	$	—		$	—
Equity Contracts
Futures Contracts		(4,261,053	)		(4,261,053	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(13,506,858	)		—			(13,506,858	)		—
Futures Contracts		(3,896,326	)		(3,896,326	)		—			—
Written Options		(79,499	)		(79,499	)		—			—
Interest Rate Contracts
Futures Contracts		(2,387,203	)		(2,387,203	)		—			—
Written Options		(5,449,137	)		(5,449,137	)		—			—
Total Liabilities	$	(35,777,791	)	$	(22,270,933	)	$	(13,506,858	)	$	—

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

29

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

During the current fiscal period, the Fund had no transfers between Levels 1, 2 and 3.

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

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

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of and for the current fiscal period.

The following tables list the fair values of the Fund’s derivative holdings as of the end of the reporting period, grouped by contract type and risk exposure category.

Derivative Type	Consolidated Statement of Assets and Liabilities Location	Equity Contracts		Interest Rate Contracts		Foreign Currency Contracts		Commodity Contracts		Total
Asset Derivatives
Purchased Options	Investments, at value	$	—	$	8,159,348	$	478,722	$	—	$	8,638,070
Forward Contracts (a)	Unrealized appreciation on forward foreign currency contracts		—		—		18,285,818		—		18,285,818
Futures Contracts (a)	Unrealized appreciation on futures contracts		446,130		7,817,980		821,694		4,086,824		13,172,628
Total Value- Assets		$	446,130	$	15,977,328	$	19,586,234	$	4,086,824	$	40,096,516

(a) This amount represents the cumulative appreciation/(depreciation) of forwards and futures contracts as reported on the Consolidated Portfolio of Investments.

30

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

Derivative Type	Consolidated Statement of Assets and Liabilities Location	Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Commodity Contracts			Total
Liability Derivatives
Written Options	Options written, at value	$	—		$	(5,449,137	)	$	(79,499	)	$	—		$	(5,528,636	)
Forward Contracts (a)	Unrealized depreciation on forward foreign currency contracts		—			—			(13,506,858	)		—			(13,506,858	)
Futures Contracts (a)	Unrealized depreciation on futures contracts		(4,261,053	)		(2,387,203	)		(3,896,326	)		(6,197,715	)		(16,742,297	)
Total Value- Liabilities		$	(4,261,053	)	$	(7,836,340	)	$	(17,482,683	)	$	(6,197,715	)	$	(35,777,791	)

(a) This amount represents the cumulative appreciation/(depreciation) of forwards and futures contracts as reported on the Consolidated Portfolio of Investments.

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by contract type and risk exposure.

Derivative Type	Consolidated Statement of Operations Location	Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Commodity Contracts			Total
Realized Gain/(Loss)
Purchased Options	Net realized gain/(loss) from Investments	$	(542,047	)	$	3,193,359		$	(114,245	)	$	(304,107	)	$	2,232,960
Futures Contracts	Net realized gain/(loss) from Futures Contracts		33,538,268			2,478,501			(3,627,079	)		5,583,240			37,972,930
Forward Contracts	Net realized gain/(loss) from Forward Foreign Currency Contracts		—			—			(4,566,810	)		—			(4,566,810	)
Written Options	Net realized gain/(loss) from Written Options		199,544			(1,513,438	)		—			—			(1,313,894	)
Total Realized Gain/(Loss)		$	33,195,765		$	4,158,422		$	(8,308,134	)	$	5,279,133		$	34,325,186

31

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by contract type and risk exposure.

Derivative Type	Consolidated Statement of Operations Location	Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Commodity Contracts			Total
Change in Unrealized Appreciation/(Depreciation)
Purchased Options	Net change in unrealized appreciation/ (depreciation) on investments	$	26,260		$	5,111,428		$	(170,676	)	$	—		$	4,967,012
Futures Contracts	Net change in unrealized appreciation/ (depreciation) on futures contracts		(6,369,006	)		(2,002,820	)		(4,669,129	)		(13,222,754	)		(26,263,709	)
Forward Contracts	Net change in unrealized appreciation/ (depreciation) on forward foreign currency contracts		—			—			2,465,906			—			2,465,906
Written Options	Net change in unrealized appreciation/ (depreciation) on written options		—			(3,591,383	)		174,987			—			(3,416,396	)
Total Change in Unrealized Appreciation/(Depreciation)		$	(6,342,746	)	$	(482,775	)	$	(2,198,912	)	$	(13,222,754	)	$	(22,247,187	)

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

Purchased Options (Cost)		Written Options (Proceeds)			Long Futures Notional Amount		Short Futures Notional Amount			Forward Foreign Currency Contracts — Payable (Value at Trade Date)			Forward Foreign Currency Contracts — Receivable (Value at Trade Date)
$	2,299,981	$	(1,049,330	)	$	3,102,129,942	$	(2,492,687,344	)	$	(1,801,185,795	)	$	1,801,539,324

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

32

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

			Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities								Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities
Description	Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments	Collateral Received		Net Amount(1)		Gross Amount Presented in the Consolidated Statement of Assets and Liabilities			Financial Instruments	Collateral Pledged(2)		Net Amount(3)
	Assets							Liabilities
Forward Foreign Currency Contracts	$	18,285,818	$(13,506,858)	$	—	$	4,778,960	$	13,506,858	$	(13,506,858)	$	—	$	—

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

(2) Actual collateral pledged may be more than the amount shown.

(3) Net amount represents the net amount payable to the counterparty in the event of default.

Use of Estimates — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

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

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

33

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

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

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

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

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

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

34

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

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

Futures Contracts — The Fund may use futures contracts in the normal course of pursuing its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value

35

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

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

Cash and Cash Equivalents — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

2. Investment Adviser and Other Services

Abbey Capital Limited (“Abbey Capital” or the “Adviser”) serves as the investment adviser to the Fund and its Subsidiary. The Adviser allocates the assets of the Subsidiary to one or more Trading Advisers unaffiliated with the Adviser to manage. The Adviser also has the ultimate responsibility to oversee the Trading Advisers, and to recommend their hiring, termination and replacement, subject to approval by the Board. The Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding certain items discussed below) to the rates (“Expense Caps”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2018.

Advisory Fee	Expense Caps
	Class A	Class I	Class C	Class T
1.77%	2.04%	1.79%	2.79%	2.04%

36

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

During the current fiscal period, investment advisory fees accrued, waived and reimbursed were as follows:

Gross Advisory Fees		Waivers		Net Advisory Fees
	$7,678,675		$(447,424)		$7,231,251

If at any time the Fund's total annual fund operating expenses (not including acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than the relevant share class’s Expense Cap, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

As of the end of the reporting period, the Fund had amounts available for recoupment as follows:

Expiration
August 31, 2019		August 31, 2020		August 31, 2021		Total
	$801,204		$1,087,123		$447,424		$2,335,751

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

Effective October 4, 2017, Conquest Capital LLC no longer serves as a Trading Adviser to the Fund. Effective February 8, 2018, Harmonic Capital Partners LLP no longer serves as a Trading Adviser to the Fund.

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Fund. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

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

For compensation amounts payable to USBFS, please refer to the Consolidated Statement of Operations.

The Board has adopted a Plan of Distribution for the Class A Shares, Class C Shares and Class T Shares (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund’s distributor is entitled to receive from the Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and Class T Shares and up to 1.00% of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in the Fund’s 12b-1 Plan.

37

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

3. Director’s And Officer’s 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 USBFS serve as officers of the Company. They are not compensated by the Fund or the Company. For Director’s and Officer’s compensation amounts, please refer to the Consolidated Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments and derivative transactions) of the Fund were as follows:

	Purchases	Sales
Investments in Non U.S. Government Securities	$ —	$ —
Investments in U.S. Government Securities	$ —	$ —

5. Federal Income Tax Information

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

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation/ (Depreciation)
	$ 742,804,483		$ 29,545,769		$ —		$ 29,545,769

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

38

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Concluded)

February 28, 2018 (Unaudited)

The following permanent differences as of August 31, 2017, primarily attributable to disallowed losses from the Subsidiary, and net investment loss, were reclassified to the following accounts:

Undistributed Net Investment Income/(Loss)		Accumulated Net Realized Gain/(Loss)		Paid-In Capital
	$ 10,874,916		$ 50,606,729		$(61,481,645)

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation/ (Depreciation)		Capital Loss Carryforwards		Qualified Late-Year Losses		Other Temporary Differences
	$ —		$ —		$ 21,334,532		$ (4,444)		$ (7,109,395)		$ —

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

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2017, were as follows:

Ordinary Income	Long-Term Gains	Total
$ —	$ —	$ —

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2017.

For the fiscal year ended August 31, 2017, the Fund deferred to September 1, 2017, the following losses:

Late-Year Ordinary Loss Deferral		Short-Term Capital Loss Deferral		Long-Term Capital Loss Deferral
	$ 7,109,395		$ —		$ —

Accumulated capital losses represent net capital loss carry forwards as of August 31, 2017 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2017, the Fund had capital loss carryforwards of $4,444.

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there was the following subsequent event:

Effective March 5, 2018 (subsequent to the end of the reporting period), Tudor Investment Corporation (“Tudor”) serves as a Trading Adviser to the Fund.

39

Abbey Capital Futures Strategy Fund

Other Information

(Unaudited)

Proxy Voting

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

Quarterly Portfolio Schedules

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

40

[THIS PAGE INTENTIONALLY LEFT BLANK]

Investment Adviser
Abbey Capital Limited
1-2 Cavendish Row
Dublin 1, Ireland

Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
777 East Wisconsin Avenue, Floor 6
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

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

ABB-SAR18

 

ADARA SMALLER COMPANIES FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 28, 2018
(Unaudited)

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

ADARA SMALLER COMPANIES FUND

Semi-Annual Report
Performance Data

February 28, 2018 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2018
	Six Months†	One Year	Since Inception*
Adara Smaller Companies Fund	9.89%	15.33%	11.06%
Russell 2000® Index	8.30%	10.51%	11.10%**

† Not annualized.

* The Fund commenced operations on October 21, 2014.

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

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling (844) 261-6482.

The Fund’s total annual Fund operating expenses, as stated in the current prospectus dated December 31, 2017, are 0.95% of average daily net assets. This ratio may differ from the actual expenses incurred by the Fund for the period covered by this report.

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

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

INVESTMENT CONSIDERATIONS

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

1

ADARA SMALLER COMPANIES FUND

Fund Expense Example

February 28, 2018 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018 and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$1,098.90	$4.68
Hypothetical (5% return before expenses)	1,000.00	1,020.33	4.51

* Expenses are equal to the Fund’s annualized six-month expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund of 9.89%.

2

ADARA SMALLER COMPANIES FUND

Portfolio Holdings Summary Table

February 28, 2018 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Software		8.9	%	$	25,535,683
Banks		7.0			20,178,210
Commercial Services		5.4			15,456,755
Healthcare-Products		5.1			14,564,944
Retail		4.6			13,247,366
Pharmaceuticals		3.8			10,873,042
Internet		3.6			10,503,386
Semiconductors		3.6			10,358,838
Computers		3.6			10,243,133
Telecommunications		3.6			10,221,925
Machinery-Diversified		3.2			9,232,108
Transportation		2.7			7,764,182
Miscellaneous Manufacturing		2.5			7,213,650
Insurance		2.4			6,879,596
Electronics		2.3			6,743,505
Diversified Financial Services		2.3			6,520,857
Engineering & Construction		2.2			6,443,227
Building Materials		1.9			5,363,598
Biotechnology		1.6			4,563,887
Entertainment		1.6			4,544,253
Aerospace/Defense		1.6			4,520,826
Oil & Gas		1.4			3,968,763
Chemicals		1.3			3,636,626
Investment Companies		1.2			3,548,756
Leisure Time		1.2			3,318,635
Food		1.1			3,282,425
Mining		1.1			3,232,807
Auto Parts & Equipment		1.0			2,840,470
Healthcare-Services		1.0			2,782,659
Home Builders		1.0			2,770,264
Home Furnishings		0.9			2,539,504
Distribution/Wholesale		0.8			2,445,918
Apparel		0.8			2,418,928
Savings & Loans		0.8			2,376,210
Household Products / Wares		0.8			2,281,862
Metal Fabricate/Hardware		0.8	%	$	2,162,137
Oil & Gas Services		0.7			2,153,543
Electrical Components & Equipment		0.7			2,068,656
Lodging		0.7			2,050,512
REITS		0.7			2,042,362
Textiles		0.6			1,824,154
Real Estate		0.6			1,809,606
Scientific Research and Development Services		0.5			1,417,652
Beverages		0.5			1,308,610
Energy-Alternate Sources		0.4			1,121,276
Hand / Machine Tools		0.4			1,066,054
Environmental Control		0.3			813,975
Gas		0.3			799,837
Airlines		0.2			535,692
Medical Equipment and Supplies Manufacturing		0.2			444,152
Electric		0.1			421,522
Forest Products & Paper		0.1			365,040
Iron / Steel		0.1			363,615
Education Services		0.1			264,282
Media		0.1			236,547
Agriculture		0.1			228,191
Packaging & Containers		0.0			203,115
Water		0.0			168,108
Trucking & Leasing		0.0			166,900
Cosmetics/Personal Care		0.0			97,054
Office Furnishings		0.0			73,883
Coal		0.0			52,695
SHORT-TERM INVESTMENTS		4.2			12,149,669
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.3	)		(1,004,086	)
NET ASSETS		100.0	%	$	287,821,551

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
3

ADARA SMALLER COMPANIES FUND

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.1%
Aerospace/Defense — 1.6%
Aerojet Rocketdyne Holdings, Inc.*		22,286	$	601,722
Aerovironment, Inc.*		1,433		71,249
Cubic Corp.		19,627		1,205,098
Curtiss-Wright Corp.		2,004		270,500
Kaman Corp.		2,787		170,620
KLX, Inc.*		11,908		805,933
Kratos Defense & Security Solutions, Inc.*		31,511		379,708
Moog, Inc., Class A*		1,762		147,708
National Presto Industries, Inc.		1,201		109,051
Orbital ATK, Inc.		1,778		234,803
Triumph Bancorp, Inc.*		10,856		444,553
Triumph Group, Inc.		2,858		79,881
				4,520,826
Agriculture — 0.1%
Andersons, Inc., (The)		3,403		119,275
Universal Corp.		2,216		108,916
				228,191
Airlines — 0.2%
Hawaiian Holdings, Inc.		2,494		89,784
SkyWest, Inc.		8,137		445,908
				535,692
Apparel — 0.8%
Citi Trends, Inc.		8,061		178,632
Crocs, Inc.*		43,105		527,605
JC Penney Co, Inc.*		12,695		54,969
Lakeland Industries, Inc.*		23,652		311,024
Oxford Industries, Inc.		1,483		118,521
Skechers U.S.A., Inc., Class A*		6,336		259,269
Steven Madden Ltd.		3,222		141,446
Stitch Fix, Inc., Class A*		6,820		141,174
Superior Uniform Group, Inc.		17,022		427,252
Unifi, Inc.*		2,830		99,050
Wolverine World Wide, Inc.		5,464		159,986
				2,418,928
Auto Parts & Equipment — 1.0%
American Axle & Manufacturing Holdings, Inc.*		6,688		98,715
Gentherm, Inc.*		3,355		103,334
Motorcar Parts of America, Inc.*		48,007		978,383
Spartan Motors, Inc.		69,237		1,021,246
Unique Fabricating, Inc.		82,960		638,792
				2,840,470
Banks — 7.0%
American River Bankshares		45,350		693,855
Atlantic Capital Bancshares, Inc.*		26,552		459,349
Bank of Commerce Holdings		57,490		620,892
Banner Corp.		1,722		95,192
Boston Private Financial Holdings, Inc.		14,098		205,831
Central Pacific Financial Corp.		2,762		76,977
City Holding Co.		4,208		283,493
CoBiz Financial, Inc.		13,008		246,632
Community Bank System, Inc.		1,997		106,460
CVB Financial Corp.		8,715		200,445
Esquire Financial Holdings, Inc.*		37,190		855,370
Farmers National Bancorp		40,980		553,230
FCB Financial Holdings, Inc., Class A*		12,717		682,267
First BanCorp*		46,257		278,930
First Bancshares, Inc., (The)		15,790		501,332
First Citizens BancShares, Inc., Class A		859		349,699
First Commonwealth Financial Corp.		11,374		158,895
First Financial Bancorp		7,350		199,920
First Financial Bankshares, Inc.		6,581		302,726
First Northwest Bancorp*		23,460		375,360
First of Long Island Corp.		11,253		306,644
Glacier Bancorp, Inc.		3,879		150,893
Heritage Commerce Corp.		21,264		335,546
Home BancShares, Inc.		34,788		799,776
Hope Bancorp, Inc.		14,673		264,994
Horizon Bancorp		25,835		731,130
Independent Bank Corp.		1,226		85,084
Live Oak Bancshares, Inc.		25,568		667,325
MB Financial, Inc.		6,569		269,395
Metropolitan Bank Holding Corp.*		11,610		515,716
Midland States Bancorp, Inc.		22,640		709,764
MidSouth Bancorp, Inc.		41,570		519,625
Northeast Bancorp		27,150		595,942
Northrim BanCorp, Inc.		13,090		435,243
OFG Bancorp		8,517		91,558
Opus Bank		3,209		90,012
Orrstown Financial Services, Inc.		15,980		394,706
Parke Bancorp, Inc.		12,420		257,715
People's Utah Bancorp		23,360		708,976
Preferred Bank		7,915		493,342
Premier Financial Bancorp, Inc.		35,180		619,872
Southside Bancshares, Inc.		4,513		150,734
Sterling Bancorp, Inc.		24,740		346,360
Summit Financial Group, Inc.		25,940		621,263
Texas Capital Bancshares, Inc.*		1,396		125,919
Tompkins Financial Corp.		1,809		138,823
TriState Capital Holdings, Inc.*		9,365		209,308
TrustCo Bank Corp.		19,387		164,790
UMB Financial Corp.		3,746		273,458
United Bankshares, Inc.		5,943		210,977

The accompanying notes are an integral part of the financial statements.
4

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Banks — (Continued)
United Community Banks, Inc.		28,931	$	894,257
Walker & Dunlop, Inc.		1,239		59,881
West Bancorporation, Inc.		22,130		537,759
Westamerica Bancorp		2,698		154,568
				20,178,210
Beverages — 0.5%
Farmer Brothers Co.*		21,549		672,329
MGP Ingredients, Inc.		7,582		636,281
				1,308,610
Biotechnology — 1.6%
Acorda Therapeutics, Inc.*		3,666		87,067
ANI Pharmaceuticals, Inc.*		2,019		129,357
Audentes Therapeutics, Inc.*		6,946		234,011
Blueprint Medicines Corp.*		7,854		679,842
Cambrex Corp.*		1,154		59,950
ChromaDex Corp.*		78,373		427,133
Cytokinetics, Inc.*		4,423		34,278
Foundation Medicine, Inc.*		6,585		544,909
Ligand Pharmaceuticals, Inc.*		1,187		180,293
Loxo Oncology, Inc.*		9,838		1,094,182
Medicines Co., (The)*		4,827		147,803
Momenta Pharmaceuticals, Inc.*		8,455		144,158
Myriad Genetics, Inc.*		2,083		67,531
NeoGenomics, Inc.*		75,842		637,073
Ovid Therapeutics, Inc.*		14,613		96,300
				4,563,887
Building Materials — 1.9%
AAON, Inc.		2,382		87,538
Apogee Enterprises, Inc.		2,856		123,208
Armstrong Flooring, Inc.*		43,760		613,078
Armstrong World Industries, Inc.*		19,238		1,160,051
Aspen Aerogels, Inc.*		62,996		289,782
Foundation Building Materials, Inc.*		2,906		39,783
Gibraltar Industries, Inc.*		4,141		143,693
Griffon Corp.		5,631		105,300
M/I Homes, Inc.*		4,319		125,467
NCI Building Systems, Inc.*		18,021		293,742
New Relic, Inc.*		8,230		590,749
Patrick Industries, Inc.*		6,882		422,899
PGT Innovations, Inc.*		17,027		297,973
Simpson Manufacturing Co., Inc.		2,069		114,457
Summit Materials, Inc., Class A*		21,782		688,965
Universal Forest Products, Inc.		8,103		266,913
				5,363,598
Chemicals — 1.3%
A Schulman, Inc.		1,631		71,519
Aceto Corp.		1,868		13,394
AdvanSix, Inc.*		9,397		388,566
Balchem Corp.		1,142		85,935
Chemours Co., (The)		9,276		440,703
Ferro Corp.*		13,519		289,171
HB Fuller Co.		4,743		239,000
Innophos Holdings, Inc.		2,039		84,741
Innospec, Inc.		1,121		72,809
KMG Chemicals, Inc.		7,574		454,213
Koppers Holdings, Inc.*		2,012		81,285
Kraton Corp.*		2,728		115,694
Landec Corp.*		72,648		944,424
Rayonier Advanced Materials, Inc.		6,815		138,822
Stepan Co.		2,701		216,350
				3,636,626
Coal — 0.0%
SunCoke Energy, Inc.*		4,934		52,695
Commercial Services — 5.4%
ABM Industries, Inc.		3,179		111,774
AMN Healthcare Services, Inc.*		3,294		183,311
ARC Document Solutions, Inc.*		128,170		273,002
AstroNova, Inc.		18,890		254,070
Barrett Business Services, Inc.		18,555		1,378,451
BG Staffing, Inc.		46,570		766,076
Brink's Co., (The)		4,054		297,969
CAI International, Inc.*		23,610		476,922
Capella Education Co.		1,954		151,826
Cardtronics, Class A, PLC*		2,979		66,670
Care.com, Inc.*		59,773		1,068,741
Chegg, Inc.*		57,951		1,153,804
CRA International, Inc.		12,970		648,370
Cross Country Healthcare, Inc.*		5,678		73,530
Everi Holdings, Inc.*		26,840		199,958
Global Medical REIT, Inc.		68,760		446,940
Green Dot Corp., Class A*		4,948		322,263
Healthcare Services Group, Inc.		3,392		154,099
HealthEquity, Inc.*		12,512		720,441
HMS Holdings Corp.*		9,256		148,466
Hostess Brands, Inc.*		135,570		1,659,377
Insperity, Inc.		2,292		149,668
Kelly Services, Inc., Class A		19,482		574,524
Korn/Ferry International		4,210		176,441
LSC Communications, Inc.		298		4,339
MarketAxess Holdings, Inc.		2,439		493,654
Matthews International Corp., Class A		1,608		82,410
Medifast, Inc.		4,555		290,563
Monro Muffler Brake, Inc.		1,316		66,984
Navigant Consulting, Inc.*		3,071		61,051
On Assignment, Inc.*		3,035		232,754
Quanta Services, Inc.*		17,469		601,632
Rent-A-Center, Inc.		9,822		73,861
Resources Connection, Inc.		46,318		720,245
RR Donnelley & Sons Co.		10,161		76,614

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

5

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Commercial Services — (Continued)
SP Plus Corp.*		10,791	$	388,476
Strayer Education, Inc.		1,101		98,694
Team, Inc.*		5,510		90,088
Teladoc, Inc.*		7,915		317,391
Viad Corp.		7,710		401,306
				15,456,755
Computers — 3.6%
CACI International, Inc., Class A*		1,145		170,662
Computer Services, Inc.		19,169		872,190
DMC Global, Inc.		79,912		1,694,134
Engility Holdings, Inc.*		2,262		61,775
ExlService Holdings, Inc.*		1,497		85,359
Icad, Inc.*		71,137		244,000
Insight Enterprises, Inc.*		2,176		76,008
Lumentum Holdings, Inc.*		7,377		449,997
MAXIMUS, Inc.		1,853		124,114
Mercury Systems, Inc.*		17,228		791,971
Mitek Systems, Inc.*		52,004		397,831
MTS Systems Corp.		1,077		52,719
Nutanix, Inc., Class A*		15,917		580,175
PAR Technology Corp.*		35,289		389,591
Quantum Corp.*		152,383		557,722
SendGrid, Inc.*		21,725		567,457
Sykes Enterprises, Inc.*		20,699		601,513
USA Technologies, Inc.*		27,572		224,712
Varonis Systems, Inc.*		13,242		743,538
VeriFone Systems, Inc.*		47,900		795,140
WNS Holdings Ltd., ADR*		16,945		762,525
				10,243,133
Cosmetics/Personal Care — 0.0%
Inter Parfums, Inc.		2,289		97,054
Distribution/Wholesale — 0.8%
Anixter International, Inc.*		1,549		117,027
Essendant, Inc.		10,397		82,552
Fossil Group, Inc.*		7,293		97,580
G-III Apparel Group Ltd.*		13,694		505,446
H&E Equipment Services, Inc.		5,526		208,275
Pool Corp.		2,106		290,691
ScanSource, Inc.*		1,959		64,157
SiteOne Landscape Supply, Inc.*		10,788		742,646
Titan Machinery, Inc.*		16,928		337,544
				2,445,918
Diversified Financial Services — 2.3%
Alcentra Capital Corp.		24,100		180,027
Blackhawk Network Holdings, Inc.*		10,225		457,569
Donnelley Financial Solutions, Inc.*		4,158		71,975
Encore Capital Group, Inc.*		4,540		194,312
Enova International, Inc.*		41,598		915,156
Evercore Partners, Inc., Class A		8,057		749,704
Financial Engines, Inc.		3,587		120,164
First Business Financial Services, Inc.		11,450		275,372
Greenhill & Co., Inc.		3,731		75,926
Interactive Brokers Group, Inc., Class A		3,063		212,572
Investment Technology Group, Inc.		2,378		47,132
LendingTree, Inc.*		832		289,952
Moelis & Co., Class A		14,605		741,204
Oaktree Specialty Lending Corp.		167,830		721,669
PRA Group, Inc.*		3,304		126,543
Silvercrest Asset Management Group, Inc., Class A		65,582		990,288
WageWorks, Inc.*		2,280		119,586
World Acceptance Corp.*		2,155		231,706
				6,520,857
Education Services — 0.1%
Career Education Corp.*		19,976		264,282
Electric — 0.1%
ALLETE, Inc.		4,232		288,411
Avista Corp.		1,395		66,723
El Paso Electric Co.		1,366		66,388
				421,522
Electrical Components & Equipment — 0.7%
Advanced Energy Industries, Inc.*		2,466		163,545
Encore Wire Corp.		1,278		66,967
EnerSys		3,171		220,987
General Cable Corp.		4,266		126,060
Insteel Industries, Inc.		3,649		103,048
Littelfuse, Inc.		4,452		923,790
ShotSpotter, Inc.*		17,539		323,068
SPX Corp.*		4,521		141,191
				2,068,656
Electronics — 2.3%
Brady Corp., Class A		2,928		109,507
Coherent, Inc.*		1,014		212,088
Conn's, Inc.*		5,809		189,954
ESCO Technologies, Inc.		10,293		606,258
FARO Technologies, Inc.*		12,156		721,459
II-VI, Inc.*		21,020		809,270
Itron, Inc.*		4,655		325,850
Ituran Location and Control Ltd.		21,711		750,115
Methode Electronics, Inc.		2,476		97,678
Napco Security Technologies, Inc.*		51,080		515,908
OSI Systems, Inc.*		8,106		511,813
Plexus Corp.*		2,641		159,305
Rogers Corp.*		6,397		878,436
Sanmina Corp.*		6,648		183,152

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

6

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Electronics — (Continued)
TTM Technologies, Inc.*		8,548	$	138,136
ZAGG, Inc.*		35,520		534,576
				6,743,505
Energy-Alternate Sources — 0.4%
Green Plains, Inc.		3,277		59,969
Hydrogenics Corp.*		39,346		348,212
REX American Resources Corp.*		1,256		101,384
SolarEdge Technologies, Inc.*		12,222		611,711
				1,121,276
Engineering & Construction — 2.2%
Aegion Corp.*		17,062		391,743
Comfort Systems USA, Inc.		4,006		164,446
Dycom Industries, Inc.*		7,655		836,232
EMCOR Group, Inc.		4,741		361,786
Exponent, Inc.		1,390		108,072
Granite Construction, Inc.		11,235		652,754
MasTec, Inc.*		14,179		722,420
MYR Group, Inc.*		4,168		134,835
NV5 Global, Inc.*		26,759		1,157,327
Primoris Services Corp.		21,599		537,815
Sterling Construction Co., Inc.*		55,296		667,976
TopBuild Corp.*		10,164		707,821
				6,443,227
Entertainment — 1.6%
Eldorado Resorts, Inc.*		18,674		636,783
Gaia, Inc.*		19,739		253,646
Golden Entertainment, Inc.*		12,930		360,617
International Speedway Corp., Class A		22,161		997,245
National CineMedia, Inc.		76,930		579,283
Pinnacle Entertainment, Inc.*		3,069		92,592
Pinnacle Financial Partners, Inc.		10,376		669,771
PlayAGS, Inc.*		18,423		381,540
Red Rock Resorts, Inc., Class A		8,915		298,653
Scientific Games Corp.*		6,167		274,123
				4,544,253
Environmental Control — 0.3%
Casella Waste Systems, Inc., Class A*		12,154		308,955
Tetra Tech, Inc.		3,198		156,542
Xerium Technologies, Inc.*		59,876		348,478
				813,975
Food — 1.1%
B&G Foods, Inc.		4,803		133,043
Calavo Growers, Inc.		5,688		485,471
Cal-Maine Foods, Inc.*		1,158		49,331
Chefs' Warehouse, Inc. (The)*		16,063		362,221
Darling Ingredients, Inc.*		8,943		162,673
Del Frisco's Restaurant Group, Inc.*		16,653		277,272
DineEquity, Inc.		3,392		257,724
Ingles Markets, Inc., Class A		32,020		1,031,044
J&J Snack Foods Corp.		681		91,479
John B Sanfilippo & Son, Inc.		383		22,114
Sanderson Farms, Inc.		1,371		168,839
Smart & Final Stores, Inc.*		8,652		62,294
Snyder's-Lance, Inc.		3,587		178,920
				3,282,425
Forest Products & Paper — 0.1%
Neenah Paper, Inc.		743		56,951
PH Glatfelter Co.		5,339		108,969
Skyline Corp.*		9,309		199,120
				365,040
Gas — 0.3%
New Jersey Resources Corp.		2,340		89,154
Northwest Natural Gas Co.		2,390		124,638
South Jersey Industries, Inc.		4,502		117,997
Southwest Gas Holdings, Inc.		1,612		106,199
Spire, Inc.		5,337		361,849
				799,837
Hand / Machine Tools — 0.4%
Franklin Electric Co., Inc.		1,615		63,227
Hardinge, Inc.		54,650		1,002,827
				1,066,054
Healthcare-Products — 5.1%
Abaxis, Inc.		9,986		665,767
ABIOMED, Inc.*		1,897		508,737
Alpha Pro Tech Ltd.*		44,141		161,115
Aratana Therapeutics, Inc.*		35,099		130,568
AxoGen, Inc.*		31,213		911,420
Axon Enterprise, Inc.*		17,423		606,843
BioLife Solutions, Inc.*		66,598		344,978
Cantel Medical Corp.		1,814		210,986
CRH Medical Corp.*		287,280		833,112
Cutera, Inc.*		11,412		514,111
Haemonetics Corp.*		3,260		231,134
ICU Medical, Inc.*		578		133,662
Inogen, Inc.*		6,320		763,582
Integra LifeSciences Holdings Corp.*		3,088		162,830
Intersect ENT, Inc.*		13,114		483,251
Invacare Corp.		5,623		96,716
iRadimed Corp.*		31,317		407,121
iRhythm Technologies, Inc.*		20,008		1,243,497
Masimo Corp.*		3,409		298,390
Meridian Bioscience, Inc.		2,943		41,055
Merit Medical Systems, Inc.*		15,643		711,756
MiMedx Group, Inc.*		5,571		39,498
Natus Medical, Inc.*		2,393		74,542
Novocure Ltd.*		33,613		690,747
NuVasive, Inc.*		1,651		79,842

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

7

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Healthcare-Products — (Continued)
Obalon Therapeutics, Inc.*		34,321	$	137,971
OraSure Technologies, Inc.*		32,734		564,989
Orthofix International N.V.*		4,441		248,740
Repligen Corp.*		22,917		785,824
Sientra, Inc.*		16,708		159,561
Tactile Systems Technology, Inc.*		30,385		983,259
ViewRay, Inc.*		71,580		594,830
West Pharmaceutical Services, Inc.		8,536		744,510
				14,564,944
Healthcare-Services — 1.0%
Amedisys, Inc.*		2,217		131,269
Chemed Corp.		621		161,230
Community Health Systems, Inc.*		15,856		81,183
eHealth, Inc.*		30,178		491,600
Ensign Group, Inc., (The)		2,070		55,269
Kindred Healthcare, Inc.		5,940		54,648
LHC Group, Inc.*		2,720		175,114
Magellan Health, Inc.*		2,346		236,711
Natera, Inc.*		28,541		256,869
OrthoPediatrics Corp.*		21,320		376,298
Providence Service Corp., (The)*		2,212		140,595
Psychemedics Corp.		22,388		475,297
Select Medical Holdings Corp.*		2,823		51,096
US Physical Therapy, Inc.		1,232		95,480
				2,782,659
Home Builders — 1.0%
Cavco Industries, Inc.*		3,528		561,305
Installed Building Products, Inc.*		4,640		277,240
LGI Homes, Inc.*		8,285		468,848
Meritage Homes Corp.*		3,035		128,684
PICO Holdings, Inc.		49,348		604,513
William Lyon Homes, Class A*		2,272		57,436
Winnebago Industries, Inc.		15,436		672,238
				2,770,264
Home Furnishings — 0.9%
American Woodmark Corp.*		1,043		133,921
Aspen Group, Inc.*		38,250		284,198
At Home Group, Inc.*		17,133		506,966
Cactus, Inc., Class A*		1,753		43,141
DXP Enterprises, Inc.*		1,117		33,220
EnviroStar, Inc.		12,357		426,316
Ethan Allen Interiors, Inc.		4,541		107,849
Floor & Decor Holdings, Inc., Class A*		5,847		263,524
Hooker Furniture Corp.		8,270		308,884
iRobot Corp.*		968		65,776
RH*		2,622		222,555
Universal Electronics, Inc.*		2,892		143,154
				2,539,504
Household Products / Wares — 0.8%
Acme United Corp.		11,359		266,936
Lifetime Brands, Inc.		37,840		527,868
Roku, Inc.*		8,932		364,158
SodaStream International Ltd.*		8,142		658,851
Toro Co., (The)		5,348		339,972
WD-40 Co.		995		124,077
				2,281,862
Insurance — 2.4%
American Equity Investment Life Holding Co.		11,107		339,985
American National Insurance Co.		3,950		461,755
Atlas Financial Holdings, Inc.*		56,997		1,000,297
Employers Holdings, Inc.		3,729		145,990
Genworth Financial, Inc., Class A*		115,950		315,384
HCI Group, Inc.		1,031		35,704
Heritage Insurance Holdings, Inc.		42,430		707,732
Horace Mann Educators Corp.		2,570		105,755
Infinity Property & Casualty Corp.		1,346		158,761
James River Group Holdings Ltd.		1,817		59,434
Kinsale Capital Group, Inc.		5,943		291,207
Maiden Holdings Ltd.		6,856		41,136
NMI Holdings, Inc., Class A*		38,298		760,215
ProAssurance Corp.		2,565		122,607
RLI Corp.		1,478		89,862
Safety Insurance Group, Inc.		1,702		121,438
Selective Insurance Group, Inc.		3,866		219,782
White Mountains Insurance Group Ltd.		2,358		1,902,552
				6,879,596
Internet — 3.6%
8x8, Inc.*		4,788		87,381
Blucora, Inc.*		3,569		83,158
Boingo Wireless, Inc.*		99,274		2,627,783
Cars.com, Inc.*		48,100		1,317,459
ePlus, Inc.*		8,616		659,555
Etsy, Inc.*		19,798		501,087
ForeScout Technologies, Inc.*		5,877		175,017
HealthStream, Inc.*		2,625		63,420
magicJack VocalTec Ltd.*		122,040		1,025,136
Mimecast Ltd.*		22,954		797,422
New Media Investment Group, Inc.		4,294		74,072
One Stop Systems, Inc.*		87,560		424,666
PC-Tel, Inc.		44,392		311,188
Q2 Holdings, Inc.*		6,681		304,320
Rosetta Stone, Inc.*		40,520		554,719
Stamps.com, Inc.*		1,004		191,814
Trade Desk, Inc., (The), Class A*		10,147		570,870
Zendesk, Inc.*		17,006		734,319
				10,503,386

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

8

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Investment Companies — 1.2%
Acacia Research Corp.*		127,690	$	440,530
Cannae Holdings, Inc.*		104,185		1,914,920
Capital Southwest Corp.		34,226		588,687
PennantPark Floating Rate Capital Ltd.		48,447		604,619
				3,548,756
Iron / Steel — 0.1%
AK Steel Holding Corp.*		14,144		72,983
Schnitzer Steel Industries, Inc., Class A		8,548		290,632
				363,615
Leisure Time — 1.2%
Callaway Golf Co.		44,531		689,340
Camping World Holdings, Inc., Class A		6,477		270,739
Century Casinos, Inc.*		38,775		309,037
Lindblad Expeditions Holdings, Inc.*		51,954		478,496
Malibu Boats, Inc., Class A*		22,730		728,497
MCBC Holdings, Inc.*		21,170		518,877
Planet Fitness, Inc., Class A*		8,752		323,649
				3,318,635
Lodging — 0.7%
Belmond Ltd., Class A*		10,812		124,879
Boyd Gaming Corp.		23,497		831,324
Civeo Corp.*		97,393		345,745
ILG, Inc.		8,186		248,527
Marcus Corp., (The)		13,177		355,779
Monarch Casino & Resort, Inc.*		3,416		144,258
				2,050,512
Machinery-Diversified — 3.2%
Albany International Corp., Class A		1,126		71,670
Applied Industrial Technologies, Inc.		1,045		73,568
ASV Holdings, Inc.*		49,340		397,680
Blackline, Inc.*		13,844		609,136
Chart Industries, Inc.*		2,562		141,192
Columbus McKinnon Corp.		24,028		852,994
ExOne Co., (The)*		36,509		305,215
Hurco Cos, Inc.		17,690		740,326
Kadant, Inc.		9,121		870,143
Manitex International, Inc.*		106,100		1,112,989
NN, Inc.		35,450		847,255
Nova Measuring Instruments Ltd.*		10,518		288,088
SPX FLOW, Inc.*		10,543		514,077
Tennant Co.		1,504		96,858
Twin Disc, Inc.*		58,574		1,401,090
Vuzix Corp.*		53,344		449,423
Welbilt, Inc.*		23,241		460,404
				9,232,108
Media — 0.1%
Gannett Co., Inc.		8,195		82,278
Scholastic Corp.		1,251		45,549
TiVo Corp.		7,248		108,720
				236,547
Medical Equipment and Supplies Manufacturing — 0.2%
AngioDynamics, Inc.*		1,976		32,189
Argenx SE, ADR*		5,376		411,963
				444,152
Metal Fabricate/Hardware — 0.8%
CIRCOR International, Inc.		1,433		67,351
Haynes International, Inc.		19,234		800,134
Lawson Products, Inc.*		13,438		315,121
Mueller Industries, Inc.		4,223		111,867
Northwest Pipe Co.*		41,860		733,806
TimkenSteel Corp.*		8,182		133,858
				2,162,137
Mining — 1.1%
A-Mark Precious Metals, Inc.		22,692		249,839
Astec Industries, Inc.		8,917		525,211
Century Aluminum Co.*		18,637		355,035
Compass Minerals International, Inc.		7,580		457,074
Kaiser Aluminum Corp.		1,039		104,284
Liberty Oilfield Services, Inc., Class A*		53,853		1,001,127
Materion Corp.		1,920		96,768
Noble Corp., PLC*		17,921		69,533
United States Lime & Minerals, Inc.		4,143		295,023
US Silica Holdings, Inc.		3,048		78,913
				3,232,807
Miscellaneous Manufacturing — 2.5%
Accuray, Inc.*		71,520		396,936
Actuant Corp., Class A		1,678		38,091
Boise Cascade Co.		3,023		121,827
Core Molding Technologies, Inc.		16,333		297,261
CryoPort, Inc.*		48,517		439,564
EnPro Industries, Inc.		2,498		181,005
Fabrinet*		3,054		92,078
FreightCar America, Inc.		44,382		656,410
Harsco Corp.*		14,378		291,154
Hillenbrand, Inc.		2,960		129,944
Iteris, Inc.*		34,188		190,427
John Bean Technologies Corp.		7,232		800,944
LCI Industries		1,629		178,050
Milacron Holdings Corp.*		2,320		49,718
Mobile Mini, Inc.		1,196		50,172
Movado Group, Inc.		11,362		352,222
Nautilus, Inc.*		2,634		31,213
Nuvectra Corp.*		31,747		338,740
Proto Labs, Inc.*		3,579		389,932

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

9

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Miscellaneous Manufacturing — (Continued)
Pure Storage, Inc., Class A*		14,897	$	322,818
Raven Industries, Inc.		15,177		515,259
Restoration Robotics, Inc.*		65,256		367,391
Sleep Number Corp.*		23,313		802,900
Standard Motor Products, Inc.		1,347		62,851
Sturm Ruger & Co., Inc.		968		41,672
Vista Outdoor, Inc.*		4,357		75,071
				7,213,650
Office Furnishings — 0.0%
Interface, Inc.		3,053		73,883
Oil & Gas — 1.4%
Bill Barrett Corp.*		13,256		60,050
Callon Petroleum Co.*		44,370		468,991
Carrizo Oil & Gas, Inc.*		5,796		81,434
Denbury Resources, Inc.*		47,546		104,126
Evolution Petroleum Corp.		31,294		251,917
Gran Tierra Energy, Inc.*		92,840		232,100
Matador Resources Co.*		17,656		509,552
Murphy USA, Inc.*		15,125		1,136,039
PBF Energy, Inc., Class A		18,400		539,304
PDC Energy, Inc.*		2,970		156,014
QEP Resources, Inc.*		20,000		172,400
SRC Energy, Inc.*		19,542		173,337
Unit Corp.*		4,358		83,499
				3,968,763
Oil & Gas Services — 0.7%
Bristow Group, Inc.		6,128		90,449
Flotek Industries, Inc.*		13,384		79,635
Helix Energy Solutions Group, Inc.*		17,356		103,442
Mammoth Energy Services, Inc.*		7,722		202,162
Natural Gas Services Group, Inc.*		21,640		538,836
Profire Energy, Inc.*		237,800		506,514
Solaris Oilfield Infrastructure, Inc., Class A*		37,582		632,505
				2,153,543
Packaging & Containers — 0.0%
KapStone Paper and Packaging Corp.		4,714		164,471
Multi-Color Corp.		610		38,644
				203,115
Pharmaceuticals — 3.8%
Achaogen, Inc.*		14,257		148,701
Aclaris Therapeutics, Inc.*		17,106		341,094
Adamas Pharmaceuticals, Inc.*		12,787		312,642
Adaptimmune Therapeutics PLC, ADR*		22,698		173,186
Adverum Biotechnologies, Inc.*		36,223		250,844
Anika Therapeutics, Inc.*		1,077		56,058
Arena Pharmaceuticals, Inc.*		4,370		169,425
Array BioPharma, Inc.*		72,763		1,260,255
Catalent, Inc.*		18,545		774,254
Champions Oncology, Inc.*		84,017		293,219
Chimerix, Inc.*		34,364		167,009
Clementia Pharmaceuticals, Inc.*		20,892		333,019
Collegium Pharmaceutical, Inc.*		22,029		528,476
CTI BioPharma Corp.*		29,749		119,591
Depomed, Inc.*		10,628		73,014
Diplomat Pharmacy, Inc.*		4,301		89,633
Dova Pharmaceuticals, Inc.*		18,272		552,911
Edge Therapeutics, Inc.*		13,517		203,431
Emergent BioSolutions, Inc.*		3,096		153,871
Enanta Pharmaceuticals, Inc.*		4,093		321,792
Foamix Pharmaceuticals Ltd.*		30,338		180,511
Global Blood Therapeutics, Inc.*		13,190		773,594
Impax Laboratories, Inc.*		6,603		134,701
Imprimis Pharmaceuticals, Inc.*		59,000		107,380
Innoviva, Inc.*		9,226		143,095
MyoKardia, Inc.*		8,974		522,287
Nature's Sunshine Products, Inc.		19,746		222,143
Nektar Therapeutics*		11,411		987,736
Neogen Corp.*		2,310		134,604
Optinose, Inc.*		12,104		214,362
Phibro Animal Health Corp., Class A		2,922		112,351
Prestige Brands Holdings, Inc.*		1,938		65,504
Savara, Inc.*		13,647		151,755
Strongbridge Biopharma, PLC*		21,365		155,965
Synergy Pharmaceuticals, Inc.*		89,319		161,667
Ultragenyx Pharmaceutical, Inc.*		6,416		306,749
Viking Therapeutics, Inc.*		28,149		176,213
				10,873,042
Real Estate — 0.6%
Bluegreen Vacations Corp.		13,796		266,815
Community Healthcare Trust, Inc.		1,573		37,028
Great Ajax Corp.		25,830		335,273
HFF, Inc., Class A		2,032		92,781
Marcus & Millichap, Inc.*		12,454		389,810
RE/MAX Holdings, Inc., Class A		1,360		75,208
Redfin Corp.*		27,924		574,955
Whitestone REIT		3,058		37,736
				1,809,606
REITS — 0.7%
Acadia Realty Trust		4,655		112,092
Agree Realty Corp.		1,641		77,291
Armada Hoffler Properties, Inc.		5,342		69,873
CareTrust REIT, Inc.		3,664		48,548
Chatham Lodging Trust		1,795		32,651
CoreSite Realty Corp.		1,355		127,167
DiamondRock Hospitality Co.		8,155		83,833
EastGroup Properties, Inc.		2,590		209,868

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

10

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
REITS — (Continued)
Getty Realty Corp.		5,173	$	122,083
Government Properties Income Trust		6,612		90,717
Healthcare Realty Trust, Inc.		7,137		189,487
Hersha Hospitality Trust		4,607		77,398
Kite Realty Group Trust		7,092		107,373
Lexington Realty Trust		12,112		96,411
Medical Properties Trust, Inc.		5,867		71,929
PS Business Parks, Inc.		1,242		137,688
Retail Opportunity Investments Corp.		3,666		62,909
Summit Hotel Properties, Inc.		6,963		91,703
Universal Health Realty Income Trust		3,063		169,568
Urstadt Biddle Properties, Inc., Class A		3,640		63,773
				2,042,362
Retail — 4.6%
Abercrombie & Fitch Co., Class A		5,117		105,564
Asbury Automotive Group, Inc.*		15,883		1,045,896
Ascena Retail Group, Inc.*		24,230		55,002
Big 5 Sporting Goods Corp.		79,967		491,797
Biglari Holdings, Inc.*		2,200		922,262
Boot Barn Holdings, Inc.*		13,943		245,676
Buckle, Inc., (The)		4,527		95,293
Build-A-Bear Workshop, Inc.*		71,170		647,647
Casey's General Stores, Inc.		1,888		212,041
Cato Corp., (The), Class A		2,154		24,469
Children's Place, Inc., (The)		1,027		146,142
Chuy's Holdings, Inc.*		4,399		118,773
Core-Mark Holding Co, Inc.		4,602		94,203
Cracker Barrel Old Country Store, Inc.		790		123,319
El Pollo Loco Holdings, Inc.*		4,078		39,761
Express, Inc.*		20,245		146,169
EZCORP, Inc., Class A*		6,969		90,597
FirstCash, Inc.		2,930		215,941
Five Below, Inc.*		3,696		247,078
Freshpet, Inc.*		29,912		598,240
Genesco, Inc.*		4,461		175,317
Group 1 Automotive, Inc.		953		65,605
Guess?, Inc.		6,372		100,614
Hibbett Sports, Inc.*		25,632		660,024
Ingevity Corp.*		2,186		163,753
J Alexander's Holdings, Inc.*		43,816		433,778
Liberty Expedia Holdings, Inc., Class A*		28,940		1,136,184
Lumber Liquidators Holdings, Inc.*		5,091		117,908
MarineMax, Inc.*		4,583		95,785
Ollie's Bargain Outlet Holdings, Inc.*		10,373		615,638
Papa John's International, Inc.		1,043		60,223
PC Connection, Inc.		26,540		658,988
PCM, Inc.*		68,800		488,480
PetMed Express, Inc.		3,582		161,871
Red Robin Gourmet Burgers, Inc.*		1,719		92,224
Regis Corp.*		8,392		135,027
Shoe Carnival, Inc.		2,090		48,822
Tailored Brands, Inc.		6,230		145,844
Texas Roadhouse, Inc.		14,840		820,058
Vitamin Shoppe, Inc.*		7,759		29,096
Wingstop, Inc.		12,481		565,514
Winmark Corp.		2,588		327,900
World Fuel Services Corp.		17,960		410,386
Zumiez, Inc.*		3,678		72,457
				13,247,366
Savings & Loans — 0.8%
BofI Holding, Inc.*		3,461		128,715
Brookline Bancorp, Inc.		9,875		156,519
Dime Community Bancshares, Inc.		8,292		149,256
FS Bancorp, Inc.		8,530		463,179
Meta Financial Group, Inc.		5,514		592,204
Sterling Bancorp		38,122		886,337
				2,376,210
Scientific Research and Development Services — 0.5%
AnaptysBio, Inc.*		3,238		397,497
CytoSorbents Corp.*		51,679		405,680
GlycoMimetics, Inc.*		13,473		310,014
TTEC Holdings, Inc.		3,501		124,811
WaVe Life Sciences Ltd.*		3,526		179,650
				1,417,652
Semiconductors — 3.6%
Adesto Technologies Corp.*		29,682		191,449
Amtech Systems, Inc.*		93,500		709,665
AXT, Inc.*		86,290		645,018
Cabot Microelectronics Corp.		1,581		161,104
Cavium, Inc.*		567		50,486
Cirrus Logic, Inc.*		3,525		156,193
Cohu, Inc.		35,940		719,878
FGL Holdings*		75,050		723,482
Ichor Holdings Ltd.*		8,811		227,676
Impinj, Inc.*		24,619		313,646
Kulicke & Soffa Industries, Inc.*		6,419		149,563
Microsemi Corp.*		4,990		323,851
MKS Instruments, Inc.		1,371		152,661
Monolithic Power Systems, Inc.		1,952		228,501
NVE Corp.		5,577		387,657
Power Integrations, Inc.		10,093		678,250

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

11

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Semiconductors — (Continued)
Rambus, Inc.*		3,550	$	45,121
Rudolph Technologies, Inc.*		23,820		632,421
Semtech Corp.*		5,218		175,586
Silicon Laboratories, Inc.*		5,820		544,170
SMART Global Holdings, Inc.*		32,345		1,123,018
Tower Semiconductor Ltd.*		15,972		463,507
Ultra Clean Holdings, Inc.*		31,880		614,009
Veeco Instruments, Inc.*		3,748		68,026
Xcerra Corp.*		87,390		873,900
				10,358,838
Software — 8.9%
Altair Engineering, Inc., Class A*		56,333		1,482,684
Alteryx, Inc., Class A*		27,536		941,456
American Software, Inc., Class A		41,399		515,004
Apptio, Inc., Class A*		55,849		1,614,036
Asure Software, Inc.*		96,256		1,371,648
Blackbaud, Inc.		2,160		221,443
Bottomline Technologies de, Inc.*		13,554		514,781
Box, Inc., Class A*		25,816		621,133
Castlight Health, Inc., Class B*		80,483		285,715
Cogent Communications Holdings, Inc.		1,281		54,891
Computer Programs & Systems, Inc.		33,541		999,522
Control4 Corp.*		6,555		157,582
CSG Systems International, Inc.		28,178		1,315,349
Ebix, Inc.		2,006		168,404
eGain Corp.*		57,533		445,881
Everbridge, Inc.*		43,732		1,395,488
Five9, Inc.*		16,104		488,918
InnerWorkings, Inc.*		78,830		727,601
Instructure, Inc.*		21,706		942,040
j2 Global, Inc.		1,848		136,789
LivePerson, Inc.*		18,884		272,874
Manhattan Associates, Inc.*		1,938		81,590
ManTech International Corp., Class A		12,660		713,644
Medidata Solutions, Inc.*		2,714		178,201
Mitel Networks Corp.*		202,470		1,656,205
MiX Telematics Ltd., ADR		29,769		395,928
MuleSoft, Inc., Class A*		21,394		660,647
Omnicell, Inc.*		13,003		567,581
PDF Solutions, Inc.*		2,232		24,864
Progress Software Corp.		5,306		248,692
QAD, Inc., Class A		21,362		961,290
Quality Systems, Inc.*		3,902		48,970
SharpSpring, Inc.*		41,925		208,786
Shutterfly, Inc.*		5,610		430,455
Simulations Plus, Inc.		31,897		495,998
Synchronoss Technologies, Inc.*		6,351		59,318
SYNNEX Corp.		1,652		204,270
Tabula Rasa HealthCare, Inc.*		26,098		843,226
Take-Two Interactive Software, Inc.*		3,989		446,249
Talend S.A., ADR*		20,282		954,877
Upland Software, Inc.*		12,720		303,499
Virtusa Corp.*		28,880		1,378,154
				25,535,683
Telecommunications — 3.6%
ADTRAN, Inc.		2,768		43,319
AMC Networks, Inc., Class A*		11,720		616,120
ATN International, Inc.		13,496		808,410
Avaya Holdings Corp.*		38,490		807,905
CalAmp Corp.*		14,070		329,238
Comtech Telecommunications Corp.		52,150		1,152,515
Consolidated Communications Holdings, Inc.		8,668		100,202
Entercom Communications Corp., Class A		39,880		394,812
Fusion Telecommunications International, Inc.*		48,196		140,250
GTT Communications, Inc.*		18,671		963,424
Iridium Communications, Inc.*		9,628		112,648
LogMeIn, Inc.		1,382		159,690
NETGEAR, Inc.*		2,616		145,842
ORBCOMM, Inc.*		75,383		783,983
Quantenna Communications, Inc.*		39,425		542,094
QuinStreet, Inc.*		37,670		494,607
RADCOM Ltd.*		29,780		586,666
Silicom Ltd.		9,003		570,790
Telephone & Data Systems, Inc.		21,703		608,552
Viavi Solutions, Inc.*		23,640		227,417
Vonage Holdings Corp.*		62,408		633,441
				10,221,925
Textiles — 0.6%
UniFirst Corp.		11,746		1,824,154
Transportation — 2.7%
Air Transport Services Group, Inc.*		59,798		1,582,853
ArcBest Corp.		4,606		152,459
Atlas Air Worldwide Holdings, Inc.*		8,881		540,409
Echo Global Logistics, Inc.*		4,834		127,859
Forward Air Corp.		15,102		815,508
GasLog Ltd.		6,852		113,058
Heartland Express, Inc.		8,734		170,488
Knight-Swift Transportation Holdings, Inc.		3,275		157,724
Marten Transport Ltd.		32,646		706,786
Modine Manufacturing Co.*		24,614		566,122

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

12

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Concluded)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Transportation — (Continued)
PAM Transportation Services, Inc.*		26,940	$	929,699
Radiant Logistics, Inc.*		68,987		255,252
Saia, Inc.*		17,366		1,261,640
Stoneridge, Inc.*		17,662		384,325
				7,764,182
Trucking & Leasing — 0.0%
Greenbrier Cos, Inc., (The)		3,222		166,900
Water — 0.0%
American States Water Co.		1,758		93,385
California Water Service Group		1,969		74,723
				168,108
TOTAL COMMON STOCKS
(Cost $212,184,344)				276,675,968
SHORT-TERM INVESTMENTS — 4.2%
STIT-Treasury Portfolio, 1.29% (a)		12,149,669		12,149,669
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,149,669)				12,149,669
TOTAL INVESTMENTS — 100.3%
(Cost $224,334,013)				288,825,637
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(1,004,086	)
NET ASSETS — 100.0%			$	287,821,551

* Non-income producing security.

(a) Seven-day yield as of February 28, 2018.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

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

13

ADARA SMALLER COMPANIES FUND

Statement of Assets and Liabilities

February 28, 2018 (Unaudited)

ASSETS
Investments, at value (cost $212,184,344)	$	276,675,968
Short-term investments, at value (cost $12,149,669)		12,149,669
Receivables for:
Investments sold		1,319,027
Dividends		145,800
Capital shares sold		120,000
Total assets		290,410,464
LIABILITIES
Payables for:
Investments purchased		2,320,631
Investment sub-advisory fees		168,659
Capital shares redeemed		80,000
Other accrued expenses and liabilities		19,623
Total liabilities		2,588,913
Net assets	$	287,821,551
NET ASSETS CONSIST OF:
Par value	$	21,016
Paid-in capital		215,982,456
Undistributed/(accumulated) net investment income/(loss)		(163,234	)
Accumulated net realized gain/(loss) from investments		7,489,689
Net unrealized appreciation/(depreciation) on investments		64,491,624
Net assets	$	287,821,551
CAPITAL SHARES:
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		21,016,253
Net asset value, offering and redemption price per share	$	13.70

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

14

ADARA SMALLER COMPANIES FUND

Statement of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $3,105)	$	1,335,685
Total investment income		1,335,685
EXPENSES
Sub-advisory fees (Note 2)		1,061,893
Administration and accounting services fees (Note 2)		57,840
Legal fees		24,152
Custodian fees (Note 2)		23,644
Transfer agent fees (Note 2)		18,853
Audit fees		16,633
Directors fees		13,750
Registration and filing fees		11,560
Officers fees		8,952
Printing and shareholder reporting fees		5,931
Other expenses		18,761
Total expenses		1,261,969
Net investment income/(loss)		73,716
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		14,592,327
Net change in unrealized appreciation/(depreciation) on investments		11,365,306
Net realized and unrealized gain/(loss) on investments		25,957,633
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	26,031,349

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

15

ADARA SMALLER COMPANIES FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income/(loss)	$	73,716		$	(377,926	)
Net realized gain/(loss) from investments and foreign currency transactions		14,592,327			15,511,406
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		11,365,306			19,615,276
Net increase/(decrease) in net assets resulting from operations		26,031,349			34,748,756
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized capital gains		(10,628,260	)		—
Net decrease in net assets from dividends and distributions to shareholders		(10,628,260	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		8,640,723			22,400,008
Reinvestment of distributions		9,704,541			—
Shares redeemed		(8,407,179	)		(19,769,132	)
Net increase/(decrease) in net assets resulting from capital share transactions		9,938,085			2,630,876
Total increase/(decrease) in net assets		25,341,174			37,379,632
NET ASSETS:
Beginning of period		262,480,377			225,100,745
End of period	$	287,821,551		$	262,480,377
Undistributed/(accumulated) net investment income/(loss), end of period	$	(163,234	)	$	(236,950	)
SHARE TRANSACTIONS:
Shares sold		625,989			1,796,443
Shares reinvested		714,620			—
Shares redeemed		(607,841	)		(1,617,798	)
Net increase/(decrease) in shares		732,768			178,645

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

16

ADARA SMALLER COMPANIES FUND

Financial Highlights

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

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Period October 21, 2014(1) to August 31, 2015
Per Share Operating Performance
Net asset value, beginning of period	$	12.94		$	11.20		$	10.59		$	10.00
Net investment income/(loss)(2)		0.00			(0.02	)		(0.03	)		(0.04	)
Net realized and unrealized gain/(loss) from investments		1.29			1.76			0.64			0.63
Net increase/(decrease) in net assets resulting from operations		1.29			1.74			0.61			0.59
Dividends and distributions to shareholders from:
Net realized capital gains		(0.53	)		—			—	(3)		—
Total dividends and distributions to shareholders		(0.53	)		—			—			—
Net asset value, end of period	$	13.70		$	12.94		$	11.20		$	10.59
Total investment return(4)		9.89	%(5)		15.54	%		5.76	%		5.90	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	287,822		$	262,480		$	225,101		$	212,934
Ratio of expenses to average net assets		0.90	%(6)		0.92	%		1.15	%		1.15	%(6)
Ratio of net investment income/(loss) to average net assets		0.05	%(6)		(0.15	)%		(0.26	)%		(0.41	)%(6)
Portfolio turnover rate		39	%(5)		88	%		101	%		95	%(5)

(1) Commencement of operations.

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

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

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

(5) Not annualized.

(6) Annualized.

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

17

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2018 (UNAUDITED)

1. Organization and Significant Accounting Policies

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

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund’s investment objective seeks capital appreciation.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Fund is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

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

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

● Level 1 — Prices are determined using quoted prices in active markets for identical securities.

● Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

18

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2018 (UNAUDITED)

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	Total		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	276,675,968	$	276,675,968	$	—	$	—
Short-Term Investments		12,149,669		12,149,669		—		—
Total Investments*	$	288,825,637	$	288,825,637	$	—	$	—

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

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

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

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

During the current fiscal period, the Fund had no transfers between Levels 1, 2 and 3.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

19

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2018 (UNAUDITED)

proportion to their average net assets of RBB, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

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

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

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

2. Investment Adviser and Other Services

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

The Fund is managed by the Adviser and one or more Sub-Advisers unaffiliated with the Adviser. The Adviser also has the ultimate responsibility to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement, subject to approval by the Board. The Adviser has an investment team that is jointly responsible for the day-to-day management of the Fund. The Sub-Advisers provide investment advisory services to the portion of the Fund’s portfolio allocated to them by the Adviser. The Adviser and the Fund have entered into sub-advisory agreements with the Sub-Advisers to manage the Fund, subject to supervision of the Adviser and the Board, and in accordance with the investment objective and restrictions of the Fund. The Fund compensates the Sub-Advisers for their services at an annual rate based on the Fund’s average daily net assets, (the “Sub-Advisory Fee”), not to exceed 1.00%, payable on a monthly basis in arrears.

During the current fiscal period, collectively, sub-advisory fees accrued were $1,061,893, or the rate of 0.75%.

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

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Fund. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

20

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2018 (UNAUDITED)

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

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

For compensation amounts payable to USBFS, please refer to the Statement of Operations.

3. 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 USBFS serve as officers of the Company. They are not compensated by the Fund or the Company. For Directors and Officers compensation amounts, please refer to the Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

PURCHASES	SALES
$118,441,114	$103,572,356

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Federal Income Tax Information

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

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

FEDERAL TAX COST	UNREALIZED APPRECIATION	UNREALIZED (DEPRECIATION)	Net Unrealized Appreciation/ (Depreciation)
$206,693,037	$59,032,708	$(7,207,519)	$51,825,189

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

21

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

FEBRUARY 28, 2018 (UNAUDITED)

The following permanent differences as of August 31, 2017, primarily attributable to disallowed expenses and current year write-off of net operating loss, were reclassified among the following accounts:

UNDISTRIBUTED NET INVESTMENT INCOME/(LOSS)	ACCUMULATED NET REALIZED GAIN/(LOSS)	PAID-IN CAPITAL
$502,502	$(178,859)	$(323,643)

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

UNDISTRIBUTED ORDINARY INCOME	UNDISTRIBUTED LONG-TERM CAPITAL GAINS	CAPITAL LOSS CARRYFORWARDS	NET UNREALIZED APPRECIATION/ (DEPRECIATION)	QUALIFIED LATE-YEAR LOSSES
$—	$4,820,068	$—	$51,825,189	$(230,267)

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

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2017, were as follows:

ORDINARY INCOME	LONG-TERM GAINS	TOTAL
$—	$—	$—

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August 31, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2017.

For the fiscal year ended August 31, 2017, the Fund deferred to September 1, 2017, the following losses:

LATE-YEAR ORDINARY LOSS DEFERRAL	SHORT-TERM CAPITAL LOSS DEFERRAL	LONG-TERM CAPITAL LOSS DEFERRAL
$(230,267)	$—	$—

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. During the fiscal year ended August 31, 2017, the Fund had utilized $2,109,700 of capital loss carryforwards. As of August 31, 2017, the Fund had no capital loss carryforwards.

6. Subsequent Events

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

22

ADARA SMALLER COMPANIES FUND

Other Information (Unaudited)

Proxy Voting

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

Quarterly Portfolio Schedules

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

23

[THIS PAGE INTENTIONALLY LEFT BLANK]

Investment Adviser
Altair Advisers, LLC
303 West Madison Street, Suite 600
Chicago, IL 60606

Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
777 East Wisconsin Avenue, Floor 6
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square
2001 Market Street, Suite 1800
Philadelphia, PA 19103

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

ALT-SAR18

Bogle Investment
Management

Small Cap
Growth Fund

of THE RBB FUND, INC.

Semi-Annual Report
February 28, 2018
(Unaudited)

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

Bogle Investment Management
Small Cap Growth Fund

Performance Data
February 28, 2018 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2018(1)
	Six Months(2)	One Year	Five Year	Ten Year	Since Inception(3)
Institutional Class Shares	7.81%	12.70%	12.54%	9.92%	11.43%
Russell 2000® Index	8.30%	10.51%	12.19%	9.75%	8.54%

(1) Bogle Investment Management, L.P. (the “Adviser” or “Bogle”) waived a portion of its advisory fee and agreed to reimburse a portion of the Bogle Investment Management Small Cap Growth Fund’s (the “Fund”) operating expenses, if necessary, to maintain the expense limitation as set forth in the notes to the financial statements. Total returns shown include fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waivers and reimbursements of fees and expenses in excess of expense limitations. Returns shown include the reinvestment of all dividends and other distributions. Past performance is not predictive of future performance.

(2) Not annualized.

(3) For the period October 1, 1999 (commencement of operations) through February 28, 2018.

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 1-877-264-5346. 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. The performance quoted reflects fee waivers in effect and would have been less in their absence. The total annual Fund operating expense ratio, as stated in the current prospectus dated December 31, 2017, is 1.35% prior to fee waivers.

1

Bogle Investment Management
Small Cap Growth Fund

Fund Expense Examples

February 28, 2018 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$1,078.10	$6.44
Hypothetical (5% return before expenses)	1,000.00	1,018.60	6.26

* Expenses are equal to the Fund’s annualized six-month expense ratio of 1.25%, which includes waived fees or reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return of 7.81%.

2

Bogle Investment Management
Small Cap Growth Fund

Portfolio Holdings Summary Table

February 28, 2018 (Unaudited)

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

	% of Net Assets			Value
Common Stocks:
Finance		28.0	%	$	29,824,382
Health Technology		14.0			14,868,769
Technology Services		12.1			12,925,083
Electronic Technology		8.8			9,402,437
Producer Manufacturing		6.2			6,598,723
Non-Energy Minerals		4.7			4,966,957
Consumer Services		4.5			4,817,486
Commercial Services		4.4			4,665,991
Consumer Non-Durables		3.8			4,045,457
Process Industries		3.2			3,415,577
Utilities		2.1			2,241,146
Transportation		1.9			1,980,409
Energy Minerals		1.4			1,530,886
Distribution Services		1.0			1,066,160
Industrial Services		1.0			1,016,904
Consumer Durables		0.9			962,025
Communications		0.4			466,628
Health Services		0.2			196,090
Short-Term Investments		1.8			1,963,094
Liabilities In Excess Of Other Assets		(0.4	)		(475,486	)
Net Assets		100.0	%	$	106,478,718

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
3

Bogle Investment Management
Small Cap Growth Fund

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
Common Stocks—98.6%
Commercial Services—4.4%
Booz Allen Hamilton Holding Corp.		21,985	$	833,891
Etsy, Inc.*		55,642		1,408,299
Groupon, Inc.*		220,057		941,844
Insperity, Inc.		7,288		475,906
ManpowerGroup, Inc.		6,321		748,786
Medpace Holdings, Inc.*		8,027		257,265
				4,665,991
Communications—0.4%
TIM Participacoes SA, ADR		21,928		466,628
Consumer Durables—0.9%
GoPro, Inc., Class A*		178,815		962,025
Consumer Non-Durables—3.8%
Crocs, Inc.*		86,817		1,062,640
Deckers Outdoor Corp.*		11,723		1,108,761
Skechers U.S.A., Inc., Class A*		24,389		997,998
Wolverine World Wide, Inc.		29,920		876,058
				4,045,457
Consumer Services—4.5%
Care.com, Inc.*		46		822
Everi Holdings, Inc.*		8,745		65,150
Gravity Co., Ltd., SP ADR*		3,908		339,488
International Game Technology PLC		26,062		690,643
Liberty Expedia Holdings, Inc., Class A*		22,877		898,151
Liberty TripAdvisor Holdings, Inc., Class A*		32,184		334,714
Madison Square Garden Co., (The), Class A*		3,902		952,868
Weight Watchers International, Inc.*		22,710		1,535,650
				4,817,486
Distribution Services—1.0%
HD Supply Holdings, Inc.*		23,800		862,750
Rush Enterprises, Inc., Class A*		4,785		203,410
				1,066,160
Electronic Technology—8.8%
Aerovironment, Inc.*		18,536		921,610
Axcelis Technologies, Inc.*		8,517		208,241
Control4 Corp.*		121		2,909
Electro Scientific Industries, Inc.*		10,823		194,056
Entegris, Inc.		31,854		1,057,553
Esterline Technologies Corp.*		13,206		975,923
F5 Networks, Inc.*		5,000		742,600
FLIR Systems, Inc.		15,841		777,793
Fortinet, Inc.*		14,020		707,589
Hexcel Corp.		11,692		786,638
ManTech International Corp., Class A		15,631		881,119
Pure Storage, Inc., Class A*		44,301		960,003
SMART Global Holdings, Inc.*		13,686		475,178
Trimble, Inc.*		18,751		711,225
				9,402,437
ENERGY MINERALS—1.4%
SunCoke Energy, Inc.*		96,107		1,026,423
W&T Offshore, Inc.*		129,682		504,463
				1,530,886
FINANCE—28.0%
Associated Banc-Corp		35,823		884,828
BankUnited, Inc.		21,934		882,185
BGC Partners, Inc., Class A		70,866		936,849
BOK Financial Corp.		7,998		755,411
Brown & Brown, Inc.		13,927		733,117
CAI International, Inc.*		1,214		24,523
Commerce Bancshares Inc/MO		14,607		843,846
East West Bancorp, Inc.		11,293		740,256
Evercore, Inc., Class A		12,980		1,207,789
Federated Investors, Inc., Class B		2,192		71,415
First BanCorp Puerto Rico*		152,284		918,273
First Horizon National Corp.		39,684		755,980
First Interstate BancSystem, Inc., Class A		21,267		840,047
GAIN Capital Holdings, Inc.		63,193		448,038
Hamilton Lane, Inc., Class A		16,476		575,671
Hancock Holding Co.		17,480		903,716
Hilltop Holdings, Inc.		33,872		823,428
Houlihan Lokey, Inc., Class A		20,997		974,681
Interactive Brokers Group, Inc., Class A		24,307		1,686,906
INTL FCStone, Inc.*		24,675		978,364
Investment Technology Group, Inc.		55,958		1,109,088
Jupai Holdings Ltd., ADR		33,339		636,108
Legg Mason, Inc.		26,000		1,037,660
LPL Financial Holdings, Inc.		26,444		1,699,556
McGrath RentCorp		15,214		770,133
MGIC Investment Corp.*		79,247		1,092,816
OM Asset Management PLC		64,525		989,168
PHH Corp.*		16,516		174,739
Piper Jaffray Companies		13,015		1,086,753
PJT Partners, Inc., Class A		17,638		843,273

The accompanying notes are an integral part of the financial statements.
4

Bogle Investment Management
Small Cap Growth Fund

Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
FINANCE—(continued)
Stifel Financial Corp.		14,980	$	956,773
Synovus Financial Corp.		16,863		831,346
Texas Capital Bancshares, Inc.*		9,500		856,900
UMB Financial Corp.		12,100		883,300
United Community Banks, Inc.		28,193		871,446
				29,824,382
HEALTH SERVICES—0.2%
China Cord Blood Corp.*		18,693		196,090
HEALTH TECHNOLOGY—14.0%
Adverum Biotechnologies, Inc.*		20,818		144,165
AnaptysBio, Inc.*		7,210		885,100
Bruker Corp.		17,839		546,765
Catalyst Pharmaceuticals, Inc.*		14,274		45,534
China Biologic Products Holdings, Inc.*		7,977		644,861
Concert Pharmaceuticals, Inc.*		29,611		647,889
CytomX Therapeutics, Inc.*		4,398		130,665
Emergent BioSolutions, Inc.*		13,894		690,532
Exelixis, Inc.*		48,080		1,240,464
Five Prime Therapeutics, Inc.*		35,378		752,136
Foundation Medicine, Inc.*		1,095		90,611
Genomic Health, Inc.*		29,953		958,496
Haemonetics Corp.*		13,611		965,020
Halozyme Therapeutics, Inc.*		31,724		623,694
Hill-Rom Holdings, Inc.		8,715		729,097
Lantheus Holdings, Inc.*		7,664		117,259
Madrigal Pharmaceuticals, Inc.*		7,227		910,891
Mirati Therapeutics, Inc.*		2,381		64,644
Myriad Genetics, Inc.*		27,002		875,405
NewLink Genetics Corp.*		22,374		160,645
Ophthotech Corp.*		27,811		75,368
Pieris Pharmaceuticals, Inc.*		16,612		141,534
PTC Therapeutics, Inc.*		10,423		268,392
Retrophin, Inc.*		46,754		1,169,785
Sangamo Therapeutics, Inc.*		30,790		737,420
uniQure NV*		43,343		1,101,779
Versartis, Inc.*		28,143		45,029
XOMA Corp.*		3,934		105,589
				14,868,769
INDUSTRIAL SERVICES—1.0%
Casella Waste Systems, Inc., Class A*		1,825		46,391
Goldfield Corp., (The)*		341		1,603
ION Geophysical Corp.*		822		23,098
Tetra Tech, Inc.		19,322		945,812
				1,016,904
Non-Energy Minerals—4.7%
Alcoa Corp.*		20,018		900,209
Boise Cascade Co.		18,921		762,516
Constellium NV, Class A*		43,767		507,697
Gerdau SA, SP ADR		212,426		1,062,130
Louisiana-Pacific Corp.		39,025		1,112,212
United States Steel Corp.		14,300		622,193
				4,966,957
Process Industries—3.2%
Braskem SA, SP ADR		4,139		117,879
Cabot Microelectronics Corp.		5,089		518,569
Cosan Ltd., Class A		31,117		349,133
Daqo New Energy Corp., ADR*		14,785		726,535
Fibria Celulose SA, SP ADR		40,659		764,389
Ingevity Corp.*		12,536		939,072
				3,415,577
Producer Manufacturing—6.2%
Alamo Group, Inc.		1,634		181,619
Commercial Metals Co.		35,209		855,579
Continental Building Products, Inc.*		2,842		77,302
Crane Co.		2,000		184,620
Delphi Technologies PLC		15,904		759,416
Harsco Corp.*		52,764		1,068,471
Herman Miller, Inc.		9,795		351,641
ITT, Inc.		16,424		824,156
Masonite International Corp.*		211		12,882
Milacron Holdings Corp.*		6,601		141,459
Modine Manufacturing Co.*		600		13,800
Mueller Water Products, Inc., Class A		1,500		16,500
NCI Building Systems, Inc.*		31,299		510,174
SPX FLOW, Inc.*		20,024		976,370
TriMas Corp.*		24,121		624,734
				6,598,723
Technology Services—12.1%
AppFolio, Inc., Class A*		22,544		904,014
Apptio, Inc., Class A*		37,259		1,076,785
Bottomline Technologies de, Inc.*		5,678		215,650
Box, Inc., Class A*		41,939		1,009,052
FireEye, Inc.*		2,345		38,904
MicroStrategy, Inc., Class A*		7,174		918,129
Mimecast Ltd.*		3,060		106,304
MINDBODY, Inc., Class A*		12,246		436,570
New Relic, Inc.*		15,367		1,103,043
Qualys, Inc.*		14,702		1,088,683

The accompanying notes are an integral part of the financial statements.
5

Bogle Investment Management
Small Cap Growth Fund

Portfolio of Investments (Concluded)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Technology Services—(continued)
RingCentral, Inc., Class A*		12,790	$	801,294
Rubicon Project, Inc., (The)*		27,334		44,008
Shutterfly, Inc.*		9,818		753,335
TriNet Group, Inc.*		892		42,076
Varonis Systems, Inc.*		23,072		1,295,493
Veeva Systems, Inc., Class A*		12,932		901,360
Web.com Group, Inc.*		36,472		656,496
Workiva, Inc., Class A*		12,059		274,342
YY, Inc., ADR*		9,739		1,259,545
				12,925,083
Transportation—1.9%
ArcBest Corp.		22,425		742,268
Hub Group, Inc., Class A*		20,501		894,869
YRC Worldwide, Inc.*		39,366		343,272
				1,980,409
Utilities—2.1%
Atlantica Yield PLC		27,807		545,851
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		62,864		724,193
Pampa Energia SA, SP ADR*		15,334		971,102
				2,241,146
Total Common Stocks
(Cost $97,260,615)				104,991,110
Short-Term Investments—1.8%
Fidelity Investments Money Market Funds - Government Portfolio, 1.26%(a)				1,963,094
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,963,094)				1,963,094
Total Investments—100.4%
(Cost $99,223,709)				106,954,204
Liabilities In Excess Of Other Assets—(0.4)%				(475,486	)
Net Assets—100.0%			$	106,478,718

* Non-income producing security.

^(a) Seven-day yield as of February 28, 2018.

ADR — American Depositary Receipt.

PLC — Public Limited Company.

SP ADR — Sponsored American Depositary Receipt.

The accompanying notes are an integral part of the financial statements.
6

Bogle Investment Management
Small Cap Growth Fund

Statement Of Assets And Liabilities

February 28, 2018 (Unaudited)

Assets
Investments, at value (cost $97,260,615)	$	104,991,110
Short-term investments, at value (cost $1,963,094)		1,963,094
Receivables for:
Investments sold		6,240,882
Dividends		82,421
Prepaid expenses and other assets		23,416
Total assets		113,300,923
Liabilities
Payables for:
Investments purchased		6,644,591
Investment advisory fees		77,223
Capital shares redeemed		33,404
Other accrued expenses and liabilities		66,987
Total liabilities		6,822,205
Net assets	$	106,478,718
Net Assets Consist of:
Par value	$	3,423
Paid-in capital		93,116,326
Undistributed/(accumulated) net investment income/(loss)		(380,575	)
Accumulated net realized gain/(loss) from investments		6,009,049
Net unrealized appreciation/(depreciation) on investments		7,730,495
Net assets	$	106,478,718
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		3,422,846
Net asset value, offering and redemption price per share		31.11

The accompanying notes are an integral part of the financial statements.
7

Bogle Investment Management
Small Cap Growth Fund

Statement Of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

Investment Income
Dividends (net of foreign taxes withheld of $324)	$	427,384
Total investment income		427,384
Expenses:
Advisory fees (Note 2)		544,010
Transfer agent fees (Note 2)		37,390
Administration and accounting fees (Note 2)		28,863
Audit fees		20,757
Custodian fees (Note 2)		15,989
Legal fees		14,927
Registration and filing fees		12,297
Directors fees		10,540
Printing and shareholder reporting fees		9,978
Officers fees		7,436
Other expenses		6,488
Total expenses before waivers		708,675
Less: waivers (Note 2)		(28,663	)
Net expenses after waivers		680,012
Net investment income/(loss)		(252,628	)
Net Realized and Unrealized Gain/(Loss) from Investments
Net realized gain/(loss) from investments		8,515,945
Net change in unrealized appreciation/(depreciation) on investments		45,184
Net realized and unrealized gain/(loss) on investments		8,561,129
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	8,308,501

The accompanying notes are an integral part of the financial statements.
8

Bogle Investment Management
Small Cap Growth Fund

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
Increase/(Decrease) in Net Assets From Operations:
Net investment income/(loss)	$	(252,628	)	$	(695,143	)
Net realized gain/(loss) from investments		8,515,945			17,835,877
Net change in unrealized appreciation/(depreciation) on investments		45,184			2,929,982
Net increase/(decrease) in net assets resulting from operations		8,308,501			20,070,716
Dividends and Distributions to Shareholders From:
Net realized capital gains
Institutional Class		(10,781,589	)		—
Investor Class		—			—
Net decrease in net assets from dividends and distributions to shareholders		(10,781,589	)		—
Increase/(Decrease) in Net Assets Derived From Capital Share Transactions:
Institutional Class
Proceeds from shares sold		1,054,439			2,362,029
Proceeds from exchange of Investor Class(1)		—			73,374,316
Reinvestment of distributions		10,427,403			—
Distributions for shares redeemed		(8,807,857	)		(36,837,782	)
Total from Institutional Class		2,673,985			38,898,563
Investor Class
Proceeds from shares sold		—			1,577,029
Reinvestment of distributions		—			—
Distributions for shares redeemed		—			(10,305,292	)
Distributions from exchange to Institutional Class(1)		—			(73,374,316	)
Total from Investor Class		—			(82,102,579	)
Net increase/(decrease) in net assets from capital share transactions		2,673,985			(43,204,016	)
Total increase/(decrease) in net assets		200,897			(23,133,300	)
Net Assets:
Beginning of period		106,277,821			129,411,121
End of period	$	106,478,718		$	106,277,821
Undistributed/(accumulated) net investment income/(loss), end of period	$	(380,575	)	$	(127,947	)

The accompanying notes are an integral part of the financial statements.
9

Bogle Investment Management
Small Cap Growth Fund

Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
Increase/(Decrease) in Shares Outstanding Derived From Share Transactions:
Institutional Class
Shares sold		32,912			78,894
Shares exchanged from Investor Class (1)		—			2,379,818
Shares reinvested		344,480			—
Shares redeemed		(271,929	)		(1,259,190	)
Total from Institutional Class		105,463			1,199,522
Investor Class
Shares sold		—			55,604
Shares reinvested		—			—
Shares redeemed		—			(357,393	)
Shares exchanged into Institutional Class (1)		—			(2,439,606	)
Total from Investor Class		—			(2,741,395	)
Net increase/(decrease) in shares outstanding derived from share transactions		105,463			(1,541,873	)

⁽¹⁾ Effective on April 28, 2017, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

The accompanying notes are an integral part of the financial statements.
10

Bogle Investment Management
Small Cap Growth Fund

Financial Highlights

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

	For the Six Months ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2013
Per Share Operating Performance
Net asset value, beginning of period	$	32.04		$	27.00		$	30.00		$	38.07		$	29.49		$	21.76
Net investment income/(loss)(1)		(0.07	)		(0.18	)		(0.13	)		(0.18	)		(0.23	)		0.10
Net realized and unrealized gain/(loss) from investments		2.48			5.22			1.21			(3.09	)		8.87			7.63
Net increase/(decrease) in net assets resulting from operations		2.41			5.04			1.08			(3.27	)		8.64			7.73
Dividends and distributions to shareholders from:
Net investment income		—			—			—			—			(0.06	)		—
Net realized capital gains		(3.34	)		—			(4.08	)		(4.80	)		—			—
Total dividends and distributions to shareholders		(3.34	)		—			(4.08	)		(4.80	)		(0.06	)		—
Net asset value, end of period	$	31.11		$	32.04		$	27.00		$	30.00		$	38.07		$	29.49
Total investment return(2)		7.81	%(5)		18.69	%		4.37	%		(8.99	)%		29.34	%		35.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	106,479		$	106,278		$	57,180		$	88,086		$	117,923		$	98,898
Ratio of expenses to average net assets with waivers and reimbursements		1.25	%(4)		1.27	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of expenses to average net assets without waivers and reimbursements(3)		1.30	%(4)		1.37	%		1.42	%		1.35	%		1.32	%		1.39	%
Ratio of net investment income/(loss) to average net assets		(0.46	)%(4)		(0.61	)%		(0.50	)%		(0.53	)%		(0.66	)%		0.37	%
Portfolio turnover rate		185.59	%(5)		366.41	%		380.45	%		196.15	%		175.06	%		237.59	%

⁽¹⁾ Calculated based on average shares outstanding for the period.

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

⁽³⁾ During the current fiscal period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁴⁾ Annualized.

⁽⁵⁾ Not annualized.

The accompanying notes are an integral part of the financial statements.
11

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements

February 28, 2018 (Unaudited)

1. Organization and Significant Accounting Policies

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

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund’s investment objective is to provide long-term capital appreciation.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Fund is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

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

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

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

12

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Common Stocks	$	104,991,110	$	104,991,110	$	—	$	—
Short-Term Investments		1,963,094		1,963,094		—		—
Total Investments*	$	106,954,204	$	106,954,204	$	—	$	—

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

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

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

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

During the current fiscal period, the Fund had no transfers between Levels 1, 2 and 3.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

13

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

Cash and Cash Equivalents — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

2. Investment Adviser and Other Services

Bogle Investment Management, L.P. (“Bogle” or the “Adviser”) serves as the investment adviser to the Fund. The Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the accompanying table.

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rate (“Expense Cap”) shown in the accompanying table. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and certain of these expenses could cause net total annual Fund operating expenses to exceed the Expense Cap: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2018. The Fund will not pay the Adviser at a later time for any amounts the Adviser may waive and/or any amounts that the Adviser has assumed. The contractual fee waiver does not provide for recoupment of fees that were waived and/or expenses that were reimbursed.

Advisory Fee	Expense Cap
1.00%	1.25%

During the current fiscal period, investment advisory fees accrued and waived were as follows:

Gross Advisory Fees	Waivers	Net Advisory Fees
$544,010	$(28,663)	$515,347

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Fund. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

14

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

For compensation amounts payable to USBFS, please refer to the Statement of Operations.

3. Director’s and Officer’s 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 USBFS serve as officers of the Company. They are not compensated by the Fund or the Company. For Director’s and Officer’s compensation amounts, please refer to the Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

Purchases	Sales
$199,401,943	$207,551,969

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Federal Income Tax Information

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

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$98,885,470	$10,689,388	$(3,382,048)	$7,307,340

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

15

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements (Concluded)

February 28, 2018 (Unaudited)

The following permanent differences as of August 31, 2017, primarily attributable to short-term capital gains netted against net operating loss, were reclassified among the following accounts:

Undistributed Net Investment Income/(Loss)	Accumulated Net Realized Gain/(Loss)	Paid-In Capital
$986,113	$(986,113)	$—

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

Capital Loss Carryforward	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Unrealized Appreciation/ (Depreciation)	Qualified Late-Year Loss Deferral
$—	$8,524,717	$—	$7,307,340	$—

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

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2017 was as follows:

Ordinary Income	Long-Term Gains	Total
$—	$—	$—

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August 31, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2017.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

During the fiscal year ended August 31, 2017, the Fund utilized $3,655,064 of total capital loss carryforwards. As of August 31, 2017, the Fund had no tax basis capital loss carryforwards to offset future capital gains.

6. Subsequent Events

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

16

Bogle Investment Management
Small Cap Growth Fund

Other Information (Unaudited)

Proxy Voting

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

Quarterly Portfolio Schedules

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

17

Investment Adviser
Bogle Investment Management, L.P.
2310 Washington Street
Suite 310
Newton Lower Falls, MA 02462

Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
777 East Wisconsin Avenue, Floor 6
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

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

BOG-SAR18

BOSTON PARTNERS INVESTMENT FUNDS

Table of Contents

General Market Commentary	1
Definitions	2
Average Annual Total Returns for the Period Ended February 28, 2018	3
Fund Expense Examples	5
Portfolio Holdings Summary Tables	7
Portfolio of Investments	10
Statements of Assets and Liabilities	54
Statements of Operations	57
Statements of Changes in Net Assets	60
Financial Highlights	66
Notes to Financial Statements	72
Other Information	84

BOSTON PARTNERS INVESTMENT FUNDS

GENERAL MARKET COMMENTARY

Dear Shareholder,

The bull market in stocks continued for the six-month period ended on February 28, 2018 as the S&P 500^® Index (“S&P”) gained 10.84% on a total return basis over that time frame, finding support from a number of factors, both macro-economic and fundamental in nature.

Gross Domestic Product (GDP) grew at an average rate of 2.3% over the period and the Federal Reserve Board’s preferred measure of core inflation remained subdued, averaging just 1.4% and well below their official target of 2%. The Institute of Supply Managers’ (ISM) surveys of business activity, in both manufacturing and services, remained firmly rooted in an expansion mode indicating that the strength of the economy was broad-based. From an international standpoint, the story was nearly identical to that of the United States.

Earnings growth over the period remained robust registering a gain of 10.6%, nearly identical to the return that the S&P generated, an indication that earnings growth, and not a price/earnings (P/E) multiple expansion was the primary driver of equity returns. Sales growth also accelerated to a 5.7%, the fastest pace since 2012. Once again, a similar story could be crafted for international markets.

While five out of six months during the period produced positive returns, the market did suffer its first official “correction” in two years, dropping by -10.2% from its peak on January 26th to the interim trough on February 8th.

The “trigger” for the correction was the Friday, February 2nd release of the employment report for January, which revealed that average hourly earnings had jumped by 2.9% on a year-over-year basis, the biggest increase since 2009. That prompted a sell-off in the bond market with the 10-year Treasury hitting 2.94%, (the highest yield since January 2014) pressuring stocks to drop by 2% and leading to a 28% increase in the VIX Volatility Index (“VIX”) by the end of the day.

Come Monday, February 5th, an estimated $750 billion to $1 trillion in strategies that had bet that volatility would continue to be low and/or contained had to cover their losing positions causing the VIX to spike by over 100%, triggering an additional 4% drop in stock prices that day and a 5.2% loss by the end of the week. During that week 54.5 billion shares of stock traded, the highest level in seven years with the bulk of the activity occurring during the last hour of trading, an indication that computer-based models were dictating the action.

From a sector standpoint, Financials assumed the pole position gaining 18.23%, benefitting from an average increase in Treasury yields of 79 basis points along the yield curve during the period. Historically, an increase in interest rates has been conducive to an expansion in profit margins for banks.

Technology finished a close second with a gain of 18.18% as the sector continued to post impressive top and bottom line results. Boston Partners performance was helped by being overweight both sectors domestically.

Pulling up the rear in performance were two “bond proxy” sectors, Utilities and REIT’s, which were negatively impacted by the increase in rates with an average return of -8.01%. Boston Partners remains underweight in both sectors.

In terms of style, growth continued to beat value during the period with the Russell 1000^® Growth Index returning 13.9% to the 7.3% return generated by the Russell 1000^® Value Index. Large capitalization stocks outperformed with the Russell 1000^® Index beating the Russell Midcap^® Index that beat the Russell 2000^® Index (10.6% vs 10.4% vs 10.3%).

Momentum was the dominant factor during the period according to MSCI with a return of 17.8% while Minimum Volatility was a laggard at 3.9%.

International bourses generally lagged their U.S. counterparts over the period with the MSCI EAFE Index returning 4.34% in local currency terms while Emerging Markets gained 9.06%. Returns in dollar terms were better, with EAFE up 7.23% and Emerging Markets returning 10.7% as the dollar fell by over 2% during the six months.

Looking Ahead

While certainly painful to go through, the correction during February was far from atypical, as since 1980 the market has experienced an intra-year drawdown in every calendar year, averaging 14% per year over the period.

There were a couple of “silver linings” surrounding the sell-off as well, as the tenacity of the move was not confirmed by the credit markets as high-yield bond spreads to Treasury’s increased by only 26 basis points during the month. Historically, when markets are under true duress that widening would be 150 basis points or more.

The other notable positive aspect to the sell-off came on the valuation front, as the forward price/earnings multiple of the S&P dropped from 18.5X to 16.5X, the byproduct of falling prices and increasing earnings per share (“EPS”) estimates.

News on the earnings front has been very positive as S&P earnings for the fourth quarter are on track for a 14.8% gain, with 74% of the underlying companies beating their consensus targets. Estimates for EPS growth in 2018 have increased by 7.3% this year given the anticipated boost from the recent tax legislation package and are now projected to grow by 18.3% on a year-over-year basis.

All in all, we believe that little has changed in the last month from a macro-economic standpoint as the synchronized global recovery remains intact and both earnings and revenue growth rates and revisions remain robust. At this point, the correction in the market appears to be more mechanical than fundamental in nature.

What has changed is that global central bank policies (primarily the Federal Reserve) are in the midst of transitioning from “tail-wind” centric to “head-wind” centric as spare economic and employment capacity diminishes. It remains to be seen if and/or when the pace and magnitude of the changes will provoke longer lasting disruptive effects on economies and markets. To date, little damage has been inflicted.

Semi-Annual Report 2018 1

BOSTON PARTNERS INVESTMENT FUNDS

DEFINITIONS

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of February 28, 2018 and are subject to change at any time, are not guaranteed and should not be considered investment advice. This report is for the information of shareholders of the Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus.

Basis points: One hundredth of one percent, used chiefly in expressing differences of interest rates.

Earnings per share: Is the portion of a company's profit allocated to each outstanding share of common stock.

Minimum Volatility: A minimum volatility strategy involves buying stocks based on the estimate of their volatility and correlations with other stocks. Minimum volatility is categorized as a “defensive” factor, meaning it has tended to benefit during periods of economic contraction. This type of strategy is more concerned with volatility management than with maximizing gains. The key objective of a minimum volatility strategy is to capture regional and global exposure to stocks with potentially less risk.

Momentum: High Momentum companies are characterized in the literature as companies with high price performance in the recent history, up to 12-months. High Momentum companies tend to continue their high price performance over the near term, typically over a 6 - 12 month period.

MSCI EAFE Index is a stock market index that is designed to measure the equity market performance of developed markets outside of the U.S. & Canada. It is maintained by Morgan Stanley Capital International (MCSI), a provider of investment decision support tools; the EAFE acronym stands for Europe, Australasia and Far East.

MSCI Emerging Markets (EM) Index is an index created by MSCI designed to measure equity market performance in global emerging markets.

MSCI World Index is an unmanaged index that measures the equity market performance of developed markets.

P/E: Price/Earnings: A valuation ratio of a company’s current share price compared to its per-share earnings.

Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

Russell 1000^® Growth Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. It represents the top companies by market capitalization. The Russell 1000 typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks.

Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. The Russell 1000^® Value Index refers to a composite of large and mid-cap companies located in the United States that also exhibit a value probability.

Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index and is considered representative of small-cap stocks.

Russell 2000^® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

Russell 3000^® Value Index is an unmanaged index that measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000^® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell Midcap^® Index is a market capitalization weighted index comprised of 800 publicly traded U.S. companies with market caps of between $2 and $10 billion. The average Russell Midcap Index member has a market cap of $8 billion to $10 billion, with a median value of $4 billion to $5 billion.

S&P 500^® Index is an unmanaged index that measures the performance of 500 large-cap stocks.

Purchasing Managers Indices (PMI) is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.

VIX Volatility Index: The CBOE Volatility Index, known by its ticker symbol VIX, is a popular measure of the stock market's expectation of volatility implied by S&P 500 index options, calculated and published by the Chicago Board Options Exchange (CBOE). It is colloquially referred to as the fear index or the fear gauge.

2 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2018

(unaudited)

		Average Annual
	Six Month†	1 Year	5 Year	10 Year	Since Inception
Boston Partners Small Cap Value Fund II
Institutional Class	6.53%	5.01%	11.12%	10.26%	N/A
Investor Class	6.33%	4.71%	10.84%	9.98%	N/A
Russell 2000® Value Index	5.08%	2.96%	10.58%	8.64%	N/A
Russell 2000® Index(1)	8.29%	10.51%	12.19%	9.74%	N/A

⁽¹⁾ This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

Boston Partners Long/Short Equity Fund
Institutional Class	3.57%	-2.17%	5.66%	11.76%	N/A
Investor Class	3.45%	-2.40%	5.40%	11.43%	N/A
S&P 500® Index	10.84%	17.10%	14.73%	9.73%	N/A
Boston Partners Long/Short Research Fund
Institutional Class(1)	5.84%	8.10%	7.60%	N/A	8.68%
S&P 500® Index	10.84%	17.10%	14.73%	N/A	14.79%(3)
Investor Class(2)	5.69%	7.85%	7.33%	N/A	8.03%
S&P 500® Index	10.84%	17.10%	14.73%	N/A	14.44%(3)

⁽¹⁾ Inception date of the Fund was September 30, 2010.

⁽²⁾ Inception date of the Fund was November 29, 2010.

⁽³⁾ Index performance is from inception date of the Class only and is not the inception date of the index itself.

Boston Partners All-Cap Value Fund
Institutional Class	10.31%	14.38%	14.95%	11.07%	N/A
Investor Class	10.20%	14.06%	14.69%	10.82%	N/A
Russell 3000® Value Index	7.10%	7.39%	11.93%	7.95%	N/A
Russell 3000® Index(1)	10.44%	16.22%	14.36%	9.78%	N/A

⁽¹⁾ This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

WPG Partners Small/Micro Cap Value Fund
Institutional Class	4.10%	-1.29%	4.99%	5.99%	N/A
Russell 2000® Value Index	5.08%	2.96%	10.58%	8.64%	N/A
Boston Partners Global Equity Fund
Institutional Class(1)	9.05%	15.77%	11.45%	N/A	12.97%
MSCI World Index	9.09%	17.99%	11.31%	N/A	12.77%(2)

⁽¹⁾ Inception date of the Fund was December 30, 2011.

⁽²⁾ Index performance is from inception date of the Class only and is not the inception date of the index itself.

Boston Partners Global Long/Short Fund
Institutional Class(1)	4.14%	5.35%	N/A	N/A	4.23%
MSCI World Index	9.09%	17.99%	N/A	N/A	8.66%(3)
Investor Class(2)	4.09%	5.12%	N/A	N/A	4.67%
MSCI World Index	9.09%	17.99%	N/A	N/A	9.20%(3)

⁽¹⁾ Inception date of the Fund was December 31, 2013.

⁽²⁾ Inception date of the Fund was April 11, 2014.

⁽³⁾ Index performance is from inception date of the Class only and is not the inception date of the index itself.

Boston Partners Emerging Markets Long/Short Fund
Institutional Class(1)	3.71%	19.60%	N/A	N/A	8.77%
MSCI World Index(2)	9.09%	17.99%	N/A	N/A	8.81%(3)
MSCI Emerging Markets Index	10.67%	30.94%	N/A	N/A	9.35%(3)

⁽¹⁾ Inception date of the Fund was March 1, 2015. The Fund commenced operations as a series of The RBB Fund, Inc. on December 15, 2015, when substantially all of the assets of Boston Partners Emerging Market Long/Short Equity (the "Prior Account") transferred to the Fund. The Fund is managed in all material respects in a manner equivalent to the management of the Prior Account. Accordingly, the performance information shown above for periods prior to December 15, 2015 is that of the Prior Account.

⁽²⁾ This is not a benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

⁽³⁾ Index performance is from inception date of the Class only and is not the inception date of the index itself.

† Not Annualized.

Semi-Annual Report 2018 3

BOSTON PARTNERS INVESTMENT FUNDS

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2018 (concluded)

(unaudited)

		Average Annual
	Six Month†	1 Year	5 Year	10 Year	Since Inception
Boston Partners Emerging Markets Fund
Institutional Class(1)(2)	N/A	N/A	N/A	N/A	6.08%
MSCI World Index(2)(3)	N/A	N/A	N/A	N/A	5.05%(4)
MSCI Emerging Markets Index(2)	N/A	N/A	N/A	N/A	6.14%(4)

⁽¹⁾ Inception date of the Fund was October 17, 2017.

⁽²⁾ Not annualized.

⁽³⁾ This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

⁽⁴⁾ Index performance is from inception date of the Class only and is not the inception date of the index itself.

† Not Annualized.

Performance quoted is past performance and does not guarantee future results. 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. Boston Partners Global Investors, Inc. waived a portion of its advisory fee and agreed to reimburse a portion of each Fund’s operating expenses, if necessary, to maintain certain expense ratios as set forth in the notes to the financial statements. Total returns shown include fee waivers, expense reimbursements and expense recoupment, if any; total returns would have been lower had there been no assumption of fees and expenses in excess of expense limitations. Each Fund’s annual operating expense ratios below are as stated in the current prospectuses. These ratios may differ from the actual expenses incurred by a Fund for the period covered by this report. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Current performance may be lower or higher than the returns quoted. Visit www.boston-partners.com for returns updated daily. Call 1-888-261-4073 for returns current to the most recent month-end.

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

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

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

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

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

The following are the Funds’ gross annual operating expense ratios as stated in the most recent prospectuses, for Institutional Class and Investor Class, respectively, dated February 22, 2018:

	Institutional Class	Investor Class
Boston Partners Small Cap Value Fund II	1.19%	1.44%
Boston Partners Long/Short Equity Fund	2.81%(1)	3.06%(1)
Boston Partners Long/Short Research Fund	2.24%(1)	2.49%(1)
Boston Partners All-Cap Value Fund	0.89%	1.14%
WPG Partners Small/Micro Cap Value Fund	1.29%	N/A
Boston Partners Global Equity Fund	1.05%	1.30%
Boston Partners Global Long/Short Fund	2.64%(1)	2.89%(1)
Boston Partners Emerging Markets Long/Short Fund	2.98%(1)	N/A
Boston Partners Emerging Markets Fund	1.34%	N/A

¹ Includes interest and dividend expense on short sales.

4 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES

February 28, 2018 (unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, if any, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

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

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018*	Annualized Expense Ratio	Expenses Paid During Period**
Boston Partners Small Cap Value Fund II
Institutional
Actual	$1,000.00	$1,065.30	1.10%	$5.63
Hypothetical (5% return before expenses)	1,000.00	1,019.34	1.10%	5.51
Investor
Actual	$1,000.00	$1,063.30	1.35%	$6.91
Hypothetical (5% return before expenses)	1,000.00	1,018.10	1.35%	6.76
Boston Partners Long/Short Equity Fund
Institutional
Actual	$1,000.00	$1,035.70	3.12%(1)	$15.75
Hypothetical (5% return before expenses)	1,000.00	1,009.32	3.12%(1)	15.54
Investor
Actual	$1,000.00	$1,034.50	3.37%(1)	$17.00
Hypothetical (5% return before expenses)	1,000.00	1,008.08	3.37%(1)	16.78
Boston Partners Long/Short Research Fund
Institutional
Actual	$1,000.00	$1,058.40	1.96%(1)	$10.00
Hypothetical (5% return before expenses)	1,000.00	1,015.08	1.96%(1)	9.79
Investor
Actual	$1,000.00	$1,056.90	2.21%(1)	$11.27
Hypothetical (5% return before expenses)	1,000.00	1,013.84	2.21%(1)	11.03

Semi-Annual Report 2018 5

BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES (concluded)

February 28, 2018 (unaudited)

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018*	Annualized Expense Ratio	Expenses Paid During Period**
Boston Partners All-Cap Value Fund
Institutional
Actual	$1,000.00	$1,103.10	0.80%	$4.17
Hypothetical (5% return before expenses)	1,000.00	1,020.83	0.80%	4.01
Investor
Actual	$1,000.00	$1,102.00	1.05%	$5.47
Hypothetical (5% return before expenses)	1,000.00	1,019.59	1.05%	5.26
WPG Partners Small/Micro Cap Value Fund
Institutional
Actual	$1,000.00	$1,041.00	1.10%	$5.57
Hypothetical (5% return before expenses)	1,000.00	1,019.34	1.10%	5.51
Boston Partners Global Equity Fund
Institutional
Actual	$1,000.00	$1,090.50	0.95%	$4.92
Hypothetical (5% return before expenses)	1,000.00	1,020.08	0.95%	4.76
Boston Partners Global Long/Short Fund
Institutional
Actual	$1,000.00	$1,041.40	2.29%(1)	$11.59
Hypothetical (5% return before expenses)	1,000.00	1,013.44	2.29%(1)	11.43
Investor
Actual	$1,000.00	$1,040.90	2.54%(1)	$12.85
Hypothetical (5% return before expenses)	1,000.00	1,012.20	2.54%(1)	12.67
Boston Partners Emerging Markets Long/Short Fund
Institutional
Actual	$1,000.00	$1,037.10	2.00%(1)	$10.10
Hypothetical (5% return before expenses)	1,000.00	1,014.88	2.00%(1)	9.99
Boston Partners Emerging Markets Fund(2)
Institutional
Actual(3)	$1,000.00	$1,060.80	1.10%	$4.16
Hypothetical (5% return before expenses)(3)	1,000.00	1,019.34	1.10%	5.51

* The Fund’s ending account values on the first line in each table are based on the actual six-month total return of 6.53% and 6.33% for the Institutional Class and Investor Class, respectively, of the Boston Partners Small Cap Value Fund II; 3.57% and 3.45% for the Institutional Class and Investor Class, respectively, of the Boston Partners Long/Short Equity Fund; 5.84% and 5.69% for the Institutional Class and Investor Class, respectively, of the Boston Partners Long/Short Research Fund; 10.31% and 10.20% for the Institutional Class and Investor Class, respectively, of the Boston Partners All-Cap Value Fund; 4.10% for the Institutional Class of the WPG Partners Small/Micro Cap Value Fund; 9.05% for the Institutional Class of the Boston Partners Global Equity Fund; 4.14% and 4.09% for the Institutional Class and Investor Class, respectively, of the Boston Partners Global Long/Short Fund; 3.71% for the Institutional Class of the Boston Partners Emerging Markets Long/Short Fund; and 6.08% for the Institutional Class of the Boston Partners Emerging Markets Fund (for the period beginning October 17, 2017 (commencement of operations) to February 28, 2018).

** Expenses are equal to each Fund’s annualized six-month expense ratios in the table above, which include waived fees or reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

⁽¹⁾ These amounts include dividends paid on securities which the Funds have sold short (“Short-sale dividends”) and related interest expense. The amount of short-sale dividends and related interest expense was 0.75% of average net assets for the six-month period ended February 28, 2018 for both the Institutional Class and Investor Class of the Boston Partners Long/Short Equity Fund, 0.62% of average net assets for the Institutional Class and Investor Class of the Boston Partners Long/Short Research Fund, 0.65% of average net assets of the Institutional Class and Investor Class of the Boston Partners Global Long/Short Fund and 0.00% of average net assets for the Institutional Class of the Boston Partners Emerging Markets Long/Short Fund.

⁽²⁾ Inception date of the Fund was October 17, 2017.

⁽³⁾ Expenses are equal to the Fund’s annualized expense ratio for the period beginning October 17, 2017 (commencement of operations) to February 28, 2018 of 1.10%, multiplied by the average account value over the period, multiplied by the number of days (134) in the most recent period then divided by 365 days to reflect the days in the period. For comparison purposes, the hypothetical expenses are as if the Fund had been in existence from September 1, 2017 and are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent six-month period, then divided by 365 to reflect the period.

6 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

PORTFOLIO HOLDINGS SUMMARY TABLES

February 28, 2018 (unaudited)

BOSTON PARTNERS
SMALL CAP VALUE FUND II

Security Type/ Sector Classification	% of Net Assets			Value
COMMON STOCK
Finance		30.9	%	$	171,165,499
Consumer Services		11.7			64,660,259
Capital Goods		10.7			59,334,910
Technology		10.6			58,552,342
Basic Industries		8.3			45,868,998
Energy		7.3			40,634,652
Real Estate Investment Trusts		6.9			38,093,370
Health Care		5.1			28,031,708
Consumer Non-Durables		3.8			20,982,899
Consumer Durables		2.3			12,455,510
Communications		0.8			4,554,507
Utilities		0.5			2,813,786
SHORT-TERM INVESTMENTS		22.3			123,234,154
LIABILITIES IN EXCESS OF OTHER ASSETS		(21.2	)		(117,146,690	)
NET ASSETS		100.0	%	$	553,235,904

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
LONG/SHORT EQUITY FUND

Security Type/ Sector Classification	% of Net Assets			Value
LONG POSITIONS:
COMMON STOCK
Finance		17.8	%	$	164,415,428
Consumer Services		15.0			138,946,527
Energy		14.7			135,669,432
Technology		10.2			94,544,801
Capital Goods		9.6			88,831,623
Health Care		8.7			80,332,668
Basic Industries		6.6			60,407,197
Transportation		5.6			51,388,423
Consumer Non-Durables		2.7			25,356,846
Communications		1.8			16,833,354
Real Estate Investment Trusts		1.7			15,896,479
Consumer Durables		1.6			14,289,591
Utilities		1.0			9,177,213
EXCHANGE TRADED FUNDS		0.6			5,681,391
SHORT-TERM INVESTMENTS		13.6			125,726,781
SHORT POSITIONS:
COMMON STOCK
Technology		(10.6	)		(98,028,032	)
Health Care		(9.2	)		(85,530,390	)
Consumer Services		(4.2	)		(38,931,695	)
Consumer Durables		(3.6	)		(32,897,394	)
Utilities		(2.2	)		(20,008,263	)
Capital Goods		(2.0	)		(18,257,894	)
Consumer Non-Durables		(1.6	)		(15,107,227	)
Communications		(1.2	)		(11,291,372	)
Finance		(1.2	)		(11,196,086	)

Real Estate Investment Trusts	(0.5	)%		(4,371,854	)
Basic Industries	(0.2	)		(1,497,656	)
Energy	(0.0	)		(7	)
EXCHANGE TRADED FUNDS	(3.9	)		(35,755,771	)
OPTIONS WRITTEN	(0.0	)		(395,103	)
OTHER ASSETS IN EXCESS OF LIABILITIES	29.2			269,727,492
NET ASSETS	100.0	%	$	923,956,502

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
LONG/SHORT RESEARCH FUND

Security Type/ Sector Classification	% of Net Assets			Value
LONG POSITIONS:
COMMON STOCK
Technology		22.6	%	$	1,603,317,246
Finance		19.7			1,399,498,644
Capital Goods		11.2			791,961,794
Consumer Services		9.8			696,490,102
Health Care		9.2			655,758,741
Energy		9.0			641,281,243
Basic Industries		5.3			379,380,872
Consumer Non-Durables		4.5			319,863,283
Communications		2.6			184,446,180
Consumer Durables		1.1			77,720,725
Transportation		0.6			43,182,754
WARRANTS		0.0			367,505
SHORT-TERM INVESTMENTS		3.5			247,895,596
SHORT POSITIONS:
COMMON STOCK
Technology		(8.8	)		(624,015,013	)
Finance		(7.3	)		(519,221,456	)
Consumer Services		(6.7	)		(475,314,275	)
Energy		(3.7	)		(260,914,416	)
Consumer Non-Durables		(3.3	)		(238,240,527	)
Capital Goods		(2.3	)		(160,498,564	)
Basic Industries		(2.1	)		(153,058,161	)
Health Care		(1.8	)		(127,859,098	)
Real Estate Investment Trusts		(1.7	)		(121,194,280	)
Communications		(1.2	)		(88,140,815	)
Utilities		(1.2	)		(85,845,272	)
Transportation		(0.8	)		(56,794,449	)
Consumer Durables		(0.8	)		(54,446,549	)
OTHER ASSETS IN EXCESS OF LIABILITIES		42.6			3,028,325,088
NET ASSETS		100.0	%	$	7,103,946,898

Portfolio holdings are subject to change at any time.

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

Semi-Annual Report 2018 7

BOSTON PARTNERS INVESTMENT FUNDS

PORTFOLIO HOLDINGS SUMMARY TABLES (continued)

February 28, 2018 (unaudited)

BOSTON PARTNERS
ALL-CAP VALUE FUND

Security Type/ Sector Classification	% of Net Assets			Value
COMMON STOCK
Finance		30.1	%	$	629,917,433
Technology		24.8			517,934,105
Health Care		15.5			323,244,051
Capital Goods		7.0			146,094,412
Energy		6.5			136,818,592
Consumer Services		5.9			122,270,275
Consumer Non-Durables		2.7			55,900,611
Basic Industries		1.1			23,270,157
Consumer Durables		0.9			19,458,714
Transportation		0.6			12,916,219
Communications		0.4			9,315,348
RIGHTS		0.0			—
SHORT-TERM INVESTMENTS		12.9			268,996,905
LIABILITIES IN EXCESS OF OTHER ASSETS		(8.4	)		(174,750,673	)
NET ASSETS		100.0	%	$	2,091,386,149

Portfolio holdings are subject to change at any time.

WPG PARTNERS
SMALL/MICRO CAP VALUE FUND

Security Type/ Sector Classification	% of Net Assets			Value
COMMON STOCK
Finance		28.2	%	$	8,664,313
Capital Goods		15.8			4,849,698
Consumer Services		10.1			3,100,172
Energy		10.1			3,096,317
Technology		7.1			2,184,951
Transportation		6.5			2,006,527
Real Estate Investment Trusts		6.3			1,950,320
Basic Industries		4.9			1,505,741
Utilities		4.0			1,247,857
Health Care		2.3			707,757
Consumer Durables		1.8			558,837
Consumer Non-Durables		0.9			272,772
Communications		0.6			178,920
WARRANTS		0.1			24,093
SHORT-TERM INVESTMENTS		23.5			7,228,154
LIABILITIES IN EXCESS OF OTHER ASSETS		(22.2	)		(6,825,054	)
NET ASSETS		100.0	%	$	30,751,375

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
GLOBAL EQUITY FUND

Security Type/ Sector Classification	% of Net Assets			Value
COMMON STOCK
Financials		24.4	%	$	160,718,222
Information Technology		20.6			135,919,594
Industrials		12.3			81,357,549
Energy		8.5			55,852,810
Materials		7.7			50,547,731
Health Care		7.5			49,241,312
Consumer Discretionary		6.9			45,715,738
Consumer Staples		5.1			33,696,788
Telecommunication Services		1.9			12,348,198
Utilities		0.6			4,324,514
PREFERRED STOCK		0.5			3,002,320
SHORT-TERM INVESTMENTS		8.8			58,178,724
LIABILITIES IN EXCESS OF OTHER ASSETS		(4.8	)		(31,716,484	)
NET ASSETS		100.0	%	$	659,187,016

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
GLOBAL LONG/SHORT FUND

Security Type/ Sector Classification	% of Net Assets			Value
LONG POSITIONS:
COMMON STOCK
Financials		22.4	%	$	226,907,328
Information Technology		21.0			212,018,900
Industrials		12.6			127,667,842
Energy		8.9			89,872,104
Materials		8.0			80,912,343
Health Care		7.9			79,890,186
Consumer Discretionary		7.7			77,479,970
Consumer Staples		5.1			52,058,420
Telecommunication Services		1.9			19,600,503
Utilities		0.7			6,866,247
PREFERRED STOCK		0.4			4,787,798
SHORT-TERM INVESTMENTS		2.4			24,042,866
SHORT POSITIONS:
COMMON STOCK
Information Technology		(8.5	)		(86,433,084	)
Consumer Discretionary		(8.2	)		(82,766,689	)
Industrials		(7.5	)		(75,445,171	)
Financials		(4.8	)		(49,037,044	)
Materials		(3.9	)		(39,711,311	)
Consumer Staples		(3.2	)		(31,946,249	)
Energy		(3.1	)		(31,215,534	)
Health Care		(2.2	)		(22,045,849	)
Utilities		(0.6	)		(6,051,610	)
Real Estate		(0.5	)		(5,305,999	)
OPTIONS WRITTEN		(0.0	)		(364,375	)
OTHER ASSETS IN EXCESS OF LIABILITIES		43.5			439,872,146
NET ASSETS		100.0	%	$	1,011,653,738

Portfolio holdings are subject to change at any time.

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

8  Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

PORTFOLIO HOLDINGS SUMMARY TABLES (concluded)

February 28, 2018 (unaudited)

BOSTON PARTNERS
EMERGING MARKETS LONG/SHORT FUND

Security Type/ Sector Classification	% of Net Assets			Value
LONG POSITIONS:
COMMON STOCK
Financials		13.0	%	$	9,933,939
Information Technology		9.5			7,274,883
Consumer Discretionary		8.2			6,280,436
Consumer Staples		6.8			5,245,811
Telecommunication Services		4.2			3,260,697
Materials		4.0			3,095,516
Energy		3.3			2,503,297
Industrials		3.2			2,475,075
Utilities		1.9			1,437,492
Real Estate		1.5			1,131,003
Health Care		1.3			983,979
EXCHANGE TRADED FUNDS		0.6			450,519
PREFERRED STOCK		5.1			3,899,048
WARRANTS		0.0			4,006
SHORT-TERM INVESTMENTS		32.7			25,050,896
SHORT POSITIONS:
COMMON STOCK
Health Care		(0.4	)		(294,172	)
OTHER ASSETS IN EXCESS OF LIABILITIES		5.1			3,929,341
NET ASSETS		100.0	%	$	76,661,766

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
EMERGING MARKETS FUND

Security Type/ Sector Classification	% of Net Assets			Value
COMMON STOCK
Financials		12.8	%	$	1,228,321
Consumer Discretionary		11.6			1,109,841
Information Technology		9.8			939,529
Consumer Staples		5.8			558,127
Materials		4.0			382,689
Telecommunication Services		3.4			327,215
Energy		3.3			317,342
Real Estate		2.2			208,930
Industrials		2.1			205,124
Communications		2.0			188,467
Utilities		0.7			66,180
Basic Industries		0.7			66,133
Consumer Non-Durables		0.7			61,819
Health Care		0.5			49,207
Technology		0.4			35,679
Consumer Services		0.3			27,135
EXCHANGE TRADED FUNDS		3.0			289,878
PREFERRED STOCK		0.7			69,030
SHORT-TERM INVESTMENTS		36.3			3,474,298
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.3	)		(25,851	)
NET ASSETS		100.0	%	$	9,579,093

Portfolio holdings are subject to change at any time.

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

Semi-Annual Report 2018 9

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

Portfolio of Investments
February 28, 2018 (unaudited)

	Number of Shares		Value
COMMON STOCKS—98.9%
Basic Industries—8.3%
Cambrex Corp.(a)*		79,704	$	4,140,623
Ferro Corp.*		95,650		2,045,953
Graphic Packaging Holding Co.		400,696		6,134,656
Innophos Holdings, Inc.		72,762		3,023,989
Orchids Paper Products Co.(a)		98,179		1,050,515
Orion Engineered Carbons SA		132,486		3,649,989
Owens-Illinois, Inc.*		195,848		4,222,483
PolyOne Corp.		35,624		1,471,627
PQ Group Holdings, Inc.*		230,480		3,088,432
Schweitzer-Mauduit International, Inc.		128,875		5,053,189
SunCoke Energy, Inc.(a)*		503,164		5,373,792
Valvoline, Inc.(a)		288,684		6,613,750
				45,868,998
Capital Goods—10.7%
Aegion Corp.*		115,507		2,652,041
Ampco-Pittsburgh Corp.		33,971		346,504
BMC Stock Holdings, Inc.(a)*		260,339		4,881,356
Cabot Corp.		26,860		1,616,435
Continental Building Products, Inc.*		73,106		1,988,483
Engility Holdings, Inc.(a)*		82,750		2,259,903
Ferroglobe PLC*		300,728		4,859,764
Ferroglobe Representation & Warranty Insurance*(a)‡		276,005		0
Foundation Building Materials, Inc.(a)*		107,770		1,475,371
Granite Construction, Inc.		65,507		3,805,957
Hillenbrand, Inc.		41,138		1,805,958
LCI Industries(a)		50,501		5,519,759
Minerals Technologies, Inc.		77,211		5,304,396
Orion Group Holdings, Inc.*		250,954		1,575,991
Trinseo SA		37,288		2,968,125
Tutor Perini Corp.(a)*		144,287		3,484,531
WESCO International, Inc.*		138,676		8,632,581
World Fuel Services Corp.		269,486		6,157,755
				59,334,910
Communications—0.8%
AMC Networks, Inc. Class A(a)*		86,637		4,554,507
Consumer Durables—2.3%
Cooper Tire & Rubber Co.(a)		121,749		3,816,831
La-Z-Boy, Inc.		100,684		3,090,999
Standard Motor Products, Inc.(a)		35,345		1,649,198
Strattec Security Corp.		17,514		603,357
Tower International, Inc.		126,250		3,295,125
				12,455,510
Consumer Non-Durables—3.8%
Energizer Holdings, Inc.(a)		53,472		2,913,154
Fresh Del Monte Produce, Inc.(a)		85,780		4,004,210
Skechers U.S.A., Inc. Class A*		136,330		5,578,624
Steven Madden Ltd.		131,903		5,790,542
Universal Corp.(a)		54,860		2,696,369
				20,982,899
Consumer Services—11.7%
ABM Industries, Inc.(a)		81,621		2,869,794
ACCO Brands Corp.		305,117		3,859,730
Booz Allen Hamilton Holding Corp.		42,007		1,593,325
CBIZ, Inc.*		115,323		2,081,580
Civeo Corp.*		411,854		1,462,082
Ennis, Inc.(a)		45,982		896,649
Entercom Communications Corp. Class A(a)		265,130		2,624,787
FTI Consulting, Inc.*		72,216		3,443,981
Group 1 Automotive, Inc.(a)		22,108		1,521,915
Huron Consulting Group, Inc.*		80,483		2,816,905
ICF International, Inc.		59,914		3,415,098
Lithia Motors, Inc. Class A(a)		98,621		10,245,736
MAXIMUS, Inc.		42,006		2,813,562
Navigant Consulting, Inc.*		127,535		2,535,396
On Assignment, Inc.*		104,180		7,989,564
PRA Group, Inc.(a)*		79,404		3,041,173
Scholastic Corp.(a)		55,689		2,027,636
Tetra Tech, Inc.		109,984		5,383,717
TravelCenters of America LLC*		168,439		627,435
Viad Corp.		31,511		1,640,148
XO Group, Inc.*		91,855		1,770,046
				64,660,259
Energy—7.3%
Cactus, Inc. Class A*		81,273		2,000,129
Dril-Quip, Inc.(a)*		80,528		3,627,786
Enerplus Corp.		454,823		5,025,794
Extraction Oil & Gas, Inc.(a)*		240,267		2,902,425
Forum Energy Technologies, Inc.(a)*		207,730		2,347,349
Gulfport Energy Corp.*		153,035		1,484,440
Jagged Peak Energy, Inc.(a)*		248,998		3,062,675
Key Energy Services, Inc.*		111,126		1,490,200
Kosmos Energy Ltd.(a)*		381,200		2,054,668
Nine Energy Service, Inc.*		133,330		3,638,576
ProPetro Holding Corp.(a)*		105,777		1,706,183
RSP Permian, Inc.*		158,925		6,088,417
Superior Energy Services, Inc.(a)*		251,754		2,152,497
WildHorse Resource Development Corp.(a)*		179,830		3,053,513
				40,634,652
Finance—30.9%
Air Lease Corp.		182,397		7,965,277
AMERISAFE, Inc.(a)		39,765		2,226,840
Aspen Insurance Holdings Ltd.		56,593		2,059,985
Assured Guaranty Ltd.		160,237		5,540,995
Axis Capital Holdings Ltd.		34,385		1,696,556
BankUnited, Inc.		140,571		5,653,766
Cadence BanCorp		101,507		2,783,322
CenterState Banks, Inc.		117,691		3,205,903
Columbia Banking System, Inc.		23,712		990,687
Essent Group Ltd.*		169,397		7,638,111
FCB Financial Holdings, Inc., Class A*		72,525		3,890,966

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

10 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares		Value
Finance—(continued)
Federal Agricultural Mortgage Corp., Class C		48,910	$	3,720,095
First Citizens BancShares Inc., Class A		7,097		2,889,189
First Merchants Corp.(a)		78,970		3,263,830
First Midwest Bancorp Inc.(a)		97,051		2,350,575
FirstCash, Inc.		82,894		6,109,288
Flushing Financial Corp.		57,733		1,541,471
Gladstone Capital Corp.(a)		33,047		285,526
Global Indemnity Ltd. Class A*		30,786		1,139,082
Greenhill & Co, Inc.		62,578		1,273,462
Hanmi Financial Corp.		118,720		3,626,896
Hanover Insurance Group Inc., (The)		33,938		3,662,250
Heritage Financial Corp.(a)		74,267		2,209,443
Hope Bancorp, Inc.		118,819		2,145,871
Infinity Property & Casualty Corp.		19,947		2,352,749
James River Group Holdings Ltd.		89,432		2,925,321
Luther Burbank Corp.		193,201		2,471,041
Maiden Holdings Ltd.		658,340		3,950,040
Merchants Bancorp		85,346		1,749,593
National General Holdings Corp.		203,964		4,687,093
Navient Corp.(a)		598,825		7,760,772
Navigators Group, Inc. (The)		38,342		2,066,634
Nelnet, Inc., Class A(a)		136,459		7,551,641
Peapack Gladstone Financial Corp.		68,563		2,261,208
PennyMac Financial Services, Inc. Class A*		157,283		3,664,694
Preferred Bank(a)		27,124		1,690,639
Radian Group, Inc.		171,422		3,517,579
RBB Bancorp		64,797		1,656,211
Silvercrest Asset Management Group, Inc. Class A		172,910		2,610,941
SLM Corp.*		1,007,312		10,989,774
South State Corp.		13,186		1,143,226
State Auto Financial Corp.		48,362		1,333,824
Stewart Information Services Corp.		117,644		4,721,054
Stifel Financial Corp.		116,406		7,434,851
Validus Holdings Ltd.		59,152		4,001,041
Walker & Dunlop, Inc.(a)		170,053		8,218,662
Washington Federal, Inc.(a)		61,659		2,139,567
White Mountains Insurance Group Ltd.		2,972		2,397,958
				171,165,499
Health Care—5.1%
Chemed Corp.		15,677		4,070,220
Envision Healthcare Corp.*		132,480		5,100,480
ICON PLC*		39,242		4,446,511
Integra LifeSciences Holdings Corp.(a)*		33,130		1,746,945
LHC Group, Inc.(a)*		37,175		2,393,326
LifePoint Health, Inc.(a)*		110,455		5,091,975
Select Medical Holdings Corp.*		109,265		1,977,697
Syneos Health, Inc.*		76,481		3,204,554
				28,031,708
Real Estate Investment Trusts—6.9%
Anworth Mortgage Asset Corp.		264,833		1,207,639
Ares Commercial Real Estate Corp.		288,081		3,549,158
Blackstone Mortgage Trust, Inc. Class A(a)		179,293		5,567,048
Chatham Lodging Trust(a)		75,295		1,369,616
CYS Investments, Inc.		783,342		4,950,721
Front Yard Residential Corp.		55,713		584,429
Gladstone Commercial Corp.(a)		38,880		657,461
MFA Financial, Inc.(a)		619,957		4,414,094
MTGE Investment Corp.		63,130		1,073,210
Realogy Holdings Corp.(a)		222,844		5,693,664
Starwood Property Trust, Inc.		172,066		3,484,337
Two Harbors Investment Corp.(a)		377,263		5,541,993
				38,093,370
Technology—10.6%
Bel Fuse, Inc., Class B		124,299		2,150,373
Belden, Inc.(a)		87,854		6,389,621
Brooks Automation, Inc.		261,081		6,973,474
Ciena Corp.(a)*		248,401		5,755,451
Convergys Corp.(a)		104,192		2,418,296
EnerSys		69,658		4,854,466
EVERTEC, Inc.		90,640		1,468,368
Insight Enterprises, Inc.*		42,104		1,470,693
NCR Corp.(a)*		120,133		3,964,389
NETGEAR, Inc.*		56,148		3,130,251
PC Connection, Inc.(a)		28,007		695,414
SMART Global Holdings, Inc.*		102,659		3,564,320
Sykes Enterprises, Inc.*		152,062		4,418,922
SYNNEX Corp.(a)		39,467		4,880,095
TTEC Holdings, Inc.(a)		152,609		5,440,511
Versum Materials, Inc.		26,410		977,698
				58,552,342
Utilities—0.5%
Portland General Electric Co.		34,030		1,352,012
Pure Cycle Corp.(a)*		183,871		1,461,774
				2,813,786
TOTAL COMMON STOCKS (Cost $441,880,854)			$	547,148,440

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

Semi-Annual Report 2018 11

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

Portfolio of Investments (concluded)
February 28, 2018 (unaudited)

	Number of Shares		Value
SHORT-TERM INVESTMENTS—22.3%
Fidelity Investments Money Market Funds - Government Portfolio, 1.26%		10,784,033	$	10,784,033
Mount Vernon Liquid Assets Portfolio, LLC, 1.65%		112,450,121		112,450,121
TOTAL SHORT-TERM INVESTMENTS (Cost $123,234,154)				123,234,154
TOTAL INVESTMENTS—121.2%
(Cost $565,115,008)				670,382,594
LIABILITIES IN EXCESS OF OTHER ASSETS—(21.2)%				(117,146,690	)
NET ASSETS—100.0%			$	553,235,904

PLC — Public Limited Company

* — Non-income producing.

(a) — All or a portion of the security is on loan. At February 28, 2018, the market value of securities on loan was $108,289,573.

‡ — Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of February 28, 2018, these securities amounted to $0 or 0.0% of net assets.

A summary of the inputs used to value the Fund's investments carried at fair value as of February 28, 2018 is as follows (see Notes to Portfolio of Investments):

	Total		Level 1		Level 2		Level 3
Common Stocks	$	547,148,440	$	547,148,440	$	—	$	—
Short-Term Investments		123,234,154		123,234,154		—		—
Total Assets	$	670,382,594	$	670,382,594	$	—	$	—

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

12 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

Portfolio of Investments
February 28, 2018 (unaudited)

	Number of Shares		Value
LONG POSITIONS—111.2%
COMMON STOCKS—97.0%
Basic Industries—6.6%
Alcoa Corp.*		89,367	$	4,018,834
American Vanguard Corp.		143,463		2,797,529
BHP Billiton Ltd. - SP ADR(a)		59,404		2,762,286
CF Industries Holdings, Inc.		72,251		2,979,631
Constellium NV, Class A*		221,026		2,563,902
Freeport-McMoRan, Inc.(a)*		343,232		6,384,115
Monsanto Co.(a)†		23,145		2,855,399
Mosaic Co., (The)(a)		153,260		4,033,803
Nexeo Solutions, Inc.(a)*		203,015		1,886,009
Nucor Corp.		56,163		3,673,060
Nutrien Ltd.		60,129		2,961,353
POSCO - SP ADR†		67,985		5,591,087
Rio Tinto PLC - SP ADR†		110,354		6,037,467
RPM International, Inc.		66,168		3,293,181
Tahoe Resources, Inc.		636,541		3,106,320
Ternium SA - SP ADR		129,101		4,464,313
UFP Technologies, Inc.*		35,111		998,908
				60,407,197
Capital Goods—9.6%
Aegion Corp.(a)*		120,885		2,775,520
Argan, Inc.		56,449		2,255,138
BMC Stock Holdings, Inc.*		279,864		5,247,450
Builders FirstSource, Inc.(a)*		208,726		4,003,365
CECO Environmental Corp.		419,438		1,723,890
Colfax Corp.*		92,774		2,949,285
Columbus McKinnon Corp.†		95,387		3,386,238
Daqo New Energy Corp. - ADR*†		49,538		2,434,297
DMC Global, Inc.(a)		148,423		3,146,568
Fairmount Santrol Holdings, Inc.(a)*		599,531		2,685,899
Ferroglobe PLC*		181,975		2,940,716
Ferroglobe Representation & Warranty Insurance*(a)‡		386,647		0
Fluor Corp.†		108,421		6,169,155
FreightCar America, Inc.		169,033		2,499,998
General Electric Co.		378,357		5,338,617
Graham Corp.		93,582		1,891,292
Harsco Corp.*		92,519		1,873,510
Hexcel Corp.(a)		46,892		3,154,894
Jacobs Engineering Group, Inc.		76,203		4,652,955
KBR, Inc.		216,471		3,277,371
Manitex International, Inc.*		432,058		4,532,288
NCI Building Systems, Inc.(a)*		225,623		3,677,655
NOW, Inc.(a)*		141,802		1,345,701
Quanta Services, Inc.*		58,362		2,009,987
Safran SA - ADR(a)		171,358		4,719,885
Tutor Perini Corp.(a)*†		191,210		4,617,722
WESCO International, Inc.*		37,826		2,354,669
World Fuel Services Corp.†		138,624		3,167,558
				88,831,623
Communications—1.8%
Comcast Corp., Class A†		191,791		6,944,752
KT Corp. - SP ADR*		211,361		2,806,874
Liberty Global PLC, Series C*		145,536		4,370,446
Liberty Latin America Ltd., Class C*		132,581		2,711,282
				16,833,354
Consumer Durables—1.6%
Flexsteel Industries, Inc.		30,824		1,197,820
Honda Motor Co., Ltd. - SP ADR(a)		159,819		5,767,868
La-Z-Boy, Inc.		133,389		4,095,042
Leggett & Platt, Inc.(a)		74,295		3,228,861
				14,289,591
Consumer Non-Durables—2.7%
Coca-Cola European Partners PLC		97,808		3,718,660
Fresh Del Monte Produce, Inc.(a)		59,348		2,770,365
Hostess Brands, Inc.(a)*		225,030		2,754,367
Leucadia National Corp.†		185,615		4,452,904
Molson Coors Brewing Co., Class B		48,083		3,666,329
Nomad Foods Ltd.*†		236,708		3,879,644
PVH Corp.†		28,518		4,114,577
				25,356,846
Consumer Services—15.0%
ACCO Brands Corp.		246,424		3,117,264
Atento SA		368,345		3,517,695
Barrett Business Services, Inc.†		42,716		3,173,372
CarMax, Inc.(a)*		42,828		2,651,910
Civeo Corp.*		960,682		3,410,421
comScore, Inc.*		78,796		1,733,512
Conduent, Inc.*		150,415		2,842,843
Ctrip.com International Ltd. - ADR(a)*		33,071		1,520,605
CVS Health Corp.†		76,507		5,181,819
Dollar Tree, Inc.*		35,353		3,628,632
Drive Shack, Inc.(a)*†		659,232		3,329,122
DSW, Inc., Class A(a)		175,694		3,445,359
eBay, Inc.*†		146,358		6,272,904
Francesca's Holdings Corp.(a)*		337,813		1,760,006
Gray Television, Inc.(a)*		186,298		2,570,912
H&R Block, Inc.(a)		113,998		2,887,569
Hackett Group Inc., (The)		206,339		3,720,292
Heidrick & Struggles International, Inc.		149,636		3,950,390
ICF International, Inc.		55,525		3,164,925
IHS Markit Ltd.*		59,472		2,798,158
International Game Technology PLC†		179,561		4,758,366
JD.com, Inc. - ADR*		63,635		3,000,390
Jones Lang LaSalle, Inc.		23,623		3,794,090
KAR Auction Services, Inc.(a)		62,795		3,395,954
Korn/Ferry International		93,154		3,904,084
Kroger Co., (The)		208,772		5,661,897
Lions Gate Entertainment Corp. Class B		121,624		3,264,388

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

Semi-Annual Report 2018 13

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares		Value
Consumer Services—(continued)
Liquidity Services, Inc.*		202,259	$	1,385,474
ManpowerGroup, Inc.		19,344		2,291,490
National CineMedia, Inc.(a)		159,301		1,199,537
Nielsen Holdings PLC(a)		73,146		2,386,754
Perficient, Inc.*		198,289		3,860,687
Points International Ltd.*		78,923		822,378
PRGX Global, Inc.*		161,819		1,213,642
Signet Jewelers Ltd.(a)		39,230		1,972,484
Sirius XM Holdings, Inc.(a)		319,316		2,005,304
Stars Group Inc., (The)*		165,887		4,563,444
Tailored Brands, Inc.†		142,675		3,340,022
Tetra Tech, Inc.		69,081		3,381,515
Time Warner, Inc.†		64,845		6,027,991
Twenty-First Century Fox, Inc., Class A†		129,833		4,780,451
Walgreens Boots Alliance, Inc.(a)		61,164		4,213,588
Western Union Co. (The)(a)		153,627		3,044,887
				138,946,527
Energy—14.7%
Anadarko Petroleum Corp.		89,935		5,129,892
Andeavor†		45,913		4,114,723
Archrock, Inc.(a)		295,166		2,804,077
Baker Hughes a GE Co.(a)		193,299		5,103,094
Basic Energy Services, Inc.*†		220,833		3,573,078
Canadian Natural Resources Ltd.†		138,927		4,370,643
CNX Resources Corp.*		128,788		2,069,623
Chevron Corp.†		105,880		11,850,090
Cimarex Energy Co.		24,494		2,353,628
Dawson Geophysical Co.(a)*		228,365		1,258,291
Dril-Quip, Inc.(a)*		59,782		2,693,179
Energen Corp.*		60,281		3,297,974
Enerplus Corp.		336,234		3,715,386
EOG Resources, Inc.		44,951		4,558,930
EQT Corp.†		141,159		7,101,709
Gulf Island Fabrication, Inc.(a)		67,102		553,591
Gulfport Energy Corp.*		112,894		1,095,072
Halliburton Co.†		152,671		7,086,988
Key Energy Services, Inc.(a)*		187,823		2,518,706
Kosmos Energy Ltd.(a)*†		146,353		788,843
LUKOIL PJSC - SP ADR		33,853		2,247,839
McDermott International, Inc.(a)*		375,263		2,739,420
Mitcham Industries, Inc.*		381,308		1,342,204
National Oilwell Varco, Inc.(a)		104,422		3,664,168
Oceaneering International, Inc.(a)		233,576		4,293,127
Parsley Energy, Inc., Class A*		124,827		3,155,627
PBF Energy, Inc. Class A		91,664		2,686,672
PetroChina Co., Ltd. - ADR		41,934		2,901,833
Phillips 66†		102,013		9,218,915
Pioneer Natural Resources Co.		29,290		4,986,037
SandRidge Energy, Inc.*		112,840		1,586,530
Schlumberger Ltd.†		144,381		9,477,169
Superior Energy Services, Inc.(a)*		322,994		2,761,599
Valero Energy Corp.†		42,402		3,833,989
Viper Energy Partners LP(a)†		209,407		4,736,786
				135,669,432
Finance—17.8%
AerCap Holdings NV*†		72,991		3,621,083
Affiliated Managers Group, Inc.†		25,042		4,741,953
AMERCO(a)		7,468		2,568,992
American International Group, Inc.†		105,221		6,033,372
AmTrust Financial Services, Inc.(a)†		509,398		6,097,494
Aspen Insurance Holdings Ltd.†		71,095		2,587,858
Axis Capital Holdings Ltd.†		41,628		2,053,926
Bank of America Corp.†		505,184		16,216,406
Bank of the Ozarks		74,019		3,692,808
Bar Harbor Bankshares(a)		19,990		541,729
Berkshire Hathaway, Inc., Class B*†		47,452		9,832,054
BGC Partners, Inc., Class A		92,411		1,221,673
Century Bancorp, Inc., Class A†		18,921		1,453,133
Charles Schwab Corp., (The)†		84,792		4,495,672
Citigroup, Inc.†		247,599		18,691,248
Discover Financial Services†		72,424		5,709,184
Discovery Communications, Inc.(a)*		—		0
Fanhua, Inc. - SP ADR		164,132		5,482,009
Federated National Holding Co.(a)		149,100		2,303,595
JPMorgan Chase & Co.†		67,504		7,796,712
Lazard Ltd., Class A†		87,916		4,744,827
Loews Corp.		67,298		3,319,810
Maiden Holdings Ltd.†		918,205		5,509,230
MetLife, Inc.		208,178		9,615,742
Morgan Stanley†		145,763		8,165,643
Oaktree Capital Group LLC(a)		78,931		3,291,423
PennyMac Financial Services, Inc. Class A*†		116,543		2,715,452
State Street Corp.†		61,122		6,488,100
Stifel Financial Corp.		49,669		3,172,359
SVB Financial Group*†		20,898		5,203,184
Synchrony Financial†		116,186		4,228,009
White Mountains Insurance Group Ltd.		3,496		2,820,748
				164,415,428
Health Care—8.7%
Allergan PLC(a)		25,428		3,921,506
Anthem, Inc.†		24,349		5,731,267
Carriage Services, Inc.		114,753		3,123,577
Cigna Corp.†		23,599		4,622,808
Five Star Senior Living, Inc.*		598,297		867,531
Fresenius Medical Care AG & Co. KGaA - ADR(a)†		74,722		3,946,816
HCA Healthcare, Inc.†		53,675		5,327,244
Johnson & Johnson		71,609		9,300,577
Keryx Biopharmaceuticals, Inc.(a)*		201,307		923,999
Laboratory Corp. of America Holdings*†		37,043		6,397,326
LHC Group, Inc.*†		55,959		3,602,640

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

14 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
Health Care—(continued)
Medtronic PLC†#		88,101		$	7,038,389
Mylan NV*†		87,770			3,538,886
Novartis AG - SP ADR		79,868			6,656,998
Paratek Pharmaceuticals, Inc.(a)*		116,987			1,532,530
Quest Diagnostics, Inc.(a)		48,428			4,990,505
Stericycle, Inc.(a)*		35,207			2,206,423
UnitedHealth Group, Inc.†		29,199			6,603,646
					80,332,668
Real Estate Investment Trusts—1.7%
Colony NorthStar, Inc. Class A		444,219			3,456,024
Marcus & Millichap, Inc.*		39,098			1,223,767
MedEquities Realty Trust, Inc.		355,983			3,442,356
New Residential Investment Corp.†		212,287			3,424,189
Realogy Holdings Corp.(a)†		94,670			2,418,818
Wheeler Real Estate Investment Trust, Inc.(a)		384,726			1,931,325
					15,896,479
Technology—10.2%
51job, Inc. - ADR(a)*		49,449			3,237,426
Avnet, Inc.		95,199			4,064,997
Baidu, Inc. - SP ADR*		16,821			4,244,611
Capgemini SE - ADR		186,228			4,668,736
CDW Corp.		43,354			3,161,807
Citrix Systems, Inc.*		44,659			4,108,628
Cognizant Technology Solutions Corp., Class A†#		63,576			5,214,504
Dolby Laboratories, Inc. Class A†		63,743			4,114,611
Electronics For Imaging, Inc.(a)*		71,895			1,969,204
EVERTEC, Inc.(a)		250,933			4,065,115
First Data Corp., Class A*		266,572			4,163,855
Flex Ltd.*†		269,075			4,870,258
Generac Holdings, Inc.*		67,062			2,982,918
Hollysys Automation Technologies, Ltd.		120,202			3,174,535
Infosys Ltd. - SP ADR(a)		186,873			3,300,177
Insight Enterprises, Inc.*		104,758			3,659,197
InterDigital Inc.		60,464			4,341,315
International Business Machines Corp.		36,956			5,758,854
Net 1 UEPS Technologies, Inc.(a)*		261,810			2,683,553
NetEase, Inc. - ADR		6,409			1,880,080
PayPal Holdings, Inc.*†		42,397			3,366,746
Powell Industries, Inc.		67,726			1,803,543
Quality Systems, Inc.*		168,686			2,117,009
Sabre Corp.(a)		104,887			2,409,254
VeriFone Systems, Inc.*		137,190			2,277,354
VeriSign, Inc.(a)*		22,223			2,578,312
Zebra Technologies Corp., Class A*		31,332			4,328,202
					94,544,801
Transportation—5.6%
AP Moller - Maersk A/S - ADR		289,052			2,373,117
Atlas Air Worldwide Holdings, Inc.(a)*		50,028			3,044,204
Controladora Vuela Cia de Aviacion SAB de CV - ADR(a)*		179,919			1,604,878
Dorian LPG Ltd.*		275,060			2,013,439
Expeditors International of Washington, Inc.		41,878			2,720,395
Forward Air Corp.(a)		41,819			2,258,226
Gener8 Maritime, Inc.(a)*		415,116			2,303,894
Golar LNG Partners LP		108,162			1,999,915
Grupo Aeroportuario del Centro Norte SAB de CV - ADR(a)		71,609			2,804,208
Overseas Shipholding Group, Inc., Class A*		332,600			588,702
Ryanair Holdings PLC - SP ADR*		31,295			3,794,832
Safe Bulkers, Inc.(a)*		1,361,037			4,981,395
Scorpio Bulkers, Inc.(a)		304,688			2,361,332
Scorpio Tankers, Inc.		694,362			1,597,033
SEACOR Marine Holdings, Inc.(a)*		136,271			2,305,705
Teekay LNG Partners LP		192,444			3,560,214
Teekay Offshore Partners LP		750,210			1,883,027
United Parcel Service, Inc. Class B		59,001			6,160,294
XPO Logistics, Inc.(a)*		30,820			3,033,613
					51,388,423
Utilities—1.0%
Archrock Partners LP		146,951			1,942,692
Cheniere Energy, Inc.*		75,350			3,957,382
MPLX LP		94,907			3,277,139
					9,177,213
TOTAL COMMON STOCKS (Cost $719,134,961)					896,089,582
EXCHANGE TRADED FUNDS—0.6%
Energy—0.6%
Alerian MLP ETF(a)		562,514			5,681,391
TOTAL EXCHANGE TRADED FUNDS (Cost $5,772,731)					5,681,391
SHORT-TERM INVESTMENTS—13.6%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.29%		14,172,061			14,172,061
Mount Vernon Liquid Assets Portfolio, LLC, 1.65%		111,554,720			111,554,720
TOTAL SHORT-TERM INVESTMENTS (Cost $125,726,781)					125,726,781
TOTAL LONG POSITIONS—111.2%
(Cost $850,634,473)					1,027,497,754
SECURITIES SOLD SHORT—(40.4%)
COMMON STOCKS—(36.5%)
Basic Industries—(0.2%)
Kennady Diamonds, Inc.*		(45,900	)		(107,310	)
Tanzanian Royalty Exploration Corp.*		(171,865	)		(61,373	)

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

Semi-Annual Report 2018 15

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
Basic Industries—(continued)
Uranium Energy Corp.*		(1,022,287	)	$	(1,328,973	)
					(1,497,656	)
Capital Goods—(2.0%)
AAON, Inc.		(78,744	)		(2,893,842	)
Applied Energetics, Inc.*		(238,070	)		(14,332	)
Axon Enterprise, Inc.*		(132,338	)		(4,609,333	)
DynaMotive Energy Systems Corp.*‡		(72,185	)		(7	)
EnviroStar, Inc.		(47,643	)		(1,643,683	)
John Bean Technologies Corp.		(28,464	)		(3,152,388	)
Tennant Co.		(55,777	)		(3,592,039	)
ZAGG, Inc.*		(156,297	)		(2,352,270	)
					(18,257,894	)
Communications—(1.2%)
CTC Communications Group, Inc.*‡		(98,900	)		0
Gogo, Inc.*		(261,676	)		(2,376,018	)
Netflix, Inc.*		(30,597	)		(8,915,354	)
					(11,291,372	)
Consumer Durables—(3.6%)
iRobot Corp.*		(38,172	)		(2,593,787	)
Kandi Technologies Group, Inc.*		(311,076	)		(1,679,810	)
Qsound Labs, Inc.*‡		(4,440	)		(1	)
Sharp Corp.*		(99,000	)		(3,438,974	)
Tesla Motors, Inc.*		(63,871	)		(21,911,585	)
Universal Electronics, Inc.*		(66,126	)		(3,273,237	)
					(32,897,394	)
Consumer Non-Durables—(1.6%)
Amish Naturals, Inc.*‡		(25,959	)		0
elf Beauty, Inc.*		(198,573	)		(3,661,686	)
Freshpet, Inc.*		(120,194	)		(2,403,880	)
Funko, Inc., Class A*		(375,144	)		(2,768,563	)
National Beverage Corp.		(36,892	)		(3,613,202	)
Primo Water Corp.*		(218,382	)		(2,659,893	)
Valence Technology, Inc.*‡		(27,585	)		(3	)
					(15,107,227	)
Consumer Services—(4.2%)
Brink's Co. (The)		(31,264	)		(2,297,904	)
Carvana Co.*		(76,230	)		(1,527,649	)
Cimpress NV*		(47,657	)		(7,756,177	)
Corporate Resource Services, Inc.*		(218,896	)		(394	)
Finish Line Inc., (The), Class A		(305,207	)		(3,241,298	)
Freshii, Inc.*		(140,986	)		(770,193	)
HelloFresh SE*		(202,008	)		(3,314,758	)
Jamba, Inc.*		(111,749	)		(963,277	)
Overstock.com, Inc.*		(47,473	)		(2,867,369	)
Red Robin Gourmet Burgers, Inc.*		(109,579	)		(5,878,913	)
Stitch Fix, Inc., Class A*		(54,373	)		(1,125,521	)
TransEnterix, Inc.*		(566,390	)		(1,076,141	)
Tuniu Corp. - SP ADR*		(309,373	)		(2,385,266	)
Wayfair, Inc. Class A*		(73,971	)		(5,726,835	)
					(38,931,695	)
Energy—0.0%
Beard Co.*		(9,710	)		(7	)
Finance—(1.2%)
Farmers & Merchants Bancorp Inc.		(66,887	)		(2,474,819	)
RLI Corp.		(79,791	)		(4,851,293	)
Trupanion, Inc.*		(130,610	)		(3,869,974	)
					(11,196,086	)
Health Care—(9.2%)
Abaxis, Inc.		(99,391	)		(6,626,398	)
Acorda Therapeutics, Inc.*		(102,208	)		(2,427,440	)
Analogic Corp.		(53,488	)		(4,466,248	)
AtriCure, Inc.*		(206,456	)		(3,648,078	)
AxoGen, Inc.*		(237,109	)		(6,923,583	)
BodyTel Scientific, Inc.*‡		(4,840	)		(1	)
CareView Communications, Inc.*		(207,465	)		(7,054	)
Corindus Vascular Robotics, Inc.*		(624,000	)		(624,000	)
Cross Country Healthcare, Inc.*		(446,329	)		(5,779,961	)
Endologix, Inc.*		(213,502	)		(858,278	)
Exact Sciences Corp.*		(79,417	)		(3,542,792	)
Heska Corp.*		(71,578	)		(4,865,872	)
Illumina, Inc.*		(12,351	)		(2,816,275	)
Invacare Corp.		(255,350	)		(4,392,020	)
K2M Group Holdings, Inc.*		(144,654	)		(2,995,784	)
Luminex Corp.		(138,029	)		(2,706,749	)
Momenta Pharmaceuticals, Inc.*		(224,967	)		(3,835,687	)
Neogen Corp.*		(47,489	)		(2,767,184	)
OraSure Technologies, Inc.*		(331,724	)		(5,725,556	)
Quidel Corp.*		(84,926	)		(3,704,472	)
STAAR Surgical Co.*		(432,339	)		(6,787,722	)
Surgery Partners, Inc.*		(253,239	)		(4,013,838	)
Tactile Systems Technology, Inc.*		(104,427	)		(3,379,258	)
ViewRay, Inc.*		(317,225	)		(2,636,140	)
					(85,530,390	)
Real Estate Investment Trusts—(0.5%)
Redfin Corp.*		(212,329	)		(4,371,854	)
Technology—(10.6%)
2U, Inc.*		(38,496	)		(3,186,699	)
8x8, Inc.*		(143,509	)		(2,619,039	)
Alarm.com Holdings, Inc.*		(71,427	)		(2,581,015	)
Alteryx, Inc., Class A*		(98,297	)		(3,360,774	)
ANTs software, Inc.*‡		(10,334	)		(1	)
Benefitfocus, Inc.*		(37,700	)		(912,340	)
Capstone Turbine Corp.*		(33,777	)		(30,987	)
Carbonite, Inc.*		(205,832	)		(5,794,171	)
Cavium, Inc.*		(34,283	)		(3,052,558	)
Consygen, Inc.*‡		(200	)		0
Eastman Kodak Co.*		(249,721	)		(1,311,035	)
Ener1, Inc.*‡		(102,820	)		(10	)
Enphase Energy, Inc.*		(992,738	)		(3,295,890	)
FireEye, Inc.*		(204,041	)		(3,385,040	)
Harmonic, Inc.*		(538,497	)		(1,628,953	)
HubSpot, Inc.*		(30,613	)		(3,399,574	)
Inseego Corp.*		(801,495	)		(1,498,796	)
Interliant, Inc.*‡		(600	)		0

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

16 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
Technology—(continued)
Internap Corp.*		(169,436	)	$	(2,206,060	)
Knowles Corp.*		(248,326	)		(3,585,827	)
LivePerson, Inc.*		(208,460	)		(3,012,247	)
Lumentum Holdings, Inc.*		(94,325	)		(5,753,825	)
Materialise NV - ADR*		(222,600	)		(2,586,612	)
Medidata Solutions, Inc.*		(52,884	)		(3,472,363	)
MINDBODY, Inc. Class A*		(149,625	)		(5,334,131	)
Nestor, Inc.*‡		(15,200	)		(2	)
New Relic, Inc.*		(54,392	)		(3,904,258	)
PDF Solutions, Inc.*		(180,304	)		(2,008,587	)
Proofpoint, Inc.*		(31,553	)		(3,381,535	)
PROS Holdings, Inc.*		(130,390	)		(4,087,727	)
Remark Holdings, Inc.*		(186,613	)		(1,395,865	)
Snap, Inc. Class A*		(226,843	)		(3,928,921	)
SunPower Corp.*		(302,711	)		(2,146,221	)
Tiger Telematics, Inc.*‡		(6,510	)		0
TrueCar, Inc.*		(254,294	)		(2,820,121	)
Twilio, Inc., Class A*		(89,844	)		(3,069,071	)
Uni-Pixel, Inc.*		(19,665	)		(71	)
Workiva, Inc.*		(196,798	)		(4,477,155	)
Worldgate Communications, Inc.*‡		(582,655	)		(58	)
XRiver Corp.*‡		(34,156	)		0
Zendesk, Inc.*		(111,174	)		(4,800,493	)
					(98,028,032	)
Utilities—(2.2%)
Cadiz, Inc.*		(124,171	)		(1,719,768	)
California Water Service Group		(90,306	)		(3,427,113	)
Chesapeake Utilities Corp.		(42,510	)		(2,833,291	)
El Paso Electric Co.		(65,507	)		(3,183,640	)
MGE Energy, Inc.		(44,622	)		(2,342,655	)
New Jersey Resources Corp.		(40,857	)		(1,556,652	)
ONE Gas, Inc.		(24,589	)		(1,563,614	)
PNM Resources, Inc.		(45,604	)		(1,605,261	)
WGL Holdings, Inc.		(21,334	)		(1,776,269	)
					(20,008,263	)
TOTAL COMMON STOCKS (Proceeds $(306,601,908))					(337,117,870	)
EXCHANGE TRADED FUNDS—(3.9%)
Finance—(3.9%)
iPATH S&P 500 VIX Short-Term Futures ETN*		(402,063	)		(17,831,494	)
iShares 20+ Year Treasury Bond ETF		(78,871	)		(9,365,931	)
SPDR Bloomberg Barclays International Treasury Bond ETF		(294,912	)		(8,558,346	)
					(35,755,771	)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $(34,684,229))					(35,755,771	)
TOTAL SECURITIES SOLD SHORT—(40.4%) (Proceeds $(341,286,137))					(372,873,641	)

	Number of Contracts			Notional Amount			Value
OPTIONS WRITTEN††—0.0%
Call Options Written—(0.0%)
Sears Holdings Corp.
Expiration: 01/18/2019, Exercise Price: 10.00		(3,315	)		(802,230	)	$	(43,095	)
TOTAL CALL OPTIONS WRITTEN (Premiums received $(933,466))								(43,095	)
Put Options Written—(0.0%)
Cognizant Technology Solutions Corp., Class A
Expiration: 01/18/2019, Exercise Price: 45.00		(694	)		(5,692,188	)		(41,640	)
Medtronic PLC
Expiration: 01/18/2019, Exercise Price: 70.00		(695	)		(5,552,355	)		(208,848	)
Wells Fargo & Co.
Expiration: 01/18/2019, Exercise Price: 40.00		(1,692	)		(9,882,972	)		(101,520	)
TOTAL PUT OPTIONS WRITTEN (Premiums received $(1,937,914))								(352,008	)
TOTAL OPTIONS WRITTEN (Premiums received $(2,871,380))								(395,103	)
OTHER ASSETS IN EXCESS OF LIABILITIES—29.2%								269,727,492
NET ASSETS—100.0%							$	923,956,502

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored American Depositary Receipt

* — Non-income producing.

(a) — All or a portion of the security is on loan. At February 28, 2018, the market value of securities on loan was $106,861,824.

† — Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

‡ — Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of February 28, 2018, short securities amounted to $(83) or 0.0% of net assets.

# — Security segregated as collateral for options written.

†† — Primary risk exposure is equity contracts.

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

Semi-Annual Report 2018 17

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

Portfolio of Investments (concluded)
February 28, 2018 (unaudited)

A summary of the inputs used to value the Fund's investments carried at fair value as of February 28, 2018 is as follows (see Notes to Portfolio of Investments):

	Total		Level 1		Level 2		Level 3
Common Stock
Basic Industries	$	60,407,197	$	60,407,197	$	—	$	—
Capital Goods		88,831,623		88,831,623		—		—
Communications		16,833,354		16,833,354		—		—
Consumer Durables		14,289,591		14,289,591		—		—
Consumer Non-Durables		25,356,846		25,356,846		—		—
Consumer Services		138,946,527		138,946,527		—		—
Energy		135,669,432		135,669,432		—		—
Finance		164,415,428		164,415,428		—		—
Health Care		80,332,668		80,332,668		—		—
Real Estate Investment Trusts		15,896,479		15,896,479		—		—
Technology		94,544,801		94,544,801		—		—
Transportation		51,388,423		51,388,423		—		—
Utilities		9,177,213		9,177,213		—		—
Exchange Traded Funds		5,681,391		5,681,391		—		—
Short-Term Investments		125,726,781		125,726,781		—		—
Total Assets	$	1,027,497,754	$	1,027,497,754	$	—	$	—

	Total			Level 1			Level 2			Level 3
Securities Sold Short
Basic Industries	$	(1,497,656	)	$	(1,497,656	)	$	—		$	—
Capital Goods		(18,257,894	)		(18,257,887	)		—			(7	)
Communications		(11,291,372	)		(11,291,372	)		—			—
Consumer Durables		(32,897,394	)		(29,458,419	)		(3,438,974	)		(1	)
Consumer Non-Durables		(15,107,227	)		(15,107,224	)		—			(3	)
Consumer Services		(38,931,695	)		(38,931,301	)		(394	)		—
Energy		(7	)		—			(7	)		—
Finance		(11,196,086	)		(11,196,086	)		—			—
Health Care		(85,530,390	)		(85,530,389	)		—			(1	)
Real Estate Investment Trusts		(4,371,854	)		(4,371,854	)		—			—
Technology		(98,028,032	)		(98,027,961	)		—			(71	)
Utilities		(20,008,263	)		(20,008,263	)		—			—
Exchange Traded Funds		(35,755,771	)		(35,755,771	)		—			—
Options Written
Equity Contracts		(395,103	)		(43,095	)		(352,008	)		—
Total Liabilities	$	(373,268,744	)	$	(369,477,278	)	$	(3,791,383	)	$	(83	)

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

18 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

Portfolio of Investments
February 28, 2018 (unaudited)

	Number of Shares		Value
LONG POSITIONS—99.1%
COMMON STOCKS—95.6%
Basic Industries—5.3%
Berry Global Group, Inc.*†		405,722	$	22,071,277
BHP Billiton PLC		834,605		16,943,414
Celanese Corp., Series A		182,282		18,384,963
DowDuPont, Inc.		281,866		19,815,180
FMC Corp.		209,994		16,480,329
Glencore PLC		7,732,711		40,663,923
Graphic Packaging Holding Co.†		3,173,926		48,592,807
Ivanhoe Mines Ltd., Class A*		4,157,276		10,464,465
Nutrien Ltd.		700,845		34,516,616
Peabody Energy Corp.		512,682		20,871,284
PQ Group Holdings, Inc.*		952,928		12,769,235
RPC Group PLC		3,127,218		34,452,934
Steel Dynamics, Inc.		427,001		19,748,796
Stornoway Diamond Corp.*		26,913,645		12,584,310
Valvoline, Inc.		657,508		15,063,508
WestRock Co.†		546,804		35,957,831
				379,380,872
Capital Goods—11.2%
ABB Ltd.		974,763		23,676,993
AMETEK, Inc.		547,294		41,452,048
Arconic, Inc.		780,173		19,028,420
BAE Systems PLC		1,641,507		13,028,658
Bunzl PLC		912,820		24,500,240
Cemex SAB de CV - SP ADR*		3,843,495		25,174,892
CRH PLC		725,838		23,835,629
Cummins, Inc.		121,652		20,458,217
General Dynamics Corp.†		266,196		59,215,300
Honeywell International, Inc.†		250,708		37,884,486
Huntington Ingalls Industries, Inc.		131,412		34,431,258
L3 Technologies, Inc.		119,959		24,897,490
Lockheed Martin Corp.†		128,100		45,147,564
Masco Corp.†		905,327		37,227,046
Northrop Grumman Corp.†		116,380		40,737,655
Owens Corning		177,307		14,415,059
PACCAR, Inc.		275,176		19,699,850
Parker-Hannifin Corp.		147,287		26,286,311
Raytheon Co.†		317,693		69,101,404
Spirit AeroSystems Holdings, Inc. Class A		286,493		26,153,946
Textron, Inc.†		1,019,030		60,988,946
Trinseo SA		350,714		27,916,834
Tutor Perini Corp.*		679,911		16,419,851
United Technologies Corp.†		333,195		44,894,694
Vinci SA		155,853		15,389,003
				791,961,794
Communications—2.6%
Comcast Corp., Class A†		1,714,730		62,090,373
Liberty Global PLC, Series C*†		1,690,280		50,759,109
Liberty Latin America Ltd. Class C*†		517,925		10,591,566
Verizon Communications, Inc.†		688,904		32,888,277
Vodafone Group PLC		10,057,499		28,116,855
				184,446,180
Consumer Durables—1.1%
BorgWarner, Inc.		730,268		35,841,554
Fiat Chrysler Automobiles NV		866,539		18,361,961
Lear Corp.		64,270		11,990,854
PulteGroup, Inc.		410,629		11,526,356
				77,720,725
Consumer Non-Durables—4.5%
Altria Group, Inc.†		628,352		39,554,758
Asahi Group Holdings Ltd.		629,300		32,179,421
Coca-Cola Bottlers Japan Holdings, Inc.		150,200		5,686,179
Coca-Cola European Partners PLC		1,007,455		38,303,439
Heineken Holding NV		557,958		55,500,963
Kirin Holdings Co. Ltd.		1,127,700		29,102,185
Nomad Foods Ltd.*†		3,324,933		54,495,652
PepsiCo, Inc.		316,196		34,696,187
Philip Morris International, Inc.		293,042		30,344,499
				319,863,283
Consumer Services—9.8%
Alibaba Group Holding Ltd. - SP ADR*		316,004		58,820,985
CBS Corp., Class B†		721,539		38,219,921
CVS Health Corp.†		579,505		39,249,874
Dun & Bradstreet Corp. (The)		134,425		16,808,502
eBay, Inc.*†		1,980,318		84,876,430
Equiniti Group PLC		2,371,153		9,312,688
Hays PLC		7,029,474		18,701,515
Interpublic Group of Cos., Inc., (The)		892,990		20,895,966
Koninklijke Ahold Delhaize NV		818,591		18,379,075
Liberty Interactive Corp., Class A*		1,680,628		48,519,730
ManpowerGroup, Inc.		144,426		17,108,704
Moody's Corp.		112,142		18,714,257
Omnicom Group, Inc.†		251,657		19,183,813
Robert Half International, Inc.†		594,734		33,941,469
S&P Global, Inc.		171,111		32,819,090
Six Flags Entertainment Corp.†		332,833		21,331,267
Teleperformance		121,336		17,278,998
Tesco PLC		12,500,791		36,170,856
Time Warner, Inc.†		383,189		35,621,249
TJX Cos., Inc., (The)		433,428		35,835,827
Twenty-First Century Fox, Inc., Class A†		1,075,112		39,585,624
Western Union Co. (The)		1,771,658		35,114,262
				696,490,102
Energy—9.0%
Anadarko Petroleum Corp.		787,296		44,907,364
Andeavor†		314,458		28,181,726
Cabot Oil & Gas Corp.		619,438		14,965,622
Cactus, Inc., Class A*		1,036,119		25,498,889
Chevron Corp.†		287,257		32,149,803

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

Semi-Annual Report 2018 19

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares		Value
Energy—(continued)
Cimarex Energy Co.		272,476	$	26,182,219
ConocoPhillips		777,194		42,209,406
Diamondback Energy, Inc.*		329,889		41,117,365
Energen Corp.*†		325,543		17,810,458
Enerplus Corp.		2,755,543		30,471,599
EQT Corp.†		746,768		37,569,898
Hurricane Energy Plc*		43,570,719		18,943,008
Jagged Peak Energy, Inc.*		1,354,578		16,661,309
Marathon Petroleum Corp.†		247,223		15,837,105
Parsley Energy, Inc., Class A*†		1,804,437		45,616,167
Pioneer Natural Resources Co.		282,427		48,077,548
Royal Dutch Shell PLC, Class A		1,464,997		46,266,571
RSP Permian, Inc.*		739,490		28,329,862
Superior Energy Services, Inc.*		2,584,281		22,095,603
Targa Resources Corp.		426,865		19,059,522
Viper Energy Partners LP†		670,036		15,156,214
Vista Oil & Gas SAB de CV*		1,204,819		12,047,775
YPF SA - SP ADR		524,717		12,126,210
				641,281,243
Finance—19.7%
Air Lease Corp.		232,766		10,164,891
Alleghany Corp.*		52,837		32,027,148
Allstate Corp., (The)†		368,585		34,005,652
American Express Co.		151,957		14,817,327
American International Group, Inc.		670,327		38,436,550
Aon PLC†		213,573		29,968,563
Aviva PLC		5,556,260		38,490,041
Bank of America Corp.†		3,116,671		100,045,139
BB&T Corp.†		305,939		16,627,785
Berkshire Hathaway, Inc., Class B*†		221,797		45,956,338
Capital One Financial Corp.†		154,171		15,097,966
Charles Schwab Corp., (The)		496,962		26,348,925
Chubb Ltd.†		291,167		41,322,421
Citigroup, Inc.†		1,123,751		84,831,963
Citizens Financial Group, Inc.†		785,261		34,151,001
Discover Financial Services†		696,856		54,933,159
DNB ASA		1,217,328		23,878,303
East West Bancorp, Inc.		395,538		25,927,516
Everest Re Group Ltd.		100,245		24,082,859
Fifth Third Bancorp†		783,381		25,890,742
Goldman Sachs Group, Inc., (The)†		91,222		23,985,000
Huntington Bancshares, Inc.†		2,424,651		38,067,021
JPMorgan Chase & Co.†		726,416		83,901,048
KeyCorp		1,764,514		37,284,181
Lloyds Banking Group PLC		22,576,859		21,331,475
Marsh & McLennan Cos., Inc.		387,410		32,162,778
Morgan Stanley		361,341		20,242,323
Navient Corp.†		1,594,292		20,662,024
Raymond James Financial, Inc.		319,195		29,592,568
Regions Financial Corp.		1,957,802		38,000,937
SLM Corp.*		3,033,609		33,096,674
Sompo Holdings, Inc.		633,800		24,240,251
State Street Corp.†		238,694		25,337,368
SunTrust Banks, Inc.†		401,198		28,019,668
Swiss Re AG		244,895		24,916,751
Synchrony Financial		1,125,193		40,945,773
TD Ameritrade Holding Corp.†		465,947		26,791,953
Travelers Cos., Inc., (The)†		194,609		27,050,651
US Bancorp		168,071		9,136,340
Wells Fargo & Co.†		1,039,117		60,694,824
XL Group Ltd.		875,319		37,034,747
				1,399,498,644
Health Care—9.2%
Anthem, Inc.†		175,912		41,406,167
Cardinal Health, Inc.†		535,675		37,074,067
Cigna Corp.†		169,280		33,160,259
Express Scripts Holding Co.*		438,582		33,091,012
Fresenius SE & Co KGaA		242,413		19,696,766
Gilead Sciences, Inc.		207,666		16,349,544
Jazz Pharmaceuticals PLC*		133,315		19,304,012
Johnson & Johnson		871,644		113,209,123
Laboratory Corp. of America Holdings*†		255,433		44,113,279
McKesson Corp.		220,739		32,940,881
Medtronic PLC		310,288		24,788,908
Merck & Co., Inc.†		954,634		51,760,256
Novartis AG - SP ADR		488,951		40,754,066
Pfizer, Inc.†		1,021,899		37,105,153
Roche Holding AG		65,884		15,217,886
UnitedHealth Group, Inc.		151,733		34,315,935
Universal Health Services, Inc., Class B		200,155		22,857,701
Waters Corp.*		188,691		38,613,726
				655,758,741
Technology—22.6%
Alliance Data Systems Corp.		146,467		35,292,688
Alphabet, Inc., Class A*†		128,836		142,224,637
Alphabet, Inc., Class C*		32,058		35,415,434
Amdocs Ltd.†		610,979		40,196,308
Apple, Inc.		200,100		35,641,812
Arrow Electronics, Inc.*†		540,024		44,055,158
Avnet, Inc.		631,041		26,945,451
Baidu, Inc. - SP ADR*†		162,900		41,106,186
Belden, Inc.		320,037		23,276,291
Broadcom Ltd.†		243,201		59,939,318
Capgemini SA		318,685		39,722,695
CDW Corp.†		362,883		26,465,057
Cisco Systems, Inc.†		1,250,192		55,983,598
CommScope Holding Co., Inc.*		367,051		14,208,544
Dell Technologies Inc., Class V*		74,816		5,558,081
DXC Technology Co.†		833,221		85,438,481
Eaton Corp. PLC		384,211		31,005,828
EnerSys		182,935		12,748,740
Flex Ltd.*†		3,521,629		63,741,485
Harris Corp.†		559,858		87,421,827
Hewlett Packard Enterprise Co.†		2,029,357		37,725,747
HP, Inc.†		1,674,164		39,158,696
Jabil, Inc.†		332,971		9,020,184

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

20 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
Technology—(continued)
KLA-Tencor Corp.		292,222		$	33,111,675
Leidos Holdings, Inc.†		542,505			34,345,991
Marvell Technology Group Ltd.†		2,336,340			54,880,627
Micro Focus International PLC - SP ADR†		364,398			10,225,008
Microsoft Corp.†		825,284			77,386,881
NetApp, Inc.		1,212,584			73,421,961
NetEase, Inc. - ADR†		118,885			34,874,915
ON Semiconductor Corp.*†		1,799,454			43,042,940
Oracle Corp.†		1,509,872			76,505,214
Qorvo, Inc.*		126,477			10,207,959
Samsung Electronics Co., Ltd.		35,437			77,007,048
TE Connectivity Ltd.†		606,051			62,477,798
Versum Materials, Inc.		635,791			23,536,983
					1,603,317,246
Transportation—0.6%
Delta Air Lines, Inc.†		367,056			19,784,319
Southwest Airlines Co.		245,137			14,178,724
United Continental Holdings, Inc.*		136,004			9,219,711
					43,182,754
TOTAL COMMON STOCKS (Cost $5,149,989,322)					6,792,901,584
WARRANTS—0.0%
Energy—0.0%
Vista Oil & Gas SAB de CV*		1,204,819			367,505
TOTAL WARRANTS (Cost $0)					367,505
SHORT-TERM INVESTMENTS—3.5%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.29%		247,895,596			247,895,596
TOTAL SHORT-TERM INVESTMENTS (Cost $247,895,596)					247,895,596
TOTAL LONG POSITIONS—99.1%
(Cost $5,397,884,918)					7,041,164,685
SECURITIES SOLD SHORT—(41.7%)
COMMON STOCKS—(41.7%)
Basic Industries—(2.1%)
Air Liquide SA		(135,080	)		(16,872,554	)
Antofagasta PLC		(1,593,099	)		(18,939,630	)
AptarGroup, Inc.		(188,036	)		(16,814,179	)
Balchem Corp.		(241,772	)		(18,193,343	)
Cameco Corp.		(2,155,964	)		(19,015,603	)
Greif, Inc., Class A		(190,709	)		(10,979,117	)
NewMarket Corp.		(53,751	)		(22,463,080	)
Quaker Chemical Corp.		(105,731	)		(15,069,839	)
Sonoco Products Co.		(306,667	)		(14,710,816	)
					(153,058,161	)
Capital Goods—(2.3%)
Acuity Brands, Inc.		(125,410	)		(17,880,958	)
Airbus Group SE		(126,037	)		(15,086,358	)
HB Fuller Co.		(243,967	)		(12,293,497	)
James Hardie Industries PLC		(845,545	)		(14,843,471	)
John Bean Technologies Corp.		(129,409	)		(14,332,047	)
Middleby Corp., (The)*		(152,273	)		(18,310,828	)
MTU Aero Engines AG		(128,063	)		(21,385,558	)
Rolls-Royce Holdings PLC		(2,127,235	)		(24,468,471	)
Sun Hydraulics Corp.		(222,217	)		(11,537,507	)
Wabtec Corp.		(127,365	)		(10,359,869	)
					(160,498,564	)
Communications—(1.2%)
Altice USA, Inc., Class A*		(665,563	)		(12,113,247	)
Cogent Communications Holdings, Inc.		(515,751	)		(22,099,930	)
SES SA		(1,025,922	)		(16,358,266	)
Shaw Communications, Inc., Class B		(426,278	)		(8,251,828	)
Sprint Corp.*		(2,115,333	)		(10,978,578	)
Telefonica SA		(962,899	)		(9,345,846	)
Telefonica SA - SP ADR		(933,865	)		(8,993,120	)
					(88,140,815	)
Consumer Durables—(0.8%)
Harley-Davidson, Inc.		(327,423	)		(14,858,456	)
Tesla Motors, Inc.*		(77,751	)		(26,673,258	)
Thor Industries, Inc.		(100,115	)		(12,914,835	)
					(54,446,549	)
Consumer Non-Durables—(3.3%)
B&G Foods, Inc.		(388,566	)		(10,763,278	)
Calbee, Inc.		(476,600	)		(15,870,453	)
Cal-Maine Foods, Inc.*		(361,552	)		(15,402,115	)
China Resources Beer Holdings Co., Ltd.		(4,408,000	)		(16,976,506	)
Cie Financiere Richemont SA		(139,414	)		(12,225,291	)
Coty, Inc. Class A		(1,310,719	)		(25,323,091	)
Gildan Activewear, Inc.		(503,185	)		(14,567,206	)
Hain Celestial Group Inc., (The)*		(193,961	)		(6,745,964	)
Industria de Diseno Textil SA		(447,718	)		(13,555,220	)
International Flavors & Fragrances, Inc.		(80,263	)		(11,337,149	)
Kimberly-Clark de Mexico SAB de CV, Class A		(4,644,700	)		(8,441,482	)
Mattel, Inc.		(1,067,628	)		(16,975,285	)
McCormick & Co., Inc.		(152,230	)		(16,255,119	)
PRADA SpA		(2,949,800	)		(12,201,025	)
Treasury Wine Estates Ltd.		(1,076,400	)		(14,540,605	)
Tsingtao Brewery Co., Ltd. Class H		(1,456,000	)		(7,958,091	)
Under Armour, Inc., Class A*		(1,152,150	)		(19,102,647	)
					(238,240,527	)
Consumer Services—(6.7%)
Acxiom Corp.*		(523,252	)		(14,321,407	)
CarMax, Inc.*		(202,591	)		(12,544,435	)
Casey's General Stores, Inc.		(196,147	)		(22,029,270	)
Chegg, Inc.*		(1,328,278	)		(26,446,015	)
Chipotle Mexican Grill, Inc.*		(41,387	)		(13,178,035	)

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

Semi-Annual Report 2018 21

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
Consumer Services—(continued)
Cimpress NV*		(209,300	)	$	(34,063,575	)
Cracker Barrel Old Country Store, Inc.		(83,874	)		(13,092,731	)
Dentsu, Inc.		(269,300	)		(12,368,185	)
Domino's Pizza Enterprises Ltd.		(493,103	)		(15,086,079	)
Edenred		(418,145	)		(14,671,021	)
Eutelsat Communications SA		(460,052	)		(10,747,723	)
FactSet Research Systems, Inc.		(78,837	)		(16,018,102	)
Houghton Mifflin Harcourt Co.*		(1,542,685	)		(10,490,258	)
Just Eat PLC*		(1,628,166	)		(19,564,240	)
Kingfisher PLC		(3,069,077	)		(15,105,464	)
L Brands, Inc.		(270,312	)		(13,334,491	)
Multi-Color Corp.		(206,168	)		(13,060,743	)
Murphy USA, Inc.*		(223,421	)		(16,781,151	)
Next PLC		(200,992	)		(13,404,213	)
Norwegian Cruise Line Holdings Ltd.*		(335,328	)		(19,080,163	)
Papa John's International, Inc.		(289,024	)		(16,688,246	)
Pearson PLC		(2,719,835	)		(27,390,503	)
Planet Fitness, Inc., Class A*		(338,722	)		(12,525,940	)
Ritchie Bros. Auctioneers, Inc.		(783,256	)		(25,369,662	)
Rollins, Inc.		(277,590	)		(13,954,449	)
Wayfair, Inc. Class A*		(244,767	)		(18,949,861	)
Wendy's Co. (The)		(817,029	)		(13,031,613	)
Zalando SE*		(386,864	)		(22,016,700	)
					(475,314,275	)
Energy—(3.7%)
Antero Resources Corp.*		(962,581	)		(18,106,149	)
Apache Corp.		(429,827	)		(14,678,592	)
Carrizo Oil & Gas, Inc.*		(531,351	)		(7,465,482	)
Core Laboratories NV		(109,837	)		(11,308,817	)
Ecopetrol SA - SP ADR		(931,971	)		(16,318,812	)
Helmerich & Payne, Inc.		(370,796	)		(23,934,882	)
Hess Corp.		(553,267	)		(25,129,387	)
Imperial Oil Ltd.		(864,568	)		(23,413,137	)
Murphy Oil Corp.		(959,426	)		(24,321,449	)
National Oilwell Varco, Inc.		(1,019,601	)		(35,777,799	)
Oasis Petroleum, Inc.*		(1,654,638	)		(13,038,547	)
PrairieSky Royalty Ltd.		(779,352	)		(17,291,265	)
Range Resources Corp.		(1,525,895	)		(20,279,145	)
RPC, Inc.		(501,576	)		(9,850,953	)
					(260,914,416	)
Finance—(7.3%)
Bank of East Asia Ltd., (The)		(2,977,606	)		(13,107,569	)
Bankinter SA		(1,497,065	)		(16,453,989	)
CaixaBank SA		(2,243,921	)		(10,894,831	)
Canadian Western Bank		(715,264	)		(21,142,428	)
Cincinnati Financial Corp.		(233,701	)		(17,431,758	)
Commonwealth Bank of Australia		(221,820	)		(13,055,736	)
Community Bank System, Inc.		(350,852	)		(18,703,920	)
Credit Suisse Group AG		(867,338	)		(15,960,912	)
Cullen/Frost Bankers, Inc.		(135,972	)		(14,139,728	)
CVB Financial Corp.		(711,691	)		(16,368,893	)
Eaton Vance Corp.		(556,404	)		(29,450,464	)
Financial Engines, Inc.		(459,914	)		(15,407,119	)
First Financial Bankshares, Inc.		(763,107	)		(35,102,922	)
Glacier Bancorp, Inc.		(441,956	)		(17,192,088	)
Independent Bank Corp.		(173,527	)		(12,042,774	)
Investors Bancorp, Inc.		(835,047	)		(11,273,135	)
LendingClub Corp.*		(2,417,214	)		(7,614,224	)
M&T Bank Corp.		(57,791	)		(10,971,043	)
Markel Corp.*		(16,472	)		(18,316,864	)
Mobile Mini, Inc.		(622,340	)		(26,107,163	)
New York Community Bancorp, Inc.		(860,944	)		(11,726,057	)
People's United Financial, Inc.		(858,553	)		(16,432,704	)
Prosperity Bancshares, Inc.		(245,968	)		(18,447,600	)
RLI Corp.		(347,511	)		(21,128,669	)
Trustmark Corp.		(494,555	)		(15,449,898	)
UMB Financial Corp.		(191,426	)		(13,974,098	)
United Bankshares, Inc.		(374,899	)		(13,308,915	)
Valley National Bancorp		(1,054,824	)		(13,153,655	)
Verisk Analytics, Inc.*		(137,946	)		(14,096,702	)
Westamerica Bancorporation		(465,289	)		(26,656,407	)
WisdomTree Investments, Inc.		(1,468,178	)		(14,109,191	)
					(519,221,456	)
Health Care—(1.8%)
Alkermes PLC*		(310,701	)		(17,734,813	)
Coloplast A/S, Class B		(150,156	)		(12,689,653	)
Insulet Corp.*		(146,294	)		(10,985,216	)
Nevro Corp.*		(135,974	)		(11,030,211	)
Ono Pharmaceutical Co., Ltd.		(623,100	)		(18,146,281	)
Penumbra, Inc.*		(108,847	)		(11,777,245	)
Stericycle, Inc.*		(129,019	)		(8,085,621	)
Taisho Pharmaceutical Holdings Co., Ltd.		(182,000	)		(16,514,404	)
West Pharmaceutical Services, Inc.		(123,217	)		(10,746,987	)
Wright Medical Group NV*		(498,706	)		(10,148,667	)
					(127,859,098	)
Real Estate Investment Trusts—(1.7%)
Equinix, Inc.		(69,228	)		(27,144,299	)
Extra Space Storage, Inc.		(298,031	)		(25,347,536	)
Iron Mountain, Inc.		(490,582	)		(15,433,710	)
Lamar Advertising Co. Class A		(228,130	)		(15,163,801	)
Public Storage		(87,318	)		(16,978,112	)
Washington Prime Group, Inc.		(3,225,469	)		(21,126,822	)
					(121,194,280	)
Technology—(8.8%)
2U, Inc.*		(359,836	)		(29,787,224	)
58.com, Inc. - ADR*		(166,473	)		(12,547,070	)
ACI Worldwide, Inc.*		(1,118,625	)		(26,455,481	)
Arista Networks, Inc.*		(54,530	)		(14,708,922	)
Blackbaud, Inc.		(235,492	)		(24,142,640	)
Cerner Corp.*		(181,290	)		(11,631,566	)
CoStar Group, Inc.*		(85,001	)		(29,081,392	)
Cree, Inc.*		(567,774	)		(21,478,890	)

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

22 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
Technology—(continued)
Dassault Systemes SA		(177,408	)	$	(22,887,800	)
Ellie Mae, Inc.*		(213,525	)		(18,933,262	)
F5 Networks, Inc.*		(70,949	)		(10,537,346	)
Guidewire Software, Inc.*		(166,259	)		(13,353,923	)
HubSpot, Inc.*		(224,937	)		(24,979,254	)
Infineon Technologies AG		(659,102	)		(17,837,186	)
Knowles Corp.*		(1,329,493	)		(19,197,879	)
Manhattan Associates, Inc.*		(481,730	)		(20,280,833	)
Medidata Solutions, Inc.*		(270,823	)		(17,782,238	)
MINDBODY, Inc. Class A*		(576,199	)		(20,541,494	)
National Instruments Corp.		(503,434	)		(25,453,623	)
Oracle Corp.		(223,100	)		(17,235,432	)
Proofpoint, Inc.*		(194,981	)		(20,896,114	)
Snap, Inc. Class A*		(1,344,557	)		(23,287,727	)
Telefonaktiebolaget LM Ericsson Class B		(2,168,240	)		(14,504,711	)
Ultimate Software Group Inc., (The)*		(103,987	)		(24,796,740	)
United Microelectronics Corp. - SP ADR		(6,012,998	)		(14,491,325	)
Veeva Systems, Inc., Class A*		(275,262	)		(19,185,761	)
ViaSat, Inc.*		(200,601	)		(13,999,944	)
WageWorks, Inc.*		(343,629	)		(18,023,341	)
WEX, Inc.*		(99,631	)		(14,899,816	)
Wipro Ltd. - ADR		(2,340,861	)		(12,898,144	)
Workday, Inc., Class A*		(193,189	)		(24,471,251	)
Zendesk, Inc.*		(549,020	)		(23,706,684	)
					(624,015,013	)
Transportation—(0.8%)
Heartland Express, Inc.		(570,632	)		(11,138,736	)
JB Hunt Transport Services, Inc.		(92,907	)		(11,015,983	)
Kuehne + Nagel International AG		(77,395	)		(12,628,056	)
Panalpina Welttransport Holding AG		(140,280	)		(22,011,674	)
					(56,794,449	)
Utilities—(1.2%)
El Paso Electric Co.		(262,029	)		(12,734,610	)
IDACORP, Inc.		(247,680	)		(20,074,464	)
Kinder Morgan Canada Ltd.		(864,078	)		(12,868,244	)
Tallgrass Energy Partners LP		(309,103	)		(11,854,100	)
TransCanada Corp.		(655,110	)		(28,313,854	)
					(85,845,272	)
TOTAL COMMON STOCKS (Proceeds $(2,652,307,970))					(2,965,542,875	)
TOTAL SECURITIES SOLD SHORT—(41.7%) (Proceeds $(2,652,307,970))					(2,965,542,875	)
OTHER ASSETS IN EXCESS OF LIABILITIES—42.6%					3,028,325,088
NET ASSETS—100.0%				$	7,103,946,898

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored American Depositary Receipt

* — Non-income producing.

† — Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

Contracts For Difference held by the Fund at February 28, 2018, are as follows:

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)		Notional Amount		Unrealized Appreciation (Depreciation)
Long
China
Gree Electric Appliances Inc.	Goldman Sachs	9/15/2020	1.63%	Monthly		1,163,440	$	9,441,513	$	(660,803	)
Gree Electric Appliances Inc.	Goldman Sachs	9/15/2020	1.63%	Monthly		2,372,531		19,253,490		(1,261,222	)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.63%	Monthly		1,816,000		33,839,204		(3,811,567	)
Kweichow Moutai	Goldman Sachs	9/15/2020	1.63%	Monthly		278,600		31,714,688		(947,230	)
Qingdao Haier Co. Ltd.	Goldman Sachs	9/15/2020	1.63%	Monthly		6,791,544		20,881,332		(1,006,607	)
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	12/31/2021	1.63%	Monthly		4,113,812		47,845,353		(3,968,894	)
								162,975,580		(11,656,323	)
Total Long								162,975,580		(11,656,323	)

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

Semi-Annual Report 2018 23

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)			Notional Amount			Unrealized Appreciation (Depreciation)
Short
Brazil
Raia Drogasil SA	Goldman Sachs	9/15/2020	1.42%	Monthly		(455,400	)	$	(10,928,815	)	$	556,013
Hong Kong
Semiconductor Manufacturing	Goldman Sachs	12/31/2020	0.08%	Monthly		(19,013,600	)		(25,147,175	)		(3,029,306	)
Taiwan
AU Optronics Corp.	Goldman Sachs	9/15/2020	1.42%	Monthly		(50,614,000	)		(22,285,539	)		926,995
Innolux Corp.	Goldman Sachs	9/15/2020	1.42%	Monthly		(34,122,000	)		(14,845,886	)		394,368
									(37,131,425	)		1,321,363
Total Short									(73,207,415	)		(1,151,930	)
Net unrealized gain/(loss) on Contracts For Difference											$	(12,808,253	)

A summary of the inputs used to value the Fund's investments carried at fair value as of February 28, 2018 is as follows (see Notes to Portfolio of Investments):

	Total		Level 1		Level 2		Level 3
Common Stock
Basic Industries	$	379,380,872	$	287,320,601	$	92,060,271	$	—
Capital Goods		791,961,794		715,208,264		76,753,530		—
Communications		184,446,180		156,329,325		28,116,855		—
Consumer Durables		77,720,725		77,720,725		—		—
Consumer Non-Durables		319,863,283		197,394,535		122,468,748		—
Consumer Services		696,490,102		596,646,970		99,843,132		—
Energy		641,281,243		595,014,672		46,266,571		—
Finance		1,399,498,644		1,266,641,823		132,856,821		—
Health Care		655,758,741		620,844,089		34,914,652		—
Technology		1,603,317,246		1,486,587,503		116,729,743		—
Transportation		43,182,754		43,182,754		—		—
Warrants		367,505		367,505		—		—
Short-Term Investments		247,895,596		247,895,596		—		—
Contracts For Difference
Equity Contracts		1,877,376		—		1,877,376		—
Total Assets	$	7,043,042,061	$	6,291,154,362	$	751,887,699	$	—

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

24 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

Portfolio of Investments (concluded)
February 28, 2018 (unaudited)

	Total			Level 1			Level 2			Level 3
Securities Sold Short
Basic Industries	$	(153,058,161	)	$	(117,245,977	)	$	(35,812,184	)	$	—
Capital Goods		(160,498,564	)		(84,714,706	)		(75,783,858	)		—
Communications		(88,140,815	)		(62,436,703	)		(25,704,112	)		—
Consumer Durables		(54,446,549	)		(54,446,549	)		—			—
Consumer Non-Durables		(238,240,527	)		(144,913,336	)		(93,327,191	)		—
Consumer Services		(475,314,275	)		(340,046,226	)		(135,268,049	)		—
Energy		(260,914,416	)		(260,914,416	)		—			—
Finance		(519,221,456	)		(462,855,988	)		(56,365,468	)		—
Health Care		(127,859,098	)		(80,508,760	)		(47,350,338	)		—
Real Estate Investment Trusts		(121,194,280	)		(121,194,280	)		—			—
Technology		(624,015,013	)		(551,549,884	)		(72,465,129	)		—
Transportation		(56,794,449	)		(22,154,719	)		(34,639,730	)		—
Utilities		(85,845,272	)		(85,845,272	)		—			—
Contracts For Difference
Equity Contracts		(14,685,629	)		—			(14,685,629	)		—
Total Liabilities	$	(2,980,228,504	)	$	(2,388,826,816	)	$	(591,401,688	)	$	—

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

Semi-Annual Report 2018 25

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

Portfolio of Investments
February 28, 2018 (unaudited)

	Number of Shares		Value
COMMON STOCKS—95.5%
Basic Industries—1.1%
Crown Holdings, Inc.*		143,619	$	7,157,971
FMC Corp.		70,134		5,504,116
Graphic Packaging Holding Co.(a)		692,885		10,608,070
				23,270,157
Capital Goods—7.0%
AMETEK, Inc.		137,905		10,444,925
Cemex SAB de CV - SP ADR*		1,069,390		7,004,505
CRH PLC - SP ADR(a)		308,575		10,213,833
Cummins, Inc.		83,319		14,011,756
General Dynamics Corp.		77,281		17,191,158
PACCAR, Inc.(a)		298,733		21,386,295
Spirit AeroSystems Holdings, Inc. Class A		105,618		9,641,867
Stanley Black & Decker, Inc.		63,071		10,040,272
Textron, Inc.		137,471		8,227,639
Trinseo SA		82,378		6,557,289
United Technologies Corp.(a)		159,382		21,475,131
WESCO International, Inc.*		159,032		9,899,742
				146,094,412
Communications—0.4%
Comcast Corp., Class A		257,259		9,315,348
Consumer Durables—0.9%
Fiat Chrysler Automobiles NV(a)		280,490		5,943,583
Lear Corp.		72,440		13,515,131
				19,458,714
Consumer Non-Durables—2.7%
Activision Blizzard, Inc.		94,367		6,901,059
Altria Group, Inc.		241,425		15,197,704
Electronic Arts, Inc.*		55,522		6,868,071
PepsiCo, Inc.		245,455		26,933,777
				55,900,611
Consumer Services—5.9%
Best Buy Co, Inc.(a)		116,270		8,422,599
CVS Health Corp.		202,332		13,703,946
eBay, Inc.*		920,434		39,449,801
Huron Consulting Group, Inc.*		111,219		3,892,665
Interpublic Group of Cos., Inc., (The)(a)		690,429		16,156,039
Lowe's Cos., Inc.(a)		72,351		6,481,926
ManpowerGroup, Inc.		107,564		12,742,032
Nielsen Holdings PLC(a)		213,617		6,970,323
Omnicom Group, Inc.(a)		91,788		6,996,999
Robert Half International, Inc.(a)		101,181		5,774,400
Sportsman's Warehouse Holdings, Inc.(a)*		346,298		1,679,545
				122,270,275
Energy—6.5%
Anadarko Petroleum Corp.		120,623		6,880,336
Andeavor		159,296		14,276,108
Cimarex Energy Co.		96,203		9,244,146
Diamondback Energy, Inc.(a)*		84,292		10,506,155
Energen Corp.*		109,872		6,011,097
EQT Corp.(a)		192,488		9,684,071
Gulfport Energy Corp.*		278,433		2,700,800
Marathon Oil Corp.		515,492		7,484,944
Newfield Exploration Co.(a)*		188,785		4,404,354
Parsley Energy, Inc., Class A(a)*		636,461		16,089,734
Phillips 66		132,784		11,999,690
Pioneer Natural Resources Co.		109,106		18,573,114
RSP Permian, Inc.(a)*		197,583		7,569,405
Targa Resources Corp.		123,748		5,525,348
WildHorse Resource Development Corp.(a)*		345,659		5,869,290
				136,818,592
Finance—30.1%
Aflac, Inc.(a)		233,870		20,786,366
Air Lease Corp.(a)		353,885		15,454,158
Alleghany Corp.(a)*		27,794		16,847,333
Allstate Corp., (The)		188,510		17,391,933
American International Group, Inc.(a)		466,058		26,723,766
Aon PLC		120,567		16,917,961
Bank of America Corp.		1,521,559		48,842,044
BB&T Corp.(a)		459,256		24,960,564
Capital One Financial Corp.		183,780		17,997,575
Charles Schwab Corp., (The)(a)		162,009		8,589,717
Chubb Ltd.		202,277		28,707,152
Citigroup, Inc.		567,516		42,841,783
Discover Financial Services		157,052		12,380,409
FCB Financial Holdings, Inc., Class A*		92,319		4,952,914
Fifth Third Bancorp(a)		346,890		11,464,714
Goldman Sachs Group, Inc., (The)		69,222		18,200,540
Huntington Bancshares, Inc.		1,092,055		17,145,263
JPMorgan Chase & Co.		567,902		65,592,681
KeyCorp		1,058,158		22,358,879
Loews Corp.		433,604		21,389,685
MetLife, Inc.(a)		353,698		16,337,311
Navient Corp.(a)		549,698		7,124,086
Prudential Financial, Inc.		182,009		19,351,197
Raymond James Financial, Inc.		134,989		12,514,830
SLM Corp.(a)*		362,348		3,953,217
State Street Corp.		155,893		16,548,042
Synchrony Financial		161,170		5,864,976
TD Ameritrade Holding Corp.		159,249		9,156,817
Torchmark Corp.		102,600		8,758,962
Travelers Cos., Inc., (The)(a)		114,372		15,897,708
Wells Fargo & Co.		180,049		10,516,662
White Mountains Insurance Group Ltd.		21,302		17,187,519
WR Berkley Corp.		142,420		9,738,680
XL Group Ltd.		411,770		17,421,989
				629,917,433

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

26 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares		Value
Health Care—15.5%
Abbott Laboratories		353,821	$	21,346,021
Anthem, Inc.		107,808		25,375,847
Cardinal Health, Inc.(a)		129,876		8,988,718
Cigna Corp.		88,375		17,311,779
Gilead Sciences, Inc.		324,107		25,516,944
Jazz Pharmaceuticals PLC(a)*		70,661		10,231,713
Johnson & Johnson(a)		241,378		31,350,175
Laboratory Corp. of America Holdings*		115,170		19,889,859
McKesson Corp.		164,781		24,590,269
Medtronic PLC		373,235		29,817,744
Merck & Co., Inc.		562,375		30,491,972
Novartis AG - SP ADR		276,590		23,053,776
Pfizer, Inc.		614,460		22,311,043
Roche Holding AG - SP ADR		313,532		9,064,210
UnitedHealth Group, Inc.		105,695		23,903,981
				323,244,051
Technology—24.8%
Alliance Data Systems Corp.(a)		54,088		13,033,044
Allscripts Healthcare Solutions, Inc.(a)*		269,228		3,734,192
Alphabet, Inc., Class A*		20,405		22,525,488
Amdocs Ltd.		142,157		9,352,509
Analog Devices, Inc.		115,737		10,433,691
Arrow Electronics, Inc.*		183,481		14,968,380
Belden, Inc.(a)		118,570		8,623,596
Booking Holdings, Inc.*		8,895		18,092,786
Cisco Systems, Inc.		1,044,437		46,769,889
Cognizant Technology Solutions Corp., Class A		148,265		12,160,695
DXC Technology Co.		352,620		36,157,655
EnerSys		176,021		12,266,903
Fidelity National Information Services, Inc.		60,719		5,900,672
Flex Ltd.*		810,626		14,672,331
Fortive Corp.		152,612		11,720,602
Hewlett Packard Enterprise Co.		921,881		17,137,768
HP, Inc.		886,660		20,738,977
IAC/InterActiveCorp*		46,900		6,983,879
Jabil, Inc.(a)		439,249		11,899,255
KLA-Tencor Corp.		98,628		11,175,539
Leidos Holdings, Inc.		95,727		6,060,476
Micro Focus International PLC - SP ADR(a)		195,456		5,484,495
Microsoft Corp.		377,223		35,372,201
Momo, Inc. - SP ADR*		241,850		7,993,143
NetApp, Inc.		311,072		18,835,410
NetEase, Inc. - ADR		44,843		13,154,694
ON Semiconductor Corp.(a)*		701,446		16,778,588
Oracle Corp.		671,730		34,036,559
Qorvo, Inc.(a)*		269,236		21,730,038
Symantec Corp.(a)		307,184		8,075,867
TE Connectivity Ltd.		237,930		24,528,204
Versum Materials, Inc.(a)		209,952		7,772,423
YY, Inc. - ADR*		75,498		9,764,156
				517,934,105
Transportation—0.6%
Delta Air Lines, Inc.(a)		239,633		12,916,219
TOTAL COMMON STOCKS (Cost $1,478,407,474)				1,997,139,917
RIGHTS—0.0%
Technology—0.0%
CVR Banctec Inc. - Escrow Shares*‡		14,327		0
TOTAL RIGHTS (Cost $0)				0
SHORT-TERM INVESTMENTS—12.9%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.29%		85,514,244		85,514,244
Mount Vernon Liquid Assets Portfolio, LLC, 1.65%		183,482,661		183,482,661
TOTAL SHORT-TERM INVESTMENTS (Cost $268,996,905)				268,996,905
TOTAL INVESTMENTS—108.4%
(Cost $1,747,404,379)				2,266,136,822
LIABILITIES IN EXCESS OF OTHER ASSETS—(8.4)%				(174,750,673	)
NET ASSETS—100.0%			$	2,091,386,149

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored American Depositary Receipt

* — Non-income producing.

(a) — All or a portion of the security is on loan. At February 28, 2018, the market value of securities on loan was $177,505,974.

‡ — Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of February 28, 2018, these securities amounted to $0 or 0.0% of net assets.

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

Semi-Annual Report 2018 27

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

Portfolio of Investments (concluded)
February 28, 2018 (unaudited)

A summary of the inputs used to value the Fund's investments carried at fair value as of February 28, 2018 is as follows (see Notes to Portfolio of Investments):

	Total		Level 1		Level 2		Level 3
Common Stock
Basic Industries	$	23,270,157	$	23,270,157	$	—	$	—
Capital Goods		146,094,412		146,094,412		—		—
Communications		9,315,348		9,315,348		—		—
Consumer Durables		19,458,714		19,458,714		—		—
Consumer Non-Durables		55,900,611		55,900,611		—		—
Consumer Services		122,270,275		122,270,275		—		—
Energy		136,818,592		136,818,592		—		—
Finance		629,917,433		629,917,433		—		—
Health Care		323,244,051		323,244,051		—		—
Technology		517,934,105		517,934,105		—		—
Transportation		12,916,219		12,916,219		—		—
Rights		—		—		—		—
Short-Term Investments		268,996,905		268,996,905		—		—
Total Assets	$	2,266,136,822	$	2,266,136,822	$	—	$	—

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

28 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

Portfolio of Investments
February 28, 2018 (unaudited)

	Number of Shares		Value
COMMON STOCKS—98.6%
Basic Industries—4.9%
Allegheny Technologies, Inc.(a)*		31,200	$	808,392
Green Plains, Inc.(a)		7,700		140,910
Haynes International, Inc.		9,700		403,520
Schweitzer-Mauduit International, Inc.		3,900		152,919
				1,505,741
Capital Goods—15.8%
BMC Stock Holdings, Inc.(a)*		8,000		150,000
Carpenter Technology Corp.(a)		6,200		315,828
Ferroglobe PLC(a)*		51,500		832,240
Foundation Building Materials, Inc.*		6,300		86,247
FreightCar America, Inc.		29,600		437,784
Great Lakes Dredge & Dock Corp.*		92,300		419,965
KBR, Inc.		45,500		688,870
KeyW Holding Corp., (The)(a)*		47,800		358,978
Landec Corp.(a)*		17,300		224,900
Matrix Service Co.*		19,800		283,140
Orion Group Holdings, Inc.*		47,800		300,184
Smart Sand, Inc.(a)*		40,100		297,542
Tutor Perini Corp.(a)*		18,800		454,020
				4,849,698
Communications—0.6%
Ooma, Inc.*		16,800		178,920
Consumer Durables—1.8%
Century Communities, Inc.*		5,100		151,725
Libbey, Inc.(a)		28,500		178,695
TRI Pointe Group, Inc.*		14,900		228,417
				558,837
Consumer Non-Durables—0.9%
Matthews International Corp., Class A		4,400		225,500
Sequential Brands Group, Inc.*		23,875		47,272
				272,772
Consumer Services—10.1%
ARC Document Solutions, Inc.*		22,200		47,286
BJ's Restaurants, Inc.		7,300		317,550
Carrols Restaurant Group, Inc.*		10,500		134,925
Chefs' Warehouse, Inc., (The)(a)*		8,300		187,165
Del Taco Restaurants, Inc.*		12,900		162,540
Destination XL Group, Inc.*		9,400		23,030
DSW, Inc., Class A		7,800		152,958
Hibbett Sports, Inc.(a)*		8,900		229,175
ICF International, Inc.		4,300		245,100
MDC Partners, Inc., Class A*		77,300		606,805
Smart & Final Stores, Inc.*		27,200		195,840
SUPERVALU, Inc.(a)*		38,600		549,278
Team, Inc.(a)*		15,200		248,520
				3,100,172
Energy—10.1%
Bill Barrett Corp.*		93,200		422,196
Cactus, Inc., Class A*		6,400		157,504
Eclipse Resources Corp.(a)*		66,200		106,582
Extraction Oil & Gas, Inc.(a)*		13,500		163,080
Flotek Industries, Inc.(a)*		31,300		186,235
Gulfport Energy Corp.*		77,200		748,840
McDermott International, Inc.(a)*		58,500		427,050
Pacific Ethanol, Inc.*		25,600		104,960
ProPetro Holding Corp.(a)*		10,000		161,300
Resolute Energy Corp.(a)*		6,300		204,750
TETRA Technologies, Inc.*		114,000		413,820
				3,096,317
Finance—28.2%
Ameris Bancorp		9,400		499,610
Banner Corp.		8,000		442,240
Central Pacific Financial Corp.		13,600		379,032
CNO Financial Group, Inc.		20,000		450,800
Essent Group Ltd.*		5,500		247,995
First Foundation, Inc.*		23,800		434,588
FirstCash, Inc.		2,900		213,730
Fulton Financial Corp.		26,000		470,600
Hanover Insurance Group Inc., (The)		1,900		205,029
HomeStreet, Inc.*		17,800		510,860
Investors Bancorp, Inc.		15,800		213,300
Kearny Financial Corp.		16,500		214,500
Kemper Corp.		7,300		411,720
Kennedy-Wilson Holdings, Inc.(a)		29,700		485,595
Meridian Bancorp, Inc.		21,400		429,070
MGIC Investment Corp.*		26,600		366,814
National Bank Holdings Corp., Class A(a)		12,300		400,857
Northfield Bancorp, Inc.(a)		24,400		378,688
Popular, Inc.		17,200		722,572
State Bank Financial Corp.		13,500		390,690
United Community Banks, Inc.		9,300		287,463
United Financial Bancorp, Inc.		32,600		508,560
				8,664,313
Health Care—2.3%
Accuray, Inc.*		86,500		480,075
Trinity Biotech PLC - SP ADR*		41,700		227,682
				707,757
Real Estate Investment Trusts—6.3%
Cedar Realty Trust, Inc.		57,600		228,672
GEO Group Inc., (The)		11,000		234,300
Getty Realty Corp.		14,600		344,560
Gramercy Property Trust		19,166		414,944
Ladder Capital Corp.		23,900		353,003
MedEquities Realty Trust, Inc.		24,300		234,981
Seritage Growth Properties, Class A(a)		3,700		139,860
				1,950,320

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

Semi-Annual Report 2018 29

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

Portfolio of Investments (concluded)
February 28, 2018 (unaudited)

	Number of Shares		Value
Technology—7.1%
Acacia Communications, Inc.(a)*		8,000	$	309,600
Aerohive Networks, Inc.*		35,800		150,002
CommVault Systems, Inc.*		3,600		187,380
Generac Holdings, Inc.*		4,600		204,608
NeoPhotonics Corp.(a)*		39,900		242,193
QAD, Inc., Class A		6,500		292,500
Quantenna Communications, Inc.*		11,700		160,875
Ribbon Communications, Inc.(a)*		25,300		163,944
SuperCom Ltd.*		2,300		6,509
VASCO Data Security International, Inc.*		18,600		224,130
Veeco Instruments, Inc.(a)*		13,400		243,210
				2,184,951
Transportation—6.5%
Ardmore Shipping Corp.*		71,400		539,070
Celadon Group, Inc.		30,700		118,195
Daseke, Inc.*		11,000		110,660
DHT Holdings, Inc.		31,300		117,688
Scorpio Tankers, Inc.		164,100		377,430
Spirit Airlines, Inc.*		4,100		163,344
StealthGas, Inc.*		56,400		237,444
YRC Worldwide, Inc.(a)*		39,300		342,696
				2,006,527
Utilities—4.0%
ALLETE, Inc.		2,800		190,820
Covanta Holding Corp.(a)		24,900		372,255
El Paso Electric Co.		3,100		150,660
NorthWestern Corp.		3,500		178,780
PNM Resources, Inc.		4,000		140,800
Portland General Electric Co.		5,400		214,542
				1,247,857
TOTAL COMMON STOCKS (Cost $27,950,381)				30,324,182
WARRANTS—0.1%
Energy—0.1%
TETRA Technologies, Inc. *(a)‡		20,950		24,093
TOTAL WARRANTS (Cost $4,475)				24,093
SHORT-TERM INVESTMENTS—23.5%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.29%		452,351		452,351
Mount Vernon Liquid Assets Portfolio, LLC, 1.65%		6,775,803		6,775,803
TOTAL SHORT-TERM INVESTMENTS (Cost $7,228,154)				7,228,154
TOTAL INVESTMENTS—122.2%
(Cost $35,183,010)				37,576,429
LIABILITIES IN EXCESS OF OTHER ASSETS—(22.2)%				(6,825,054	)
NET ASSETS—100.0%			$	30,751,375

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored American Depositary Receipt

* — Non-income producing.

(a) — All or a portion of the security is on loan. At February 28, 2018, the market value of securities on loan was $6,507,407.

‡ — Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of February 28, 2018, these securities amounted to $24,093 or 0.1% of net assets.

A summary of the inputs used to value the Fund's investments carried at fair value as of February 28, 2018 is as follows (see Notes to Portfolio of Investments):

	Total		Level 1		Level 2		Level 3
Common Stocks	$	30,324,182	$	30,324,182	$	—	$	—
Warrants		24,093		—		—		24,093
Short-Term Investments		7,228,154		7,228,154		—		—
Total Assets	$	37,576,429	$	37,552,336	$	—	$	24,093

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

30 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY FUND

Portfolio of Investments
February 28, 2018 (unaudited)

	Number of Shares		Value
LONG POSITIONS—104.8%
COMMON STOCKS—95.5%
Argentina—0.6%
YPF SA - SP ADR		163,465	$	3,777,676
Bermuda—2.0%
Everest Re Group Ltd.		34,769		8,352,905
Marvell Technology Group Ltd.(a)		204,376		4,800,792
				13,153,697
Canada—0.8%
Nutrien Ltd.		106,419		5,241,136
China—0.9%
PICC Property & Casualty Co. Ltd., Class H		1,800,000		3,530,477
Vipshop Holdings Ltd. - ADR*		148,705		2,585,980
				6,116,457
France—5.4%
AXA SA		142,802		4,472,437
Capgemini SA		45,903		5,721,609
Renault SA		58,406		6,335,306
Schneider Electric SE		70,208		6,084,860
Teleperformance SA		21,332		3,037,809
TOTAL SA		115,544		6,572,018
Vinci SA		31,795		3,139,454
				35,363,493
Germany—3.0%
Allianz SE		15,943		3,703,430
E.ON SE		426,501		4,324,514
Fresenius SE & Co. KGaA		50,565		4,108,554
Muenchener Rueckversicherungs-Gesellschaft AG		11,385		2,545,808
Siemens AG		39,861		5,223,433
				19,905,739
Hong Kong—2.1%
CK Hutchison Holdings Ltd.		350,000		4,374,382
WH Group Ltd.		7,685,500		9,465,500
				13,839,882
Indonesia—0.4%
Bank Rakyat Indonesia Persero Tbk PT		9,671,900		2,659,183
Ireland—1.1%
CRH PLC		227,657		7,475,976
Japan—10.3%
Alps Electric Co., Ltd.		210,200		5,730,193
Asahi Group Holdings Ltd.		64,200		3,282,884
Fuji Electric Co., Ltd.		1,107,000		8,376,894
Haseko Corp.		214,900		3,147,521
KDDI Corp.		179,600		4,410,488
Kirin Holdings Co., Ltd.		133,300		3,440,030
Matsumotokiyoshi Holdings Co., Ltd.		67,600		2,843,628
Mitsubishi Electric Corp.		189,500		3,196,391
Nomura Holdings, Inc.		545,300		3,319,445
Seven & i Holdings Co., Ltd.		118,200		4,933,878
SUMCO Corp.		239,500		6,335,746
Sumitomo Electric Industries Ltd.		210,400		3,318,888
Sumitomo Mitsui Financial Group, Inc.		50,900		2,199,982
Suzuki Motor Corp.		56,500		3,223,093
Tokio Marine Holdings, Inc.		70,800		3,243,462
Tokuyama Corp.		102,600		3,044,348
Zenkoku Hosho Co., Ltd.		90,400		3,985,284
				68,032,155
Luxembourg—0.5%
Ternium SA - SP ADR		92,389		3,194,812
Mexico—0.6%
Cemex SAB de CV - SP ADR*		595,430		3,900,066
Netherlands—1.6%
Koninklijke Ahold NV		104,262		2,340,900
Royal Dutch Shell PLC, Class A		250,416		7,908,473
				10,249,373
Russia—0.5%
Sberbank of Russia PJSC - SP ADR(a)		164,572		3,334,229
Singapore—1.8%
Flex Ltd.*		653,857		11,834,812
South Korea—1.7%
KT Corp. - SP ADR*		106,884		1,419,419
LG Uplus Corp.		113,427		1,314,827
NAVER Corp.		4,095		3,032,637
Samsung Electronics Co., Ltd.		2,607		5,665,191
				11,432,074
Switzerland—3.6%
ABB Ltd.		184,328		4,460,508
Glencore PLC		905,394		4,761,186
Roche Holding AG		32,552		7,518,861
Swiss Re AG		68,380		6,957,298
				23,697,853
United Kingdom—6.8%
Aviva PLC		1,016,312		7,040,328
Coca-Cola European Partners PLC		122,718		4,665,738
Direct Line Insurance Group PLC		1,025,747		5,394,604
Lloyds Banking Group PLC		5,123,580		4,840,953
Nomad Foods Ltd.*		166,213		2,724,231
Royal Bank of Scotland Group PLC*		672,716		2,465,645
RPC Group PLC		417,446		4,599,052
Smiths Group PLC		183,350		4,003,618
Vodafone Group PLC		1,861,297		5,203,463
WPP PLC		203,836		3,903,510
				44,841,142
United States—51.8%
Air Lease Corp.		96,838		4,228,916
Allstate Corp. (The)		40,183		3,707,284
Alphabet, Inc., Class C*		10,018		11,067,185

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

Semi-Annual Report 2018 31

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares		Value
United States—(continued)
American Express Co.(a)		60,539	$	5,903,158
Anadarko Petroleum Corp.		73,185		4,174,472
Andeavor		29,580		2,650,960
Anthem, Inc.		41,508		9,770,153
Arconic, Inc.(a)		82,003		2,000,053
Bank of America Corp.		429,871		13,798,859
Berkshire Hathaway, Inc., Class B*		101,240		20,976,928
Booking Holdings, Inc.*		1,437		2,922,916
Chubb Ltd.		48,261		6,849,201
Cigna Corp.		22,436		4,394,988
Cisco Systems, Inc.		131,840		5,903,795
Citigroup, Inc.		152,037		11,477,273
Comcast Corp., Class A		158,744		5,748,120
Diamondback Energy, Inc.(a)*		51,034		6,360,878
DowDuPont, Inc.		56,352		3,961,546
DXC Technology Co.		86,255		8,844,588
East West Bancorp, Inc.		56,395		3,696,692
Eaton Corp. PLC		117,198		9,457,879
eBay, Inc.*		138,328		5,928,738
EQT Corp.		83,425		4,197,112
Goldman Sachs Group Inc., (The)		33,961		8,929,366
Honeywell International, Inc.		22,225		3,358,420
HP, Inc.		257,747		6,028,702
Jagged Peak Energy, Inc.(a)*		142,308		1,750,388
Johnson & Johnson		57,524		7,471,217
Laboratory Corp. of America Holdings*		67,133		11,593,869
Leidos Holdings, Inc.		118,178		7,481,849
Loews Corp.		60,856		3,002,027
Masco Corp.(a)		129,376		5,319,941
Microsoft Corp.		189,525		17,771,759
Morgan Stanley		95,436		5,346,325
NetApp, Inc.		115,088		6,968,578
Northrop Grumman Corp.		15,206		5,322,708
Oracle Corp.		272,400		13,802,508
Parsley Energy, Inc., Class A(a)*		219,119		5,539,328
Peabody Energy Corp.		86,562		3,523,939
Pfizer, Inc.		120,729		4,383,670
Pioneer Natural Resources Co.		33,679		5,733,176
Raytheon Co.		25,294		5,501,698
RSP Permian, Inc.*		95,651		3,664,390
Steel Dynamics, Inc.		109,175		5,049,344
SunTrust Banks, Inc.		79,185		5,530,280
SYNNEX Corp.		23,818		2,945,096
TE Connectivity Ltd.		58,743		6,055,816
Time Warner, Inc.		52,352		4,866,642
TJX Cos. Inc., (The)		59,228		4,896,971
Trinseo SA		73,992		5,889,763
Twenty-First Century Fox, Inc. Class A(a)		129,462		4,766,791
United Technologies Corp.(a)		31,695		4,270,584
Wells Fargo & Co.		59,157		3,455,360
WestRock Co.		52,167		3,430,502
				341,672,701
TOTAL COMMON STOCKS (Cost $534,378,975)				629,722,456
PREFERRED STOCKS—0.5%
Germany—0.5%
Volkswagen AG, 1.269%		15,433		3,002,320
TOTAL PREFERRED STOCKS (Cost $2,377,452)				3,002,320
SHORT-TERM INVESTMENTS—8.8%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.29%		22,899,348		22,899,348
Mount Vernon Liquid Assets Portfolio, LLC, 1.65%		35,279,376		35,279,376
TOTAL SHORT-TERM INVESTMENTS (Cost $58,178,724)				58,178,724
TOTAL INVESTMENTS—104.8%
(Cost $594,935,151)				690,903,500
LIABILITIES IN EXCESS OF OTHER ASSETS—(4.8)%				(31,716,484	)
NET ASSETS—100.0%			$	659,187,016

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored American Depositary Receipt

* — Non-income producing.

(a) — All or a portion of the security is on loan. At February 28, 2018, the market value of securities on loan was $34,041,777.

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

32 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY FUND

Portfolio of Investments (concluded)
February 28, 2018 (unaudited)

A summary of the inputs used to value the Fund's investments carried at fair value as of February 28, 2018 is as follows (see Notes to Portfolio of Investments):

	Total		Level 1		Level 2		Level 3
Common Stock
Argentina	$	3,777,676	$	3,777,676	$	—	$	—
Bermuda		13,153,697		13,153,697		—		—
Canada		5,241,136		5,241,136		—		—
China		6,116,457		2,585,980		3,530,477		—
France		35,363,493		—		35,363,493		—
Germany		19,905,739		—		19,905,739		—
Hong Kong		13,839,882		—		13,839,882		—
Indonesia		2,659,183		2,659,183		—		—
Ireland		7,475,976		—		7,475,976		—
Japan		68,032,155		—		68,032,155		—
Luxembourg		3,194,812		3,194,812		—		—
Mexico		3,900,066		3,900,066		—		—
Netherlands		10,249,373		—		10,249,373		—
Russia		3,334,229		3,334,229		—		—
Singapore		11,834,812		11,834,812		—		—
South Korea		11,432,074		1,419,419		10,012,655		—
Switzerland		23,697,853		—		23,697,853		—
United Kingdom		44,841,142		7,389,969		37,451,173		—
United States		341,672,701		341,672,701		—		—
Preferred Stock
Germany		3,002,320		—		3,002,320		—
Short-Term Investments		58,178,724		58,178,724		—		—
Total Assets	$	690,903,500	$	458,342,404	$	232,561,096	$	—

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

Semi-Annual Report 2018 33

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

Portfolio of Investments
February 28, 2018 (unaudited)

	Number of Shares		Value
LONG POSITIONS—99.0%
COMMON STOCKS—96.2%
Argentina—0.6%
YPF SA - SP ADR		261,462	$	6,042,387
Bermuda—2.0%
Everest Re Group Ltd.		55,204		13,262,209
Marvell Technology Group Ltd.		311,892		7,326,343
				20,588,552
Canada—0.8%
Nutrien Ltd.		164,706		8,111,771
China—0.9%
PICC Property & Casualty Co. Ltd., Class H		2,782,000		5,456,549
Vipshop Holdings Ltd. - ADR*		236,024		4,104,457
				9,561,006
France—5.5%
AXA SA		222,231		6,960,085
Capgemini SA		72,892		9,085,670
Renault SA		91,634		9,939,551
Schneider Electric SE		107,950		9,355,923
Teleperformance SA		33,869		4,823,156
TOTAL SA		183,663		10,446,553
Vinci SA		49,110		4,849,146
				55,460,084
Germany—3.2%
Allianz SE		26,423		6,137,849
E.ON SE		677,177		6,866,247
Fresenius SE & Co. KGaA		80,275		6,522,579
Muenchener Rueckversicherungs-Gesellschaft AG		18,623		4,164,302
Siemens AG		62,126		8,141,065
				31,832,042
Hong Kong—2.1%
CK Hutchison Holdings Ltd.		544,500		6,805,288
WH Group Ltd.		11,741,500		14,460,891
				21,266,179
India—0.5%
Videocon D2H Ltd. - ADR*†		608,176		5,047,861
Indonesia—0.3%
Bank Rakyat Indonesia Persero Tbk PT		12,517,400		3,441,523
Ireland—1.2%
CRH PLC		367,868		12,080,333
Japan—10.0%
Alps Electric Co., Ltd.		327,200		8,919,691
Asahi Group Holdings Ltd.		99,200		5,072,618
Fuji Electric Co., Ltd.		1,663,000		12,584,259
Haseko Corp.		378,200		5,539,286
KDDI Corp.		279,600		6,866,217
Kirin Holdings Co., Ltd.		205,900		5,313,594
Matsumotokiyoshi Holdings Co., Ltd.		107,500		4,522,042
Mitsubishi Electric Corp.		294,900		4,974,225
Nomura Holdings, Inc.		847,600		5,159,659
Seven & i Holdings Co., Ltd.		187,300		7,818,234
SUMCO Corp.		371,200		9,819,745
Sumitomo Electric Industries Ltd.		327,400		5,164,468
Sumitomo Mitsui Financial Group, Inc.		81,100		3,505,276
Suzuki Motor Corp.		91,400		5,213,995
Tokio Marine Holdings, Inc.		109,300		5,007,209
Tokuyama Corp.		150,500		4,465,637
Zenkoku Hosho Co., Ltd.		27,600		1,216,746
				101,162,901
Luxembourg—0.5%
Ternium SA - SP ADR†		146,827		5,077,278
Mexico—0.8%
Alpek SAB de CV		1,086,363		1,410,206
Cemex SAB de CV - SP ADR*		960,801		6,293,247
				7,703,453
Netherlands—1.2%
Royal Dutch Shell PLC, Class A		389,603		12,304,185
Russia—0.5%
Sberbank of Russia PJSC - SP ADR		255,869		5,183,906
Singapore—1.8%
Flex Ltd.*†		997,959		18,063,058
South Korea—1.8%
KT Corp. - SP ADR*		170,796		2,268,171
LG Uplus Corp.		198,145		2,296,865
NAVER Corp.		6,519		4,827,779
Samsung Electronics Co., Ltd.		4,200		9,126,890
				18,519,705
Switzerland—3.7%
ABB Ltd.		284,317		6,880,118
Glencore PLC		1,415,795		7,445,226
Roche Holding AG		54,226		12,525,121
Swiss Re AG		101,146		10,291,062
				37,141,527
United Kingdom—7.3%
Aviva PLC		1,609,578		11,150,076
Coca-Cola European Partners PLC†		190,146		7,229,351
Direct Line Insurance Group PLC		1,597,957		8,403,969
Lloyds Banking Group PLC		7,744,103		7,316,923
Nomad Foods Ltd.*†		466,241		7,641,690
Royal Bank of Scotland Group PLC*		1,038,783		3,807,357
RPC Group PLC		650,371		7,165,215
Smiths Group PLC		285,072		6,224,813
Vodafone Group PLC		2,922,170		8,169,251
WPP PLC		330,909		6,336,989
				73,445,634
United States—51.5%
Air Lease Corp.†		158,205		6,908,812

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

34 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
United States—(continued)
Allstate Corp. (The)†		62,401		$	5,757,116
Alphabet, Inc., Class C*†		16,002			17,677,890
American Express Co.		95,272			9,289,973
Anadarko Petroleum Corp.		116,486			6,644,362
Andeavor†		44,023			3,945,341
Anthem, Inc.†		67,400			15,864,612
Arconic, Inc.		127,797			3,116,969
Bank of America Corp.†		660,961			21,216,848
Berkshire Hathaway, Inc., Class B*†		67,659			14,018,945
Boardwalk Pipeline Partners LP†		216,357			2,438,343
Booking Holdings, Inc.*		2,256			4,588,794
Chubb Ltd.#†		77,151			10,949,270
Cigna Corp.†		33,874			6,635,578
Cisco Systems, Inc.†		218,385			9,779,280
Citigroup, Inc.†		241,533			18,233,326
Comcast Corp., Class A†		254,783			9,225,692
Diamondback Energy, Inc.*†		81,636			10,175,111
DowDuPont, Inc.†		91,045			6,400,464
DXC Technology Co.†		131,342			13,467,809
East West Bancorp, Inc.		92,784			6,081,991
Eaton Corp. PLC†		180,671			14,580,150
eBay, Inc.*†		215,700			9,244,902
EQT Corp.†		132,175			6,649,724
Goldman Sachs Group Inc., (The)		52,460			13,793,308
Honeywell International, Inc.		36,817			5,563,417
HP, Inc.†		420,954			9,846,114
Jagged Peak Energy, Inc.*		237,237			2,918,015
Johnson & Johnson		89,438			11,616,207
Laboratory Corp. of America Holdings*†		112,458			19,421,497
Leidos Holdings, Inc.†		177,440			11,233,726
Loews Corp.		96,393			4,755,067
Masco Corp.		202,216			8,315,122
Microsoft Corp.†		292,742			27,450,417
Morgan Stanley		148,492			8,318,522
NetApp, Inc.		175,946			10,653,530
Northrop Grumman Corp.†		25,194			8,818,908
Oracle Corp.†		420,753			21,319,555
Parsley Energy, Inc., Class A*†		322,852			8,161,699
Peabody Energy Corp.		134,582			5,478,833
Pfizer, Inc.†		201,173			7,304,592
Pioneer Natural Resources Co.†		52,098			8,868,643
Raytheon Co.		39,776			8,651,678
RSP Permian, Inc.*		151,368			5,798,908
Steel Dynamics, Inc.†		169,952			7,860,280
SunTrust Banks, Inc.†		126,079			8,805,357
SYNNEX Corp.		36,667			4,533,875
TE Connectivity Ltd.		93,536			9,642,626
Time Warner, Inc.		80,441			7,477,795
TJX Cos. Inc., (The)		91,008			7,524,541
Trinseo SA		117,348			9,340,901
Twenty-First Century Fox, Inc. Class A		198,711			7,316,539
United Technologies Corp.†		52,507			7,074,793
Wells Fargo & Co.†		89,418			5,222,905
WestRock Co.†		80,015			5,261,786
					521,240,458
TOTAL COMMON STOCKS (Cost $832,634,282)					973,273,843
PREFERRED STOCKS—0.4%
Germany—0.4%
Volkswagen AG, 1.269%		24,611			4,787,798
TOTAL PREFERRED STOCKS (Cost $3,847,335)					4,787,798
SHORT-TERM INVESTMENTS—2.4%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.29%		24,042,866			24,042,866
TOTAL SHORT-TERM INVESTMENTS (Cost $24,042,866)					24,042,866
TOTAL INVESTMENTS—99.0%
(Cost $860,524,483)					1,002,104,507
SECURITIES SOLD SHORT—(42.5%)
COMMON STOCKS—(42.5%)
Australia—(1.7%)
Amcor Ltd.		(262,151	)		(2,810,107	)
Domino's Pizza Enterprises Ltd.		(136,330	)		(4,170,904	)
Healthscope Ltd.		(2,049,162	)		(2,992,977	)
National Australia Bank Ltd.		(132,419	)		(3,078,100	)
Treasury Wine Estates Ltd.		(141,820	)		(1,915,783	)
WiseTech Global Ltd.		(315,793	)		(2,612,418	)
					(17,580,289	)
Belgium—(0.3%)
Colruyt SA		(47,263	)		(2,549,954	)
Bermuda—(0.4%)
Arch Capital Group Ltd.*		(46,121	)		(4,069,717	)
Canada—(1.3%)
Cameco Corp.		(220,939	)		(1,948,682	)
Cineplex, Inc.		(39,964	)		(1,026,818	)
First Quantum Minerals Ltd.		(94,323	)		(1,537,012	)
PrairieSky Royalty Ltd.		(122,419	)		(2,716,076	)
Ritchie Bros. Auctioneers, Inc.		(86,247	)		(2,793,541	)
Shaw Communications, Inc., Class B		(187,981	)		(3,638,909	)
					(13,661,038	)
Chile—(0.2%)
Sociedad Quimica y Minera de Chile SA - SP ADR		(42,787	)		(2,135,071	)
China—(0.2%)
Shanghai Electric Group Co. Ltd., Class H*		(5,336,000	)		(2,002,927	)
Denmark—(0.2%)
Chr Hansen Holding A/S		(24,308	)		(2,019,055	)

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

Semi-Annual Report 2018 35

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
Finland—(0.4%)
Huhtamaki OYJ		(101,688	)	$	(4,297,424	)
France—(1.7%)
Aeroports de Paris		(11,410	)		(2,307,159	)
Dassault Systemes SE		(16,778	)		(2,164,567	)
Getlink SE		(314,426	)		(4,044,133	)
JCDecaux SA		(61,759	)		(2,393,826	)
Societe Generale SA		(74,517	)		(4,234,041	)
Vallourec SA*		(471,201	)		(2,533,460	)
					(17,677,186	)
Germany—(1.1%)
Infineon Technologies AG		(94,859	)		(2,567,156	)
Krones AG		(21,968	)		(2,964,891	)
MTU Aero Engines AG		(14,322	)		(2,391,666	)
Zalando SE*		(56,748	)		(3,229,568	)
					(11,153,281	)
Hong Kong—(0.3%)
Hong Kong & China Gas Co. Ltd.		(1,312,000	)		(2,595,198	)
India—(0.3%)
Wipro Ltd. - ADR		(477,599	)		(2,631,570	)
Ireland—(0.3%)
James Hardie Industries PLC		(160,036	)		(2,809,418	)
Japan—(6.8%)
Aozora Bank Ltd.		(97,500	)		(3,978,496	)
Asics Corp.		(258,700	)		(4,088,793	)
Calbee, Inc.		(85,000	)		(2,830,442	)
Chugai Pharmaceutical Co., Ltd.		(44,800	)		(2,309,003	)
Ito En Ltd.		(84,100	)		(3,525,265	)
JINS, Inc.		(91,200	)		(4,407,616	)
McDonald's Holdings Co. Japan Ltd.		(48,000	)		(2,141,709	)
Murata Manufacturing Co., Ltd.		(17,300	)		(2,409,607	)
Nidec Corp.		(18,600	)		(2,970,241	)
Nippon Paint Holdings Co., Ltd.		(92,600	)		(3,355,996	)
Nissin Foods Holdings Co., Ltd.		(50,400	)		(3,429,344	)
Nitori Holdings Co., Ltd.		(12,600	)		(2,114,471	)
Oracle Corp.		(37,000	)		(2,858,409	)
Sanrio Co., Ltd.		(181,000	)		(3,254,524	)
Seiko Epson Corp.		(166,100	)		(3,169,754	)
Sharp Corp.*		(141,700	)		(4,922,248	)
Shimano, Inc.		(18,900	)		(2,727,650	)
Tokyo Electron Ltd.		(15,600	)		(3,048,285	)
Tsuruha Holdings, Inc.		(26,000	)		(3,764,554	)
Yamazaki Baking Co., Ltd.		(128,900	)		(2,508,470	)
Yaskawa Electric Corp.		(99,300	)		(4,567,461	)
					(68,382,338	)
Mexico—(0.3%)
Kimberly-Clark de Mexico SAB de CV, Class A		(1,481,200	)		(2,691,998	)
Netherlands—(0.4%)
Cimpress NV*		(26,073	)		(4,243,381	)
Singapore—(0.6%)
SATS Ltd.		(827,600	)		(3,236,859	)
Singapore Press Holdings Ltd.		(1,542,200	)		(3,013,015	)
					(6,249,874	)
South Africa—(0.3%)
Mediclinic International PLC		(350,114	)		(2,841,563	)
Spain—(0.2%)
Industria de Diseno Textil SA		(54,269	)		(1,643,062	)
Sweden—(1.1%)
Securitas AB, Class B		(140,958	)		(2,421,816	)
Skanska AB, Class B		(218,077	)		(4,336,923	)
Telefonaktiebolaget LM Ericsson, Class B		(642,508	)		(4,298,137	)
					(11,056,876	)
Switzerland—(0.4%)
Chocoladefabriken Lindt & Spruengli AG		(63	)		(4,541,272	)
Taiwan—(0.2%)
United Microelectronics Corp. - SP ADR		(982,291	)		(2,367,321	)
United Kingdom—(3.1%)
Aggreko PLC		(244,209	)		(2,507,668	)
Antofagasta PLC		(282,868	)		(3,362,889	)
Blue Prism Group PLC*		(48,398	)		(1,063,414	)
Hargreaves Lansdown PLC		(140,396	)		(3,320,896	)
Kingfisher PLC		(624,362	)		(3,073,001	)
Manchester United PLC, Class A		(51,698	)		(1,018,451	)
Ocado Group PLC*		(327,622	)		(2,484,570	)
Pearson PLC		(249,503	)		(2,512,657	)
Pennon Group PLC		(413,456	)		(3,456,412	)
Rolls-Royce Holdings PLC		(316,108	)		(3,636,025	)
Travis Perkins PLC		(121,532	)		(2,149,987	)
Weir Group PLC, (The)		(93,807	)		(2,617,504	)
					(31,203,474	)
United States—(20.7%)
2U, Inc.*		(39,985	)		(3,309,958	)
AAON, Inc.		(56,968	)		(2,093,574	)
Acuity Brands, Inc.		(19,192	)		(2,736,395	)
Acxiom Corp.*		(134,630	)		(3,684,823	)
Antero Resources Corp.*		(242,111	)		(4,554,108	)
Apache Corp.		(83,280	)		(2,844,012	)
Balchem Corp.		(29,071	)		(2,187,593	)
Blackbaud, Inc.		(43,127	)		(4,421,380	)
CarMax, Inc.*		(29,074	)		(1,800,262	)
Caterpillar, Inc.		(19,847	)		(3,068,942	)
Centennial Resource Development Inc., Class A*		(73,547	)		(1,403,277	)
Cincinnati Financial Corp.		(26,942	)		(2,009,604	)
Cognex Corp.		(30,695	)		(1,648,628	)
Community Bank System, Inc.		(52,644	)		(2,806,452	)
Coty, Inc., Class A		(99,087	)		(1,914,361	)
Cracker Barrel Old Country Store, Inc.		(18,605	)		(2,904,240	)
Cree, Inc.*		(75,555	)		(2,858,246	)

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

36 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
United States—(continued)
Cullen/Frost Bankers, Inc.		(29,722	)	$	(3,090,791	)
Ellie Mae, Inc.*		(51,282	)		(4,547,175	)
Equinix, Inc.		(7,344	)		(2,879,582	)
Exact Sciences Corp.*		(62,152	)		(2,772,601	)
FactSet Research Systems, Inc.		(17,966	)		(3,650,332	)
First Financial Bankshares, Inc.		(115,819	)		(5,327,674	)
Flowserve Corp.		(47,406	)		(2,007,644	)
Harley-Davidson, Inc.		(86,143	)		(3,909,169	)
HB Fuller Co.		(40,384	)		(2,034,950	)
Heartland Express, Inc.		(148,304	)		(2,894,894	)
Helmerich & Payne, Inc.		(46,080	)		(2,974,464	)
Hess Corp.		(53,821	)		(2,444,550	)
iRobot Corp.*		(13,782	)		(936,487	)
John Bean Technologies Corp.		(18,340	)		(2,031,155	)
Manhattan Associates, Inc.*		(60,062	)		(2,528,610	)
Matador Resources Co.*		(115,014	)		(3,319,304	)
Mattel, Inc.		(190,336	)		(3,026,342	)
Medidata Solutions, Inc.*		(43,042	)		(2,826,138	)
Middleby Corp., (The)*		(33,245	)		(3,997,711	)
MINDBODY, Inc., Class A*		(64,378	)		(2,295,076	)
Multi-Color Corp.		(54,288	)		(3,439,145	)
National Instruments Corp.		(93,232	)		(4,713,810	)
National Oilwell Varco, Inc.		(71,233	)		(2,499,566	)
Netflix, Inc.*		(7,540	)		(2,197,005	)
NewMarket Corp.		(9,256	)		(3,868,175	)
Norwegian Cruise Line Holdings Ltd.*		(54,554	)		(3,104,123	)
NuVasive, Inc.*		(35,861	)		(1,734,238	)
Oasis Petroleum, Inc.*		(244,638	)		(1,927,747	)
Power Integrations, Inc.		(47,630	)		(3,200,736	)
Proofpoint, Inc.*		(26,416	)		(2,831,003	)
Prosperity Bancshares, Inc.		(57,946	)		(4,345,950	)
Public Storage		(12,479	)		(2,426,417	)
Quaker Chemical Corp.		(23,730	)		(3,382,237	)
Range Resources Corp.		(154,273	)		(2,050,288	)
RLI Corp.		(66,473	)		(4,041,558	)
Rollins, Inc.		(73,801	)		(3,709,976	)
Snap, Inc., Class A*		(135,968	)		(2,354,966	)
Sonoco Products Co.		(57,867	)		(2,775,880	)
Take-Two Interactive Software, Inc.*		(12,596	)		(1,409,114	)
Tesla, Inc.*		(22,082	)		(7,575,451	)
Tootsie Roll Industries, Inc.		(68,108	)		(2,274,807	)
TransDigm Group, Inc.		(12,194	)		(3,515,652	)
Ultimate Software Group Inc. (The)*		(8,641	)		(2,060,533	)
UMB Financial Corp.		(41,057	)		(2,997,161	)
Varian Medical Systems, Inc.*		(35,703	)		(4,260,796	)
Veeva Systems, Inc. Class A*		(33,121	)		(2,308,534	)
Vulcan Materials Co.		(26,633	)		(3,135,503	)
Wabtec Corp.		(41,663	)		(3,388,868	)
WageWorks, Inc.*		(41,561	)		(2,179,874	)
Wayfair, Inc. Class A*		(37,597	)		(2,910,760	)
Wendy's Co. (The)		(159,314	)		(2,541,058	)
Westamerica Bancorporation		(36,416	)		(2,086,273	)
WEX, Inc.*		(24,236	)		(3,624,494	)
Workday, Inc., Class A*		(23,234	)		(2,943,051	)
					(209,555,253	)
TOTAL COMMON STOCKS (Proceeds $(415,869,961))					(429,958,540	)
TOTAL SECURITIES SOLD SHORT—(42.5%) (Proceeds $(415,869,961))					(429,958,540	)

	Number of Contracts			Notional Amount
OPTIONS WRITTEN††—0.0%
Call Options Written—(0.0%)
Chubb Ltd.
Expiration:05/18/2018, Exercise Price:140.00		(583	)		(8,273,936	)		(364,375	)
TOTAL CALL OPTIONS WRITTEN (Premiums received $(424,413))								(364,375	)
TOTAL OPTIONS WRITTEN (Premiums received $(424,413))								(364,375	)
OTHER ASSETS IN EXCESS OF LIABILITIES—43.5%								439,872,146
NET ASSETS—100.0%							$	1,011,653,738

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored American Depositary Receipt

* — Non-income producing.

† — Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

# — Security segregated as collateral for options written.

†† — Primary risk exposure is equity contracts.

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

Semi-Annual Report 2018 37

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

Contracts For Difference held by the Fund at February 28, 2018, are as follows:

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)			Notional Amount			Unrealized Appreciation (Depreciation)
Short
South Korea
Amorepacific Corp.	Goldman Sachs	9/15/2020	1.42%	Monthly		(6,712	)	$	(1,742,110	)	$	(32,195	)
Celltrion Inc.	Goldman Sachs	9/15/2020	1.42%	Monthly		(12,877	)		(4,164,888	)		(519,079	)
Kakao Corp.	Goldman Sachs	12/31/2021	1.42%	Monthly		(18,212	)		(2,140,304	)		(58,009	)
									(8,047,302	)		(609,282	)
Taiwan
Cheng Shin Rubber	Goldman Sachs	9/15/2020	1.42%	Monthly		(2,059,000	)		(3,528,869	)		(4,300	)
Feng Tay Enterprise	Goldman Sachs	9/15/2020	1.42%	Monthly		(536,000	)		(2,526,516	)		(77,494	)
Largan Precision, Class C	Goldman Sachs	9/18/2018	1.42%	Monthly		(29,000	)		(3,584,573	)		322,156
									(9,639,958	)		240,361
Total Short									(17,687,260	)		(368,921	)
Net unrealized gain/(loss) on Contracts For Difference											$	(368,921	)

A summary of the inputs used to value the Fund's investments carried at fair value as of February 28, 2018 is as follows (see Notes to Portfolio of Investments):

	Total		Level 1		Level 2		Level 3
Common Stock
Argentina	$	6,042,387	$	6,042,387	$	—	$	—
Bermuda		20,588,552		20,588,552		—		—
Canada		8,111,771		8,111,771		—		—
China		9,561,006		4,104,457		5,456,549		—
France		55,460,084		—		55,460,084		—
Germany		31,832,042		—		31,832,042		—
Hong Kong		21,266,179		—		21,266,179		—
India		5,047,861		5,047,861		—		—
Indonesia		3,441,523		3,441,523		—		—
Ireland		12,080,333		—		12,080,333		—
Japan		101,162,901		—		101,162,901		—
Luxembourg		5,077,278		5,077,278		—		—
Mexico		7,703,453		7,703,453		—		—
Netherlands		12,304,185		—		12,304,185		—
Russia		5,183,906		5,183,906		—		—
Singapore		18,063,058		18,063,058		—		—
South Korea		18,519,705		2,268,171		16,251,534		—
Switzerland		37,141,527		—		37,141,527		—
United Kingdom		73,445,634		14,871,041		58,574,593		—
United States		521,240,458		521,240,458		—		—
Preferred Stock
Germany		4,787,798		—		4,787,798		—
Short-Term Investments		24,042,866		24,042,866		—		—
Contracts For Difference
Equity Contracts		322,156		—		322,156		—
Total Assets	$	1,002,426,663	$	645,786,782	$	356,639,881	$	—

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

38 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

Portfolio of Investments (concluded)
February 28, 2018 (unaudited)

	Total			Level 1			Level 2			Level 3
Securities Sold Short
Australia	$	(17,580,289	)	$	(4,170,904	)	$	(13,409,385	)	$	—
Belgium		(2,549,954	)		—			(2,549,954	)		—
Bermuda		(4,069,717	)		(4,069,717	)		—			—
Canada		(13,661,038	)		(13,661,038	)		—			—
Chile		(2,135,071	)		(2,135,071	)		—			—
China		(2,002,927	)		—			(2,002,927	)		—
Denmark		(2,019,055	)		—			(2,019,055	)		—
Finland		(4,297,424	)		—			(4,297,424	)		—
France		(17,677,186	)		—			(17,677,186	)		—
Germany		(11,153,281	)		—			(11,153,281	)		—
Hong Kong		(2,595,198	)		(2,595,198	)		—			—
India		(2,631,570	)		(2,631,570	)		—			—
Ireland		(2,809,418	)		—			(2,809,418	)		—
Japan		(68,382,338	)		—			(68,382,338	)		—
Mexico		(2,691,998	)		(2,691,998	)		—			—
Netherlands		(4,243,381	)		(4,243,381	)		—			—
Singapore		(6,249,874	)		—			(6,249,874	)		—
South Africa		(2,841,563	)		—			(2,841,563	)		—
Spain		(1,643,062	)		—			(1,643,062	)		—
Sweden		(11,056,876	)		—			(11,056,876	)		—
Switzerland		(4,541,272	)		—			(4,541,272	)		—
Taiwan		(2,367,321	)		(2,367,321	)		—			—
United Kingdom		(31,203,474	)		(4,231,852	)		(26,971,622	)		—
United States		(209,555,253	)		(209,555,253	)		—			—
Options Written											—
Equity Contracts		(364,375	)		—			(364,375	)		—
Contracts For Difference
Equity Contracts		(691,077	)		—			(691,077	)		—
Total Liabilities	$	(431,013,992	)	$	(252,353,303	)	$	(178,660,689	)	$	—

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

Semi-Annual Report 2018 39

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

Portfolio of Investments
February 28, 2018 (unaudited)

	Number of Shares		Value
LONG POSITIONS—95.3%
COMMON STOCKS—56.9%
Argentina—1.9%
Banco Macro SA - ADR		1,539	$	174,076
Grupo Financiero Galicia SA - ADR		2,237		140,797
Grupo Supervielle SA - SP ADR		7,268		223,200
Pampa Energia SA - SP ADR*		7,662		485,235
YPF SA - SP ADR†		19,486		450,321
				1,473,629
Australia—0.2%
Syrah Resources Ltd.*		58,607		152,782
Brazil—5.2%
BK Brasil Operacao e Assessoria a Restaurantes SA*		36,018		183,146
Cia de Saneamento Basico do Estado de Sao Paulo		37,900		439,126
Eneva SA*		25,600		107,229
Minerva SA		305,200		850,676
Movida Participacoes SA*		175,100		413,091
Qualicorp SA		96,600		847,024
Sul America SA		83,400		549,168
Tupy SA		41,700		231,174
Vale SA - SP ADR		26,381		362,211
				3,982,845
Canada—0.7%
Ivanhoe Mines Ltd., Class A*		66,498		167,385
Lundin Mining Corp.		58,406		380,058
				547,443
Chile—0.5%
Geopark Ltd.*		42,306		418,829
China—8.8%
Alibaba Group Holding Ltd. - SP ADR*		14,870		2,767,902
China Construction Bank Corp., Class H		528,000		541,365
China Meidong Auto Holdings Ltd.		1,130,000		421,626
Industrial & Commercial Bank of China Ltd.		455,000		387,906
JD.com, Inc. - ADR*		4,369		205,998
NetEase, Inc. - ADR		787		230,867
Ping An Insurance Group Co. of China Ltd., Class H		32,000		337,066
Tencent Holdings Ltd.		8,500		465,022
Tencent Holdings Ltd. - ADR		10,679		586,170
Vipshop Holdings Ltd. - ADR*		28,051		487,807
West China Cement Ltd.*		1,796,000		303,336
				6,735,065
Egypt—1.4%
Eastern Tobacco		33,083		1,036,061
Hong Kong—1.8%
China Mobile Ltd. - SP ADR		26,062		1,211,622
WH Group Ltd.		167,500		206,294
				1,417,916
Hungary—1.0%
OTP Bank PLC		8,405		374,476
Waberer's International Nyrt*		22,666		416,721
				791,197
India—3.3%
Aurobindo Pharma Ltd.		14,628		136,955
Bharti Airtel Ltd.		23,472		153,426
Gujarat State Petronet Ltd.		128,488		405,903
Indiabulls Housing Finance Ltd.		10,621		202,448
Infosys Ltd.		10,820		193,220
Videocon D2H Ltd. - ADR*		142,681		1,184,252
Westlife Development Ltd.*		13,138		65,569
Yes Bank Ltd.		34,866		170,872
				2,512,645
Indonesia—0.8%
Bank Rakyat Indonesia Persero Tbk PT		2,191,900		602,639
Luxembourg—0.8%
Adecoagro SA*		71,209		640,169
Mexico—3.4%
Alpek SAB de CV		382,600		496,652
Banco del Bajio SA*		108,700		237,286
Bolsa Mexicana de Valores SAB de CV		123,300		228,866
Cemex SAB de CV - SP ADR*		49,231		322,463
CFE Capital S de RL de CV*		252,254		263,887
Credito Real SAB de CV SOFOM ER		335,500		467,014
Gentera SAB de CV		238,500		194,969
Gruma SAB de CV		16,270		188,346
Vista Oil & Gas SAB de CV*		17,632		176,314
				2,575,797
Netherlands—1.6%
DP Eurasia NV*		82,723		242,576
Heineken NV		7,581		787,218
VEON Ltd.		71,919		207,846
				1,237,640
Philippines—1.0%
Bloomberry Resorts Corp.*		1,129,000		312,166
East West Banking Corp.		345,300		185,645
Filinvest Land, Inc.		6,281,000		213,467
Melco Resorts And Entertainment Philippines Corp.*		284,600		41,805
				753,083
Poland—0.5%
AmRest Holdings SE*		3,311		414,008
Russia—3.1%
LUKOIL PJSC - SP ADR		8,105		538,172
Mobile TeleSystems PJSC - SP ADR		22,916		274,075
Sberbank of Russia PJSC - SP ADR		65,397		1,324,943
Tatneft PJSC - SP ADR		3,232		204,263
				2,341,453

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

40 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares		Value
Singapore—0.8%
BOC Aviation Ltd.		34,200	$	190,787
DBS Group Holdings Ltd.		19,300		414,772
				605,559
South Africa—2.8%
Capitec Bank Holdings Ltd.		3,066		215,143
Clover Industries Ltd.		268,176		370,870
Naspers Ltd., Class N		4,178		1,134,126
Telkom SA SOC Ltd.		91,790		399,785
				2,119,924
South Korea—4.4%
DB Insurance Co. Ltd.*		3,448		220,375
Hanwha Corp.		6,720		274,393
Hyundai Heavy Industries Co. Ltd.*		1,542		185,456
Hyundai Marine & Fire Insurance Co. Ltd.		6,150		234,166
KB Financial Group, Inc.		1,930		113,882
KT Corp. - SP ADR*†		41,209		547,256
KT&G Corp.		4,488		413,614
LG Corp.		3,551		283,011
LG Uplus Corp.		40,260		466,687
Meritz Fire & Marine Insurance Co. Ltd.		16,830		354,497
NCSoft Corp.		333		115,074
SFA Engineering Corp.		5,232		180,572
				3,388,983
Switzerland—0.7%
Glencore PLC		97,131		510,782
Taiwan—2.5%
Compeq Manufacturing Co. Ltd.		133,000		150,045
Hon Hai Precision Industry Co., Ltd.		89,000		262,249
Pegatron Corp.		286,000		719,046
Primax Electronics Ltd.		140,000		353,666
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR		10,692		463,498
				1,948,504
Turkey—2.6%
Akbank Turk AS		231,566		643,253
Mavi Giyim Sanayi Ve Ticaret AS, Class B*		43,267		605,457
Migros Ticaret AS*		41,443		261,426
Tupras Turkiye Petrol Rafinerileri AS		2,517		77,250
Turkiye Sinai Kalkinma Bankasi AS		576,166		256,141
Yapi ve Kredi Bankasi AS*		106,835		133,120
				1,976,647
United Arab Emirates—0.7%
Abu Dhabi Commercial Bank PJSC*		165,469		328,875
Emaar Malls PJSC*		355,459		205,171
				534,046
United Kingdom—1.9%
Atrium European Real Estate Ltd.		129,465		646,796
Cairn Energy PLC*		97,147		247,945
Ophir Energy PLC*		200,245		145,007
Petra Diamonds Ltd.*		474,854		399,847
				1,439,595
United States—4.5%
Air Lease Corp.		20,461		893,532
Broadcom Ltd.		772		190,267
Kosmos Energy Ltd.*		45,491		245,196
Lam Research Corp.		996		191,092
Liberty Latin America Ltd., Class C*†		40,786		834,074
Micron Technology, Inc.*		6,400		312,384
Philip Morris International, Inc.		4,743		491,138
Versum Materials, Inc.		2,534		93,809
Wynn Resorts Ltd.		1,274		213,395
				3,464,887
TOTAL COMMON STOCKS (Cost $41,802,783)				43,622,128
EXCHANGE TRADED FUNDS—0.6%
Thailand—0.6%
Jasmine Broadband Internet Infrastructure Fund		1,171,243		450,519
TOTAL EXCHANGE TRADED FUNDS (Cost $406,828)				450,519
PREFERRED STOCKS—5.1%
Brazil—0.7%
Cia Paranaense de Energia, 11.477%		35,100		275,231
Itau Unibanco Holding SA, 5.660%		16,500		258,967
				534,198
Russia—0.4%
Sberbank of Russia PJSC, 2.626%		71,700		286,050
South Korea—4.0%
Samsung Electronics Co., Ltd., 2.133%		1,676		3,078,800
TOTAL PREFERRED STOCKS (Cost $3,190,805)				3,899,048
WARRANTS—0.0%
Mexico—0.0%
Vista Oil & Gas SAB de CV*		13,133		4,006
TOTAL WARRANTS (Cost $0)				4,006

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

Semi-Annual Report 2018 41

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares			Value
SHORT-TERM INVESTMENTS—32.7%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.29%		25,050,896		$	25,050,896
TOTAL SHORT-TERM INVESTMENTS (Cost $25,050,896)					25,050,896
TOTAL INVESTMENTS—95.3%
(Cost $70,451,312)					73,026,597
SECURITIES SOLD SHORT—(0.4%)
COMMON STOCKS—(0.4%)
Hong Kong—(0.4%)
Sino Biopharmaceutical Ltd.		(157,000	)	$	(294,172	)
TOTAL COMMON STOCKS (Proceeds $(294,797))					(294,172	)
TOTAL SECURITIES SOLD SHORT—(0.4%) (Proceeds $(294,797))					(294,172	)
OTHER ASSETS IN EXCESS OF LIABILITIES—5.1%					3,929,341
NET ASSETS—100.0%				$	76,661,766

ADR — American Depositary Receipt

PLC — Public Limited Company

NVDR — Non-Voting Depository Receipt

SP ADR — Sponsored American Depositary Receipt

* — Non-income producing.

† — Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

Contracts For Difference held by the Fund at February 28, 2018, are as follows:

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)		Notional Amount		Unrealized Appreciation (Depreciation)
Long
China
Agricultural Bank of China	Goldman Sachs	9/15/2020	0.70%	Monthly		999,000	$	548,902	$	(1,508	)
Alibaba Group Holding Ltd. - SP ADR	Goldman Sachs	12/31/2021	1.60%	Monthly		4,494		836,513		(5,045	)
Baidu Inc. - SP ADR	Goldman Sachs	12/31/2021	1.60%	Monthly		4,062		1,025,005		27,681
China Lesso Group	Goldman Sachs	9/15/2020	0.70%	Monthly		986,000		646,562		(13,902	)
China Meidong Auto Holdings Ltd.	Goldman Sachs	9/15/2020	0.70%	Monthly		440,000		164,173		4,433
China National, Class H	Goldman Sachs	9/15/2020	0.70%	Monthly		80,000		78,489		1,789
China Petroleum, Class H	Goldman Sachs	9/15/2020	0.70%	Monthly		90,000		71,430		215
China Telecom Corp. Ltd., Class H	Goldman Sachs	12/31/2021	0.70%	Monthly		1,106,000		482,233		(8,365	)
China Vanke Co., Class H	Goldman Sachs	9/15/2020	0.70%	Monthly		49,500		219,619		(8,494	)
Gree Electric Appliances Inc.	Goldman Sachs	9/15/2020	1.63%	Monthly		93,700		760,391		(53,219	)
Guangzhou Automobile, Class H	Goldman Sachs	9/15/2020	0.70%	Monthly		214,000		470,575		(9,251	)
Henan Shuang Inv.	Goldman Sachs	9/15/2020	1.63%	Monthly		187,000		800,627		(12,575	)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.63	Monthly		23,300		434,170		(48,904	)
Kweichow Moutai	Goldman Sachs	9/15/2020	1.63%	Monthly		7,500		853,769		(25,500	)
PICC Property & Casualty Co. Ltd.	Goldman Sachs	9/15/2020	0.70%	Monthly		96,000		188,292		3,476
Qingdao Haier Co., Ltd.	Goldman Sachs	9/15/2020	1.63%	Monthly		130,200		400,314		(19,297	)

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

42 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)		Notional Amount		Unrealized Appreciation (Depreciation)
Long—(continued)
China—(continued)
Shanghai Haohai Biological Technology Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.70%	Monthly		52,100	$	273,268	$	(16,445	)
Sichuan Swellfun, Class A	Goldman Sachs	9/15/2020	1.63%	Monthly		43,500		294,786		(19,806	)
Sunny Optical Technology Group Co., Ltd.	Goldman Sachs	9/15/2020	0.70%	Monthly		14,000		228,984		(6,000	)
Tencent Holdings Ltd.	Goldman Sachs	12/31/2021	0.70%	Monthly		58,000		3,173,094		(132,213	)
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.63%	Monthly		66,100		768,771		(67,270	)
								12,719,967		(410,201	)
Egypt
Commercial International Bank Egypt SAE	Goldman Sachs	12/31/2021	1.60%	Monthly		87,922		383,762		4,145
EFG-Hermes Holdings	Goldman Sachs	9/15/2020	1.60%	Monthly		153,273		191,808		1,318
								575,570		5,464
Greece
Motor Oil SA	Goldman Sachs	9/15/2020	-0.37%	Monthly		16,135		378,735		783
Hong Kong
Brilliance China	Goldman Sachs	9/15/2020	0.70%	Monthly		152,000		403,891		1,679
CNOOC Ltd.	Goldman Sachs	9/15/2020	0.70%	Monthly		100,000		142,714		(2,247	)
Haier Electronics Group Co. Ltd.	Goldman Sachs	9/15/2020	0.70%	Monthly		116,000		395,150		(6,703	)
Joy City Property	Goldman Sachs	9/15/2020	0.70%	Monthly		1,930,000		317,949		(315	)
K. Wah International Holdings Ltd.	Goldman Sachs	9/15/2020	0.70%	Monthly		235,000		151,599		(1,609	)
Kunlun Energy Co. Ltd.	Goldman Sachs	9/15/2020	0.70%	Monthly		196,000		183,691		1,540
								1,594,994		(7,656	)
India
Videocon D2H Ltd. - ADR	Goldman Sachs	12/31/2021	1.60%	Monthly		15,586		129,364		1,665
Israel
Gazit Globe Ltd.	Goldman Sachs	9/15/2020	0.10%	Monthly		83,778		851,425		13,611
Israel Discount Bank	Goldman Sachs	9/15/2020	0.10%	Monthly		134,278		385,034		15,420
Tamar Petroleum Ltd. NPV	Goldman Sachs	9/15/2020	0.10%	Monthly		175,655		1,053,066		(7,734	)
								2,289,525		21,297
Japan
Suzuki Motor Co.	Goldman Sachs	9/15/2020	-0.04%	Monthly		5,500		313,752		8,336
Luxembourg
Samsonite International SA	Goldman Sachs	12/31/2021	0.70%	Monthly		92,100		401,310		5,137
Mexico
Grupo GicSA SA de CV	Goldman Sachs	12/31/2021	1.60%	Monthly		1,310,400		764,663		(18,960	)

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

Semi-Annual Report 2018 43

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)			Notional Amount			Unrealized Appreciation (Depreciation)
Long—(continued)
South Korea
Bnk Financial Group	Goldman Sachs	9/15/2020	1.60%	Monthly		67,180		$	692,700		$	25,796
Eugene Technology	Goldman Sachs	9/15/2020	1.60%	Monthly		27,514			551,637			(15,359	)
Hana Financial Group, Inc.	Goldman Sachs	12/31/2021	1.17%	Monthly		13,150			595,775			(18,132	)
Hyundai Mobis Co., Ltd.	Goldman Sachs	12/31/2021	1.60%	Monthly		1,613			339,610			8,124
Kiwoom Securities	Goldman Sachs	9/15/2020	1.60%	Monthly		1,528			139,420			(6,373	)
KT Corp.	Goldman Sachs	12/31/2021	1.60%	Monthly		2,891			74,404			1,140
Samsung Electronics Co., Ltd.	Goldman Sachs	12/31/2021	1.60%	Monthly		499			1,084,361			(8,432	)
Samsung SDI Co., Ltd.	Goldman Sachs	12/31/2021	1.60%	Monthly		3,279			518,338			(26,510	)
SK Hynix Inc.	Goldman Sachs	9/15/2020	1.60%	Monthly		3,310			233,432			1,838
									4,229,677			(37,909	)
Taiwan
Taiwan Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	12/31/2021	1.60%	Monthly		270,000			2,241,971			(551	)
Turkey
Logo Yazilim	Goldman Sachs	9/15/2020	1.60%	Monthly		22,834			328,560			(1,511	)
Yatas	Goldman Sachs	9/15/2020	1.60%	Monthly		87,380			671,181			118,633
									999,741			117,123
United Kingdom
BGEO Group PLC	Goldman Sachs	9/15/2020	0.50%	Monthly		15,482			721,106			(9,479	)
Georgia Healthcare Group PLC	Goldman Sachs	12/31/2021	0.50%	Monthly		21,822			99,140			(4,692	)
Petra Diamonds Ltd.	Goldman Sachs	12/31/2021	0.50%	Monthly		426,742			359,335			(68,560	)
TBC Bank Group PLC	Goldman Sachs	9/15/2020	0.50%	Monthly		15,365			332,288			(28,953	)
									1,511,869			(111,683	)
Total Long									28,151,138			(427,155	)
Short
Argentina
Mercadolibre Inc. Com.	Goldman Sachs	9/15/2020	1.42%	Monthly		(689	)	$	(267,311	)	$	(8,340	)
Brazil
B2W Cia Digital	Goldman Sachs	9/15/2020	1.42%	Monthly		(47,500	)		(345,252	)		3,398
Marcopolo SA	Goldman Sachs	9/15/2020	1.42%	Monthly		(157,100	)		(196,925	)		(4,550	)
Natura Cosmeticos SA	Goldman Sachs	9/15/2020	1.42%	Monthly		(40,800	)		(424,223	)		9,609
Raia Drogasil SA	Goldman Sachs	9/15/2020	1.42%	Monthly		(9,200	)		(220,784	)		11,453
									(1,187,184	)		19,910
Chile
Sociedad Quimica Mineral	Goldman Sachs	9/15/2020	1.42%	Monthly		(7,286	)		(363,571	)		38,927
China
China Life Insurance Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.07%	Monthly		(90,000	)		(264,364	)		1,319
China Pacific Insurance Group, Ltd., Class H	Goldman Sachs	12/31/2021	0.07%	Monthly		(51,400	)		(250,042	)		(5,361	)
Cosco Shipping Development Co., Ltd.	Goldman Sachs	12/31/2021	0.07%	Monthly		(1,515,000	)		(306,343	)		(2,453	)

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

44 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)			Notional Amount			Unrealized Appreciation (Depreciation)
Short—(continued)
China—(continued)
Cosco Shipping Holdings Co., Ltd.	Goldman Sachs	9/15/2020	0.07%	Monthly		(544,500	)	$	(283,664	)	$	(112	)
Dongfang Electric Corp. Ltd., Class H	Goldman Sachs	12/31/2021	0.07%	Monthly		(454,800	)		(378,043	)		(10,297	)
Great Wall Motor Class H	Macquarie	9/18/2018	0.14%	Monthly		(322,000	)		(376,681	)		(17,503	)
Huadian Power International Corp. Ltd., Class H	Goldman Sachs	12/31/2021	0.07%	Monthly		(768,000	)		(267,549	)		(2,619	)
Huaneng Power International Inc., Class H	Goldman Sachs	12/31/2021	0.07%	Monthly		(314,000	)		(192,253	)		(4,457	)
Maanshan Iron & Steel	Goldman Sachs	9/15/2020	0.07%	Monthly		(828,000	)		(442,134	)		(982	)
New China Life Insurance Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.07%	Monthly		(40,400	)		(239,771	)		1,335
Parkson Retail Group Ltd.	Goldman Sachs	12/31/2021	0.07%	Monthly		(1,472,000	)		(170,198	)		40,446
Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	12/31/2020	0.07%	Monthly		(129,000	)		(170,614	)		(14,565	)
Shanhai Electric, Class H	Goldman Sachs	9/15/2020	0.07%	Monthly		(1,044,000	)		(391,877	)		(3,715	)
Tian Ge Interactive Holdings Ltd.	Goldman Sachs	12/31/2021	0.07%	Monthly		(435,000	)		(389,613	)		(22,575	)
Tsingtao Brewery Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.07%	Monthly		(56,000	)		(306,080	)		2,721
Yashili International Holdings Ltd.	Goldman Sachs	12/31/2021	0.07%	Monthly		(600,000	)		(106,569	)		(3,102	)
									(4,535,795	)		(41,920	)
Colombia
Ecopetrol SA - SP ADR	Goldman Sachs	9/15/2020	1.42%	Monthly		(13,113	)		(229,609	)		(2,256	)
France
Edenred	Goldman Sachs	9/15/2020	-0.36%	Monthly		(5,372	)		(188,482	)		(6,924	)
Hong Kong
Bank Of East Asia Ltd. (The)	Goldman Sachs	12/31/2021	0.07%	Monthly		(93,109	)		(409,870	)		(13,660	)
Cathay Pacific Airways	Goldman Sachs	9/15/2020	0.07%	Monthly		(298,000	)		(502,744	)		(10,816	)
China Aircraft Leasing Group Holdings Ltd.	Morgan Stanley	9/15/2020	0.09%	Monthly		(491,000	)		(478,117	)		10,653
China Resources Beer Holdings Co., Ltd.	Goldman Sachs	12/31/2021	0.07%	Monthly		(104,000	)		(400,535	)		(3,812	)
China Taiping Insurance Holdings Co., Ltd.	Goldman Sachs	12/31/2021	0.07%	Monthly		(85,800	)		(327,498	)		(4,039	)
Fullshare Holdings	Goldman Sachs	9/15/2020	0.07%	Monthly		(625,000	)		(349,620	)		(47,257	)
HK Electric Investments & HK Electric Investments Ltd.	Goldman Sachs	12/31/2021	0.07%	Monthly		(525,000	)		(492,403	)		(5,378	)
Hong Kong & China Gas Co., Ltd.	Goldman Sachs	12/31/2021	0.07%	Monthly		(219,200	)		(433,588	)		(10,039	)
Imperial Pacific International Holdings Ltd.	Morgan Stanley	12/31/2021	0.09%	Monthly		(4,200,000	)		(53,131	)		2,242

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

Semi-Annual Report 2018 45

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)			Notional Amount			Unrealized Appreciation (Depreciation)
Short—(continued)
Hong Kong— (continued)
MTR Corp.	Goldman Sachs	9/15/2020	0.07%	Monthly		(64,056	)	$	(338,073	)	$	(402	)
Towngas China Co., Ltd.	Macquarie	12/31/2021	0.14%	Monthly		(375,195	)		(303,478	)		7,198
Vision Fame International Holdings Ltd.	Macquarie	9/19/2018	0.14%	Monthly		(138,000	)		(6,965	)		(627	)
									(4,096,022	)		(75,936	)
India
Wipro Ltd. - SP ADR	Goldman Sachs	9/15/2020	1.42%	Monthly		(25,302	)		(139,414	)		771
Indonesia
H. M. Sampoerna	Macquarie	9/18/2018	1.44%	Monthly		(1,281,800	)		(449,378	)		5,253
Jasa Marga	Macquarie	9/18/2018	1.44%	Monthly		(258,600	)		(100,256	)		4,663
Jasa Marga	Morgan Stanley	9/18/2018	1.42%	Monthly		(218,900	)		(84,864	)		3,909
Unilever Indonesia TBK PT	Macquarie	9/19/2018	1.44%	Monthly		(129,500	)		(507,695	)		10,072
									(1,142,193	)		23,897
Italy
Prada S.P.A.	Goldman Sachs	12/31/2021	0.07%	Monthly		(102,400	)		(423,549	)		(5,448	)
Malaysia
Digi.com. Bhd	Morgan Stanley	9/15/2020	1.42%	Monthly		(414,300	)		(511,925	)		1,864
Maxis Bhd	Morgan Stanley	9/15/2020	1.42%	Monthly		(289,600	)		(436,951	)		12,318
									(948,876	)		14,182
Mexico
El Puerto de Liver	Goldman Sachs	9/15/2020	1.42%	Monthly		(49,900	)		(341,082	)		9,105
Fresnillo PLC	Goldman Sachs	12/31/2021	0.47%	Monthly		(8,815	)		(147,279	)		18,060
Grupo Televisa SAB - SP ADR	Goldman Sachs	9/15/2020	1.42%	Monthly		(5,938	)		(101,005	)		13,209
Kimberly-Clark MXC	Goldman Sachs	9/15/2020	1.42%	Monthly		(183,600	)		(333,683	)		9,480
Telesites SAB CV	Goldman Sachs	9/15/2020	1.42%	Monthly		(357,300	)		(284,124	)		(6,011	)
									(1,207,173	)		43,843
Singapore
Sats Ltd. NPV	Goldman Sachs	9/15/2020	1.54%	Monthly		(97,600	)		(381,727	)		1,507
SembCorp. Marine Ltd.	Morgan Stanley	12/31/2021	1.65%	Monthly		(202,900	)		(318,972	)		84,877
Singapore Airlines Ltd. NPV	Goldman Sachs	9/15/2020	1.54%	Monthly		(55,400	)		(461,616	)		8,726
Singapore Press Holdings Ltd.	Goldman Sachs	9/15/2020	1.54%	Monthly		(192,400	)		(375,894	)		10,531
									(1,538,209	)		105,641
South Africa
MTN Group Ltd.	Goldman Sachs	9/15/2020	6.56%	Monthly		(44,979	)		(487,311	)		(9,766	)
Nampak	Goldman Sachs	9/15/2020	6.56%	Monthly		(175,565	)		(236,245	)		13,944
									(723,556	)		4,179
South Korea
Amorepacific Group	Goldman Sachs	9/15/2020	1.42%	Monthly		(3,578	)		(415,142	)		417
Celltrion Health	Goldman Sachs	9/19/2018	1.42%	Monthly		(258	)		(28,009	)		2,112
Celltrion Health	Macquarie	9/18/2018	1.44%	Monthly		(2,350	)		(255,125	)		19,235
Celltrion Health	Morgan Stanley	9/19/2018	1.42%	Monthly		(1,544	)		(167,623	)		12,695
Celltrion Inc.	Goldman Sachs	9/15/2020	1.42%	Monthly		(1,404	)		(454,104	)		(56,596	)
CJ CGV Co., Ltd.	Morgan Stanley	9/15/2020	1.42%	Monthly		(7,273	)		(474,976	)		23,662
Hite Jinro Co. Ltd.	Goldman Sachs	9/15/2020	1.42%	Monthly		(15,447	)		(313,818	)		(11,395	)

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

46 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)			Notional Amount			Unrealized Appreciation (Depreciation)
Short—(continued)
South Korea—(continued)
Kakao Corp.	Goldman Sachs	12/31/2021	1.42%	Monthly		(2,152	)	$	(252,907	)	$	(6,780	)
LG Display Co., Ltd.	Goldman Sachs	9/15/2020	1.42%	Monthly		(14,510	)		(399,243	)		8,527
Paradise Co. Ltd.	Morgan Stanley	12/31/2021	1.42%	Monthly		(19,610	)		(331,391	)		57,620
Posco Daewoo Corp.	Macquarie	9/18/2018	1.44%	Monthly		(21,770	)		(405,011	)		11,319
Seah Besteel Corp.	Goldman Sachs	12/31/2021	1.42%	Monthly		(13,410	)		(352,804	)		(4,028	)
Tongyang Life Insurance Co., Ltd.	Morgan Stanley	12/31/2021	1.42%	Monthly		(22,100	)		(146,735	)		8,946
									(3,996,888	)		65,733
Switzerland
Cie Financiere Richemont SA	Goldman Sachs	9/15/2020	6.56%	Monthly		(16,120	)		(142,650	)		3,147
Taiwan
AU Optronics Corp.	Goldman Sachs	9/15/2020	1.42%	Monthly		(834,000	)		(367,213	)		15,275
Cheng Shin Rubber	Goldman Sachs	9/15/2020	1.42%	Monthly		(122,000	)		(209,093	)		(231	)
Eclat Textile Co., Ltd.	Goldman Sachs	12/31/2021	1.42%	Monthly		(29,500	)		(309,320	)		4,559
Feng Tay Enterprise	Goldman Sachs	9/15/2020	1.42%	Monthly		(108,000	)		(509,074	)		(15,621	)
Ginko International	Goldman Sachs	9/15/2020	1.42%	Monthly		(21,000	)		(152,431	)		(2,681	)
Innolux Corp.	Goldman Sachs	9/15/2020	1.42%	Monthly		(759,000	)		(330,228	)		8,765
Kinsus Interconne	Goldman Sachs	9/15/2020	1.42%	Monthly		(160,000	)		(274,603	)		(5,836	)
Largan Precision, Class C	Macquarie	9/18/2018	1.44%	Monthly		(2,000	)		(247,212	)		23,288
United Microelectronics Corp. - SP ADR	Goldman Sachs	9/15/2020	1.42%	Monthly		(196,063	)		(472,512	)		5,892
									(2,871,686	)		33,410
Thailand
Airports of Thailand PCL	Morgan Stanley	9/15/2020	1.42%	Monthly		(188,600	)		(422,791	)		(12,673	)
Robinson Department Store	Macquarie	9/19/2018	1.44%	Monthly		(140,500	)		(299,643	)		21,475
Thai Airways International PCL - NVDR	Morgan Stanley	12/31/2021	1.42%	Monthly		(707,500	)		(340,339	)		6,863
									(1,062,773	)		15,665
United Kingdom
Antofagasta PLC	Goldman Sachs	12/31/2021	0.47%	Monthly		(15,446	)		(183,630	)		9,455
Standard Chartered PLC	Goldman Sachs	12/31/2020	0.47%	Monthly		(32,917	)		(364,954	)		12,817
Subsea 7 S.A Com.	Goldman Sachs	9/15/2020	0.50%	Monthly		(24,692	)		(366,660	)		(1,017	)
									(915,244	)		21,255
Total Short									(25,980,185	)		249,735
Net unrealized gain/(loss) on Contracts For Difference											$	(177,420	)

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

Semi-Annual Report 2018 47

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

Portfolio of Investments (concluded)
February 28, 2018 (unaudited)

A summary of the inputs used to value the Fund's investments carried at fair value as of February 28, 2018 is as follows (see Notes to Portfolio of Investments):

	Total		Level 1		Level 2		Level 3
Common Stock
Argentina	$	1,473,629	$	1,473,629	$	—	$	—
Australia		152,782		—		152,782		—
Brazil		3,982,845		3,982,845		—		—
Canada		547,443		547,443		—		—
Chile		418,829		418,829		—		—
China		6,735,065		4,700,370		2,034,695		—
Egypt		1,036,061		—		1,036,061		—
Hong Kong		1,417,916		1,211,622		206,294		—
Hungary		791,197		416,721		374,476		—
India		2,512,645		1,184,252		1,328,393		—
Indonesia		602,639		602,639		—		—
Luxembourg		640,169		640,169		—		—
Mexico		2,575,797		2,575,797		—		—
Netherlands		1,237,640		450,422		787,218		—
Philippines		753,083		753,083		—		—
Poland		414,008		414,008		—		—
Russia		2,341,453		2,341,453		—		—
Singapore		605,559		—		605,559		—
South Africa		2,119,924		370,870		1,749,054		—
South Korea		3,388,983		960,870		2,428,113		—
Switzerland		510,782		—		510,782		—
Taiwan		1,948,504		463,498		1,485,006		—
Turkey		1,976,647		256,141		1,720,506		—
United Arab Emirates		534,046		534,046		—		—
United Kingdom		1,439,595		791,803		647,792		—
United States		3,464,887		3,464,887		—		—
Exchange Traded Funds		450,519		—		450,519		—
Preferred Stock
Brazil		534,198		534,198		—		—
Russia		286,050		—		286,050		—
South Korea		3,078,800		—		3,078,800		—
Warrant		4,006		4,006		—		—
Short-Term Investments		25,050,896		25,050,896		—		—
Contracts For Difference
Equity Contracts		840,420		—		840,420		—
Total Assets	$	73,867,017	$	54,144,497	$	19,722,520	$	—

	Total			Level 1		Level 2			Level 3
Securities Sold Short
Hong Kong	$	(294,172	)	$	—	$	(294,172	)	$	—
Contracts For Difference
Equity Contracts		(1,017,840	)		—		(1,017,840	)		—
Total Liabilities	$	(1,312,012	)	$	—	$	(1,312,012	)	$	—

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

48 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

Portfolio of Investments
February 28, 2018 (unaudited)

	Number of Shares		Value
COMMON STOCKS—60.3%
Argentina—2.0%
Banco Macro SA - ADR		199	$	22,509
Grupo Financiero Galicia SA - ADR		293		18,441
Grupo Supervielle SA - SP ADR		948		29,113
Pampa Energia SA - SP ADR*		1,045		66,180
YPF SA - SP ADR		2,556		59,069
				195,312
Australia—0.2%
Syrah Resources Ltd.*		7,774		20,266
Brazil—2.1%
BK Brasil Operacao e Assessoria a Restaurantes SA*		4,550		23,136
Minerva SA		38,300		106,753
Tupy SA		5,300		29,382
Vale SA - SP ADR		3,343		45,899
				205,170
Canada—0.8%
Ivanhoe Mines Ltd., Class A*		8,821		22,204
Lundin Mining Corp.		7,808		50,808
				73,012
Chile—0.5%
Geopark Ltd.*		4,948		48,985
China—17.1%
Alibaba Group Holding Ltd. - SP ADR*		2,470		459,766
Baidu, Inc. - SP ADR*		518		130,712
China Construction Bank Corp., Class H		68,000		69,721
China Meidong Auto Holdings Ltd.		166,000		61,938
China Telecom Corp. Ltd.		138,000		60,170
Industrial & Commercial Bank of China Ltd.		59,000		50,300
JD.com, Inc. - ADR*		553		26,074
NetEase, Inc. - ADR		99		29,042
Ping An Insurance Group Co. of China Ltd., Class H		4,000		42,133
Shanghai Haohai Biological Technology Co., Ltd., Class H		6,900		36,191
Sunny Optical Technology Group Co., Ltd.		2,000		32,712
Tencent Holdings Ltd.		8,600		470,493
Tencent Holdings Ltd. - ADR		1,221		67,021
Vipshop Holdings Ltd. - ADR*		3,776		65,664
West China Cement Ltd.*		234,000		39,521
				1,641,458
Egypt—1.4%
Eastern Tobacco		4,314		135,102
Hong Kong—1.9%
China Mobile Ltd. - SP ADR		3,280		152,487
WH Group Ltd.		21,000		25,864
				178,351
Hungary—1.1%
OTP Bank PLC		1,062		47,316
Waberer's International Nyrt*		3,051		56,094
				103,410
India—1.8%
Videocon d2h Ltd. - ADR*		20,644		171,345
Indonesia—1.1%
Bank Rakyat Indonesia Persero Tbk PT		274,100		75,361
Bank Rakyat Indonesia Persero Tbk PT - ADR		1,824		25,144
				100,505
Luxembourg—0.9%
Adecoagro SA*		9,312		83,715
Mexico—4.5%
Alpek SAB de CV		50,100		65,035
Banco del Bajio SA*		13,700		29,906
Bolsa Mexicana de Valores SAB de CV		15,500		28,771
Cemex SAB de CV - SP ADR*		6,203		40,630
CFE Capital S de RL de CV*		31,975		33,450
Credito Real SAB de CV SOFOM ER		42,300		58,881
Gentera SAB de CV		31,600		25,832
Gruma SAB de CV		2,155		24,947
Grupo GICSA SA de CV*		167,200		97,567
Vista Oil & Gas SAB de CV*		2,311		23,109
				428,128
Netherlands—1.7%
DP Eurasia NV*		10,825		31,743
Heineken NV		959		99,583
VEON Ltd.		9,682		27,981
				159,307
Philippines—1.0%
Bloomberry Resorts Corp.*		142,300		39,346
East West Banking Corp.		44,600		23,978
Filinvest Land, Inc.		812,000		27,597
Melco Resorts And Entertainment Philippines Corp.*		37,900		5,567
				96,488
Russia—3.2%
LUKOIL PJSC - SP ADR		1,022		67,861
Mobile TeleSystems PJSC - SP ADR		3,040		36,359
Sberbank of Russia PJSC - SP ADR		8,727		176,809
Tatneft PJSC - SP ADR		407		25,722
				306,751
Singapore—0.8%
BOC Aviation Ltd.		4,400		24,546
DBS Group Holdings Ltd.		2,600		55,876
				80,422
South Africa—2.9%
Capitec Bank Holdings Ltd.		400		28,068

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

Semi-Annual Report 2018 49

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

	Number of Shares		Value
South Africa—(continued)
Clover Industries Ltd.		35,575	$	49,198
Naspers Ltd.		541		146,856
Telkom SA SOC Ltd.		11,530		50,218
				274,340
South Korea—3.4%
DB Insurance Co. Ltd.*		452		28,889
Hanwha Corp.		850		34,707
Hyundai Heavy Industries Co., Ltd.*		198		23,813
Hyundai Marine & Fire Insurance Co., Ltd.		810		30,841
KB Financial Group, Inc.		240		14,162
KT Corp. - SP ADR*		6,252		83,027
LG Corp.		459		36,582
Meritz Fire & Marine Insurance Co., Ltd.		2,200		46,339
SFA Engineering Corp.		697		24,056
				322,416
Switzerland—0.7%
Glencore PLC		12,576		66,133
Taiwan—1.2%
Compeq Manufacturing Co., Ltd.		18,000		20,307
Primax Electronics Ltd.		18,000		45,471
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR		1,239		53,711
				119,489
Turkey—1.4%
Mavi Giyim Sanayi Ve Ticaret AS, Class B*		5,603		78,406
Migros Ticaret AS*		5,226		32,966
Tupras Turkiye Petrol Rafinerileri AS		319		9,790
Yapi ve Kredi Bankasi AS*		14,172		17,659
				138,821
United Kingdom—4.0%
Atrium European Real Estate Ltd.		16,767		83,767
BGEO Group PLC		1,902		88,590
Cairn Energy PLC*		12,501		31,906
Georgia Healthcare Group PLC*		2,865		13,016
Ophir Energy PLC*		26,716		19,346
Petra Diamonds Ltd.*		116,771		98,326
TBC Bank Group PLC		2,068		44,723
				379,674
United States—4.6%
Air Lease Corp.		2,645		115,507
Broadcom Ltd.		97		23,907
Kosmos Energy Ltd.*		5,854		31,553
Lam Research Corp.		126		24,175
Liberty Latin America Ltd. Class C*		5,156		105,440
Micron Technology, Inc.*		857		41,830
Philip Morris International, Inc.		597		61,819
Versum Materials, Inc.		318		11,772
Wynn Resorts Ltd.		162		27,135
				443,138
TOTAL COMMON STOCKS (Cost $5,700,403)				5,771,738
EXCHANGE TRADED FUNDS—3.0%
Thailand—0.6%
Jasmine Broadband Internet Infrastructure Fund		157,600		60,621
United States—2.4%
iShares MSCI India ETF		6,680		229,257
TOTAL EXCHANGE TRADED FUNDS (Cost $294,858)				289,878
PREFERRED STOCKS—0.7%
Brazil—0.7%
Cia Paranaense de Energia, 11.477%		4,600		36,070
Itau Unibanco Holding SA, 5.660%		2,100		32,960
				69,030
TOTAL PREFERRED STOCKS (Cost $61,474)				69,030
SHORT-TERM INVESTMENTS—36.3%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.29%		3,474,298		3,474,298
TOTAL SHORT-TERM INVESTMENTS (Cost $3,474,298)				3,474,298
TOTAL INVESTMENTS—100.3%
(Cost $9,531,033)				9,604,944
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.3)%				(25,851	)
NET ASSETS—100.0%			$	9,579,093

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored American Depositary Receipt

* — Non-income producing.

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

50 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

Contracts for Difference held by the Fund at February 28, 2018, are as follows:

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)		Notional Amount		Unrealized Appreciation (Depreciation)
Long
Brazil
Cia de Saneamento Basico	Goldman Sachs	9/15/2020	1.60%	Monthly		4,900	$	56,773	$	1,848
Eneva SA	Goldman Sachs	9/15/2020	1.60%	Monthly		3,600		15,079		(415	)
Movida Participacoes SA	Goldman Sachs	9/15/2020	1.60%	Monthly		22,000		51,902		(1,781	)
Qualicorp SA	Goldman Sachs	9/15/2020	1.60%	Monthly		12,300		107,851		(2,152	)
Sul America SA	Goldman Sachs	9/15/2020	1.60%	Monthly		11,300		74,408		2,305
								306,013		(194	)
China
Agricultural Bank	Goldman Sachs	9/15/2020	0.70%	Monthly		129,000		70,879		(194	)
China Lesso Group	Goldman Sachs	9/15/2020	0.70%	Monthly		127,000		83,279		(1,791	)
China Meidong Auto Holdings Ltd.	Goldman Sachs	9/15/2020	0.70%	Monthly		44,000		16,417		443
China National, Class H	Goldman Sachs	9/15/2020	0.70%	Monthly		10,000		9,811		224
China Petroleum, Class H	Goldman Sachs	9/15/2020	0.70%	Monthly		10,000		7,937		24
China Vanke Co., Class H	Goldman Sachs	9/15/2020	0.70%	Monthly		6,200		27,508		(1,064	)
Gree Electric Appliances Inc.	Goldman Sachs	9/15/2020	1.63%	Monthly		11,700		94,947		(6,646	)
Guangzhou Automobile, Class H	Goldman Sachs	9/15/2020	0.70%	Monthly		28,000		61,571		(1,210	)
Haier Electronics	Goldman Sachs	9/15/2020	0.70%	Monthly		14,000		47,691		(808	)
Henan Shuang Inv.	Goldman Sachs	9/15/2020	1.63%	Monthly		23,600		101,042		(1,586	)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.63%	Monthly		3,100		57,765		(6,507	)
Kweichow Moutai	Goldman Sachs	9/15/2020	1.63%	Monthly		900		102,452		(3,060	)
PICC Property & Casualty	Goldman Sachs	9/15/2020	0.70%	Monthly		12,000		23,537		435
Qingdao Haier Co. Ltd.	Goldman Sachs	9/15/2020	1.63%	Monthly		17,500		53,806		(2,593	)
Sichuan Swellfun, Class A	Goldman Sachs	9/15/2020	1.63%	Monthly		5,700		38,627		(2,596	)
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.63%	Monthly		8,300		96,532		(8,448	)
								893,801		(35,377	)
Egypt
Commercial International Bank Egypt SAE	Goldman Sachs	12/31/2021	1.60%	Monthly		11,295		49,300		532
EFG-Hermes Holdings	Goldman Sachs	9/15/2020	1.60%	Monthly		20,333		25,445		174
								74,745		707
Greece
Motor Oil SA	Goldman Sachs	9/15/2020	-0.37%	Monthly		2,089		49,035		102
Hong Kong
Brilliance China	Goldman Sachs	9/15/2020	0.70%	Monthly		20,000		53,144		222
CNOOC Ltd. NPV	Goldman Sachs	9/15/2020	0.70%	Monthly		13,000		18,553		(292	)
Joy City Property	Goldman Sachs	9/15/2020	0.70%	Monthly		242,000		39,867		(39	)
K. Wah International Holdings Ltd.	Goldman Sachs	9/15/2020	0.70%	Monthly		31,000		19,998		(213	)
Kunlun Energy Corp.	Goldman Sachs	9/15/2020	0.70%	Monthly		26,000		24,367		204
								155,929		(118	)

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

Semi-Annual Report 2018 51

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

Portfolio of Investments (continued)
February 28, 2018 (unaudited)

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)		Notional Amount		Unrealized Appreciation (Depreciation)
Long—(continued)
Israel
Gazit-Globe Ltd.	Goldman Sachs	9/15/2020	0.10%	Monthly		10,850	$	110,267	$	1,762
Israel Discount Bank	Goldman Sachs	9/15/2020	0.10%	Monthly		16,918		48,511		1,943
Tamar Petroleum Ltd.	Goldman Sachs	9/15/2020	0.10%	Monthly		22,697		136,071		(999	)
								294,849		2,706
Japan
Suzuki Motor Corp.	Goldman Sachs	9/15/2020	-0.04%	Monthly		700		39,932		1,061
Luxembourg
Samsonite International SA	Goldman Sachs	12/31/2021	0.70%	Monthly		11,700		50,981		652
Poland
AmRest Holdings SE	Goldman Sachs	9/15/2020	1.60%	Monthly		445		55,643		(115	)
Russia
Sberbank of Russia PJSC	Goldman Sachs	9/15/2020	1.60%	Monthly		10,100		40,294		1,722
South Korea
Bnk Financial Group	Goldman Sachs	9/15/2020	1.60%	Monthly		8,700		89,707		3,171
Eugene Technology	Goldman Sachs	9/15/2020	1.60%	Monthly		3,682		73,822		(2,172	)
Hana Financial Group, Inc.	Goldman Sachs	12/31/2021	1.20%	Monthly		1,660		75,208		(2,394	)
Hyundai Mobis Co., Ltd.	Goldman Sachs	12/31/2021	1.60%	Monthly		213		44,846		955
Kiwoom Securities	Goldman Sachs	9/15/2020	1.60%	Monthly		199		18,157		(917	)
KT&G Corp.	Goldman Sachs	9/15/2020	1.60%	Monthly		604		55,665		608
LG Uplus Corp.	Goldman Sachs	12/31/2021	1.60%	Monthly		5,420		62,828		(1,755	)
NCSoft Corp.	Goldman Sachs	9/15/2020	1.60%	Monthly		45		15,551		(767	)
Samsung Electronics Co.	Goldman Sachs	9/15/2020	1.60%	Monthly		219		402,301		(8,061	)
Samsung Electronics Co., Ltd.	Goldman Sachs	12/31/2021	1.60%	Monthly		65		141,249		(1,341	)
Samsung SDI Co., Ltd.	Goldman Sachs	12/31/2021	1.60%	Monthly		412		65,128		(3,428	)
SK Hynix Inc.	Goldman Sachs	9/15/2020	1.60%	Monthly		430		30,325		202
								1,074,787		(15,899	)
Taiwan
Hon Hai Precision Industry Co., Ltd.	Goldman Sachs	9/15/2020	1.60%	Monthly		11,000		32,413		(816	)
Pegatron Corp.	Goldman Sachs	12/31/2021	1.60%	Monthly		37,000		93,024		(3,287	)
Taiwan Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	12/31/2021	1.60%	Monthly		36,000		298,929		(74	)
								424,366		(4,178	)
Turkey
Akbank Turk AS	Goldman Sachs	9/15/2020	1.60%	Monthly		29,158		80,996		2,600
Logo Yazilim Sanayi	Goldman Sachs	9/15/2020	1.60%	Monthly		3,074		44,232		(204	)
Turkiye Sinai Kalkinma Bankasi AS	Goldman Sachs	9/15/2020	1.60%	Monthly		77,651		34,520		2,275
Yatas Yatak ve Yorgan	Goldman Sachs	9/15/2020	1.60%	Monthly		11,317		86,928		15,365
								246,676		20,036

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

52 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

Portfolio of Investments (concluded)
February 28, 2018 (unaudited)

Reference Company	Counterparty	Expiration Date	Financing Rate	Payment Frequency	Number of Contracts Long/(Short)		Notional Amount		Unrealized Appreciation (Depreciation)
Long—(continued)
United Arab Emirates
Abu Dhabi Commercial Bank PJSC	Goldman Sachs	9/15/2020	1.60%	Monthly		22,118	$	43,960	$	(438	)
Emaar Malls PJSC	Goldman Sachs	9/15/2020	1.60%	Monthly		46,697		26,954		(2,299	)
								70,914		(2,736	)
Total Long								3,777,965		(31,631	)
Net unrealized gain/(loss) on Contracts For Difference									$	(31,631	)

A summary of the inputs used to value the Fund's investments carried at fair value as of February 28, 2018 is as follows (see Notes to Portfolio of Investments):

	Total		Level 1		Level 2		Level 3
Common Stock
Argentina	$	195,312	$	195,312	$	—	$	—
Australia		20,266		—		20,266		—
Brazil		205,170		205,170		—		—
Canada		73,012		73,012		—		—
Chile		48,985		48,985		—		—
China		1,641,458		840,217		801,241		—
Egypt		135,102		—		135,102		—
Hong Kong		178,351		152,487		25,864		—
Hungary		103,410		56,094		47,316		—
India		171,345		171,345		—		—
Indonesia		100,505		100,505		—		—
Luxembourg		83,715		83,715		—		—
Mexico		428,128		403,181		24,947		—
Netherlands		159,307		59,724		99,583		—
Philippines		96,488		96,488		—		—
Russia		306,751		306,751		—		—
Singapore		80,422		—		80,422		—
South Africa		274,340		49,198		225,142		—
South Korea		322,416		83,027		239,389		—
Switzerland		66,133		—		66,133		—
Taiwan		119,489		53,711		65,778		—
Turkey		138,821		—		138,821		—
United Kingdom		379,674		116,129		263,545		—
United States		443,138		443,138		—		—
Exchange Traded Funds		289,878		229,257		60,621		—
Preferred Stock
Brazil		69,030		69,030		—		—
Short-Term Investments		3,474,298		3,474,298		—		—
Contracts For Difference
Equity Contracts		38,829		—		38,829		—
Total Assets	$	9,643,773	$	7,310,774	$	2,332,999	$	—

	Total			Level 1		Level 2			Level 3
Contracts For Difference
Equity Contracts	$	(70,460	)	$	—	$	(70,460	)	$	—
Total Liabilities	$	(70,460	)	$	—	$	(70,460	)	$	—

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

Semi-Annual Report 2018 53

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

February 28, 2018 (unaudited)

	Boston Partners Small Cap Value Fund II			Boston Partners Long/Short Equity Fund			Boston Partners Long/Short Research Fund
ASSETS
Investments in securities, at value † ^	$	547,148,440		$	901,770,973		$	6,793,269,089
Short-term investments, at value **		123,234,154			125,726,781			247,895,596
Cash		—			481,130			—
Foreign currency, at value #		—			1,063,348			4,613,177
Receivables
Investments sold		2,902,880			11,365,934			18,331,045
Deposits with brokers for contracts for difference		—			—			7,510,000
Deposits with brokers for securities sold short		—			380,096,270			3,040,713,865
Capital shares sold		4,721,173			330,170			14,451,810
Dividends and interest		267,518			579,074			11,500,162
Due from Advisor		—			—			—
Unrealized appreciation on contracts for difference ◊		—			—			1,877,376
Prepaid expenses and other assets		32,030			44,614			181,031
Total assets		678,306,195			1,421,458,294			10,140,343,151
LIABILITIES
Securities sold short, at fair value ‡		—			372,873,641			2,965,542,875
Options written, at value + ◊		—			395,103			—
Due to custodian		—			—			35,143,169
Payables
Securities lending collateral		112,450,121			111,554,720			—
Investments purchased		5,296,811			10,298,657			6,076,392
Capital shares redeemed		6,740,052			492,472			4,652,488
Investment advisory fees		410,347			1,653,206			6,818,067
Custodian fees		6,322			17,447			74,078
Distribution and service fees		95,338			25,563			—
Dividends on securities sold-short		—			74,720			2,669,736
Administration and accounting fees		22,255			45,690			351,668
Transfer agent fees		77			14,451			220,677
Unrealized depreciation on contracts for difference ◊		—			—			14,685,629
Other accrued expenses and liabilities		48,968			56,122			161,474
Total liabilities		125,070,291			497,501,792			3,036,396,253
Net Assets	$	553,235,904		$	923,956,502		$	7,103,946,898
NET ASSETS CONSIST OF:
Par value	$	22,000		$	43,211		$	412,711
Paid-in capital		427,245,575			758,945,143			5,743,327,523
Undistributed net investment income/(accumulated net investment loss)		(489,902	)		(16,976,694	)		(36,810,394	)
Accumulated net realized gain/(loss) from investments, securities sold short, options written, contracts for difference and foreign currency		21,190,682			33,837,119			79,967,267
Net unrealized appreciation/(depreciation) on investments, securities sold short, options written, contracts for difference and foreign currency translation		105,267,549			148,107,723			1,317,049,791
Net Assets	$	553,235,904		$	923,956,502		$	7,103,946,898
INSTITUTIONAL CLASS
Net assets	$	420,022,113		$	844,871,233		$	6,953,043,587
Shares outstanding		16,525,256			39,227,572			403,781,909
Net asset value, offering and redemption price per share	$	25.42		$	21.54		$	17.22
INVESTOR CLASS
Net assets	$	133,213,791		$	79,085,268		$	150,903,311
Shares outstanding		5,474,649			3,983,227			8,929,359
Net asset value, offering and redemption price per share	$	24.33		$	19.85		$	16.90
† Investments in securities, at cost	$	441,880,854		$	724,907,692		$	5,149,989,322
^ Includes market value of securities on loan		108,289,573			106,861,824			—
** Short-term investments, at cost		123,234,154			125,726,781			247,895,596
# Foreign currency, at cost		—			1,060,415			4,799,995
‡ Proceeds received, securities sold short		—			341,286,137			2,652,307,970
+ Premiums received, options written		—			2,871,380			—
◊ Primary risk exposure is equity contracts.

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

54 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

February 28, 2018 (unaudited)

	Boston Partners All-Cap Value Fund		WPG Partners Small/Micro Cap Value Fund			Boston Partners Global Equity Fund
ASSETS
Investments in securities, at value † ^	$	1,997,139,917	$	30,348,275		$	632,724,776
Short-term investments, at value **		268,996,905		7,228,154			58,178,724
Cash		—		632			—
Foreign currency, at value #		—		—			308,589
Receivables
Investments sold		5,639,771		303,209			2,900,211
Deposits with brokers for contracts for difference		—		—			—
Deposits with brokers for securities sold short		—		—			—
Capital shares sold		6,038,493		—			2,416,000
Dividends and interest		2,878,101		26,458			1,305,025
Due from Advisor		—		—			—
Unrealized appreciation on contracts for difference ◊		—		—			—
Prepaid expenses and other assets		90,355		9,888			31,833
Total assets		2,280,783,542		37,916,616			697,865,158
LIABILITIES
Securities sold short, at fair value ‡		—		—			—
Options written, at value + ◊		—		—			—
Due to custodian		—		—			2,215
Payables
Securities lending collateral		183,482,661		6,775,803			35,279,376
Investments purchased		—		323,019			2,922,202
Capital shares redeemed		4,518,424		—			—
Investment advisory fees		1,115,900		19,257			424,568
Custodian fees		10,289		3,739			21,023
Distribution and service fees		173,990		—			—
Dividends on securities sold-short		—		—			—
Administration and accounting fees		46,074		4,245			17,079
Transfer agent fees		11,043		5,170			2,180
Unrealized depreciation on contracts for difference ◊		—		—			—
Other accrued expenses and liabilities		39,012		34,008			9,499
Total liabilities		189,397,393		7,165,241			38,678,142
Net Assets	$	2,091,386,149	$	30,751,375		$	659,187,016
NET ASSETS CONSIST OF:
Par value	$	77,465	$	1,958		$	35,473
Paid-in capital		1,538,429,122		28,965,841			545,027,362
Undistributed net investment income/(accumulated net investment loss)		1,717,533		55,837			(359,259	)
Accumulated net realized gain/(loss) from investments, securities sold short, options written, contracts for difference and foreign currency		32,429,354		(665,680	)		18,479,763
Net unrealized appreciation/(depreciation) on investments, securities sold short, options written, contracts for difference and foreign currency translation		518,732,675		2,393,419			96,003,677
Net Assets	$	2,091,386,149	$	30,751,375		$	659,187,016
INSTITUTIONAL CLASS
Net assets	$	1,587,479,270	$	30,751,375		$	659,187,016
Shares outstanding		58,731,281		1,957,783			35,472,833
Net asset value, offering and redemption price per share	$	27.03	$	15.71		$	18.58
INVESTOR CLASS
Net assets	$	503,906,879	$	—		$	—
Shares outstanding		18,733,894		—			—
Net asset value, offering and redemption price per share	$	26.90	$	—		$	—
† Investments in securities, at cost	$	1,478,407,474	$	27,954,856		$	536,756,427
^ Includes market value of securities on loan		177,505,974		6,507,407			34,041,777
** Short-term investments, at cost		268,996,905		7,228,154			58,178,724
# Foreign currency, at cost		—		—			311,355
‡ Proceeds received, securities sold short		—		—			—
+ Premiums received, options written		—		—			—
◊ Primary risk exposure is equity contracts.

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

Semi-Annual Report 2018 55

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (concluded)

February 28, 2018 (unaudited)

	Boston Partners Global Long/Short Fund			Boston Partners Emerging Markets Long/Short Fund			Boston Partners Emerging Markets Fund
ASSETS
Investments in securities, at value † ^	$	978,061,641		$	47,975,701		$	6,130,646
Short-term investments, at value **		24,042,866			25,050,896			3,474,298
Cash		—			—			2,863
Foreign currency, at value #		453,524			349,145			42,504
Receivables
Investments sold		8,295,965			594,600			20,473
Deposits with brokers for contracts for difference		740,000			4,069,844			—
Deposits with brokers for securities sold short		443,460,188			80,337			—
Capital shares sold		2,352,340			18,481			—
Dividends and interest		2,405,538			107,794			5,042
Due from Advisor		—			—			313
Unrealized appreciation on contracts for difference ◊		322,156			840,420			38,829
Prepaid expenses and other assets		57,952			26,628			566
Total assets		1,460,192,170			79,113,846			9,715,534
LIABILITIES
Securities sold short, at fair value ‡		429,958,540			294,172			—
Options written, at value + ◊		364,375			—			—
Due to custodian		—			140			—
Payables
Securities lending collateral		—			—			—
Investments purchased		12,752,624			1,007,126			51,025
Capital shares redeemed		2,269,727			—			—
Investment advisory fees		1,166,820			89,354			—
Custodian fees		38,612			18,070			6,128
Distribution and service fees		298			—			—
Dividends on securities sold-short		751,495			—			—
Administration and accounting fees		42,323			7,085			607
Transfer agent fees		65,284			170			892
Unrealized depreciation on contracts for difference ◊		691,077			1,017,840			70,460
Other accrued expenses and liabilities		437,257			18,123			7,329
Total liabilities		448,538,432			2,452,080			136,441
Net Assets	$	1,011,653,738		$	76,661,766		$	9,579,093
NET ASSETS CONSIST OF:
Par value	$	85,683		$	6,476		$	909
Paid-in capital		899,158,312			72,028,613			9,308,482
Undistributed net investment income/(accumulated net investment loss)		(11,735,404	)		(470,883	)		(49,883	)
Accumulated net realized gain/(loss) from investments, securities sold short, options written, contracts for difference and foreign currency		(3,009,076	)		2,792,259			278,761
Net unrealized appreciation/(depreciation) on investments, securities sold short, options written, contracts for difference and foreign currency translation		127,154,223			2,305,301			40,824
Net Assets	$	1,011,653,738		$	76,661,766		$	9,579,093
INSTITUTIONAL CLASS
Net assets	$	978,393,459		$	76,661,766		$	9,579,093
Shares outstanding		82,842,892			6,475,777			908,977
Net asset value, offering and redemption price per share	$	11.81		$	11.84		$	10.54
INVESTOR CLASS
Net assets	$	33,260,279		$	—		$	—
Shares outstanding		2,840,431			—			—
Net asset value, offering and redemption price per share	$	11.71		$	—		$	—
† Investments in securities, at cost	$	836,481,617		$	45,400,416		$	6,056,735
^ Includes market value of securities on loan		—			—			—
** Short-term investments, at cost		24,042,866			25,050,896			3,474,298
# Foreign currency, at cost		460,062			347,606			42,634
‡ Proceeds received, securities sold short		415,869,961			294,797			—
+ Premiums received, options written		424,413			—			—
◊ Primary risk exposure is equity contracts.

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

56 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended February 28, 2018 (unaudited)

	Boston Partners Small Cap Value Fund II			Boston Partners Long/Short Equity Fund			Boston Partners Long/Short Research Fund
Investment Income
Dividends †	$	5,838,448		$	5,922,060		$	42,869,199
Interest		76,044			26,808			1,833,804
Income from securities loaned (Note 8)		171,435			429,267			—
Prime broker interest income		—			—			6,173,605
Total investment income		6,085,927			6,378,135			50,876,608
Expenses
Advisory fees (Note 2)		2,804,738			10,811,224			42,553,609
Distribution fees (Investor Class) (Note 2)		192,690			107,543			231,363
Transfer agent fees (Note 2)		179,294			247,088			1,474,051
Administration and accounting fees (Note 2)		75,096			134,826			946,429
Printing and shareholder reporting fees		27,720			27,526			171,536
Legal fees		19,595			33,648			99,911
Audit and tax service fees		18,786			28,188			45,118
Directors fees		13,602			25,469			178,826
Custodian fees (Note 2)		10,918			26,552			156,393
Officers fees		8,176			15,673			101,161
Other expenses		38,373			46,857			15,976
Dividend expense on securities sold-short		—			921,672			20,910,490
Prime broker interest expense		—			2,713,655			—
Total expenses before waivers and reimbursements		3,388,988			15,139,921			66,884,863
Less: waivers and reimbursements		(111,087	)		—			—
Net expenses after waivers and reimbursements		3,277,901			15,139,921			66,884,863
Net investment income/(loss)		2,808,026			(8,761,786	)		(16,008,255	)
Net realized gain/(loss) from:
Investment securities		29,708,384			76,199,849			319,951,003
Investments sold short		—			(33,382,678	)		(241,422,607	)
Foreign currency transactions		(200	)		31,995			55,500,965
Contracts for difference**		—			—			44,915,609
Options written**		—			—			—
Net change in unrealized appreciation/(depreciation) on:
Investment securities		1,185,151			5,452,402			336,394,027
Investments sold short		—			(6,473,674	)		(59,165,827	)
Foreign currency translation		(37	)		75,570			(45,269,581	)
Options written**		—			669,876			—
Contracts for difference**		—			—			(8,747,718	)
Net realized and unrealized gain/(loss)		30,893,298			42,573,340			402,155,871
Net increase/(decrease) in net assets resulting from operations	$	33,701,324		$	33,811,554		$	386,147,616
† Net of foreign withholding taxes of	$	(9,305	)	$	(71,277	)	$	(571,460	)

** Primary risk exposure is equity contracts.

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

Semi-Annual Report 2018 57

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended February 28, 2018 (unaudited)

	Boston Partners All-Cap Value Fund			WPG Partners Small/Micro Cap Value Fund			Boston Partners Global Equity Fund
Investment Income
Dividends †	$	13,745,401		$	184,385		$	3,616,185
Interest		392,343			2,957			96,796
Income from securities loaned (Note 8)		176,659			51,400			24,095
Prime broker interest income		—			—			—
Total investment income		14,314,403			238,742			3,737,076
Expenses
Advisory fees (Note 2)		6,857,074			128,961			2,834,827
Distribution fees (Investor Class) (Note 2)		588,437			—			—
Transfer agent fees (Note 2)		426,206			5,576			59,893
Administration and accounting fees (Note 2)		235,887			7,286			93,888
Printing and shareholder reporting fees		60,361			719			5,803
Legal fees		57,949			1,317			17,660
Audit and tax service fees		19,895			22,205			23,175
Directors fees		44,218			—			13,875
Custodian fees (Note 2)		26,666			6,146			51,777
Officers fees		28,953			—			8,075
Other expenses		79,896			9,755			28,130
Dividend expense on securities sold-short		—			—			—
Prime broker interest expense		—			—			—
Total expenses before waivers and reimbursements		8,425,542			181,965			3,137,103
Less: waivers and reimbursements		(19,380	)		(5,324	)		(144,784	)
Net expenses after waivers and reimbursements		8,406,162			176,641			2,992,319
Net investment income/(loss)		5,908,241			62,101			744,757
Net realized gain/(loss) from:
Investment securities		53,396,571			762,067			27,845,976
Investments sold short		—			—			—
Foreign currency transactions		—			(4,961	)		(103,359	)
Contracts for difference**		—			—			—
Options written**		—			—			—
Net change in unrealized appreciation/(depreciation) on:
Investment securities		128,834,810			486,397			25,466,982
Investments sold short		—			—			—
Foreign currency translation		(189	)		—			14,500
Options written**		—			—			—
Contracts for difference**		—			—			—
Net realized and unrealized gain/(loss)		182,231,192			1,243,503			53,224,099
Net increase/(decrease) in net assets resulting from operations	$	188,139,433		$	1,305,604		$	53,968,856
† Net of foreign withholding taxes of	$	(14,276	)	$	(800	)	$	(131,332	)

** Primary risk exposure is equity contracts.

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

58 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF OPERATIONS (concluded)

For the Six Months Ended February 28, 2018 (unaudited)

	Boston Partners Global Long/Short Fund			Boston Partners Emerging Markets Long/Short Fund			Boston Partners Emerging Markets Fund
Investment Income
Dividends †	$	6,071,022		$	188,839		$	5,620
Interest		128,664			108,348			12,042
Income from securities loaned (Note 8)		—			—			—
Prime broker interest income		1,471,253			—			—
Total investment income		7,670,939			297,187			17,662
Expenses
Advisory fees (Note 2)		7,756,647			594,487			23,329
Distribution fees (Investor Class) (Note 2)		44,797			—			—
Transfer agent fees (Note 2)		287,138			7,989			2,442
Administration and accounting fees (Note 2)		147,720			28,287			6,356
Printing and shareholder reporting fees		28,519			2,669			564
Legal fees		35,037			1,490			5,497
Audit and tax service fees		31,861			33,070			6,961
Directors fees		25,455			1,329			—
Custodian fees (Note 2)		91,390			51,809			10,366
Officers fees		15,674			795			—
Other expenses		65,724			17,118			3,640
Dividend expense on securities sold-short		3,380,124			—			—
Prime broker interest expense		—			108			—
Total expenses before waivers and reimbursements		11,910,086			739,151			59,155
Less: waivers and reimbursements		—			(96,353	)		(28,964	)
Net expenses after waivers and reimbursements		11,910,086			642,798			30,191
Net investment income/(loss)		(4,239,147	)		(345,611	)		(12,529	)
Net realized gain/(loss) from:
Investment securities		72,488,007			3,121,039			167,255
Investments sold short		(50,169,261	)		—			—
Foreign currency transactions		(175,141	)		(62,449	)		(5,006	)
Contracts for difference**		(1,719,069	)		393,714			116,512
Options written**		—			—			—
Net change in unrealized appreciation/(depreciation) on:
Investment securities		18,711,085			(994,728	)		73,911
Investments sold short		7,486,154			625			—
Foreign currency translation		(999	)		(23,861	)		(1,456	)
Options written**		(145,423	)		—			—
Contracts for difference**		(21,913	)		(145,188	)		(31,631	)
Net realized and unrealized gain/(loss)		46,453,440			2,289,152			319,585
Net increase/(decrease) in net assets resulting from operations	$	42,214,293		$	1,943,541		$	307,056
† Net of foreign withholding taxes of	$	(221,674	)	$	(24,447	)	$	(431	)

** Primary risk exposure is equity contracts.

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

Semi-Annual Report 2018 59

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Boston Partners Small Cap Value Fund II						Boston Partners Long/Short Equity Fund
	For the Six Months Ended February 28, 2018 (unaudited)			For the Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (unaudited)			For the Year Ended August 31, 2017
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	2,808,026		$	2,215,474		$	(8,761,786	)	$	(11,541,965	)
Net realized gain/(loss) from investments, securities sold short, options written, contracts for difference and foreign currency		29,708,184			24,012,473			42,849,166			3,350,098
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, options written, contracts for difference and foreign currency translation		1,185,114			20,433,718			(275,826	)		42,340,418
Net increase/(decrease) in net assets resulting from operations		33,701,324			46,661,665			33,811,554			34,148,551
Dividends and distributions to shareholders from:
Net investment income
Institutional Class		(3,131,857	)		(2,781,092	)		—			—
Investor Class		(786,948	)		(870,239	)		—			—
Net realized capital gains
Institutional Class		(15,168,411	)		(4,527,424	)		(6,788,431	)		—
Investor Class		(5,613,779	)		(1,908,313	)		(720,622	)		—
Net decrease in net assets from dividends and distributions to shareholders		(24,700,995	)		(10,087,068	)		(7,509,053	)		—
Capital transactions:
Institutional Class
Proceeds from shares sold		77,922,859			143,360,524			59,948,111			251,115,617
Reinvestment of distributions		18,092,538			7,224,434			5,867,217			—
Shares redeemed		(43,600,772	)		(93,047,367	)		(103,596,565	)		(154,556,632	)
Redemption fees		—			—			—			—
Investor Class
Proceeds from shares sold		18,938,445			55,351,017			2,584,554			28,174,624
Reinvestment of distributions		6,316,311			2,742,456			716,185			—
Shares redeemed		(55,378,557	)		(35,771,687	)		(14,789,591	)		(41,269,077	)
Redemption fees		—			—			—			—
Net increase/(decrease) in net assets from capital transactions		22,290,824			79,859,377			(49,270,089	)		83,464,532
Total increase/(decrease) in net assets		31,291,153			116,433,974			(22,967,588	)		117,613,083
Net assets:
Beginning of period		521,944,751			405,510,777			946,924,090			829,311,007
End of period	$	553,235,904		$	521,944,751		$	923,956,502		$	946,924,090
Undistributed net investment income/(accumulated net investment loss), end of period	$	(489,902	)	$	620,877		$	(16,976,694	)	$	(8,214,908	)
Share transactions:
Institutional Class
Shares sold		2,942,647			5,859,848			2,708,575			11,819,997
Shares reinvested		703,990			286,570			270,753			—
Shares redeemed		(1,649,874	)		(3,750,327	)		(4,722,514	)		(7,287,722	)
Net increase/(decrease)		1,996,763			2,396,091			(1,743,186	)		4,532,275
Investor Class
Shares sold		742,322			2,326,311			126,459			1,428,241
Shares reinvested		256,656			113,325			35,827			—
Shares redeemed		(2,183,782	)		(1,512,331	)		(729,695	)		(2,116,120	)
Net increase/(decrease)		(1,184,804	)		927,305			(567,409	)		(687,879	)

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

60 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Boston Partners Long/Short Research Fund						Boston Partners All-Cap Value Fund
	For the Six Months Ended February 28, 2018 (unaudited)			For the Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (unaudited)			For the Year Ended August 31, 2017
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	(16,008,255	)	$	(48,540,573	)	$	5,908,241		$	12,034,291
Net realized gain/(loss) from investments, securities sold short, options written, contracts for difference and foreign currency		178,944,970			82,068,221			53,396,571			68,705,899
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, options written, contracts for difference and foreign currency translation		223,210,901			395,642,097			128,834,621			127,436,220
Net increase/(decrease) in net assets resulting from operations		386,147,616			429,169,745			188,139,433			208,176,410
Dividends and distributions to shareholders from:
Net investment income
Institutional Class		—			—			(10,210,846	)		(11,995,129	)
Investor Class		—			—			(2,182,624	)		(3,222,915	)
Net realized capital gains					—
Institutional Class		—			—			(52,523,501	)		(28,594,882	)
Investor Class		—			—			(16,724,996	)		(9,675,303	)
Net decrease in net assets from dividends and distributions to shareholders		—			—			(81,641,967	)		(53,488,229	)
Capital transactions:
Institutional Class
Proceeds from shares sold		953,599,381			1,410,703,594			223,779,435			407,408,037
Reinvestment of distributions		—			—			52,423,689			33,690,794
Shares redeemed		(737,964,311	)		(1,867,016,913	)		(139,944,811	)		(202,947,193	)
Redemption fees		—			—			—			—
Investor Class
Proceeds from shares sold		26,425,086			50,886,104			93,964,580			142,238,260
Reinvestment of distributions		—			—			18,427,873			12,755,592
Shares redeemed		(97,344,131	)		(113,462,680	)		(60,956,816	)		(114,699,120	)
Redemption fees		—			—			—			—
Net increase/(decrease) in net assets from capital transactions		144,716,025			(518,889,895	)		187,693,950			278,446,370
Total increase/(decrease) in net assets		530,863,641			(89,720,150	)		294,191,416			433,134,551
Net assets:
Beginning of period		6,573,083,257			6,662,803,407			1,797,194,733			1,364,060,182
End of period	$	7,103,946,898		$	6,573,083,257		$	2,091,386,149		$	1,797,194,733
Undistributed net investment income/(accumulated net investment loss), end of period	$	(36,810,394	)	$	(20,802,139	)	$	1,717,533		$	8,202,762
Share transactions:
Institutional Class
Shares sold		56,469,285			89,651,745			8,321,487			16,593,193
Shares reinvested		—			—			2,009,340			1,413,797
Shares redeemed		(43,695,765	)		(119,188,304	)		(5,193,805	)		(8,365,867	)
Net increase/(decrease)		12,773,520			(29,536,559	)		5,137,022			9,641,123
Investor Class
Shares sold		1,599,798			3,295,129			3,530,044			5,824,450
Shares reinvested		—			—			709,583			537,530
Shares redeemed		(5,896,537	)		(7,364,065	)		(2,297,806	)		(4,701,396	)
Net increase/(decrease)		(4,296,739	)		(4,068,936	)		1,941,821			1,660,584

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

Semi-Annual Report 2018 61

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	WPG Partners Small/Micro Cap Value Fund						Boston Partners Global Equity Fund
	For the Six Months Ended February 28, 2018 (unaudited)			For the Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (unaudited)			For the Year Ended August 31, 2017
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	62,101		$	102,865		$	744,757		$	3,974,180
Net realized gain/(loss) from investments, securities sold short, options written, contracts for difference and foreign currency		757,106			3,354,776			27,742,617			29,126,368
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, options written, contracts for difference and foreign currency translation		486,397			(1,846,986	)		25,481,482			26,459,740
Net increase/(decrease) in net assets resulting from operations		1,305,604			1,610,655			53,968,856			59,560,288
Dividends and distributions to shareholders from:
Net investment income
Institutional Class		(107,927	)		(151,830	)		(4,011,353	)		(8,112,334	)
Investor Class		—			—			—			—
Net realized capital gains
Institutional Class		(2,015,406	)		—			(8,902,218	)		—
Investor Class		—			—			—			—
Net decrease in net assets from dividends and distributions to shareholders		(2,123,333	)		(151,830	)		(12,913,571	)		(8,112,334	)
Capital transactions:
Institutional Class
Proceeds from shares sold		475,364			386,144			19,917,316			132,357,913
Reinvestment of distributions		2,038,894			140,330			12,899,308			8,098,384
Shares redeemed		(1,726,525	)		(5,133,072	)		(5,209,612	)		(17,378,631	)
Redemption fees		—			—			—			—
Investor Class
Proceeds from shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
Redemption fees		—			—			—			—
Net increase/(decrease) in net assets from capital transactions		787,733			(4,606,598	)		27,607,012			123,077,666
Total increase/(decrease) in net assets		(29,996	)		(3,147,773	)		68,662,297			174,525,620
Net assets:
Beginning of period		30,781,371			33,929,144			590,524,719			415,999,099
End of period	$	30,751,375		$	30,781,371		$	659,187,016		$	590,524,719
Undistributed net investment income/(accumulated net investment loss), end of period	$	55,837		$	101,663		$	(359,259	)	$	2,907,337
Share transactions:
Institutional Class
Shares sold		28,119			23,570			1,093,840			7,816,097
Shares reinvested		123,869			8,279			711,097			514,837
Shares redeemed		(102,935	)		(312,202	)		(286,811	)		(1,040,014	)
Net increase/(decrease)		49,053			(280,353	)		1,518,126			7,290,920
Investor Class
Shares sold		—			—			—			—
Shares reinvested		—			—			—			—
Shares redeemed		—			—			—			—
Net increase/(decrease)		—			—			—			—
Net increase/(decrease) in shares outstanding		—			(280,353	)		—			7,290,920

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

62 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Boston Partners Global Long/Short Fund						Boston Partners Emerging Markets Long/Short Fund
	For the Six Months Ended February 28, 2018 (unaudited)			For the Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (unaudited)			For the Year Ended August 31, 2017
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	(4,239,147	)	$	(8,659,447	)	$	(345,611	)	$	(156,422	)
Net realized gain/(loss) from investments, securities sold short, options written, contracts for difference and foreign currency		20,424,536			17,879,108			3,452,304			2,821,322
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, options written, contracts for difference and foreign currency translation		26,028,904			28,183,947			(1,163,152	)		3,250,607
Net increase/(decrease) in net assets resulting from operations		42,214,293			37,403,608			1,943,541			5,915,507
Dividends and distributions to shareholders from:
Net investment income
Institutional Class		—			(1,846,463	)		(1,225,534	)		(801,763	)
Investor Class		—			(41,737	)		—			—
Net realized capital gains					—
Institutional Class		—			—			(2,134,264	)		(96,418	)
Investor Class		—			—			—			—
Net decrease in net assets from dividends and distributions to shareholders		—			(1,888,200	)		(3,359,798	)		(898,181	)
Capital transactions:
Institutional Class
Proceeds from shares sold		167,594,955			509,043,085			26,620,271			41,751,644
Reinvestment of distributions		—			1,628,987			3,358,724			898,183
Shares redeemed		(238,214,488	)		(390,372,329	)		(8,729,940	)		(1,776,494	)
Redemption fees		—			—			—			—
Investor Class
Proceeds from shares sold		8,733,812			13,182,670			—			—
Reinvestment of distributions		—			41,560			—			—
Shares redeemed		(10,938,404	)		(11,692,134	)		—			—
Redemption fees		—			—			—			—
Net increase/(decrease) in net assets from capital transactions		(72,824,125	)		121,831,839			21,249,055			40,873,333
Total increase/(decrease) in net assets		(30,609,832	)		157,347,247			19,832,798			45,890,659
Net assets:
Beginning of period		1,042,263,570			884,916,323			56,828,968			10,938,309
End of period	$	1,011,653,738		$	1,042,263,570		$	76,661,766		$	56,828,968
Undistributed net investment income/(accumulated net investment loss), end of period	$	(11,735,404	)	$	(7,496,257	)	$	(470,883	)	$	1,100,262
Share transactions:
Institutional Class
Shares sold		14,176,772			45,625,568			2,208,682			3,775,651
Shares reinvested		—			147,420			294,625			90,179
Shares redeemed		(20,270,528	)		(35,115,302	)		(716,081	)		(158,221	)
Net increase/(decrease)		(6,093,756	)		10,657,686			1,787,226			3,707,609
Investor Class
Shares sold		754,695			1,192,120			—			—
Shares reinvested		—			3,782			—			—
Shares redeemed		(938,127	)		(1,057,685	)		—			—
Net increase/(decrease)		(183,432	)		138,217			—			—
Net increase/(decrease) in shares outstanding		—			10,795,903			—			3,707,609

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

Semi-Annual Report 2018 63

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Boston Partners Emerging Markets Fund
	For the Six Months Ended February 28, 2018 (unaudited)
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	(12,529	)
Net realized gain/(loss) from investments, securities sold short, options written, contracts for difference and foreign currency		278,761
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, options written, contracts for difference and foreign currency translation		40,824
Net increase/(decrease) in net assets resulting from operations		307,056
Dividends and distributions to shareholders from:
Net investment income
Institutional Class		(37,354	)
Investor Class		—
Net realized capital gains
Institutional Class		—
Investor Class		—
Net decrease in net assets from dividends and distributions to shareholders		(37,354	)
Capital transactions:
Institutional Class
Proceeds from shares sold		9,272,037
Reinvestment of distributions		37,354
Shares redeemed		—
Redemption fees		—
Investor Class
Proceeds from shares sold		—
Reinvestment of distributions		—
Shares redeemed		—
Redemption fees		—
Net increase/(decrease) in net assets from capital transactions		9,309,391
Total increase/(decrease) in net assets		9,579,093
Net assets:
Beginning of period		—
End of period	$	9,579,093
Undistributed net investment income/(accumulated net investment loss), end of period	$	(49,883	)
Share transactions:
Institutional Class
Shares sold		905,226
Shares reinvested		3,751
Shares redeemed		—
Net increase/(decrease)		908,977
Investor Class
Shares sold		—
Shares reinvested		—
Shares redeemed		—
Net increase/(decrease)		—

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

64 Semi-Annual Report 2018

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Semi-Annual Report 2018 65

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS

Per Share Operating Performance

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

	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)*			Net Realized and Unrealized Gain/ (Loss) on Investments			Net Increase/ (Decrease) in Net Assets Resulting from Operations			Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders			Redemption Fees*^
Boston Partners Small Cap Value Fund II
Institutional Class
9/1/17 through 2/28/18†	$	24.96	$	0.14		$	1.50		$	1.64		$	(0.20	)	$	(0.98	)	$	(1.18	)	$	—
8/31/17		23.00		0.13			2.38			2.51			(0.21	)		(0.34	)		(0.55	)		—
8/31/16		21.89		0.18			2.00			2.18			(0.12	)		(0.95	)		(1.07	)		—	3
8/31/15		22.65		0.21			(0.54	)		(0.33	)		(0.15	)		(0.28	)		(0.43	)		—
8/31/14		19.06		0.15			3.53			3.68			(0.09	)		—			(0.09	)		—	3
8/31/13		15.31		0.09			3.75			3.84			(0.09	)		—			(0.09	)		—
Investor Class
9/1/17 through 2/28/18†	$	23.92	$	0.10		$	1.43		$	1.53		$	(0.14	)	$	(0.98	)	$	(1.12	)		$
8/31/17		22.06		0.07			2.29			2.36			(0.16	)		(0.34	)		(0.50	)		—
8/31/16		21.04		0.12			1.92			2.04			(0.07	)		(0.95	)		(1.02	)		—	3
8/31/15		21.79		0.14			(0.51	)		(0.37	)		(0.10	)		(0.28	)		(0.38	)		—
8/31/14		18.35		0.09			3.40			3.49			(0.05	)		—			(0.05	)		—	3
8/31/13		14.74		0.05			3.61			3.66			(0.05	)		—			(0.05	)		—
Boston Partners Long/Short Equity Fund
Institutional Class
9/1/17 through 2/28/18†	$	20.96	$	(0.20	)	$	0.95		$	0.75		$	—		$	(0.17	)	$	(0.17	)	$	—
8/31/17		20.09		(0.26	)		1.13			0.87			—			—			—			—
8/31/16		19.04		(0.35	)		3.04			2.69			—			(1.64	)		(1.64	)		—	3
8/31/15		22.65		(0.84	)		(1.01	)		(1.85	)		—			(1.77	)		(1.77	)		0.01
8/31/14		20.94		(0.63	)		3.57			2.94			—			(1.24	)		(1.24	)		0.01
8/31/13		20.47		(0.54	)		2.24			1.70			—			(1.24	)		(1.24	)		0.01
Investor Class
9/1/17 through 2/28/18†	$	19.36	$	(0.21	)	$	0.87		$	0.66		$	—		$	(0.17	)	$	(0.17	)	$	—
8/31/17		18.60		(0.29	)		1.05			0.76			—			—			—			—
8/31/16		17.79		(0.37	)		2.82			2.45			—			(1.64	)		(1.64	)		—	3
8/31/15		21.33		(0.84	)		(0.94	)		(1.78	)		—			(1.77	)		(1.77	)		0.01
8/31/14		19.84		(0.65	)		3.37			2.72			—			(1.24	)		(1.24	)		0.01
8/31/13		19.51		(0.57	)		2.13			1.56			—			(1.24	)		(1.24	)		0.01
Boston Partners Long/Short Research Fund
Institutional Class
9/1/17 through 2/28/18†	$	16.27	$	(0.04	)	$	0.99		$	0.95		$	—		$	—		$	—		$	—
8/31/17		15.23		(0.12	)		1.16			1.04			—			—			—			—	3
8/31/16		15.20		(0.06	)6		0.67			0.61			—			(0.58	)		(0.58	)		—	3
8/31/15		15.14		(0.14	)		0.40			0.26			—			(0.20	)		(0.20	)		—	3
8/31/14		13.30		(0.12	)		2.02			1.90			—			(0.06	)		(0.06	)		—	3
8/31/13		11.91		(0.14	)		1.66			1.52			—			(0.13	)		(0.13	)		—	3
Investor Class
9/1/17 through 2/28/18†	$	15.99	$	(0.06	)	$	0.97		$	0.91		$	—		$	—		$	—		$	—
8/31/17		15.00		(0.15	)		1.14			0.99			—			—			—			—
8/31/16		15.01		(0.09	)6		0.66			0.57			—			(0.58	)		(0.58	)		—	3
8/31/15		15.00		(0.18	)		0.39			0.21			—			(0.20	)		(0.20	)		—	3
8/31/14		13.21		(0.15	)		2.00			1.85			—			(0.06	)		(0.06	)		—	3
8/31/13		11.86		(0.18	)		1.66			1.48			—			(0.13	)		(0.13	)		—	3

† Unaudited.

* Calculated based on average shares outstanding for the period.

^ Effective January 1, 2016, the Funds do not impose a redemption fee. Prior to January 1, 2016, there was a 1.00% redemption fee on shares redeemed that were held 60 days or less on BP Small Cap Value Fund II, BP Long/Short Research Fund, BP Global Equity Fund and BP Global Long/Short Fund. There was a 2.00% redemption fee on shares redeemed that were held 365 days or less on the BP Long/Short Equity Fund. The WPG Small/Micro Cap Value Fund had a 2.00% redemption fee on shares redeemed within 60 days of purchase. The redemption fees were retained by the Funds for the benefit of the remaining shareholders and recorded as paid-in capital.

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

66 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (continued)

Per Share Operating Performance

Net Asset Value, End of Period		Total Investment Return1,2			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)			Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
Boston Partners Small Cap Value Fund II
$	25.42		6.53	%	$	420,022		1.10	%4		N/A			1.14	%4		1.07	%4		35	%5
	24.96		10.92			362,674		1.10			N/A			1.18			0.53			24
	23.00		10.67			279,049		1.10			N/A			1.22			0.86			29
	21.89		(1.45	)		180,057		1.10			N/A			1.23			0.91			14
	22.65		19.33			102,112		1.21			N/A			1.23			0.68			16
	19.06		25.19			76,442		1.29			N/A			1.29			0.53			19
$	24.33		6.33	%	$	133,214		1.35	%4		N/A			1.39	%4		0.82	%4		35	%5
	23.92		10.68			159,271		1.35			N/A			1.43			0.28			24
	22.06		10.38			126,461		1.35			N/A			1.47			0.61			29
	21.04		(1.68	)		129,474		1.35			N/A			1.48			0.66			14
	21.79		19.01			112,417		1.46			N/A			1.48			0.43			16
	18.35		24.90			87,237		1.54			N/A			1.54			0.28			19
Boston Partners Long/Short Equity Fund
$	21.54		3.57	%	$	844,871		3.12	%4		2.37	%4		3.12	%4		(1.80	)%4		32	%5
	20.96		4.33			858,821		2.80			2.39			2.80			(1.21	)		63
	20.09		15.36			731,894		3.57			2.46			3.57			(1.79	)		72
	19.04		(8.35	)		493,751		5.64			2.47			5.64			(4.22	)		75
	22.65		14.72			676,756		4.33			2.42			4.33			(2.93	)		65
	20.94		8.61			620,804		4.30			2.43			4.30			(2.58	)		67
$	19.85		3.45	%	$	79,085		3.37	%4		2.62	%4		3.37	%4		(2.05	)%4		32	%5
	19.36		4.09			88,103		3.05			2.64			3.05			(1.46	)		63
	18.60		15.07			97,417		3.82			2.71			3.82			(2.04	)		72
	17.79		(8.55	)		94,459		5.89			2.72			5.89			(4.47	)		75
	21.33		14.41			211,372		4.57			2.66			4.57			(3.18	)		65
	19.84		8.30			220,307		4.55			2.68			4.55			(2.83	)		67
Boston Partners Long/Short Research Fund
$	17.22		5.84	%	$	6,953,044		1.96	%4		1.34	%4		1.96	%4		(0.47	)%4		32	%5
	16.27		6.83			6,361,628		2.23			1.37			2.23			(0.75	)		54
	15.23		4.10			6,403,404		2.51			1.41			2.51			(0.38	)6		53
	15.20		1.73			6,738,894		2.43			1.39			2.43			(0.92	)		62
	15.14		14.28			5,054,388		2.52			1.39			2.52			(0.81	)		57
	13.30		12.81			1,743,406		2.75			1.48			2.71			(1.09	)		65
$	16.90		5.69	%	$	150,903		2.21	%4		1.59	%4		2.21	%4		(0.72	)%4		32	%5
	15.99		6.60			211,455		2.48			1.63			2.48			(1.00	)		54
	15.00		3.88			259,400		2.76			1.66			2.76			(0.63	)6		53
	15.01		1.41			300,586		2.68			1.64			2.68			(1.17	)		62
	15.00		13.99			294,249		2.77			1.64			2.77			(1.06	)		57
	13.21		12.52			132,511		3.05			1.73			3.01			(1.39	)		65

¹ Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

² Redemption fees, if any, are reflected in total return calculations.

³ Amount is less than $0.005 per share.

⁴ Annualized.

⁵ Not Annualized.

⁶ Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.10) and $(0.13) for Institutional Class and Investor Class, respectively. The ratio of net investment loss would have been (0.66)% and (0.91)% for Institutional Class and Investor Class, respectively.

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

Semi-Annual Report 2018 67

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS

Per Share Operating Performance

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

	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)*			Net Realized and Unrealized Gain/(Loss) on Investments			Net Increase/ (Decrease) in Net Assets Resulting from Operations			Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders			Redemption Fees*^
Boston Partners All-Cap Value Fund
Institutional Class
9/1/17 through 2/28/18†	$	25.57	$	0.09		$	2.50		$	2.59		$	(0.18	)	$	(0.95	)	$	(1.13	)	$	—
8/31/17		23.12		0.20			3.17			3.37			(0.27	)		(0.65	)		(0.92	)		—
8/31/16		22.08		0.30			2.15			2.45			(0.30	)		(1.11	)		(1.41	)		—
8/31/15		23.00		0.30			(0.08	)		0.22			(0.22	)		(0.92	)		(1.14	)		—
8/31/14		19.19		0.22			4.39			4.61			(0.18	)		(0.62	)		(0.80	)		—
8/31/13		15.57		0.24			3.75			3.99			(0.27	)		(0.10	)		(0.37	)		—
Investor Class
9/1/17 through 2/28/18†	$	25.42	$	0.05		$	2.50		$	2.55		$	(0.12	)	$	(0.95	)	$	(1.07	)	$	—
8/31/17		23.00		0.14			3.15			3.29			(0.22	)		(0.65	)		(0.87	)		—
8/31/16		21.98		0.25			2.13			2.38			(0.25	)		(1.11	)		(1.36	)		—
8/31/15		22.90		0.25			(0.08	)		0.17			(0.17	)		(0.92	)		(1.09	)		—
8/31/14		19.12		0.17			4.38			4.55			(0.15	)		(0.62	)		(0.77	)		—
8/31/13		15.50		0.20			3.75			3.95			(0.23	)		(0.10	)		(0.33	)		—
WPG Partners Small/Micro Cap Value Fund
Institutional Class
9/1/17 through 2/28/18†	$	16.13	$	0.03		$	0.70		$	0.73		$	(0.06	)	$	(1.09	)	$	(1.15	)	$	—
8/31/17		15.50		0.05			0.65			0.70			(0.07	)		—			(0.07	)		—
8/31/16		15.40		0.07			0.46			0.53			(0.10	)		(0.33	)		(0.43	)		—
8/31/15		20.42		0.13			(2.84	)		(2.71	)		(0.13	)		(2.18	)		(2.31	)		—	4
8/31/14		19.06		0.07			3.16			3.23			(0.02	)		(1.85	)		(1.87	)		—
8/31/13		14.32		0.07			4.74			4.81			(0.07	)		—			(0.07	)		—
Boston Partners Global Equity Fund
Institutional Class
9/1/17 through 2/28/18†	$	17.39	$	0.02		$	1.55		$	1.57		$	(0.12	)	$	(0.26	)	$	(0.38	)	$	—
8/31/17		15.60		0.14			1.95			2.09			(0.30	)		—			(0.30	)		—
8/31/16		14.66		0.35	7		0.66			1.01			(0.05	)		(0.02	)		(0.07	)		—
8/31/15		15.59		0.13			(0.40	)		(0.27	)		(0.14	)		(0.52	)		(0.66	)		—
8/31/14		12.97		0.18			2.82			3.00			(0.02	)		(0.36	)		(0.38	)		—
8/31/13		11.00		0.12			2.07			2.19			(0.13	)		(0.09	)		(0.22	)		—

† Unaudited.

* Calculated based on average shares outstanding, unless otherwise noted.

^ Effective January 1, 2016, the Funds do not impose a redemption fee. Prior to January 1, 2016, there was a 1.00% redemption fee on shares redeemed that were held 60 days or less on BP Small Cap Value Fund II, BP Long/Short Research Fund, BP Global Equity Fund and BP Global Long/Short Fund. There was a 2.00% redemption fee on shares redeemed that were held 365 days or less on the BP Long/Short Equity Fund. The WPG Small/Micro Cap Value Fund had a 2.00% redemption fee on shares redeemed within 60 days of purchase. The redemption fees were retained by the Funds for the benefit of the remaining shareholders and recorded as paid-in capital.

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

68 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (continued)

Per Share Operating Performance

Net Asset Value, End of Period		Total Investment Return1,2			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)	Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
Boston Partners All-Cap Value Fund
$	27.03		10.31	%	$	1,587,479		0.80	%5	N/A		0.80	%5		0.66	%5		15	%6
	25.57		14.88			1,370,288		0.80		N/A		0.88			0.83			27
	23.12		11.68			1,016,106		0.77		N/A		0.96			1.41			303
	22.08		0.88			793,098		0.70		N/A		0.95			1.32			33
	23.00		24.52			736,475		0.70		N/A		0.94			1.05			26
	19.19		26.11			441,856		0.70		N/A		0.97			1.37			32
$	26.90		10.20	%	$	503,907		1.05	%5	N/A		1.05	%5		0.41	%5		15	%6
	25.42		14.56			426,904		1.05		N/A		1.13			0.58			27
	23.00		11.39			347,954		1.02		N/A		1.21			1.16			303
	21.98		0.66			248,643		0.95		N/A		1.20			1.07			33
	22.90		24.29			217,590		0.95		N/A		1.20			0.80			26
	19.12		25.93			77,936		0.95		N/A		1.22			1.12			32
WPG Partners Small/Micro Cap Value Fund
$	15.71		4.10	%	$	30,751		1.10	%5	N/A		1.13	%5		0.39	%5		39	%6
	16.13		4.50			30,781		1.10		N/A		1.29			0.30			78
	15.50		3.74			33,929		1.10		N/A		1.55			0.47			62
	15.40		(14.01	)		36,461		1.10		N/A		1.41			0.78			80
	20.42		17.46			46,008		1.36		N/A		1.42			0.35			75
	19.06		33.71			40,754		1.54		N/A		1.54			0.41			72
Boston Partners Global Equity Fund
$	18.58		9.05	%	$	659,187		0.95	%5	N/A		1.13	%5		0.24	%5		47	%6
	17.39		13.59			590,525		0.95		N/A		1.04			0.84			83
	15.60		6.90			415,999		0.95		N/A		1.10			2.38	7		80
	14.66		(1.75	)		279,978		0.95		N/A		1.24			0.86			98
	15.59		23.39			60,087		0.96		N/A		1.39			1.20			136
	12.97		20.14			11,496		1.30		N/A		3.05			1.00			102

¹ Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

² Redemption fees, if any, are reflected in total return calculations.

³ Portfolio turnover rate excludes securities delivered/received from processing redemptions/subscriptions in-kind.

⁴ Amount is less than $0.005.

⁵ Annualized.

⁶ Not Annualized.

⁷ Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.18. The ratio of net investment income would have been 1.25%.

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

Semi-Annual Report 2018 69

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS

Per Share Operating Performance

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

	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)*			Net Realized and Unrealized Gain/(Loss) on Investments		Net Increase/ (Decrease) in Net Assets Resulting from Operations		Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders			Redemption Fees*^
Boston Partners Global Long/Short Fund
Institutional Class
9/1/17 through 2/28/18†	$	11.34	$	(0.05	)	$	0.52	$	0.47	$	—		$	—		$	—		$	—
8/31/17		10.90		(0.11	)		0.57		0.46		(0.02	)		—			(0.02	)		—
8/31/16		10.55		0.05	7		0.34		0.39		—			(0.04	)		(0.04	)		—	4
8/31/15		10.30		(0.13	)		0.38		0.25		—			—			—			—	4
12/31/13** through 8/31/14		10.00		(0.14	)		0.44		0.30		—			—			—			—	4
Investor Class
9/1/17 through 2/28/18†	$	11.25	$	(0.06	)	$	0.52	$	0.46	$	—		$	—		$	—		$	—
8/31/17		10.85		(0.13	)		0.54		0.41		(0.01	)		—			(0.01	)		—
8/31/16		10.51		0.027			0.36		0.38		—			(0.04	)		(0.04	)		—	4
8/31/15		10.29		(0.16	)		0.38		0.22		—			—			—			—	4
4/11/14** through 8/31/14		9.86		(0.09	)		0.52		0.43		—			—			—			—	4
Boston Partners Emerging Markets Long/Short Fund
Institutional Class
9/1/17 through 2/28/18†	$	12.12	$	(0.06	)	$	0.49	$	0.43	$	(0.26	)	$	(0.45	)	$	(0.71	)	$	—
8/31/17		11.15		(0.07	)		1.96		1.89		(0.82	)		(0.10	)		(0.92	)		—
12/15/15** through 8/31/16		10.00		(0.09	)		1.24		1.15		—			—			—			—
Boston Partners Emerging Markets Fund
Institutional Class
10/17/17** through 2/28/18†	$	—	$	(0.02	)	$	10.62	$	10.60	$	(0.06	)	$	—		$	(0.06	)	$	—

† Unaudited.

* Calculated based on average shares outstanding, unless otherwise noted.

** Commencement of operations.

^ Effective January 1, 2016, the Funds do not impose a redemption fee. Prior to January 1, 2016, there was a 1.00% redemption fee on shares redeemed that were held 60 days or less on BP Small Cap Value Fund II, BP Long/Short Research Fund, BP Global Equity Fund and BP Global Long/Short Fund. There was a 2.00% redemption fee on shares redeemed that were held 365 days or less on the BP Long/Short Equity Fund. The WPG Small/Micro Cap Value Fund had a 2.00% redemption fee on shares redeemed within 60 days of purchase. The redemption fees were retained by the Funds for the benefit of the remaining shareholders and recorded as paid-in capital.

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

70 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (concluded)

Per Share Operating Performance

Net Asset Value, End of Period		Total Investment Return1,2			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)			Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
Boston Partners Global Long/Short Fund
$	11.81		4.14	%	$	978,393		2.29	%5		1.64	%5		2.29	%5		(0.81	)%5		51	%6
	11.34		4.26			1,008,234		2.63			1.70			2.63			(0.94	)		109	%
	10.90		3.74			853,621		2.99			1.74			2.99			0.477			137
	10.55		2.43			317,600		3.09			1.96			3.05			(1.27	)		132
	10.30		3.00			37,403		3.88	5		2.00	5		4.89	5		(2.04	)5		726
$	11.71		4.09	%	$	33,260		2.54	%5		1.89	%5		2.54	%5		(1.06	)%5		51	%6
	11.25		3.92			34,030		2.88			1.95			2.88			(1.17	)		109
	10.85		3.66			31,294		3.24			1.99			3.24			0.227			137
	10.51		2.14			59,919		3.34			2.21			3.30			(1.52	)		132
	10.29		4.36			2,841		4.125			2.255			4.445			(2.28	)5		726
Boston Partners Emerging Markets Long/Short Fund
$	11.84		3.71	%	$	76,662		2.00	%5		2.00	%5		2.30	%5		(1.08	)%5		121	%6
	12.12		18.71			56,829		2.13			2.06			2.99			(0.60	)		184
	11.15		11.50			10,938		3.87	5		2.10	5		7.82	5		(1.26	)5		229	3,6
Boston Partners Emerging Markets Fund
$	10.54		6.08	%	$	9,579		1.10	%5		N/A			2.15	%5		(0.46	)%5		77	%6

¹ Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

² Redemption fees, if any, are reflected in total return calculations.

³ Portfolio turnover rate excludes securities delivered/received from processing redemptions/subscriptions in-kind.

⁴ Amount is less than $0.005.

⁵ Annualized.

⁶ Not Annualized.

⁷ Includes a non-recurring dividend. Without this dividend, net investment income (loss) per share would have been $(0.09) and $(0.12) for Institutional Class and Investor Class, respectively. The ratio of net investment income (loss) would have been (0.88)% and (1.13)% for Institutional Class and Investor Class, respectively.

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

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NOTES TO FINANCIAL STATEMENTS

February 28, 2018 (unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-nine active investment portfolios, including Boston Partners Small Cap Value Fund II (“BP Small Cap Value Fund II”), Boston Partners Long/Short Equity Fund (“BP Long/Short Equity Fund”), Boston Partners Long/Short Research Fund (“BP Long/Short Research Fund”), Boston Partners All-Cap Value Fund (“BP All-Cap Value Fund”), Boston Partners Global Equity Fund (“BP Global Equity Fund”), Boston Partners Global Long/Short Fund (“BP Global Long/Short Fund”), Boston Partners Emerging Markets Long/Short Fund (“BP Emerging Markets Long/Short Fund”), Boston Partners Emerging Markets Fund (“BP Emerging Markets Fund”) (collectively the “BP Funds”), and WPG Partners Small/Micro Cap Value Fund (“WPG Small/Micro Cap Value Fund” and, collectively with the BP Funds, the “Funds”). As of the end of the reporting period, the Funds (other than the WPG Small/Micro Cap Value Fund, BP Emerging Markets Long/Short Fund, and BP Emerging Markets Fund) each offer two classes of shares, Institutional Class and Investor Class. As of the end of the reporting period, Investor Class shares of the BP Global Equity Fund have not been issued. The WPG Small/Micro Cap Value Fund, BP Emerging Markets Long/Short Fund, and BP Emerging Markets Fund are single class funds, offering only the Institutional Class of shares.

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of BP Small Cap Value Fund II and BP All-Cap Value Fund is to seek long-term growth of capital primarily through investment in equity securities. The investment objective of BP Global Equity Fund, BP Global/Long Short Fund, BP Emerging Markets Fund and BP Emerging Markets Long/Short Fund is to seek long-term capital growth. The investment objective of BP Long/Short Equity Fund is to seek long-term capital appreciation while reducing exposure to general equity market risk. The investment objective of WPG Small/Micro Cap Value Fund is to seek appreciation by investing primarily in common stocks, securities convertible into common stocks and in special situations. The investment objective of BP Long/Short Research Fund is to seek long-term total return.

The Funds are investment companies and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 - “Financial Services - Investment Companies.”

The end of the reporting period for the Funds is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

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

● Level 1 — Prices are determined using quoted prices in active markets for identical securities.

● Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 — Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

A summary of the inputs used to value each Fund’s investments as of the end of the reporting period is included in each Fund’s Portfolio of Investments.

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

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

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

Foreign securities that utilize international fair pricing are categorized as Level 2 in the hierarchy. During the current fiscal period, the Funds had no significant transfers between Levels 1, 2 and 3 that require disclosure.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions

Semi-Annual Report 2018 73

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds’ investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all of the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

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

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

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

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

Cash and Cash Equivalents — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

Currency Risk — The Funds invest in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Funds may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Funds’ NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Funds are determined on the basis of U.S. dollars, the Funds may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Funds’ holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Funds’ holdings in foreign securities.

Emerging Markets Risk — The BP Emerging Markets Long/Short Fund and the BP Emerging Markets Fund invest in emerging market instruments which are subject to certain credit and market risks. The securities and currency markets of emerging market countries are generally smaller, less developed, less liquid and more volatile than the securities and currency markets of the United States and other developed markets. Disclosure and regulatory standards in many respects are less stringent than in other developed markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited. Political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries may lack the social, political and economic stability characteristics of more developed countries.

Foreign Securities Market Risk — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

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

During the current fiscal period, the Funds’ average quarterly volume of derivatives was as follows:

Fund	Purchased Options (Cost)		Written Options (Proceeds)
BP Long/Short Equity Fund	$	—	$	2,871,380
BP Global Long/Short Fund		—		1,069,770

Short Sales — When the investment adviser believes that a security is overvalued, the BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Long/Short Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. A Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. A Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, a Fund may not receive any payments (including interest) on collateral deposited with them.

In accordance with the terms of its prime brokerage agreements, a Fund may receive rebate income or be charged a fee for borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds record these prime broker charges on a net basis as interest income or interest expense. During the current fiscal period, the BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Long/Short Fund had net income/(charges) of $(2,694,569), $6,324,392, $1,476,646 and $508 respectively, on borrowed securities. Such amounts are included in prime broker interest income and prime broker interest expense on the Statements of Operations.

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BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

As of the end of the reporting period, the BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and the BP Emerging Markets Long/Short Fund had securities sold short valued at $372,873,641, $2,965,542,875, $429,958,540 and $294,172, respectively, for which securities of $242,411,650, $2,181,688,841, $282,004,560 and $1,831,651 and cash deposits of $380,096,270, $3,048,223,865, $444,200,188 and $4,150,181, respectively, were pledged as collateral.

In accordance with Special Custody and Pledge Agreements with Goldman Sachs & Co. (“Goldman Sachs”) (the Funds’ prime broker), the BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Long/Short Fund may borrow from Goldman Sachs to the extent necessary to maintain required margin cash deposits on short positions. Interest on such borrowings is charged to the Fund based on the LIBOR rate plus an agreed upon spread.

The BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Long/Short Fund utilized cash borrowings from Goldman Sachs to meet required margin cash deposits as follows during the current fiscal period:

BP Long/Short Equity Fund			BP Long/Short Research Fund
Days Unitized	Average Daily Borrowings	Weighted Average Interest Rate	Days Unitized	Average Daily Borrowings	Weighted Average Interest Rate
97	EUR 417,365	0.02%	116	AUD 7,138,632	1.96%
52	JPY 13,957,875	0.42%	153	CAD 2,816,091	1.55%
170	USD 2,372,055	1.69%	145	CHF 1,978,410	0.32%
			82	DKK 3,096,080	0.09%
			90	EUR 2,390,922	0.02%
			76	GBP 2,264,402	0.68%
			93	HKD 24,153,064	0.78%
			115	JPY 763,252,806	0.42%
			19	MXN 132,625,589	8.01%
			60	NOK 6,900,670	0.96%
			75	SEK 7,577,525	0.05%
			181	SGD 1.76	0.00%
			74	USD 14,720,802	1.74%

BP Global Long/Short Fund			BP Emerging Markets Long/Short Fund
Days Unitized	Average Daily Borrowings	Weighted Average Interest Rate	Days Unitized	Average Daily Borrowings	Weighted Average Interest Rate
61	AUD 232,127	1.94%	54	DKK 38,897	0.06%
178	CAD 20,346	1.57%	53	EUR 10,420	0.02%
6	CHF 43,306	0.32%	38	GBP 28,672	0.79%
27	DKK 270,778	0.05%	95	HKD 791,447	0.75%
145	EUR 34,898	0.03%	71	ILS 130,553	0.57%
127	GBP 43,119	0.74%	38	JPY 58,117	0.43%
25	HKD 141,936	0.63%	85	NOK 140,354	0.94%
128	JPY 6,241,084	0.44%	83	SGD 19,317	0.93%
28	SEK 202,203	0.07%	70	USD 60,290	1.81%
48	SGD 56,081	1.43%	89	ZAR 44,875	7.19%
34	USD 2,593,297	1.78%

The BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Long/Short Fund incurred interest expense during the current fiscal period, in the amount of $19,086, $150,787, $5,393 and $616, respectively.

Contracts for Difference — The BP Global Long/Short Fund, the BP Long/Short Research Fund, the BP Emerging Markets Long/Short Fund and the BP Emerging Markets Fund (for this section only, each a “Fund”) may enter into Contracts for Differences (“CFDs”). CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations. Periodic payments made or received are recorded as realized gains or losses. Entering into CFDs involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions. CFDs outstanding at period end, if any, are listed on the Portfolio of Investments. In connection with CFDs, cash or securities may be segregated as collateral by the Funds’ custodian. As of the end of the reporting period, the BP Long/Short Research Fund, BP Global Long/Short Fund, BP Emerging Markets Long/Short Fund and the BP Emerging Markets Fund held CFDs.

During the current fiscal period, the average volume of CFDs was as follows:

Fund	Notional Amount Long		Notional Amount Short
BP Long/Short Research Fund	$	124,691,936	$	75,918,867
BP Global Long/Short Fund		—		13,314,132
BP Emerging Markets Long/Short Fund		22,224,385		21,093,661
BP Emerging Markets Fund		2,028,179		N/A

The following is a summary of CFD’s that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements) as of the end of the reporting period:

			Gross Amount NEt Offset in the Statement of Assets and Liabilities								Gross Amount NEt Offset in the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Assets		Financial Instruments		Cash Collateral Received		Net Amount1		Gross Amounts of Recognized Liabilities		Financial Instruments		Cash Collateral Pledged2		Net Amount3
BP Long/Short Research Fund
Goldman Sachs		1,877,376		1,877,376		—		—		14,685,629		1,877,376		7,510,000		5,298,253
Total	$	1,877,376	$	1,877,376	$	—	$	—	$	14,685,629	$	1,877,376	$	7,510,000	$	5,298,253
BP Global Long/Short Fund
Goldman Sachs		322,156		322,156		—		—		691,077		322,156		368,921		—
Total	$	322,156	$	322,156	$	—	$	—	$	691,077	$	322,156	$	368,921	$	—
BP Emerging Markets Long/Short Fund
Goldman Sachs		512,268		512,268		—		—		987,037		512,268		474,769		—
Macquarie		102,504		18,130		—		84,374		18,130		18,130		—		—
Morgan Stanley		225,648		12,673		—		212,975		12,673		12,673		—		—
Total	$	840,420	$	543,071	$	—	$	297,349	$	1,017,840	$	543,071	$	474,769	$	—

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

			Gross Amount NEt Offset in the Statement of Assets and Liabilities								Gross Amount NEt Offset in the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Assets		Financial Instruments		Cash Collateral Received		Net Amount1		Gross Amounts of Recognized Liabilities		Financial Instruments		Cash Collateral Pledged2		Net Amount3
BP Emerging Markets Fund
Goldman Sachs		38,829		32,829		—		6,000		70,460		38,829		—		31,631
Total	$	38,829	$	32,829	$	—	$	6,000	$	70,460	$	38,829	$	—	$	31,631

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

² Actual collateral pledged may be more than the amount shown.

³ Net amount represents the net amount payable to the counterparty in the event of default.

2. Investment Advisers and Other Services

Boston Partners Global Investors, Inc. (“Boston Partners” or the “Adviser”) serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until February 28, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after these dates.

		EXPENSE CAPS
	ADVISORY FEE	INSTITUTIONAL CLASS	INVESTOR CLASS
BP Small Cap Value Fund II	1.00%	1.10%	1.35%
BP Long/Short Equity Fund	2.25%	2.50%	2.75%
BP Long/Short Research Fund	1.25%	1.50%	1.75%
BP All-Cap Value Fund	0.70%	0.80%	1.05%
WPG Partners Small/Micro Cap Value Fund*	0.80%	1.10%	N/A
BP Global Equity Fund	0.90%	0.95%	1.20%
BP Global Long/Short Fund	1.50%	2.00%	2.25%
BP Emerging Markets Long/Short Fund	1.85%	2.00%	N/A
BP Emerging Markets Fund	0.85%	1.10%	N/A

* 0.80% of net asset up to $500 million, 0.75% of net assets in excess of $500 million.

During the current fiscal period, investment advisory fees accrued, waived and reimbursed were as follows:

FUND	GROSS ADVISORY FEES		WAIVERS		REIMBURSEMENTS		NET ADVISORY FEES
BP Small Cap Value Fund II	$	2,804,738	$	111,087	$	—	$	2,693,651
BP Long/Short Equity Fund		10,811,224		—		—		10,811,224
BP Long/Short Research Fund		42,553,609		—		—		42,553,609
BP All-Cap Value Fund		6,857,074		19,380		—		6,837,694
WPG Partners Small/Micro Cap Value Fund		128,961		5,324		—		123,637
BP Global Equity Fund		2,834,827		144,784		—		2,690,043
BP Global Long/Short Fund		7,756,647		—		—		7,756,647
BP Emerging Markets Long/Short Fund		594,487		96,353		—		498,134
BP Emerging Markets Fund		23,329		28,964		—		(5,635	)

78 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

The Adviser may recoup from each Fund (except BP Long/Short Equity Fund and BP All-Cap Value 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 Caps of each class of each Fund that were in effect at the time the fees and expenses were paid, waived, or absorbed by the Adviser, as well as the Expense Caps that are currently in effect, if different.

As of the end of the reporting period, the Funds had amounts available for recoupment as follows:

	EXPIRATION
FUND	AUGUST 31, 2019		AUGUST 31, 2020		AUGUST 31, 2021		Total
BP Small Cap Value Fund II	$	404,770	$	374,241	$	111,087	$	890,098
WPG Small/Micro Cap Value Fund		149,394		64,536		5,324		219,254
BP Global Equity Fund		502,669		407,721		144,784		1,055,174
BP Emerging Markets Long/Short Fund		192,417		220,693		96,353		509,463
BP Emerging Markets Fund		—		—		28,964		28,964

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Funds. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

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

For compensation amounts payable to USBFS, please refer to the Statements of Operations.

The Board has approved a Distribution Agreement for the Funds and adopted separate Plans of Distribution for the Investor Class Shares of each BP Fund (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, Quasar Distributors, LLC (the “Underwriter”) is entitled to receive from each Fund a distribution fee with respect to the Investor Class Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Investor Class Shares. Amounts paid to the Distributor under the Plans may be used by the Distributor to cover expenses that are related to (i) the sale of the Investor Class Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Investor Class Shares, all as set forth in the Plans.

3. Director’s and Officer’s 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 USBFS serve as officers of the Company. They are not compensated by the Funds or the Company. For Director’s and Officer’s compensation amounts, please refer to the Statement of Operations.

Semi-Annual Report 2018 79

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments and derivative transactions) of the Funds were as follows:

Fund	Purchases		Sales
BP Small Cap Value Fund II	$	201,291,498	$	193,452,845
BP Long/Short Equity Fund		301,293,418		423,354,528
BP Long/Short Research Fund		2,089,210,713		2,157,220,337
BP All-Cap Value Fund		355,869,493		284,416,974
WPG Partners Small/Micro Cap Value Fund		12,535,606		13,220,526
BP Global Equity Fund		297,636,785		289,749,318
BP Global Long/Short Fund		514,411,710		642,757,876
BP Emerging Markets Long/Short Fund		58,052,455		49,640,074
BP Emerging Markets Fund		9,336,966		3,446,619

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Capital Share Transactions

As of the end of the reporting period, each class of each Fund has 100,000,000 shares of $0.001 par value common stock authorized except for the Institutional Class Shares of the BP Long/Short Research Fund, BP Global Long/Short Fund and the WPG Small/Micro Cap Value Fund, which have 750,000,000 shares, 300,000,000 shares and 50,000,000 shares, respectively, of $0.001 par value common stock authorized.

6. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (the “1933 Act”), or pursuant to the resale limitations provided by Rule 144 under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Certain restricted securities may be resold in transactions exempt from registration, normally to qualified institutional buyers, and may be deemed liquid by Boston Partners as applicable, based on policies and procedures established by the Board. Therefore, not all restricted securities are considered illiquid.

As of the end of the reporting period, the Funds did not hold any restricted securities that were illiquid.

7. Federal Income Tax Information

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

80 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund were as follows:

Fund	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
BP Small Cap Value Fund II	$	568,852,770	$	134,028,395	$	(33,631,178	)	$	100,397,217
BP Long/Short Equity Fund		1,031,270,976		232,936,730		(87,648,806	)		145,287,924
BP Long/Short Research Fund		5,322,199,213		1,607,446,590		(582,774,353	)		1,024,672,237
BP All-Cap Value Fund		1,756,429,681		442,598,642		(54,997,560	)		387,601,082
WPG Small/Micro Cap Value Fund		38,578,224		5,469,157		(4,993,030	)		476,127
BP Global Equity Fund		571,591,084		81,014,243		(12,965,530	)		68,048,713
BP Global Long/Short Fund		931,995,723		153,224,368		(65,934,369	)		87,289,999
BP Emerging Markets Long/Short Fund		50,555,007		3,954,494		(519,630	)		3,434,864

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

The following permanent differences as of August 31, 2017 were reclassified among the following accounts. They are primarily attributable to net investment loss, gains and losses on foreign currency transactions, tax reclassification of distributions received, capitalization of short sale dividends, investments in contract for differences and investments in partnerships and passive foreign investment companies.

Fund	Undistributed Net Investment Income/(Loss)			Accumulated Net Realized Gain/(Loss)			Paid-in Capital
BP Small Cap Value Fund II	$	(4,530	)	$	4,530		$	—
BP Long/Short Equity Fund		10,142,356			(296,556	)		(9,845,800	)
BP Long/Short Research Fund		32,459,816			(3,170,725	)		(29,289,091	)
BP All-Cap Value Fund		(1,141	)		3,254			(2,113	)
WPG Small/Micro Cap Value Fund		(1,203	)		1,202			1
BP Global Equity Fund		(101,100	)		101,100			—
BP Global Long/Short Fund		4,049,455			(1,044,036	)		(3,005,419	)
BP Emerging Markets Long/Short Fund		1,343,855			(1,343,855	)		—

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term capital Gains		Capital Loss Carryforwards			Qualified Late-year Loss Deferral			Unrealized Appreciation/ (Depreciation)
BP Small Cap Value Fund II	$	4,383,505	$	12,187,278	$	—		$	—		$	100,397,217
BP Long/Short Equity Fund		—		898,833		—			(7,801,209	)		145,568,023
BP Long/Short Research Fund		—		—		(70,902,877	)		(24,793,075	)		1,069,755,000
BP All-Cap Value Fund		17,104,934		41,675,659		—			—			387,601,503
WPG Small/Micro Cap Value Fund		1,307,283		817,895		—			—			476,127
BP Global Equity Fund		3,352,237		1,647,118		—			—			68,069,541
BP Global Long/Short Fund		—		—		—			(17,073,659	)		87,269,109
BP Emerging Markets Long/Short Fund		2,327,851		265,218		—			—			3,449,865

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes.

Semi-Annual Report 2018 81

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2018 (unaudited)

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2017 was as follows:

	2017
Fund	Ordinary Income		Long-Term Gains		Total
BP Small Cap Value Fund II	$	3,651,331	$	6,435,737	$	10,087,068
BP Long/Short Equity Fund		—		—		—
BP Long/Short Research Fund		—		—		—
BP All-Cap Value Fund		24,914,603		28,573,626		53,488,229
WPG Small/Micro Cap Value Fund		151,830		—		151,830
BP Global Equity Fund		8,112,334		—		8,112,334
BP Global Long/Short Fund		—		1,888,200		1,888,200
BP Emerging Markets Long/Short Fund		898,181		—		898,181

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August 31, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2017.

For the fiscal year ended August 31, 2017, the following Funds deferred to September 1, 2017, the following qualified late year losses.

Fund	Late-Year Ordinary Loss Deferral		Post-October Capital Loss Deferral
BP Small Cap Value Fund II	$	—	$	—
BP Long/Short Equity Fund		7,801,209		—
BP Long/Short Research Fund		24,793,075		—
BP All-Cap Value Fund		—		—
WPG Small/Micro Cap Value Fund		—		—
BP Global Equity Fund		—		—
BP Global Long/Short Fund		7,239,470		9,834,189
BP Emerging Markets Long/Short Fund		—		—

Accumulated capital losses represent net capital loss carryforwards as of August 31, 2017 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

As of August 31, 2017, the BP Long/Short Research Fund had short-term post-enactment capital losses of $70,902,877. The capital losses can be carried forward for an unlimited period.

8. Securities Lending

Securities may be loaned to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will

82 Semi-Annual Report 2018

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (concluded)

February 28, 2018 (unaudited)

be made only to borrowers deemed by Boston Partners to be of good standing and only when, in Boston Partners’ judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. During the current fiscal period, the Funds participated in securities lending. The market value of securities on loan and collateral as of the end of the reporting period and the income generated from the program during the current fiscal period with respect to such loans were as follows:

Fund	Market Value of Securities Loaned		Market Value of Collateral		Income Received from Securities Lending
BP Small Cap Value Fund II	$	108,289,573	$	112,450,121	$	171,435
BP Long/Short Equity Fund		106,861,824		111,554,720		429,267
BP All-Cap Value Fund		177,505,974		183,482,661		176,659
WPG Small/Micro Cap Value Fund		6,507,407		6,775,803		51,400
BP Global Equity Fund		34,041,777		35,279,376		24,095

Securities lending transactions are entered into by the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

							Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Gross Amount of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments1			Cash Collateral Received		Net Amount2
BP Small Cap Value Fund II	$	108,289,573		—	$	108,289,573	$	(108,289,573	)		—		—
BP Long/Short Equity Fund		106,861,824		—		106,861,824		(106,861,824	)		—		—
BP All-Cap Value Fund		177,505,974		—		177,505,974		(177,505,974	)		—		—
WPG Small/Micro Cap Value Fund		6,507,407		—		6,507,407		(6,507,407	)		—		—
BP Global Equity Fund		34,041,777		—		34,041,777		(34,041,777	)		—		—

¹ Amount disclosed is limited to the amount of assets presented in the Statement of Assets and Liabilites. Actual collateral received may be more than the amount shown.

² Net amount represents the net amount receivable from the counterparty in the event of default.

9. Subsequent Events

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

Semi-Annual Report 2018 83

BOSTON PARTNERS INVESTMENT FUNDS

OTHER INFORMATION

(unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (888) 261-4073 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedule

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

Approval of Investment Advisory Agreement – Boston Partners Emerging Markets Fund

As required by the 1940 Act, the Board of the Company, including all of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”), considered the approval of the investment advisory agreement between the Adviser and the Company (the “Investment Advisory Agreement”) on behalf of the Boston Partners Emerging Markets Fund (for this section only, the “Fund”) at a meeting of the Board held on May 16-17, 2017 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an initial term ending August 16, 2018. In approving the Investment Advisory Agreement, the Board considered information provided by the Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

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

As part of their review, the Directors considered the nature, extent and quality of the services to be provided by the Adviser. The Directors concluded the Adviser had substantial resources to provide services to the Fund and that the Adviser’s services provided to other Funds of the Company had been acceptable.

The Board also considered the advisory fee rate to be paid by the Fund under the Investment Advisory Agreement. The Directors noted that the Adviser had contractually agreed to waive management fees and reimburse expenses through at least September 1, 2018 to limit total annual operating expenses to 1.10% for the Boston Partners Emerging Markets Fund – Institutional Class.

After reviewing the information regarding the Fund’s costs, profitability and economies of scale, and after considering the Adviser’s services, the Directors concluded that the investment advisory fees to be paid by the Fund were fair and reasonable and that the Investment Advisory Agreement should be approved for an initial period ending August 16, 2018.

84 Semi-Annual Report 2018

 

Campbell Dynamic Trend Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 28, 2018
(Unaudited)

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

Campbell Dynamic Trend Fund

Semi-Annual Report
Performance Data
February 28, 2018 (Unaudited)

Average Annual Total Returns for the Periods Ended FEBRUARY 28, 2018
	Six Months*	One Year	Since Inception**
Campbell Dynamic Trend Fund	1.21%	1.55%	-2.46%
Barclay BTOP50 Index***	-0.91%	-2.44%	-2.74%

* Not annualized.

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

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

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

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual operating expense ratio, as stated in the current prospectus dated December 31, 2017, is 3.47% and the Fund’s net operating expense ratio is 1.27%. Campbell & Company Investment Adviser LLC has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.25% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

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

The Fund intends to elect to be treated and to qualify each year, as a regulated investment company (“RIC”) under the U.S. Internal Revenue Code (“Code”). To maintain qualification for federal income tax purposes as a RIC under the Code, the Fund must meet certain source-of-income, asset diversification and distribution of its income requirements. If the Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Fund would be subject to diminished returns.

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

Portfolio composition is subject to change.

1

Campbell Dynamic Trend Fund

Fund Expense Examples

February 28, 2018 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$1,012.10	$6.29
Hypothetical (5% return before expenses)	1,000.00	1,018.55	6.31

* Expenses are equal to an annualized six-month expense ratio for the period September 1, 2017 to February 28, 2018 of 1.26%, which includes waived fees or reimbursed expenses (including interest expense, if any), multiplied by the average account value over the period, multiplied by the number of days (181) in the recent fiscal half-year then divided by 365 days to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund of 1.21%.

2

Campbell Dynamic Trend Fund

Consolidated Portfolio Holdings Summary Table

February 28, 2018 (Unaudited)

The following table presents a consolidated summary of the portfolio holdings of the Fund at February 28, 2018:

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		86.2	%	$	7,967,424
OTHER ASSETS IN EXCESS OF LIABILITIES (including futures and forward foreign currency contracts)		13.8			1,277,005
NET ASSETS		100.0	%	$	9,244,429

Portfolio holdings are subject to change at any time.

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

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

3

Campbell Dynamic Trend Fund

Consolidated Portfolio of Investments

February 28, 2018 (Unaudited)

	Coupon*	Maturity Date	Par		Value
Short-Term Investments — 86.2%
U.S. Treasury Obligations — 86.2%
United States Treasury Bill	1.069%	03/29/18	$	1,390,000	$	1,388,408
United States Treasury Bill	1.274%	04/26/18		1,120,000		1,117,350
United States Treasury Bill	1.400%	05/24/18		1,950,000		1,942,754
United States Treasury Bill	1.476%	06/21/18		890,000		885,473
United States Treasury Bill	1.581%	07/19/18		895,000		888,885
United States Treasury Bill	1.795%	08/23/18		1,760,000		1,744,554
						7,967,424
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,971,010)						7,967,424
Total Investments — 86.2%
(Cost $7,971,010)						7,967,424
Other Assets in Excess of Liabilities — 13.8%						1,277,005
Net Assets — 100.0%					$	9,244,429

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

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

4

Campbell Dynamic Trend Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Futures contracts outstanding as of February 28, 2018 were as follows:

Long Contracts	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
10-Year Mini Japanese Government Bond	Mar-18	11	$	1,030,976	$	711
3-Month Euro Euribor	Mar-19	32		9,760,025		637
90-DAY Bank Bill	Jun-18	11		8,543,689		(626	)
Amsterdam Index	Mar-18	1		130,626		3,524
Brent Crude	May-18	2		129,460		(4,103	)
CAC40 10 Euro	Mar-18	1		64,892		2,268
Cattle Feeder Futures	Mar-18	1		72,375		335
DJIA Mini E-CBOT	Mar-18	1		125,190		(4,462	)
Euro-BTP	Mar-18	2		244,001		(5,883	)
Euro-Oat	Mar-18	1		122,000		(4,174	)
FTSE 100 Index	Mar-18	1		99,481		(4,455	)
FTSE/JSE TOP 40	Mar-18	1		43,512		(334	)
Gasoline RBOB	Apr-18	1		80,833		(2,875	)
Gold 100 Oz	Apr-18	2		263,580		(8,085	)
Hang Seng Index	Mar-18	1		196,348		(3,268	)
London Metals Exchange Aluminum	Mar-18	2		106,475		(881	)
London Metals Exchange Aluminum	Jun-18	2		106,725		(3,226	)
London Metals Exchange Copper	Mar-18	1		172,588		8,166
London Metals Exchange Copper	Jun-18	1		173,575		(4,878	)
London Metals Exchange Nickel	Mar-18	1		82,515		17,340
London Metals Exchange Nickel	Jun-18	1		82,830		1,935
London Metals Exchange Zinc	Mar-18	2		173,000		12,263
London Metals Exchange Zinc	Jun-18	2		172,325		(1,931	)
Low Sulphur Gasoil G Futures	Apr-18	2		115,750		(7,853	)
MSCI Singapore Exchange ETS	Mar-18	5		151,217		(372	)
MSCI Taiwan Index	Mar-18	2		79,620		(94	)
Nasdaq 100 E-Mini	Mar-18	1		137,300		11,073
Nikkie 225 (Osaka Securities Exchange)	Mar-18	1		103,590		(2,966	)
Palladium	Jun-18	1		103,760		1,363
Platinum	Apr-18	3		148,215		423
Russell 2000 E-Mini	Mar-18	1		75,560		(2	)
S&P 500 E-Mini	Mar-18	1		135,720		(4,045	)
S&P Mid 400 E-Mini	Mar-18	1		186,450		(7,282	)
S&P/TSX 60 Index	Mar-18	1		142,254		(8,621	)
SPI 200 Index	Mar-18	1		116,524		(371	)
Topix Index	Mar-18	1		165,706		(2,209	)
WTI Crude	Apr-18	2		123,280		(2,865	)
					$	(25,823	)

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

5

Campbell Dynamic Trend Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Short Contracts	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
90-Day Euro	Mar-19	38	$	(9,500,000	)	$	35,318
90-Day Sterling	Mar-19	28		(4,818,481	)		2,736
Australian 10-Year Bond	Mar-18	4		(310,680	)		(1,166	)
Australian 3-Year Bond	Mar-18	13		(1,009,709	)		(3,154	)
Canadian 10-Year Bond	Jun-18	3		(233,791	)		(1,806	)
Coffee	May-18	2		(91,500	)		819
Corn	May-18	3		(57,300	)		(1,696	)
Euro-Bobl	Mar-18	5		(610,002	)		(2,568	)
Euro-Bund	Mar-18	1		(122,000	)		(1,697	)
London Metals Exchange Aluminum	Mar-18	2		(106,475	)		2,719
London Metals Exchange Aluminum	Jun-18	1		(53,363	)		1,209
London Metals Exchange Copper	Mar-18	1		(172,588	)		4,785
London Metals Exchange Nickel	Mar-18	1		(82,515	)		(1,968	)
London Metals Exchange Zinc	Mar-18	2		(173,000	)		1,644
Long Gilt	Jun-18	2		(275,342	)		(1,434	)
Natural Gas	Apr-18	1		(26,700	)		538
Sugar No. 11 (World)	May-18	1		(14,986	)		501
U.S. Treasury 10-Year Notes	Jun-18	7		(683,945	)		(1,215	)
U.S. Treasury 2-Year Notes	Jun-18	31		(6,087,280	)		(45	)
U.S. Treasury 5-Year Notes	Jun-18	17		(1,628,461	)		(956	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Jun-18	1		(120,317	)		(970	)
Wheat	May-18	2		(49,500	)		(2,956	)
						$	28,638
Total Futures Contracts						$	2,815

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

6

Campbell Dynamic Trend Fund

Consolidated Portfolio of Investments (Concluded)

February 28, 2018 (Unaudited)

Forward foreign currency contracts outstanding as of February 28, 2018 were as follows:

Currency Purchased		Currency Sold		Expiration Date	Counterparty	Unrealized Appreciation/ (Depreciation)
AUD	1,000,000	USD	781,608	Mar 21 2018	UBS	$	(4,891	)
CAD	700,000	USD	558,785	Mar 21 2018	UBS		(13,045	)
CHF	350,000	USD	376,627	Mar 21 2018	UBS		(5,297	)
EUR	700,000	USD	838,960	Mar 21 2018	UBS		16,481
GBP	400,000	USD	545,003	Mar 21 2018	UBS		6,236
JPY	91,500,000	USD	837,170	Mar 22 2018	UBS		21,807
NOK	4,500,000	USD	557,465	Mar 21 2018	UBS		12,768
NZD	1,000,000	USD	719,713	Mar 21 2018	UBS		1,338
SEK	3,600,000	USD	443,077	Mar 21 2018	UBS		(7,925	)
USD	502,331	AUD	650,000	Mar 21 2018	UBS		(2,536	)
USD	393,591	CAD	500,000	Mar 21 2018	UBS		3,777
USD	264,294	CHF	250,000	Mar 21 2018	UBS		(941	)
USD	423,117	EUR	350,000	Mar 21 2018	UBS		(4,603	)
USD	137,040	GBP	100,000	Mar 21 2018	UBS		(770	)
USD	541,228	JPY	60,000,000	Mar 22 2018	UBS		(22,035	)
USD	186,316	NOK	1,500,000	Mar 21 2018	UBS		(3,762	)
USD	309,990	NZD	450,000	Mar 21 2018	UBS		(14,483	)
USD	181,582	SEK	1,500,000	Mar 21 2018	UBS		269
Total Forward Foreign Currency Contracts						$	(17,612	)

AUD	Australian Dollar	JPY	Japanese Yen
CAD	Canadian Dollar	NOK	Norwegian Krone
CHF	Swiss Franc	NZD	New Zealand Dollar
EUR	Euro	SEK	Swedish Krona
GBP	British Pound	USD	United States Dollar

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

7

Campbell Dynamic Trend Fund

Consolidated Statement of Assets and Liabilities

February 28, 2018 (Unaudited)

ASSETS
Investments, at value (cost $7,971,010)	$	7,967,424
Cash		783,946
Deposits with brokers:
Forward foreign currency contracts		310,000
Futures contracts		243,014
Receivables for:
Due from adviser		4,003
Unrealized apprecation on futures contracts		110,307
Unrealized appreciation on forward foreign currency contracts		62,676
Prepaid expenses and other assets		17,290
Total assets		9,498,660
LIABILITIES
Payables for:
Administration and accounting fees		5,359
Transfer agent fees		838
Custodian fees		563
Unrealized depreciation on futures contracts		107,492
Unrealized depreciation on forward foreign currency contracts		80,288
Other accrued expenses and liabilities		59,691
Total liabilities		254,231
Net assets	$	9,244,429
NET ASSETS CONSIST OF:
Par value	$	1,036
Paid-in capital		9,142,198
Accumulated net investment income/(loss)		(41,166	)
Accumulated net realized gain/(loss) from futures contracts, foreign currency transactions and forward foreign currency contracts		160,484
Net unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts		(18,123	)
Net assets	$	9,244,429
CAPITAL SHARES:
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)	$	1,036,065
Net asset value, offering and redemption price per share	$	8.92

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

8

Campbell Dynamic Trend Fund

Consolidated Statement of Operations

For The Six Months Ended

February 28, 2018 (Unaudited)

INVESTMENT INCOME
Interest	$	44,295
Total investment income		44,295
EXPENSES
Advisory fees (Note 2)		48,330
Audit and tax service fees		28,708
Administration and accounting services fees (Note 2)		20,336
Registration and filing fees		12,979
Legal fees		8,785
Officers fees		4,646
Directors fees		4,635
Printing and shareholder reporting fees		3,658
Transfer agent fees (Note 2)		1,574
Custodian fees (Note 2)		1,154
Other expenses		4,432
Total expenses before waivers and reimbursements		139,237
Less: waivers and reimbursements (Note 2)		(81,478	)
Net expenses after waivers and reimbursements		57,759
Net investment income/(loss)		(13,464	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(150	)
Futures contracts		373,006
Foreign currency transactions		(100	)
Forward foreign currency contracts		(101,813	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(3,742	)
Futures contracts		(107,972	)
Foreign currency translations		275
Forward foreign currency contracts		(34,354	)
Net realized and unrealized gain/(loss) from investments		125,150
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	111,686

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

9

Campbell Dynamic Trend Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
Increase/(Decrease) in Net Assets From Operations:
Net investment income/(loss)	$	(13,464	)	$	(72,695	)
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		270,943			(215,793	)
Net change in unrealized appreciation/(depreciation) on investments, future contracts, foreign currency translation and forward foreign currency contracts		(145,793	)		35,318
Net increase/(decrease) in net assets resulting from operations		111,686			(253,170	)
Dividends and Distributions to Shareholders From:
Net realized capital gains		(204,171	)		—
Net decrease in net assets from dividends and distributions to shareholders		(204,171	)		—
Capital Share Transactions:
Proceeds from reinvestment of distributions		204,171			—
Net increase/(decrease) in net assets from capital share transactions		204,171			—
Total increase/(decrease) in net assets		111,686			(253,170	)
Net Assets:
Beginning of period		9,132,743			9,385,913
End of period	$	9,244,429		$	9,132,743
Accumulated net investment income/(loss), end of period	$	(41,166	)	$	(27,702	)
Share Transactions:
Shares reinvested		22,660			—
Net increase/(decrease) in shares outstanding		22,660			—

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

10

Campbell Dynamic Trend Fund

Consolidated Financial Highlights

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

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Period Ended August 31, 2015(1)
Per Share Operating Performance
Net asset value, beginning of period	$	9.01		$	9.26		$	9.71		$	10.00
Net investment income/(loss)(2)		(0.01	)		(0.07	)		(0.11	)		(0.08	)
Net realized and unrealized gain/(loss) from investments		0.12			(0.18	)		(0.21	)		(0.21	)
Net increase/(decrease) in net assets resulting from operations		0.11			(0.25	)		(0.32	)		(0.29	)
Dividends and distributions to shareholders from:
Net realized capital gains		(0.20	)		—			(0.13	)		—
Total dividends and distributions to shareholders		(0.20	)		—			(0.13	)		—
Net asset value, end of period	$	8.92		$	9.01		$	9.26		$	9.71
Total investment return(3)		1.21	%(6)		(2.70	)%		(3.36	)%		(2.90	)%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$	9,244		$	9,133		$	9,386		$	9,715
Ratio of expenses to average net assets with waivers and reimbursements		1.26	%(4)(5)		1.27	%(4)		1.25	%		1.26	%(4)(5)
Ratio of expenses to average net assets without waivers and reimbursements		3.03	%(5)		3.47	%		4.04	%		4.39	%(5)
Ratio of net investment income/(loss) to average net assets		(0.29	)%(5)		(0.80	)%		(1.13	)%		(1.25	)%(5)
Portfolio turnover rate		0.00	%(6)		0.00	%		0.00	%		0.00	%(6)

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

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

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

(4) Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets would be 1.25%.

(5) Annualized.

(6) Not annualized.

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

11

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements

February 28, 2018 (Unaudited)

1. Organization and Significant Accounting Policies

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

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund’s investment objective is to seek capital appreciation.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

The end of the reporting period for the Fund is February 28, 2018, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

Consolidation of Subsidiary — The Adviser’s Campbell Dynamic Trend Program will be achieved by the Fund investing up to 25% of its total assets in the Campbell Core Offshore Limited (the “Subsidiary”), a wholly-owned and controlled subsidiary for the Fund organized under the laws of the Cayman Islands. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $282,288, which represented 3.05% of the Fund’s net assets.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

12

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

● Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Short-Term Investments	$	7,967,424	$	7,967,424	$	—	$	—
Commodity Contracts
Futures Contracts		54,040		54,040		—		—
Equity Contracts
Futures Contracts		16,865		16,865		—		—
Interest Rate Contracts
Futures Contracts		39,402		39,402		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		62,676		—		62,676		—
Total Assets	$	8,140,407	$	8,077,731	$	62,676	$	—

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(43,317	)	$	(43,317	)	$	—		$	—
Equity Contracts
Futures Contracts		(38,481	)		(38,481	)		—			—
Interest Rate Contracts
Futures Contracts		(25,694	)		(25,694	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(80,288	)		—			(80,288	)		—
Total Liabilities	$	(187,780	)	$	(107,492	)	$	(80,288	)	$	—

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

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

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

13

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

During the current fiscal period, the Fund had no transfers between Levels 1, 2 and 3.

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

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

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of and for the current fiscal period.

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

Derivative Type	Consolidated Statement of Assets and Liabilities Location	Commodity Contracts			Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Total
Asset Derivatives
Futures Contracts (a)	Unrealized appreciation on futures contracts	$	54,040		$	16,865		$	39,402		$	—		$	110,307
Forward Contracts (a)	Unrealized appreciation on forward foreign currency contracts		—			—			—			62,676			62,676
Total Value - Assets		$	54,040		$	16,865		$	39,402		$	62,676		$	172,983
Liability Derivatives
Futures Contracts (a)	Unrealized depreciation on futures contracts	$	(43,317	)	$	(38,481	)	$	(25,694	)	$	—		$	(107,492	)
Forward Contracts (a)	Unrealized depreciation on forward foreign currency contracts		—			—			—			(80,288	)		(80,288	)
Total Value - Liabilities		$	(43,317	)	$	(38,481	)	$	(25,694	)	$	(80,288	)	$	(187,780	)

(a) This amount represents the cumulative appreciation/(depreciation) of forward and futures contracts as reported in the Consolidated Portfolio of Investments.

14

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by contract type and risk exposure.

Derivative Type	Consolidated Statement of Operations Location	Commodity Contracts		Equity Contracts		Interest Rate Contracts		Foreign Currency Contracts			Total
Realized Gain/(Loss)
Futures Contracts	Net realized gain/ (loss) from futures contracts	$	15,577	$	302,721	$	54,708	$	—		$	373,006
Forward Contracts	Net realized gain/ (loss) from forward foreign currency contracts		—		—		—		(101,813	)		(101,813	)
Total Realized Gain/(Loss)		$	15,577	$	302,721	$	54,708	$	(101,813	)	$	271,193

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by contract type and risk exposure.

Derivative Type	Consolidated Statement of Operations Location	Commodity Contracts			Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Total
Change in Unrealized Appreciation/(Depreciation)
Futures Contracts	Net change in unrealized appreciation/ (depreciation) on futures contracts	$	(49,109	)	$	(54,354	)	$	(4,509	)	$	—		$	(107,972	)
Forward Contracts	Net change in unrealized appreciation/ (depreciation) on forward foreign currency contracts		—			—			—			(34,354	)		(34,354	)
Total Change in Unrealized Appreciation/(Depreciation)		$	(49,109	)	$	(54,354	)	$	(4,509	)	$	(34,354	)	$	(142,326	)

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

Long Futures Notional Amount	Short Futures Notional Amount	Forward Foreign Currency Contracts — Payable (Value at Trade Date)	Forward Foreign Currency Contracts — Receivable (Value at Trade Date)
$52,234,580	$(13,227,255)	$(10,103,651)	$10,065,396

15

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

			Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities									Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities
Description	Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount(1)		Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged(2)		Net Amount(3)
	Assets									Liabilities
Forward Foreign Currency Contracts	$	62,676	$	(62,676	)	$	—	$	—	$	62,676	$	(80,288	)	$	—	$	(17,612	)

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

(2) Actual collateral pledged may be more than the amount shown.

(3) Net amount represents the net amount payable to the counterparty in the event of default.

Use of Estimates — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

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

16

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

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

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

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

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

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

17

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

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

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

Cash and Cash Equivalents — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

18

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

2. Investment Adviser and Other Services

Campbell & Company Investment Adviser LLC (“Campbell” or the “Adviser”) serves as the investment adviser to the Fund. The Adviser is a wholly-owned subsidiary of Campbell & Company, L.P. The Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rate (“Expense Cap”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Cap as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2018.

Advisory Fee	Expense Cap
1.05%	1.25%

During the current fiscal period, investment advisory fees accrued and waived were as follows:

Gross Advisory Fees	Waivers	Net Advisory Fees
$48,330	$(81,478)	$(33,148)

If at any time the Fund’s total annual Fund operating expenses for a year are less than the Expense cap, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed the Expense cap that was in effect at the time of the waiver or reimbursement.

As of the end of the reporting period, the Fund had amounts available for recoupment as follows:

Expiration
August 31, 2019	August 31, 2020	August 31, 2021	Total
$265,599	$199,666	$81,478	$546,743

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Fund. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

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

For compensation amounts payable to USBFS, please refer to the Consolidated Statement of Operations.

19

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

3. Director’s and Officer’s 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 USBFS serve as officers of the Company. They are not compensated by the Fund or the Company. For Director’s and Officer’s compensation amounts, please refer to the Consolidated Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments and derivative transactions) of the Fund were as follows:

Purchases	Sales
$—	$—

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Federal Income Tax Information

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

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$8,213,142	$2,768	$(314,246)	$(311,478)

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

20

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Concluded)

February 28, 2018 (Unaudited)

The following permanent differences as of August 31, 2017, primarily attributable to disallowed expenses, short-term realized gains being offset with current net operating loss, investments in wholly-owned controlled foreign corporation and reclassifications for treatment of certain foreign currency transactions were reclassified among the following accounts:

UNDISTRIBUTED NET INVESTMENT INCOME/(Loss)	ACCUMULATED NET REALIZED GAIN/(Loss)	PAID-IN CAPITAL
$107,162	$329,907	$(437,069)

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Unrealized Appreciation/ (Depreciation)	Qualified Late-Year Losses	Capital Loss Carryforwards	Other Temporary Differences
$159,559	$—	$34,121	$—	$—	$—

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

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2017, were as follows:

Ordinary Income	Long-Term Gains	Total
$ —	$ —	$ —

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2017.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2017, the Fund had no tax basis capital loss carryovers to offset future capital gains.

6. Subsequent Events

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

21

Campbell Dynamic Trend Fund

Other Information

(Unaudited)

Proxy Voting

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

Quarterly Portfolio Schedules

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

22

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Investment Adviser
Campbell & Company Investment Adviser LLC
2850 Quarry Lake Drive
Baltimore, Maryland 21209

Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
777 East Wisconsin Avenue, Floor 6
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

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

CADT-SAR18

Campbell Multi-Asset Carry Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 28 2018
(Unaudited)

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

Campbell Multi-Asset Carry Fund

Performance Data

February 28, 2018 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2018
	Six Months*	One Year	Since Inception**
Campbell Multi-Asset Carry Fund	-8.08%	-7.75%	-5.36%
Barclay BTOP50 Index***	-0.91%	-2.44%	-4.13%

* Not annualized.

** Inception date of the Fund is December 21, 2015.

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

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

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual operating expense ratio, as stated in the current prospectus dated December 31, 2017, is 2.36% and the Fund’s net operating expense ratio is 1.28%. Campbell & Company Investment Adviser LLC has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.25% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

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

The Fund intends to elect to be treated and to qualify each year, as a regulated investment company (“RIC”) under the U.S. Internal Revenue Code (“Code”). To maintain qualification for federal income tax purposes as a RIC under the Code, the Fund must meet certain source-of-income, asset diversification and distribution of its income requirements. If the Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Fund would be subject to diminished returns.

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

Portfolio composition is subject to change.

1

Campbell Multi-Asset Carry Fund

Fund Expense Examples

February 28, 2018 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$ 919.20	$5.95
Hypothetical (5% return before expenses)	1,000.00	1,018.60	6.26

* Expenses are equal to an annualized six-month expense ratio for the period September 1, 2017 to February 28, 2018 of 1.25%, which includes waived fees or reimbursed expenses (including interest expense, if any), multiplied by the average account value over the period, multiplied by the number of days (181) in the recent fiscal half-year then divided by 365 days to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund of -8.08%.

2

Campbell Multi-Asset Carry Fund

Consolidated Portfolio Holdings Summary Table

February 28, 2018 (Unaudited)

The following table presents a consolidated summary of the portfolio holdings of the Fund at February 28, 2018:

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		81.3	%	$	10,834,954
OTHER ASSETS IN EXCESS OF LIABILITIES (including futures and forward foreign currency contracts)		18.7			2,488,834
NET ASSETS		100.0	%	$	13,323,788

Portfolio holdings are subject to change at any time.

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

The accompanying notes are an integral part of the consolidated financial statements.
3

Campbell Multi-Asset Carry Fund

Consolidated Portfolio of Investments

February 28, 2018 (Unaudited)

	Coupon*	MATURITY DATE	Par		Value
Short-Term Investments — 81.3%
U.S. Treasury Obligations — 81.3%
United States Treasury Bill	1.048%	03/29/18	$	1,605,000	$	1,603,162
United States Treasury Bill	1.269%	04/26/18		825,000		823,047
United States Treasury Bill	1.400%	05/24/18		3,825,000		3,810,787
United States Treasury Bill	1.469%	06/21/18		1,525,000		1,517,243
United States Treasury Bill	1.569%	07/19/18		1,525,000		1,514,581
United States Treasury Bill	1.795%	08/23/18		1,580,000		1,566,134
						10,834,954
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,840,372)						10,834,954
Total Investments — 81.3%
(Cost $10,840,372)						10,834,954
Other Assets in Excess of Liabilities — 18.7%						2,488,834
Net Assets — 100.0%					$	13,323,788

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

The accompanying notes are an integral part of the consolidated financial statements.
4

Campbell Multi-Asset Carry Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2018 (Unaudited)

Futures contracts outstanding as of February 28, 2018 were as follows:

Long Contracts	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
3-Month Euro Euribor	Mar-19	76	$	23,180,060	$	146
90-Day Euro	Mar-19	222		55,500,000		(138,606	)
90-Day Sterling	Mar-19	90		15,487,974		(22,638	)
Amsterdam Index	Mar-18	1		130,626		3,524
Australian 10-Year Bond	Mar-18	1		77,670		581
Australian 3-Year Bond	Mar-18	104		8,077,670		(12,159	)
Bank Acceptance	Mar-18	21		4,091,334		(2,459	)
Brent Crude	May-18	13		841,490		(15,842	)
CAC40 10 Euro	Mar-18	1		64,892		2,268
Canadian 10-Year Bond	Jun-18	1		77,930		590
Cotton No.2	May-18	14		580,510		16,638
Euro Stoxx 50	Mar-18	5		209,719		(6,692	)
Euro-Bobl	Mar-18	94		11,468,030		(23,894	)
Euro-Bund	Mar-18	3		366,001		4,913
Euro-Schatz	Mar-18	124		15,128,039		8,513
FTSE 100 Index	Mar-18	11		1,094,291		(23,239	)
Gasoline RBOB	Apr-18	3		242,500		(8,197	)
Hang Seng Index	Mar-18	1		196,348		(3,268	)
IBEX 35 Index	Mar-18	13		1,559,740		17,291
JPN 10-Year Bond (Osaka Securities Exchange)	Mar-18	3		2,811,753		3,501
London Metals Exchange Aluminum	Mar-18	17		905,038		(19,823	)
London Metals Exchange Copper	Mar-18	1		172,588		(5,240	)
London Metals Exchange Nickel	Mar-18	2		165,030		3,504
London Metals Exchange Nickel	Jun-18	1		82,830		(2,163	)
London Metals Exchange Zinc	Mar-18	7		605,500		51,408
London Metals Exchange Zinc	Jun-18	9		775,463		(12,584	)
MSCI Taiwan Index	Mar-18	9		358,290		(422	)
Natural Gas	Apr-18	1		26,700		(122	)
OMX Stockholm 30 Index	Mar-18	14		265,605		6,147
Soybean	May-18	27		1,424,925		18,423
Soybean Meal	May-18	14		552,580		48,800
SPI 200 Index	Mar-18	10		1,165,243		1,711
U.S. Treasury 10-Year Notes	Jun-18	1		97,709		241
U.S. Treasury 2-Year Notes	Jun-18	160		31,418,179		(9,042	)
U.S. Treasury 5-Year Notes	Jun-18	1		95,792		22
WTI Crude	Apr-18	21		1,294,440		(26,611	)
					$	(144,780	)

Short Contracts	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Coffee	May-18	16	$	(732,000	)	$	289
Copper	May-18	8		(626,500	)		16,856
Corn	May-18	71		(1,356,100	)		(32,041	)
Gold 100 Oz	Apr-18	14		(1,845,060	)		37,586
Kansas City Hard Red Winter Wheat	May-18	14		(365,575	)		(20,478	)

The accompanying notes are an integral part of the consolidated financial statements.
5

Campbell Multi-Asset Carry Fund

Consolidated Portfolio of Investments (Concluded)

February 28, 2018 (Unaudited)

Short Contracts	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
London Metals Exchange Aluminum	Mar-18	17	$	(905,038	)	$	(46,904	)
London Metals Exchange Aluminum	Jun-18	1		(53,363	)		1,654
London Metals Exchange Copper	Mar-18	1		(172,588	)		(8,150	)
London Metals Exchange Copper	Jun-18	1		(173,575	)		5,279
London Metals Exchange Nickel	Mar-18	2		(165,030	)		(35,100	)
London Metals Exchange Nickel	Jun-18	2		(165,660	)		(3,486	)
London Metals Exchange Zinc	Mar-18	7		(605,500	)		4,309
Nasdaq 100 E-Mini	Mar-18	6		(823,800	)		(29,622	)
S&P 500 E-Mini	Mar-18	3		(407,160	)		3,359
Silver	May-18	8		(656,300	)		9,271
Soybean Oil	May-18	17		(328,746	)		6,827
Sugar No. 11 (World)	May-18	44		(659,366	)		8,368
Wheat	May-18	26		(643,500	)		(35,737	)
						$	(117,720	)
Total Futures Contracts						$	(262,500	)

Forward foreign currency contracts outstanding as of February 28, 2018 were as follows:

Currency Purchased		Currency Sold		Expiration Date	Counterparty	Unrealized Appreciation/ (Depreciation)
AUD	2,350,000	USD	1,790,948	Mar 21 2018	UBS	$	34,338
CAD	1,300,000	USD	1,035,863	Mar 21 2018	UBS		(22,345	)
CHF	150,000	USD	161,080	Mar 21 2018	UBS		(1,938	)
EUR	1,650,000	USD	2,002,339	Mar 21 2018	UBS		14,058
JPY	472,500,000	USD	4,306,857	Mar 22 2018	UBS		128,838
NOK	8,550,000	USD	1,090,721	Mar 21 2018	UBS		(7,278	)
NZD	3,750,000	USD	2,665,848	Mar 21 2018	UBS		38,095
SEK	8,700,000	USD	1,046,132	Mar 21 2018	UBS		5,485
USD	1,807,316	AUD	2,300,000	Mar 21 2018	UBS		20,866
USD	1,345,316	CAD	1,700,000	Mar 21 2018	UBS		19,946
USD	1,226,253	CHF	1,150,000	Mar 21 2018	UBS		6,168
USD	4,733,175	EUR	3,900,000	Mar 21 2018	UBS		(32,854	)
USD	67,156	GBP	50,000	Mar 21 2018	UBS		(1,749	)
USD	7,968,875	JPY	880,500,000	Mar 22 2018	UBS		(297,009	)
USD	1,284,007	NOK	10,500,000	Mar 21 2018	UBS		(46,537	)
USD	1,044,828	NZD	1,450,000	Mar 21 2018	UBS		(697	)
USD	1,449,317	SEK	12,000,000	Mar 21 2018	UBS		(1,189	)
Total Forward Foreign Currency Contracts						$	(143,802	)

AUD	Australian Dollar	JPY	Japanese Yen
CAD	Canadian Dollar	NOK	Norwegian Krone
CHF	Swiss Franc	NZD	New Zealand Dollar
EUR	Euro	SEK	Swedish Krona
GBP	British Pound	USD	United States Dollar

The accompanying notes are an integral part of the consolidated financial statements.
6

Campbell Multi-Asset Carry Fund

Consolidated Statement of Assets and Liabilities

February 28, 2018 (Unaudited)

ASSETS
Investments, at value (cost $10,840,372)	$	10,834,954
Cash		878,090
Deposits with broker for:
Forward foreign currency contracts		625,000
Futures contracts		1,413,850
Receivables for:
Due from advisor		4,331
Unrealized appreciation on futures contracts		282,019
Unrealized appreciation on forward foreign currency contracts		267,794
Prepaid expenses and other assets		21,980
Total assets		14,328,018
LIABILITIES
Payables for:
Administration and accounting fees		7,305
Transfer agent fees		1,178
Custodian fees		547
Unrealized depreciation on futures contracts		544,519
Unrealized depreciation on forward foreign currency contracts		411,596
Other accrued expenses and liabilities		39,085
Total liabilities		1,004,230
Net assets	$	13,323,788
NET ASSETS CONSIST OF:
Par value	$	1,714
Paid-in capital		14,450,984
Accumulated net investment income/(loss)		327,832
Accumulated net realized gain/(loss) from futures contracts, foreign currency transactions and forward foreign currency contracts		(1,045,410	)
Net unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translation and forward foreign currency contracts		(411,332	)
Net assets	$	13,323,788
CAPITAL SHARES:
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,713,897
Net asset value, offering and redemption price per share	$	7.77

The accompanying notes are an integral part of the consolidated financial statements.
7

Campbell Multi-Asset Carry Fund

Consolidated Statement of Operations

For The Six Months Ended
February 28, 2018 (Unaudited)

INVESTMENT INCOME
Interest	$	63,538
Total investment income		63,538
EXPENSES
Advisory fees (Note 2)		74,890
Audit and tax service fees		27,666
Administration and accounting fees (Note 2)		26,183
Legal fees		14,753
Registration and filing fees		10,879
Officers fees		9,711
Directors fees		7,941
Printing and shareholder reporting fees		4,299
Transfer agent fees (Note 2)		2,784
Custodian fees (Note 2)		1,290
Other expenses		6,624
Total expenses before waivers and reimbursements		187,020
Less: waivers and reimbursements (Note 2)		(97,611	)
Net expenses after waivers and reimbursements		89,409
Net investment income/(loss)		(25,871	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(177	)
Futures contracts		(729,424	)
Foreign currency transactions		6,221
Forward foreign currency contracts		(238,212	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(5,742	)
Futures contracts		(404,117	)
Foreign currency translation		732
Forward foreign currency contracts		220,751
Net realized and unrealized gain/(loss) from investments		(1,149,968	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,175,839	)

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

8

Campbell Multi-Asset Carry Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	(25,871	)	$	(126,474	)
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		(961,592	)		(704,471	)
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translation and forward foreign currency contracts		(188,376	)		(517,389	)
Net increase/(decrease) in net assets resulting from operations		(1,175,839	)		(1,348,334	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(10,850	)		(68,163	)
Net realized capital gains		(106,038	)		(1,658,102	)
Net decrease in net assets from dividends and distributions to shareholders		(116,888	)		(1,726,265	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from reinvestment of distributions		116,888			1,726,265
Net increase/(decrease) in net assets from capital share transactions		116,888			1,726,265
Total increase/(decrease) in net assets		(1,175,839	)		(1,348,334	)
NET ASSETS:
Beginning of period		14,499,627			15,847,961
End of period	$	13,323,788		$	14,499,627
Accumulated net investment income/(loss), end of period	$	327,832		$	364,553
SHARE TRANSACTIONS:
Shares reinvested		13,482			197,966
Net increase/(decrease) in shares outstanding		13,482			197,966

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

9

Campbell Multi-Asset Carry Fund

Consolidated Financial Highlights

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

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Period Ended August 31, 2016(1)
Per Share Operating Performance
Net asset value, beginning of period	$	8.53		$	10.55		$	10.00
Net investment income/(loss) (2)		(0.02	)		(0.08	)		(0.08	)
Net realized and unrealized gain/(loss) from investments		(0.67	)		(0.79	)		0.63
Net increase/(decrease) in net assets resulting from operations		(0.69	)		(0.87	)		0.55
Dividends and distributions to shareholders from:
Net investment income		(0.01	)		(0.05	)		—
Net realized capital gain		(0.06	)		(1.10	)		—
Total dividends and distributions to shareholders		(0.07	)		(1.15	)		—
Net asset value, end of period	$	7.77		$	8.53		$	10.55
Total investment return (3)		(8.08	)%(6)		(8.60	)%		5.50	%(6)
Ratios/Supplemental Data
Net assets, end of period (000's)	$	13,324		$	14,500		$	15,848
Ratio of expenses to average net assets with waivers and reimbursements		1.25	%(5)		1.28	%(4)		1.25	%(5)
Ratio of expenses to average net assets without waivers and reimbursements		2.62	%(5)		2.36	%		3.29	%(5)
Ratio of net investment income/(loss) to average net assets		(0.36	)%(5)		(0.85	)%		(1.09	)%(5)
Portfolio turnover rate		0.00	%(6)		0.00	%		0.00	%(6)

(1) The Fund commenced investment operations on December 21, 2015.

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

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

(4) Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets would be 1.25%.

(5) Annualized.

(6) Not annualized.

The accompanying notes are an integral part of the consolidated financial statements.
10

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements

February 28, 2018 (Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-nine active investment portfolios, including the Campbell Multi-Asset Carry Fund (the “Fund”), which commenced investment operations on December 21, 2015.

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund’s investment objective is to seek positive absolute returns.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

The end of the reporting period for the Fund is February 28, 2018, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

Consolidation of Subsidiary — The Adviser’s Campbell Multi-Asset Carry Program will be achieved by the Fund investing up to 25% of its total assets in the Campbell Core Carry Offshore Limited (the “Subsidiary”), a wholly-owned and controlled subsidiary for the Fund organized under the laws of the Cayman Islands. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $941,754, which represented 7.07% of the Fund’s net assets.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

11

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Short-Term Investments	$	10,834,954	$	10,834,954	$	—	$	—
Commodity Contracts
Futures Contracts		229,212		229,212		—		—
Equity Contracts
Futures Contracts		34,300		34,300		—		—
Interest Rate Contracts
Futures Contracts		18,507		18,507		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		267,794		—		267,794		—
Total Assets	$	11,384,767	$	11,116,973	$	267,794	$	—

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(272,478	)	$	(272,478	)	$	—		$	—
Equity Contracts
Futures Contracts		(63,243	)		(63,243	)		—			—
Interest Rate Contracts
Futures Contracts		(208,798	)		(208,798	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(411,596	)		—			(411,596	)		—
Total Liabilities	$	(956,115	)	$	(544,519	)	$	(411,596	)	$	—

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

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

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

12

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

During the current fiscal period, the Fund had no transfers between Levels 1, 2 and 3.

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

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

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of and for the current fiscal period.

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

Derivative Type	Consolidated Statement of Assets and Liabilities Location	Commodity Contracts			Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Total
Asset Derivatives
Futures Contracts (a)	Unrealized appreciation on futures contracts	$	229,212		$	34,300		$	18,507		$	—		$	282,019
Forward Contracts (a)	Unrealized appreciation on forward foreign currency contracts		—			—			—			267,794			267,794
Total Value - Assets		$	229,212		$	34,300		$	18,507		$	267,794		$	549,813
Liability Derivatives
Futures Contracts (a)	Unrealized depreciation on futures contracts	$	(272,478	)	$	(63,243	)	$	(208,798	)	$	—		$	(544,519	)
Forward Contracts (a)	Unrealized depreciation on forward foreign currency contracts		—			—			—			(411,596	)		(411,596	)
Total Value - Liabilities		$	(272,478	)	$	(63,243	)	$	(208,798	)	$	(411,596	)	$	(956,115	)

(a) This amount represents the cumulative appreciation/(depreciation) of forward and futures contracts as reported in the Consolidated Portfolio of Investments.

13

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by contract type and risk exposure.

Derivative Type	Consolidated Statement of Operations Location	Commodity Contracts		Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Total
Realized Gain/(Loss)
Futures Contracts	Net realized gain/ (loss) from futures contracts	$	249,423	$	(38,549	)	$	(940,298	)	$	—		$	(729,424	)
Forward Contracts	Net realized gain/ (loss) from forward foreign currency contracts		—		—			—			(238,212	)		(238,212	)
Total Realized Gain/(Loss)		$	249,423	$	(38,549	)	$	(940,298	)	$	(238,212	)	$	(967,636	)

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by contract type and risk exposure.

Derivative Type	Consolidated Statement of Operations Location	Commodity Contracts			Equity Contracts		Interest Rate Contracts			Foreign Currency Contracts		Total
Change in Unrealized Appreciation/(Depreciation)
Futures Contracts	Net change in unrealized appreciation/ (depreciation) on futures contracts	$	(183,131	)	$	20,804	$	(241,790	)	$	—	$	(404,117	)
Forward Contracts	Net change in unrealized appreciation/ (depreciation) on forward foreign currency contracts		—			—		—			220,751		220,751
Total Change in Unrealized Appreciation/(Depreciation)		$	(183,131	)	$	20,804	$	(241,790	)	$	220,751	$	(183,366	)

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

Long Futures Notional Amount	Short Futures Notional Amount	Forward Foreign Currency Contracts— Payable (Value at Trade Date)	Forward Foreign Currency Contracts— Receivable (Value at Trade Date)
$258,530,982	$(13,335,328)	$(41,426,800)	$41,310,407

14

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

			Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities									Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities
Description	Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount(1)		Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged(2)	Net Amount(3)
	Assets									Liabilities
Forward Foreign Currency Contracts	$	267,794	$	(267,794	)	$	—	$	—	$	267,794	$	(411,596	)	$	$	(143,802	)

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

(2) Actual collateral pledged may be more than the amount shown.

(3) Net amount represents the net amount payable to the counterparty in the event of default.

Use of Estimates — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

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

15

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

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

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

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

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

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

16

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

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

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

Cash and Cash Equivalents — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

17

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

2. Investment Adviser and Other Services

Campbell & Company Investment Adviser LLC (“Campbell” or the “Adviser”) serves as the investment adviser to the Fund. The Adviser is a wholly-owned subsidiary of Campbell & Company, L.P. The Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rate (“Expense Cap”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Cap as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2018.

Advisory Fee	Expense Cap
1.05%	1.25%

During the current fiscal period, investment advisory fees accrued and waived were as follows:

Gross Advisory Fees	Waivers	Net Advisory Fees
$74,890	$(97,611)	$(22,721)

If at any time the Fund’s total annual Fund operating expenses for a year are less than the Expense cap, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed the Expense cap that was in effect at the time of the waiver or reimbursement.

As of the end of the reporting period, the Fund had amounts available for recoupment as follows:

Expiration
August 31, 2019	August 31, 2020	August 31, 2021	Total
$166,493	$162,443	$97,611	$426,547

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Fund. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

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

For compensation amounts payable to USBFS, please refer to the Consolidated Statement of Operations.

18

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2018 (Unaudited)

3. Director’s and Officer’s 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 USBFS serve as officers of the Company. They are not compensated by the Fund or the Company. For Director’s and Officer’s compensation amounts, please refer to the Consolidated Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments and derivative transactions) of the Fund were as follows:

Purchases	Sales
$—	$—

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Federal Income Tax Information

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

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$14,040,692	$—	$(2,360,606)	$(2,360,606)

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

19

Campbell Multi-Asset Carry Fund

Notes To Consolidated Financial Statements (Concluded)

February 28, 2018 (Unaudited)

The following permanent differences as of August 31, 2017, primarily attributable to short-term realized gains being offset with current net operating loss, investments in wholly-owned controlled foreign corporation, reclassifications of short-term capital gain distributions and reclassifications for treatment of certain foreign currency transactions were reclassified among the following accounts:

Undistributed Net Investment Income/(Loss)	Accumulated Net Realized Gain/(Loss)	Paid-In Capital
$635,307	$914,171	$(1,549,478)

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Unrealized Appreciation/ (Depreciation)	Qualified Late-Year Losses	Other Temporary Differences
$106,032	$—	$57,785	$—	$—

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

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2017, were as follows:

Ordinary Income	Long-Term Gains	Total
$ 1,047,488	$ 678,777	$ 1,726,265

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2017.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2017, the Fund had no capital loss carryforwards.

6. Subsequent Events

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

20

Campbell Multi-Asset Carry Fund

Other Information

(Unaudited)

Proxy Voting

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

Quarterly Portfolio Schedules

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

21

Investment Adviser
Campbell & Company Investment Adviser LLC
2850 Quarry Lake Drive
Baltimore, Maryland 21209

Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
777 East Wisconsin Avenue, Floor 6
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

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

CAMC-SAR18

FREE MARKET U.S. EQUITY FUND
FREE MARKET INTERNATIONAL EQUITY FUND
FREE MARKET FIXED INCOME FUND

of

The RBB Fund, Inc.

SEMI-Annual Report

February 28, 2018
(Unaudited)

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

FREE MARKET FUNDS

Semi-Annual Investment Adviser’s Report

February 28, 2018 (Unaudited)

February 28, 2018

Dear Shareholder,

The Free Market Funds (the “Funds”) have continued to gain assets and have surpassed $8.1 billion. We would like to extend a warm and grateful thank you to all investors who have embraced our Free Market Portfolio Strategies.

Over the past six months ended February 28, 2018, investors experienced broad based positive returns in the equity markets. International equity markets over the past six months have seen a steady increase, returning 6.59% as measured by the MSCI World ex USA Index. Emerging markets and international small cap stocks performed even better during the time-period, returning 10.58% and 10.59% respectively as measured by the MSCI Emerging Markets and MSCI EAFE Small Cap Indices. U.S. stocks outpaced international stocks, over the same time-period, with large cap stocks returning 10.84% as represented by the S&P 500^® Index. Small cap stocks in the U.S. were right on the heels of U.S. large cap stocks, returning 8.29% as measured by the Russell 2000^® Index. In contrast to the broad equity markets, rising interest rates drove bond markets negative over the last six months, with the World Government Bond Index posting a loss of 0.32%.

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

In the landmark study done by Eugene Fama and Kenneth French and published in “The Cross-Section of Expected Stock Returns”¹ it is documented that, over the long term, investors could have received a premium for investing in small cap stocks and value stocks. These returns seem to be compensation for risk. In fixed income, risk as measured by volatility can be well described by bond maturity and credit quality. Matson Money’s vehicles deliberately seek to target specific risk and return tradeoffs. The Funds are broadly diversified and designed to work together in your total investment plan.

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

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

Kenneth E. Gatliff
Portfolio Manager
Matson Money, Inc.

1 Fama, E.F. and K. R. French. 1992. “The Cross-section of Expected Stock Returns”. The Journal of Finance. 47: 427–465.

1

FREE MARKET FUNDS

Semi-Annual Investment Adviser’s Report (Concluded)

February 28, 2018 (Unaudited)

The Russell 2000^® Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000^® Index, as ranked by market capitalization.

The S&P 500^® Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. With 842 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada. With 2,288 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country.

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries--excluding the United States. With 1,018 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.

One cannot invest directly in an index.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk. Principal loss is possible. Investing in micro-cap or small cap companies involve additional risks such as limited liquidity and greater volatility than large companies. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

Shares of the Funds are distributed by Quasar Distributors, LLC.

2

FREE MARKET FUNDS

Performance Data

February 28, 2018 (Unaudited)

Free Market U.S. Equity Fund

Total Returns for the Periods Ended February 28, 2018
		Average Annual
	Six Months*	1 Year	3 Years	5 Years	Since Inception**
Free Market U.S. Equity Fund	9.20%	9.51%	8.57%	12.35%	9.37%
Russell 2500® Index	8.71%	11.17%	8.29%	12.30%	8.94%
Composite Index***	7.90%	9.55%	9.03%	12.48%	7.97%

* Not annualized.

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

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

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus, is 0.85% (included in the ratio is 0.29% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $18.52 per share on February 28, 2018.

Portfolio composition is subject to change.

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

Free Market International Equity Fund

Total Returns for the Periods Ended February 28, 2018
		Average Annual
	Six Months*	1 Year	3 Years	5 Years	Since Inception**
Free Market International Equity Fund	7.38%	20.82%	8.16%	8.33%	4.16%
MSCI World (excluding U.S.) Index	6.60%	18.87%	5.32%	6.58%	1.81%
Composite Index***	8.80%	24.01%	7.93%	7.63%	2.85%

* Not annualized.

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

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

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus, is 1.01% (included in the ratio is 0.43% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $11.40 per share on February 28, 2018.

Portfolio composition is subject to change.

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

3

FREE MARKET FUNDS

Performance Data

February 28, 2018 (Unaudited)

Free Market Fixed Income Fund

Total Returns for the Periods Ended February 28, 2018
		Average Annual
	Six Months*	1 Year	3 Years	5 Years	Since Inception**
Free Market Fixed Income Fund	-1.25%	-0.13%	0.39%	0.28%	1.43%
Citigroup World Govt. Bond 1-5 Year Currency Hedged U.S. Dollar Index	-0.32%	0.65%	1.00%	1.16%	2.07%
Composite Index***	-1.11%	0.27%	0.70%	0.87%	2.12%

* Not annualized.

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

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

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus, is 0.74% (included in the ratio is 0.18% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $10.14 per share on February 28, 2018.

Portfolio composition is subject to change.

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

4

FREE MARKET FUNDS

Fund Expense Example

February 28, 2018 (Unaudited)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period.

Actual Expenses

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

Hypothetical ExampleS for Comparison Purposes

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

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

	Free Market U.S. Equity Fund
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$1,092.00	$2.85
Hypothetical (5% return before expenses)	1,000.00	1,022.07	2.76

	Free Market International Equity Fund
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$1,073.80	$2.88
Hypothetical (5% return before expenses)	1,000.00	1,022.02	2.81

5

FREE MARKET FUNDS

Fund Expense Example (Concluded)

February 28, 2018 (Unaudited)

	Free Market Fixed Income Fund
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$987.50	$2.71
Hypothetical (5% return before expenses)	1,000.00	1,022.07	2.76

* Expenses are equal to an annualized six-month expense ratio of 0.55%, 0.56% and 0.55% for the Free Market U.S. Equity Fund, Free Market International Equity Fund and Free Market Fixed Income Fund, respectively, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would have been higher. The range of weighted expense ratios of the underlying funds held by the Funds, as stated in the underlying funds’ current prospectuses, were as follows:

Free Market U.S. Equity Fund	Free Market International Equity Fund	Free Market Fixed Income Fund
0.00%-0.13%	0.00%-0.11%	0.01%-0.07%

Each Fund’s ending account values on the first line in each table are based on the actual six-month total return for each Fund of 9.20% for the Free Market U.S. Equity Fund, 7.38% for the Free Market International Equity Fund and -1.25% for the Free Market Fixed Income Fund.

6

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
DOMESTIC EQUITY FUNDS — 99.8%
iShares Core S&P 500 ETF		61,290	$	16,753,008
U.S. Large Cap Value Portfolio III (a)		34,053,787		919,111,723
U.S. Large Company Portfolio (a)		21,225,543		447,646,705
U.S. Micro Cap Portfolio (b)		21,039,718		452,564,334
U.S. Small Cap Portfolio (b)		12,917,774		453,155,501
U.S. Small Cap Value Portfolio (b)		20,591,108		755,487,758
TOTAL DOMESTIC EQUITY FUNDS
(Cost $2,215,066,266)				3,044,719,029
SHORT-TERM INVESTMENTS — 0.2%
STIT-Government & Agency Portfolio, 1.30%*		4,664,782		4,664,782
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,664,782)*				4,664,782
TOTAL INVESTMENTS — 100.0%
(Cost $2,219,731,008)				3,049,383,811
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				1,305,751
NET ASSETS — 100.0%			$	3,050,689,562

Portfolio Holdings Summary Table

	% of Net Assets			Value
Domestic Equity Funds		99.8	%	$	3,044,719,029
Short-Term Investments		0.2	%		4,664,782
Other Assets In Excess Of Liabilities		0.0	%		1,305,751
NET ASSETS		100.0	%	$	3,050,689,562

* Seven-day yield as of February 28, 2018.

(a) A portfolio of Dimensional Investment Group Inc.

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

Portfolio holdings are subject to change at any time.

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

7

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares/Beneficial Interest		Value
INTERNATIONAL EQUITY FUNDS — 99.9%
Asia Pacific Small Company Portfolio (a)		1,294,679	$	31,137,024
Canadian Small Company Series (b)		2,651,701		28,770,717
Continental Small Company Portfolio (a)		1,171,156		34,268,028
Continental Small Company Series (b)		430,577		42,592,363
DFA International Small Cap Value Portfolio (a)		41,512,170		946,477,477
DFA International Value Portfolio III (c)		33,466,224		580,638,987
DFA International Value Series (b)		4,790,381		123,016,980
Emerging Markets Portfolio (a)		4,041,522		126,055,070
Emerging Markets Small Cap Portfolio (a)		4,815,935		117,268,017
Emerging Markets Value Portfolio (a)		3,639,877		117,786,427
Japanese Small Company Portfolio (a)		1,828,638		54,584,844
Large Cap International Portfolio (a)		4,904,882		116,883,350
United Kingdom Small Company Portfolio (a)		186,330		5,576,844
United Kingdom Small Company Series (b)		539,121		38,044,014
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $1,900,463,815)				2,363,100,142
SHORT-TERM INVESTMENTS — 0.1%
STIT-Government & Agency Portfolio, 1.30%*		3,470,030		3,470,030
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,470,030)				3,470,030
TOTAL INVESTMENTS — 100.0%
(Cost $1,903,933,845)				2,366,570,172
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				870,704
NET ASSETS — 100.0%			$	2,367,440,876

 Portfolio Holdings Summary Table

	% of Net Assets			Value
International Equity Funds		99.9	%	$	2,363,100,142
Short-Term Investments		0.1	%		3,470,030
Other Assets In Excess Of Liabilities		0.0	%		870,704
NET ASSETS		100.0	%	$	2,367,440,876

* Seven-day yield as of February 28, 2018.

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

(b) A portfolio of DFA Investment Trust Company.

(c) A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

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

8

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
FIXED INCOME FUNDS — 99.5%
DFA Five-Year Global Fixed Income Portfolio (a)		62,315,169	$	672,380,671
DFA Inflation-Protected Securities Portfolio (a)		11,734,733		134,949,429
DFA Intermediate Government Fixed Income Portfolio (a)		13,413,541		161,767,300
DFA One-Year Fixed Income Portfolio (a)		38,002,687		389,527,544
DFA Short-Term Government Portfolio (a)		10,297,283		107,503,630
DFA Two-Year Global Fixed Income Portfolio (a)		40,867,761		403,364,796
iShares 1-3 Year Credit Bond ETF		6,208,957		644,862,274
iShares Intermediate Credit Bond ETF		1,503,852		161,333,242
TOTAL FIXED INCOME FUNDS
(Cost $2,719,412,433)				2,675,688,886
SHORT-TERM INVESTMENTS — 0.5%
STIT-Government & Agency Portfolio, 1.30%*		12,320,331		12,320,331
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,320,331)				12,320,331
TOTAL INVESTMENTS — 100.0%
(Cost $2,731,732,764)				2,688,009,217
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				1,922,311
NET ASSETS — 100.0%			$	2,689,931,528

Portfolio Holdings Summary Table

	% of Net Assets			Value
Fixed Income Funds		99.5	%	$	2,675,688,886
Short-Term Investments		0.5	%		12,320,331
Other Assets In Excess Of Liabilities		0.0	%		1,922,311
NET ASSETS		100.0	%	$	2,689,931,528

* Seven-day yield as of February 28, 2018.

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

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

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

9

FREE MARKET FUNDS

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Free Market U.S. Equity Fund			Free Market International Equity Fund			Free Market Fixed Income Fund
ASSETS
Investments in non-affiliated funds, at value *	$	3,044,719,029		$	2,363,100,142		$	2,675,688,886
Short-term investments, at value *		4,664,782			3,470,030			12,320,331
Receivables
Receivable for capital shares sold		4,095,085			3,164,336			4,378,658
Dividends receivable		2,680			2,562			436,788
Prepaid expenses and other assets		69,530			69,393			67,121
Total assets		3,053,551,106			2,369,806,463			2,692,891,784
LIABILITIES
Payables
Capital shares redeemed		1,547,157			1,318,985			1,751,252
Advisory fees		1,161,033			904,453			1,017,259
Administration and accounting fees		111,515			88,500			102,541
Transfer agent fees		15,297			11,849			10,480
Other accrued expenses and liabilities		26,542			41,800			78,724
Total liabilities		2,861,544			2,365,587			2,960,256
Net assets	$	3,050,689,562		$	2,367,440,876		$	2,689,931,528
NET ASSETS CONSIST OF:
Par value	$	164,709		$	207,613		$	265,359
Paid-in capital		2,107,588,538			1,889,381,004			2,733,463,530
Undistributed/accumulated net investment income/(loss)		(9,549,334	)		(6,739,918	)		(316,939	)
Accumulated net realized gain/(loss) from investments		122,832,846			21,955,850			243,125
Net unrealized appreciation/(depreciation) on investments		829,652,803			462,636,327			(43,723,547	)
Net assets	$	3,050,689,562		$	2,367,440,876		$	2,689,931,528
Shares outstanding ($0.001 par value, 700,000,000 shares authorized)		164,708,916			207,613,085			265,358,668
Net asset value, offering and redemption price per share	$	18.52		$	11.40		$	10.14
*Identified Cost:
Investments in non-affiliated funds, at cost	$	2,215,066,226		$	1,900,463,815		$	2,719,412,433
Short-term investments, at cost		4,664,782			3,470,030			12,320,331

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

10

FREE MARKET FUNDS

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Free Market U.S. Equity Fund		Free Market International Equity Fund		Free Market Fixed Income Fund
INVESTMENT INCOME
Dividends from non-affiliated funds	$	22,956,043	$	38,924,599	$	24,446,800
Total investment income		22,956,043		38,924,599		24,446,800
EXPENSES
Advisory fees (Note 2)		7,297,224		5,679,444		6,379,318
Administration and accounting fees (Note 2)		362,109		287,634		324,485
Legal fees		96,248		76,518		95,974
Directors fees		70,955		50,475		63,152
Transfer agent fees (Note 2)		44,734		35,316		41,092
Printing and shareholder reporting fees		42,676		42,620		47,263
Custodian fees (Note 2)		37,387		28,896		34,726
Officers fees		27,689		32,511		35,370
Audit fees		23,519		23,434		22,062
Registration expense		3,759		6,315		21,653
Other expenses		56,586		218,573		56,705
Total expenses		8,062,886		6,481,736		7,121,800
Net investment income/(loss)		14,893,157		32,442,863		17,325,000
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		1,617,501		1,203,160		—
Capital gain distributions from non-affiliated fund investments		128,381,141		32,041,601		590,307
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		107,962,042		97,430,642		(52,252,170	)
Net realized and unrealized gain/(loss) on investments		237,960,684		130,675,403		(51,661,863	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	252,853,841	$	163,118,266	$	(34,336,863	)

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

11

FREE MARKET U.S. EQUITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	14,893,157		$	18,308,432
Net realized gain/(loss) from investments		129,998,642			79,067,501
Net change in unrealized appreciation/(depreciation) on investments		107,962,042			224,766,196
Net increase/(decrease) in net assets resulting from operations		252,853,841			322,142,129
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(30,989,004	)		(21,140,849	)
Net realized capital gains		(80,730,468	)		(96,166,053	)
Net decrease in net assets from dividends and distributions to shareholders		(111,719,472	)		(117,306,902	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		285,666,115			558,348,603
Reinvestment of distributions		111,642,406			117,302,124
Shares redeemed		(212,748,457	)		(458,532,319	)
Net increase/(decrease) in net assets from capital shares		184,560,064			217,118,408
Total increase/(decrease) in net assets		325,694,433			421,953,635
NET ASSETS:
Beginning of period		2,724,995,129			2,303,041,494
End of period	$	3,050,689,562		$	2,724,995,129
Undistributed/accumulated net investment income/(loss), end of period	$	(9,549,334	)	$	6,546,513
SHARES TRANSACTIONS:
Shares sold		15,199,097			32,332,187
Dividends and distributions reinvested		5,913,263			6,792,248
Shares redeemed		(11,271,938	)		(26,556,984	)
Net increase/(decrease) in shares outstanding		9,840,422			12,567,451

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

12

FREE MARKET INTERNATIONAL EQUITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	32,442,863		$	27,075,677
Net realized gain/(loss) from investments		33,244,761			24,654,989
Net change in unrealized appreciation/(depreciation) on investments		97,430,642			342,963,709
Net increase/(decrease) in net assets resulting from operations		163,118,266			394,694,375
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(52,597,992	)		(34,715,335	)
Net realized capital gains		(22,848,638	)		(19,714,628	)
Net decrease in net assets from dividends and distributions to shareholders		(75,446,630	)		(54,429,963	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		213,271,760			425,920,465
Reinvestment of distributions		75,430,897			54,427,744
Shares redeemed		(199,001,253	)		(302,997,096	)
Net increase/(decrease) in net assets from capital shares		89,701,404			177,351,113
Total increase/(decrease) in net assets		177,373,040			517,615,525
NET ASSETS:
Beginning of period		2,190,067,836			1,672,452,311
End of period	$	2,367,440,876		$	2,190,067,836
Undistributed/accumulated net investment income/(loss), end of period	$	(6,739,918	)	$	13,415,211
SHARES TRANSACTIONS:
Shares sold		18,614,962			42,918,842
Dividends and distributions reinvested		6,687,136			5,909,636
Shares redeemed		(17,296,841	)		(30,251,372	)
Net increase/(decrease) in shares outstanding		8,005,257			18,577,106

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

13

FREE MARKET FIXED INCOME FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	17,325,000		$	21,480,464
Net realized gain/(loss) from investments		590,307			2,877,926
Net change in unrealized appreciation/(depreciation) on investments		(52,252,170	)		(11,573,635	)
Net increase/(decrease) in net assets resulting from operations		(34,336,863	)		12,784,755
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(20,521,178	)		(23,810,742	)
Net realized capital gains		(2,540,339	)		—
Net decrease in net assets from dividends and distributions to shareholders		(23,061,517	)		(23,810,742	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		374,272,496			670,140,283
Reinvestment of distributions		23,061,430			23,810,100
Shares redeemed		(153,036,106	)		(306,349,610	)
Net increase/(decrease) in net assets from capital shares		244,297,820			387,600,773
Total increase/(decrease) in net assets		186,899,440			376,574,786
NET ASSETS:
Beginning of period		2,503,032,088			2,126,457,302
End of period	$	2,689,931,528		$	2,503,032,088
Undistributed/accumulated net investment income/(loss), end of period	$	(316,939	)	$	2,879,239
SHARES TRANSACTIONS:
Shares sold		36,455,081			65,004,040
Dividends and distributions reinvested		2,257,642			2,313,401
Shares redeemed		(14,921,403	)		(29,673,279	)
Net increase/(decrease) in shares outstanding		23,791,320			37,644,162

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

14

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Financial Highlights

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

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2013
Per Share Operating Performance
Net asset value, beginning of period	$	17.60		$	16.18		$	16.08		$	17.37		$	14.66		$	11.70
Net investment income/(loss)(1)		0.09			0.13			0.18			0.13			0.09			0.12
Net realized and unrealized gain/(loss) on investments		1.54			2.12			1.18			(0.71	)		3.18			3.07
Net increase/(decrease) in net assets resulting from operations		1.63			2.25			1.36			(0.58	)		3.27			3.19
Dividends and distributions to shareholders from:
Net investment income		(0.20	)		(0.15	)		(0.15	)		(0.11	)		(0.10	)		(0.15	)
Net realized capital gains		(0.51	)		(0.68	)		(1.11	)		(0.60	)		(0.46	)		(0.08	)
Total dividends and distributions to shareholders		(0.71	)		(0.83	)		(1.26	)		(0.71	)		(0.56	)		(0.23	)
Net asset value, end of period	$	18.52		$	17.60		$	16.18		$	16.08		$	17.37		$	14.66
Total investment return(2)		9.20	%(4)		13.97	%		9.10	%		(3.55	)%		22.49	%		27.61	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,050,690		$	2,724,995		$	2,303,041		$	1,971,430		$	1,943,442		$	1,355,653
Ratio of expenses to average net assets(3)		0.55	%(5)		0.56	%		0.59	%		0.60	%		0.60	%		0.62	%
Ratio of net investment income/(loss) to average net assets(3)		1.01	%(5)		0.72	%		1.15	%		0.74	%		0.54	%		0.91	%
Portfolio turnover rate		1	%(4)		5	%		1	%		6	%		3	%		6	%

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

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

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

(4) Not annualized.

(5) Annualized.

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

15

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Financial Highlights

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

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2013
Per Share Operating Performance
Net asset value, beginning of period	$	10.97		$	9.24		$	9.28		$	10.92		$	9.36		$	8.04
Net investment income/(loss)(1)		0.16			0.12			0.23			0.17			0.19			0.18
Net realized and unrealized gain/(loss) on investments		0.65			1.91			0.05			(1.39	)		1.71			1.36
Net increase/(decrease) in net assets resulting from operations		0.81			2.03			0.28			(1.22	)		1.90			1.54
Dividends and distributions to shareholders from:
Net investment income		(0.26	)		(0.19	)		(0.16	)		(0.22	)		(0.19	)		(0.15	)
Net realized capital gains		(0.11	)		(0.11	)		(0.16	)		(0.20	)		(0.15	)		(0.07	)
Total dividends and distributions to shareholders		(0.38	)		(0.30	)		(0.32	)		(0.42	)		(0.34	)		(0.22	)
Net asset value, end of period	$	11.40		$	10.97		$	9.24		$	9.28		$	10.92		$	9.36
Total investment return(2)		7.38	%(4)		22.50	%		3.13	%		(11.25	)%		20.49	%		19.44	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,367,441		$	2,190,068		$	1,672,452		$	1,443,094		$	1,414,618		$	964,096
Ratio of expenses to average net assets(3)		0.56	%(5)		0.58	%		0.63	%		0.64	%		0.62	%		0.65	%
Ratio of net investment income/(loss) to average net assets(3)		2.82	%(5)		1.42	%		2.60	%		1.72	%		1.84	%		1.96	%
Portfolio turnover rate		1	%(4)		2	%		1	%		3	%		2	%		3	%

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

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

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

(4) Not annualized.

(5) Annualized.

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

16

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Financial Highlights

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

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2013
Per Share Operating Performance
Net asset value, beginning of period	$	10.36		$	10.43		$	10.25		$	10.31		$	10.24		$	10.54
Net investment income/(loss)(1)		0.07			0.10			0.06			0.06			0.04			0.05
Net realized and unrealized gain/(loss) on investments		(0.20	)		(0.06	)		0.17			(0.02	)		0.09			(0.21	)
Net increase/(decrease) in net assets resulting from operations		(0.13	)		0.04			0.23			0.04			0.13			(0.16	)
Dividends and distributions to shareholders from:
Net investment income		(0.08	)		(0.11	)		(0.03	)		(0.07	)		(0.04	)		(0.08	)
Net realized capital gains		(0.01	)		—			(0.02	)		(0.03	)		(0.02	)		(0.06	)
Total dividends and distributions to shareholders		(0.09	)		(0.11	)		(0.05	)		(0.10	)		(0.06	)		(0.14	)
Net asset value, end of period	$	10.14		$	10.36		$	10.43		$	10.25		$	10.31		$	10.24
Total investment return(2)		(1.25	)%(4)		0.39	%		2.26	%		0.37	%		1.34	%		(1.50	)%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,689,932		$	2,503,032		$	2,126,457		$	2,004,504		$	1,824,633		$	1,316,799
Ratio of expenses to average net assets(3)		0.55	%(5)		0.56	%		0.59	%		0.60	%		0.61	%		0.62	%
Ratio of net investment income/(loss) to average net assets(3)		1.34	%(5)		0.94	%		0.54	%		0.55	%		0.37	%		0.52	%
Portfolio turnover rate		0	%(4)		0	%		31	%		2	%		0	%		0	%

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

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

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

(4) Not annualized.

(5) Annualized.

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

17

FREE MARKET FUNDS

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. Organization and Significant Accounting Policies

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

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

Free Market U.S. Equity and Free Market International Equity’s investment objective is to seek long-term capital appreciation. Free Market Fixed Income’s investment objective is to seek total return (consisting of current income and capital appreciation).

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Funds is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

PORTFOLIO VALUATION — Investments in the underlying funds are valued at each Fund’s net asset value (“NAV”) determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”). Direct investments in fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.

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

● Level 1—Prices are determined using quoted prices in active markets for identical securities.

● Level 2—Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3—Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

18

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Funds’ investments carried at fair value:

FREE MARKET U.S. EQUITY FUND

	Total		Level 1		Level 2		Level 3
Domestic Equity Funds	$	3,044,719,029	$	3,044,719,029	$	—	$	—
Short-Term Investment		4,664,782		4,664,782		—		—
Total Investments*	$	3,049,383,811	$	3,049,383,811	$	—	$	—

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

FREE MARKET INTERNATIONAL EQUITY FUND

	Total		Level 1		Level 2		Level 3
International Equity Funds	$	2,363,100,142	$	2,130,676,068	$	232,424,074	$	—
Short-Term Investment		3,470,030		3,470,030		—		—
Total Investments*	$	2,366,570,172	$	2,134,146,098	$	232,424,074	$	—

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

FREE MARKET FIXED INCOME FUND

	Total		Level 1		Level 2		Level 3
Fixed Income Funds	$	2,675,688,886	$	2,675,688,886	$	—	$	—
Short-Term Investment		12,320,331		12,320,331		—		—
Total Investments*	$	2,688,009,217	$	2,688,009,217	$	—	$	—

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

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

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

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

19

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when a Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

During the current fiscal period, the Funds had no transfers between Levels 1, 2 and 3.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

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

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

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

20

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

2. Investment Adviser and Other Services

Matson Money, Inc. (“Matson Money” or the “Adviser”), serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

average daily net assets	advisory fee
For the first $1 billion	0.50%
Over $1 billion to $5 billion	0.49
Over $5 billion	0.47

The Adviser has voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses exceed the rates (“Expense Caps”) shown in the following table annually of each Fund’s average daily net assets. The Adviser may not recoup waived advisory fees or reimbursed expenses. The Adviser may discontinue these arrangements at any time.

FUND	EXPENSE CAPS
Free Market U.S. Equity Fund	1.13%
Free Market International Equity Fund	1.35
Free Market Fixed Income Fund	1.00

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
Free Market U.S. Equity Fund	$	7,297,224
Free Market International Equity Fund		5,679,444
Free Market Fixed Income Fund		6,379,318

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Funds. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

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

For compensation amounts payable to USBFS, please refer to the Statements of Operations.

3. Director’s and Officer’s 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 USBFS serve as officers of the Company. They are not compensated by the Funds or the Company. For Director’s and Officer’s compensation amounts, please refer to the Statement of Operations.

21

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

	Purchases		Sales
Free Market U.S. Equity Fund	$	232,949,321	$	18,000,000
Free Market International Equity Fund		110,422,706		30,977,508
Free Market Fixed Income Fund		239,140,862		—

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Federal Income Tax Information

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

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Free Market U.S. Equity Fund	$	2,007,489,201	$	723,269,653	$	(7,692,146	)	$	715,577,507
Free Market International Equity Fund		1,830,178,921		406,009,930		(46,892,883	)		359,117,047
Free Market Fixed Income Fund		2,494,680,060		16,155,607		(7,971,649	)		8,183,958

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

The following permanent differences as of August 31, 2017, primarily attributable to redesignation of dividends paid and reclassifications of short-term capital gain distributions, were reclassified to the following accounts:

	Undistributed Net Investment Income/(Loss)		Accumulated Net Realized Gain/(Loss)			Paid-In Capital
Free Market U.S. Equity Fund	$	410,972	$	(410,972	)	$	—
Free Market International Equity Fund		370,444		(370,443	)		(1	)
Free Market Fixed Income Fund		369,579		(369,579	)		—

22

FREE MARKET FUNDS

Notes to Financial Statements (Concluded)

February 28, 2018 (Unaudited)

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)
Free Market U.S. Equity Fund	$	6,546,513	$	79,677,926	$	715,577,507
Free Market International Equity Fund		10,272,498		20,791,078		359,117,047
Free Market Fixed Income Fund		2,879,239		2,537,822		8,183,958

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

The tax character of distributions paid during the fiscal year ended August 31, 2017 were as follows:

	Ordinary Income		Long-Term Gains		Total
Free Market U.S. Equity Fund	$	21,140,849	$	96,166,053	$	117,306,902
Free Market International Equity Fund		34,715,335		19,714,628		54,429,963
Free Market Fixed Income Fund		23,810,742		—		23,810,742

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

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of the fiscal year ended August 31, 2017, the Funds did not have any capital loss carryforwards.

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were the following subsequent events:

Management of the Funds – Portfolio Managers

Effective April 20, 2018 (the “Effective Date”), Sean Babin will serve as a portfolio manager of the Funds. In addition, as of the Effective Date, Kenneth E. Gatliff will no longer serve as a portfolio manager for the Funds.

Investment Advisory Agreement

Effective as of March 1, 2018, the Adviser has contractually agreed to reduce the investment advisory fee payable by the Funds by implementing a new breakpoint.

Under the revised investment advisory agreement with the Company, the Adviser is entitled to an advisory fee at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

AVERAGE DAILY NET ASSETS	ADVISORY FEE
For the first $1 billion	0.50%
Over $1 billion to $3 billion	0.49
Over $3 billion to $5 billion	0.48
Over $5 billion	0.47

23

FREE MARKET FUNDS

Other Information (Unaudited)

Proxy Voting

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

Quarterly Portfolio Schedules

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

24

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Investment Adviser

Matson Money, Inc.
5955 Deerfield Blvd.
Mason, OH 45040

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Principal Underwriter

Quasar Distributors, LLC

777 East Wisconsin Avenue, Floor 6

Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

Legal Counsel

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

FMFI-SAR18

MATSON MONEY U.S. EQUITY VI PORTFOLIO
MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO
MATSON MONEY FIXED INCOME VI PORTFOLIO

of

The RBB Fund, Inc.

SEMI-Annual Report

February 28, 2018
(Unaudited)

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

MATSON MONEY VI PORTFOLIOS

Semi-Annual Investment Adviser’s Report

February 28, 2018 (Unaudited)

Dear Shareholder,

The Matson Money VI Funds (the “Funds”) have continued to gain assets since their launch in February 2014 and have surpassed the $66 million mark. We would like to extend a warm and grateful thank you to all investors who have embraced our Free Market Portfolio Strategies.

Over the past six months ended February 28, 2018, investors experienced broad based positive returns in the equity markets. International equity markets over the past six months have seen a steady increase, returning 6.59% as measured by the MSCI World ex USA Index. Emerging markets and international small cap stocks performed even better during the time-period, returning 10.58% and 10.59% respectively as measured by the MSCI Emerging Markets and MSCI EAFE Small Cap Indices. U.S. stocks outpaced international stocks, over the same time-period, with large stocks returning 10.84% as represented by the S&P 500^® Index. Small cap stocks in the U.S. were right on the heels of U.S. large cap stocks, returning 8.29% as measured by the Russell 2000^® Index. In contrast to the broad equity markets, rising interest rates drove bond markets negative over the last six months, with the World Government Bond Index posting a loss of 0.32%.

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

In the landmark study done by Eugene Fama and Kenneth French and published in “The Cross-Section of Expected Stock Returns”¹ it is documented that, over the long term, investors could have received a premium for investing in small cap stocks and value stocks. These returns seem to be compensation for risk. In fixed income, risk as measured by volatility can be well described by bond maturity and credit quality. Matson Money’s vehicles deliberately seek to target specific risk and return tradeoffs. The Funds are broadly diversified and designed to work together in your total investment plan.

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

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

Kenneth E. Gatliff
Portfolio Manager
Matson Money, Inc.

1 Fama, E.F. and K. R. French. 1992. “The Cross-section of Expected Stock Returns”. The Journal of Finance. 47: 427–465.

1

MATSON MONEY VI PORTFOLIOS

Semi-Annual Investment Adviser’s Report (CONCLUDED)

February 28, 2018 (Unaudited)

The Russell 2000^® Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000^® Index, as ranked by market capitalization.

The S&P 500^® Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. With 842 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada. With 2,288 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country.

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries--excluding the United States. With 1,018 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country

The World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.

One cannot invest directly in an index.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk. Principal loss is possible. Investing in micro-cap or small cap companies involve additional risks such as limited liquidity and greater volatility than large companies. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

Shares of the Funds are distributed by Quasar Distributors, LLC.

2

MATSON MONEY VI PORTFOLIOS

Performance Data

February 28, 2018 (Unaudited)

Matson Money U.S. Equity VI Portfolio

Total Returns for the Periods Ended February 28, 2018
		Average Annual
	Six Months*	1 Year	Since Inception
Matson Money U.S. Equity VI Portfolio	9.20%	9.35%	8.44%**
Russell 2500® Index	8.71%	11.17%	8.27%****
Composite Index***	7.90%	9.55%	9.19%****

* Not annualized.

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

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

**** Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the Russell 2500^® Index and the Composite Index are presented as of March 1, 2014. If the Portfolio had commenced operations on March 1, 2014, its average annual return since inception would have been 8.06%.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating expense ratio, as stated in the current prospectus is 1.08% (included in the ratio is 0.27% attributable to acquired fund fees and expenses).

The Portfolio’s aggregate total return since inception is based on an increase in net asset value from $25.00 per share on February 18, 2014 (commencement of operations) to $30.25 per share on February 28, 2018.

Portfolio composition is subject to change.

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

3

MATSON MONEY VI PORTFOLIOS

Performance Data

February 28, 2018 (Unaudited)

Matson Money International Equity VI Portfolio

Total Returns for the Periods Ended February 28, 2018
		Average Annual
	Six Months*	1 Year	Since Inception
Matson Money International Equity VI Portfolio	7.44%	20.73%	5.12%**
MSCI World (excluding U.S.) Index	6.60%	18.87%	3.92%****
Composite Index***	8.80%	24.01%	5.97%****

* Not annualized.

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

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

**** Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the MSCI World (excluding U.S.) Index and the Composite Index are presented as of March 1, 2014. If the Portfolio had commenced operations on March 1, 2014, its average annual return since inception would have been 4.75%.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating expense ratio, as stated in the current prospectus is 1.32% (included in the ratio is 0.44% attributable to acquired fund fees and expenses).

The Portfolio’s aggregate total return since inception is based on an increase in net asset value from $25.00 per share on February 18, 2014 (commencement of operations) to $27.79 per share on February 28, 2018.

Portfolio composition is subject to change.

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

4

MATSON MONEY VI PORTFOLIOS

Performance Data

February 28, 2018 (Unaudited)

Matson Money Fixed Income VI Portfolio

Total Returns for the Periods Ended February 28, 2018
		Average Annual
	Six Months*	1 Year	Since Inception
Matson Money Fixed Income VI Portfolio	-1.39%	-0.40%	0.17%**
Citigroup World Govt. Bond 1-5 Year Currency Hedged U.S. Dollar Index	-0.32%	0.65%	1.18%****
Composite Index***	-1.11%	0.27%	1.03%****

* Not annualized.

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

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

**** Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the Citigroup World Govt. Bond 1-5 Year Currency Hedged U.S. Dollar Index and the Composite Index are presented as of March 1, 2014. If the Portfolio had commenced operations on March 1, 2014, its average annual return since inception would have been 0.11%.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating expense ratio, as stated in the current prospectus is 0.95% (included in the ratio is 0.18% attributable to acquired fund fees and expenses).

The Portfolio’s aggregate total return since inception is based on a decrease in net asset value from $25.00 per share on February 18, 2014 (commencement of operations) to $24.52 per share on February 28, 2018.

Portfolio composition is subject to change.

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

5

MATSON MONEY VI PORTFOLIOS

Fund Expense ExampleS

February 28, 2018 (Unaudited)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

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

	Matson Money U.S. Equity VI Portfolio
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$1,092.00	$4.05
Hypothetical (5% return before expenses)	1,000.00	1,020.93	3.91

	Matson Money International Equity VI Portfolio
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$1,074.40	$4.37
Hypothetical (5% return before expenses)	1,000.00	1,020.58	4.26

6

MATSON MONEY VI PORTFOLIOS

Fund Expense ExampleS (Concluded)

February 28, 2018 (Unaudited)

	Matson Money Fixed Income VI Portfolio
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$986.10	$3.79
Hypothetical (5% return before expenses)	1,000.00	1,020.98	3.86

* Expenses are equal to an annualized six-month expense ratio of 0.78%, 0.85% and 0.77% for Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio and Matson Money Fixed Income VI Portfolio, respectively, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would have been higher. The range of weighted expense ratios of the underlying funds held by the Portfolios, as stated in the underlying funds’ current prospectuses, were as follows:

Matson Money U.S. Equity VI Portfolio	Matson Money International Equity VI Portfolio	Matson Money Fixed Income VI Portfolio
0.01%-0.08%	0.01%-0.19%	0.01%-0.05%

Each Portfolio’s ending account values on the first line in each table are based on the actual six-month total return for each Portfolio of 9.20% for Matson Money U.S. Equity VI Portfolio, 7.44% for the Matson Money International Equity VI Portfolio and -1.39% for the Matson Money Fixed Income VI Portfolio.

7

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
DOMESTIC EQUITY FUNDS — 98.7%
U.S. Large Cap Value Portfolio III (b)		215,207	$	5,808,433
U.S. Large Company Portfolio (b)		143,654		3,029,655
U.S. Micro Cap Portfolio (a)		155,049		3,335,104
U.S. Small Cap Portfolio (a)		94,751		3,323,864
U.S. Small Cap Value Portfolio (a)		60,453		2,218,013
VA U.S. Large Value Portfolio (a)		32,945		884,250
VA U.S. Targeted Value Portfolio (a)		173,693		3,329,686
TOTAL DOMESTIC EQUITY FUNDS
(Cost $19,742,856)				21,929,005
SHORT-TERM INVESTMENTS — 1.3%
STIT-Government & Agency Portfolio, 1.30%*		287,214		287,214
TOTAL SHORT-TERM INVESTMENTS
(Cost $287,214)				287,214
TOTAL INVESTMENTS — 100.0%
(Cost $20,030,070)				22,216,219
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(7,823	)
NET ASSETS — 100.0%			$	22,208,396

Portfolio Holdings Summary Table
	% of Net Assets			Value
Domestic Equity Funds		98.7	%	$	21,929,005
Short-Term Investments		1.3			287,214
Other Assets In Excess Of Liabilities		0.0			(7,823	)
NET ASSETS		100.0	%	$	22,208,396

* Seven-day yield as of February 28, 2018.

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

(b) A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
8

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
INTERNATIONAL EQUITY FUNDS — 99.3%
DFA International Small Cap Value Portfolio (a)		201,827	$	4,601,646
DFA International Value Portfolio III (b)		281,749		4,888,339
Emerging Markets Portfolio (a)		27,661		862,757
Emerging Markets Small Cap Portfolio (a)		33,067		805,184
Emerging Markets Value Portfolio (a)		24,680		798,642
Large Cap International Portfolio (a)		27,196		648,075
VA International Small Portfolio (a)		198,143		2,789,859
VA International Value Portfolio (a)		58,870		804,167
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $13,787,383)				16,198,669
SHORT-TERM INVESTMENTS — 0.8%
STIT-Government & Agency Portfolio, 1.30%*		133,216		133,216
TOTAL SHORT-TERM INVESTMENTS
(Cost $133,216)				133,216
TOTAL INVESTMENTS — 100.1%
(Cost $13,920,599)				16,331,885
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(14,148	)
NET ASSETS — 100.0%			$	16,317,737

Portfolio Holdings Summary Table
	% of Net Assets			Value
International Equity Funds		99.3	%	$	16,198,669
Short-Term Investments		0.8			133,216
Other Assets In Excess Of Liabilities		(0.1	)		(14,148	)
NET ASSETS		100.0	%	$	16,317,737

* Seven-day yield as of February 28, 2018.

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

(b) A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
9

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
FIXED INCOME FUNDS — 98.5%
DFA Five-Year Global Fixed Income Portfolio (a)		262,274	$	2,829,935
DFA Inflation Protected Securities Portfolio (a)		123,545		1,420,763
DFA Intermediate Government Fixed Income Portfolio (a)		141,059		1,701,167
DFA One-Year Fixed Income Portfolio (a)		316,632		3,245,474
DFA Short-Term Government Portfolio (a)		107,973		1,127,234
DFA Two-Year Global Fixed Income Portfolio (a)		429,266		4,236,851
iShares 1-3 Year Credit Bond ETF		65,264		6,778,319
iShares Intermediate Credit Bond ETF		15,792		1,694,166
VA Global Bond Portfolio (a)		402,246		4,243,692
VA Short-Term Fixed Income Portfolio (a)		55,643		565,333
TOTAL FIXED INCOME FUNDS
(Cost $28,368,615)				27,842,934
SHORT-TERM INVESTMENTS — 1.4%
STIT-Government & Agency Portfolio, 1.30%*		409,369		409,369
TOTAL SHORT-TERM INVESTMENTS
(Cost $409,369)				409,369
TOTAL INVESTMENTS — 99.9%
(Cost $28,777,984)				28,252,303
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				9,040
NET ASSETS — 100.0%			$	28,261,343

Portfolio Holdings Summary Table
	% of Net Assets			Value
Fixed Income Funds		98.5	%	$	27,842,934
Short-Term Investments		1.4			409,369
Other Assets In Excess Of Liabilities		0.1			9,040
NET ASSETS		100.0	%	$	28,261,343

* Seven-day yield as of February 28, 2018.

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

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
10

MATSON MONEY VI PORTFOLIOS

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Matson Money U.S. Equity VI Portfolio			Matson Money International Equity VI Portfolio			Matson Money Fixed Income VI Portfolio
ASSETS
Investments in non-affiliated funds, at value *	$	21,929,005		$	16,198,669		$	27,842,934
Short-term investments, at value *		287,214			133,216			409,369
Receivables
Receivable for capital shares sold		30,820			18,658			45,326
Dividends receivable		290			135			3,953
Prepaid expenses and other assets		241			192			285
Total assets		22,247,570			16,350,870			28,301,867
LIABILITIES
Payables
Advisory fees		8,587			6,325			10,787
Transfer agent fees		3,854			—			173
Administration and accounting fees		709			437			766
Capital shares redeemed		449			401			59
Other accrued expenses and liabilities		25,575			25,970			28,739
Total liabilities		39,174			33,133			40,524
Net assets	$	22,208,396		$	16,317,737			28,261,343
NET ASSETS CONSIST OF:
Par Value	$	734		$	587		$	1,153
Paid-in capital		19,170,662			13,962,047			28,798,842
Undistributed/accumulated net investment income/(loss)		(134,870	)		(43,511	)		(859	)
Accumulated net realized gain/(loss) from investments		985,721			(12,672	)		(12,112	)
Net unrealized appreciation/(depreciation) on investments		2,186,149			2,411,286			(525,681	)
Net assets	$	22,208,396		$	16,317,737		$	28,261,343
Shares outstanding ($0.001 par value, 300,000,000 shares authorized)		734,249			587,127			1,152,524
Net asset value, offering and redemption price per share	$	30.25		$	27.79		$	24.52
*Identified Cost:
Investments in non-affiliated funds, at cost	$	19,742,856		$	13,787,383		$	28,368,615
Short-term investments, at cost		287,214			133,216			409,369

The accompanying notes are an integral part of the financial statements.
11

MATSON MONEY VI PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Matson Money U.S. Equity VI Portfolio		Matson Money International Equity VI Portfolio		Matson Money Fixed Income VI Portfolio
INVESTMENT INCOME
Dividends from non-affiliated funds	$	186,564	$	299,410	$	281,307
Total investment income		186,564		299,410		281,307
EXPENSES:
Advisory fees (Note 2)		54,259		39,391		66,639
Audit fees		17,443		17,028		18,408
Administration and accounting fees (Note 2)		3,864		3,170		4,455
Printing and shareholder reporting fees		3,063		2,005		5,447
Custodian fees (Note 2)		2,613		2,349		2,606
Legal fees		802		581		1,103
Officers fees		261		168		370
Directors fees		253		342		734
Transfer agent fees (Note 2)		152		299		422
Other expenses		1,908		1,886		2,050
Total expenses		84,618		67,219		102,234
Net investment income/(loss)		101,946		232,191		179,073
NET REALIZED AND UNREALIZED GAIN/ (LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		199,102		67,105		362
Capital gain distributions from non-affiliated fund investments		964,245		225,080		5,388
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		587,688		610,187		(567,222	)
Net realized and unrealized gain/(loss) on investments		1,751,035		902,372		(561,472	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,852,981	$	1,134,563	$	(382,399	)

The accompanying notes are an integral part of the financial statements.
12

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	101,946		$	93,335
Net realized gain/(loss) on investments		1,163,347			789,365
Net change in unrealized appreciation/(depreciation) on investments		587,688			1,460,177
Net increase/(decrease) in net assets resulting from operations		1,852,981			2,342,877
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(231,177	)		(135,895	)
Net realized capital gains		(885,944	)		(659,715	)
Net decrease in net assets from dividends and distributions to shareholders		(1,117,121	)		(795,610	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,209,417			4,474,773
Reinvestment of distributions		1,117,121			795,610
Shares redeemed		(1,947,016	)		(4,215,874	)
Net increase/(decrease) in net assets from capital shares		1,379,522			1,054,509
Total increase/(decrease) in net assets		2,115,382			2,601,776
NET ASSETS:
Beginning of period		20,093,014			17,491,238
End of period	$	22,208,396		$	20,093,014
Undistributed/accumulated net investment income/(loss), end of period	$	(134,870	)	$	(5,639	)
SHARES TRANSACTIONS:
Shares sold		71,986			154,697
Dividends and distributions reinvested		36,235			27,789
Shares redeemed		(63,164	)		(146,000	)
Net increase/(decrease) in shares outstanding		45,057			36,486

The accompanying notes are an integral part of the financial statements.
13

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	232,191		$	167,928
Net realized gain/(loss) on investments		292,185			(14,898	)
Net change in unrealized appreciation/(depreciation) on investments		610,187			2,625,450
Net increase/(decrease) in net assets resulting from operations		1,134,563			2,778,480
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(308,131	)		(247,347	)
Net realized capital gains		(135,929	)		(166,208	)
Net decrease in net assets from dividends and distributions to shareholders		(444,060	)		(413,555	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,477,531			2,990,019
Reinvestment of distributions		444,060			413,555
Shares redeemed		(1,313,263	)		(3,317,091	)
Net increase/(decrease) in net assets from capital shares		608,328			86,483
Total increase/(decrease) in net assets		1,298,831			2,451,408
NET ASSETS:
Beginning of period		15,018,906			12,567,498
End of period	$	16,317,737		$	15,018,906
Undistributed/accumulated net investment income/(loss), end of period	$	(43,511	)	$	32,429
SHARES TRANSACTIONS:
Shares sold		53,540			122,875
Dividends and distributions reinvested		16,148			18,446
Shares redeemed		(47,238	)		(134,269	)
Net increase/(decrease) in shares outstanding		22,450			7,052

The accompanying notes are an integral part of the financial statements.
14

MATSON MONEY FIXED INCOME VI PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	179,073		$	168,173
Net realized gain/(loss) on investments		5,750			31,054
Net change in unrealized appreciation/(depreciation) on investments		(567,222	)		(115,652	)
Net increase/(decrease) in net assets resulting from operations		(382,399	)		83,575
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(240,545	)		(107,491	)
Net realized capital gains		(35,480	)		(106,213	)
Net decrease in net assets from dividends and distributions to shareholders		(276,025	)		(213,704	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,716,473			6,706,632
Reinvestment of distributions		276,025			213,703
Shares redeemed		(1,089,492	)		(2,700,382	)
Net increase/(decrease) in net assets from capital shares		2,903,006			4,219,953
Total increase/(decrease) in net assets		2,244,582			4,089,824
NET ASSETS:
Beginning of period		26,016,761			21,926,937
End of period	$	28,261,343		$	26,016,761
Undistributed/accumulated net investment income/(loss), end of period	$	(859	)	$	60,613
SHARES TRANSACTIONS:
Shares sold		149,457			268,602
Dividends and distributions reinvested		11,180			8,634
Shares redeemed		(43,643	)		(108,026	)
Net increase/(decrease) in shares outstanding		116,994			169,210

The accompanying notes are an integral part of the financial statements.
15

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Financial Highlights

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

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Period February 18, 2014(1) through August 31, 2014
Per Share Operating Performance
Net asset value, beginning of period	$	29.15		$	26.80		$	25.65		$	26.79		$	25.00
Net investment income/(loss)(2)		0.14			0.14			0.19			0.03			(0.06	)
Net realized and unrealized gain/(loss) on investments		2.57			3.44			1.96			(1.07	)		1.85
Net increase/(decrease) in net assets resulting from operations		2.71			3.58			2.15			(1.04	)		1.79
Dividends and distributions to shareholders from:
Net investment income		(0.33	)		(0.21	)		(0.15	)		(0.10	)		—
Net realized capital gains		(1.28	)		(1.02	)		(0.85	)		—			—
Total dividends and distributions to shareholders		(1.61	)		(1.23	)		(1.00	)		(0.10	)		—
Net asset value, end of period	$	30.25		$	29.15		$	26.80		$	25.65		$	26.79
Total investment return(3)		9.20	%(4)		13.42	%		8.68	%		(3.92	)%		7.16	%(4)
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	22,208		$	20,093		$	17,491		$	13,598		$	7,816
Ratio of expenses to average net assets with waivers, if any(5)		0.78	%(6)		0.81	%		0.93	%		1.13	%		1.13	%(6)
Ratio of expenses to average net assets without waivers, if any(5)		0.78	%(6)		0.81	%		0.93	%		1.44	%		4.07	%(6)
Ratio of net investment income/(loss) to average net assets with waivers(5)		0.94	%(6)		0.49	%		0.74	%		0.12	%		(0.47	)%(6)
Portfolio turnover rate		8	%(4)		21	%		7	%		14	%		1	%(4)

(1) Commencement of operations.

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

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

(4) Not annualized.

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

(6) Annualized.

The accompanying notes are an integral part of the financial statements.
16

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Financial Highlights

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

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Period February 18, 2014(1) through August 31, 2014
Per Share Operating Performance
Net asset value, beginning of period	$	26.60		$	22.54		$	22.48		$	25.82		$	25.00
Net investment income/(loss)(2)		0.41			0.29			0.44			0.22			0.07
Net realized and unrealized gain/(loss) on investments		1.56			4.51			0.10			(3.26	)		0.75
Net increase/(decrease) in net assets resulting from operations		1.97			4.80			0.54			(3.04	)		0.82
Dividends and distributions to shareholders from:
Net investment income		(0.54	)		(0.44	)		(0.24	)		(0.30	)		—
Net realized capital gains		(0.24	)		(0.30	)		(0.24	)		—	(3)		—
Total dividends and distributions to shareholders		(0.78	)		(0.74	)		(0.48	)		(0.30	)		—
Net asset value, end of period	$	27.79		$	26.60		$	22.54		$	22.48		$	25.82
Total investment return(4)		7.44	%(5)		21.90	%		2.47	%		(11.77	)%		3.28	%(5)
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	16,318		$	15,019		$	12,567		$	9,641		$	5,408
Ratio of expenses to average net assets with waivers, if any(6)		0.85	%(7)		0.88	%		1.02	%		1.35	%		1.35	%(7)
Ratio of expenses to average net assets without waivers, if any(6)		0.85	%(7)		0.88	%		1.02	%		1.67	%		5.07	%(7)
Ratio of net investment income to average net assets with waivers(6)		2.95	%(7)		1.22	%		2.03	%		0.91	%		0.49	%(7)
Portfolio turnover rate		7	%(5)		21	%		5	%		15	%		2	%(5)

(1) Commencement of operations.

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

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

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

(5) Not annualized.

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

(7) Annualized.

The accompanying notes are an integral part of the financial statements.
17

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

Financial Highlights

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

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Period February 18, 2014(1) through August 31, 2014
Per Share Operating Performance
Net asset value, beginning of period	$	25.12		$	25.31		$	24.93		$	25.08		$	25.00
Net investment income/(loss)(2)		0.17			0.18			0.05			0.03			(0.05	)
Net realized and unrealized gain/(loss) on investments		(0.52	)		(0.13	)		0.36			(0.04	)		0.13
Net increase/(decrease) in net assets resulting from operations		(0.35	)		0.05			0.41			(0.01	)		0.08
Dividends and distributions to shareholders from:
Net investment income		(0.22	)		(0.12	)		—			(0.14	)		—
Net realized capital gains		(0.03	)		(0.12	)		(0.03	)		—			—
Total dividends and distributions to shareholders		(0.25	)		(0.24	)		(0.03	)		(0.14	)		—
Net asset value, end of period	$	24.52		$	25.12		$	25.31		$	24.93		$	25.08
Total investment return(3)		(1.39	)%(4)		0.19	%		1.66	%		(0.06	)%		0.32	%(4)
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,261		$	26,017		$	21,927		$	18,098		$	9,927
Ratio of expenses to average net assets with waivers, if any(5)		0.77	%(6)		0.77	%		0.85	%		1.00	%		1.00	%(6)
Ratio of expenses to average net assets without waivers, if any(5)		0.77	%(6)		0.77	%		0.85	%		1.37	%		3.40	%(6)
Ratio of net investment income/(loss) to average net assets with waivers(5)		1.34	%(6)		0.70	%		0.21	%		0.10	%		(0.40	)%(6)
Portfolio turnover rate		2	%(4)		11	%		40	%		11	%		1	%(4)

(1) Commencement of operations.

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

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

(4) Not annualized.

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

(6) Annualized.

The accompanying notes are an integral part of the financial statements.
18

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. Organization and Significant Accounting Policies

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

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

Matson Money U.S. Equity VI Portfolio and Matson Money International Equity VI Portfolio’s investment objective is to seek long-term capital appreciation. Matson Money Fixed Income VI Portfolio’s investment objective is to seek total return (consisting of current income and capital appreciation).

The Portfolios are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Portfolios is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

PORTFOLIO VALUATION — Investments in the underlying funds are valued at each Portfolio’s net asset value (“NAV”) determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”). Direct investments in fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.

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

● Level 1—Prices are determined using quoted prices in active markets for identical securities.

● Level 2—Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3—Prices are determined using significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments).

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

19

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Portfolios’ investments carried at fair value:

MATSON MONEY U.S. EQUITY VI PORTFOLIO

	Total		Level 1		Level 2		Level 3
Domestic Equity Funds	$	21,929,005	$	21,929,005	$	—	$	—
Short-Term Investments		287,214		287,214		—		—
Total Investments*	$	22,216,219	$	22,216,219	$	—	$	—

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

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

	Total		Level 1		Level 2		Level 3
International Equity Funds	$	16,198,669	$	16,198,669	$	—	$	—
Short-Term Investments		133,216		133,216		—		—
Total Investments*	$	16,331,885	$	16,331,885	$	—	$	—

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

MATSON MONEY FIXED INCOME VI PORTFOLIO

	Total		Level 1		Level 2		Level 3
Fixed Income Funds	$	27,842,934	$	27,842,934	$	—	$	—
Short-Term Investments		409,369		409,369		—		—
Total Investments*	$	28,252,303	$	28,252,303	$	—	$	—

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

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

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

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

20

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when a Portfolio had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

During the current fiscal period, the Portfolios had no transfers between Levels 1, 2 and 3.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Portfolios record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Portfolios estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Each Portfolio’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all of the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Portfolios. In addition to the net annual operating expenses that the Portfolios bear directly, the shareholders indirectly bear the Portfolios’ pro-rata expenses of the underlying mutual funds in which each Portfolio invests.

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

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

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

21

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

2. Investment Adviser and Other Services

Matson Money, Inc. (“Matson Money” or the “Adviser”), serves as the investment adviser to each Portfolio. Each Portfolio compensates the Adviser for its services at an annual rate based on each Portfolio’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

AVERAGE DAILY NET ASSETS	ADVISORY FEE
For the first $1 billion	0.50%
Over $1 billion to $5 billion	0.49
Over $5 billion	0.47

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Portfolio operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Portfolio’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and certain of these expenses could cause total annual Portfolio operating expenses to exceed the Expense Caps: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The Adviser may not recoup waived management fees or reimbursed expenses. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2018.

PORTFOLIO	EXPENSE CAPS
Matson Money U.S. Equity VI Portfolio	1.13%
Matson Money International Equity VI Portfolio	1.35
Matson Money Fixed Income VI Portfolio	1.00

During the current fiscal period, investment advisory fees accrued were as follows:

PORTFOLIO	ADVISORY FEES
Matson Money U.S. Equity VI Portfolio	$54,259
Matson Money International Equity VI Portfolio	39,391
Matson Money Fixed Income VI Portfolio	66,639

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Portfolios. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

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

For compensation amounts payable to USBFS, please refer to the Statements of Operations.

22

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

3. Director’s and Officer’s 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 USBFS serve as officers of the Company. They are not compensated by the Portfolios or the Company. For Director’s and Officer’s compensation amounts, please refer to the Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Portfolios were as follows:

	PURCHASES		SALES
Matson Money U.S. Equity VI Portfolio	$	2,955,270	$	1,648,995
Matson Money International Equity VI Portfolio		1,867,121		1,117,122
Matson Money Fixed Income VI Portfolio		3,177,883		403,585

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Federal Income Tax Information

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

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Portfolio were as follows:

	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
Matson Money U.S. Equity VI Portfolio	$	18,608,969	$	1,648,864	$	(119,237	)	$	1,529,627
Matson Money International Equity VI Portfolio		13,532,401		1,838,858		(312,390	)		1,526,468
Matson Money Fixed Income VI Portfolio		26,032,617		98,218		(73,452	)		24,766

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

23

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

The following permanent differences as of August 31, 2017, primarily attributable to reclassifications of short-term capital gain distributions, were reclassified among the following accounts:

	UNDISTRIBUTED NET INVESTMENT INCOME		ACCUMULATED NET REALIZED GAIN/(LOSS)			PAID-IN CAPITAL
Matson Money U.S. Equity VI Portfolio	$	15,909	$	(15,909	)	$	—
Matson Money International Equity VI Portfolio		15,921		(15,921	)		—
Matson Money Fixed Income VI Portfolio		4,494		(4,494	)		—

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation/ (Depreciation)		Qualified Late-Year Losses
Matson Money U.S. Equity VI Portfolio	$	—	$	777,151	$	1,529,627	$	(5,639	)
Matson Money International Equity VI Portfolio		32,429		105,703		1,526,468		—
Matson Money Fixed Income VI Portfolio		60,613		34,393		24,766		—

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

The tax character of distributions paid during the fiscal year ended August 31, 2017 were as follows:

	Ordinary Income		Long-Term Gains		Total
Matson Money U.S. Equity VI Portfolio	$	135,895	$	659,715	$	795,610
Matson Money International Equity VI Portfolio		247,347		166,208		413,555
Matson Money Fixed Income VI Portfolio		107,491		106,213		213,704

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Portfolios may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, or (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2017.

For the fiscal year ended August 31, 2017, the Portfolios deferred to September 1, 2017, the following qualified late-year losses:

	Late-Year Ordinary Loss Deferral			Short-Term Capital Loss Deferral		Long-Term Capital Loss Deferral
Matson Money U.S. Equity VI Portfolio	$	(5,639	)	$	—	$	—

24

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Concluded)

February 28, 2018 (Unaudited)

Under the Regulated Investment Company Modernization Act of 2010, the Portfolios are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of the fiscal year ended August 31, 2017, the Portfolios did not have any capital loss carryforwards.

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Portfolios through the date the financial statements were issued and has determined that there was the following subsequent event:

Effective April 20, 2018 (the “Effective Date”), Sean Babin will serve as a portfolio manager of the Portfolios. In addition, as of the Effective Date, Kenneth E. Gatliff will no longer serve as a portfolio manager for the Portfolios.

25

MATSON MONEY VI PORTFOLIOS

Other Information

(Unaudited)

Proxy Voting

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

Quarterly Portfolio Schedules

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

26

Investment Adviser

Matson Money, Inc.

5955 Deerfield Blvd.

Mason, OH 45040

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Principal Underwriter

Quasar Distributors, LLC

777 East Wisconsin Avenue, Floor 6

Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

MMFI-SAR18

Motley Fool Global Opportunities Fund (FOOLX) The portfolio’s “active share” – an industry measure between 0% and 100% that shows how different the portfolio looks from its benchmark – was 93%. The major reason for scoring so highly is philosophical. We seek to own the world’s highest-quality businesses that offer compelling return opportunities, period. We don’t pay much mind to any holding’s presence or weighting in the benchmark, and we don’t mind being different – it works for us. The Fund doesn’t currently own any securities in the Energy, Basic Materials, or Utilities sectors. We don’t see many high quality businesses in this sector right now, and we prefer to fish in more fertile waters. As a global fund, we are afforded the luxury of looking in almost any country to find opportunities. The smallest country represented in the portfolio is Georgia, with 3.7 million citizens. That’s fewer people than live in Los Angeles, but in a land mass 57 times larger. Georgia is a very mountainous country and has several peaks that rise above 16,000 feet.
Motley Fool Small-Mid Cap Growth Fund (TMFGX) The two top-performing stocks in the portfolio during the six-month period were GrubHub and XPO Logistics. GrubHub delivers food, and XPO delivers large items (like washing machines). Technology and one-click ordering have made it easier than ever to order anything your stomach or heart desire and get it quickly. We are invested alongside this trend. While six months is a very small sample size, it is still remarkable to see how the Small-Mid Cap Growth Fund performed relative to its benchmark, the Russell 2500 Growth index. During weeks when the benchmark declined, our fund fell only 65% as much. During weeks when the benchmark advanced, our fund improved by 114% as much. Folks in the industry call this “downside and upside capture.” We call it good investing and a dose of luck. Our three largest holdings, IPG Photonics, Thor Industries, and XPO Logistics, each represent 5% or more of net assets. If you’ve read our prospectus, you’ll know we can’t buy any more of these companies because of our 5% purchase ceiling. They can grow larger (XPO represents more than 7%), but we cannot add to them. We’re happy to have this problem. Each of these holdings has grown into a substantial holding because of fabulous business performance, not because we made a huge bet.
Motley Fool Emerging Markets Fund (TMFEX) The Emerging Markets Fund owns stakes in 30 businesses with operations as varied as rubber-glove making to dental plans in countries as varied as Peru and Kenya. The largest industry group represented in the portfolio is Transportation Infrastructure. If you’re passing through a Mexican airport, take extra pride when you purchase a $5 bottle of water, because a portion of that sale will find its way back into your wallet. We also own a pair of port operators who facilitate global trade. Emerging markets in general underperformed domestic stocks over the relevant six-month period. China continues to be a white-hot market, and even though it’s the largest component of most emerging market indexes, it could not drive emerging market indexes to outperform. Our fund has five investments in Chinese companies. The newest is Yum China, which we believe is in a great position to capitalize on the convenience of delivery given its large footprint, digital initiatives, and broad name recognition.
This report has been prepared for shareholders of Motley Fool Global Opportunities Fund, Motley Fool Small-Mid Cap Growth Fund and Motley Fool Emerging Markets Fund. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current prospectus, which contains more complete information about the Funds. Investors are reminded to read the prospectus carefully before investing. Returns quoted represent past performance, which is no guarantee of future results. Current returns may be lower or higher and can be found at foolfunds.com. Share prices will fluctuate and there may be a gain or loss when shares are redeemed. Fund shares are distributed by Foreside Funds Distributors LLC, Berwyn, Pennsylvania.

Table of Contents
Letter to Shareholders	1
Portfolio Characteristics	4
Fund Expense Examples	12
Schedules of Investments	14
Financial Statements	24
Notes to Financial Statements	34
Notice to Shareholders	47

MOTLEY FOOL FUNDS

Letter to Shareholders

February 28, 2018 (Unaudited)

In Search of the Investing Gold Medal

“You train four years for this one game, but the time that it takes and the amount of work and sacrifice it takes, not just the 23 players on this roster but those who worked hard to get on this team and did not make it. This is what we worked for, the chance to win a gold medal.”

- Monique Lamoureux-Morando, U.S. Women’s Ice Hockey

Dear Fellow Shareholder,

The 2018 Winter Olympics in PyeongChang wrapped up a few weeks ago, and I am still in awe of the athletic prowess demonstrated by the 2,900 athletes who competed. Across the 102 events these athletes demonstrated incredible skill. But focusing too much on the skill sells these athletes short. What is truly remarkable is their ability to perform at such a high level, under pressure, and sometimes in the elements.

Many Olympians get one shot in their entire life to perform for just a few seconds for a shot at a medal. The lucky ones get additional chances four or eight years later. This makes the cost of failure, psychologically, extremely high. Not to mention, the cost of failure physically can be serious (think downhill skiing or skeleton).

The pressure doesn’t end there. The PyeongChang Olympics grabbed headlines for its bad weather, too. It was the coldest games since the 1994 Lillehammer, Norway games. It was so cold and windy that numerous events had to be rescheduled several times! Eventually, some events had to take place in blizzard-like conditions. Still, thanks to endless training, muscle memory, and focus the athletes were able to perform.

Blizzard-like conditions for stocks

Calendar year 2017 was a remarkably balmy year for stocks. The largest peak-to-trough fall was less than 3% for the S&P 500 Index. Global stocks, as measured by the FTSE Global All Cap Index, did not experience a down month the entire year. Astoundingly, 9 of the 10 lowest volatility readings on record (as measured by the VIX) occurred in 2017. In July, the VIX broke through its 23-year low, and in November, it closed at its lowest level ever. The market weather in 2017 was as calm as it gets.

And then came February 2018. Early in the month, global markets dropped between 2% and 5% on several days. The VIX more than tripled. Intraday market swings were breathtaking. Stock-price volatility continued throughout the month and finished with a 4.4% decline. This was a storm, to be sure, but far from a storm of epic proportions. Clearly, the preceding year of sunshine had lulled investors into a false sense of security, and at the earliest hint of a break in the calm investors sprinted to the exits. More than $14 billion was withdrawn from equity mutual funds in the first week of February alone.

Just as Olympic athletes have no control over the weather on their day to compete, your fund managers have no control over the weather in the market. Yet, both the gold medal and your investment dollars hang in the balance anyway. The cost of failure is high. We must perform.

The Olympic Athletes of MFAM

Our strategy for dealing with market volatility is to (1) know what we own and why we own it, (2) know what we want to own, and (3) keep our long-term mindset.

I know of no way to predict market volatility. It is simply a random variable inherent to investing. However, labeling something as random does not minimize its potential emotional impact. Watching asset prices swing wildly can be unnerving. What we do know, is that asset values do not change nearly as dramatically as asset prices. Knowing the businesses and competitive dynamics underlying the stocks we own helps us keep our focus on value instead of price. Clearly articulating a thesis for why we want to underwrite an investment helps keep us focused on the fundamental business drivers, which are almost never tied to market prices. In short, maintaining a business focus instead of a stock focus dilutes the emotional impact that can come with vacillating prices.

Keeping a list of what we believe to be the highest-quality businesses in the world is another key way we deal with volatility. We spend each day trying to identify the types of businesses we’d like to own, and we vet them rigorously. Rather than scramble to conduct research during turbulent times, we simply turn to our wish list and see which opportunities are best. Of course we weigh

1

these wish-list companies against the opportunities in the ones we already own and act accordingly. True to form, your managers were net buyers during the February sell-off. We made purchases in four companies (three were new) and sold only one. Having this process in place allows for volatility to be an opportunity rather than a threat.

Finally, we deal with volatility by having a long-term mindset firmly embedded in our philosophy and culture. In fact, our core investing belief is that “independent research, conducted with a long-term mindset, can outperform.” As illustrated by the table below, history demonstrates that, while stock returns can and do vary wildly over annual (or shorter) periods, they have consistently been positive and healthy as the time frame lengthens. When your horizon, and behavior, extends beyond five years, your probability of earning positive returns skyrockets. Maintaining a long-term mindset further forces us to search for the type of businesses – high-quality ones – that are most likely to stand the test of time and generate those rewards.

S&P 500® Total Returns: 1926-2015
Time Frame	Positive	Negative
Daily	54%	46%
Quarterly	68%	32%
One Year	74%	26%
Five Years	86%	14%
10 Years	94%	6%
20 Years	100%	0%
Source: Ben Carlson, Playing the Probabilities. A Wealth of Common Sense.

Pride in our performance

I have no idea if you, dear investor, think our team has earned a gold, silver, or bronze medal. (If so, I’d like to think you’ll play our anthem, “Survivor” by Destiny’s Child, in celebration.) Regardless, I am proud of the training our team puts in each day, our behavior in volatile times, and our commitment to managing portfolios of the highest-quality businesses on earth. Thank you for your continued trust.

Onward,

Bryan Hinmon
Chief Investment Officer, Motley Fool Asset Management

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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.

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 semi-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.

New to investing? Reading your first mutual fund semi-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 the stocks of high quality businesses. Even the best businesses in the world fall in price — and sometimes a lot. Over the longer term, stock prices usually reflect business values, but the relationship is much more tenuous in the short term.

We also construct focused portfolios. This means we’re likely to own far fewer securities than are in the “market” or our benchmark. This could result in higher volatility or performance that is worse from the market and benchmark. To be fair, it could also result in lower volatility and performance that is better.

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 4, 7 and 10 of this report. Additional risk information is provided in section 2 of the Notes to Financial Statements.

3

Motley Fool Global Opportunities Fund
Portfolio Characteristics
(Unaudited)

The Motley Fool Global Opportunities 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 February 28, 2018, the Motley Fool Global Opportunities Fund Investor Shares had an unaudited net asset value of $24.65 per share attributed to 15,580,007 shares outstanding and the Institutional Shares had an unaudited net asset value of $24.69 per share attributed to 3,008,476 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 February 28, 2018, the Investor Shares had an average annual total return of 13.93% versus a return of 11.97% over the same period for its benchmark, FTSE Global All Cap Net Tax Index. From the Institutional Shares launch on June 17, 2014 to February 28, 2018, the Institutional Shares returned 10.73% versus a return of 7.83% over the same period for the FTSE Global All Cap Net Tax Index.

Average Annual Total Returns for the periods ended February 28, 2018
	Six months†	One Year	Five Year	Since Inception	Inception Date
Investor Shares*	16.38%	33.88%	12.79%	13.93%	6/16/2009
Institutional Shares*	16.45%	34.03%	N/A	10.73%	6/17/2014
FTSE Global All Cap Net Tax Index**	8.79%	18.62%	10.53%	— (1)	—
Fund Expense Ratios(2): Investor Shares: Gross 1.15% and Net 1.15%; Institutional Shares: Gross 1.17% and Net 0.95%

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.

^† Not annualized.

⁽¹⁾ The index returned 11. 97% from the inception date of the Investor Shares and 7.83% from the inception date of the Institutional Shares.

⁽²⁾ The expense ratios of the Fund are set forth according to the 12/31/2017 Prospectus 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.

* 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 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 Global Opportunities 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.

4

Motley Fool Global Opportunities Fund
Portfolio Characteristics (Continued)
(Unaudited)

The following tables show the top eleven holdings, sector allocations, and top eleven countries in which the Fund was invested in as of February 28, 2018. Portfolio holdings are subject to change without notice.

Top Eleven Holdings	% of Net Assets
Amazon.com, Inc.	5.61%
NMC Health PLC	4.47
XPO Logistics, Inc.	4.00
IPG Photonics Corp.	3.86
Mastercard, Inc. Class A	3.66
Medtronic PLC	3.58
MercadoLibre, Inc.	3.08
Align Technology, Inc.	3.04
Douzone Bizon Co., Ltd.	2.96
Tencent Holdings Ltd.	2.81
BGEO Group PLC	2.67
	39.74%

The Motley Fool Global Opportunities Fund uses the Global Industry Classification Standard^SM (“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.

Sector Allocation	% of Net Assets
Information Technology	32.87%
Consumer Discretionary	17.68
Health Care	15.98
Industrials	10.64
Financials	10.19
Real Estate	4.00
Consumer Staples	3.92
Telecommunication Services	1.73
	97.01%

5

Motley Fool Global Opportunities Fund
Portfolio Characteristics (Concluded)
(Unaudited)

Top Eleven Countries	% of Net Assets
United States *	57.35%
United Arab Emirates	5.31
China	4.82
Ireland	3.58
Argentina	3.08
South Korea	2.96
Georgia	2.67
Japan	2.61
Indonesia	2.54
India	2.12
Panama	2.09
	89.13%

* As of the date of the report, the Fund had a holding of 2.39% in the First American Treasury Obligations Fund, Class X.

6

Motley Fool Small-Mid Cap Growth Fund
Portfolio Characteristics
(Unaudited)

The Motley Fool Small-Mid Cap Growth 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 February 28, 2018, the Motley Fool Small-Mid Cap Growth Fund Investor Shares had an unaudited net asset value of $25.22 per share attributed to 10,571,162 shares outstanding and the Institutional Shares had an unaudited net asset value of $25.36 per share attributed to 1,072,118 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 February 28, 2018, the Investor Shares had an average annual total return of 14.64% versus a return of 14.35% over the same period for its benchmark, the Russell 2500 Growth Index. From the Institutional Shares launch on June 17, 2014 to February 28, 2018, the Institutional Shares returned 11.59% versus a return of 10.51% over the same period for the Russell 2500 Growth Index.

Average Annual Total Returns for the periods ended February 28, 2018
	Six Months†	One Year	Five Year	Since Inception	Inception Date
Investor Shares*	20.82%	29.20%	14.51%	14.64%	11/1/2010
Institutional Shares*	20.90%	29.38%	N/A	11.59%	6/17/2014
Russell 2500 Growth Index**	12.52%	19.82%	14.15%	— (1)	—
Fund Expense Ratios(2): Investor Shares: Gross 1.16% and Net 1.15%; Institutional Shares: Gross 1.47% and Net 0.95%

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.

^† Not annualized.

⁽¹⁾ The index returned 14.35% from the inception date of the Investor Shares and 10.51% from the inception date of the Institutional Shares.

⁽²⁾ The expense ratios of the Fund are set forth according to the 12/31/2017 Prospectus 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.

* 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^® 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 investment objective of the Small-Mid Cap Growth 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.

7

Motley Fool Small-Mid Cap Growth Fund
Portfolio Characteristics (concluded)
(Unaudited)

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. 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.

Although the Small-Mid Cap 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.

The following tables show the top eleven holdings, and sector allocations in which the Fund was invested in as of February 28, 2018. Portfolio holdings are subject to change without notice.

Top Eleven Holdings*	% of Net Assets
XPO Logistics, Inc.	7.20%
Thor Industries, Inc.	5.05
IPG Photonics Corp.	4.98
LCI Industries	4.12
Jones Lang LaSalle, Inc.	3.96
Align Technology, Inc.	3.66
Texas Roadhouse, Inc.	3.48
Cooper Companies, Inc. (The)	3.25
ResMed, Inc.	3.21
Markel Corp.	2.99
SBA Communications Corp.	2.94
	44.84%

* As of the date of the report, the Fund had a holding of 4.21% in the First American Treasury Obligations Fund Class X.

The Motley Fool Small-Mid Cap Growth Fund uses the Global Industry Classification Standard^SM (“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.

Sector Allocation	% of Net Assets
Consumer Discretionary	21.02%
Industrials	18.24
Health Care	15.92
Information Technology	15.21
Financials	11.90
Real Estate	8.42
Consumer Staples	2.88
Materials	2.17
	95.76%

8

Motley Fool Emerging Markets Fund
Portfolio Characteristics
(Unaudited)

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 February 28, 2018, the Motley Fool Emerging Markets Fund Investor Shares had an unaudited net asset value of $15.40 per share attributed to 2,502,804 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 February 28, 2018, the Investor Shares had an average annual total return of 8.16% versus a return of 5.97% over the same period for its benchmark, the FTSE Emerging Markets All Cap China A Inclusion Net Tax Index.

Average Annual Total Returns for periods ended February 28, 2018
	Six Months†	One Year	Five Year	SINCE Inception	Inception Date
Investor Shares*	8.15%	31.26%	7.52%	8.16%	11/1/2011
FTSE Emerging Markets All Cap China A Inclusion Net Tax Index**	8.87%	25.14%	5.02%	5.97%(1)	—
Fund Expense Ratios(2): Investor Shares: Gross 2.00% and Net 1.15%

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.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Investor Shares only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratios of the Fund are set forth according to the 12/31/2017 Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights table in this report. See the Financial Highlights for more current expense ratios.

* These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower.

** 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 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.

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.

9

Motley Fool Emerging Markets Fund
Portfolio Characteristics (Continued)
(Unaudited)

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. 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. 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.

The following tables show the top eleven holdings, sector allocations, and top eleven countries in which the Fund was invested in as of February 28, 2018. Portfolio holdings are subject to change without notice.

Top Eleven Holdings*	% of Net Assets
Tencent Holdings Ltd.	6.47%
NMC Health PLC	6.11
MercadoLibre, Inc.	5.54
Top Glove Corp Bhd	5.14
Douzone Bizon Co., Ltd.	5.03
Yum China Holdings, Inc.	4.05
Ctrip.com International Ltd. ADR	3.97
Odontoprev SA	3.69
Taiwan Semiconductor Manufacturing Co., Ltd. SP ADR	3.66
BGEO Group PLC	3.62
International Container Terminal Services, Inc.	3.53
	50.81%

* As of the date of the report, the Fund had a holding of 5.71% in the First American Treasury Obligations Fund, Class X.

The Motley Fool Emerging Markets Fund uses the Global Industry Classification Standard^SM (“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.

10

Motley Fool Emerging Markets Fund
Portfolio Characteristics (Concluded)
(Unaudited)

Sector Allocation	% of Net Assets
Information Technology	23.00%
Financials	16.47
Health Care	16.00
Industrials	14.94
Consumer Discretionary	13.03
Consumer Staples	5.53
Telecommunication Services	4.18
Real Estate	0.97
	94.12%

Top Eleven Countries*	% of Net Assets
China	16.80%
United Arab Emirates	8.77
Mexico	8.69
Indonesia	6.66
Argentina	5.54
Brazil	5.34
Malaysia	5.14
South Korea	5.03
Turkey	4.80
Georgia	4.69
Taiwan	3.66
	84.88%

* As of the date of the report, the Fund had a holding of 5.71% in the First American Treasury Obligations Fund, Class X.

11

Motley Fool Funds
Fund Expense Examples
February 28, 2018 (Unaudited)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 to February 28, 2018, and held for the entire period.

Actual Expenses

The first section of the accompanying tables provide 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 ExampleS for Comparison Purposes

The second section of the accompanying tables provide information about hypothetical account values and hypothetical expenses based on each 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 these 5% hypothetical examples 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 accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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.

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Annualized Expense Ratio(1)	Expenses Paid During Period(2)
Global Opportunities Fund - Investor Shares
Actual	$1,000.00	$1,163.80	1.07%	$5.74
Hypothetical (5% return before expenses)	1,000.00	1,019.49	1.07	5.63
Global Opportunities Fund - Institutional Shares
Actual	$1,000.00	$1,164.50	0.95%	$5.10
Hypothetical (5% return before expenses)	1,000.00	1,020.08	0.95	4.76

12

Motley Fool Funds
Fund Expense Examples (Concluded)
February 28, 2018 (Unaudited)

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Annualized Expense Ratio(1)	Expenses Paid During Period(2)
Small-Mid Cap Growth Fund - Investor Shares
Actual	$1,000.00	$1,208.20	1.15%	$6.30
Hypothetical (5% return before expenses)	1,000.00	1,019.09	1.15	5.76
Small-Mid Cap Growth Fund - Institutional Shares
Actual	$1,000.00	$1,209.00	0.95%	$5.20
Hypothetical (5% return before expenses)	1,000.00	1,020.08	0.95	4.76
Emerging Markets Fund - Investor Shares
Actual	$1,000.00	$1,081.50	1.15%	$5.94
Hypothetical (5% return before expenses)	1,000.00	1,019.09	1.15	5.76

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

⁽²⁾ Expenses are equal to the Funds’ annualized expense ratio for the period September 1, 2017 to February 28, 2018, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

13

Motley Fool Global Opportunities Fund
Schedule of Investments
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks — 96.18%
Air Freight & Logistics — 4.00%
XPO Logistics, Inc. (United States)*		186,000	$	18,307,980
Auto Components — 2.30%
Gentex Corp. (United States)		200,000		4,542,000
LCI Industries (United States)		55,000		6,011,500
				10,553,500
Banks — 6.88%
Banco Latinoamericano de Comercio Exterior SA (Panama)		343,129		9,556,142
BGEO Group PLC (Georgia)		263,132		12,255,913
HDFC Bank Ltd. ADR (India)		100,000		9,718,000
				31,530,055
Biotechnology — 1.61%
Ionis Pharmaceuticals, Inc. (United States)*		140,000		7,394,800
Commercial Services & Supplies — 1.39%
KAR Auction Services, Inc. (United States)		117,708		6,365,649
Communications Equipment — 1.44%
Infinera Corp. (United States)*		661,100		6,577,945
Consumer Finance — 1.28%
Gentera SAB de CV (Mexico)		7,200,000		5,885,845
Diversified Financial Services — 2.03%
Berkshire Hathaway, Inc., Class A (United States)*		30		9,307,500
Electronic Equipment, Instruments & Components — 3.86%
IPG Photonics Corp. (United States)*		72,000		17,686,080
Equity Real Estate Investment Trusts — 4.01%
American Tower Corp. (United States)		64,000		8,917,120
SBA Communications Corp. (United States)*		60,000		9,436,200
				18,353,320
Food & Staples Retailing — 1.67%
Costco Wholesale Corp. (United States)		40,000		7,636,000

See Notes to Financial Statements.

14

Motley Fool Global Opportunities Fund
Schedule of Investments (continued)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Food Products — 2.25%
Nestle SA (Switzerland)		68,694	$	5,457,811
Nippon Indosari Corpindo Tbk PT (Indonesia)		54,234,800		4,852,079
				10,309,890
Health Care Equipment & Supplies — 8.73%
Align Technology, Inc. (United States)*		53,000		13,913,560
Medtronic PLC (Ireland)		205,272		16,399,180
ResMed, Inc. (United States)		102,000		9,717,540
				40,030,280
Health Care Providers & Services — 4.47%
NMC Health PLC (United Arab Emirates)		435,482		20,495,822
Hotels, Restaurants & Leisure — 3.40%
Starbucks Corp. (United States)		195,000		11,134,500
Texas Roadhouse, Inc. (United States)		80,500		4,448,430
				15,582,930
Internet & Direct Marketing Retail — 9.19%
Amazon.com, Inc. (United States)*		17,000		25,711,650
Ctrip.com International Ltd. ADR (China)*		200,752		9,230,577
zooplus AG (Germany)*		33,000		7,171,697
				42,113,924
Internet Software & Services — 10.21%
Alphabet, Inc., Class C (United States)*		9,024		9,969,084
Facebook, Inc. (United States)*		55,000		9,807,600
MercadoLibre, Inc. (Argentina)		36,437		14,136,463
Tencent Holdings Ltd. (China)		235,000		12,856,502
				46,769,649
IT Services — 5.40%
Mastercard, Inc. (United States)		95,500		16,785,080
PayPal Holdings, Inc. (United States)*		100,000		7,941,000
				24,726,080
Life Sciences Tools & Services — 1.16%
Horizon Discovery Group PLC (United Kingdom)*		2,135,499		5,335,581

See Notes to Financial Statements.

15

Motley Fool Global Opportunities Fund
Schedule of Investments (continued)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Machinery — 0.88%
FANUC Corp. (Japan)		16,000	$	4,043,078
Media — 1.31%
Multiplus SA (Brazil)		278,600		2,954,263
System1 Group PLC (United Kingdom)		700,000		3,025,806
				5,980,069
Multiline Retail — 1.48%
Mitra Adiperkasa Tbk PT (Indonesia)		12,301,000		6,799,840
Semiconductors & Semiconductor Equipment — 2.03%
Taiwan Semiconductor Manufacturing Co., Ltd. SP ADR (Taiwan)		215,000		9,320,250
Software — 8.19%
Douzone Bizon Co., Ltd. (South Korea)		265,680		13,563,672
Paycom Software, Inc. (United States)*		88,000		8,704,960
Splunk, Inc. (United States)*		97,500		9,087,000
Ultimate Software Group, Inc. (The) (United States)*		26,000		6,199,960
				37,555,592
Technology Hardware, Storage & Peripherals — 1.75%
Apple, Inc. (United States)		45,000		8,015,400
Trading Companies & Distributors — 1.80%
Watsco, Inc. (United States)		50,000		8,268,500
Transportation Infrastructure — 1.73%
International Container Terminal Services, Inc. (Philippines)		3,750,000		7,920,507
Wireless Telecommunication Services — 1.73%
SoftBank Group Corp. (Japan)		96,000		7,910,100
Total Common Stocks (Cost $259,746,225)				440,776,166

See Notes to Financial Statements.

16

Motley Fool Global Opportunities Fund
Schedule of Investments (concluded)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Participatory Notes — 0.84%
Air Freight & Logistics — 0.84%
Aramex PJSC (United Arab Emirates) (a)		3,134,000	$	3,859,677
Total Participatory Notes (Cost $2,790,802)				3,859,677
Short-Term Investments — 2.39%
First American Treasury Obligations Fund, Class X (United States) 1.27% (b)		10,939,991		10,939,991
Total Short-Term Investments (Cost $10,939,991)				10,939,991
Total Investments (Cost $273,477,018) — 99.41%				455,575,834
Other Assets in Excess of Liabilities — 0.59%				2,728,222
NET ASSETS — 100.00%
(Applicable to 18,588,483 shares outstanding)			$	458,304,056

* Non-income producing security.

PLC — Public Limited Company

ADR — American Depositary Receipt

SP ADR — Sponsored ADR

(a) Security exempt form 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 $3,859,677 and represents 0.84% of net assets as of February 28, 2018.

(b) Seven-day yeild as of February 28, 2018.

See Notes to Financial Statements.

17

Motley Fool Small-Mid Cap Growth Fund
Schedule of Investments
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks — 95.75%
Air Freight & Logistics — 8.67%
CH Robinson Worldwide, Inc. (United States)		46,000	$	4,294,560
XPO Logistics, Inc. (United States)*		215,000		21,162,450
				25,457,010
Auto Components — 7.28%
Dorman Products, Inc. (United States)*		35,938		2,479,722
Gentex Corp. (United States)		300,000		6,813,000
LCI Industries (United States)		110,670		12,096,231
				21,388,953
Automobiles — 5.05%
Thor Industries, Inc. (United States)		115,000		14,835,000
Banks — 4.47%
Access National Corp. (United States)		124,832		3,489,054
Carter Bank & Trust (United States)*		170,000		2,864,500
Huntington Bancshares, Inc. (United States)		100,000		1,570,000
Lakeland Financial Corp. (United States)		60,000		2,718,600
SVB Financial Group (United States)*		10,000		2,489,800
				13,131,954
Biotechnology — 2.23%
Ionis Pharmaceuticals, Inc. (United States)*		124,100		6,554,962
Building Products — 2.22%
American Woodmark Corp. (United States)*		50,736		6,514,502
Capital Markets — 4.44%
Diamond Hill Investment Group, Inc. (United States)		36,959		7,577,704
Oaktree Capital Group LLC (United States)		131,072		5,465,702
				13,043,406
Chemicals — 0.86%
Eastman Chemical Co. (United States)		25,000		2,527,000
Commercial Services & Supplies — 1.56%
KAR Auction Services, Inc. (United States)		85,000		4,596,800
Electronic Equipment, Instruments & Components — 4.98%
IPG Photonics Corp. (United States)*		59,500		14,615,580

See Notes to Financial Statements.

18

Motley Fool Small-Mid Cap Growth Fund
Schedule of Investments (continued)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Equity Real Estate Investment Trusts — 4.46%
SBA Communications Corp. (United States)*		55,000	$	8,649,850
STAG Industrial, Inc. (United States)		195,000		4,440,150
				13,090,000
Food Products — 1.09%
McCormick & Co, Inc. (United States)		30,000		3,203,400
Health Care Equipment & Supplies — 13.69%
Align Technology, Inc. (United States)*		41,000		10,763,320
Cooper Cos, Inc. (The) (United States)		41,400		9,543,528
NuVasive, Inc. (United States)*		51,449		2,488,074
ResMed, Inc. (United States)		99,000		9,431,730
Varian Medical Systems, Inc. (United States)*		67,000		7,995,780
				40,222,432
Hotels, Restaurants & Leisure — 3.58%
Papa John's International, Inc. (United States)		5,000		288,700
Texas Roadhouse, Inc. (United States)		184,929		10,219,177
				10,507,877
Household Durables — 0.24%
TRI Pointe Group, Inc. (United States)*		46,000		705,180
Household Products — 1.79%
Church & Dwight Co., Inc. (United States)		106,600		5,243,654
Insurance — 2.99%
Markel Corp. (United States)*		7,900		8,784,800
Internet Software & Services — 2.71%
GrubHub, Inc. (United States)*		80,000		7,952,800
IT Services — 0.85%
Broadridge Financial Solutions, Inc. (United States)		25,000		2,509,500
Leisure Products — 2.23%
Hasbro, Inc. (United States)		68,615		6,557,536
Machinery — 1.48%
Proto Labs, Inc. (United States)*		40,000		4,358,000

See Notes to Financial Statements.

19

Motley Fool Small-Mid Cap Growth Fund
Schedule of Investments (concluded)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Paper & Forest Products — 1.31%
KapStone Paper and Packaging Corp. (United States)		110,400	$	3,851,856
Real Estate Management & Development — 3.96%
Jones Lang LaSalle, Inc. (United States)		72,500		11,644,225
Road & Rail — 1.18%
Genesee & Wyoming, Inc. (United States)*		50,000		3,476,500
Software — 6.67%
Paycom Software, Inc. (United States)*		75,000		7,419,000
Splunk, Inc. (United States)*		77,000		7,176,400
Ultimate Software Group, Inc. (The) (United States)*		21,000		5,007,660
				19,603,060
Specialty Retail — 2.64%
AutoZone, Inc. (United States)*		7,300		4,852,456
Tractor Supply Co. (United States)		44,800		2,908,864
				7,761,320
Trading Companies & Distributors — 3.12%
Fastenal Co. (United States)		76,750		4,199,760
Watsco, Inc. (United States)		30,000		4,961,100
				9,160,860
Total Common Stocks (Cost $158,076,756)				281,298,167
Short-Term Investments — 4.21%
First American Treasury Obligations Fund, Class X (United States), 1.27% (a)		12,373,646		12,373,646
Total Short-Term Investments (Cost $12,373,646)				12,373,646
Total Investments (Cost $170,450,402) — 99.96%				293,671,813
Other Assets in Excess of Liabilities — 0.04%				101,383
NET ASSETS — 100.00%
(Applicable to 11,643,280 shares outstanding)			$	293,773,196

* Non-income producing security.

(a) Seven-day yield as of February 28, 2018.

See Notes to Financial Statements.

20

Motley Fool Emerging Markets Fund
Schedule of Investments
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks — 94.12%
Banks — 13.61%
Banco Latinoamericano de Comercio Exterior SA (Panama)		45,000	$	1,253,250
BGEO Group PLC (Georgia)		30,000		1,397,312
Credicorp Ltd. (Peru)		6,000		1,298,700
HDFC Bank Ltd. ADR (India)		13,350		1,297,353
				5,246,615
Beverages — 1.88%
Coca-Cola Icecek AS (Turkey)		75,000		725,540
Consumer Finance — 2.86%
Gentera SAB de CV (Mexico)		1,350,000		1,103,596
Diversified Telecommunication Services — 1.13%
Telkom SA SOC Ltd. (South Africa)		100,000		435,543
Food & Staples Retailing — 1.32%
CP ALL PCL NVDR (Thailand)		190,000		508,442
Food Products — 2.33%
Nippon Indosari Corpindo Tbk PT (Indonesia)		10,022,700		896,674
Health Care Equipment & Supplies — 5.15%
Top Glove Corp. Bhd (Malaysia)		800,000		1,983,150
Health Care Providers & Services — 10.85%
Georgia Healthcare Group PLC (Georgia)*(a)		90,000		408,882
NMC Health PLC (United Arab Emirates)		50,000		2,353,234
Odontoprev SA (Brazil)		300,000		1,421,048
				4,183,164
Hotels, Restaurants & Leisure — 4.05%
Yum China Holdings, Inc. (China)		36,000		1,559,520
Internet & Direct Marketing Retail — 3.97%
Ctrip.com International Ltd. ADR (China)*		33,300		1,531,134
Internet Software & Services — 14.31%
Alibaba Group Holding Ltd. SP ADR (China)*		2,400		446,736
Baidu, Inc. SP ADR (China)*		1,750		441,595
MercadoLibre, Inc. (Argentina)		5,500		2,133,835
Tencent Holdings Ltd. (China)		45,600		2,494,709
				5,516,875

See Notes to Financial Statements.

21

Motley Fool Emerging Markets Fund
Schedule of Investments (continued)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Media — 1.65%
Multiplus SA (Brazil)		60,000	$	636,238
Multiline Retail — 3.36%
Mitra Adiperkasa Tbk PT (Indonesia)		2,342,000		1,294,628
Real Estate Management & Development — 0.97%
Lippo Karawaci Tbk PT (Indonesia)		10,000,000		374,586
Semiconductors & Semiconductor Equipment — 3.66%
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR (Taiwan)		32,500		1,408,875
Software — 5.03%
Douzone Bizon Co. Ltd. (South Korea)		38,000		1,940,001
Transportation Infrastructure — 14.94%
DP World Ltd. (United Arab Emirates)		42,000		1,026,900
Grupo Aeroportuario del Pacifico SAB de CV ADR (Mexico)		11,500		1,110,325
Grupo Aeroportuario del Sureste SAB de CV ADR (Mexico)		6,400		1,134,592
International Container Terminal Services, Inc. (Philippines)		645,000		1,362,327
TAV Havalimanlari Holding AS (Turkey)		185,000		1,124,224
				5,758,368
Wireless Telecommunication Services — 3.05%
Safaricom Ltd. (Kenya)		4,000,000		1,175,127
Total Common Stocks (Cost $25,024,870)				36,278,076

See Notes to Financial Statements.

22

Motley Fool Emerging Markets Fund
Schedule of Investments (concluded)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Short-Term Investments — 5.71%
First American Treasury Obligations Fund, Class X (United States), 1.27% (b)		2,200,999	$	2,200,999
Total Short-Term Investments (Cost $2,200,999)				2,200,999
Total Investments (Cost $27,225,869) — 99.83%				38,479,075
Other Assets in Excess of Liabilities — 0.17%				64,116
NET ASSETS — 100.00%
(Applicable to 2,502,804 shares outstanding)			$	38,543,191

ADR — American Depositary Receipt

NVDR — Non-Voting Depository Receipt

* Non-income producing security.

(a) Security exempt form 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 $408,882 and represents 1.06% of net assets as of February 28, 2018.

(b) Seven-day yield as of February 28, 2018.

See Notes to Financial Statements.

23

Motley Fool Funds
StatementS of Assets and Liabilities
February 28, 2018 (Unaudited)

	Motley Fool Global Opportunities Fund			Motley Fool Small-Mid Cap Growth Fund			Motley Fool Emerging Markets Fund
ASSETS
Investments in securities of unaffiliated issuers, at value (cost $262,537,027, $158,076,756 and $25,024,870, respectively)	$	444,635,843		$	281,298,167		$	36,278,076
Short-term investments, at value (cost $10,939,991, $12,373,646 and $2,200,999, respectively)		10,939,991			12,373,646			2,200,999
Foreign currency, at value (cost $2,484,531, $0 and $43,476, respectively)		2,537,228			—			44,274
Receivables for:
Dividends and tax reclaims		391,325			103,404			38,665
Shares of beneficial interest sold		398,525			488,071			39,865
Prepaid expenses and other assets		38,221			36,996			24,474
Total assets		458,941,133			294,300,284			38,626,353
LIABILITIES
Payables for:
Advisory fees		291,250			206,565			16,475
Shares of beneficial interest redeemed		211,040			191,554			14,566
Investments purchased		—			49,627			—
Custodian fees		35,597			5,782			11,693
Accounting and administration fees		33,042			16,381			12,549
Transfer agent fees		27,453			26,432			13,867
Audit fees		10,413			10,413			10,413
Other accrued expenses and liabilities		28,282			20,334			3,599
Total liabilities		637,077			527,088			83,162
Net assets	$	458,304,056		$	293,773,196		$	38,543,191
NET ASSETS CONSIST OF:
Par value	$	18,588		$	11,643		$	2,503
Paid-in-capital		268,535,543			167,632,626			27,897,889
Undistributed/(accumulated) net investment income/(loss)		(802,076	)		(838,811	)		(27,637	)
Accumulated net realized gain/(loss) from investments and foreign currency transactions		8,400,488			3,746,327			(583,568	)
Net unrealized appreciation/(depreciation) on investments, foreign currencies, and assets and liabilities denominated in foreign currencies		182,151,513			123,221,411			11,254,004
Net assets	$	458,304,056		$	293,773,196		$	38,543,191
NET ASSET VALUE:
Investor Shares:
Net assets applicable to capital shares outstanding	$	384,010,764		$	266,579,252		$	38,543,191
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		15,580,007			10,571,162			2,502,804
Net asset value, offering and redemption price per share	$	24.65		$	25.22		$	15.40
Institutional Shares:
Net assets applicable to capital shares outstanding	$	74,293,292		$	27,193,944			N/A
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		3,008,476			1,072,118			N/A
Net asset value, offering and redemption price per share	$	24.69		$	25.36			N/A

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

24

Motley Fool Funds
Statements of Operations
February 28, 2018 (Unaudited)

	Motley Fool Global Opportunities Fund			Motley Fool Small-Mid Cap Growth Fund			Motley Fool Emerging Markets Fund
INVESTMENT INCOME
Dividends	$	1,459,618		$	1,176,029		$	219,509
Less foreign taxes withheld		(32,846	)		—			(14,793	)
Total investment income		1,426,772			1,176,029			204,716
EXPENSES
Advisory fees		1,787,949			1,103,941			149,240
Transfer agent fees - Investor Shares		110,518			75,457			47,174
Transfer agent fees - Institutional Shares		30,475			22,359			—
Shareholder account-related services - Investor Shares		96,309			70,636			11,836
Shareholder account-related services - Institutional Shares		1,344			1,391			—
Accounting fees - Investor Shares		68,447			45,312			8,574
Accounting fees - Institutional Shares		16,907			4,499			—
Custodian fees		41,768			9,190			13,398
Shareholder reporting fees - Investor Shares		24,516			17,839			3,855
Shareholder reporting fees - Institutional Shares		534			470			—
Professional fees		21,896			17,892			11,630
Blue sky fees - Investor Shares		11,639			7,463			9,078
Blue sky fees - Institutional Shares		2,109			948			—
Administration fees		9,686			5,276			1,783
Directors fees		8,087			6,257			190
Officers fees		1,908			1,250			190
Other expenses		11,966			6,555			2,779
Total expenses		2,246,058			1,396,735			259,727
Management fees waived/reimbursed net of amount recaptured - Investor Shares		—			97,136			—
Management fees waived/reimbursed net of amount recaptured - Institutional Shares		(27,114	)		(23,642	)		(57,625	)
Net expenses after waivers/reimbursements		2,218,944			1,470,229			202,102
Net investment income/(loss)		(792,172	)		(294,200	)		2,614
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		11,195,736			5,997,434			962,394
Foreign currency transactions		(9,725	)		—			(48	)
Net change in unrealized appreciation/(depreciation) on:
Investments		54,389,235			42,165,709			1,912,846
Foreign currency translation		55,713			—			1,560
Net realized and unrealized gain/(loss)		65,630,959			48,163,143			2,876,752
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	64,838,787		$	47,868,943		$	2,879,366

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

25

Motley Fool Global Opportunities Fund
Statements of Changes in Net Assets

	For the Six-Months Ended February 28, 2018 (Unaudited)			For the Fiscal Period Ended August 31, 2017 (1)			For the Year Ended October 31, 2016
OPERATIONS
Net investment income/(loss)	$	(792,172	)	$	657,803		$	747,966
Net realized gain/(loss) from investments and foreign currency transactions		11,186,011			47,847,421			9,546,196
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies		54,444,948			24,608,203			(10,795,721	)
Net increase/(decrease) in net assets resulting from operations		64,838,787			73,113,427			(501,559	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income
Investor Shares		(740,296	)		(604,493	)		(34,910	)
Institutional Shares		(84,137	)		(186,098	)		(13,802	)
Distributions from net realized capital gains
Investor Shares		(42,375,430	)		(8,485,045	)		(166,111	)
Institutional Shares		(7,912,273	)		(1,167,344	)		(3,300	)
Total dividends and distributions to shareholders		(51,112,136	)		(10,442,980	)		(218,123	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold (943,146, 1,001,231 and 1,642,369 shares, respectively)		23,117,482			22,119,265			32,544,953
Reinvestment of dividends (1,874,618, 449,511 and 9,795 shares, respectively)		42,328,884			8,937,049			197,667
Shares redeemed (1,262,461, 4,767,676 and 3,682,983 shares, respectively)		(30,862,386	)		(100,374,196	)		(72,564,161	)
Redemption fees(2)		7,887			33,388			38,069
Total from Investor Shares		34,591,867			(69,284,494	)		(39,783,472	)
Institutional Shares
Proceeds from shares sold (221,927, 2,235,895 and 44,003 shares, respectively)		5,574,938			46,460,601			876,179
Reinvestment of dividends (349,692, 66,891 and 837 shares, respectively)		7,910,044			1,333,174			16,889
Shares redeemed (79,199, 141,726 and 69,455 shares, respectively)		(1,943,408	)		(3,097,677	)		(1,365,672	)
Redemption fees(2)		262			519			20
Total from Institutional Shares		11,541,836			44,696,617			(472,584	)
Net increase/(decrease) in net assets from capital share transactions		46,133,703			(24,587,877	)		(40,256,056	)
Total increase/(decrease) in net assets		59,860,354			38,082,570			(40,975,738	)
NET ASSETS:
Beginning of period		398,443,702			360,361,132			401,336,870
End of period (3)	$	458,304,056		$	398,443,702		$	360,361,132
Undistributed/accumulated net investment income/(loss)	$	(802,076	)	$	814,529		$	(760,546	)

⁽¹⁾ The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾ Effective December 31, 2017, the Fund eliminated the redemption fee.

⁽³⁾ Including undistributed/accumulated net investment income/(loss).

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

26

Motley Fool Small-Mid Cap Growth Fund
Statements of Changes in Net Assets

	For the Six-Months Ended February 28, 2018 (Unaudited)			For the Fiscal Period Ended August 31, 2017 (1)			For the Year Ended October 31, 2016
OPERATIONS
Net investment income/(loss)	$	(294,200	)	$	(537,448	)	$	(653,431	)
Net realized gain/(loss) from investments and foreign currency transactions		5,997,434			15,186,364			(2,484,075	)
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies		42,165,709			26,696,119			(1,992,860	)
Net increase/(decrease) in net assets resulting from operations		47,868,943			41,345,035			(5,130,366	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income
Investor Shares		—			—			(349,750	)
Institutional Shares		—			—			(20,359	)
Distributions from net realized capital gains
Investor Shares		(12,858,211	)		—			—
Institutional Shares		(1,293,568	)		—			—
Total dividends and distributions to shareholders		(14,151,779	)		—			(370,109	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold (1,326,705, 894,155 and 1,202,801 shares, respectively)		33,120,811			18,375,235			21,811,467
Reinvestment of dividends (520,849, 0 and 18,293 shares, respectively)		12,578,509			—			343,728
Shares redeemed (824,868, 2,559,950 and 2,748,791 shares, respectively)		(20,234,368	)		(52,151,022	)		(50,140,829	)
Redemption fees(2)		4,200			22,135			24,628
Total from Investor Shares		25,469,152			(33,753,652	)		(27,961,006	)
Institutional Shares
Proceeds from shares sold (134,895, 818,234 and 77,879 shares, respectively)		3,416,901			16,606,797			1,388,492
Reinvestment of dividends (53,255, 0 and 1,083 shares, respectively)		1,293,568			—			20,358
Shares redeemed (35,988, 198,206 and 152,821 shares, respectively)		(892,627	)		(4,083,956	)		(2,787,636	)
Redemption fees(2)		—			3,350			175
Total from Institutional Shares		3,817,842			12,526,191			(1,378,611	)
Net increase/(decrease) in net assets from capital share transactions		29,286,994			(21,227,461	)		(29,339,617	)
Total increase/(decrease) in net assets		63,004,158			20,117,574			(34,840,092	)
NET ASSETS:
Beginning of period		230,769,038			210,651,464			245,491,556
End of period (3)	$	293,773,196		$	230,769,038		$	210,651,464
Undistributed/accumulated net investment income/(loss)	$	(838,811	)	$	(544,611	)	$	(639,202	)

⁽¹⁾ The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾ Effective December 31, 2017, the Fund eliminated the redemption fee.

⁽³⁾ Including undistributed/accumulated net investment income/(loss).

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

27

Motley Fool Emerging Markets Fund
Statements of Changes in Net Assets

	For the Six-Months Ended February 28, 2018 (Unaudited)			For the Fiscal Period Ended August 31, 2017 (1)			For the Year Ended October 31, 2016
OPERATIONS
Net investment income/(loss)	$	2,614		$	310,507		$	200,032
Net realized gain/(loss) from investments and foreign currency transactions		962,346			(1,181,087	)		638,236
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies		1,914,406			6,836,590			2,234,424
Net increase/(decrease) in net assets resulting from operations		2,879,366			5,966,010			3,072,692
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income
Investor Shares		(314,358	)		(150,543	)		(300,972	)
Institutional Shares		—			(27,959	)		(18,444	)
Total dividends and distributions to shareholders		(314,358	)		(178,502	)		(319,416	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold (263,145, 508,484 and 228,294 shares, respectively)		3,868,642			6,665,378			2,517,000
Reinvestment of dividends (22,184, 13,160 and 27,787 shares, respectively)		313,688			150,020			300,095
Shares redeemed (181,585, 534,316 and 709,020 shares, respectively)		(2,661,124	)		(6,442,570	)		(7,766,303	)
Redemption fees(2)		1,146			1,728			3,403
Total from Investor Shares		1,522,352			374,556			(4,945,805	)
Institutional Shares
Proceeds from shares sold (0, 132,224 and 13,740 shares, respectively)(3)		—			1,528,574			147,950
Reinvestment of dividends (0, 2,448 and 1,705 shares, respectively)(3)		—			27,959			18,444
Shares redeemed (0, 309,403 and 387 shares, respectively)(3)		—			(4,132,249	)		(4,349	)
Redemption fees(2)		—			61			—
Total from Institutional Shares		—			(2,575,655	)		162,045
Net increase/(decrease) in net assets from capital share transactions		1,522,352			(2,201,099	)		(4,783,760	)
Total increase/(decrease) in net assets		4,087,360			3,586,409			(2,030,484	)
NET ASSETS:
Beginning of period		34,455,831			30,869,422			32,899,906
End of period (3)	$	38,543,191		$	34,455,831		$	30,869,422
Undistributed/accumulated net investment income/(loss)	$	(27,637	)	$	284,107		$	178,488

⁽¹⁾ The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾ Effective December 31, 2017, the Fund eliminated the redemption fee.

⁽³⁾ Effective on May 2, 2017, the Institutional Shares closed to all new and existing shareholders. Any Institutional Shares that were not exchanged for Investor Shares, or redeemed, by June 30, 2017, were liquidated and the proceeds returned to the shareholder.

⁽⁴⁾ Including undistributed/accumulated net investment income/(loss).

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

28

Motley Fool Global Opportunities Fund
Financial Highlights

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

	Six Months Ended February 28, 2018			Fiscal Period Ended August 31,			Years Ended October 31,
Investor Shares	(Unaudited)			2017(1)(2)			2016			2015			2014			2013			2012
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	24.09		$	20.36		$	20.32		$	21.00		$	19.24		$	15.48		$	14.15
Net investment income/(loss)(3)		(0.05	)		0.03			0.04			0.05			0.11			0.07			0.14
Net realized and unrealized gain/(loss) from invetsments		3.71			4.30			0.01			(0.29	)		1.87			3.79			1.29
Net increase/(decrease) in net assets resulting from operations		3.66			4.33			0.05			(0.24	)		1.98			3.86			1.43
Dividends and distributions to shareholders from:
Net investment income		(0.05	)		(0.04	)		—	*		(0.11	)		(0.04	)		(0.11	)		(0.10	)
Net realized capital gains		(3.05	)		(0.56	)		(0.01	)		(0.33	)		(0.18	)		—			—
Total dividends and distributions to shareholders		(3.10	)		(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	$	24.65		$	24.09		$	20.36		$	20.32		$	21.00		$	19.24			15.48
Total investment return(4)		16.38	%(5)		21.91	%(5)		0.25	%		(1.13	)%		10.43	%		25.14	%		10.21
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	384,011		$	337,821		$	353,118		$	393,611		$	413,624		$	354,081		$	227,881
Ratio of expenses to average net assets		1.07	%(6)		1.15	%(6)		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)		1.07	%(6)		1.15	%(6)		1.14	%		1.13	%		1.23	%		1.37	%		1.54	%
Ratio of net investment income/(loss) to average net assets		(0.40	)%(6)		0.18	%(6)		0.20	%		0.23	%		0.55	%		0.44	%		0.93	%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		(0.40	)%(5)		0.18	%(6)		0.20	%		0.25	%		0.59	%		0.43	%		0.86	%
Portfolio turnover rate		4	%(5)		38	%(5)		26	%		21	%		24	%		22	%		37	%

^* Amount represents less than $0.005 per share.

⁽¹⁾ The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾ Effective as of December 21, 2016, the Fund acquired all the assets and liabilities of the Motley Fool Global Opportunities 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⁾ Total investment return reflects the rate an investor would have earned on an investment in the Fund during the period. During the year ended October 31, 2013, 0.06% of the Fund’s total investment return was attributable to redemption and small-balance account fees received. Excluding this item, the total return would have been 25.08%. For the six months ended February 28, 2018, the fiscal period 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 Investor Shares total investment return.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

29

Motley Fool Global Opportunities Fund
Financial Highlights

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

	Six Months Ended February 28, 2018			Fiscal Period Ended August 31,			Years Ended October 31,						Period Ended October 31,
Institutional Shares	(Unaudited)			2017(1)(2)			2016			2015			2014(3)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	24.09		$	20.40		$	20.35		$	21.01		$	20.36
Net investment income/(loss)(4)		(0.03	)		0.09			0.08			0.10			0.03
Net realized and unrealized gain/(loss) from investments		3.71			4.25			0.02			(0.31	)		0.62
Net increase/(decrease) in net assets resulting from operations		3.68			4.34			0.10			(0.21	)		0.65
Dividends and distributions to shareholders from:
Net investment income		(0.03	)		(0.09	)		(0.04	)		(0.12	)		—
Net realized capital gains		(3.05	)		(0.56	)		(0.01	)		(0.33	)		—
Total dividends and distributions to shareholders		(3.08	)		(0.65	)		(0.05	)		(0.45	)		—
Redemption and small-balance account fees		—	*		—	*		—	*		—	*		—	*
Net asset value, end of period	$	24.69		$	24.09		$	20.40		$	20.35		$	21.01
Total investment return(5)		16.45	%(6)		21.97	%(6)		(0.47	)%		(0.97	)%		3.19	%(6)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	74,293		$	60,623		$	7,243		$	7,726		$	4,038
Ratio of expenses to average net assets		0.95	%(7)		0.95	%(7)		0.95	%		0.95	%		0.95	%(7)
Ratio of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		1.03	%(7)		1.17	%(7)		2.12	%		2.14	%		3.78	%(7)
Ratio of net investment income/(loss) to average net assets		(0.27	)%(7)		0.48	%(7)		0.39	%		0.46	%		0.39	%(7)
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		(0.35	)%(7)		0.26	%(7)		(0.78	)%		0.73	%		(2.43	)%(7)
Portfolio turnover rate		4	%(6)		38	%(6)		26	%		21	%		24	%(6)

* Amount represents less than $0.005 per share.

⁽¹⁾ The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾ Effective as of December 21, 2016, the Fund acquired all the assets and liabilities of the Motley Fool Global Opportunities 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. Because of commencement of operations and related preliminary transaction costs, these ratios are not necessarily indicative of future ratios.

⁽⁴⁾ Per share data calculated using average shares outstanding method.

⁽⁵⁾ Total investment return reflects the rate an investor would have earned on an investment in the Fund during the period. Redemption and small-balance account fees received had no effect on the Fund’s Institutional Shares total investment return.

⁽⁶⁾ Not annualized.

⁽⁷⁾ Annualized.

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

30

Motley Fool Small-Mid Cap Growth Fund
Financial Highlights

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

	Six Months Ended February 28, 2018			Fiscal Period Ended August 31,			Years Ended October 31,
Investor Shares	(Unaudited)			2017(1)(2)			2016			2015			2014			2013			2012
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	22.04		$	18.29		$	18.72		$	18.59		$	17.25		$	12.58		$	11.04
Net investment income/ (loss)(3)		(0.03	)		(0.05	)		(0.05	)		0.03			0.07			—	*		(0.06	)
Net realized and unrealized gain/(loss) from investments		4.56			3.80			(0.35	)		0.14			1.51			4.69			1.60
Net increase/(decrease) in net assets resulting from operations		4.53			3.75			(0.40	)		0.17			1.58			4.69			1.54
Dividends and distributions to shareholders from:
Net investment income		—			—			(0.03	)		(0.04	)		(0.03	)		(0.03	)		—	*
Net realized capital gains		(1.35	)		—			—			—			(0.22	)		—			—
Total dividends and distributions to shareholders		(1.35	)		—			(0.03	)		(0.04	)		(0.25	)		(0.03	)		—	*
Redemption and small-balance account fees		—	*		—	*		—	*		—	*		0.01			0.01			—	*
Net asset value, end of period	$	25.22		$	22.04		$	18.29		$	18.72		$	18.59		$	17.25		$	12.58
Total investment return(4)		20.82	%(5)		20.50	%(5)		(2.15	)%		0.91	%		9.35	%		37.44	%		13.96	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	266,579		$	210,404		$	205,149		$	238,482		$	231,600		$	162,336		$	67,337
Ratio of expenses to average net assets		1.15	%(6)		1.15	%(6)		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)		1.07	%(6)		1.16	%(6)		1.17	%		1.16	%		1.30	%		1.54	%		1.74	%
Ratio of net investment income/(loss) to average net assets		(0.25	)%(6)		(0.30	)%(6)		(0.29	)%		0.17	%		0.38	%		0.03	%		(0.51	)%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		(0.16	)%(6)		(0.31	)%(6)		(0.31	)%		0.17	%		0.36	%		(0.13	)%		(0.88	)%
Portfolio turnover rate		6	%(5)		24	%(5)		21	%		30	%		18	%		24	%		30	%

* Amount represents less than $0.005 per share.

⁽¹⁾ The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾ Effective as of December 21, 2016, the Fund acquired all the assets and liabilities of the Motley Fool Small-Mid Cap Growth 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⁾ Total investment return reflects the rate an investor would have earned on an investment in the Fund during the period. For the years ended October 31, 2014 and October 31, 2013, 0.06% and 0.08%, respectively, of the Fund’s Investor Shares total investment return was attributable to redemption and small-balance account fees received. Excluding this item, the total investment return would have been 9.29% and 37.36%, respectively. For the six months ended February 28, 2018, 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 Investor Shares total investment return.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

31

Motley Fool Small-Mid Cap Growth Fund
Financial Highlights

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

	Six Months Ended February 28, 2018			Fiscal Period Ended August 31,			Years Ended October 31,						Period Ended October 31,
Institutional Shares	(Unaudited)			2017(1)(2)			2016			2015			2014(3)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	22.14		$	18.34		$	18.75		$	18.61		$	17.94
Net investment income/(loss)(4)		—	*		(0.03	)		(0.02	)		0.07			0.02
Net realized and unrealized gain/(loss) from investments		4.56			3.83			(0.33	)		0.13			0.65
Net increase/(decrease) in net assets resulting from operations		4.56			3.80			(0.35	)		0.20			0.67
Dividends and distributions to shareholders from:
Net investment income		—			—			(0.06	)		(0.06	)		—
Net realized capital gains		(1.34	)		—			—			—			—
Total dividends and distributions to shareholders		(1.34	)		—			(0.06	)		(0.06	)		—
Redemption and small-balance account fees		—			—	*		—	*		—	*		—	*
Net asset value, end of period	$	25.36		$	22.14		$	18.34		$	18.75		$	18.61
Total investment return(5)		20.90	%(6)		20.72	%(6)		(1.89	)%		1.04	%		3.73	%(6)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	27,194		$	20,365		$	5,502		$	7,010		$	2,798
Ratio of expenses to average net assets		0.95	%(7)		0.95	%(7)		0.95	%		0.95	%		0.95	%(7)
Ratio of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		1.15	%(7)		1.47	%(7)		2.40	%		2.45	%		4.93	%(7)
Ratio of net investment income/(loss) to average net assets		(0.40	)%(7)		(0.15	)%(7)		(0.08	)%		0.35	%		0.27	%(7)
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		(0.24	)%(7)		(0.67	)%(7)		(1.53	)%		(1.15	)%		(3.71	)%(7)
Portfolio turnover rate		6	%(6)		24	%(6)		21	%		30	%		18	%(6)

* Amount represents less than $0.005 per share.

⁽¹⁾ The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾ Effective as of December 21, 2016, the Fund acquired all the assets and liabilities of the Motley Fool Small-Mid Cap Growth 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. Because of commencement of operations and related preliminary transaction costs, these ratios are not necessarily indicative of future ratios.

⁽⁴⁾ Per share data calculated using average shares outstanding method.

⁽⁵⁾ Total investment return reflects the rate an investor would have earned on an investment in the Fund during the period. Redemption and small-balance account fees received had no effect on the Fund’s Institutional Shares total investment return.

⁽⁶⁾ Not annualized.

⁽⁷⁾ Annualized.

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

32

Motley Fool Emerging Markets Fund

Financial Highlights

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

	Six Months Ended February 28, 2018			Fiscal Period Ended August 31,			Years Ended October 31,
Investor Shares	(Unaudited)			2017(1)(2)			2016			2015			2014			2013			2012
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	14.36		$	11.93		$	10.88		$	12.61		$	12.66		$	10.94		$	10.00
Net investment income/ (loss)(3)		—	*		0.12			0.07			0.09			0.16			0.13			0.18
Net realized and unrealized gain/(loss) from investments		1.17			2.38			1.09			(1.63	)		(0.12	)		1.73			0.77
Net increase/(decrease) in net assets resulting from operations		1.17			2.50			1.16			(1.54	)		0.04			1.86			0.95
Dividends and distributions to shareholders from:
Net investment income		(0.13	)		(0.07	)		(0.11	)		(0.19	)		(0.08	)		(0.15	)		(0.01	)
Net realized capital gains		—			—			—			—			(0.02	)		—			—
Total dividends and distributions to shareholders		(0.13	)		(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	$	15.40		$	14.36		$	11.93		$	10.88		$	12.61		$	12.66		$	10.94
Total investment return(4)		8.15	%(5)		21.06	%(5)		(10.76	)%		(12.33	)%		0.47	%		17.32	%		9.52	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	38,543		$	34,456		$	28,776		$	31,160		$	47,566		$	40,119		$	19,272
Ratio of expenses to average net assets		1.15	%(6)		1.15	%(6)		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)		1.48	%(6)		2.00	%(6)		2.09	%		1.84	%		1.88	%		2.60	%		4.13	%
Ratio of net investment income (loss) to average net assets		0.01	%(6)		1.17	%(6)		0.64	%		0.80	%		1.29	%		1.15	%		1.75	%
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	)%(6)		0.32	%(6)		(0.30	)%		0.09	%		0.66	%		(0.10	)%		(1.03	)%
Portfolio turnover rate		5	%(5)		21	%(5)		54	%		20	%		25	%		26	%		17	%

* Amount represents less than $0.005 per share.

⁽¹⁾ The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾ Effective as of December 21, 2016, the Fund acquired all the assets and liabilities of the Motley Fool Emerging Markets 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⁾ Total investment return reflects the rate an investor would have earned on an investment in the Fund during the period. During the years ended October 31, 2014 and October 31, 2013, 0.08% and 0.09%, respectively of the Fund’s Investor Shares total investment return was attributable to redemption and small-balance account fees received as reference in Note 3. Excluding this item, total investment return would have been 0.39% and 17.23%, respectively For the six months ended February 28, 2018, the fiscal period ended August 31, 2017, 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 Investor Shares total investment return.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

33

MOTLEY FOOL FUNDS

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. Organization AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-nine active investment portfolios, including the Motley Fool Global Opportunities Fund (“Global Opportunities Fund”) (formerly known as Motley Fool Independence Fund), Motley Fool Small-Mid Cap Growth Fund (“Small-Mid Cap Growth Fund”) (formerly known as Motley Fool 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 February 28, 2018, Global Opportunities Fund and Small-Mid Cap Growth Fund each offer two classes of shares, Investor and Institutional. Emerging Markets Fund offered one class of shares, Investor.

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

Prior to December 21, 2016, the Funds 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 a 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.

The investment objective of each Fund is to achieve long-term capital appreciation. The Global Opportunities Fund pursues its objective by investing primarily in common stocks of United States companies and of companies that are organized under the laws of other countries around the world. The Small-Mid Cap Fund pursues its objective by investing primarily in common stocks of companies that are organized in the United States and that are 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.

Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Funds is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

PORTFOLIO VALUATION — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and

34

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

the value that would be received in a sale could be significant. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

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

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

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 following is a summary of the inputs used, as of the end of the reporting period, in valuing the Funds’ investments carried at fair value:

GLOBAL OPPORTUNITIES FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Common Stocks	$	251,887,053	$	251,887,053	$	—	$	—
Foreign Common Stocks
Banks		31,530,055		19,274,142		12,255,913		—
Beverages		—		—		—		—
Consumer Finance		5,885,845		5,885,845		—		—
Diversified Telecommunication Services		—		—		—		—
Food & Staples Retailing		—		—		—		—
Food Products		10,309,890		4,852,079		5,457,811		—
Health Care Equipment & Supplies		16,399,180		16,399,180		—		—
Health Care Providers & Services		20,495,822		—		20,495,822		—
Hotels, Restaurants & Leisure		—		—		—		—

35

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

Global opportunities fund (Continued)

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Internet & Direct Marketing Retail	$	16,402,274	$	9,230,577	$	7,171,697	$	—
Internet Software & Services		26,992,965		14,136,463		12,856,502		—
Life Sciences Tools & Services		5,335,581		—		5,335,581		—
Machinery		4,043,078		—		4,043,078		—
Media		5,980,069		2,954,263		3,025,806		—
Multiline Retail		6,799,840		6,799,840		—		—
Real Estate Management & Development		—		—		—		—
Semiconductors & Semiconductor Equipment		9,320,250		9,320,250		—		—
Software		13,563,672		—		13,563,672		—
Transportation Infrastructure		7,920,507		7,920,507		—		—
Wireless Telecommunication Services		7,910,100		—		7,910,100		—
Warrants		3,859,677		—		3,859,677		—
Short-Term Investments		10,939,991		10,939,991		—		—
Total Investments*	$	455,575,849	$	359,600,190	$	95,975,659	$	—

SMALL-MID CAP GROWTH FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Common Stocks	$	281,298,167	$	281,298,167	$	—	$	—
Short-Term Investments		12,373,646		12,373,646		—		—
Total Investments*	$	293,671,813	$	293,671,813	$	—	$	—

EMERGING MARKETS FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Foreign Common Stocks
Banks	$	5,246,615	$	3,849,303	$	1,397,312	$	—
Beverages		725,540		—		725,540		—
Consumer Finance		1,103,596		1,103,596		—		—
Diversified Telecommunication Services		435,543		—		435,543		—
Food & Staples Retailing		508,442		508,442		—		—
Food Products		896,674		896,674		—		—
Health Care Equipment & Supplies		1,983,150		1,983,150		—		—
Health Care Providers & Services		4,183,164		1,829,930		2,353,234		—
Hotels, Restaurants & Leisure		1,559,520		1,559,520		—		—
Internet & Direct Marketing Retail		1,531,134		1,531,134		—		—

36

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

EMERGING MARKETS FUND (Continued)

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Internet Software & Services	$	5,516,875	$	3,022,166	$	2,494,709	$	—
Media		636,238		636,238		—		—
Multiline Retail		1,294,628		1,294,628		—		—
Real Estate Management & Development		374,586		374,586		—		—
Semiconductors & Semiconductor Equipment		1,408,875		1,408,875		—		—
Software		1,940,001		—		1,940,001		—
Transportation Infrastructure		5,758,368		4,634,144		1,124,224		—
Wireless Telecommunication Services		1,175,127		—		1,175,127		—
Short-Term Investments		2,200,999		2,200,999		—		—
Total Investments*	$	38,479,075	$	26,833,385	$	11,645,690	$	—

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

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

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

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

The Global Opportunities Fund and the Emerging Markets Fund had significant transfers between Level 1 to Level 2 of $7,920,507 and $3,951,590 respectively, and between Level 2 to Level 1 of $8,361,387 and $3,007,982 respectively, during the current fiscal period due to fair value pricing.

The Small-Mid Cap Growth Fund did not have any transfers between Level 1 and Level 2 during the current fiscal period.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

37

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — 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.

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.

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

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

FOREIGN CURRENCY TRANSLATION — 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.

2. 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.

38

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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 Funds’ primary focus is the common stocks of companies that the Adviser believes are both high-quality and available at a reasonable price.

FOREIGN SECURITIES — The Global Opportunities Fund and Emerging Markets Fund invest, and the Small-Mid Cap Growth 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 countries.

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 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 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,

39

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

-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^® Ratings Services (“S&P”), a division of The McGraw-Hill Companies, Inc., and Moody’s Investors Services©, 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.

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

40

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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 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 current fiscal period, the Global Opportunities Fund, Small-Mid Cap Growth Fund and Emerging Markets Fund 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 current fiscal period.

3. investment adviser and other services

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. 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 compensates the Adviser for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

41

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

The Adviser has contractually agreed to pay, waive or absorb a portion of the operating expenses of each Fund’s share classes to the extent that total annual Fund operating expenses of the Investor and Institutional Shares of each Fund (as applicable) (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2018.

		EXPENSE CAPS
FUND	ADVISORY FEE	INVESTOR CLASS	INSTITUTIONAL CLASS
Global Opportunities Fund	0.85%	1.15%	0.95%
Small-Mid Cap Growth Fund	0.85%	1.15%	0.95%
Emerging Markets Fund	0.85%	1.15%	N/A

During the current fiscal period, investment advisory fees accrued and waived were as follows:

FUND	GROSS ADVISORY FEES	RECOUPMENT/ WAIVERS	NET ADVISORY FEES
Global Opportunities Fund	$ 1,787,949	$ (27,114)	$ 1,760,835
Small-Mid Cap Growth Fund	1,103,941	73,494	1,177,435
Emerging Markets Fund	149,240	(57,625)	91,615

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 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:

	EXPIRATION
FUND	OCTOBER 31, 2018	OCTOBER 31, 2019	AUGUST 31, 2020	AUGUST 31, 2021	TOTAL
Global Opportunities Fund - Investor Class	$ —	$ —	$ —	$ —	$ —
Global Opportunities Fund - Institutional Class	56,078	85,311	83,548	27,114	252,051
Small-Mid Cap Growth Fund - Investor Class	—	2,543	24,999	—	27,542
Small-Mid Cap Growth Fund - Institutional Class	59,879	88,812	73,109	23,642	245,442
Emerging Markets Fund - Investor Class	165,052	271,449	202,227	57,625	696,353

42

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) served as administrator for the Funds through December 3, 2017. Effective December 4, 2017, U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Funds. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

In addition, BNY Mellon served as the Funds’ transfer and dividend disbursing agent through December 3, 2017. Effective December 4, 2017, USBFS serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

The Bank of New York Mellon provided certain custodial services to the Funds through December 3, 2017. Effective December 4, 2017, U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

For compensation amounts payable to USBFS, please refer to the Statements of Operations.

DIRECTOR’S AND OFFICER’S 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 asTreasurer and Secretary, and is compensated for services provided. Certain employees of USBFS serve as officers of the Company. They are not compensated by the Funds or the Company. For Director’s and Officer’s compensation amounts, please refer to the Statement of Operations.

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.

During the current fiscal period, the amounts paid by the Funds for third-party shareholder account-related services were as follows:

FUND	SHAREHOLDER SERVICE FEES
Global Opportunities Fund	$ 97,653
Small-Mid Cap Growth Fund	72,027
Emerging Markets Fund	11,836

REDEMPTION FEE — Prior to January 1, 2018,the Funds imposed a redemption fee of 2.00% on redemptions/exchanges of Fund shares held less than 90 days. 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. Effective January 1, 2018, the Funds have eliminated their redemption fees. Please see the Funds’ prospectus for more information.

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.

43

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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.

During the current fiscal period, the Funds did not engage in any security transactions with affiliates.

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

During the current fiscal period, aggregate purchases and sales and maturities of investment securities of the Funds were as follows:

FUND	PURCHASES	SALES
Global Opportunities Fund	$ 17,540,575	$ 26,218,766
Small-Mid Cap Growth Fund	30,699,846	16,016,184
Emerging Markets Fund	2,149,941	1,705,445

There were no purchases or sales of long-term U.S. Government Securities during the current fiscal period.

5. Federal Income tax information

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

As of August 31, 2017, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

FUND	FEDERAL TAX COST	UNREALIZED APPRECIATION	UNREALIZED (DEPRECIATION)	NET UNREALIZED APPRECIATION/ (DEPRECIATION)
Global Opportunities Fund	$ 271,267,819	$ 135,624,277	(8,072,562)	$ 127,551,715
Small-Mid Cap Growth Fund	150,147,265	81,712,472	(808,085)	80,904,387
Emerging Markets Fund	26,548,449	9,360,456	(20,096)	9,340,360

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

44

MOTLEY FOOL FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

The following permanent differences as of August 31, 2017, primarily attributable to net operating loss adjustments, foreign currency transactions, and investments in partnerships and PFICs, were reclassified among the following accounts:

FUND	UNDISTRIBUTED NET INVESTMENT INCOME/(LOSS)	ACCUMULATED NET REALIZED GAIN/(LOSS)	PAID-IN CAPITAL
Global Opportunities Fund	$ 186,772	$ (187,040)	$ 268
Small-Mid Cap Growth Fund	632,039	(203,088)	(428,951)
Emerging Markets Fund	(26,386)	26,386	—

As of August 31, 201 7, the components of distributable earnings on a tax basis were as follows:

FUND	UNDISTRIBUTED ORDINARY INCOME	UNDISTRIBUTED LONG-TERM CAPITAL GAINS	CAPITAL LOSS CARRYOVER	OTHER	UNREALIZED APPRECIATION/ (DEPRECIATION)
Global Opportunities Fund	$ 2,302,285	$ 46,172,290	$ —	$ —	$ 127,548,699
Small-Mid Cap Growth Fund	—	12,051,987	—	(544,611)	80,904,387
Emerging Markets Fund	284,107	—	(1,545,914)	—	9,339,598

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal period ended August 31, 2017 and fiscal year ended October 31, 2016 were as follows:

FUND	TAX YEAR END	ORDINARY INCOME	LONG-TERM CAPITAL GAIN	TOTAL
Global Opportunities Fund	2017	$ 799,221	$ 9,643,760	$ 10,442,981
Global Opportunities Fund	2016	48,712	169,411	218,123
Small-Mid Cap Growth Fund	2017	—	—	—
Small-Mid Cap Growth Fund	2016	370,109	—	370,109
Emerging Markets Fund	2017	178,502	—	178,502
Emerging Markets Fund	2016	319,416	—	319,416

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2017.

45

MOTLEY FOOL FUNDS

Notes to Financial Statements (concluded)

February 28, 2018 (Unaudited)

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2017, the Emerging Markets Fund had unexpiring short-term losses of $479,367 and long-term losses of $1,066,547. Small-Mid Cap Growth Fund deferred qualified late-year losses of $544,611 which will be treated as arising on the first business day of the following fiscal year.

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there was the following subsequent event:

Change in Investment Policy

Effective March 1, 2018, the Small-Mid Cap Growth Fund modified its 80% policy to read as follows: “Under normal conditions, the Small-Mid Cap Growth Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities issued by United States companies having smaller and mid-market capitalizations”.

46

MOTLEY FOOL FUNDS

Notice to Shareholders (Unaudited)

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 are available (i) without charge, upon request, by calling (888) 863-8803; and (ii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

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.

47

Investment Adviser

Motley Fool Asset Management, LLC
2000 Duke Street
Suite 275
Alexandria, VA 22314

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53212

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

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

48

 

 

Motley Fool 100 Index ETF (TMFC) Nearly 79% of the assets of the ETF are invested in just three sectors (technology, consumer discretionary, and healthcare). The S&P 500^®, by contrast, has 52% allotted to those same sectors. Interestingly, these sectors have grown in prominence (primarily technology) over time. Back in 2013, they represented 44% of the S&P 500^®.   In February, one company in the ETF changed its name. Priceline.com, the well-known online travel agency business, changed its name to Booking Holdings. Booking.com is the company’s primary non-U.S. website and is responsible for generating the bulk of sales and profits. This may come as a surprise to some, but Booking.com has long been the crown jewel in the business. If you are looking to book accommodations and activities for any upcoming fun, give Booking.com a shot and see what you’ve been missing out on.   The three largest holdings all begin with the letter A (Apple, Alphabet, and Amazon.com). As far as we know, the index our ETF aims to track (the Motley Fool 100 Index) shows no preference to the front of the alphabet. There are lots of V and W companies in the portfolio, but nothing in the land of X, Y, or Z.  

Table of Contents  

Letter to Shareholders	3
Portfolio Characteristics	5
Fund Expense Example	7
Schedule of Investments	8
Financial Statements	14
Notes to Financial Statements	18
Notice to Shareholders	24
Board Approval of Advisory Agreement	25

Motley Fool 100 Index ETF
Letter to Shareholders
February 28, 2018 (Unaudited)

    President
Denise H. Coursey   Dear Fellow Fool 100 ETF Shareholders,   Welcome, and from everyone at Motley Fool Asset Management, we sincerely thank you for being in the very first wave of investors in our very first exchange-traded fund (ETF). We are delighted and humbled by the excitement and support from you, our investors, and from our many partners for the Motley Fool 100 ETF.   The launch of a new product is always exhilarating, intense, and more than a little nerve-wracking. And with the Motley Fool 100 ETF, we were not only introducing a new product, we were stepping out of our known and comfortable world of mutual funds into the unknown (to us): exchange-traded funds. That meant learning a whole new set of rules, creating new partnerships, building a new website, and filing lots of very long documents with the Securities and Exchange Commission¹. I definitely had a few sleepless nights leading up to our opening day.   All of that was well worth it, though, because it allowed us to deliver exactly the product so many of you have been asking for – what we believe to be an easy, less expensive way to invest in The Motley Fool’s top investment ideas.   ETFs seem ubiquitous now, but I was surprised how many times over the past few months I was asked to explain how they work and their history. The first exchange-traded fund was introduced in 1993, and now, 25 years later, ETFs are a more than $3 trillion market. It’s not difficult to understand why these investment vehicles have taken off. They’re generally less expensive, tax-efficient², offer low or no minimum investment requirement, and if you have a brokerage account, you can buy any ETF on the market for the same trading cost as buying any stock. Easy, cheap, tax-efficient³. And with the right investment strategy, a very Foolish solution.

We believe the Motley Fool 100 Index is just that investment strategy – the 100 largest stocks in the Motley Fool universe, weighted by market cap and vetted by the Fool’s analysts. It aims to be a simple, less expensive way to build the core of any portfolio.

We’re delighted so many of you agreed and have been early adopters in investing with us. (By the way, I was right there with you, investing on the first day.) More than that, we hope you will continue to embrace the Foolish long-term, buy-and-hold investing philosophy. We’re only a month into this adventure, and we want to have you with us for many years to come.

Foolish best,

Denise Coursey

¹ The SEC does not endorse, indemnify, approve, nor disapprove of any security.

² Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and it is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

³ Mutual funds, ETFs, hedge funds, equities, bonds, and other asset classes have different risk profiles, which should be considered when investing. All investments contain risk and may lose value.

3

Must be preceded or accompanied by a prospectus.

Shares of any ETF are bought and sold at market price, not net asset value (“NAV”), and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The Motley Fool 100 Index is a new market-cap weighted index that measures the performance of The Motley Fool’s 100 largest active buy recommendations or highest-rated stocks in Fool IQ, the company’s analyst opinion database. Every company included in the Index is incorporated and listed in the U.S. You cannot invest directly in an index.

Investing involves risk. Principal loss is possible. The Fund is non-diversified, which means its NAV, market price and total returns may fluctuate or fall more than a diversified fund. Gains or losses on a single stock may have a greater impact on the Fund. The Fund is not actively managed and the Adviser does not attempt to take defensive positions in any market conditions, including adverse markets. The Index is comprised of the 100 largest U.S. companies that are either active recommendations of The Motley Fool LLC’s newsletter or are among the 150 highest rated U.S. companies in The Motley Fool LLC’s analyst opinion database, and are weighted based on their market value relative to the total market value of other companies in the Index. Changes in The Motley Fool LLC’s recommendations or rankings methodologies may have an adverse effect on the Fund. Factors that affect a security’s value can change over time, and these changes may not be reflected in the Index methodology. The Fund is recently organized, with no operating history. As a result, prospective investors have a limited track record on which to base their investment decision. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size.

The Motley Fool 100 ETF is distributed by Quasar Distributors, LLC.

4

Motley Fool 100 Index ETF
Portfolio Characteristics
(Unaudited)

At February 28, 2018, the Fund had an unaudited net asset value of $19.49 per share attributed to 4,625,000 shares outstanding. This compares with an unaudited net asset value as of January 29, 2018 of $20.00 per share attributed to 100,000 shares outstanding. From the Fund launch on January 29, 2018 to February 28, 2018, the Fund had an average annual total return of -2.55% versus a return of -2.62% over the same period for its benchmark, the Motley Fool 100 Index.

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 28, 2018
	Since Inception	Inception Date
Motley Fool 100 Index ETF	-2.55%	1/29/18
Motley Fool 100 Index*	-2.62%(1)
S&P 500® Total Return Index**	-4.68%(1)
Fund Expense Ratio(2)	0.50%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. 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⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratios of the Fund are set forth according to the 1/22/2018 Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Motley Fool 100 Index was established by The Motley Fool in 2017 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters. The Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Index, including its value, is available on the websites of the Fund at www.fool100etf.com and the Index Calculation Agent, at www.solactive.com.

** The S&P 500^® Total Return Index is the total return version of the S&P 500^® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date. The S&P 500^® Index is a market-capitalization-weighted index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500^® Index is designed to be a leading indicator of U.S. equities and is meant to refl ect the risk/return characteristics of the large cap universe. The S&P 500^® Index was fi rst introduced on the 1st of January, 1923, though expanded to 500 stocks on March 4, 1957.

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool 100 Index.

5

Motley Fool 100 Index ETF
Portfolio Characteristics (Continued)
(Unaudited)

The following tables show the top eleven holdings and sector allocations, in which the Fund was invested in as of February 28, 2018. Portfolio holdings are subject to change without notice.

Top Eleven Holdings	% of Net Assets
Apple, Inc.	8.95%
Alphabet, Inc., Class C	7.41
Amazon.com, Inc.	6.93
Microsoft Corp.	6.86
Facebook, Inc., Class A	4.96
Berkshire Hathaway, Inc., Class B	4.81
Johnson & Johnson	3.33
Visa, Inc., Class A	2.60
Intel Corp.	2.18
Cisco Systems, Inc.	2.09
UnitedHealth Group, Inc.	2.07
	52.19%

The Fund uses the Global Industry Classification Standard^SM (“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.

Sector Allocation	% of Net Assets
Information Technology	48.11%
Consumer Discretionary	19.46
Health Care	11.39
Financials	8.25
Industrials	4.45
Telecommunication Services	2.32
Consumer Staples	1.79
Real Estate	1.45
Energy	1.18
Materials	0.89
Utilities	0.45
	99.74%

6

Motley Fool 100 Index ETF
fund expense example
February 28, 2018 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other ETFs.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period. The actual values and expenses are based on the 30 day period from inception January 29, 2018 through February 28, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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.

	Beginning Account Value September 1, 2017	Ending Account Value february 28, 2018	Annualized Expense Ratio	Expenses Paid During Period*
Actual	$ 1,000.00	$ 974.50	0.50%	$0.41
Hypothetical (5% return before expenses)	1,000.00	1,022.32	0.50	2.51

* Expenses are equal to the Fund’s annualized six-month expense ratio, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The actual dollar amounts shown as expenses paid during the period for the Fund are multiplied by 30 days, which is based on the date of inception (January 29, 2018). The Fund’s ending account value on the first line in the table is based on the actual since inception total return for the Fund as of February 28, 2018 of -2.55%.

7

Motley Fool 100 Index ETF
Schedule of Investments
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks — 99.74%
Aerospace & Defense — 0.28%
Textron, Inc. (United States)		2,182	$	130,592
TransDigm Group, Inc. (United States)		438		126,280
				256,872
Air Freight & Logistics — 0.60%
FedEx Corp. (United States)		2,188		539,145
Airlines — 0.54%
Delta Air Lines, Inc. (United States)		6,023		324,640
United Continental Holdings, Inc. (United States)*		2,364		160,255
				484,895
Automobiles — 0.99%
Ford Motor Co. (United States)		34,666		367,806
Tesla, Inc. (United States)*		1,541		528,656
				896,462
Beverages — 0.34%
Monster Beverage Corp. (United States)*		4,779		302,845
Biotechnology — 2.77%
Biogen, Inc. (United States)*		1,821		526,251
BioMarin Pharmaceutical, Inc. (United States)*		1,480		120,132
Celgene Corp. (United States)*		6,860		597,643
Gilead Sciences, Inc. (United States)		11,522		907,127
Vertex Pharmaceuticals, Inc. (United States)*		2,068		343,350
				2,494,503
Capital Markets — 1.92%
Charles Schwab Corp. (The) (United States)		11,399		604,375
CME Group, Inc. (United States)		2,965		492,664
Intercontinental Exchange, Inc. (United States)		4,950		361,746
Moody's Corp. (United States)		1,629		271,848
				1,730,633
Chemicals — 0.70%
Ecolab, Inc. (United States)		2,462		321,168
Sherwin-Williams Co. (The) (United States)		776		311,626
				632,794

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

8

Motley Fool 100 Index ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Commercial Services & Supplies — 0.38%
Cintas Corp. (United States)		908	$	154,959
Republic Services, Inc. (United States)		2,739		184,006
				338,965
Communications Equipment — 2.27%
Arista Networks, Inc. (United States)*		603		162,653
Cisco Systems, Inc. (United States)		42,070		1,883,895
				2,046,548
Consumer Finance — 1.06%
American Express Co. (United States)		7,344		716,114
Synchrony Financial (United States)		6,475		235,625
				951,739
Diversified Financial Services — 4.81%
Berkshire Hathaway, Inc., Class B (United States)*		20,909		4,332,345
Diversified Telecommunication Services — 1.85%
Verizon Communications, Inc. (United States)		34,990		1,670,423
Electrical Equipment — 0.42%
Emerson Electric Co. (United States)		5,304		376,902
Electronic Equipment, Instruments & Components — 0.24%
Corning, Inc. (United States)		7,391		214,930
Equity Real Estate Investment Trusts — 1.45%
American Tower Corp. (United States)		3,602		501,866
Crown Castle International Corp. (United States)		3,380		372,003
Equinix, Inc. (United States)		660		258,786
Welltower, Inc. (United States)		3,342		175,455
				1,308,110
Food & Staples Retailing — 1.45%
Costco Wholesale Corp. (United States)		3,833		731,720
CVS Health Corp. (United States)		8,468		573,537
				1,305,257
Health Care Equipment & Supplies — 1.50%
Align Technology, Inc. (United States)*		713		187,177
Baxter International, Inc. (United States)		4,643		314,749
Becton Dickinson and Co. (United States)		1,994		442,708

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

9

Motley Fool 100 Index ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Health Care Equipment & Supplies (continued)
Intuitive Surgical, Inc. (United States)*		955	$	407,259
				1,351,893
Health Care Providers & Services — 3.09%
Express Scripts Holding Co. (United States)*		4,625		348,956
HCA Healthcare, Inc. (United States)		3,036		301,323
McKesson Corp. (United States)		1,803		269,062
UnitedHealth Group, Inc. (United States)		8,241		1,863,785
				2,783,126
Health Care Technology — 0.20%
Cerner Corp. (United States)*		2,863		183,690
Hotels, Restaurants & Leisure — 1.24%
Marriott International, Inc. (United States)		3,014		425,607
Starbucks Corp. (United States)		12,167		694,736
				1,120,343
Industrial Conglomerates — 1.60%
3M Co. (United States)		5,105		1,202,278
Roper Technologies, Inc. (United States)		864		237,678
				1,439,956
Insurance — 0.47%
Aflac, Inc. (United States)		3,302		293,482
Markel Corp. (United States)*		114		126,768
				420,250
Internet & Direct Marketing Retail — 9.20%
Amazon.com, Inc. (United States)*		4,132		6,249,443
Booking Holdings, Inc. (United States)*		420		854,297
Expedia, Inc. (United States)		1,295		136,195
Netflix, Inc. (United States)*		3,605		1,050,425
				8,290,360
Internet Software & Services — 13.62%
Alphabet, Inc., Class C (United States)*		6,044		6,676,988
Altaba, Inc. (United States)*		7,359		550,821
eBay, Inc. (United States)*		8,903		381,583
Facebook, Inc., Class A (United States)*		25,082		4,472,622
Twitter, Inc. (United States)*		6,290		200,399
				12,282,413

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

10

Motley Fool 100 Index ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
IT Services — 6.56%
Automatic Data Processing, Inc. (United States)		3,774	$	435,218
Cognizant Technology Solutions Corp. (United States)		5,021		411,822
Global Payments, Inc. (United States)		1,353		153,417
Mastercard, Inc. (United States)		9,028		1,586,761
PayPal Holdings, Inc. (United States)*		10,366		823,164
Square, Inc. (United States)*		3,515		161,866
Visa, Inc. (United States)		19,060		2,343,236
				5,915,484
Life Sciences Tools & Services — 0.50%
Illumina, Inc. (United States)*		1,212		276,360
IQVIA Holdings, Inc. (United States)*		1,785		175,519
				451,879
Machinery — 0.48%
Cummins, Inc. (United States)		1,354		227,702
PACCAR, Inc. (United States)		2,925		209,401
				437,103
Media — 3.89%
Comcast Corp. (United States)		38,931		1,409,692
Omnicom Group, Inc. (United States)		1,949		148,572
Time Warner, Inc. (United States)		6,415		596,338
Walt Disney Co. (The) (United States)		13,072		1,348,508
				3,503,110
Metals & Mining — 0.19%
Nucor Corp. (United States)		2,590		169,386
Multi-Utilities — 0.45%
Dominion Energy, Inc. (United States)		5,510		408,126
Oil, Gas & Consumable Fuels — 1.18%
Enterprise Products Partners LP (United States)		18,343		466,279
Kinder Morgan, Inc. (United States)		18,685		302,697
Magellan Midstream Partners LP (United States)		1,850		115,551
ONEOK, Inc. (United States)		3,145		177,158
				1,061,685
Pharmaceuticals — 3.33%
Johnson & Johnson (United States)		23,129		3,003,995

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

11

Motley Fool 100 Index ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Professional Services — 0.16%
Verisk Analytics, Inc. (United States)*		1,375	$	140,511
Semiconductors & Semiconductor Equipment — 3.77%
Intel Corp. (United States)		39,805		1,961,988
NVIDIA Corp. (United States)		5,220		1,263,240
Skyworks Solutions, Inc. (United States)		1,560		170,430
				3,395,658
Software — 12.69%
Activision Blizzard, Inc. (United States)		6,617		483,901
Adobe Systems, Inc. (United States)*		4,170		872,072
Electronic Arts, Inc. (United States)*		2,649		327,681
Intuit, Inc. (United States)		2,188		365,090
Microsoft Corp. (United States)		65,963		6,185,350
Oracle Corp. (United States)		35,559		1,801,775
Salesforce.com, Inc. (United States)*		6,211		722,029
VMware, Inc. (United States)*		3,485		459,149
Workday, Inc. (United States)*		1,775		224,839
				11,441,886
Specialty Retail — 3.07%
Home Depot, Inc. (The) (United States)		9,576		1,745,418
Lowe's Cos, Inc. (United States)		6,585		589,950
TJX Cos, Inc. (The) (United States)		5,278		436,385
				2,771,753
Technology Hardware, Storage & Peripherals — 8.95%
Apple, Inc. (United States)		45,304		8,069,549
Textiles, Apparel & Luxury Goods — 1.06%
NIKE, Inc., Class B (United States)		14,252		955,312
Wireless Telecommunication Services — 0.47%
T-Mobile US, Inc. (United States)*		6,988		423,543
Total Common Stocks (Cost $88,898,771)				89,904,379

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

12

Motley Fool 100 Index ETF
Schedule of Investments (concluded)

February 28, 2018 (Unaudited)

	Number of Shares		Value (Note 2)
Short-Term Investments — 0.18%
First American Treasury Obligations Fund, Class X (United States), 1.27% (a)		162,038	$	162,038
Total Short-Term Investments (Cost $162,038)				162,038
Total Investments (Cost $89,060,809) — 99.92%				90,066,417
Other Assets in Excess of Liabilities — 0.08%				71,575
NET ASSETS — 100.00%
(Applicable to 4,625,000 shares outstanding)			$	90,137,992

* Non-income producing security.

(a) Seven-day yield as of February 28, 2018

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

13

Motley Fool 100 Index ETF
Statement of Assets and Liabilities
February 28, 2018 (Unaudited)

ASSETS
Investments, at value (cost $88,898,771)	$	89,904,379
Short-term investments, at value (cost $162,038)		162,038
Receivables for:
Capital shares sold		974,465
Dividends		75,693
Total assets		91,116,575
LIABILITIES
Payables for:
Investments purchased		955,290
Advisory fees		23,293
Total liabilities		978,583
Net assets	$	90,137,992
NET ASSETS CONSIST OF:
Par value	$	4,625
Paid-in capital		89,049,015
Undistributed/accumulated net investment income/(loss)		78,744
Accumulated net realized gain/(loss) from investments		—
Net unrealized appreciation/(depreciation) on investments		1,005,608
Net assets	$	90,137,992
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		4,625,000
Net asset value, price per share	$	19.49

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

14

Motley Fool 100 Index ETF
Statement of Operations
for the period ended February 28, 2018 (Unaudited)

INVESTMENT INCOME
Dividends	$	102,037
Total investment income		102,037
EXPENSES
Advisory fees (Note 3)		23,293
Total expenses		23,293
Net investment income/(loss)		78,744
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		—
Net change in unrealized appreciation/(depreciation) on investments		1,005,608
Net realized and unrealized gain/(loss) on investments		1,005,608
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,084,352

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

15

Motley Fool 100 Index ETF
Statement of Changes in Net Assets

	For the Period Ended February 28, 2018* (Unaudited)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	78,744
Net realized gain/(loss) from investments		—
Net change in unrealized appreciation/(depreciation) on investments		1,005,608
Net increase/(decrease) in net assets resulting from operations		1,084,352
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		89,053,640
Net increase/(decrease) in net assets from capital share transactions		89,053,640
Total increase/(decrease) in net assets		90,137,992
NET ASSETS:
Beginning of period		—
End of period	$	90,137,992
Undistributed/accumulated net investment income/(loss), end of year	$	78,744
SHARES TRANSACTIONS:
Shares sold		4,625,000
Net increase/(decrease) in shares outstanding		4,625,000

* Inception date of the Fund was January 29, 2018.

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

16

Motley Fool 100 Index ETF
Financial Highlights

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

	For the Period Ended February 28, 2018(1)
	(Unaudited)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	20.00
Net investment income/(loss) (2)		0.03
Net realized and unrealized gain/(loss) from investments		(0.54	)
Net increase/(decrease) in net assets resulting from operations		(0.51	)
Net asset value, end of period	$	19.49
Total investment return (3)		(2.55	%)(4)
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted)	$	90,138
Ratio of expenses to average net assets		0.50	%(5)
Ratio of net investment income/(loss) to average net assets		1.69	%(5)
Portfolio turnover rate		0	%(4)

⁽¹⁾ Inception date of the Fund was January 29, 2018.

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

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

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

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

17

Motley Fool 100 Index ETF
Notes to Financial Statements

FEBRUARY 28, 2018 (UNAUDITED)

1. Organization AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-nine active investment portfolios, including the Motley Fool 100 Index ETF (the “Fund”), which commenced investment operations on January 29, 2018.

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of the Fund is to achieve investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool 100 Index (the “Index”). The Index was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of the Adviser, and was established in 2017. It is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Fund is February 28, 2018, and the period covered by these Notes to Financial Statements is the period January 29, 2018 through February 28, 2018 (the “current fiscal period”).

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.

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

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

18

Motley Fool 100 Index ETF
Notes to Financial Statements (continued)

FEBRUARY 28, 2018 (UNAUDITED)

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	89,904,379	$	89,904,379	$	—	$	—
Short-Term Investments		162,038		162,038		—		—
Total Investments*	$	90,066,417	$	90,066,417	$	—	$	—

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

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

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

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

During the current fiscal period, the Fund had no transfers between Levels 1, 2 and 3.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The 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. Additionally, each Fund reports details of distribution-related transactions on quarterly account statements. You may not receive a separate confirmation statement for these transactions.

19

Motley Fool 100 Index ETF
Notes to Financial Statements (continued)

FEBRUARY 28, 2018 (UNAUDITED)

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

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

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

2. Investment Policies and Practices

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

When we say that the Fund 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 to track the makeup and returns of the Motley Fool 100 Index.

TYPES OF FIXED-INCOME SECURITIES — The Fund may invest in bonds and other types of debt obligations of U.S. and foreign issuers. Fixed income securities purchased by the Fund may include, among others, bonds, notes, and debentures issued by corporations; debt securities issued or 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^® Ratings Services (“S&P”), a division of The McGraw-Hill Companies, Inc., and Moody’s Investors Services^©, 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 the Fund. Subsequent to the purchase of a fixed-income security by the 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 the Fund would not require the Fund to sell the security.

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.

20

Motley Fool 100 Index ETF
Notes to Financial Statements (continued)

FEBRUARY 28, 2018 (UNAUDITED)

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 the Fund, if invested in 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.

TEMPORARY INVESTMENTS — During periods of adverse market or economic conditions, the 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, the Fund would not be pursuing its stated investment objective with its usual investment strategies. The 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 U.S. Government Securities. In lieu of purchasing money market instruments, the 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. The 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 Fund. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

3. investment adviser and other services

The Fund pays all of its expenses other than those expressly assumed by Motley Fool Asset Management (the “Adviser”). Expenses of the Fund are deducted from the Fund’s total income before dividends are paid. Subject to the supervision of the Board, the Adviser manages the overall investment operations of the Fund in accordance with the Fund’s investment objective and policies and formulates a continuing investment strategy for the Fund pursuant to the terms of the Investment Advisory Agreement between the Adviser and the Company on behalf of the Fund. 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, 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. The Fund compensates the Adviser a unitary management fee for its services at an annual rate of 0.50% based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears. From the Advisory Fee, the Adviser pays most of the expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. However, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent directors and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

During the current fiscal period, investment advisory fees accrued were as follows:

GROSS
ADVISORY FEES

$ 23,293

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Fund. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

21

Motley Fool 100 Index ETF
Notes to Financial Statements (continued)

FEBRUARY 28, 2018 (UNAUDITED)

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

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

Under the Fund’s unitary fee, the Adviser compensates USBFS for its services provided.

DIRECTOR’S AND OFFICER’S 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 USBFS serve as officers of the Company. They are not compensated by the Fund or the Company.

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

During the current fiscal period, aggregate purchases and sales and maturities of investment securities (excluding in-kind transactions and short-term investments) of the Fund were as follows:

PURCHASES	SALES
$1,754,129	$—

There were no purchases or sales of long-term U.S. Government Securities during the current fiscal period.

During the current fiscal period, aggregate purchases and sales and maturities of in-kind transactions of the Fund were as follows:

PURCHASES	SALES
$ 87,145,535	$ —

5. Federal Income tax information

The Fund follows the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired. The amount and character of tax basis distributions and composition of net assets, including undistributed/(accumulated) net investment income/(loss), are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the period ended February 28, 2018. Since the Fund does not have a full fiscal year, the tax cost of investments is the same as noted on the Schedule of Investments.

6. SHARE TRANSACTIONS

Shares of the Fund are listed and trade on the Cboe BZX Exchange, Inc. (the “Exchange”). Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 25,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most

22

Motley Fool 100 Index ETF
Notes to Financial Statements (concluded)

FEBRUARY 28, 2018 (UNAUDITED)

retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $250, payable to the custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Fund for the transaction costs associated with the cash transactions. Variable fees received by the Fund, if any, are displayed in the capital shares transactions section of the Statement of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with $0.001 par value per share. Shares of the Fund have equal rights and privileges.

7. Subsequent Events

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

23

Motley Fool 100 Index ETF
Notice to Shareholders
(Unaudited)

Information on Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (888) 863-8803; and (ii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

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 (quarters ended November 30 and May 31) on Form N-Q. Shareholders can obtain the Form N-Q (i) without charge, upon request, by calling (888) 863-8803; and (ii) on the SEC’s website at http://www.sec.gov. 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.

24

Motley Fool 100 Index ETF
Board Approval of Advisory Agreement
(Unaudited) 

As required by the 1940 Act, the Board of the Company, including all of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”), considered the approval of the investment advisory agreement between the Adviser and the Company (the “Investment Advisory Agreement”) on behalf of the Fund at a meeting of the Board held on December 7, 2017 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an initial term ending August 16, 2019. In approving the Investment Advisory Agreement, the Board considered information provided by the Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Investment Advisory Agreement between the Company and the Adviser with respect to the Fund, the Directors took into account all materials provided prior to and during the Meeting and at other meetings throughout the past year, the presentations made during the Meeting, and the discussions held during the Meeting. Among other things, the Directors considered (i) the nature, extent, and quality of services to be provided to the Fund by the Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) the Adviser’s investment philosophy and process; (iv) the Adviser’s assets under management and client descriptions; (v) the Adviser’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the Adviser’s advisory fee arrangements and other similarly managed clients, as applicable; (vii) the Adviser’s compliance procedures; (viii) the Adviser’s financial information and insurance coverage; (ix) the extent to which economies of scale are relevant to the Fund; and (x) a report prepared by Broadridge/Lipper comparing the Fund’s proposed management fees and total expense ratio to those of its Lipper Group. The Directors noted that the Fund had not yet commenced operations, and consequently there was no performance information to review with respect to the Fund.

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

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement. In this regard, information on the fees to be paid by the Fund and the Fund’s total operating expense ratio were compared to similar information for index exchange-traded funds advised by other, unaffiliated investment advisory firms. The Directors noted that the Fund’s actual advisor fees ranked in the first quintile of its Lipper Expense Group. The Directors also considered that the total expenses of the Fund ranked in the fourth quintile of its Lipper Expense Universe.

After reviewing the information regarding the Adviser’s costs, profitability and economies of scale, and after considering the services to be provided by the Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to the Adviser were fair and reasonable and that the Investment Advisory Agreement should be approved for an initial period ending August 31, 2019.

25

Investment Adviser

Motley Fool Asset Management, LLC
2000 Duke Street
Suite 275
Alexandria, VA 22314

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Principal Underwriter

Quasar Distributors, LLC
777 East Wisconsin Avenue, Floor 6
Milwaukee, WI 53202

Legal Counsel

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

26

Stay informed about your investment!

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ORINDA FUNDS

Semi-Annual Report

February 28, 2018

(Unaudited)

Orinda Income Opportunities Fund

of

the RBB Fund, Inc.

Class I Shares – OIOIX

Class A Shares – OIOAX

Class D Shares – OIODX

Table of Contents

Performance Data	1
Fund Expense Examples	4
Allocation of Portfolio Assets	5
Schedule of Investments	6
Schedule of Securities Sold Short	11
Schedule of Options Written	12
Financial Statements	13
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	16
Statement of Cash Flows	18
Financial Highlights	20
Notes to the Financial Statements	23
Approval of Investment Advisory Agreement	35
Notice to Shareholders	36

Orinda Income Opportunities Fund

Performance Data

February 28, 2018 (Unaudited)

Average Annual Total Returns for the Periods ended February 28, 2018
	Six Months†	One Year	Three Years	Since Inception††
Class I Shares (No Load)	-3.47%	-0.95%	2.14%	3.41%
Bloomberg Barclays Capital U.S. Aggregate Bond Index	-2.18%	0.51%	1.14%	2.33%

† Not annualized.

†† Inception date of Class I Shares of the Fund was June 28, 2013.

Until December 31, 2018, the Adviser has agreed to waive its fees to the extent necessary to maintain annualized expense ratios for the Class I Shares of average daily net assets of 1.40% (excluding certain items discussed below). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause the Fund’s net annualized expense ratio to exceed the applicable expense limitation: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest and taxes. There can be no assurance that the Adviser will continue such waiver for the Fund after December 31, 2018. The Fund’s expense ratio for the Class I Shares, as stated in the current prospectus, is 1.84%.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-877-903-1313.

The Bloomberg Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market capitalization-weighted index, comprised predominately of U.S. traded investment grade bonds with maturities of one year or more. The index includes Treasury securities, Government agency bonds, mortgage-backed bonds, and corporate bonds. The index is representative of intermediate duration US investment grade debt securities. It is not possible to invest directily in an index.

1

Orinda Income Opportunities Fund

Performance Data (Continued)

February 28, 2018 (Unaudited)

Average Annual Total Returns for the Periods ended February 28, 2018
	Six Months†	One Year	Three Years	Since Inception††
Class A Shares (No Load)	-3.63%	-1.24%	1.83%	3.10%
Class A Shares (Load)	-8.46%	-6.17%	0.10%	1.97%
Bloomberg Barclays Capital U.S. Aggregate Bond Index	-2.18%	0.51%	1.14%	2.33%

† Not annualized.

†† Inception date of Class A Shares of the Fund was June 28, 2013.

Until December 31, 2018, the Adviser has agreed to waive its fees to the extent necessary to maintain annualized expense ratios for the Class A Shares of average daily net assets of 1.70% (excluding certain items discussed below). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause the Fund’s net annualized expense ratio to exceed the applicable expense limitation: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest and taxes. There can be no assurance that the Adviser will continue such waiver for the Fund after December 31, 2018. The Fund’s expense ratio for the Class A Shares, as stated in the current prospectus, is 2.14%.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-877-903-1313.

The Bloomberg Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market capitalization-weighted index, comprised predominately of U.S. traded investment grade bonds with maturities of one year or more. The index includes Treasury securities, Government agency bonds, mortgage-backed bonds, and corporate bonds. The index is representative of intermediate duration US investment grade debt securities. It is not possible to invest directily in an index.

2

Orinda Income Opportunities Fund

Performance Data (Continued)

February 28, 2018 (Unaudited)

	Average Annual Total Returns for the Periods ended February 28, 2018
	Six Months†	One Year	Three Years	Since Inception††
Class D Shares (No Load)	-3.96%	-1.92%	1.19%	2.57%
Bloomberg Barclays Capital U.S. Aggregate Bond Index	-2.18%	0.51%	1.14%	2.33%

† Not annualized.

†† Inception date of Class D Shares of the Fund was September 27, 2013.

Until December 31, 2018, the Adviser has agreed to waive its fees to the extent necessary to maintain annualized expense ratios for the Class D Shares of average daily net assets of 2.40% (excluding certain items discussed below). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause the Fund’s net annualized expense ratio to exceed the applicable expense limitation: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest and taxes. There can be no assurance that the Adviser will continue such waiver for the Fund after December 31, 2018. The Fund’s expense ratio for the Class D Shares, as stated in the current prospectus, is 2.81%.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-877-903-1313.

The Bloomberg Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market capitalization-weighted index, comprised predominately of U.S. traded investment grade bonds with maturities of one year or more. The index includes Treasury securities, Government agency bonds, mortgage-backed bonds, and corporate bonds. The index is representative of intermediate duration US investment grade debt securities.It is not possible to invest directily in an index.

3

Orinda Income Opportunities Fund

Fund Expense ExampleS

February 28, 2018 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, (if any); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 to February 28, 2018.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare 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 accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or exchange fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual
Class I Shares	$ 1,000.00	$ 965.30	$ 7.99
Class A Shares	1,000.00	963.70	9.20
Class D Shares	1,000.00	947.26	10.89
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,016.66	$ 8.20
Class A Shares	1,000.00	1,015.42	9.44
Class D Shares	1,000.00	1,007.95	11.23

* Expenses are equal to the Class I Shares, Class A Shares, and Class D Shares annualized six-month expense ratios for the period September 1, 2017 to February 28, 2018 of 1.64%, 1.89%, and 2.65%, respectively, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half year period. The Fund’s ending account values on the first line in the tables is based on the actual six-month total investment return for the Fund of -3.47%, -3.63% and -3.96% for Class I Shares, Class A Shares and Class D Shares, respectively.

4

Orinda Income Opportunities Fund

Allocation Of Portfolio AssetS

February 28, 2018 (Unaudited)

Percentages represent market value as a percentage of net assets.

5

Orinda Income Opportunities Fund

Schedule Of Investments

February 28, 2018 (Unaudited)

COMMON STOCKS - 2.7%	Number of Shares		Value
Financials - 0.1%
Sutherland Asset Management Corp.		20,000	$	276,000
Real Estate - 1.5%
Landmark Infrastructure Partners LP		177,265		2,969,189
Summit Industrial Income REIT (c)		50,000		309,772
				3,278,961
Utilities - 1.1%
Pattern Energy Group, Inc. (d)		138,241		2,567,135
TOTAL COMMON STOCKS (Cost $6,130,267)				6,122,096
REITS - 79.6%
Financials - 18.9%
AGNC Investment Corp. - Series C, 7.00% (3 Month LIBOR USD +5.11%) (b)(d)		65,651		1,653,749
Annaly Capital Management, Inc. - Series F, 6.95% (3 Month LIBOR USD +4.99%) (b)(d)		161,174		3,984,221
Annaly Capital Management, Inc. - Series G, 6.50% (3 Month LIBOR USD +4.17%) (b)(d)		68,644		1,618,625
Arbor Realty Trust, Inc. (d)		442,071		3,784,128
ARMOUR Residential REIT, Inc. - Series B, 7.88%		98,120		2,448,094
Chimera Investment Corp. Series A, 8.00% (d)		73,276		1,839,228
Chimera Investment Corp. Series B, 8.00% (3 Month LIBOR USD +5.79%) (b)(d)		233,200		5,932,608
Great Ajax Corp., 7.25%		24,350		602,059
Invesco Mortgage Capital, Inc. - Series C, 7.50% (3 Month LIBOR USD +5.29%) (b)(d)		144,200		3,574,718
PennyMac Mortgage Investment Trust - Series A, 8.13% (3 Month LIBOR USD +5.83%) (b)(d)		88,379		2,215,661
PennyMac Mortgage Investment Trust - Series B, 8.00% (3 Month LIBOR USD +5.99%) (b)(d)		173,395		4,288,058
Resource Capital Corp., 8.25%		159,581		4,026,229
Sutherland Asset Management Corp., 7.00%		49,941		1,248,525
Two Harbors Investment Corp. - Series A, 8.13% (3 Month LIBOR USD +5.66%) (b)(d)		84,000		2,171,400
Two Harbors Investment Corp. - Series B, 7.63% (3 Month LIBOR USD +5.35%) (b)(d)		30,000		742,500
Two Harbors Investment Corp. - Series C, 7.25% (3 Month LIBOR USD +5.01%) (b)(d)		130,240		3,128,365
				43,258,168
Real Estate - 60.7%
Ashford Hospitality Trust, Inc. - Series D, 8.45% (d)		99,644		2,518,004
Ashford Hospitality Trust, Inc. - Series F, 7.38% (d)		178,856		4,169,133
Ashford Hospitality Trust - Series H, Inc., 7.50%		180,000		4,213,800
Ashford Hospitality Trust, Inc. - Series I, 7.50% (d)		235,200		5,562,480
Bluerock Residential Growth REIT, Inc. (d)		385,205		2,900,594
Bluerock Residential Growth REIT, Inc. - Series C, 7.63% (d)		161,553		3,939,308
Bluerock Residential Growth REIT, Inc. Series D, 7.13% (d)		77,899		1,789,340
CBL & Associates Properties, Inc. - Series D, 7.38% (d)		360,518		6,687,609
City Office REIT, Inc. (d)		468,356		4,702,294
City Office REIT, Inc. - Series A, 6.63%		57,384		1,397,300
Colony NorthStar, Inc (d)		91,304		710,345
Colony NorthStar, Inc. - Series B, 8.25%		59,544		1,489,195
Colony NorthStar, Inc. - Series D, 8.50% (d)		93,152		2,361,403
Colony NorthStar, Inc. - Series E, 8.75% (d)		433,587		11,212,560

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

6

Orinda Income Opportunities Fund

Schedule Of Investments (Continued)

February 28, 2018 (Unaudited)

REITS - 79.6% (Continued)	Number of Shares		Value
Real Estate - 60.7% (Continued)
Colony NorthStar, Inc. - Series G, 7.50%		77,695	$	1,911,297
Colony NorthStar, Inc. - Series H, 7.13% (d)		381,909		9,100,892
Colony NorthStar, Inc. - Series I, 7.15% (d)		247,000		5,903,300
Colony NorthStar, Inc. - Series J, 7.13% (d)		231,921		5,503,485
Farmland Partners, Inc. - Series B, 6.00%		16,422		415,805
Global Medical REIT, Inc. - Series A, 7.50% (d)		101,381		2,480,793
Global Net Lease, Inc. (d)		412,415		6,450,171
Global Net Lease, Inc. - Series A, 7.25% (d)		108,352		2,717,468
Gramercy Property Trust		37,334		808,281
Independence Realty Trust, Inc. (d)		635,131		5,411,316
iStar, Inc. - Series D, 8.00% (d)		183,636		4,574,373
iStar, Inc. - Series I, 7.50% (d)		197,585		4,890,229
Jernigan Capital, Inc. - Series B, 7.00% (a)(d)		198,500		4,694,525
Monmouth Real Estate Investment Corp.		45,609		643,999
RAIT Financial Trust, 7.13%		61,501		1,345,027
RAIT Financial Trust - Series A, 7.75%		62,008		427,235
RAIT Financial Trust - Series B, 8.38%		15,132		102,292
RAIT Financial Trust - Series C, 8.88%		9,900		67,914
RAIT Financial Trust, 7.63% (d)		122,875		2,291,619
RLJ Lodging Trust - Series A, 1.95% (d)		452,273		11,754,575
Sabra Health Care REIT, Inc.		204,068		3,444,668
Seritage Growth Properties - Series A, 7.00% (d)		73,500		1,714,020
UMH Properties, Inc. Series D, 6.38% (d)		94,900		2,268,110
UMH Properties, Inc. - Series C, 6.75%		72,500		1,814,675
Uniti Group, Inc. (d)		189,803		2,913,476
Washington Prime Group, Inc. - Series H, 7.50% (d)		72,970		1,660,068
WPT Industrial Real Estate Investment Trust (c)		12,300		157,951
				139,120,929
TOTAL REITS (Cost $183,901,147)				182,379,097
CONVERTIBLE PREFERRED STOCKS - 6.0%
Real Estate - 6.0%
CorEnergy Infrastructure Trust, Inc. - Series A, 7.38%		214,650		5,392,008
Wheeler Real Estate Investment Trust, Inc. - Series B, 9.00% (d)		195,653		2,979,795
Wheeler Real Estate Investment Trust, Inc. - Series D, 8.75% (d)		312,553		5,329,029
				13,700,832
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $16,908,870)				13,700,832

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

7

Orinda Income Opportunities Fund

Schedule Of Investments (Continued)

February 28, 2018 (Unaudited)

PREFERRED STOCKS - 34.8%	Number of Shares		Value
Consumer Discretionary - 0.2%
TravelCenters of America LLC - Senior Unsecured, 8.00%		16,602	$	412,892
TravelCenters of America LLC - Senior Unsecured, 8.25%		445		11,036
				423,928
Energy - 5.2%
GasLog Partners LP - Series A, 8.63% (3 Month LIBOR USD +6.31%) (b)(c)(d)		45,000		1,190,250
GasLog Partners LP - Series B, 8.20% (3 Month LIBOR USD +5.84%) (b)(c)(d)		48,500		1,228,505
NGL Energy Partners LP - Series B, 9.00% (3 Month LIBOR USD +7.21%) (b)		75,000		1,781,250
NuStar Energy LP - Series A, 8.50% (3 Month LIBOR USD +6.77%) (b)(d)		60,000		1,455,000
NuStar Energy LP - Series B, 7.63% (3 Month LIBOR USD +5.64%) (b)(d)		25,000		565,750
NuStar Energy LP - Series C, 9.00% (3 Month LIBOR USD +6.88%) (b)(d)		50,000		1,226,500
Teekay LNG Partners LP - Series B, 8.50% (3 Month LIBOR USD +6.24%) (b)(c)(d)		110,000		2,581,700
Tsakos Energy Navigation Ltd. - Series D, 8.75% (c)		19,150		476,835
Tsakos Energy Navigation Ltd. - Series E, 9.25% (3 Month LIBOR USD +6.88%) (b)(c)		52,600		1,319,734
				11,825,524
Financials - 17.8%
AG Mortgage Investment Trust, Inc. - Series A, 8.25%		12,200		307,928
AG Mortgage Investment Trust, Inc. - Series B, 8.00%		40,819		1,014,352
AGNC Investment Corp. - Series B, 7.75% (d)		123,583		3,210,686
Annaly Capital Management, Inc. - Series C, 7.63%		19,897		503,593
Annaly Capital Management, Inc. - Series D, 7.50% (d)		34,984		878,098
Apollo Commercial Real Estate Finance, Inc. - Series C, 8.00% (d)		363,417		9,221,706
Arbor Realty Trust, Inc., 7.38%		60,000		1,531,200
Arbor Realty Trust, Inc. - Series A, 8.25%		46,261		1,172,254
Arbor Realty Trust, Inc. - Series B, 7.75%		20,323		509,294
Arbor Realty Trust, Inc. - Series C, 8.50% (d)		81,007		2,090,386
Capstead Mortgage Corp. - Series E, 7.50%		53,622		1,347,521
Compass Diversified Holdings - Series A, 7.25%		37,400		890,494
Cowen, Inc., 7.35% (d)		88,350		2,224,653
CYS Investments, Inc. - Series B, 7.50% (d)		91,317		2,198,913
Invesco Mortgage Capital, Inc. - Series A, 7.75% (d)		81,453		2,036,325
Invesco Mortgage Capital, Inc. - Series B, 7.75% (3 Month LIBOR USD +5.18%) (b)(d)		165,097		4,242,993
MFA Financial, Inc. - Series B, 7.50% (d)		62,681		1,598,366
National General Holdings Corp., 7.63%		36,801		901,257
Resource Capital Corp., 8.63% (3 Month LIBOR USD +5.93%) (b)(d)		190,912		4,877,802
				40,757,821
Industrials - 0.6%
Seaspan Corp. - Series H, 7.88% (c)(d)		64,044		1,512,079
Real Estate - 10.9%
Ashford Hospitality Trust, Inc. - Series G, 7.38% (d)		239,578		5,551,022
Bluerock Residential Growth REIT, Inc. - Series A, 8.25% (d)		201,020		5,136,061
Cedar Realty Trust, Inc. - Series B, 7.25% (d)		4,973		121,142
Hersha Hospitality Trust - Series D, 6.50% (d)		166,694		3,858,966
iStar, Inc. - Series G, 7.65%		60,046		1,499,949
Landmark Infrastructure Partners LP - Series B, 7.90% (d)		76,800		1,864,704

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

8

Orinda Income Opportunities Fund

Schedule Of Investments (Continued)

February 28, 2018 (Unaudited)

PREFERRED STOCKS - 34.8% (Continued)	Number of Shares		Value
Real Estate - 10.9% (Continued)
STAG Industrial, Inc. - Series C, 6.88% (d)		45,405	$	1,151,925
Summit Hotel Properties, Inc. - Series D, 6.45% (d)		31,693		787,254
UMH Properties, Inc. - Series B, 8.00% (d)		33,751		883,601
VEREIT, Inc. - Series F, 6.70% (d)		161,260		4,046,014
				24,900,638
Telecommunication Services - 0.1%
Qwest Corp., 6.75%		12,643		284,341
TOTAL PREFERRED STOCKS (Cost $76,472,226)				79,704,331
CONVERTIBLE BONDS - 1.5%		Principal Amount
Financials - 1.5%
Western Asset Mortgage Capital Corp.
6.750%, 10/01/2022 (d)	$	3,500,000		3,451,000
TOTAL CONVERTIBLE BONDS (Cost $3,500,000)				3,451,000
CORPORATE BONDS - 0.4%
Financials - 0.4%
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC
7.125%, 12/15/2024		1,000,000		901,250
TOTAL CORPORATE BONDS (Cost $969,513)				901,250
EXCHANGE TRADED FUNDS - 0.9%
Direxion Daily 20+ Year Treasury Bear 3x Shares (a)		100,231		2,126,902
TOTAL EXCHANGE TRADED FUNDS (Cost $1,859,203)				2,126,902
PURCHASED OPTIONS - 0.2%		Contracts
Put Options - 0.2%
Vanguard Real Estate ETF
Expiration: March 2018, Exercise Price: $75.00		3,300		478,500
TOTAL PURCHASED OPTIONS (Cost $451,680)				478,500

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

9

Orinda Income Opportunities Fund

Schedule Of Investments (Continued)

February 28, 2018 (Unaudited)

SHORT-TERM INVESTMENTS - 3.9%	Number of Shares		Value
STIT-Treasury Obligations Portfolio, 1.32% (e)		8,956,071	$	8,956,071
TOTAL SHORT-TERM INVESTMENTS(Cost $8,956,071)				8,956,071
TOTAL INVESTMENTS (Cost $299,148,977) - 130.0%				297,820,079
Liabilities in Excess of Other Assets - (30.0)%				(68,802,081	)
TOTAL NET ASSETS - 100.0%			$	229,017,998

Percentages are stated as a percent of net assets.

^(a) Non-income producing.

^(b) Variable rate security. The rate shown represents the rate at February 28, 2018.

^(c) U.S. traded security of a foreign issuer or corporation.

^(d) All or a portion of the security has been segregated for open short positions.

^(e) Seven-day yield as of February 28, 2018.

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

10

Orinda Income Opportunities Fund

Schedule Of Securities Sold Short

February 28, 2018 (Unaudited)

COMMON STOCKS - (0.2%)	Number of Shares			Value
Consumer Discretionary - 0.1%
TravelCenters Of America LLC (a)		(77,000	)	$	(286,825	)
Telecommunication Services - 0.1%
Windstream Holdings, Inc.		(97,400	)		(153,892	)
TOTAL COMMON STOCKS (Proceeds $485,120)					(440,717	)
EXCHANGE TRADED FUNDS - (13.3%)
iPATH S&P 500 VIX Short-Term Futures ETN (a)(b)		(21,242	)		(942,083	)
iShares Mortgage Real Estate ETF		(80,000	)		(3,259,200	)
iShares US Preferred Stock ETF		(196,724	)		(7,383,052	)
Utilities Select Sector SPDR Fund		(196,250	)		(9,628,025	)
Vanguard Real Estate ETF		(125,113	)		(9,177,038	)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $32,226,798)					(30,389,398	)
REITS - (3.4%)
Real Estate - 3.4%
CBL & Associates Properties, Inc.		(86,000	)		(398,180	)
National Retail Properties, Inc.		(81,752	)		(3,044,444	)
Seritage Growth Properties		(82,607	)		(3,122,545	)
Washington Prime Group, Inc.		(33,175	)		(217,296	)
Welltower, Inc.		(20,000	)		(1,050,000	)
					(7,832,465	)
TOTAL REITS (Proceeds $8,130,343)					(7,832,465	)
TOTAL SECURITIES SOLD SHORT (Proceeds $40,842,261) - (16.9%)				$	(38,662,580	)

^(a) Non-income producing.

^(b) U.S. traded security of a foreign issuer or corporation.

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

11

Orinda Income Opportunities Fund

Schedule Of Options Written

February 28, 2018 (Unaudited)

PUT OPTIONS	Counter- party	Contracts			Notional Cost			Value
VANGUARD REAL ESTATE ETF
Expiration: March 2018, Exercise Price: $72.00	N/A		(1,900	)	$	(13,936,500	)	$	(95,000	)
TOTAL PUT OPTIONS									(95,000	)
TOTAL OPTIONS WRITTEN (Premiums received $98,766)								$	(95,000	)

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

12

Orinda Income Opportunities Fund

Statement Of Assets And Liabilities

February 28, 2018 (Unaudited)

ASSETS
Investments in securities, at value (cost $290,192,906)	$	288,864,008
Short-term investments, at value (cost $8,956,071)		8,956,071
Cash		5,782
Receivables for:
Investments sold		7,406,775
Deposit at brokers		46,567,314
Capital shares sold		289,302
Dividends and interest		1,000,669
Return of capital		31,878
Prepaid expenses and other assets		284,112
Total assets		353,405,911
LIABILITIES
Securities sold short, at fair value (proceeds $40,842,261)		38,662,580
Options written, at value (premiums received $98,766)		95,000
Payables for:
Loans payable		79,005,957
Investments purchased		5,623,480
Distribution and service fees		410,220
Capital shares redeemed		372,367
Advisory fees		180,669
Administration and accounting fees		23,440
Custodian fees		9,690
Transfer agent fees		680
Other accrued expenses and liabilities		3,830
Total liabilities		124,387,913
Net assets	$	229,017,998
NET ASSETS CONSIST OF:
Par Value	$	10,501
Paid-in capital		257,550,434
Undistributed/accumulated net investment income/(loss)		(501,539	)
Accumulated net realized gain/(loss) from investments		(28,895,947	)
Net unrealized appreciation/(depreciation) on:
Investments		(1,328,898	)
Securities sold short		2,179,681
Written options		3,766
Net assets	$	229,017,998

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

13

Orinda Income Opportunities Fund

Statement Of Assets And Liabilities (Continued)

February 28, 2018 (Unaudited)

CLASS I SHARES
Net assets	$	167,432,835
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		7,664,787
Net asset value and redemption price per share	$	21.84
CLASS A SHARES
Net assets	$	40,864,618
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,877,990
Net asset value, offering and redemption price per share	$	21.76
Maximum offering price per share (net asset value divided by 95.00%)	$	22.91
CLASS D SHARES
Net assets	$	20,720,545
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		958,487
Net asset value, offering and redemption price per share	$	21.62

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

14

Orinda Income Opportunities Fund

Statement Of Operations

For the Six Months Ended
February 28, 2018 (Unaudited)

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $6,379)	$	13,322,683
Interest income		389,425
Total investment income		13,712,108
EXPENSES
Advisory fees (Note 2)		1,612,879
Interest expense		435,123
Dividend expense on securities sold-short		213,341
Distribution fees - Class A Shares		130,022
Distribution fees - Class D Shares		108,969
Service fees - Class I Shares		98,382
Service fees - Class A Shares		78,013
Service fees - Class D Shares		10,897
Administration and accounting fees (Note 2)		70,053
Registration and filing fees		37,386
Printing and shareholder reporting fees		33,980
Transfer agent fees (Note 2)		26,567
Custodian fees (Note 2)		15,069
Audit and tax service fees		12,061
Other expenses		2,671
Total expenses		2,885,413
Net investment income/(loss)	$	10,826,695
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments	$	(8,454,493	)
Foreign currency		33
Securities sold short		882,782
Written options		200,384
Net change in unrealized appreciation/(depreciation) on:
Investments		(17,856,354	)
Securities sold short		2,153,479
Written options		(13,696	)
Net realized and unrealized gain/(loss) on investments		(23,087,865	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,261,170	)

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

15

Orinda Income Opportunities Fund

Statements Of Changes In Net Assets

	Six Months Ended February 28, 2018 (Unaudited)			Six Months Ended August 31, 20171			Year Ended February 28, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	10,826,695		$	8,222,962		$	11,718,936
Net realized gain/(loss) from investments		(7,371,294	)		22,483			1,682,886
Net change in unrealized appreciation/(depreciation) on investments		(15,716,571	)		(276,109	)		28,284,505
Net increase/(decrease) in net assets resulting from operations		(12,261,170	)		7,969,336			41,686,327
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class I Shares		(6,926,718	)		(4,918,367	)		(7,030,088	)
Class A Shares		(3,727,097	)		(2,691,376	)		(3,854,794	)
Class D Shares		(646,185	)		(570,380	)		(896,541	)
Return of Capital
Class I Shares		—			(1,724,314	)		(3,874,004	)
Class A Shares		—			(979,164	)		(2,243,473	)
Class D Shares		—			(216,399	)		(601,099	)
Net decrease in net assets from dividends and distributions to shareholders		(11,300,000	)		(11,100,000	)		(18,499,999	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		43,500,869			25,888,542			73,403,073
Reinvestment of distributions		6,088,123			5,748,698			9,427,050
Shares redeemed		(61,068,530	)		(16,854,591	)		(36,841,939	)
Total from Class I Shares		(11,479,538	)		14,782,649			45,988,184
Class A Shares
Proceeds from shares sold		24,394,928			28,088,135			66,186,938
Reinvestment of distributions		3,564,721			3,469,660			5,759,197
Shares redeemed		(92,056,731	)		(19,230,071	)		(45,028,436	)
Total from Class A Shares		(64,097,082	)		12,327,724			26,917,699
Class D Shares
Proceeds from shares sold		1,079,610			1,194,705			3,202,125
Reinvestment of distributions		510,692			632,721			1,214,008
Shares redeemed		(1,618,599	)		(3,215,608	)		(4,095,955	)
Total from Class D Shares		(28,297	)		(1,388,182	)		320,178
Net increase/(decrease) in net assets from capital share transactions		(75,604,917	)		25,722,191			73,226,061
Total increase/(decrease) in net assets		(99,166,087	)		22,591,527			96,412,389
NET ASSETS:
Beginning of period		328,184,085			305,592,558			209,180,169
End of period	$	229,017,998		$	328,184,085		$	305,592,558
Undistributed/accumulated net investment income/(loss), end of period	$	(501,539	)	$	(28,234	)	$	—

¹ The Fund changed its fiscal year end to August 31.

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

16

Orinda Income Opportunities Fund

Statements Of Changes In Net Assets (Continued)

	Six Months Ended February 28, 2018 (Unaudited)			Six Months Ended August 31, 20171			Year Ended February 28, 2017
SHARES TRANSACTIONS:
Class I Shares
Shares sold		1,900,636			1,103,910			3,146,019
Dividends and distributions reinvested		265,133			246,931			412,892
Shares redeemed		(2,756,029	)		(720,196	)		(1,617,828	)
Net increase/(decrease)		(590,260	)		(630,645	)		1,941,083
Class A Shares
Shares sold		1,066,091			1,203,199			2,870,331
Dividends and distributions reinvested		155,742			149,547			252,826
Shares redeemed		(4,167,614	)		(823,696	)		(1,943,378	)
Net increase/(decrease)		(2,945,781	)		529,050			1,179,779
Class D Shares
Shares sold		47,576			51,429			137,483
Dividends and distributions reinvested		22,425			27,400			53,651
Shares redeemed		(72,250	)		(138,260	)		(178,258	)
Net increase/(decrease)		(2,249	)		(59,431	)		12,876
Net increase/(decrease) in shares outstanding		(3,538,290	)		1,100,264			3,133,738

¹ The Fund changed its fiscal year end to August 31.

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

17

Orinda Income Opportunities Fund

Statement Of Cash Flows

	Six Months Ended February 28, 2018 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets resulting from operations	$	(12,261,170	)
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments		(196,258,778	)
Purchases to cover securities sold short		(428,199,277	)
Written options closed or exercised		(10,607	)
Proceeds from sales of long-term investments		240,147,545
Proceeds from securities sold short		433,192,432
Premiums received on written options		342,662
Purchases of short-term investments, net		11,043,871
Return of capital distributions received from underlying investments		1,308,128
Amortization and accretion of premium and discount		(49,604	)
Net realized gain/(loss) on investments		8,454,493
Net realized gain/(loss) on short transactions		(882,782	)
Net realized gain/(loss) on written options		(200,384	)
Net realized gain/(loss) on foreign currency translation		(33	)
Change in unrealized appreciation/(depreciation) on investments		17,856,354
Change in unrealized appreciation/(depreciation) on short transactions		(2,153,479	)
Change in unrealized appreciation/(depreciation) on written options		13,696
Increases/(decreases) in operating assets:
Increases/(decreases) in dividends and interest receivable		538,271
Increases/(decreases) in deposits at broker for short sales		(4,962,742	)
Increases/(decreases) in receivable for investment securities sold		(5,403,413	)
Increase in prepaid expenses and other assets		(235,612	)
Increases/(decreases) in operating liabilities:
Increases/(decreases) in payable for investment securities purchased		975,857
Increases/(decreases) in payable to adviser		(97,314	)
Increases/(decreases) in payable for distribution and service fees		119,149
Increases/(decreases) in other accrued expenses		(19,368	)
Net cash used in operating activities		63,257,895
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		69,443,441
Payment on shares redeemed		(155,017,788	)
Cash distributions paid to shareholders		(1,136,464	)
Increase in loan payable		23,458,698
Net cash provided by financing activities		(63,252,113	)
Net change in cash		5,782
CASH:
Beginning balance		—
Ending balance	$	5,782

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

18

Orinda Income Opportunities Fund

Statement Of Cash Flows (Continued)

	Six Months Ended February 28, 2018 (Unaudited)
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		695,913
Non-cash financing activities - distributions reinvested		10,163,536
Non-cash financing activities - decrease in receivable for Fund shares sold		468,034
Non-cash financing activities - increase in payable for Fund shares redeemed		(273,928	)

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

19

Orinda Income Opportunities Fund

Financial Highlights

For a capital share outstanding throughout the period

	CLASS I SHARES
	Six Months Ended February 28, 2018 (Unaudited)			Six Months Ended August 31, 2017 2, 3			Year Ended February 28, 2017			Year Ended February 29, 2016			Year Ended February 28, 2015			June 28, 2013 through February 28, 2014 4
Net Asset Value – Beginning of Period	$	23.42		$	23.66		$	21.36		$	25.29		$	25.60		$	25.00
Income from Investment Operations:
Net investment income/(loss)1		0.78			0.63			1.10			0.99			1.15			0.59
Net realized and unrealized gain/(loss) on investments		(1.57	)		(0.02	)		2.90			(3.36	)		0.12			0.50
Total from investment operations		(0.79	)		0.61			4.00			(2.37	)		1.27			1.09
Less Distributions:
Dividends from net investment income		(0.79	)		(0.63	)		(1.10	)		(1.02	)		(1.39	)		(0.45	)
Distributions from net realized gains		—			—			—			—			(0.01	)		(0.04	)
Return of Capital		—			(0.22	)		(0.60	)		(0.54	)		(0.18	)		—
Total distributions		(0.79	)		(0.85	)		(1.70	)		(1.56	)		(1.58	)		(0.49	)
Net Asset Value – End of Period	$	21.84		$	23.42		$	23.66		$	21.36		$	25.29		$	25.60
Total Return		(3.47	)%5		2.62	%5		19.29	%		(9.81	)%		5.08	%		4.44	%5
Ratios and Supplemental Data:
Net assets, end of period (thousands)	$	167,433		$	193,361		$	180,360		$	121,400		$	151,017		$	72,370
Ratio of operating expenses to average net assets:
Before Recoupments/Reimbursements		1.64	%6		1.82	%6		2.01	%		1.85	%		1.64	%		1.96	%6
After Recoupments/Reimbursements		1.64	%6		1.82	%6		2.01	%		1.84	%		1.70	%		1.62	%6
Ratio of interest expense and dividends on short positions to average net assets		0.41	%6		0.55	%6		0.68	%		0.49	%		0.27	%		0.02	%6
Ratio of net investment income/(loss) to average net assets:
Before Recoupments/Reimbursements		6.90	%6		5.33	%6		4.68	%		4.21	%		4.71	%		6.75	%6
After Recoupments/Reimbursements		6.90	%6		5.33	%6		4.68	%		4.22	%		4.65	%		7.09	%6
Portfolio turnover rate		58	%5		46	%5		121	%		127	%		185	%		119	%5

¹ Calculated based on average shares outstanding during the period.

² Effective as of the close of business on April 28, 2017, the Fund acquired all the assets and liabilities of the Orinda Income Opportunities Fund, a series of Advisors Series Trust (the “Predecessor Fund”). The financial highlights for the periods prior to that date reflect the performance of the Predecessor Fund.

³ The Fund changed its fiscal year end to August 31.

⁴ Commencement of operations for Class I shares was June 28, 2013.

⁵ Not Annualized.

⁶ Annualized.

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

20

Orinda Income Opportunities Fund

Financial Highlights (Continued)

For a capital share outstanding throughout the period

	CLASS A SHARES
	Six Months Ended February 28, 2018 (Unaudited)			Six Months Ended August 31, 2017 2, 3			Year Ended February 28, 2017			Year Ended February 29, 2016			Year Ended February 28, 2015			June 28, 2013 through February 28, 2014 4
Net Asset Value – Beginning of Period	$	23.33		$	23.58		$	21.31		$	25.25		$	25.57		$	25.00
Income from Investment Operations:
Net investment income/(loss)1		0.74			0.59			1.03			0.93			0.97			0.65
Net realized and unrealized gain/(loss) on investments		(1.56	)		(0.02	)		2.88			(3.37	)		0.22			0.39
Total from investment operations		(0.82	)		0.57			3.91			(2.44	)		1.19			1.04
Less Distributions:
Dividends from net investment income		(0.75	)		(0.60	)		(1.04	)		(0.96	)		(1.32	)		(0.43	)
Distributions from net realized gains		—			—			—			—			(0.01	)		(0.04	)
Return of Capital		—			(0.22	)		(0.60	)		(0.54	)		(0.18	)		—
Total distributions		(0.75	)		(0.82	)		(1.64	)		(1.50	)		(1.51	)		(0.47	)
Net Asset Value – End of Period	$	21.76		$	23.33		$	23.58		$	21.31		$	25.25		$	25.57
Total Return		(3.63	)%5		2.49	%5		18.90	%		(10.09	)%		4.79	%		4.22	%5
Ratios and Supplemental Data:
Net assets, end of period (thousands)	$	40,865		$	112,549		$	101,270		$	66,375		$	74,834		$	14,421
Ratio of operating expenses to average net assets:
Before Recoupments/Reimbursements		1.89	%6		2.12	%6		2.29	%		2.15	%		1.96	%		2.55	%6
After Recoupments/Reimbursements		1.89	%6		2.12	%6		2.29	%		2.15	%		2.00	%		1.92	%6
Ratio of interest expense and dividends on short positions to average net assets		0.38	%6		0.55	%6		0.66	%		0.48	%		0.28	%		0.02	%6
Ratio of net investment income/(loss) to average net assets:
Before Recoupments/Reimbursements		6.53	%6		5.03	%6		4.34	%		3.97	%		4.53	%		5.45	%6
After Recoupments/Reimbursements		6.53	%6		5.03	%6		4.34	%		3.97	%		4.49	%		6.08	%6
Portfolio turnover rate		58	%5		46	%5		121	%		127	%		185	%		119	%5

¹ Calculated based on average shares outstanding during the period.

² Effective as of the close of business on April 28, 2017, the Fund acquired all the assets and liabilities of the Orinda Income Opportunities Fund, a series of Advisors Series Trust (the “Predecessor Fund”). The financial highlights for the periods prior to that date reflect the performance of the Predecessor Fund.

³ The Fund changed its fiscal year end to August 31.

⁴ Commencement of operations for Class A shares was June 28, 2013.

⁵ Not Annualized.

⁶ Annualized.

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

21

Orinda Income Opportunities Fund

Financial Highlights (Continued)

For a capital share outstanding throughout the period

	CLASS D SHARES
	Six Months Ended February 28, 2018 (Unaudited)			Six Months Ended August 31, 2017 2, 3			Year Ended February 28, 2017			Year Ended February 29, 2016			Year Ended February 28, 2015			September 27, 2013 through February 28, 2014 4
Net Asset Value – Beginning of Period	$	23.18		$	23.49		$	21.25		$	25.17		$	25.51		$	25.01
Income from Investment Operations:
Net investment income/(loss)1		0.66			0.51			0.87			0.82			0.92			0.53
Net realized and unrealized gain/(loss) on investments		(1.55	)		(0.02	)		2.88			(3.37	)		0.07			0.44
Total from investment operations		(0.89	)		0.49			3.75			(2.55	)		0.99			0.97
Less Distributions:
Dividends from net investment income		(0.67	)		(0.58	)		(0.90	)		(0.83	)		(1.14	)		(0.43	)
Distributions from net realized gains		—			—			—			—			(0.01	)		(0.04	)
Return of Capital		—			(0.22	)		(0.61	)		(0.54	)		(0.18	)		—
Total distributions		(0.67	)		(0.80	)		(1.51	)		(1.37	)		(1.33	)		(0.47	)
Net Asset Value – End of Period	$	21.62		$	23.18		$	23.49		$	21.25		$	25.17		$	25.51
Total Return		(3.96	)%5		2.13	%5		18.10	%		(10.56	)%		3.97	%		3.95	%5
Ratios and Supplemental Data:
Net assets, end of period (thousands)	$	20,721		$	22,274		$	23,963		$	21,405		$	23,336		$	12,450
Ratio of operating expenses to average net assets:
Before Recoupments/Reimbursements		2.65	%6		2.79	%6		2.98	%		2.81	%		2.70	%		2.77	%6
After Recoupments/Reimbursements		2.65	%6		2.79	%6		2.98	%		2.67	%		2.76	%		2.67	%6
Ratio of interest expense and dividends on short positions to average net assets		0.43	%6		0.55	%6		0.67	%		0.49	%		0.27	%		0.02	%6
Ratio of net investment income/(loss) to average net assets:
Before Recoupments/Reimbursements		5.91	%6		4.36	%6		3.76	%		3.32	%		3.75	%		7.62	%6
After Recoupments/Reimbursements		5.91	%6		4.36	%6		3.76	%		3.46	%		3.69	%		7.72	%6
Portfolio turnover rate		58	%5		46	%5		121	%		127	%		185	%		119	%5

¹ Calculated based on average shares outstanding during the period.

² Effective as of the close of business on April 28, 2017, the Fund acquired all the assets and liabilities of the Orinda Income Opportunities Fund, a series of Advisors Series Trust (the “Predecessor Fund”). The financial highlights for the periods prior to that date reflect the performance of the Predecessor Fund.

³ The Fund changed its fiscal year end to August 31.

⁴ Commencement of operations for Class D shares was September 27, 2013.

⁵ Not Annualized.

⁶ Annualized.

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

22

Orinda Income Opportunities Fund

Notes To Financial Statements

February 28, 2018 (Unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTing POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-nine active investment portfolios, including the Orinda Income Opportunities Fund (the “Fund”), which became a series of RBB as of the close of business on April 28, 2017. The Fund is authorized to offer three classes of shares, Class I Shares, Class A Shares and Class D Shares. Class A Shares are sold subject to a front-end maximum sales charge of 5.00%. Front-end sales charges may be reduced or waived under certain circumstances. Class I Shares, Class A Shares and Class D Shares commenced investment operations on June 28, 2013, June 28, 2013 and September 27, 2013, respectively.

Prior to April 28, 2017, the Fund was a non-diversified series (the “Predecessor Fund”) of Advisors Series Trust (the “Trust”), an open-end management investment company (or mutual fund) organized on October 3, 1996, as a statutory trust under the laws of the State of Delaware. The Predecessor Fund was reorganized into the Fund on April 28, 2017 (the “Reorganization”). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to April 28, 2017 included herein is that of the Predecessor Fund.

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund’s investment objective is to maximize current income with potential for modest growth of capital.

The Fund is an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services-Investment Companies.”

The end of the reporting period for the Fund is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign

23

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

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

● Level 1 — Prices are determined using quoted prices in active markets for identical securities.

● Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

	Total		Level 1		Level 2		Level 3
Assets
Common Stocks
Financials	$	276,000	$	276,000	$	—	$	—
Real Estate		3,278,961		3,278,961		—		—
Utilities		2,567,135		2,567,135		—		—
Total Common Stocks		6,122,096		6,122,096		—		—
REITs
Financials		43,258,168		42,656,109		602,059		—
Real Estate		139,120,929		136,602,925		2,518,004		—
Total REITs		182,379,097		179,259,034		3,120,063		—
Convertible Preferred Stocks
Real Estate		13,700,832		13,700,832		—		—
Total Convertible Preferred Stocks		13,700,832		13,700,832		—		—
Preferred Stocks
Consumer Discretionary		423,928		423,928		—		—
Energy		11,825,524		11,825,524		—		—
Financials		40,757,821		37,495,181		3,262,640		—
Industrials		1,512,079		1,512,079		—		—
Real Estate		24,900,638		24,900,638		—		—
Telecommunication Services		284,341		284,341		—		—
Total Preferred Stocks		79,704,331		76,441,691		3,262,640		—
Convertible Bonds		3,451,000		—		3,451,000		—
Corporate Bonds		901,250		—		901,250		—
Exchange Traded Funds		2,126,902		2,126,902		—		—
Purchased Options
Put Options		478,500		478,500		—		—
Total Purchased Options		478,500		478,500		—		—
Short-Term Investments		8,956,071		8,956,071		—		—
Total Investments in Securities	$	297,820,079	$	287,085,126	$	10,734,953	$	—
Total Assets	$	297,820,079	$	287,085,126	$	10,734,953	$	—

24

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

FAIR VALUE MEASUREMENTS (continued)

	Total		Level 1		Level 2		Level 3
Liabilities
Securities Sold Short	$	38,662,580	$	38,662,580	$	—	$	—
Written Options		95,000		95,000		—		—
Total Liabilities	$	38,757,580	$	38,757,580	$	—	$	—

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

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

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

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

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

Foreign securities that utilize international fair pricing are categorized as Level 2 in the hierarchy.

Transfers between levels are recognized at the end of the reporting period. The Fund transferred $3,572,516 from level 2 to level 1 at February 28, 2018 because these securities were now being priced at the official market close. The Fund transferred $3,690,258 from level 1 to level 2 at February 28, 2018 because the securities were priced at the mean of the last bid and ask prices prior to the market close.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Fund may use derivatives for different purposes, such as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. The various derivative instruments that the Fund may use are options, futures, swaps, and forward foreign currency contracts, among others. The Fund may also use derivatives for leverage, in which case their use would involve leveraging risk. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk, and management risk. A Fund investing in a derivative instrument could lose more than the principal amount invested.

The Fund has adopted the disclosure provisions of FASB Accounting Standard Codification 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires enhanced disclosures about the Fund’s use of, and accounting for, derivative instruments and the effect of derivative instruments on the Fund’s results of operations and financial position. Tabular disclosure regarding derivative

25

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Fund may use derivatives in an attempt to achieve an economic hedge, the Fund’s derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of and for the current fiscal period.

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

Derivative Type	Statement of Assets and Liabilities Location		Equity Contracts
Asset Derivatives
Written Options	N/A	$	—
Total Value- Assets		$	—

Derivative Type	Statement of Assets and Liabilities Location	Equity Contracts
Liability Derivatives
Written Options	Options written, at value	$	95,000
Total Value- Liabilities		$	95,000

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by contract type and risk exposure.

Derivative Type	Statement of Operations Location	Equity Contracts
Realized Gain/(Loss)
Purchased Options	Net realized gain/(loss) from investments	$	(456,320	)
Written Options	Net realized gain/(loss) from written options	$	200,384
Total Realized Gain/(Loss)		$	(255,936	)

26

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by contract type and risk exposure.

Derivative Type	Statement of Operations Location	Equity Contracts
Change in Unrealized Appreciation/(Depreciation)
Purchased Options	Net change in unrealized appreciation/(depreciation) on investments	$	26,820
Written Options	Net change in unrealized appreciation/(depreciation) on written options		(13,696	)
Total Change in Unrealized Appreciation/(Depreciation)		$	13,124

Average Balance Information

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

Purchased Options (Cost)	Written Options (Proceeds)
$ 150,560	$ (46,176)

OPTIONS — The Fund may utilize options for hedging purposes as well as direct investment. Some options strategies, including buying puts, tend to hedge the Fund’s investments against price fluctuations. Other strategies, such as writing puts and calls and buying calls, tend to increase market exposure. Options contracts may be combined with each other in order to adjust the risk and return characteristics of each Fund’s overall strategy in a manner deemed appropriate to the Adviser and consistent with each Fund’s investment objective and policies. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current fair value of the written option. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon the exercise of the option.

With options, there is minimal counterparty credit risk to the Fund since the options are covered or secured, which means that the Fund will own the underlying security or, to the extent it does not hold such a portfolio, will maintain a segregated account with the Fund’s custodian consisting of high quality liquid debt obligations equal to the market value of the option, marked to market daily.

Options purchased are recorded as investments and marked-to-market daily to reflect the current fair value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option contract. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchase put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid.

FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS — The Fund is subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund uses futures contracts and options on such futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or securities, an

27

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

initial margin deposit in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. The use of futures contracts, and options on futures contracts, involves the risk of imperfect correlation in movements in the price of futures contracts and options thereon, interest rates and the underlying hedged assets.

LEVERAGE AND SHORT SALES — The Fund may use leverage in connection with its investment activities and may effect short sales of securities. Leverage can increase the investment returns of the Fund if the securities purchased increase in value in an amount exceeding the cost of the borrowing. However, if the securities decrease in value, the Fund will suffer a greater loss than would have resulted without the use of leverage. A short sale is the sale by the Fund of a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, the Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions. With a long position, the maximum sustainable loss is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. The Fund would also incur increased transaction costs associated with selling securities short. In addition, if the Fund sells securities short, it must maintain a segregated account with its custodian containing cash or high-grade securities equal to (i) the greater of the current market value of the securities sold short or the market value of such securities at the time they were sold short, less (ii) any collateral deposited with the Fund’s broker (not including the proceeds from the short sales). The Fund may be required to add to the segregated account as the market price of a shorted security increases. As a result of maintaining and adding to its segregated account, the Fund may maintain higher levels of cash or liquid assets (for example, U.S. Treasury bills, repurchase agreements, high quality commercial paper and long equity positions) for collateral needs thus reducing its overall managed assets available for trading purposes. The Fund is obligated to pay the counterparty any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense to the Fund.

MUTUAL FUND AND ETF TRADING RISK — The Fund may invest in other mutual funds that are either open-end or closed-end investment companies as well as ETFs. ETFs are investment companies that are bought and sold on a national securities exchange. Unlike mutual funds, ETFs do not necessarily trade at the net asset values of their underlying securities, which means an ETF could potentially trade above or below the value of the underlying portfolios. Additionally, because ETFs trade like stocks on exchanges, they are subject to trading and commission costs unlike mutual funds. Also, both mutual funds and ETFs have management fees that are part of their costs, and the Fund will indirectly bear its proportionate share of the costs.

REITS — The Fund has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in its annual distributions to shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s

28

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all of the RBB funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Fund distributes substantially all of its net investment income, if any, quarterly, and net realized capital gains, if any, annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

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

MARKET RISK — The value of the Fund’s shares will fluctuate as a result of the movement of the overall stock market or the value of the individual securities held by the Fund, and you could lose money.

MASTER LIMITED PARTNERSHIP RISK — Investments in securities (units) of MLPs involve risks that differ from an investment in common stock. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additionally, holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs.

FOREIGN AND EMERGING MARKET SECURITIES RISK — Foreign investments may carry risks associated with investing outside the United States, such as currency fluctuation, economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments. Those risks are increased for investments in emerging markets.

CURRENCY RISK — Changes in foreign currency exchange rates will affect the value of what the Fund owns and the Fund’s share price. Generally, when the U.S. dollar rises in value against a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

SMALL AND MEDIUM COMPANIES RISK — Investing in securities of small and medium capitalization companies may involve greater volatility than investing in larger and more established companies because small and medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies.

DERIVATIVES RISK — The Fund’s use of derivatives (which may include options, futures and swaps, among others) may reduce the Fund’s returns and/or increase volatility. Derivatives involve the risk of improper valuation, the risk of ambiguous documentation, and the risk that changes in the value of the derivative may not correlate perfectly with the underlying security.

29

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

Derivatives are also subject to market risk, interest rate risk, credit risk, counterparty risk and liquidity risk. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment.

OPTIONS RISK — Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities.

INTEREST RATE RISK — Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. It is likely there will be less governmental action in the near future to maintain low interest rates. The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant.

FIXED INCOME SECURITIES RISK — Fixed income securities are subject to interest rate risk and credit risk. There is also the risk that an issuer may “call,” or repay, its high yielding bonds before their maturity dates. Fixed income securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain fixed income securities may make it more difficult to sell or buy a security at a favorable price or time.

REAL ESTATE AND REIT CONCENTRATION RISK — The Fund is vulnerable to the risks of the real estate industry, such as the risk that a decline in rental income may occur because of extended vacancies, the failure to collect rents, increased competition from other properties, or poor management. The value and performance of REITs depends on how well the underlying properties owned by the REIT are managed. In addition, the value of an individual REIT’s securities can decline if the REIT fails to continue qualifying for special tax treatment.

CONVERTIBLE BOND RISK — Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt security risks and equity risk. Convertible bonds are subject to equity risk especially when their conversion value is greater than the interest and principal value of the bond. The prices of equity securities may rise or fall because of economic or political changes and may decline over short or extended periods of time.

PREFERRED STOCK RISK — Preferred stocks may be more volatile than fixed income securities and are more correlated with the issuer’s underlying common stock than fixed income securities. Additionally, the dividend on a preferred stock may be changed or omitted by the issuer.

INITIAL PUBLIC OFFERING RISK — The Fund may purchase securities of companies that are offered pursuant to an IPO. The risk exists that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance.

PORTFOLIO TURNOVER RISK — A high portfolio turnover rate (100% or more) increases the Fund’s transaction costs (including brokerage commissions and dealer costs), which would adversely impact the Fund’s performance. Higher portfolio turnover may result in the realization of more short-term capital gains than if the Fund had lower portfolio turnover.

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

REDEMPTION FEES — The Fund does not charge redemption fees to shareholders.

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

30

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

2. INVESTMENT ADVISer AND OTHER services

Orinda Asset Management, LLC (the “Adviser”) serves as the investment adviser to the Fund. The Adviser furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Fund. The Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that the total annual Fund operating expenses (excluding certain items discussed below) exceed the rate (“Expense Cap”) shown in the following table of the average daily net assets for each class of shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Cap as applicable: acquired fund fees and expenses, brokerage commissions, dividends on securities sold short, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2018.

Advisory Fee	Expense Caps
	Class I	Class A	Class D
1.00%	1.40%	1.70%	2.40%

During the current fiscal period, investment advisory fees accrued were as follows:

Advisory Fees

$ 1,612,879

If at any time the Fund’s total annual Fund operating expenses (not including acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest and taxes) for a year are less than the relevant share class’s Expense Cap, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed the relevant share class’s Expense cap that was in effect at the time of the waiver or reimbursement. As of February 28, 2018, the Adviser had no fees left to recoup. During the period ended August 31, 2017 and February 28, 2017, the Adviser reimbursed the Fund for shareholder servicing fees in the amount of $8,402 and $35,183, respectively that was a result of the Fund not fully utilizing the fees that had been earned in fiscal year 2017. This amount will not be subject to recoup in the future.

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Fund. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

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

For compensation amounts payable to USBFS, please refer to the Statement of Operations.

The Board has adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”). The Plan permits the Fund to pay for distribution and related expenses at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class A shares and up to 1.00% for the Fund’s Class D shares. The expenses covered by the Plan may include the cost in connection with the promotion and distribution of shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation

31

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred.

3. SHAREHOLDER SERVICING FEE

The Fund has entered into a shareholder servicing agreement (the “Agreement”) with the Adviser, under which the Adviser will provide, or arrange for others to provide, certain specified shareholder services. As compensation for the provision of shareholder services, the Fund may pay servicing fees at an annual rate of 0.15% of the average daily net assets of the Class A shares and 0.10% of the average daily net assets of the Class D and Class I shares. Payments to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Fund. The services provided by such intermediaries are primarily designed to assist shareholders of the Fund and include the furnishing of office space and equipment, telephone facilities, personnel, and assistance to the Fund in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Fund and include establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing such other personal services to shareholders as the Fund may reasonably request. During the current fiscal period, the Fund incurred shareholder servicing fees as follows:

	Shareholder servicing fees
Class I	$ 98,382
Class A	78,013
Class D	10,897

4. Director’s and Officer’s 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 USBFS serve as officers of the Company. They are not compensated by the Fund or the Company. For Director’s and Officer’s compensation amounts, please refer to the Statement of Operations.

5. purchases and sales of investment securities

During the current fiscal period, aggregate purchases and sales of investment securities, (excluding short-term investments) of the Fund were as follows:

Purchases	Sales
$ 196,258,778	$ 240,147,545

There were no purchases or sales of long-term U.S. Government securities, during the current fiscal period.

6. LEVERAGE & LINE OF CREDIT

The Fund may purchase securities with borrowed money, including bank overdrafts (a form of leverage). The Fund may borrow amounts up to one-third of the value of its assets after giving effect to such borrowing. Leverage exaggerates the effect on the net asset value of any increase or decrease in the market value of the Fund’s portfolio securities. These borrowings will be subject to interest costs, which may or may not be recovered by appreciation of the securities purchased. In certain cases, interest costs may exceed the return received on the securities purchased.

32

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

The Fund may also utilize the line of credit for short term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The Fund maintains a separate line of credit with BNP Paribas (acting through its New York Branch). The Fund is charged interest of 1.20% above the one-month London Interbank Offered Rate (“LIBOR”) for borrowings under this agreement. The Fund can borrow up to a maximum of 50% of the market value of assets pledged as collateral. However, depending on the liquidity of the collateral, issuer concentration, debt ratings of fixed income investments, and the share price of equity holdings, the amount eligible to be borrowed can also be less than 50% of the market value of the assets pledged as collateral.

The Fund has pledged a portion of its investment securities as the collateral for their line of credit. As of the end of the reporting period, the value of the investment securities pledged as collateral was $216,325,405. The Fund had an outstanding average daily balance and a weighted average interest rate of $33.10 million and 2.60%, respectively. The maximum amount outstanding for the Fund during the reporting period was $78,859,520.

7. Federal income tax information

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

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

Federal tax cost	Unrealized appreciation	Unrealized Depreciation	Net unrealized Appreciation (depreciation)
$ 330,792,223	$ 24,206,158	$ (11,331,645)	$ 12,874,513

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

The following permanent differences as of August 31, 2017, were reclassified to the following accounts:

Undistributed Net Investment Income/(Loss)	accumulated net realized gain/(loss)	paid-in capital
$ (71,073)	$ (69,320)	$ 140,393

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

undistributed ordinary income	undistributed long-term capital gains	net UNrealized appreciation/ (depreciation)	capital loss carryforwards	qualified late-year losses
$ —	$ —	$ 12,874,513	$ (17,856,280)	$ —

33

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

The tax character of dividends and distributions paid during the six months ended August 31, 2017 and year ended February 28, 2017 were as follows:

	ordinary income		Long-term capital gains		return of capital
Six Months Ended August 31, 2017	$	8,180,121	$	—	$	2,919,879
Year Ended February 28, 2017		11,781,423		—		6,718,576

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

For the fiscal period ended August 31, 2017, 69.10% of dividends paid from net investment income qualify for the dividends received deduction available to corporate shareholders of the Fund. For shareholders of the Fund, 72.62% of the dividend income distributed for the period ended August 31, 2017 is designated as qualified dividend income under the Jobs and Growth Relief Act of 2003.

8. SUBSEQUENT EVENTS

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

34

ORINDA INCOME OPPORTUNITIES FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

February 28, 2018 (Unaudited)

As required by the 1940 Act, the Board of the Company, including all of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”), considered the approval of the investment advisory agreement between the Adviser and the Company (the “Investment Advisory Agreement”) on behalf of the Fund at a meeting of the Board held on November 17, 2016 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an initial term ending August 16, 2018. In approving the Investment Advisory Agreement, the Board considered information provided by the Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Investment Advisory Agreement between the Company and the Adviser with respect to each Fund, the Directors took into account all the materials provided prior to and during the Meeting, the presentations made during the Meeting, and the discussions held during the Meeting. Among other things, the Directors considered (i) the nature, extent, and quality of services to be provided to the Fund by the Adviser; (ii) descriptions of the experience and qualifications of the Adviser’s personnel providing those services; (iii) the Adviser’s investment philosophies and processes; (iv) the Adviser’s assets under management and client descriptions; (v) the Adviser’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the Adviser ’s proposed advisory fee arrangements with the Fund and other similarly managed clients; (vii) the Adviser’s compliance procedures; (viii) the Adviser’s financial information and insurance coverage; (ix) the extent to which economies of scale are relevant to the Fund; and (x) performance information provided by the Adviser regarding the Fund.

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

The Directors also considered the investment performance of the Fund. The Directors considered the Fund’s investment performance in light of its investment objectives and investment strategies. The Directors concluded that the investment performance of the Fund as compared to its benchmark and Lipper peer group was acceptable.

The Board also considered the advisory fee rates payable by the Fund under the proposed Investment Advisory Agreement. In this regard, information on the fees to be paid by the Fund and the Fund’s expected total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. The Directors noted that the Adviser had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2018 to limit total annual operating expenses to agreed upon levels for the Fund.

After reviewing the information regarding the Adviser’s costs, profitability and economies of scale, and after considering the services to be provided by the Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to the Adviser were fair and reasonable and that the Investment Advisory Agreement should be approved for an initial term ending August 16, 2018.

35

Orinda Income Opportunities Fund

Notice To Shareholders

February 28, 2018 (Unaudited)

How to Obtain a Copy of the Fund’s Proxy Voting Policies

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-855-467-4632 or on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain a Copy of the Fund’s Proxy Voting Records for the 12-Month Period Ended June 30, 2017

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-467-4632. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090. Information included in the Fund’s Form N-Q is also available, upon request, by calling 1-855-467-4632.

Householding

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses and annual and semi-annual reports you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Transfer Agent reasonably believes are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-467-4632 to request individual copies of these documents. Once the Transfer Agent receives notice to stop householding, the Transfer Agent will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

36

(This Page Intentionally Left Blank.)

Investment Adviser

Orinda Asset Management LLC

4 Orinda Way, Suite 150-A

Orinda, CA 94563

Distributor

Quasar Distributors, LLC

777 East Wisconsin Avenue, 6th Floor

Milwaukee, WI 53202

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodian

U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

1818 Market Street, Suite 2400

Philadelphia, PA 19103

Legal Counsel

Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

OR-SAR18

This report is intended for shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus.

Past performance results shown in this report should not be considered a representation of future performance. Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are dated and are subject to change.

Schneider
Small Cap
Value Fund

of The RBB Fund, Inc.

SEMI-Annual
Report

February 28, 2018
(Unaudited)

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

SCHNEIDER SMALL CAP VALUE FUND

Semi-Annual Investment Report
Performance Data
February 28, 2018 (Unaudited)

Total Returns for the Periods Ended February 28, 2018
	Average Annual
	Six Months†	1 Year	5 Years	10 Years	Since Inception*
Schneider Small Cap Value Fund	6.05%	-0.26%	6.80%	5.37%	12.79%
Russell 2000® Value Index	5.09%	2.96%	10.59%	8.64%	9.64%**

† Not annualized.

* The Fund commenced operations on September 2, 1998.

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

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Schneider Capital Management, the Fund’s investment adviser, has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2018, to the extent that total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) exceed 1.15%. Total returns shown include fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waiver or reimbursement of fees and expenses in excess of expense limitations. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-888-520-3277. The Fund’s gross and net annual operating expenses, as stated in the current prospectus, are 1.58% and 1.16%, respectively. Shares of the Fund not purchased through reinvested dividends or capital gains and held less than 30 days are subject to a 1.00% redemption fee.

Portfolio holdings are subject to change at any time.

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

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

1

SCHNEIDER SMALL CAP VALUE FUND

Fund Expense Examples

February 28, 2018 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Actual	$1,000.00	$1,060.50	$5.88
Hypothetical (5% return before expenses)	1,000.00	1,019.09	5.76

* Expenses are equal to the Fund’s annualized six-month expense ratio for the period September 1, 2017 to February 28, 2018 of 1.15%, which includes waived fees or reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total return for the Fund as of February 28, 2018 of 6.05%.

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SCHNEIDER SMALL CAP VALUE FUND

Portfolio Holdings Summary Table

February 28, 2018 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Oil & Gas		25.8	%	$	10,739,938
Insurance		11.4			4,742,720
Banks		9.1			3,772,429
Telecommunications		9.0			3,764,929
Commercial Services		5.8			2,407,004
Real Estate Investment Trust		4.8			2,005,258
Machinery-Diversified		4.7			1,958,125
Auto Parts & Equipment		4.6			1,905,366
Pharmaceuticals		4.2			1,749,515
Oil & Gas Services		3.8			1,585,743
Transportation		3.7			1,571,548
Retail		2.7			1,120,540
Semiconductors		2.1			887,263
Real Estate		1.9			782,008
Chemicals		1.5			618,662
Home Builders		0.5			198,819
Building Materials		0.5			191,800
Savings & Loans		0.3			126,936
Warrants		0.0			30,130
Securities Lending Collateral		32.6			13,550,165
Short-Term Investments		3.8			1,571,033
Liabilities In Excess Of Other Assets		(32.8	)		(13,667,860	)
NET ASSETS		100.0	%	$	41,612,071

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
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SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.4%
Auto Parts & Equipment — 4.6%
Adient PLC(a)		30,702	$	1,905,366
Banks — 9.1%
Dundee Corp., Class A*		3,133		5,705
HomeStreet, Inc.*		74,750		2,145,325
KeyCorp		53,216		1,124,459
OFG Bancorp		46,227		496,940
				3,772,429
Building Materials — 0.5%
Builders FirstSource, Inc.*		10,000		191,800
Chemicals — 1.5%
Venator Materials PLC*		32,323		618,662
Commercial Services — 5.8%
Herc Holdings, Inc.*		33,277		2,169,993
Hudson Global, Inc.*		120,924		237,011
				2,407,004
Home Builders — 0.5%
Taylor Morrison Home Corp., Class A*		8,860		198,819
Insurance — 11.4%
American Equity Investment Life Holding Co.		67,622		2,069,909
Assured Guaranty Ltd.		59,698		2,064,357
Enstar Group Ltd.*		3,073		608,454
				4,742,720
Machinery-Diversified — 4.7%
Intevac, Inc.*		323,657		1,958,125
Oil & Gas — 25.8%
Chesapeake Energy Corp.*(a)		1,165,288		3,286,112
Halcon Resources Corp.*		1		7
MRC Global, Inc.*		33,019		545,804
NOW, Inc.*(a)		84,787		804,629
Oasis Petroleum, Inc.*		29,525		232,657
QEP Resources, Inc.*		401,536		3,461,240
Range Resources Corp.(a)		9,882		131,332
Whiting Petroleum Corp.*		83,725		2,278,157
				10,739,938
Oil & Gas Services — 3.8%
Weatherford International PLC*(a)		571,794		1,503,818
Willbros Group, Inc.*		86,400		81,925
				1,585,743
Pharmaceuticals — 4.2%
Mallinckrodt PLC*(a)		104,887		1,749,515
Real Estate — 1.9%
Alexander & Baldwin, Inc.		35,562		782,008
Real Estate Investment Trust — 4.8%
Boardwalk Real Estate Investment Trust(a)		47,991		1,694,629
Forest City Realty Trust, Inc., Class A		13,969		297,121
NorthStar Realty Europe Corp.		1,314		13,508
				2,005,258
Retail — 2.7%
Tuesday Morning Corp.*(a)		355,727		1,120,540
Savings & Loans — 0.3%
Flagstar Bancorp, Inc.*		3,600		126,936
Semiconductors — 2.1%
Veeco Instruments, Inc.*(a)		48,885		887,263
Telecommunications — 9.0%
Aviat Networks, Inc.*		181,742		3,047,808
UTStarcom Holdings Corp.*		130,149		717,121
				3,764,929
Transportation — 3.7%
Aegean Marine Petroleum Network, Inc.(a)		185,118		425,771
Ardmore Shipping Corp.*		110,810		836,616
Scorpio Tankers, Inc.		134,418		309,161
				1,571,548
TOTAL COMMON STOCKS
(Cost $41,769,683)				40,128,603
WARRANTS — 0.0%
Oil & Gas — 0.0%
C&J Energy Services, Inc. *		4,153		30,130
TOTAL WARRANTS
(Cost $—)				30,130
SECURITIES LENDING COLLATERAL — 32.6%
Mount Vernon Liquid Assets Portfolio, LLC, 1.65%		13,550,165		13,550,165
TOTAL SECURITIES LENDING COLLATERAL
(Cost $13,550,165)				13,550,165

The accompanying notes are an integral part of the financial statements.
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SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments (Concluded)

February 28, 2018 (Unaudited)

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 3.8%
STIT-Treasury Obligations Portfolio, 1.31%(b)		1,571,033	$	1,571,033
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,571,033)				1,571,033
TOTAL INVESTMENTS — 132.8%
(Cost $56,891,104)				55,279,931
LIABILITIES IN EXCESS OF OTHER ASSETS — (32.8)%				(13,667,860	)
NET ASSETS — 100.0%			$	41,612,071

* Non-income producing security.

(a) All or a portion of the security is on loan. At February 28, 2018, the market value of securities on loan was $12,303,269.

(b) Seven-day yield as of February 28, 2018.

PLC Public Limited Company

The accompanying notes are an integral part of the financial statements.
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SCHNEIDER SMALL CAP VALUE FUND

Statement of Assets and Liabilities

February 28, 2018 (Unaudited)

ASSETS
Investments, at value^ (cost $55,319,848)	$	53,708,898
Short-term investments, at value (cost $1,571,033)		1,571,033
Receivables for:
Investments sold		35,753
Dividends		14,151
Prepaid expenses		21,232
Total assets		55,351,067
LIABILITIES
Payables for:
Securities lending collateral		13,550,165
Investments purchased		135,813
Advisory fees		19,263
Administration and accounting fees		8,493
Other accrued expenses and liabilities		25,262
Total liabilities		13,738,996
Net Assets	$	41,612,071
NET ASSETS CONSIST OF:
Par value	$	3,025
Paid-in capital		42,778,967
Undistributed/(accumulated) net investment income/(loss)		(24,603	)
Accumulated net realized gain/(loss) from investments		465,632
Net unrealized appriciation/(depreciation) on investments		(1,610,950	)
Net Assets	$	41,612,071
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		3,024,971
Net asset value, offering and redemption price per share		13.76
^Includes market value of securities on loan	$	12,303,269

The accompanying notes are an integral part of the financial statements.
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SCHNEIDER SMALL CAP VALUE FUND

Statement of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $5,997)	$	344,413
Securities lending income		75,785
Total Investment Income		420,198
EXPENSES
Advisory fees (Note 2)		222,934
Administration and accounting services fees (Note 2)		21,358
Audit fees		20,940
Legal fees		13,378
Registration and filing fees		13,359
Transfer agent fees (Note 2)		12,326
Directors' fees		9,854
Officers' fees		7,231
Printing and shareholder reporting fees		5,582
Custodian fees (Note 2)		4,393
Other expenses		5,681
Total expenses		337,036
Less: waivers		(80,662	)
Net expenses after waivers		256,374
Net investment income (loss)		163,824
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		2,470,846
Net change in unrealized appreciation (depreciation) on:
Investments		(8,258	)
Net realized and unrealized gain (loss) on investments		2,462,588
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,626,412

The accompanying notes are an integral part of the financial statements.
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SCHNEIDER SMALL CAP VALUE FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	163,824		$	(164,197	)
Net realized gain/(loss) from investments		2,470,846			11,057,111
Net change in unrealized appreciation/(depreciation) on investments		(8,258	)		(2,927,020	)
Net increase/(decrease) in net assets resulting from operations		2,626,412			7,965,894
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(188,427	)		—
Net realized capital gains		(8,787,559	)		—
Net decrease in net assets from dividends and distributions to shareholders		(8,975,986	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		386,559			6,471,850
Reinvestment of distributions		7,194,872			—
Redemption fees*		5,959			86,813
Shares redeemed		(1,296,608	)		(9,728,036	)
Net increase/(decrease) in net assets from capital shares		6,290,782			(3,169,373	)
Total increase/(decrease) in net assets		(58,792	)		4,796,521
NET ASSETS:
Beginning of period		41,670,863			36,874,342
End of period	$	41,612,071		$	41,670,863
Undistributed/(accumulated) net investment income/(loss), end of period	$	(24,603	)	$	—
SHARES TRANSACTIONS:
Shares sold		25,778			401,314
Dividends and distributions reinvested		497,227			—
Shares redeemed		(82,517	)		(598,006	)
Net increase/(decrease) in shares outstanding		440,488			(196,692	)

* Prior to December 31, 2017, there was a 1.75% redemption fee on shares redeemed which have been held less than one year. Effective December 31, 2017, the Fund has changed its redemption fees to 1.00% on redemptions of Fund shares held less than 30 days. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

The accompanying notes are an integral part of the financial statements.
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SCHNEIDER SMALL CAP VALUE FUND

Financial Highlights

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

	For the Six Months Ended February 28, 2018			For the Years Ended August 31,
	(Unaudited)			2017			2016			2015			2014			2013
Per Share Operating Performance
Net asset value, beginning of period	$	16.12		$	13.26		$	11.00		$	20.16		$	21.07		$	16.09
Net investment income/(loss)(1)		0.06			(0.06	)		0.03			(0.01	)		(0.09	)		0.08
Net realized and unrealized gain/(loss) on investments		1.08			2.89			2.29			(4.53	)		2.63			4.90
Net increase/(decrease) in net assets resulting from operations		1.14			2.83			2.32			(4.54	)		2.54			4.98
Dividends and distributions to shareholders from:
Net investment income		(0.07	)		—			(0.03	)		—			—			—
Net realized gains		(3.43	)		—			(0.03	)		(4.58	)		(3.45	)		—
Tax return of capital		—			—			—			(0.04	)		—			—
Total dividends and distributions to shareholders		(3.50	)		—			(0.06	)		(4.62	)		(3.45	)		—
Redemption fees		—	(2)		0.03			—	(2)		—	(2)		—	(2)		—	(2)
Net asset value, end of period	$	13.76		$	16.12		$	13.26		$	11.00		$	20.16		$	21.07
Total investment return(3)		6.05	%(5)		21.57	%		21.15	%		(25.88	)%		12.59	%		30.95	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	41,612		$	41,671		$	36,874		$	30,387		$	61,240		$	70,556
Ratio of expenses to average net assets(4)		1.15	%(6)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of expenses to average net assets without waivers and expense reimbursements		1.51	%(6)		1.57	%		2.13	%		1.82	%		1.52	%		1.50	%
Ratio of net investment income/(loss) to average net assets(4)		0.73	%(6)		(0.37	)%		0.23	%		(0.05	)%		(0.44	)%		0.38	%
Portfolio turnover rate		45.04	%(5)		137.61	%		113.69	%		88.80	%		72.33	%		63.87	%

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

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

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

(4) Reflects waivers and reimbursements.

(5) Not annualized.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.
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SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-nine active investment portfolios, including the Schneider Small Cap Value Fund (the “Fund”), which commenced investment operations on September 2, 1998. As of the date hereof, the Fund offers one class of shares.

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund’s investment objective seeks long-term capital growth.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Fund is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

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

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

● Level 1—Prices are determined using quoted prices in active markets for identical securities.

● Level 2—Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3—Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

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SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	40,128,603	$	40,128,603	$	—	$	—
Warrants		30,130		30,130		—		—
Securities Lending Collateral		13,550,165		13,550,165		—		—
Short-Term Investments		1,571,033		1,571,033		—		—
Total*	$	55,279,931	$	55,279,931	$	—	$	—

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

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

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

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

During the current fiscal period, the Fund had no transfers between Levels 1, 2 and 3.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Expenses incurred on behalf of a specific class, fund or fund family of the Company are charged directly

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SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

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

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

REDEMPTION FEES — Prior to December 31, 2017, the Fund imposed a redemption fee of 1.75% on redemptions of Fund shares held less than one year. Effective December 31, 2017, the Fund has changed its redemption fees to 1.00% on redemptions of Fund shares held less than 30 days. The fees are reflected on the Statement of Changes in Net Assets. The Fund reserves the right to modify or eliminate the redemption fee or any waivers of such fee at any time.

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

2. Investment Adviser and Other Services

Schneider Capital Management Company (“SCM” or the “Adviser”) serves as the investment adviser to the Fund. The Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rate (“Expense Cap”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed the Expense Cap as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2018. The Fund will not pay the Adviser at a later time for any amounts it may waive or any amounts that the Adviser has assumed.

Advisory Fee	Expense Cap Institutional Class
1.00%	1.15%

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SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

During the current fiscal period, investment advisory fees accrued and waived were as follows:

Gross Advisory Fees	Waivers	Net Advisory Fees
$222,934	$(80,662)	$142,272

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Fund. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

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

For compensation amounts payable to USBFS, please refer to the Statement of Operations.

3. Director’s and Officer’s 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 USBFS serve as officers of the Company. They are not compensated by the Fund or the Company. For Director’s and Officer’s compensation amounts, please refer to the Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

Purchases	Sales
$18,553,832	$19,067,600

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Federal Income Tax Information

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

13

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$57,538,038	$4,390,483	$(7,845,264)	$(3,454,781)

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

The following permanent differences as of August 31, 2017, primarily attributable to short-term capital gains being netted against net operating loss, were reclassified among the following accounts:

Undistributed Net Investment Income/(loss)	Accumulated Net Realized Gain/(Loss)	Paid-In Capital
$194,064	$(194,064)	$—

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income/(loss)	Undistributed Long-Term capital Gains/(loss)	Net Unrealized Appreciation/ (Depreciation)	Qualified Late-Year Losses
$7,467,600	$1,166,834	$(3,454,781)	$—

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

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2017 were as follows:

Ordinary Income	Long-Term Gains	Return of Capital	Total
$—	$—	$—	$—

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August 31, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2017.

14

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

For the fiscal year ended August 31, 2017, the Fund deferred to September 1, 2017, the following losses:

Late-Year Ordinary Loss Deferral	Short-Term Capital Loss Deferral	Long-Term Capital Loss Deferral
$—	$—	$—

Accumulated capital losses represent net capital loss carryforwards as of August 31, 2017 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. During the year ended August 31, 2017, the Fund utilized $56,873 of capital loss carryfowards. As of August 31, 2017, the Fund did not have any capital loss carryforwards.

6. Securities Lending

The Fund may make secured loans of its portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned securities, as marked to market each day that the NAV of the Fund is determined. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Fund will bear the risk of loss of the invested collateral. Securities lending will expose the Fund to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and collateral as of the end of the reporting period and the income generated from the program during the current fiscal period with respect to such secured loans were as follows:

Market Value of Securities Loaned	Market Value of Collateral	Income Received from Securities Lending
$12,303,269	$13,550,165	$75,785

Securities lending transactions are entered into by the Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. The following table is a summary of the Fund’s open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

			Gross Amount Not Offset in the Statement of Assets and Liabilities
Gross Amounts of Recognized Assets	Gross Amounts Offset in the Statement of Assets and Liabilities	Net Amount of Assets Presented in the Statement of Assets and Liabilities	Financial Instruments1	Cash Collateral Received	Net Amount2
$12,303,269	$—	$12,303,269	($12,303,269)	$—	$—

¹ Amount disclosed is limited to the amount of assets presented in the Statement of Assets and Liabilities. Actual collateral received may be more than the amount shown.

² Net amount represents the net amount receivable from the counterparty in the event of default.

15

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Concluded)

February 28, 2018 (Unaudited)

7. Subsequent Events

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

16

SCHNEIDER SMALL CAP VALUE FUND

Other Information (Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (888) 520-3277 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

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

17

Investment Adviser

Schneider Capital Management
460 E. Swedesford Road
Suite 1080
Wayne, PA 19087

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Principal Underwriter

Quasar Distributors, LLC

777 East Wisconsin Avenue, Floor 6

Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

Legal Counsel

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

SCH-SAR18

SUMMIT GLOBAL INVESTMENTS
U.S. LOW VOLATILITY EQUITY FUND

SUMMIT GLOBAL INVESTMENTS
SMALL CAP LOW VOLATILITY FUND

SUMMIT GLOBAL INVESTMENTS
GLOBAL LOW VOLATILITY FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 28, 2018
(Unaudited)

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

SUMMIT GLOBAL INVESTMENTS

Semi-Annual Investment Adviser’s Report
February 28, 2018 (Unaudited)

Dear Shareholder:

We appreciate the confidence you have placed in us and are continually grateful to work with you. It enables all of us at Summit Global Investments to do what we love every day. We believe that investors are ultimately rewarded when equity risk is prudently managed. Our strategy utilizes time-tested investment principles and seeks to be fully invested in the equity market while also seeking to provide a smoother ride than other investment strategies.

We firmly believe that investing with a long-term, risk-return perspective is key to experiencing superior risk-adjusted returns. While staying the course with a low volatility portfolio does not eliminate risk, it has the potential to considerably lessen the effect of market gyrations.

Our investment approach to portfolio construction takes into consideration a multitude of factors that ultimately help drive the price of equities. We sincerely value and believe strongly that return and risk must coincide and be effectively managed together. Investing in cap-weighted indexes, higher risk strategies, or products or markets just for exposure without regard to the investment’s return seems unwarranted. Investing for return must always be weighed against the risk of the investments.

Since our last letter to shareholders dated August 31, 2017, U.S. equities have experienced quite the ride. Volatility spiked in February and the market experienced a correction followed by a sharp recovery from the lows. For the six-month period from September 1, 2017 through February 28, 2018, the total return for the U.S Low Volatility Equity Fund was 10.51% vs. 10.84% for the S&P 500^® Index. The Fund has faced numerous headwinds such as growth securities winning, concentration outperforming, strong isolated momentum, and most importantly, historic low volatility prior to February’s volatility spike. Nevertheless, the Fund has largely kept pace, only underperforming by -0.31% while capturing 97.13% of the return of the S&P 500^® Index. On a risk-adjusted basis the Fund outperformed by 2.63%, as the beta¹ for the Fund, as of February 28, 2018, was 0.75. The Fund continues to have a lower beta than the Index with positioning designed to seek downside protection in the event of continued market declines.

For the six months ending February 28, 2018, the Small Cap Low Volatility Fund has faced numerous headwinds such as the dollar weakening, growth securities winning, concentration outperforming, strong isolated momentum, and most importantly, historic low volatility. The Fund has returned 2.71% vs 8.30% for the Russell 2000 Index^®. On a risk-adjusted basis the Fund underperformed by -2.10%, as the beta¹ for the Fund, as of February 28, 2018, was 0.58. The Fund continues to have a lower beta than the Index with positioning designed to seek downside protection.

In 2017 Summit Global Investments officially began management of the Global Low Volatility Fund. From September 1, 2017 through February 28, 2018 the Fund has faced numerous headwinds such as the dollar weakening, growth securities winning, concentration outperforming, strong isolated momentum, and most importantly, historic low volatility. Despite such markets the Fund has returned 6.03% vs 9.29% for the MSCI ACWI Index. On a risk-adjusted basis the Fund outperformed by 0.16%, as the beta¹ for the Fund, as of February 28, 2018, was 0.63. The Fund continues to have a lower beta than the Index with positioning designed to seek downside protection.

Economic Update

The economy has continued to grow modestly through the fourth quarter of 2017 and into the first quarter of 2018. During the first quarter, equity markets were generally weak and volatile. Growth stocks, as a style, significantly outperformed value stocks across all market caps.

The U.S. economy is expected to continue to grow during 2018 according to the Federal Reserve Leading Index. We do not see significant signs of a recession in the near term.

Both U.S. and non-U.S. valuations are near their 10-year peaks. Although equity market valuations are clearly stretched, we’re still finding attractively valued companies in which to invest.

¹ Beta attempts to measure relative market risk. A beta rating above 1.0 indicates greater volatility than the market. A beta rating below 1.0 indicates lower volatility than the market.

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SUMMIT GLOBAL INVESTMENTS

 Semi-Annual Investment Adviser’s Report (Continued)
February 28, 2018 (Unaudited)

Our expectations:

● Increased volatility will likely remain elevated throughout 2018.

● U.S. economic growth are likely to remain modest as the probability of a recession remains low

● Globally central bank balance sheets in aggregate should start to decline as debt matures creating a headwind for global growth

● Valuations will likely remain elevated as measured by nearly every valuation metric

● Unemployment rate should remain at generational lows

● U.S. technology behemoth companies are likely to come under increasing regulatory scrutiny

Volatility Matters

Stock market volatility, measured by the CBOE Volatility Index: VIX^®, hit historical lows in 2017. In fact, the index had fallen below 10, hitting twenty-seven year lows. In the last shareholder letter, we asked, “Why is volatility so low when uncertainty of Washington politics, infrastructure spending, tax reform, and healthcare changes remains so high?”

In periods of extreme low volatility, it becomes increasingly difficult for low volatility strategies to outpace and differentiate themselves from the market. However, over history, a Minsky moment — that is, market turmoil following an extended period of speculation and/or unsustainable growth — sometimes occurs when complacency sets in, as stability is often the prelude to instability, as we experienced in February. Usually, low volatility investment strategies perform well during periods of high or rising market volatility.

2

SUMMIT GLOBAL INVESTMENTS

Semi-Annual Investment Adviser’s Report (Continued)
February 28, 2018 (Unaudited)

Interest Rates

In December, the Federal Reserve bank increased the Fed Funds rate by 0.25% to an upper-bound target of 1.50%. This is the fifth such increase since December 2015. Based upon the futures market, the implied probability of another 0.25% hike in the Fed Funds rate in March & June is 61%. Expectations exist for more than two rate hikes remaining in 2018. The recent tax cuts should boost economic growth enough for the Fed to have confidence to keep raising interest rates.

Note: In the following graphs, the shaded periods represent recessions.

Historically, an inverted yield curve, measured by the difference between the 10-Year Treasury yield and the 2-Year Treasury yield, has been an excellent indicator of oncoming recessions. During the two months of 2018, the yield curve continued to flatten, with the spread down to 0.47%. However, it’s still a quite a long way from falling below zero, or inverting.

Sentiment

Sentiment increased globally as economic growth picked up in both developed and emerging markets. In the U.S., the University of Michigan Consumer Sentiment Index increased from a quarter ago and remains near its highest level in 17 years.

3

SUMMIT GLOBAL INVESTMENTS

Semi-Annual Investment Adviser’s Report (ConTINUED)
February 28, 2018 (Unaudited)

Consumers are clearly feeling good with the unemployment rate, household net worth hitting new highs, and the lowest household debt service ratio in the past 30 years. Finally, the Conference Board of Ten Leading Economic Indicators rose from a year ago, confirming that the economy continues to grow modestly.

Valuations Remain Elevated

During the past six months, most global valuation signals remained elevated. Robust earnings growth is expected across global equity markets. Strong earnings often support higher valuation multiples; however, risk of a market selloff has clearly increased.

4

SUMMIT GLOBAL INVESTMENTS

Semi-Annual Investment Adviser’s Report (CONTINUED)
February 28, 2018 (Unaudited)

Both U.S. and non-U.S. valuations are at or near their 10-year peaks. The spread between them has been rising with the U.S. approximately 30-40% more expensive than international markets. Although, notably, the U.S. stock market seems to always trade at a premium to international stocks.

Lastly, while the markets are somewhat expensive, there usually exists attractively valued individual companies in which to invest. Summit Global Investments seeks attractively valued low volatility companies as part of our investment discipline.

SGI’s Multi-Factor, Multi-Faceted Investment Approach

At Summit Global Investments we are strong believers that low volatility, or managed risk, investing has the potential to ultimately result in more accumulated wealth and a smoother ride for the investor. In addition to our low volatility focus, we utilize multi-factor models and additional risk overlays as part of our investment processes.

Research has shown that a blended or multi-factor approach explains stock returns with greater consistency then single factor models which tend to go in and out of favor. Utilizing a multi-factor approach may help limit the drastic return extremes of single factor exposure (such as many passive “smart beta” approaches).

Important factor tilts that have been present are: value (cheaper companies), quality (profitable, less levered companies), momentum (companies with strong near term returns), lower capitalization (than the index), and dividend yield. We utilize a proprietary alpha model that analyzes companies across multiple dimensions. Our portfolio managers and research team continuously test the predictive power of our alpha model in addition to exploring the market for additional anomalies that we may be able to exploit. Ultimately, we fine tune these customized factors to complement our low volatility approach. These market anomalies have been well researched both internally here at SGI as well as in academia.

We recognize the inherent bias in many low volatility strategies to be highly concentrated in the most defensive sectors. We strive to produce a well-diversified portfolio, including sector allocations, to limit that structural bias within low volatility investing. In addition, we deploy both a multi-dimensional systematic and discretionary oversight to our sector allocations. This allows us to limit, or cap, our exposure to less attractive sectors from a risk adjusted basis.

5

SUMMIT GLOBAL INVESTMENTS

Semi-Annual Investment Adviser’s Report (ConTINUED)
February 28, 2018 (Unaudited)

Finally, a distinct advantage of Summit Global Investments is our ability to fundamentally analyze all companies in our portfolios. Many purely quantitative strategies end up investing in companies with higher than desired downside risk given their lack of fundamental analysis. Given our desire to manage risk, we find it imperative to identify and eliminate companies with higher potential for downside loss. We seek to eliminate companies with changing business models, management turnover, in major litigation or under investigations, and other critical issues.

We feel strongly that having multiple risk management processes should allow us to hedge and grow client portfolios.

Firm Update

We’re enthusiastic about several developments here at SGI. The firm has surpassed $700 million in assets with a strong pipeline of new business opportunities across all strategies. Three new senior investment professionals recently joined the investment team and we plan to make additional strategic personnel hires to be proactive and stay ahead of our business growth.

Conclusion

We continue to reiterate that large market events are being driven more and more by world events than ever before. Company revenue and profits, business plans and investments, and ultimately success or failure is more correlated to global events than ever in history. As such, companies must be as strong or stronger, balance sheet wise, than the country in which they are headquartered. We must keep an eye on such events and company strength throughout the coming months and years.

The team at SGI has identified some themes that require close monitoring through the end of 2018. Those themes include:

● Continuation of modest U.S. economic growth

● The Federal Reserve will likely raise the fed funds rate at least two more times in 2018

● No dramatic increase in U.S. long term interest rates because of modest U.S. economic growth and very low international interest rates

● Globally, monetary policies in major economies could be less accommodative

● Store closures for brick and mortar retailers should accelerate as eCommerce continues to gain market share

● Narrowing of the valuation difference between U.S. and non-U.S. equities

● Political battles in Washington will continue, however clarity regarding health care and trade policies could benefit the market

● Due to outsized future expectations, the FAANG stocks will ultimately disappoint

● Volatility will likely continue to be elevated

In addition to global and political events, companies are unique in how each prepares, responds and survives the impact of such macro events and economic cycles. While some cycles may, vary in length and events differ in impact, we believe, for U.S. equity exposure, the Funds' approach should be effective over full market cycles.

Our philosophy to navigate such markets is simple and consistent throughout up and down markets. We believe that being invested in a low volatility equity portfolio over full market cycles provides lower price fluctuations, the potential for more consistent and reliable returns with smaller drawdowns, and adds increased diversification when combined with other investment strategies. Our approach takes into account each underlying company’s stock volatility, expected

6

SUMMIT GLOBAL INVESTMENTS

Semi-Annual Investment Adviser’s Report (CONTINUED)
February 28, 2018 (Unaudited)

market return and how it correlates with other stocks within the portfolio, ultimately seeking to maximize return with an overall lower risk than a cap-weighted benchmark. The Funds seek to outperform the Index over a full market cycle while reducing overall volatility.

Financial markets are always unpredictable, but there are several time-tested investment principles that may help put the odds in your favor. It is our sincere effort to follow such principles as we seek to provide acceptable long-term, risk-adjusted returns.

We continue to adhere to our disciplined, managed-risk, multi-factor investment process. Over a full market cycle, this approach aims to limit downside risks and strives for participation in market rallies. After eight plus years of an equity bull market, we believe it is time for investors to be proactively prudent. We’re grateful for the opportunity to help steward the Funds.

Sincerely,
Summit Global Investments, LLC

Mutual fund investing involves risk. Loss of principle is possible. A portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks’ price levels. Investing in low volatility stocks may limit the Fund’s gains in rising markets.

Diversification does not assure a profit, nor does it protect against a loss in a declining market. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.

Earnings Growth is not a measure of the Fund’s future performance.

S&P 500: S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Russell 2000: The Russell 2000^® Index is an unmanaged market capitalization-weighted index of 2,000 small company stocks of U.S. domiciled companies.

MSCI ACWI: The MSCI ACWI Index captures large and mid-cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 2,495 constituents, the index covers approximately 85% of the global investable equity opportunity set.

VIX: The CBOE Volatility Index (VIX) is a popular measure of the stock market’s expectation of volatility implied by S&P 500 Index options, calculated and published by the Chicago Board Options Exchange.

Federal Reserve Leading Index: The Federal Reserve Bank of Philadelphia publishes the leading index monthly and it includes economic variables that tend to move before changes in the overall economy. These indicators give a sense of the future state of the economy.

Consumer Sentiment Index: The University of Michigan collects data on consumer attitudes and expectations regarding personal finances, business conditions, and market conditions. This data is summarized in the Consumer Sentiment Index and published monthly.

Conference Board Leading Index: The Conference Board is a non-profit research organization that uses ten component indicators that tend to move before changes in the overall economy. These indicators summarized and published monthly give a sense of the future state of the economy.

It is not possible to invest directly in an index.

7

SUMMIT GLOBAL INVESTMENTS

Semi-Annual Investment Adviser’s Report (ConCLUDED)
February 28, 2018 (Unaudited)

Upside Capture Ratio: The upside capture ration is a statistical measure used to evaluate how well an investment manager performed relative to an index during periods when that index has risen.

EV to EBITDA: Enterprise value to earnings before interest, taxes, depreciation, and amortization is a popular valuation multiple used to measure the value of a company. It is often used in conjunction with other valuation multiples to determine the fair market value of a company or group of companies.

Smart Beta: Smart beta defines a set of investment strategies along various factor dimensions that emphasize alternative index construction methodologies using transparent rules versus traditional market capitalization-based indices.

Alpha: Alpha is a measure of the active return on an investment compared to a suitable market index.

FAANG is an acronym for the five most popular and best performing tech stocks in the market, namely Facebook, Apple, Amazon, Netflix and Alphabet’s Google.

Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. Please refer to the Schedule of Investments in this report for a complete list of fund holdings.

8

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND - CLASS I SHARES

Performance Data

February 28, 2018 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2018
	Six Months†	One Year	Three Year	Five Year	Since Inception*
Class I Shares	10.51%	13.91%	9.48%	12.48%	12.45%
S&P 500® Index**	10.84%	17.10%	11.14%	14.73%	14.52%

† Not annualized.

* Class I Shares of the Fund commenced operations on February 29, 2012.

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

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

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2017, are 1.14% and 0.98%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. The Fund’s investment adviser (the “Adviser”), has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2018 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 0.98% of the Fund’s average daily net assets attributable to Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 0.98%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2018 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 0.98% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®”). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

9

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND - CLASS A SHARES

Performance Data (continued)

February 28, 2018 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2018
	Six Months†	One Year	Since Inception*
Class A Shares (without sales charge)	10.40%	13.65%	10.65%
Class A Shares (with sales charge)	4.63%	7.68%	8.14%
S&P 500® Index**	10.84%	17.10%	14.24%

† Not annualized.

* Class A Shares of the Fund commenced operations on October 29, 2015.

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

Class A Shares of the Fund have a 5.25% maximum sales charge.

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

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2017, are 1.39% and 1.23%, respectively, of average daily net assets for Class A Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. The Fund’s investment adviser (the “Adviser”), has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2018 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.23% of the Fund’s average daily net assets attributable to Class A Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse certain expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.23%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2018 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.23% of the Fund’s average daily net assets attributable to Class A Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®”). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

10

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND - CLASS C SHARES

Performance Data (Continued)

February 28, 2018 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2018
	Six Months†	One Year	Since Inception*
Class C Shares	10.01%	12.91%	11.10%
S&P 500® Index**	10.84%	17.10%	16.42%

† Not annualized.

* Class C Shares of the Fund commenced operations on December 31, 2015.

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

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

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2017, are 2.14% and 1.98%, respectively, of average daily net assets for Class C Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. The Fund’s investment adviser (the “Adviser”), has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2018 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.98% of the Fund’s average daily net assets attributable to Class C Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.98%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2018 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.98% of the Fund’s average daily net assets attributable to Class C Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®”). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

11

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND - CLASS I SHARES

Performance Data (Continued)

February 28, 2018 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2018
	Six Months†	One Year	Since Inception*
Class I Shares	2.71%	6.22%	13.65%
Russell 2000® Index**	8.30%	10.51%	18.90%

† Not annualized.

* Class I Shares of the Fund commenced operations on March 31, 2016.

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

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

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2017, are 2.40% and 1.42%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. The Fund’s investment adviser (the “Adviser”), has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2018 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.23% of the Fund’s average daily net assets attributable to Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.23%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2018 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.23% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Russell 2000^® Index (“Russell 2000^®”). The Russell 2000^® is a widely recognized, unmanaged index of 2,000 common stocks which are generally representative of the U.S. Small Companies. It is impossible to invest directly in an index.

The Fund invests in equity securities and in stocks of small companies which are subject to market, economic and business risks that may cause their price to rise or fall over time. Stocks of small companies may be more volatile, less liquid or not as readily marketable as those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Although the Fund seeks lower volatility, there is no guarantee the Fund will perform as expected.

12

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND - CLASS A SHARES

Performance Data (Continued)

February 28, 2018 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2018
	Six Months†	One Year	Since Inception*
Class A Shares (without sales charge)	2.55%	5.98%	13.44%
Class A Shares (with sales charge)	-2.86%	0.45%	10.31%
Russell 2000® Index**	8.30%	10.51%	18.90%

† Not annualized.

* Class A Shares of the Fund commenced operations on March 31, 2016.

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

Class A Shares of the Fund have a 5.25% maximum sales charge.

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

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2017, are 2.65% and 1.67%, respectively, of average daily net assets for Class A Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. The Fund’s investment adviser (the “Adviser”), has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2018 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.48% of the Fund’s average daily net assets attributable to Class A Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.48%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2018 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.48% of the Fund’s average daily net assets attributable to Class A Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Russell 2000^® Index (“Russell 2000^®”). The Russell 2000^® is a widely recognized, unmanaged index of 2,000 common stocks which are generally representative of the U.S. Small Companies. It is impossible to invest directly in an index.

The Fund invests in equity securities and in stocks of small companies which are subject to market, economic and business risks that may cause their price to rise or fall over time. Stocks of small companies may be more volatile, less liquid or not as readily marketable as those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Although the Fund seeks lower volatility, there is no guarantee the Fund will perform as expected.

13

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND - CLASS C SHARES

Performance Data (Continued)

February 28, 2018 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2018
	Six Months†	One Year	Since Inception*
Class C Shares	2.16%	5.08%	12.54%
Russell 2000® Index**	8.30%	10.51%	18.90%

† Not annualized.

* Class C Shares of the Fund commenced operations on March 31, 2016.

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

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

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2017, are 3.40% and 2.42%, respectively, of average daily net assets for Class C Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. The Fund’s investment adviser (the “Adviser”), has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2018 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 2.23% of the Fund’s average daily net assets attributable to Class C Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 2.23%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2018 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 2.23% of the Fund’s average daily net assets attributable to Class C Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Russell 2000^® Index (“Russell 2000^®”). The Russell 2000^® is a widely recognized, unmanaged index of 2,000 common stocks which are generally representative of the U.S. Small Companies. It is impossible to invest directly in an index.

The Fund invests in equity securities and in stocks of small companies which are subject to market, economic and business risks that may cause their price to rise or fall over time. Stocks of small companies may be more volatile, less liquid or not as readily marketable as those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Although the Fund seeks lower volatility, there is no guarantee the Fund will perform as expected.

14

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Performance Data (Concluded)

February 28, 2018 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2018*
	Six Months†	One Year	Three Year	Five Year	Since Inception
Class I Shares**	6.03%	14.71%	3.66%	12.28%	17.90%
MSCI ACWI Index***	9.29%	19.41%	8.93%	10.66%	14.09%

† Not annualized.

* Returns for periods prior to January 3, 2017 were generated under the Management of the Fund’s former investment adviser.

** The Fund operated as a series of Scotia Institutional Funds prior to the close of business on March 21, 2014 (the “Predecessor Fund”), at which time the Predecessor Fund was reorganized into the Scotia Dynamic U.S. Growth Fund a newly created series of The RBB Fund, Inc. The fiscal year end of the Predecessor Fund was September 30. The performance shown for periods prior to March 21, 2014 represents the performance for the Predecessor Fund. While the Predecessor Fund commenced operations on March 31, 2009, the Predecessor Fund began investing consistent with its investment objective on April 1, 2009. Effective January 3, 2017, the Scotia Dynamic U.S. Growth Fund changed its name to the Summit Global Investments Global Low Volatility Fund (the “Fund”). The performance data includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2017, are 1.32% and 0.84%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. The Fund’s investment adviser (the “Adviser”), has contractually agreed to waive management fees and/or reimburse certain expenses of the Fund through December 31, 2018 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) do not exceed 0.84% (on an annual basis) of Class I’s average daily net assets (the “Expense Limitation”). The Expense Limitation shall remain in effect until December 31, 2018, unless the Board of Directors of The RBB Fund, Inc. approves its earlier termination. If at any time the Fund’s total annual Fund operating expenses for a year are less than 0.84% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

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

The MSCI ACWI Index (the “Index”) captures large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With more than 2,400 constituents, the index covers approximately 85% of the global investable equity opportunity set. It is not possible to invest directly with an index.

15

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples

February 28, 2018 (Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (if applicable); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018 and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Summit Global Investments U.S. Low Volatility Equity Fund
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*
Class I Shares
Actual	$ 1,000.00	$ 1,105.10	$ 5.12
Hypothetical (5% return before expenses)	1,000.00	1,019.93	4.91
Class A Shares
Actual	$ 1,000.00	$ 1,104.00	$ 6.42
Hypothetical (5% return before expenses)	1,000.00	1,018.70	6.16
Class C Shares
Actual	$ 1,000.00	$ 1,100.10	$ 10.31
Hypothetical (5% return before expenses)	1,000.00	1,014.98	9.89

16

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples (Concluded)

February 28, 2018 (Unaudited)

	Summit Global Investments Small Cap Low Volatility Fund
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period**
Class I Shares
Actual	$ 1,000.00	$ 1,027.10	$ 6.18
Hypothetical (5% return before expenses)	1,000.00	1,018.70	6.16
Class A Shares
Actual	$ 1,000.00	$ 1,025.50	$ 7.43
Hypothetical (5% return before expenses)	1,000.00	1,017.46	7.40
Class C Shares
Actual	$ 1,000.00	$ 1,021.60	$ 11.18
Hypothetical (5% return before expenses)	1,000.00	1,013.74	11.13

	Summit Global Investments Global Low Volatility Fund
	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period***
Class I Shares
Actual	$ 1,000.00	$ 1,060.30	$ 4.29
Hypothetical (5% return before expenses)	1,000.00	1,020.63	4.21

* Expenses are equal to the Fund’s annualized six-month expense ratio of 0.98%, 1.23% and 1.98% for Class I Shares, Class A Shares and Class C Shares of the Summit Global Investments U.S. Low Volatility Equity Fund, respectively, which includes waived fees and reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account values on the first line in the tables is based on the actual six-month total investment return for the Fund of 10.51%, 10.40% and 10.01% for Class I Shares, Class A Shares and Class C Shares, respectively.

** Expenses are equal to the Fund’s annualized six-month expense ratio of 1.23%, 1.48% and 2.23% for Class I Shares, Class A Shares and Class C Shares of the Summit Global Investments Small Cap Low Volatility Fund, respectively, which includes waived fees and reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund of 2.71%, 2.55 % and 2.16% for Class I Shares, Class A Shares and Class C Shares, respectively.

*** Expenses are equal to the Fund’s annualized six-month expense ratio of 0.84% for Class I Shares of the Summit Global Investments Global Low Volatility Fund, which includes waived fees and reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund of 6.03% for Class I Shares.

17

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Portfolio Holdings Summary Table

February 28, 2018 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
IT Services		8.7	%	$	9,166,297
Specialty Retail		8.2			8,609,615
Software		7.8			8,161,009
Insurance		7.6			7,944,296
Food & Staples Retailing		7.4			7,733,537
Health Care Providers & Services		5.4			5,729,186
Oil, Gas & Consumable Fuels		4.5			4,751,380
Biotechnology		4.4			4,668,651
Capital Markets		4.4			4,645,360
Communications Equipment		3.5			3,722,710
Beverages		3.3			3,476,832
Pharmaceuticals		3.0			3,106,924
Professional Services		2.7			2,853,500
Diversified Telecommunication Services		2.5			2,597,254
Commercial Services & Supplies		2.4			2,556,048
Technology Hardware, Storage & Peripherals		2.2			2,357,128
Household Products		2.0			2,057,088
Internet Software & Services		1.6			1,687,624
Health Care Equipment & Supplies		1.5			1,593,531
Food Products		1.4			1,434,596
Textiles, Apparel & Luxury Goods		1.4			1,424,287
Electric Utilities		1.3			1,325,845
Machinery		1.2			1,241,916
Real Estate Investment Trusts (REITs)		0.9			938,268
Semiconductors & Semiconductor Equipment		0.8			824,408
Diversified Financial Services		0.7			766,640
Banks		0.7			731,403
Airlines		0.5			543,696
Independent Power and Renewable Electricity Producers		0.5			504,368
Electronic Equipment, Instruments & Components		0.4			428,773
Distributors		0.3			307,944
Personal Products		0.3			290,724
Aerospace & Defense		0.3			281,952
Consumer Finance		0.3			263,277
Media		0.2			257,900
Chemicals		0.2			236,124
Building Products		0.2			224,665
Real Estate Management & Development		0.2			215,050
Air Freight & Logistics		0.2			214,728
Hotels, Restaurants & Leisure		0.2			211,270
Multi-Utilities		0.2			202,875
Multiline Retail		0.2			198,639
Automobiles		0.1			186,736
SHORT-TERM INVESTMENTS		0.8			889,307
OTHER ASSETS IN EXCESS OF LIABILITIES		3.4			3,621,774
NET ASSETS		100	%	$	105,185,135

Portfolio holdings are subject to change at any time.

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

18

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
COMMON STOCKS - 95.8%
Aerospace & Defense — 0.3%
Lockheed Martin Corp.		800	$	281,952
Air Freight & Logistics — 0.2%
CH Robinson Worldwide, Inc.		2,300		214,728
Airlines — 0.5%
Southwest Airlines Co.		9,400		543,696
Automobiles — 0.1%
Ford Motor Co.		17,600		186,736
Banks — 0.7%
BB&T Corp.		4,500		244,575
JPMorgan Chase & Co.		2,400		277,200
Regions Financial Corp.		10,800		209,628
				731,403
Beverages — 3.3%
Coca-Cola Co., (The)		4,400		190,168
Monster Beverage Corp.*		3,900		247,143
PepsiCo, Inc.		27,700		3,039,521
				3,476,832
Biotechnology — 4.4%
AbbVie, Inc.		18,600		2,154,438
Biogen, Inc.*		8,700		2,514,213
				4,668,651
Building Products — 0.2%
AO Smith Corp., Class A		3,500		224,665
Capital Markets — 4.4%
Northern Trust Corp.		10,000		1,058,700
S&P Global, Inc.		18,700		3,586,660
				4,645,360
Chemicals — 0.2%
PPG Industries, Inc.		2,100		236,124
Commercial Services & Supplies — 2.4%
Cintas Corp.		1,600		273,056
Republic Services, Inc.		30,000		2,015,400
Waste Management, Inc.		3,100		267,592
				2,556,048
Communications Equipment — 3.5%
Cisco Systems, Inc.		76,500		3,425,670
F5 Networks, Inc.*		2,000		297,040
				3,722,710
Consumer Finance — 0.3%
American Express Co.		2,700		263,277
Distributors — 0.3%
LKQ Corp.*		7,800		307,944
Diversified Financial Services — 0.7%
Berkshire Hathaway, Inc., Class A*		3,700		766,640
Diversified Telecommunication Services — 2.5%
AT&T, Inc.		65,500		2,377,650
Verizon Communications, Inc.		4,600		219,604
				2,597,254
Electric Utilities — 1.3%
Alliant Energy Corp.		5,300		204,845
Pinnacle West Capital Corp.		2,700		207,792
Xcel Energy, Inc.		21,100		913,208
				1,325,845
Electronic Equipment, Instruments & Components — 0.4%
Corning, Inc.		7,300		212,284
TE Connectivity Ltd., (Switzerland)		2,100		216,489
				428,773
Food & Staples Retailing — 7.4%
Costco Wholesale Corp.		4,500		859,050
Kroger Co., (The)		10,300		279,336
Sysco Corp.		49,300		2,940,745
Wal-Mart Stores, Inc.		40,600		3,654,406
				7,733,537
Food Products — 1.4%
Hershey Co., (The)		14,600		1,434,596
Health Care Equipment & Supplies — 1.5%
Baxter International, Inc.		19,500		1,321,905
Medtronic PLC, (Ireland)		3,400		271,626
				1,593,531
Health Care Providers & Services — 5.4%
Aetna, Inc.		13,200		2,337,192
Anthem, Inc.		900		211,842
Humana, Inc.		800		217,456
UnitedHealth Group, Inc.		13,100		2,962,696
				5,729,186
Hotels, Restaurants & Leisure — 0.2%
Starbucks Corp.		3,700		211,270
Household Products — 2.0%
Clorox Co., (The)		1,500		193,620
Colgate-Palmolive Co.		9,600		662,112
Procter & Gamble Co., (The)		15,300		1,201,356
				2,057,088
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp.		46,400		504,368
Insurance — 7.6%
Allstate Corp., (The)		2,600		239,876
American International Group, Inc.		17,300		991,982
Marsh & McLennan Cos, Inc.		25,600		2,125,312
Principal Financial Group, Inc.		3,200		199,456
Progressive Corp., (The)		66,400		3,823,312
Prudential Financial, Inc.		3,000		318,960

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

19

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments (Concluded)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Insurance — 7.6% (Continued)
XL Group Ltd.		5,800	$	245,398
				7,944,296
Internet Software & Services — 1.6%
Facebook, Inc., Class A*		5,300		945,096
VeriSign, Inc.*		6,400		742,528
				1,687,624
IT Services — 8.7%
Accenture PLC, Class A, (Ireland)		18,000		2,898,180
Cognizant Technology Solutions Corp.		40,900		3,354,618
Fidelity National Information Services, Inc.		3,100		301,258
Fiserv, Inc.*		9,500		1,362,205
Global Payments, Inc.		2,000		226,780
Paychex, Inc.		12,200		794,586
Total System Services, Inc.		2,600		228,670
				9,166,297
Machinery — 1.2%
Snap-on, Inc.		7,800		1,241,916
Media — 0.2%
Walt Disney Co., (The)		2,500		257,900
Multiline Retail — 0.2%
Dollar General Corp.		2,100		198,639
Multi-Utilities — 0.2%
CenterPoint Energy, Inc.		7,500		202,875
Oil, Gas & Consumable Fuels — 4.5%
EOG Resources, Inc.		4,500		456,390
Occidental Petroleum Corp.		6,900		452,640
Phillips 66		10,000		903,700
Valero Energy Corp.		32,500		2,938,650
				4,751,380
Personal Products — 0.3%
Estee Lauder Cos, Inc., Class A, (The)		2,100		290,724
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co.		3,300		218,460
Eli Lilly & Co.		6,300		485,226
Johnson & Johnson		16,200		2,104,056
Zoetis, Inc.		3,700		299,182
				3,106,924
Professional Services — 2.7%
Robert Half International, Inc.		50,000		2,853,500
Real Estate Investment Trusts (REITs) — 0.9%
American Tower Corp.		4,000		557,320
Regency Centers Corp.		3,200		185,952
UDR, Inc.		5,800		194,996
				938,268
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A*		4,600		215,050
Semiconductors & Semiconductor Equipment — 0.8%
Broadcom Ltd., (Singapore)		800		197,168
Lam Research Corp.		1,000		191,860
Skyworks Solutions, Inc.		2,200		240,350
Texas Instruments, Inc.		1,800		195,030
				824,408
Software — 7.8%
Activision Blizzard, Inc.		2,900		212,077
Adobe Systems, Inc.*		1,500		313,695
Citrix Systems, Inc.*		26,800		2,465,600
Intuit, Inc.		23,000		3,837,780
Microsoft Corp.		11,600		1,087,732
Salesforce.com, Inc.*		2,100		244,125
				8,161,009
Specialty Retail — 8.2%
Best Buy Co., Inc.		17,900		1,296,676
Home Depot, Inc., (The)		16,600		3,025,682
Lowe's Cos, Inc.		2,900		259,811
Ross Stores, Inc.		3,400		265,506
TJX Cos, Inc., (The)		45,500		3,761,940
				8,609,615
Technology Hardware, Storage & Peripherals — 2.2%
Apple, Inc.		11,500		2,048,380
HP, Inc.		13,200		308,748
				2,357,128
Textiles, Apparel & Luxury Goods — 1.4%
VF Corp.		19,100		1,424,287
TOTAL COMMON STOCKS
(Cost $81,077,535)				100,674,054
SHORT-TERM INVESTMENTS - 0.8%
Fidelity Investments Money Market Funds - Government Portfolio, 1.26% (a)		889,307		889,307
TOTAL SHORT-TERM INVESTMENTS
(Cost $889,307)				889,307
TOTAL INVESTMENTS - 96.6%
(Cost $81,966,842)				101,563,361
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.4%				3,621,774
NET ASSETS - 100.0%			$	105,185,135

* Non-income producing security.

^(a) Seven-day yield as of February 28, 2018

PLC Public Limited Company.

The accompanying notes are an integral part of the financial statements.
20

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Portfolio Holdings Summary Table

February 28, 2018 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Hotels, Restaurants & Leisure		6.4	%	$	1,407,847
Chemicals		5.8			1,267,668
Banks		5.8			1,261,453
Commercial Services & Supplies		5.5			1,212,121
Electronic Equipment, Instruments & Components		4.7			1,037,683
Real Estate Investment Trusts		4.4			960,448
Auto Components		4.0			863,705
Machinery		3.7			800,267
Health Care Equipment & Supplies		3.5			760,001
Capital Markets		3.3			729,721
Electric Utilities		3.2			698,899
IT Services		2.9			624,069
Semiconductors & Semiconductor Equipment		2.8			605,619
Health Care Providers & Services		2.3			493,210
Professional Services		2.2			482,156
Specialty Retail		2.1			459,308
Electrical Equipment		2.0			432,678
Pharmaceuticals		1.8			403,545
Household Durables		1.8			401,705
Water Utilities		1.7			374,250
Food Products		1.7			364,608
Multi-Utilities		1.6			350,156
Trading Companies & Distributors		1.1			246,400
Media		1.1			244,150
Internet & Direct Marketing Retail		1.1			244,026
Leisure Products		1.1			235,271
Diversified Consumer Services		1.1			234,092
Real Estate Management & Development		1.1			232,360
Textiles, Apparel & Luxury Goods		1.0			228,280
Thrifts & Mortgage Finance		1.0			218,161
Containers & Packaging		1.0			213,375
Communications Equipment		1.0			210,755
Air Freight & Logistics		1.0			210,600
Insurance		1.0			208,535
Construction & Engineering		0.9			205,250
Diversified Financial Services		0.9			203,740
Paper & Forest Products		0.9			191,625
Internet Software & Services		0.9			190,272
Investment Companies		0.9			187,436
Gas Utilities		0.7			179,955
SHORT-TERM INVESTMENTS		3.7			818,493
OTHER ASSETS IN EXCESS OF LIABILITIES		5.3			1,154,667
NET ASSETS		100	%	$	21,848,560

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
21

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
COMMON STOCKS - 91.0%
Air Freight & Logistics — 1.0%
Forward Air Corp.		3,900	$	210,600
Auto Components — 4.0%
Cooper-Standard Holdings, Inc.*		1,800		219,312
Dorman Products, Inc.*		3,100		213,900
Fox Factory Holding Corp.*		5,500		206,525
Standard Motor Products, Inc.		4,800		223,968
				863,705
Banks — 5.8%
Bryn Mawr Bank Corp.		4,800		209,040
Community Trust Bancorp, Inc.		4,500		195,750
First Busey Corp.		7,100		210,515
Great Southern Bancorp, Inc.		4,300		208,120
Preferred Bank		3,600		224,388
QCR Holdings, Inc.		4,900		213,640
				1,261,453
Capital Markets — 3.3%
Fidus Investment Corp.		12,900		166,152
New Mountain Finance Corp.		15,100		191,015
Solar Capital Ltd.		10,000		203,000
WhiteHorse Finance, Inc.		15,400		169,554
				729,721
Chemicals — 5.8%
AdvanSix, Inc.*		4,800		198,480
Cabot Corp.		3,600		216,648
Innospec, Inc.		3,100		201,345
KMG Chemicals, Inc.		4,052		242,998
Quaker Chemical Corp.		1,400		199,542
Sensient Technologies Corp.		2,900		208,655
				1,267,668
Commercial Services & Supplies — 5.5%
ABM Industries, Inc.		5,300		186,348
Matthews International Corp., Class A		4,100		210,125
MSA Safety, Inc.		2,600		209,638
SP Plus Corp.*		5,300		190,800
UniFirst Corp.		1,400		217,420
Viad Corp.		3,800		197,790
				1,212,121
Communications Equipment — 1.0%
Ituran Location and Control Ltd., (Israel)		6,100		210,755
Construction & Engineering — 0.9%
Comfort Systems USA, Inc.		5,000		205,250
Containers & Packaging — 1.0%
Silgan Holdings, Inc.		7,500		213,375
Diversified Consumer Services — 1.1%
Carriage Services, Inc.		8,600		234,092
Diversified Financial Services — 0.9%
Compass Diversified Holdings †		12,200		203,740
Electric Utilities — 3.2%
El Paso Electric Co.		3,700		179,820
Hawaiian Electric Industries, Inc.		5,800		191,168
PNM Resources, Inc.		4,700		165,440
Spark Energy, Inc., Class A		17,470		162,471
				698,899
Electrical Equipment — 2.0%
EnerSys		3,200		223,008
Regal Beloit Corp.		2,900		209,670
				432,678
Electronic Equipment, Instruments & Components — 4.7%
Celestica, Inc., (Canada)*		19,500		212,160
ePlus, Inc.*		2,710		207,451
Orbotech Ltd., (Israel)*		3,900		214,344
PC Connection, Inc.		8,000		198,640
Plexus Corp.*		3,400		205,088
				1,037,683
Food Products — 1.7%
B&G Foods, Inc.		5,900		163,430
Lancaster Colony Corp.		1,700		201,178
				364,608
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		2,700		179,955
Health Care Equipment & Supplies — 3.5%
Globus Medical, Inc., Class A*		5,900		281,076
ICU Medical, Inc.*		1,100		254,375
LeMaitre Vascular, Inc.		6,460		224,550
				760,001
Health Care Providers & Services — 2.3%
Addus HomeCare Corp.*		6,800		233,580
Chemed Corp.		1,000		259,630
				493,210
Hotels, Restaurants & Leisure — 6.4%
Choice Hotels International, Inc.		3,000		237,450
Cracker Barrel Old Country Store, Inc.		1,500		234,150
Dave & Buster's Entertainment, Inc.*		4,400		196,988
Denny's Corp.*		16,500		248,160
Ruth's Hospitality Group, Inc.		10,100		247,955
Texas Roadhouse, Inc.		4,400		243,144
				1,407,847
Household Durables — 1.8%
Helen of Troy Ltd., (Bermuda)*		2,500		225,125
Tupperware Brands Corp.		3,600		176,580
				401,705

The accompanying notes are an integral part of the financial statements.
22

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Portfolio of Investments (Concluded)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Insurance — 1.0%
Argo Group International Holdings Ltd., (Bermuda)		3,580	$	208,535
Internet & Direct Marketing Retail — 1.1%
PetMed Express, Inc.		5,400		244,026
Internet Software & Services — 0.9%
CommerceHub, Inc., Class A*		9,600		190,272
Investment Companies — 0.9%
TPG Specialty Lending, Inc.		10,390		187,436
IT Services — 2.9%
Sykes Enterprises, Inc.*		6,921		201,124
TTEC Holdings, Inc.		5,300		188,945
WNS Holdings Ltd., (India) ADR*		5,200		234,000
				624,069
Leisure Products — 1.1%
MCBC Holdings, Inc.*		9,599		235,271
Machinery — 3.7%
Alamo Group, Inc.		1,893		210,407
Global Brass & Copper Holdings, Inc.		6,500		183,950
Hillenbrand, Inc.		4,900		215,110
Kadant, Inc.		2,000		190,800
				800,267
Media — 1.1%
John Wiley & Sons, Inc., Class A		3,800		244,150
Multi-Utilities — 1.6%
NorthWestern Corp.		3,400		173,672
Unitil Corp.		4,198		176,484
				350,156
Paper & Forest Products — 0.9%
Neenah Paper, Inc.		2,500		191,625
Pharmaceuticals — 1.8%
Phibro Animal Health Corp., Class A		6,100		234,545
Prestige Brands Holdings, Inc.*		5,000		169,000
				403,545
Professional Services — 2.2%
Korn/Ferry International		5,100		213,741
On Assignment, Inc.*		3,500		268,415
				482,156
Real Estate Investment Trusts — 4.4%
Apollo Commercial Real Estate Finance, Inc.		11,700		213,642
LTC Properties, Inc.		4,600		169,970
Potlatch Corp.		4,200		214,830
Urban Edge Properties		8,900		192,062
Urstadt Biddle Properties, Inc., Class A		9,700		169,944
				960,448
Real Estate Management & Development — 1.1%
RMR Group Inc., Class A, (The)		3,700		232,360
Semiconductors & Semiconductor Equipment — 2.8%
Cabot Microelectronics Corp.		2,100		213,990
Nova Measuring Instruments Ltd., (Israel)*		7,700		210,903
NVE Corp.		2,600		180,726
				605,619
Specialty Retail — 2.1%
Aaron's, Inc.		5,800		268,018
Haverty Furniture Cos, Inc.		9,400		191,290
				459,308
Textiles, Apparel & Luxury Goods — 1.0%
Steven Madden Ltd.		5,200		228,280
Thrifts & Mortgage Finance — 1.0%
First Defiance Financial Corp.		4,100		218,161
Trading Companies & Distributors — 1.1%
Applied Industrial Technologies, Inc.		3,500		246,400
Water Utilities — 1.7%
California Water Service Group		5,100		193,545
Connecticut Water Service, Inc.		3,500		180,705
				374,250
TOTAL COMMON STOCKS
(Cost $18,850,870)				19,875,400
SHORT-TERM INVESTMENTS - 3.7%
Fidelity Investments Money Market Funds - Government Portfolio, 1.26% (a)		818,493		818,493
TOTAL SHORT-TERM INVESTMENTS
(Cost $818,493)				818,493
TOTAL INVESTMENTS - 94.7%
(Cost $19,669,363)				20,693,893
OTHER ASSETS IN EXCESS OF LIABILITIES - 5.3%				1,154,667
NET ASSETS - 100.0%			$	21,848,560

* Non-income producing security.

^(a) Seven-day yield as of February 28, 2018.

† Master Limited Partnership.

ADR American Depositary Receipt

The accompanying notes are an integral part of the financial statements.
23

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Portfolio Holdings Summary Table

February 28, 2018 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Pharmaceuticals		9.8	%	$	2,076,489
Software		8.3			1,756,196
Aerospace & Defense		6.2			1,307,838
Health Care Equipment & Supplies		6.1			1,295,694
Internet Software & Services		6.0			1,277,378
Diversified Telecommunication Services		5.8			1,227,899
Hotels, Restaurants & Leisure		5.8			1,226,915
Household Products		5.7			1,211,963
IT Services		4.1			879,525
Road & Rail		4.0			856,663
Personal Products		3.9			822,491
Real Estate Investment Trusts (REITs)		3.9			821,334
Banks		3.9			820,682
Specialty Retail		2.1			454,740
Chemicals		2.1			448,175
Capital Markets		2.1			447,600
Diversified Financial Services		2.0			435,120
Air Freight & Logistics		2.0			429,456
Oil, Gas & Consumable Fuels		2.0			419,234
Machinery		2.0			418,522
Media		1.9			412,640
Beverages		1.9			406,268
Electric Utilities		1.9			404,576
Food Products		1.9			402,866
Insurance		1.9			400,214
Food & Staples Retailing		1.7			374,442
SHORT-TERM INVESTMENTS		1.1			243,357
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.1	)		(16,392	)
NET ASSETS		100	%	$	21,261,885

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
24

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Portfolio of Investments

February 28, 2018 (Unaudited)

	Number of Shares		Value
COMMON STOCKS - 99.0%
Aerospace & Defense — 6.2%
General Dynamics Corp.		1,950	$	433,778
Raytheon Co.		2,030		441,545
United Technologies Corp.		3,210		432,515
				1,307,838
Air Freight & Logistics — 2.0%
CH Robinson Worldwide, Inc.		4,600		429,456
Banks — 3.9%
Bank of Montreal, (Canada)		5,400		410,454
Royal Bank of Canada, (Canada)		5,200		410,228
				820,682
Beverages — 1.9%
Coca-Cola Co., (The)		9,400		406,268
Capital Markets — 2.1%
T Rowe Price Group, Inc.		4,000		447,600
Chemicals — 2.1%
Nutrien Ltd., (Canada)		9,100		448,175
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B*		2,100		435,120
Diversified Telecommunication Services — 5.8%
BCE, Inc., (Canada)		9,180		400,523
Telekomunikasi Indonesia Persero Tbk PT, (Indonesia) SP ADR		14,200		412,226
TELUS Corp., (Canada)		11,500		415,150
				1,227,899
Electric Utilities — 1.9%
Duke Energy Corp.		5,370		404,576
Food & Staples Retailing — 1.7%
Wal-Mart Stores, Inc.		4,160		374,442
Food Products — 1.9%
Hershey Co., (The)		4,100		402,866
Health Care Equipment & Supplies — 6.1%
ResMed, Inc.		4,540		432,526
Smith & Nephew PLC, (United Kingdom) SP ADR		11,900		422,093
Stryker Corp.		2,720		441,075
				1,295,694
Hotels, Restaurants & Leisure — 5.8%
Carnival PLC, (United Kingdom) ADR		6,100		406,870
McDonald's Corp.		2,520		397,505
Starbucks Corp.		7,400		422,540
				1,226,915
Household Products — 5.7%
Clorox Co., (The)		3,200		413,056
Colgate-Palmolive Co.		5,800		400,026
Procter & Gamble Co., (The)		5,080		398,881
				1,211,963
Insurance — 1.9%
Chubb Ltd.		2,820		400,214
Internet Software & Services — 6.0%
Alibaba Group Holding Ltd., SP ADR*		2,300		428,122
Facebook, Inc., Class A*		2,300		410,136
Tencent Holdings Ltd., ADR		8,000		439,120
				1,277,378
IT Services — 4.1%
Mastercard, Inc., Class A		2,500		439,400
Visa, Inc., Class A		3,580		440,125
				879,525
Machinery — 2.0%
FANUC Corp., (Japan) ADR		16,500		418,522
Media — 1.9%
Walt Disney Co., (The)		4,000		412,640
Oil, Gas & Consumable Fuels — 2.0%
TransCanada Corp., (Canada)		9,700		419,234
Personal Products — 3.9%
Estee Lauder Cos, Inc., Class A, (The)		3,070		425,011
Unilever, (Netherlands)		7,600		397,480
				822,491
Pharmaceuticals — 9.8%
Bayer AG, (Germany) SP ADR		13,900		406,436
Eli Lilly & Co.		5,470		421,299
Novo Nordisk, (Denmark) SP ADR		8,300		427,284
Roche Holding AG, (Switzerland) SP ADR		14,200		410,522
Sanofi, (France) ADR		10,470		410,948
				2,076,489
Real Estate Investment Trusts (REITs) — 3.9%
Crown Castle International Corp.		3,900		429,234
Equinix, Inc.		1,000		392,100
				821,334
Road & Rail — 4.0%
Canadian National Railway Co., (Canada)		5,500		425,535
Union Pacific Corp.		3,310		431,128
				856,663

The accompanying notes are an integral part of the financial statements.
25

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Portfolio of Investments (Concluded)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Software — 8.3%
Adobe Systems, Inc.*		2,210	$	462,178
Check Point Software Technologies Ltd., (Israel)*		4,190		435,299
Microsoft Corp.		4,700		440,719
SAP SE, (Germany) SP ADR		4,000		418,000
				1,756,196
Specialty Retail — 2.1%
TJX Cos, Inc., (The)		5,500		454,740
TOTAL COMMON STOCKS
(Cost $19,000,810)				21,034,920
SHORT-TERM INVESTMENTS - 1.1%
Fidelity Investments Money Market Funds - Government Portfolio, 1.26% (a)		243,357		243,357
TOTAL SHORT-TERM INVESTMENTS
(Cost $243,357)				243,357
TOTAL INVESTMENTS - 100.1%
(Cost $19,244,167)				21,278,277
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%				(16,392	)
NET ASSETS - 100.0%			$	21,261,885

* Non-income producing security.

^(a) Seven-day yield as of February 28, 2018.

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored ADR

The accompanying notes are an integral part of the financial statements.
26

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Summit Global Investments U.S. Low Volatility Equity Fund		Summit Global Investments Small Cap Low Volatility Fund			Summit Global Investments Global Low Volatility Fund
ASSETS
Investments, at value (cost $81,077,535, $18,850,870 and $19,000,810, respectively)	$	100,674,054	$	19,875,400		$	21,034,920
Short-term investments, at value (cost $889,307, $818,493 and $243,357, respectively)		889,307		818,493			243,357
Receivables for:
Capital shares sold		3,624,064		1,152,954			1,250
Dividends		128,210		10,940			38,178
Prepaid and other expenses		51,931		36,809			10,345
Total assets	$	105,367,566	$	21,894,596		$	21,328,050
LIABILITIES
Payables for:
Advisory fees	$	42,684	$	7,960		$	5,094
Capital shares redeemed		32,670		10,183			27,586
Other accrued expenses and liabilities		107,077		27,893			33,485
Total liabilities		182,431		46,036			66,165
Net assets	$	105,185,135	$	21,848,560		$	21,261,885
NET ASSETS CONSIST OF:
Par value	$	6,620	$	1,883		$	737
Paid-in capital		81,127,533		20,886,386			21,368,964
Undistributed/accumulated net investment income/(loss)		193,728		(14,685	)		89,920
Accumulated net realized gain/(loss) from investments		4,260,735		(49,554	)		(2,231,846	)
Net unrealized appreciation/(depreciation) on investments		19,596,519		1,024,530			2,034,110
Net assets	$	105,185,135	$	21,848,560		$	21,261,885

The accompanying notes are an integral part of the financial statements.
27

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities (Concluded)

February 28, 2018 (Unaudited)

	Summit Global Investments U.S. Low Volatility Equity Fund		Summit Global Investments Small Cap Low Volatility Fund		Summit Global Investments Global Low Volatility Fund
CLASS I SHARES:
Net assets applicable to Class I Shares	$	94,576,169	$	18,536,556	$	21,261,885
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		5,952,183		1,597,099		736,946
Net asset value, offering and redemption price per share	$	15.89	$	11.61	$	28.85
CLASS A SHARES:
Net assets applicable to Class A Shares	$	9,138,320	$	3,138,615	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		573,778		270,393		—
Net asset value and redemption price per share	$	15.93	$	11.61	$	—
Maximum offering price per share (100/94.75 of $15.93 and $11.61, respectively)	$	16.81	$	12.10	$	—
CLASS C SHARES:
Net assets applicable to Class C Shares	$	1,470,646	$	173,389	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		94,099		15,111		—
Net asset value, offering and redemption price per share	$	15.63	$	11.47	$	—

The accompanying notes are an integral part of the financial statements.
28

SUMMIT GLOBAL INVESTMENTS

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Summit Global Investments U.S. Low Volatility Equity Fund			Summit Global Investments Small Cap Low Volatility Fund			Summit Global Investments Global Low Volatility Fund
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $126, $642 and $7,904, respectively)	$	1,008,918		$	166,724		$	179,250
Total investment income		1,008,918			166,724			179,250
EXPENSES
Advisory fees (Note 2)		376,806			93,684			77,582
Transfer agent fees (Note 2)		51,226			8,305			6,707
Administration and accounting fees (Note 2)		44,788			9,334			10,185
Registration and filing fees		27,539			22,193			13,796
Legal fees		22,662			3,931			8,225
Directors fees		22,520			2,534			4,931
Officers fees		18,451			2,155			3,655
Audit and tax service fees		17,559			15,326			9,368
Distribution fees - Class A Shares		17,404			4,027			—
Printing and shareholder reporting fees		11,522			1,624			10,206
Distribution fees - Class C Shares		5,143			768			—
Custodian fees (Note 2)		1,787			3,284			1,656
Other expenses		12,921			3,343			6,373
Total expenses before waivers and reimbursements		630,328			170,508			152,684
Less: waivers and reimbursements (Note 2)		(78,538	)		(44,160	)		(63,354	)
Net expenses after waivers and reimbursements		551,790			126,348			89,330
Net investment income/(loss)		457,128			40,376			89,920
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		9,499,014			477,407			829,609
Net change in unrealized appreciation/(depreciation) on investments		598,615			(259,628	)		412,929
Net realized and unrealized gain/(loss) on investments		10,097,629			217,779			1,242,538
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,554,757		$	258,155		$	1,332,458

The accompanying notes are an integral part of the financial statements.
29

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	457,128		$	1,455,100
Net realized gain/(loss) from investments		9,499,014			1,060,318
Net change in unrealized appreciation/(depreciation) on investments		598,615			5,777,761
Net increase/(decrease) in net assets resulting from operations		10,554,757			8,293,179
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class I Shares		(1,036,799	)		(1,016,757	)
Class A Shares		(51,814	)		(180,710	)
Class C Shares		(5,498	)		(5,671	)
Total net investment income		(1,094,111	)		(1,203,138	)
Net realized capital gains
Class I Shares		(5,396,669	)		(1,371,748	)
Class A Shares		(521,669	)		(292,535	)
Class C Shares		(85,402	)		(11,450	)
Total net realized capital gains		(6,003,740	)		(1,675,733	)
Net decrease in net assets from dividends and distributions to shareholders		(7,097,851	)		(2,878,871	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		8,949,323			20,225,596
Reinvestment of distributions		6,276,150			2,279,346
Shares redeemed		(15,442,536	)		(40,980,435	)
Redemption fees*		770			6,643
Total from Class I Shares		(216,299	)		(18,468,850	)
Class A Shares
Proceeds from shares sold		1,816,073			6,325,586
Reinvestment of distributions		571,954			466,338
Shares redeemed		(16,046,974	)		(4,908,192	)
Redemption fees*		3,400			520
Total from Class A Shares		(13,655,547	)		1,884,252
Class C Shares
Proceeds from shares sold		237,264			1,031,081
Reinvestment of distributions		90,899			17,121
Shares redeemed		(125,386	)		(251,350	)
Redemption fees*		154			8
Total from Class C Shares		202,931			796,860
Net increase/(decrease) in net assets from capital shares transactions		(13,668,909	)		(15,787,738	)
Total increase/(decrease) in net assets		(10,212,003	)		(10,373,430	)
NET ASSETS:
Beginning of period		115,397,138			125,770,568
End of period	$	105,185,135		$	115,397,138
Undistributed/accumulated net investment income/(loss), end of period	$	193,728		$	830,711

The accompanying notes are an integral part of the financial statements.
30

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
SHARE TRANSACTIONS:
Class I Shares
Shares sold		563,046			1,369,045
Shares reinvested		400,265			155,799
Shares redeemed		(970,744	)		(2,786,555	)
Total Class I Shares		(7,433	)		(1,261,711	)
Class A Shares
Shares sold		114,716			428,066
Shares reinvested		36,384			31,897
Shares redeemed		(1,018,484	)		(333,270	)
Total Class A Shares		(867,384	)		126,693
Class C Shares
Shares sold		15,261			70,954
Shares reinvested		5,883			1,185
Shares redeemed		(7,922	)		(16,932	)
Total Class C Shares		13,222			55,207
Net increase/(decrease) in shares outstanding		(861,595	)		(1,079,811	)

* Prior to December 31, 2017, there was a 1.50% redemption fee to the value of shares redeemed or exchanged within 60 days of purchase. The redemption fees were retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital. Effective December 31, 2017, the Fund eliminated its redemption fee.

The accompanying notes are an integral part of the financial statements.
31

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	40,376		$	37,507
Net realized gain/(loss) from investments		477,407			1,255,269
Net change in unrealized appreciation/(depreciation) on investments		(259,628	)		570,119
Net increase/(decrease) in net assets resulting from operations		258,155			1,862,895
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class I Shares		(65,165	)		(44,499	)
Class A Shares		(4,708	)		(6,975	)
Class C Shares		—			—
Total net investment income		(69,873	)		(51,474	)
Net realized capital gains
Class I Shares		(1,486,849	)		(2,053	)
Class A Shares		(273,868	)		(471	)
Class C Shares		(19,328	)		(10	)
Total net realized capital gains		(1,780,045	)		(2,534	)
Net decrease in net assets from dividends and distributions to shareholders		(1,849,918	)		(54,008	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		8,873,888			3,687,970
Reinvestment of distributions		1,175,459			46,552
Shares redeemed		(3,043,704	)		(2,395,742	)
Redemption fees*		27			54
Total from Class I Shares.		7,005,670			1,338,834
Class A Shares
Proceeds from shares sold		511,170			1,213,017
Reinvestment of distributions		278,576			7,444
Shares redeemed		(596,262	)		(412,426	)
Redemption fees*		75			81
Total from Class A Shares.		193,559			808,116
Class C Shares
Proceeds from shares sold		58,669			203,995
Reinvestment of distributions		19,328			10
Shares redeemed		(56,298	)		(70,906	)
Redemption fees*		1			—
Total from Class C Shares		21,700			133,099
Net increase/(decrease) in net assets from capital share transactions		7,220,929			2,280,049
Total increase/(decrease) in net assets		5,629,166			4,088,936
NET ASSETS:
Beginning of period		16,219,394			12,130,458
End of period	$	21,848,560		$	16,219,394
Undistributed net investment income/(loss), end of period	$	(14,685	)	$	14,812

The accompanying notes are an integral part of the financial statements.
32

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
SHARE TRANSACTIONS:
Class I Shares
Shares sold		700,246			306,838
Shares reinvested		96,507			3,825
Shares redeemed		(242,441	)		(199,853	)
Total from Class I Shares		554,312			110,810
Class A Shares
Shares sold		40,937			101,225
Shares reinvested		22,853			611
Shares redeemed		(46,450	)		(34,308	)
Total from Class I Shares		17,340			67,528
Class C Shares
Shares sold		4,578			17,060
Shares reinvested		1,601			1
Shares redeemed		(4,742	)		(5,775	)
Total from Class C Shares		1,437			11,286
Net increase/(decrease) in shares outstanding		573,089			189,624

* Prior to December 31, 2017, there was a 1.50% redemption fee to the value of shares redeemed or exchanged within 60 days of purchase. The redemption fees were retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital. Effective December 31, 2017, the Fund eliminated its redemption fee.

The accompanying notes are an integral part of the financial statements.
33

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017
INCREASE/(DECREASE) IN NET ASSET FROM OPERATIONS:
Net investment income/(loss)	$	89,920		$	92,781
Net realized gain/(loss) from investments		829,609			5,612,229
Net change in unrealized appreciation/(depreciation) on investments		412,929			(5,601,962	)
Net increase/(decrease) in net assets resulting from operations		1,332,458			103,048
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Class I Shares
Net realized capital gains		—			—
Net decrease in net assets from dividends and distributions to shareholders		—			—
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		619,037			25,430,511
Reinvestment of distributions		—			—
Shares redeemed		(3,454,543	)		(67,148,680	)
Redemption fees*		5			2,495
Net increase/(decrease) in net assets from capital shares transactions		(2,835,501	)		(41,715,674	)
Total increase/(decrease) in net assets	$	(1,503,043	)	$	(41,612,626	)
NET ASSETS:
Beginning of period	$	22,764,928		$	64,377,554
End of period	$	21,261,885		$	22,764,928
Undistributed/accumulated net investment gain/(loss), end of period	$	89,920		$	—
INCREASE/(DECREASE) IN SHARES OUTSTANDING DERIVED FROM SHARE TRANSACTIONS:
Class I Shares
Shares sold		20,975			965,782
Shares reinvested		—			—
Shares redeemed		(120,958	)		(2,711,424	)
Net increase/(decrease) in shares outstanding		(99,983	)		(1,745,642	)

* Prior to December 31, 2017, there was a 2.00% redemption fee to the value of shares redeemed or exchanged within 60 days of purchase. The redemption fees were retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital. Effective December 31, 2017, the Fund eliminated its redemption fee.

The accompanying notes are an integral part of the financial statements.
34

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Financial Highlights

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

	Class I Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2013
Per Share Operating Performance
Net asset value, beginning of period	$	15.43		$	14.69		$	13.78		$	13.72		$	11.85		$	10.18
Net investment income/(loss)(1)		0.09			0.22			0.21			0.21			0.16			0.15
Net realized and unrealized gain/(loss) on investments(2)		1.51			0.90			1.66			0.44			2.01			1.64
Net increase/(decrease) in net assets resulting from operations		1.60			1.12			1.87			0.65			2.17			1.79
Dividends and distributions to shareholders from:
Net investment income		(0.18	)		(0.16	)		(0.21	)		(0.16	)		(0.08	)		(0.05	)
Net realized capital gains		(0.96	)		(0.22	)		(0.75	)		(0.43	)		(0.22	)		(0.07	)
Total dividends and distributions to shareholders		(1.14	)		(0.38	)		(0.96	)		(0.59	)		(0.30	)		(0.12	)
Net asset value, end of period	$	15.89		$	15.43		$	14.69		$	13.78		$	13.72		$	11.85
Total investment return(3)		10.51	%(4)		7.73	%		13.99	%		4.82	%		18.57	%		17.78	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	94,576		$	91,977		$	106,110		$	72,850		$	60,266		$	25,638
Ratio of expenses to average net assets with waivers and reimbursements		0.98	%(5)		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of expenses to average net assets without waivers and reimbursements		1.13	%(5)		1.14	%		1.14	%		1.20	%		1.35	%		2.74	%
Ratio of net investment income/(loss) to average net assets		0.90	%(5)		1.32	%		1.49	%		1.47	%		1.25	%		1.34	%
Portfolio turnover rate(5)		63	%(4)(6)		31	%		41	%		42	%		110	%		81	%

(1) The selected per share data is calculated based on average shares outstanding method for the period.

(2) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

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

(4) Not annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
35

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Financial Highlights

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

	Class A Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Period October 29, 2015(1) to August 31, 2016
Per Share Operating Performance
Net asset value, beginning of period	$	15.40		$	14.67		$	14.69
Net investment income/(loss)(2)		0.05			0.16			0.14
Net realized and unrealized gain/(loss) on investments(3)		1.54			0.92			0.79
Net increase/(decrease) in net assets resulting from operations		1.59			1.08			0.93
Dividends and distributions to shareholders from:
Net investment income		(0.10	)		(0.13	)		(0.20	)
Net realized capital gains		(0.96	)		(0.22	)		(0.75	)
Total dividends and distributions to shareholders		(1.06	)		(0.35	)		(0.95	)
Net asset value, end of period	$	15.93		$	15.40		$	14.67
Total investment return(4)		10.40	%(5)		7.48	%		6.74	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,138		$	22,195		$	19,288
Ratio of expenses to average net assets with waivers and reimbursements		1.23	%(6)		1.23	%		1.23	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		1.35	%(6)		1.39	%		1.38	%(6)
Ratio of net investment income/(loss) to average net assets		0.62	%(6)		1.07	%		1.15	%(6)
Portfolio turnover rate(7)		63	%(5)		31	%		41	%(5)

(1) Commencement of operations.

(2) The selected per share data is calculated based on the average shares outstanding method for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

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

(5) Not annualized.

(6) Annualized.

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
36

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Financial Highlights

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

	Class C Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Period December 31, 2015(1) to August 31, 2016
Per Share Operating Performance
Net asset value, beginning of period	$	15.15		$	14.51		$	13.57
Net investment income/(loss)(2)		(0.01	)		0.04			0.03
Net realized and unrealized gain/(loss) on investments(3)		1.51			0.93			0.91
Net increase/(decrease) in net assets resulting from operations		1.50			0.97			0.94
Dividends and distributions to shareholders from:
Net investment income		(0.06	)		(0.11	)		—
Net realized capital gains		(0.96	)		(0.22	)		—
Total dividends and distributions to shareholders		(1.02	)		(0.33	)		—
Net asset value, end of period	$	15.63		$	15.15		$	14.51
Total investment return(4)		10.01	%(5)		6.74	%		6.93	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,471		$	1,226		$	373
Ratio of expenses to average net assets with waivers and reimbursements		1.98	%(6)		1.98	%		1.99	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		2.13	%(6)		2.15	%		2.16	%(6)
Ratio of net investment income/(loss) to average net assets		(0.10	)%(6)		0.30	%		0.32	%(6)
Portfolio turnover rate(7)		63	%(5)		31	%		41	%(5)

(1) Commencement of operations.

(2) The selected per share data is calculated based on the average shares outstanding method for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

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

(5) Not annualized.

(6) Annualized.

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
37

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Financial Highlights

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

	Class I Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Period March 31, 2016(1) to August 31, 2016
Per Share Operating Performance
Net asset value, beginning of period	$	12.39		$	10.83		$	10.00
Net investment income/(loss)(2)		0.03			0.04			0.02
Net realized and unrealized gain/(loss) on investments(3)		0.36			1.57			0.81
Net increase/(decrease) in net assets resulting from operations		0.39			1.61			0.83
Dividends and distributions to shareholders from:
Net investment income		(0.05	)		(0.05	)		—
Net realized capital gains		(1.12	)		—	(7)		—
Total dividends and distributions to shareholders		(1.17	)		(0.05	)		—
Net asset value, end of period	$	11.61		$	12.39		$	10.83
Total investment return(4)		2.71	%(5)		14.86	%		8.30	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	18,537		$	12,919		$	10,095
Ratio of expenses to average net assets with waivers and reimbursements		1.23	%(6)		1.23	%		1.23	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		1.68	%(6)		2.21	%		4.43	%(6)
Ratio of net investment income/(loss) to average net assets		0.46	%(6)		0.31	%		0.53	%(6)
Portfolio turnover rate(8)		36	%(5)		95	%		0.01	%(5)

(1) Commencement of operations.

(2) The selected per share data is calculated based on the average shares outstanding method for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

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

(5) Not annualized.

(6) Annualized.

(7) Amount represents less than $0.005 per share.

(8) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
38

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Financial Highlights

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

	Class A Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Period March 31, 2016(1) to August 31, 2016
Per Share Operating Performance
Net asset value, beginning of period	$	12.38		$	10.83		$	10.00
Net investment income/(loss)(2)		0.01			0.01			0.01
Net realized and unrealized gain/(loss) on investments(3)		0.36			1.57			0.82
Net increase/(decrease) in net assets resulting from operations		0.37			1.58			0.83
Dividends and distributions to shareholders from:
Net investment income		(0.02	)		(0.03	)		—
Net realized capital gains		(1.12	)		—	(7)		—
Total dividends and distributions to shareholders		(1.14	)		(0.03	)		—
Net asset value, end of period	$	11.61		$	12.38		$	10.83
Total investment return(4)		2.55	%(5)		14.63	%		8.30	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,139		$	3,132		$	2,010
Ratio of expenses to average net assets with waivers and reimbursements		1.48	%(6)		1.48	%		1.48	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		1.93	%(6)		2.44	%		4.68	%(6)
Ratio of net investment income/(loss) to average net assets		0.23	%(6)		0.06	%		0.28	%(6)
Portfolio turnover rate(8)		36	%(5)		95	%		0.01	%(5)

(1) Commencement of operations.

(2) The selected per share data is calculated based on the average shares outstanding method for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

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

(5) Not annualized.

(6) Annualized.

(7) Amount represents less than $0.005 per share.

(8) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
39

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Financial Highlights

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

	Class C Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Period March 31, 2016(1) to August 31, 2016
Per Share Operating Performance
Net asset value, beginning of period	$	12.27		$	10.80		$	10.00
Net investment income/(loss)(2)		(0.03	)		(0.08	)		(0.02	)
Net realized and unrealized gain/(loss) on investments(3)		0.35			1.55			0.82
Net increase/(decrease) in net assets resulting from operations		0.32			1.47			0.80
Dividends and distributions to shareholders from:
Net realized capital gains		(1.12	)		—	(7)		—
Net asset value, end of period	$	11.47		$	12.27		$	10.80
Total investment return(4)		2.16	%(5)		13.63	%		8.00	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	173		$	168		$	26
Ratio of expenses to average net assets with waivers and reimbursements		2.23	%(6)		2.23	%		2.23	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		2.67	%(6)		2.89	%		5.43	%(6)
Ratio of net investment income/(loss) to average net assets		(0.53	)%(6)		(0.67	)%		(0.47	)%(6)
Portfolio turnover rate(8)		36	%(5)		95	%		0.01	%(5)

(1) Commencement of operations.

(2) The selected per share data is calculated based on the average shares outstanding method for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

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

(5) Not annualized.

(6) Annualized.

(7) Amount represents less than $0.005 per share.

(8) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
40

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Financial Highlights

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

	Class I Shares
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Eleven Months Ended August 31, 2014(1)(2)			For the Year Ended Sept. 30, 2013			For the Year Ended Sept. 30, 2012
Per Share Operating Performance
Net asset value, beginning of period	$	27.20		$	24.93		$	28.29		$	27.64		$	27.45		$	22.45		$	18.83
Net investment income/(loss)(3)		0.12			0.06			(0.19	)		(0.21	)		(0.20	)		(0.14	)		(0.16	)
Net realized and unrealized gain/(loss) on investments		1.53			2.21			(1.25	)		3.04			2.96			5.14			4.21
Net increase/(decrease) in net assets resulting from operations		1.65			2.27			(1.44	)		2.83			2.76			5.00			4.05
Dividends and distributions to shareholders from:
Net investment income		—			—			—			—			—			—			—
Net realized capital gains		—			—			(1.93	)		(2.18	)		(2.57	)		—			(0.50	)
Total dividends and distributions to shareholders		—			—			(1.93	)		(2.18	)		(2.57	)		—			(0.50	)
Redemption fees added to paid-in capital(3)		—			—	(4)		0.01			—	(4)		—			—			0.07
Net asset value, end of period	$	28.85		$	27.20		$	24.93		$	28.29		$	27.64		$	27.45		$	22.45
Total investment return(5)		6.03	%(6)		9.15	%		(5.44	)%		11.49	%		10.62	%(6)(8)		22.27	%		22.31	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	21,252		$	22,765		$	64,378		$	71,523		$	59,924		$	55,737		$	59,007
Ratio of expenses to average net assets with waivers and reimbursements		0.84	%(7)		0.84	%		0.84	%		0.84	%		0.84	%(8)(7)		0.86	%		0.95	%
Ratio of expenses to average net assets without waivers and reimbursements		1.38	%(7)		1.32	%		1.13	%		1.20	%		1.13	%(8)(7)		1.13	%		1.25	%
Ratio of net investment income/(loss) to average net assets		0.81	%(7)		0.26	%		(0.76	)%		(0.77	)%		(0.80	)%(8)(7)		(0.63	)%		(0.75	)%
Portfolio turnover rate(9)		41	%(6)		247	%		375	%		297	%		277	%(6)		345	%		324	%

(1) The Fund changed its fiscal year end to August 31.

(2) Effective as of the close of business on March 21, 2014, the Fund acquired all the assets and liabilities of the Dynamic U.S. Growth Fund (“Predecessor Fund”), a series of Scotia Institutional Funds. The financial highlights for the periods prior to that date reflect the performance of the Predecessor Fund.

(3) The selected per share data was calculated based on average shares outstanding method for the period.

(4) Amount represents less than $0.005 per share.

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

(6) Not annualized.

(7) Annualized.

(8) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for the shareholder transactions.

(9) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
41

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-nine active investment portfolios, including the Summit Global Investments U.S. Low Volatility Equity Fund, Summit Global Investments Small Cap Low Volatility Fund and Summit Global Investments Global Low Volatility Fund (each a “Fund” and, collectively, the “Funds”). The Summit Global Investments U.S. Low Volatility Equity Fund and Summit Global Investments Small Cap Low Volatility Fund commenced investment operations on February 29, 2012 and March 31, 2016, respectively. The Dynamic U.S. Growth Fund (the “Predecessor Fund”), a series of Scotia Institutional Funds, transferred all of its assets and liabilities to the Fund in a tax-free reorganization (the “Reorganization”). The Reorganization occurred at the close of business on March 21, 2014. The Predecessor Fund commenced operations on March 31, 2009. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to the close of business on March 21, 2014 included herein is that of the Predecessor Fund. Effective January 3, 2017, the Fund changed its name from the Scotia Dynamic U.S. Growth Fund to the Summit Global Investments Global Low Volatility Fund and Summit Global Investments, LLC (“Summit” or the “Adviser”) took over management of the Fund from its predecessor investment manager.

As of the end of the reporting period, the Summit Global Investments U.S. Low Volatility Equity Fund offers three classes of shares: Class I Shares, Class A Shares and Class C Shares; the Summit Global Investments Small Cap Low Volatility Fund offers three classes of shares: Class I Shares, Class A Shares (formerly Retail Shares) and Class C Shares and the Summit Global Investments Global Low Volatility Fund offers three classes of shares: Class I Shares, Class A Shares (formerly Class II Shares) and Class C Shares (formerly Institutional Shares). As of the end of the reporting period, Class A Shares and Class C Shares of the Summit Global Investments Global Low Volatility Fund were not yet operational.

RBB has authorized capital of one hundred billion shares of common stock of which 87.023 billion shares are currently classified into one hundred and eighty-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of the Summit Global Investments U.S. Low Volatility Equity Fund is to outperform the S&P 500^® Index over a market cycle while reducing overall volatility. The investment objective of the Summit Global Investments Small Cap Low Volatility Fund is to outperform the Russell 2000^® Index over a market cycle while reducing overall volatility. The investment objective of the Summit Global Investments Global Low Volatility Fund is to seek long-term capital appreciation.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

The end of the reporting period for the Funds is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in other open-end investment

42

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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

● Level 1 — Prices are determined using quoted prices in active markets for identical securities.

● Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 — Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Funds’ investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Summit Global Investments U.S Low Volatility Equity Fund
Common Stocks	$	100,674,054	$	100,674,054	$	—	$	—
Short-Term Investments		889,307		889,307		—		—
Total Investments*	$	101,563,361	$	101,563,361	$	—	$	—
Summit Global Investments Small Cap Low Volatility Fund
Common Stocks	$	19,875,400	$	19,875,400	$	—	$	—
Short-Term Investments		818,493		818,493		—		—
Total Investments*	$	20,693,893	$	20,693,893	$	—	$	—
Summit Global Investments global Low Volatility Fund
Common Stocks	$	21,034,920	$	21,034,920	$	—	$	—
Short-Term Investments		243,357		243,357		—		—
Total Investments*	$	21,278,277	$	21,278,277	$	—	$	—

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

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

43

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

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

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

During the current fiscal period, the Funds had no transfers between Levels 1, 2 and 3.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

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

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

Cash and Cash Equivalents — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

44

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

REDEMPTION/EXCHANGE FEES — Prior to December 31, 2017, the Summit Global Investments U.S. Low Volatility Equity Fund, Summit Global Investments Small Cap Low Volatility Fund and Summit Global Investments Global Low Volatility Fund imposed a redemption/exchange fee of 1.50%, 1.50% and 2.00%, respectively, on redemptions/exchanges of Fund shares held less than 60 days. The fees are reflected on the Statement of Changes in Net Assets. Effective December 31, 2017, the Funds have eliminated their redemption/exchange fees.

Other — 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 Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

2. Investment Adviser and Other Services

Summit Global Investments, LLC (“Summit” or the “Adviser”) serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2018 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2018.

	ADVISORY FEE	EXPENSE CAPS
FUND		CLASS I	CLASS A	CLASS C
Summit Global Investments U.S. Low Volatility Equity Fund	0.70%	0.98%	1.23%	1.98%
Summit Global Investments Small Cap Low Volatility Fund	0.95	1.23	1.48	2.23
Summit Global Investments Global Low Volatility Fund	0.70	0.84	1.09	1.84

During the current fiscal period, investment advisory fees accrued, waived and reimbursed were as follows:

FUND	Gross Advisory Fees		Waivers			Reimbursements		Net Advisory Fees
Summit Global Investments U.S. Low Volatility Equity Fund	$	376,806	$	(78,538	)	$	—	$	298,268
Summit Global Investments Small Cap Low Volatility Fund		93,684		(44,160	)		—		49,524
Summit Global Investments Global Low Volatility Fund		77,582		(63,354	)		—		14,228

If at any time a Fund’s total annual Fund operating expenses for a year are less than the relevant share class’s Expense cap, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed the relevant share class’s Expense cap that was in effect at the time of the waiver or reimbursement.

45

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

As of the end of the reporting period, the Funds had amounts available for recoupment as follows:

	expiration
FUND	August 31, 2019		August 31, 2020		August 31, 2021
Summit Global Investments U.S. Low Volatility Equity Fund	$	151,284	$	180,221	$	78,538
Summit Global Investments Small Cap Low Volatility Fund		108,075		140,932		44,160
Summit Global Investments Global Low Volatility Fund		—		98,278		63,354

U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Funds. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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

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

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

For compensation amounts payable to USBFS, please refer to the Statements of Operations.

The Board has adopted a Plan of Distribution (the “Plan”) for the Class A Shares and Class C Shares of the Funds pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the distributor is entitled to receive from the Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and and up to 1.00% of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of a Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in each Fund’s 12b-1 Plan.

3. SHAREHOLDER SERVICING PLAN

The Summit Global Investments Global Low Volatility Fund had adopted a Shareholder Services Plan for the Class I Shares. Under the Shareholder Services Plan, the Fund could pay service fees to firms that provide shareholder services, such as responding to shareholder inquiries and assisting shareholders with their accounts, not exceeding ten basis points (0.10%) of the Fund’s average daily net assets attributable to Class I Shares. Effective December 31, 2017, the Fund has eliminated its Shareholder Services Plan.

4. Director’s and Officer’s 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

46

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2018 (Unaudited)

Treasurer and Secretary and is compensated for services provided. Certain employees of USBFS serve as officers of the Company. They are not compensated by the Funds or the Company. For Director’s and Officer’s compensation amounts, please refer to the Statement of Operations.

5. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

FUND	Purchases		Sales
Summit Global Investments U.S. Low Volatility Equity Fund	$	67,164,122	$	88,971,908
Summit Global Investments Small Cap Low Volatility Fund		10,703,162		6,915,063
Summit Global Investments Global Low Volatility Fund		8,843,040		11,650,698

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

6. Federal Income Tax Information

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

As of August 31, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund were as follows:

FUND	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Summit Global Investments U.S. Low Volatility Equity Fund	$	96,376,606	$	20,397,306	$	(1,421,203	)	$	18,976,103
Summit Global Investments Small Cap Low Volatility Fund		14,950,452		1,607,423		(334,043	)		1,273,380
Summit Global Investments Global Low Volatility Fund		21,137,132		2,016,354		(395,173	)		1,621,181

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

47

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (conTINUED))

February 28, 2018 (Unaudited)

The following permanent differences as of August 31, 2017, primarily attributable to the reclassification of short-term gains in the Summit Global Investments U.S. Low Volatility Equity Fund non-taxable distribution from Corporate stock in the Summit Global Investments Small Cap Low Volatility Fund and short-term capital gains netted against net operating loss in the Summit Global Investments Global Low Volatility Fund, were reclassified to the following accounts:

FUND	Undistributed Net Investments Income/(LOSS)			Accumulated Net Realized Gain/(Loss)			Paid-In Capital
Summit Global Investments U.S. Low Volatility Equity Fund	$	(66,974	)	$	66,973		$	1
Summit Global Investments Small Cap Low Volatility Fund		(349	)		349			—
Summit Global Investments Global Low Volatility Fund		231,224			(461	)		(230,763	)

As of August 31, 2017, the components of distributable earnings on a tax basis were as follows:

FUND	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)
Summit Global Investments U.S. Low Volatility Equity Fund	$	829,871		$	788,102	$	18,976,103
Summit Global Investments Small Cap Low Volatility Fund		892,587			386,087		1,273,380
Summit Global Investments Global Low Volatility Fund		(3,061,455	)		1,621,181		—

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2017 were as follows:

FUND	Ordinary Income		Long-Term Gains		Total
Summit Global Investments U.S. Low Volatility Equity Fund	$	1,244,977	$	1,633,894	$	2,878,871
Summit Global Investments Small Cap Low Volatility Fund		53,019		989		54,008
Summit Global Investments Global Low Volatility Fund		—		—		—

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

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of the fiscal year ended August 31, 2017, the Funds did not have any capital loss carryforwards.

48

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (concluded)

February 28, 2018 (Unaudited)

7. Subsequent Events

On March 19th, 2018, subsequent to the end of the reporting period, the Adviser's contractual expense waiver and/or reimbursement arrangement with the Funds was extended through March 31, 2019.

49

SUMMIT GLOBAL INVESTMENTS FUNDS

Other Information (Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (855) 744-8500 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

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

50

SUMMIT GLOBAL INVESTMENTS FUNDS

Semi-Annual Report to Shareholders

Investment Adviser and Other Services

BBD, LLP (“BBD”) was replaced as the independent registered public accounting firm for Summit Global Investments Global Low Volatility Fund (the “Fund”) of The RBB Fund, Inc. (“RBB”) effective upon the completion of services related to the audit for the Fund’s 2017 fiscal year. During the Fund’s two most recent fiscal years ended August 31, 2016 and 2017, BBD’s reports on the Fund’s financial statements contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the Fund’s two most recent fiscal years ended August 31, 2016 and 2017 and the interim period commencing August 31, 2017 and ending September 19, 2017, there were no disagreements with BBD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BBD, would have caused it to make reference to the subject matter of the disagreement in connection with its report on the financial statements for such years. During the Fund’s two most recent fiscal years and the subsequent interim period ended September 19, 2017, there were no events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

On September 19, 2017, RBB, by actions of its Audit Committee and Board of Directors, including a majority of the members of the Board of Directors who are not "interested persons" of the Fund (as that term is defined in the Investment Company Act of 1940, as amended), selected Ernst & Young LLP (“EY”) as the independent registered public accounting firm to audit the Fund’s financial statements for the fiscal year ending August 31, 2018. During the Fund’s two most recent fiscal years ended August 31, 2016 and 2017 and the subsequent interim period ended September 19, 2017, neither the Fund nor anyone on its behalf has consulted EY on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund’s financial statements, or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

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Investment Adviser

Summit Global Investments, LLC
620 South Main Street
Bountiful, UT 84010

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter

Quasar Distributors, LLC
777 East Wisconsin Avenue, Floor 6
Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm

Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

Legal Counsel

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

SGI-SAR18

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a) Schedule of Investments 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 to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

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 have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Not applicable to open-end investment companies.

(4) There was a change in the registrant’s independent public accountant for the period covered by this report. Filed herewith.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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	4/27/2018

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	4/27/2018
By (Signature and Title)*	/s/ James Shaw
	James Shaw, Treasurer
	(principal financial officer)
Date	4/27/2018

* Print the name and title of each signing officer under his or her signature.