As filed with the Securities and Exchange Commission on May 6, 2019

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, 2019

Item 1. Reports to Stockholders.

Abbey Capital Futures Strategy Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 28, 2019
(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-844-261-6484.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-844-261-6484 to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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, 2019 (Unaudited)

Dear Shareholder,

The Abbey Capital Futures Strategy Fund (the “Fund”) Class I returned -5.59% net of fees for the six-month fiscal period ended February 28, 2019. The negative performance for the period was driven by difficult trading conditions in equities, with further losses occurring in currencies and soft commodities. The Fund’s core allocation to trendfollowing systems captured the vast majority of losses over the six-month period, while the Fund’s non-trendfollowing allocation was also negative in aggregate. The Fund may invest up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited (“ACMOF”), which invests substantially all of its assets in Abbey Capital Offshore Fund SPC (“ACOF”), which is a multi-advisor fund that invests in managed futures and foreign exchange. The Fund may also invest up to 25% of its assets into Abbey Capital Onshore Series LLC (“ACOS”), which is a multi-advisor fund that invests in managed futures and foreign exchange contracts.

Average Total Returns For The Periods Ended February 28, 2019

	Jan. 1, 2019 TO Feb. 28, 2019	MAR. 1, 2018 TO FEB. 28, 2019	SEPT. 1, 2018 TO FEB. 28, 2019	ANNUALIZED SINCE INCEPTION ON July 1, 2014 TO FEB. 28, 2019
Class I Shares	-1.56%	-5.67%	-5.59%	2.00%
Class A Shares*	-1.57%	-5.93%	-5.76%	1.74%
Class A Shares (max load)	-7.24%	-11.34%	-11.19%	0.46%
Class C Shares**	-1.80%	-6.65%	-6.15%	0.99%
BofA Merrill Lynch 3-Month T-Bill Index***	0.38%	2.04%	1.10%	0.75%
S&P 500® Total Return Index***	11.48%	4.68%	-3.04%	10.06%
Barclay CTA Index***	-0.15%	-1.95%	-1.86%	0.31%

Barclay CTA numbers are based on the estimates available on the BarclayHedge website as of March 12, 2019

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

^* 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 table 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, 2019, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. In addition, the

1

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Continued)

February 28, 2019 (Unaudited)

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. Without the expense limitation agreement, the expense ratios are 1.88%. 2.13% and 2.88% 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 Fund’s current prospectus as supplemented dated December 31, 2018 (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

The six-month period ended February 28, 2019 saw periods of elevated market volatility in certain sectors as the Federal Reserve (“Fed”) went through a clumsy shift in its monetary policy stance, geopolitical issues persisted and optimism for a resolution in the ongoing US-China trade war oscillated. Economic data in Europe and China was generally disappointing, while US data at times showed signs of weakness as concerns grew for the global growth outlook. Riskier assets generally struggled, with global equities falling as investors rotated into haven assets such as bonds and precious metals.

Strong US data and upbeat comments from Fed Chair Powell in October stoked fears for a faster pace of Fed rate hikes, leading to a spike in US Treasury yields. This spike was a catalyst for the sharp selloff in US equities, with further downward pressure added by cautious earnings outlooks from technology industry bellwethers and threats from US President Trump to escalate the trade war with China. Asian indices were particularly affected on the apparent deterioration in trade relations. Sentiment remained fragile in November, although worries about further Fed rate hikes eased somewhat after Fed officials hinted that the central bank may be approaching the end of its rate hiking cycle. In December however, a less dovish than expected Fed saw equities retreat further, with markets particularly displeased by Fed Chair Powell’s assertion that balance sheet reduction was essentially on autopilot. A US government shutdown and the growing possibility of a hard Brexit also dented investor risk sentiment, while thin holiday volumes at times created sharp swings in December prices. In 2019, improved optimism for a US-China trade deal and an avoidance of further tariffs lifted risk appetite. Reports of an upcoming meeting between Trump and Chinese President Xi to resolve the trade impasse, together with solid earnings releases, saw equities pare losses for the six-month period.

A shift in major global central bank policy to a more dovish stance was a key theme in markets over the six-month period. US and German yields initially climbed higher in September, with optimistic forecasts from European Central Bank President Draghi supporting eurozone yields. However, rising interest rate concerns precipitated heightened market volatility and saw investor risk appetite wane. Persistently tepid eurozone economic reports and Chinese economic data showing evidence of the impact of the trade war saw worries for the global growth outlook develop. In December, weaker than expected US labour data saw US yields plummet, while the Fed’s decision to lower its rate hike guidance for 2019 from three to two was more hawkish than expected, disappointing markets. In Europe, tumultuous Brexit developments, where UK Prime Minister May survived a no-confidence vote but was unable to get parliamentary approval for the exit deal agreed by the UK and EU, led Gilt and Bund yields lower. Though the European Central Bank confirmed an end to asset purchases in December 2018, speculation in 2019 was mounting that monetary policy may be loosened, with downbeat comments from Draghi and slowing eurozone growth lending support to this belief. A budgetary impasse between the EU and Italy initially weighed on demand for Italian government bonds, but after the disagreement was resolved and a major credit rating agency reaffirmed Italy’s rating status, yields finished the period lower. Japanese 10-year yields registered relatively large declines over the six-month period, with the Bank of Japan revising lower its inflation forecasts in January.

In currencies, the USD was broadly stronger versus its major peers. The hawkish Fed in October and November initially supported the USD before the currency traded in a wide range thereafter, with lower US yields at times proving a headwind for the greenback. In the eurozone, disappointing GDP growth and weak industrial production data hampered the EUR, with pessimistic Draghi rhetoric and a slashed European Commission growth forecast further

2

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Continued)

February 28, 2019 (Unaudited)

impacting the EUR. Brexit developments resulted in volatile moves in the GBP, where the growing possibility of a hard exit saw GBP/USD move lower in Q4. Moves were reversed in 2019 amid the mounting likelihood of an extension to Article 50, easing fears of a hard Brexit. The JPY outperformed relative to the USD during Q4 as market turbulence saw demand for perceived haven assets increase, although this move unwound in 2019 as risk sentiment improved. Trade war developments tended to drive moves in the AUD, with weak Chinese data and a dovish Reserve Bank of Australia ultimately sending the currency lower. Weakness in energy markets weighed on the CAD, with losses pared after some hawkish signals from the Bank of Canada in January.

Gold advanced over the period as elevated risk aversion and lower US yields drove increased demand for the precious metal. Palladium prices trended consistently higher as tighter global emission controls supported demand in the carmaker industry. Energy markets experienced elevated market volatility, particularly in Q4. Natural gas prices soared nearly 40% in November amid low storage levels and forecasts of colder US weather, however price moves quickly reversed after weather concerns eased. Crude oil prices fell sharply in Q4 as OPEC production cuts disappointed markets, the global demand outlook grew more clouded, and President Trump called for lower oil prices. Prices recovered somewhat in 2019 as Saudi exports fell, broad market risk appetite improved and political turbulence in Venezuela led to US sanctions on Venezuela’s state-owned oil company. Long-term trends in sugar prices reversed in October after a significant rally in the BRL following the Brazilian presidential election. Chinese economic stimulus measures and improved hopes for a US-China trade deal in 2019 saw copper prices reversed to finish the six-month period higher, while ample global supplies weighed on demand for US wheat.

Performance Attribution

Negative returns for the Fund were driven by losses from ACOF’s and ACOS’s exposure to equities, with currencies and soft commodities also negative over the six-month period. The Diversified Trendfollowing (“Trendfollowing”) sub-advisers (sub-advisers are also known as “Trading Advisers”) drove negative performance over the period. The non-trendfollowing sub-advisers were also net negative, as gains from Value sub-advisers were more than outweighed by losses from Global Macro sub-advisers.

Within equities, long positions held during the first half of October were responsible for the bulk of losses as equity markets corrected sharply on concerns about the impact of Fed interest rate hikes on the US economy. Further losses occurred in the first two months of 2019 due to short positioning as equity prices rebounded on optimism over US-China trade talks. However, losses were pared somewhat from late-February 2019, until the end of the period, once positioning shifted to long. Overall, the largest losses occurred in US and Japanese contracts, with Trendfollowing sub-advisers responsible for all losses in the sector.

Further losses were realised in both major and emerging market currencies. Despite holding a long position in the USD throughout the period as the USD generally rose, choppy moves in the greenback proved challenging for the Fund’s Trendfollowing sub-advisers. The largest losses for Trendfollowing sub-advisers occurred due to short positions in the GBP and NZD against the USD, primarily in the first half of the period, and offset gains from short EUR/USD positioning. Global Macro sub-advisers were positive in major currencies, largely due to short EUR/USD exposure, while Value sub-advisers were slightly negative. Trading in soft commodities was also negative for the Fund, largely on account of short soybean and mixed sugar positions. Losses from Trendfollowing sub-advisers in these contracts were partially offset by gains from Value sub-advisers from shorts in coffee and cotton later in the period. Further, smaller losses were seen in metals, energy and interest rates.

On a more positive note, bonds was the best performing sector at the Fund level. Trendfollowing sub-advisers led gains in the sector, as long exposures in Japanese and German 10-year contracts proved profitable, particularly from November onwards as long positions were increased and communications from global central banks began to turn more cautious. The Fund’s non-trendfollowing allocation was slightly positive in bonds, as gains from Value sub-advisers outweighed by losses from Global Macro sub-advisers. Additionally, Trendfollowing sub-advisers captured smaller gains from short positions in grains and meats.

3

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Concluded)

February 28, 2019 (Unaudited)

Key to Currency Abbreviations
AUD	Australian Dollar
EUR	Euro
GBP	British Pound Sterling
BRL	Brazilian Real
JPY	Japanese Yen
NZD	New Zealand Dollar
CAD	Canadian Dollar
USD	US Dollar

An investment in the Fund is speculative and involves substantial risk. It is possible that an investor may lose some or all of their investment. The Fund may invest up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited (“ACMOF”), which invests substantially all of its assets in Abbey Capital Offshore Fund SPC (“ACOF”), which is a multi-advisor fund that invests in managed futures and foreign exchange. The Fund may also invest up to 25% of its assets into Abbey Capital Onshore Series LLC (“ACOS”), 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, Manager and Management Risks, Subsidiary Risk, Tax Risk, Emerging Markets Risk, Leveraging Risk, Foreign Investment Risk, 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. One or more Trading Advisors, from time to time, may invest a substantial portion of the assets managed in a specific industry sector. As a result, the Fund’s investment portfolio may be subject to greater risk and volatility than if investments had been made in the securities of a broader range of issuers. There can be no assurance that the Fund’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. This brief statement cannot disclose all of the risks and other factors necessary to evaluate an investment 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, tax considerations, sales charges and expenses.

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.

The Abbey Capital Futures Strategy Fund is distributed by Quasar Distributions, LLC.

4

Abbey Capital Futures Strategy Fund

Performance Data

February 28, 2019 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2019
	Six Months†	One Year	Three Years	Since Inception††
Class A Shares (without sales charge) (Pro forma July 1, 2014 to August 29, 2014)	-5.76%	-5.93%	-5.46%	1.74%*
Class A Shares (with sales charge) (Pro forma July 1, 2014 to August 29, 2014)	-11.19%	-11.34%	-7.31%	0.46%*
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	1.10%	2.04%	1.13%	0.75%**
S&P 500® Total Return Index	-3.04%	4.68%	15.28%	10.06%**
Barclay CTA Index	-1.86%	-1.95%	-2.16%	0.31%**

† 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 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 ratio is 2.13% for Class A Shares as stated in the current prospectus (and which may differ from the actual expense ratio for the period covered by this report). This contractual limitation is in effect until December 31, 2019 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, 2019 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2019
	Six Months†	One Year	Three Years	Since Inception††
Class I Shares	-5.59%	-5.67%	-5.20%	2.00%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	1.10%	2.04%	1.13%	0.75%*
S&P 500® Total Return Index	-3.04%	4.68%	15.28%	10.06%*
Barclay CTA Index	-1.86%	-1.95%	-2.16%	0.31%*

† 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 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 1.88% 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, 2019 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.

6

Abbey Capital Futures Strategy Fund

Performance Data (Continued)

February 28, 2019 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2019
	Six Months†	One Year	Three Years	Since Inception††
Class C Shares (Pro forma July 1, 2014 to October 6, 2015)	-6.15%	-6.65%	-6.18%	0.99%*
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	1.10%	2.04%	1.13%	0.75%**
S&P 500® Total Return Index	-3.04%	4.68%	15.28%	10.06%**
Barclay CTA Index	-1.86%	-1.95%	-2.16%	0.31%**

† 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 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 2.88% 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, 2019 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. Additionally, these indices are not available for direct investment and the above is shown for illustrative purposes only.

7

Abbey Capital Futures Strategy Fund

Performance Data (Concluded)

February 28, 2019 (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 January 1, 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 510 programs included in the calculation of the Barclay CTA Index for 2019. 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.

8

Abbey Capital Futures Strategy Fund

Fund Expense Examples

February 28, 2019 (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, 2018 through February 28, 2019, and held for the entire period.

ACTUAL EXPENSES

The first section in the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you 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 section 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 section 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 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.

	Beginning Account Value September 1, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six- Month Total Investment Return for the Fund
Actual
Class A Shares	$ 1,000.00	$ 942.40	$ 9.82	2.04%	-5.76%
Class I Shares	1,000.00	944.10	8.63	1.79	-5.59
Class C Shares	1,000.00	938.50	13.41	2.79	-6.15
Hypothetical (5% return before expenses)
Class A Shares	$ 1,000.00	$ 1,014.68	$ 10.19	2.04%	N/A
Class I Shares	1,000.00	1,015.92	8.95	1.79	N/A
Class C Shares	1,000.00	1,010.96	13.91	2.79	N/A

^* Expenses are equal to the Funds’ Class A Shares, Class I Shares, and Class C Shares annualized six-month expense ratios for the period September 1, 2018 to February 28, 2019, 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 in the first section in the table is based on the actual six-month total investment return for the Fund’s respective share classes.

9

Abbey Capital Futures Strategy Fund

Consolidated Portfolio Holdings Summary Table

February 28, 2019 (Unaudited)

The following table presents a consolidated summary of the portfolio holdings of the Fund:

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		80.4	%	$	530,717,684
PURCHASED OPTIONS		0.1			531,190
OTHER ASSETS IN EXCESS OF LIABILITIES
(including futures, forward foreign currency contracts and written options)		19.5			128,991,103
NET ASSETS		100.0	%	$	660,239,977

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

As a result of the Fund’s use of derivatives, the Fund may hold significant amounts of U.S. Treasuries or short-term investments.

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, 2019 (Unaudited)

	Coupon*			Maturity Date		Par (000’s)		Value
SHORT-TERM INVESTMENTS — 80.4%
U.S. TREASURY OBLIGATIONS — 80.4%
U.S. Treasury Bills		2.310	%		03/07/19	$	20,036	$	20,028,244
U.S. Treasury Bills		2.335	%		03/14/19		5,559		5,554,285
U.S. Treasury Bills		2.352	%		03/21/19		19,540		19,514,585
U.S. Treasury Bills		2.381	%		03/28/19		26,271		26,224,451
U.S. Treasury Bills		2.431	%		04/04/19		23,447		23,394,976
U.S. Treasury Bills		2.467	%		04/25/19		12,138		12,093,772
U.S. Treasury Bills		2.499	%		05/02/19		43,450		43,271,342
U.S. Treasury Bills		2.494	%		05/09/19		32,961		32,809,695
U.S. Treasury Bills		2.506	%		05/16/19		57,452		57,162,729
U.S. Treasury Bills		2.428	%		05/30/19		88,320		87,791,736
U.S. Treasury Bills		2.542	%		06/06/19		14,929		14,832,628
U.S. Treasury Bills		2.520	%		06/13/19		13,210		13,118,697
U.S. Treasury Bills		2.478	%		06/20/19		7,438		7,383,159
U.S. Treasury Bills		2.471	%		06/27/19		15,088		14,969,555
U.S. Treasury Bills		2.509	%		07/05/19		10,028		9,943,853
U.S. Treasury Bills		2.502	%		07/11/19		38,849		38,507,815
U.S. Treasury Bills		2.509	%		07/25/19		13,176		13,047,620
U.S. Treasury Bills		2.472	%		08/01/19		15,711		15,550,080
U.S. Treasury Bills		2.484	%		08/08/19		10,962		10,844,099
U.S. Treasury Bills		2.510	%		08/15/19		34,415		34,027,855
U.S. Treasury Bills		2.496	%		08/22/19		11,126		10,995,325
U.S. Treasury Bills		2.511	%		08/29/19		19,895		19,651,183
									530,717,684
TOTAL SHORT-TERM INVESTMENTS
(Cost $530,709,173)									530,717,684
TOTAL PURCHASED OPTIONS — 0.1%**
(Cost $928,590)									531,190
TOTAL INVESTMENTS — 80.5%
(Cost $531,637,763)									531,248,874
OTHER ASSETS IN EXCESS OF LIABILITIES — 19.5%									128,991,103
NET ASSETS — 100.0%								$	660,239,977

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

^** See page 20 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, 2019 (Unaudited)

Futures contracts outstanding as of February 28, 2019 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-19		19	$	1,704,571	$	6,361
2-Year Euro Swapnote Futures		Mar-19		10		1,137,449		1,137
3-Month Euro Euribor		Sep-19		559		158,958,551		21,398
3-Month Euro Euribor		Dec-19		1,651		469,482,233		81,598
3-Month Euro Euribor		Mar-20		22		6,255,972		682
3-Month Euro Euribor		Jun-20		472		134,219,027		88,650
3-Month Euro Euribor		Sep-20		60		17,061,741		1,422
3-Month Euro Euribor		Dec-20		72		20,474,089		3,341
3-Month Euro Euribor		Mar-21		32		9,099,595		4,208
3-Month Euro Euribor		Jun-21		56		15,924,291		9,384
3-Month Euro Euribor		Sep-21		17		4,834,160		256
3-Month Euro Euribor		Dec-21		13		3,696,710		(299	)
5-Year Euro Swapnote Futures		Mar-19		1		113,745		990
90-DAY Bank Bill		Sep-19		63		44,689,092		4,386
90-DAY Bank Bill		Dec-19		397		281,612,212		116,314
90-DAY Bank Bill		Mar-20		76		53,910,650		22,453
90-DAY Bank Bill		Jun-20		93		65,969,611		35,247
90-DAY Bank Bill		Sep-20		59		41,851,689		20,839
90-DAY Eurodollar Futures		Jun-19		6		1,500,000		425
90-DAY Eurodollar Futures		Sep-19		1,076		269,000,000		(4,610	)
90-DAY Eurodollar Futures		Dec-19		639		159,750,000		79,750
90-DAY Eurodollar Futures		Mar-20		432		108,000,000		578,412
90-DAY Eurodollar Futures		Jun-20		250		62,500,000		(13,775	)
90-DAY Eurodollar Futures		Dec-20		314		78,500,000		8,750
90-DAY Eurodollar Futures		Mar-21		59		14,750,000		900
90-DAY Eurodollar Futures		Jun-21		72		18,000,000		3,300
90-DAY Eurodollar Futures		Sep-21		8		2,000,000		(450	)
90-DAY Eurodollar Futures		Dec-21		223		55,750,000		27,312
90-DAY Eurodollar Futures		Mar-22		6		1,500,000		(63	)
90-DAY Eurodollar Futures		Jun-22		4		1,000,000		338
90-DAY Eurodollar Futures		Sep-22		3		750,000		—
90-DAY Sterling Futures		Jun-19		22		3,647,457		381
90-DAY Sterling Futures		Sep-19		561		93,010,147		75,121
90-DAY Sterling Futures		Dec-19		4,699		779,063,598		297,182
90-DAY Sterling Futures		Mar-20		71		11,771,338		(8,265	)
90-DAY Sterling Futures		Jun-20		1,389		230,287,154		(41,158	)
90-DAY Sterling Futures		Sep-20		56		9,284,435		(7,651	)
90-DAY Sterling Futures		Mar-21		51		8,455,468		(7,577	)
90-DAY Sterling Futures		Jun-21		47		7,792,294		(7,966	)
90-DAY Sterling Futures		Sep-21		17		2,818,489		(1,185	)
90-DAY Sterling Futures		Dec-21		501		83,062,537		(16,828	)
Amsterdam Index Futures		Mar-19		113		13,907,653		129,251
Australian 10-Year Bond Futures		Mar-19		521		36,957,169		884,367
Australian 3-Year Bond Futures		Mar-19		1,432		101,579,015		495,224
Bank Acceptance Futures		Jun-19		30		5,699,305		6,630
Bank Acceptance Futures		Sep-19		27		5,129,374		4,217
Bank Acceptance Futures		Dec-19		33		6,269,235		2,888
Brent Crude Futures		May-19		8		530,480		2,110

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, 2019 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Brent Crude Futures		Jun-19		3	$	198,990	$	410
Brent Crude Futures		Jul-19		1		66,230		3,980
Brent Crude Futures		Aug-19		2		132,360		10,000
CAC40 10 Euro Futures		Mar-19		267		15,910,790		343,833
Canadian 10-Year Bond Futures		Jun-19		373		28,344,542		(134,086	)
Cattle Feeder Futures		Mar-19		1		71,440		(313	)
Cattle Feeder Futures		Apr-19		4		292,300		(238	)
Cattle Feeder Futures		May-19		3		220,875		(413	)
Copper Futures		May-19		318		23,436,600		40,500
Copper Futures		Jul-19		1		73,850		(13	)
DJIA Mini E-CBOT		Mar-19		161		20,859,965		470,715
Dollar Index		Mar-19		208		20,800,000		(149,665	)
Euro BUXL 30-Year Bond Futures		Mar-19		73		8,303,381		(11,966	)
Euro BUXL 30-Year Bond Futures		Jun-19		6		682,470		(8,531	)
Euro STOXX 50		Mar-19		425		15,943,059		411,223
Euro/CHF 3-Month Futures ICE		Sep-19		42		10,520,515		676
Euro/CHF 3-Month Futures ICE		Dec-19		50		12,524,423		3,983
Euro/CHF 3-Month Futures ICE		Mar-20		3		751,465		75
Euro-Bobl Futures		Mar-19		1,150		130,806,679		225,443
Euro-Bobl Futures		Jun-19		110		12,511,943		(2,343	)
Euro-BTP Futures		Mar-19		115		13,080,668		109,286
Euro-BTP Futures		Jun-19		9		1,023,704		1,467
Euro-Bund Futures		Mar-19		669		76,095,364		903,920
Euro-Bund Futures		Jun-19		170		19,336,640		(6,495	)
Euro-Oat Futures		Mar-19		690		78,484,007		1,088,357
Euro-Oat Futures		Jun-19		14		1,592,429		(2,411	)
Euro-Schatz Futures		Mar-19		564		64,152,145		(71,915	)
FTSE 100 Index Futures		Mar-19		133		12,481,484		(364,272	)
FTSE/JSE TOP 40		Mar-19		33		1,160,734		1,219
FTSE/MIB Index Futures		Mar-19		64		7,518,085		133,366
Gasoline RBOB Futures		May-19		8		593,309		(3,053	)
GBP Currency Futures		Mar-19		280		23,211,088		(536,394	)
Gold 100 Oz Futures		Apr-19		404		53,170,440		174,210
Hang Seng China Enterprises Index Futures		Mar-19		27		1,962,292		(8,096	)
Hang Seng Index Futures		Mar-19		102		18,624,364		(112,106	)
IBEX 35 Index Futures		Mar-19		27		2,853,709		87,366
JPN 10-Year Bond (Osaka Securities Exchange)		Mar-19		164		147,131,387		708,384
Live Cattle Futures		Apr-19		190		9,868,600		216,530
Live Cattle Futures		Jun-19		31		1,489,860		18,330
Live Cattle Futures		Aug-19		18		834,480		5,030
Live Cattle Futures		Oct-19		5		233,352		60
LME Copper Forward		Mar-19		217		35,427,963		1,946,577
LME Copper Forward		Apr-19		18		2,932,425		36,368
LME Copper Forward		Jun-19		9		1,465,425		(210,039	)
LME Lead Forward		Mar-19		5		268,906		7,638
LME Lead Forward		Apr-19		4		215,275		4,488
LME Nickel Forward		Mar-19		4		311,772		(415,173	)
LME Nickel Forward		Apr-19		7		546,693		3,673
LME Nickel Forward		May-19		2		156,516		6,840
LME Nickel Forward		Jun-19		16		1,255,008		(23,297	)

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, 2019 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
LME Zinc Forward		Mar-19		113	$	7,925,538	$	508,540
LME Zinc Forward		Apr-19		14		979,825		(38,591	)
LME Zinc Forward		May-19		1		69,763		3,438
Long Gilt Futures		Jun-19		535		70,959,613		(1,016,702	)
Low Sulphur Gasoil G Futures		Apr-19		4		248,300		(52,975	)
Low Sulphur Gasoil G Futures		May-19		11		678,975		16,200
Low Sulphur Gasoil G Futures		Jun-19		6		369,150		(175	)
MSCI EAFE Index Futures		Mar-19		3		280,350		(5,460	)
MSCI Emerging Markets Index Futures		Mar-19		9		471,015		(8,365	)
MSCI Taiwan Index Futures		Mar-19		29		1,097,070		770
MXN Currency Futures		Mar-19		555		14,392,108		137,860
Nasdaq 100 E-Mini		Mar-19		70		9,943,500		(156,438	)
Natural Gas Futures		Jun-19		3		85,900		(110	)
Natural Gas Futures		Jul-19		4		116,200		(260	)
Natural Gas Futures		Aug-19		6		175,100		930
Natural Gas Futures		Sep-19		15		436,100		4,780
Natural Gas Futures		Oct-19		46		1,344,600		11,000
Natural Gas Futures		Nov-19		13		386,100		2,970
Natural Gas Futures		Dec-19		12		372,600		5,770
Nikkei 225 (Chicago Mercantile Exchange)		Mar-19		3		322,350		775
Nikkei 225 (Osaka Securities Exchange)		Mar-19		13		2,494,684		5,826
Nikkei 225 Mini		Mar-19		137		2,629,014		36,339
NY Harbor Ultra-Low Sulfur Diesel Futures		May-19		7		594,380		7,111
NY Harbor Ultra-Low Sulfur Diesel Futures		Jun-19		3		254,318		(508	)
OMX Stockholm 30 Index Futures		Mar-19		520		8,850,585		18,104
Palladium Futures		Jun-19		14		2,102,100		67,550
Rapeseed Euro		May-19		2		40,749		(1,848	)
Russell 2000 E-Mini		Mar-19		51		4,017,525		39,850
S&P 500 E-Mini Futures		Mar-19		89		12,391,915		67,352
S&P Mid 400 E-Mini Futures		Mar-19		17		3,248,360		24,220
S&P/TSX 60 IX Futures		Mar-19		106		15,343,197		323,736
Silver Futures		May-19		67		5,237,450		(182,695	)
Silver Futures		Jul-19		3		235,950		(4,925	)
Soybean Oil Futures		Jul-19		7		128,478		(1,992	)
SPI 200 Futures		Mar-19		157		17,120,054		569,733
Sugar No. 11 (World)		May-19		172		2,461,939		(140,526	)
Swiss Federal Bond Futures		Mar-19		3		300,586		9,348
U.S. Treasury 10-Year Notes (Chicago Board of Trade)		Jun-19		906		90,691,506		(409,360	)
U.S. Treasury 5-Year Notes (Chicago Board of Trade)		Jun-19		990		99,999,663		(186,704	)
U.S. Treasury Long Bond (Chicago Board of Trade)		Jun-19		450		54,888,728		(593,070	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)		Jun-19		34		3,419,036		(69,992	)
USD/HUF Futures		Mar-19		5		500,000		(6,540	)
USD/NOK Futures		Mar-19		2		200,000		328
USD/SEK Futures		Mar-19		28		2,800,000		72,766
WTI Crude Futures		Apr-19		36		2,059,920		17,940
WTI Crude Futures		May-19		14		806,540		3,140
WTI Crude Futures		Jun-19		5		290,300		19,160
WTI Crude Futures		Jul-19		5		292,450		17,430
WTI Crude Futures		Aug-19		6		352,980		25,910
WTI Crude Futures		Sep-19		10		590,600		43,340

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, 2019 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
WTI Crude Futures		Oct-19		4	$	236,680	$	16,150
							$	7,009,655

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
30-DAY Federal Funds Futures		Jan-20		639	$	(266,250,000	)	$	33,947
90-DAY Bank Bill		Jun-19		9		(6,384,156	)		(1,698	)
90-DAY Eurodollar Futures		Sep-20		977		(244,250,000	)		34,731
90-DAY Sterling Futures		Dec-20		1,090		(180,714,902	)		(122,411	)
AUD/USD Currency Futures		Mar-19		553		(39,227,092	)		471,247
CAD Currency Futures		Mar-19		555		(42,174,855	)		(650,018	)
CHF Currency Futures		Mar-19		307		(38,449,977	)		96,676
Cocoa Futures		May-19		25		(561,750	)		4,970
Cocoa Futures		Jul-19		3		(68,130	)		110
Cocoa Futures ICE		May-19		32		(714,318	)		(11,871	)
Coffee 'C' Futures		May-19		392		(14,472,150	)		897,469
Coffee 'C' Futures		Jul-19		60		(2,275,875	)		136,856
Coffee 'C' Futures		Sep-19		44		(1,714,350	)		88,931
Coffee Robusta 10-T Futures		May-19		32		(491,840	)		3,580
Coffee Robusta 10-T Futures		Jul-19		9		(138,960	)		510
Corn Futures		May-19		696		(12,902,100	)		399,213
Corn Futures		Jul-19		17		(322,575	)		7,388
Corn Futures		Sep-19		1		(19,263	)		400
Cotton No.2 Futures		May-19		207		(7,536,870	)		109,455
Cotton No.2 Futures		Jul-19		12		(443,940	)		(2,780	)
DAX Index Futures		Mar-19		14		(4,586,196	)		(443,477	)
EUR Foreign Exchange Currency Futures		Mar-19		1,176		(167,205,059	)		531,683
Euro/CHF 3-Month Futures ICE		Jun-19		1		(250,488	)		—
Euro/JPY Futures		Mar-19		89		(12,654,124	)		83,445
Euro-Schatz Futures		Jun-19		4		(454,980	)		131
Gasoline RBOB Futures		Apr-19		179		(13,173,791	)		(427,191	)
ILS/USD Futures		Mar-19		7		(1,931,354	)		(48,730	)
JPY Currency Futures		Mar-19		463		(51,922,128	)		131,512
Kansas City Hard Red Winter Wheat Futures		May-19		278		(6,178,550	)		614,150
Kansas City Hard Red Winter Wheat Futures		Jul-19		43		(974,488	)		126,513
Lean Hogs Futures		Apr-19		243		(5,431,056	)		728,440
Lean Hogs Futures		Jun-19		108		(3,278,880	)		63,960
Lean Hogs Futures		Jul-19		26		(814,060	)		(200	)
Lean Hogs Futures		Aug-19		11		(345,732	)		440
LME Aluminum Forward		Mar-19		7		(331,581	)		443,899
LME Aluminum Forward		Apr-19		20		(951,375	)		(24,523	)
LME Aluminum Forward		May-19		11		(524,838	)		(24,523	)
LME Aluminum Forward		Jun-19		293		(14,043,856	)		(334,184	)
LME Copper Forward		Mar-19		217		(35,427,963	)		(2,649,976	)
LME Lead Forward		Mar-19		5		(268,906	)		(20,538	)
LME Lead Forward		Apr-19		4		(215,275	)		(14,664	)
LME Zinc Forward		Mar-19		113		(7,925,538	)		(841,459	)

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, 2019 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
LME Zinc Forward		May-19		1	$	(69,763	)	$	(2,794	)
LME Zinc Forward		Jun-19		1		(69,338	)		(7,738	)
Natural Gas Futures		Apr-19		64		(1,799,600	)		(162,820	)
Natural Gas Futures		May-19		1		(28,200	)		(1,300	)
Nikkei 225 (Singapore Exchange)		Mar-19		47		(4,499,080	)		(238,617	)
NY Harbor Ultra-Low Sulfur Diesel Futures		Apr-19		52		(4,427,623	)		(3,994	)
NZD Currency Futures		Mar-19		211		(14,369,088	)		(72,540	)
Platinum Futures		Apr-19		12		(525,120	)		(44,960	)
PLN/USD Futures		Mar-19		4		(528,555	)		(7,660	)
Red Wheat Futures (Minneapolis Grain Exchange)		May-19		10		(279,625	)		8,275
Red Wheat Futures (Minneapolis Grain Exchange)		Jul-19		1		(28,113	)		(25	)
Soybean Futures		May-19		185		(8,419,813	)		55,700
Soybean Futures		Jul-19		23		(1,062,600	)		13,213
Soybean Meal Futures		May-19		240		(7,344,000	)		160,820
Soybean Meal Futures		Jul-19		58		(1,796,840	)		44,670
Soybean Meal Futures		Aug-19		1		(31,150	)		480
Soybean Oil Futures		May-19		29		(526,350	)		834
Sugar No. 11 (World)		Jul-19		3		(43,781	)		(14,302	)
Topix Index Futures		Mar-19		5		(720,406	)		(43,332	)
TRY/USD Futures		Mar-19		15		(1,404,955	)		(19,275	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)		Jun-19		55		(10,977,479	)		5,242
Wheat (Chicago Board of Trade)		May-19		574		(13,187,650	)		1,074,551
Wheat (Chicago Board of Trade)		Jul-19		75		(1,749,375	)		173,963
White Sugar ICE		May-19		4		(69,600	)		410
								$	310,214
Total Futures Contracts								$	7,319,869

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, 2019 (Unaudited)

Forward foreign currency contracts outstanding as of February 28, 2019 were as follows:

Currency Purchased			Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
AUD	20,876,295	USD		14,906,700		Mar 01 2019		BOA	$	(97,771	)
AUD	19,306,110	USD		13,706,759		Mar 04 2019		BOA		(10,791	)
AUD	25,269,202	USD		18,155,557		Mar 20 2019		BOA		(224,315	)
AUD	17,827,000	USD		12,755,818		Mar 22 2019		BOA		(105,208	)
AUD	8,459,000	USD		6,072,867		Mar 27 2019		BOA		(69,595	)
BRL	33,206,308	USD		8,839,787		Mar 20 2019		BOA		(12,487	)
CAD	5,816,572	USD		4,421,802		Mar 01 2019		BOA		(1,646	)
CAD	39,275,244	USD		29,671,316		Mar 20 2019		BOA		189,126
CAD	12,696,000	USD		9,574,365		Mar 22 2019		BOA		78,737
CAD	36,103,000	USD		27,202,998		Mar 27 2019		BOA		250,648
CAD	3,537,000	USD		2,689,961		Mar 28 2019		BOA		(265	)
CHF	38,518,902	USD		38,468,892		Mar 01 2019		BOA		128,721
CHF	38,518,902	USD		38,615,441		Mar 04 2019		BOA		(7,464	)
CHF	3,834,000	USD		3,917,593		Mar 22 2019		BOA		(67,931	)
CHF	57,843,000	USD		59,220,238		Mar 27 2019		BOA		(1,111,898	)
CHF	9,269,000	USD		9,313,229		Mar 28 2019		BOA		(778	)
CLP	3,306,361,462	USD		4,975,005		Mar 20 2019		BOA		65,990
CNH	21,064,053	USD		3,100,000		Mar 20 2019		BOA		43,526
COP	20,377,040,760	USD		6,450,000		Mar 20 2019		BOA		156,272
CZK	113,616,204	EUR		4,400,000		Mar 20 2019		BOA		31,523
CZK	20,649,544	EUR		800,000		Jun 19 2019		BOA		617
EUR	35,695,488	USD		40,582,501		Mar 01 2019		BOA		22,642
EUR	39,888,933	USD		45,391,145		Mar 04 2019		BOA		(4,605	)
EUR	4,400,000	CZK		113,309,785		Mar 20 2019		BOA		(17,917	)
EUR	2,100,000	HUF		670,296,148		Mar 20 2019		BOA		(25,669	)
EUR	18,650,000	NOK		185,169,600		Mar 20 2019		BOA		(410,532	)
EUR	6,900,000	PLN		29,793,081		Mar 20 2019		BOA		(16,713	)
EUR	38,800,000	SEK		401,588,698		Mar 20 2019		BOA		657,405
EUR	42,799,691	USD		48,983,285		Mar 20 2019		BOA		(216,670	)
EUR	11,858,000	USD		13,647,062		Mar 22 2019		BOA		(133,481	)
EUR	30,387,000	USD		35,040,819		Mar 27 2019		BOA		(395,906	)
EUR	2,250,000	JPY		283,228,200		Mar 28 2019		BOA		18,663
EUR	3,248,000	USD		3,696,097		Mar 28 2019		BOA		7,350
EUR	250,000	PLN		1,090,725		Jun 19 2019		BOA		(2,203	)
EUR	18,700,000	SEK		197,509,802		Jun 19 2019		BOA		(100,631	)
GBP	5,406,341	EUR		6,291,977		Mar 01 2019		BOA		13,663
GBP	23,805,279	USD		31,594,186		Mar 01 2019		BOA		(18,489	)
GBP	2,459,101	EUR		2,876,408		Mar 04 2019		BOA		(10,552	)
GBP	29,911,774	USD		39,809,182		Mar 04 2019		BOA		(127,644	)
GBP	30,354,044	USD		40,272,805		Mar 05 2019		BOA		(2,481	)
GBP	28,247,755	USD		36,913,626		Mar 20 2019		BOA		592,586
GBP	18,675,000	USD		24,200,036		Mar 22 2019		BOA		598,556
GBP	22,944,000	USD		29,462,996		Mar 27 2019		BOA		1,012,684
GBP	2,646,000	USD		3,477,871		Mar 28 2019		BOA		36,906
HUF	668,271,273	EUR		2,100,000		Mar 20 2019		BOA		18,363
HUF	1,486,754,134	USD		5,330,444		Mar 20 2019		BOA		33,791
HUF	381,405,378	EUR		1,200,000		Jun 19 2019		BOA		7,084
ILS	19,849,808	USD		5,400,000		Mar 20 2019		BOA		83,669
INR	1,182,118,887	USD		16,543,662		Mar 20 2019		BOA		31,486

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, 2019 (Unaudited)

Currency Purchased			Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
INR	7,220,343	USD		100,000		Jun 19 2019		BOA	$	110
JPY	556,983,080	USD		5,037,765		Mar 01 2019		BOA		(40,459	)
JPY	526,168,370	USD		4,740,482		Mar 04 2019		BOA		(18,590	)
JPY	526,168,370	USD		4,723,511		Mar 05 2019		BOA		(1,266	)
JPY	4,959,956,861	USD		45,143,918		Mar 20 2019		BOA		(573,450	)
JPY	3,061,490,000	USD		28,186,004		Mar 22 2019		BOA		(670,586	)
JPY	6,575,100,000	USD		59,918,603		Mar 27 2019		BOA		(799,116	)
JPY	1,379,054,000	USD		12,510,615		Mar 28 2019		BOA		(109,904	)
KRW	8,784,571,618	USD		7,835,492		Mar 20 2019		BOA		(20,279	)
KRW	55,793,000	USD		50,000		Jun 19 2019		BOA		(211	)
MXN	302,378,448	USD		15,553,182		Mar 20 2019		BOA		78,623
MXN	93,379,000	USD		4,641,365		Mar 22 2019		BOA		184,409
MXN	269,370,000	USD		13,953,443		Mar 27 2019		BOA		(43,805	)
NOK	186,789,684	EUR		19,150,000		Mar 20 2019		BOA		30,337
NOK	89,753,065	USD		10,542,656		Mar 20 2019		BOA		(43,592	)
NOK	269,130,000	USD		31,398,991		Mar 27 2019		BOA		93,385
NZD	1,038,157	USD		714,822		Mar 01 2019		BOA		(7,821	)
NZD	419,120	USD		285,442		Mar 04 2019		BOA		5
NZD	19,382,776	USD		13,305,852		Mar 20 2019		BOA		(100,425	)
NZD	15,267,000	USD		10,386,229		Mar 22 2019		BOA		15,569
NZD	11,441,000	USD		7,845,754		Mar 27 2019		BOA		(49,887	)
PHP	469,944,494	USD		8,950,000		Mar 20 2019		BOA		121,831
PLN	29,755,555	EUR		6,900,000		Mar 20 2019		BOA		6,790
PLN	66,236,068	USD		17,684,857		Mar 20 2019		BOA		(168,956	)
PLN	52,540,000	USD		13,987,755		Mar 27 2019		BOA		(90,601	)
PLN	2,395,418	EUR		550,000		Jun 19 2019		BOA		3,739
RUB	242,992,895	USD		3,672,039		Mar 20 2019		BOA		2,350
RUB	66,639,350	USD		1,000,000		Jun 19 2019		BOA		(4,386	)
SEK	2,423,076	USD		263,701		Mar 04 2019		BOA		(1,267	)
SEK	365,526,459	EUR		35,100,000		Mar 20 2019		BOA		(352,483	)
SEK	34,874,838	USD		3,879,229		Mar 20 2019		BOA		(97,087	)
SEK	54,490,000	USD		6,081,819		Mar 27 2019		BOA		(168,974	)
SGD	17,473,492	USD		12,907,352		Mar 20 2019		BOA		21,044
SGD	7,766,000	USD		5,758,859		Mar 28 2019		BOA		(12,089	)
SGD	403,712	USD		300,000		Jun 19 2019		BOA		(795	)
THB	228,695,537	USD		7,250,000		Mar 20 2019		BOA		10,276
TRY	13,063,407	USD		2,400,000		Mar 20 2019		BOA		18,401
TRY	43,195,000	USD		7,928,100		Mar 27 2019		BOA		35,348
TRY	12,936,081	USD		2,300,000		Jun 19 2019		BOA		(20,970	)
TWD	231,392,926	USD		7,542,784		Mar 20 2019		BOA		(13,047	)
USD	15,003,915	AUD		20,876,295		Mar 01 2019		BOA		194,986
USD	13,779,716	AUD		19,306,110		Mar 04 2019		BOA		83,748
USD	11,827,247	AUD		16,669,552		Mar 05 2019		BOA		1,431
USD	27,544,818	AUD		38,621,516		Mar 20 2019		BOA		138,659
USD	21,659,324	AUD		30,128,000		Mar 22 2019		BOA		279,531
USD	2,989,829	AUD		4,176,000		Mar 27 2019		BOA		26,161
USD	4,881,274	BRL		18,571,385		Mar 20 2019		BOA		(55,595	)
USD	1,650,000	BRL		6,226,358		Jun 19 2019		BOA		6,690
USD	4,421,598	CAD		5,816,572		Mar 01 2019		BOA		1,442
USD	3,350,228	CAD		4,405,265		Mar 04 2019		BOA		2,330
USD	23,238,831	CAD		30,897,121		Mar 20 2019		BOA		(251,836	)

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, 2019 (Unaudited)

Currency Purchased			Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
USD	15,190,641	CAD		20,186,000		Mar 22 2019		BOA	$	(157,306	)
USD	26,921,262	CAD		36,103,000		Mar 27 2019		BOA		(532,384	)
USD	38,541,642	CHF		38,518,902		Mar 01 2019		BOA		(55,972	)
USD	38,479,230	CHF		38,518,902		Mar 04 2019		BOA		(128,746	)
USD	38,618,886	CHF		38,518,902		Mar 05 2019		BOA		7,455
USD	12,633,469	CHF		12,422,000		Mar 22 2019		BOA		160,724
USD	80,028,556	CHF		78,846,000		Mar 27 2019		BOA		820,870
USD	7,047,603	CLP		4,767,490,116		Mar 20 2019		BOA		(221,080	)
USD	5,350,000	CNH		36,699,947		Mar 20 2019		BOA		(126,973	)
USD	9,700,000	COP		31,308,190,125		Mar 20 2019		BOA		(450,170	)
USD	33,504,807	EUR		29,403,511		Mar 01 2019		BOA		57,056
USD	42,092,049	EUR		37,012,525		Mar 04 2019		BOA		(21,648	)
USD	43,625,477	EUR		38,335,520		Mar 05 2019		BOA		2,865
USD	89,838,610	EUR		78,514,694		Mar 20 2019		BOA		377,781
USD	31,612,977	EUR		27,618,000		Mar 22 2019		BOA		139,028
USD	68,409,992	EUR		59,521,000		Mar 27 2019		BOA		548,741
USD	38,882,586	GBP		29,211,620		Mar 01 2019		BOA		135,833
USD	42,950,877	GBP		32,370,875		Mar 04 2019		BOA		7,047
USD	26,869,164	GBP		20,912,513		Mar 20 2019		BOA		(897,615	)
USD	24,680,746	GBP		19,325,000		Mar 22 2019		BOA		(980,983	)
USD	29,760,774	GBP		22,944,000		Mar 27 2019		BOA		(714,906	)
USD	4,574,108	HUF		1,287,736,532		Mar 20 2019		BOA		(72,068	)
USD	8,200,000	ILS		30,358,290		Mar 20 2019		BOA		(186,721	)
USD	8,009,795	INR		571,276,361		Mar 20 2019		BOA		(390	)
USD	350,000	INR		25,209,562		Jun 19 2019		BOA		468
USD	5,017,197	JPY		556,983,080		Mar 01 2019		BOA		19,891
USD	4,723,150	JPY		526,168,370		Mar 04 2019		BOA		1,258
USD	58,229,153	JPY		6,471,439,572		Mar 20 2019		BOA		76,412
USD	47,342,850	JPY		5,266,200,000		Mar 22 2019		BOA		12,400
USD	81,882,874	JPY		8,965,800,000		Mar 27 2019		BOA		1,267,598
USD	12,448,075	JPY		1,379,054,000		Mar 28 2019		BOA		47,364
USD	13,564,421	KRW		15,239,085,709		Mar 20 2019		BOA		6,935
USD	150,000	KRW		167,073,195		Jun 19 2019		BOA		906
USD	6,290,022	MXN		122,356,569		Mar 20 2019		BOA		(35,343	)
USD	1,244,192	MXN		24,568,000		Mar 22 2019		BOA		(25,468	)
USD	2,723,641	MXN		52,620,000		Mar 27 2019		BOA		6,467
USD	7,696,129	NOK		66,123,110		Mar 20 2019		BOA		(38,768	)
USD	14,021,832	NOK		121,120,000		Mar 27 2019		BOA		(151,082	)
USD	710,567	NZD		1,038,157		Mar 01 2019		BOA		3,566
USD	286,899	NZD		419,120		Mar 04 2019		BOA		1,452
USD	8,574,776	NZD		12,651,942		Mar 20 2019		BOA		(44,954	)
USD	5,952,951	NZD		8,719,000		Mar 22 2019		BOA		12,473
USD	5,462,626	NZD		8,109,000		Mar 27 2019		BOA		(62,825	)
USD	500,000	PHP		26,496,230		Mar 20 2019		BOA		(11,484	)
USD	14,407,073	PLN		54,701,906		Mar 20 2019		BOA		(58,657	)
USD	5,635,961	PLN		21,250,000		Mar 27 2019		BOA		15,205
USD	3,550,000	RUB		242,992,895		Mar 20 2019		BOA		(124,390	)
USD	50,000	RUB		3,309,650		Jun 19 2019		BOA		553
USD	262,564	SEK		2,423,076		Mar 04 2019		BOA		131
USD	10,136,961	SEK		92,725,247		Mar 20 2019		BOA		80,998
USD	6,134,368	SEK		54,490,000		Mar 27 2019		BOA		221,523

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

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2019 (Unaudited)

Currency Purchased			Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
USD	15,929,771	SGD		21,612,001		Mar 20 2019		BOA	$	(60,651	)
USD	700,000	SGD		944,823		Jun 19 2019		BOA		(241	)
USD	2,650,000	THB		86,605,128		Mar 20 2019		BOA		(99,407	)
USD	2,400,000	TRY		12,944,152		Mar 20 2019		BOA		3,676
USD	1,522,005	TRY		8,335,000		Mar 27 2019		BOA		(14,639	)
USD	9,134,365	TWD		278,937,601		Mar 20 2019		BOA		57,480
USD	11,004,931	ZAR		155,319,357		Mar 20 2019		BOA		10,995
USD	2,109,996	ZAR		29,530,000		Mar 27 2019		BOA		21,598
ZAR	221,972,900	USD		16,079,223		Mar 20 2019		BOA		(367,363	)
ZAR	3,770,000	USD		272,224		Mar 27 2019		BOA		(5,605	)
ZAR	44,975,887	USD		3,200,000		Jun 19 2019		BOA		(52,149	)
Total Forward Foreign Currency Contracts									$	(3,047,155	)

	Put/Call	Counterparty	Number Of Contracts		Notional Amount		Value
PURCHASED OPTIONS — 0.1%
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.50	Put	N/A		4,356		EUR 174,666,888	$	—
3-Month Euro Euribor, Expires 3/16/20, Strike Price $99.875	Put	N/A		1,735		EUR 69,545,740		49,337
EUR/GBP Currency Futures, Expires 4/26/19, Strike Price $0.835	Put	BAML		31,972,000		EUR 31,972,000		134,920
IMM Eurodollar Futures, Expires 12/16/19, Strike Price $97.00	Put	N/A		4,125		EUR 160,644,000		232,031
USD/JPY Currency Futures, Expires 3/8/19, Strike Price $112.00	Call	BAML		134,075,000		JPY 134,075,000		114,902
TOTAL PURCHASED OPTIONS (COST $928,590)							$	531,190
WRITTEN OPTIONS — (0.1%)
1-Year Euro, Expires 3/15/19, Strike Price $97.00	Call	N/A		452		EUR 17,609,920	$	(485,900	)
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.375	Put	N/A		4,356		EUR 174,666,888		—
3-Month Euro Euribor, Expires 3/16/20, Strike Price $99.625	Put	N/A		1,735		EUR 69,545,740		(12,334	)
IMM Eurodollar Futures, Expires 12/16/19, Strike Price $96.875	Put	N/A		4,125		EUR 160,644,000		(128,906	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $386,416)							$	(627,140	)

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

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Concluded)

February 28, 2019 (Unaudited)

AUD	Australian Dollar	JPY	Japanese Yen
BAML	Bank of America Merrill Lynch	JSE	Johannesburg Stock Exchange
BOA	Bank of America	KRW	Korean Won
BRL	Brazilian Real	LME	London Mercantile Exchange
BUXL	German Bond	MIB	Milano Indice di Borsa
CAC	Cotation Assisteé en Continn French	MXN	Mexican Peso
CAD	Canadian Dollar	NOK	Norwegian Krone
CHF	Swiss Franc	NZD	New Zealand Dollar
CLP	Chilean Peso	OMX	Stockholm Stock Exchange
CNH	Chinese Yuan Renminbi	PHP	Philippine Peso
COP	Colombian Peso	PLN	Polish Zloty
CZK	Czech Koruna	RBOB	Reformulated Blendstock for Oxygenate Blending
DAX	German Stock Exchange	RUB	Russian Ruble
DJIA	Dow Jones Industrial Average	SEK	Swedish Krona
E-CBOT	Electronic - Chicago Board of Trade	SGD	Singapore Dollar
EUR	Euro	THB	Thai Baht
FTSE	Financial Times Stock Exchange	TRY	Turkish Lira
GBP	British Pound	TSX	Toronto Stock Exchange
HUF	Hungarian Forint	TWD	Taiwan Dollar
IBEX	Index of the Bolsa de Madrid	USD	United States Dollar
ICE	Intercontinental Exchange	WTI	West Texas Intermediate
ILS	Israeli New Shekel	ZAR	South African Rand
INR	Indian Rupee

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

Abbey Capital Futures Strategy Fund

Consolidated Statement of Assets And Liabilities

February 28, 2019 (Unaudited)

ASSETS
Investments, at value (cost $531,637,763)	$	531,248,874
Cash		8,328,761
Deposits with broker for forward foreign currency contracts		15,005,832
Deposits with broker for futures contracts		112,295,024
Receivables for:
Capital shares sold		1,063,785
Unrealized appreciation on forward foreign currency contracts		9,563,952
Unrealized appreciation on futures contracts		18,605,351
Prepaid expenses and other assets		62,319
Total assets		696,173,898
LIABILITIES
Options written, at value (premiums received $386,416)		627,140
Due to broker		5,469,406
Payables for:
Capital shares redeemed		4,718,181
Advisory fees		867,308
Investments purchased		178,726
Administration and accounting services fees		76,075
Unrealized depreciation on forward foreign currency contracts		12,611,107
Unrealized depreciation on futures contracts		11,285,482
Other accrued expenses and liabilities		100,496
Total liabilities		35,933,921
Net assets	$	660,239,977
NET ASSETS CONSIST OF:
Par value	$	61,653
Paid-in capital		702,725,978
Total distributable earnings/(loss)		(42,547,654	)
Net assets	$	660,239,977
CLASS A SHARES:
Net assets	$	11,282,288
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,060,946
Net asset value and redemption price per share	$	10.63
Maximum offering price per share (100/94.25 of $10.63)	$	11.28
CLASS I SHARES:
Net assets	$	644,112,676
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		60,125,668
Net asset value, offering and redemption price per share	$	10.71
CLASS C SHARES:
Net assets	$	4,845,013
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		466,403
Net asset value, offering and redemption price per share	$	10.39

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

Abbey Capital Futures Strategy Fund

Consolidated Statement of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

INVESTMENT INCOME
Interest	$	7,552,587
Total investment income		7,552,587
EXPENSES
Advisory fees (Note 2)		7,022,297
Administration and accounting services fees (Note 2)		193,214
Registration and filing fees		53,888
Transfer agent fees (Note 2)		46,339
Legal fees		36,631
Printing and shareholder reporting fees		30,375
Audit and tax service fees		27,620
Distribution fees (Class C Shares) (Note 2)		23,481
Distribution fees (Class A Shares) (Note 2)		17,177
Director fees		21,854
Officer fees		16,155
Custodian fees (Note 2)		7,597
Other expenses		19,368
Total expenses before waivers and/or reimbursements		7,515,996
Less: waivers and/or reimbursements (Note 2)		(363,405	)
Net expenses after waivers and/or reimbursements		7,152,591
Net investment income/(loss)		399,996
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(3,754,257	)
Futures contracts		(21,919,015	)
Foreign currency transactions		344,347
Forward foreign currency contracts		(4,629,060	)
Written options		1,164,652
Net change in unrealized appreciation/(depreciation) on:
Investments		689,921
Futures contracts		(17,562,543	)
Foreign currency translations		15,912
Forward foreign currency contracts		(5,082,269	)
Written options		(1,037,904	)
Net realized and unrealized gain/(loss) from investments		(51,770,216	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(51,370,220	)

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

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSET FROM OPERATIONS:
Net investment income/(loss)	$	399,996		$	(3,893,993	)
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions, forward foreign currency contracts and written options		(28,793,333	)		10,153,119
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations, forward foreign currency contracts and written options		(22,976,883	)		1,803,899
Net increase/(decrease) in net assets resulting from operations		(51,370,220	)		8,063,025
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(1,067,180	)		—
Net decrease in net assets from dividends and distributions to shareholders		(1,067,180	)		—
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		2,253,426			5,261,446
Shares redeemed		(5,644,423	)		(5,290,537	)
Total from Class A Shares		(3,390,997	)		(29,091	)
Class I Shares
Proceeds from shares sold		218,697,002			552,444,530
Proceeds from reinvestment of distributions		527,421			—
Shares redeemed		(437,432,182	)		(419,282,057	)
Total from Class I Shares		(218,207,759	)		133,162,473
Class C Shares
Proceeds from shares sold		216,299			1,216,630
Shares redeemed		(3,397,491	)		(2,231,665	)
Total from Class C Shares		(3,181,192	)		(1,015,035	)
Net increase/(decrease) in net assets from capital share transactions		(224,779,948	)		132,118,347
Total increase/(decrease) in net assets		(277,217,348	)		140,181,372
NET ASSETS:
Beginning of period		937,457,325			797,275,953
End of period	$	660,239,977		$	937,457,325

(1) The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the Securities and Exchange Commission's (“SEC”) Final Rule on Disclosure Update and Simplificaton. Accumulated net investment income/(loss) as of August 31, 2018 was $(16,745,577).

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

Abbey Capital Futures Strategy Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Shares sold		206,682			467,333
Shares redeemed		(523,578	)		(471,065	)
Total Class A Shares		(316,896	)		(3,732	)
Class I Shares
Shares sold		20,132,914			48,188,097
Shares reinvested		48,926			—
Shares redeemed		(40,447,260	)		(36,743,166	)
Total Class I Shares		(20,265,420	)		11,444,931
Class C Shares
Shares sold		20,582			107,360
Shares redeemed		(321,262	)		(199,506	)
Total Class C Shares		(300,680	)		(92,146	)
Net increase/(decrease) in shares outstanding		(20,882,996	)		11,349,053

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

Abbey Capital Futures Strategy Fund

Consolidated Financial Highlights

Contained below is per share operating performance data for Class A Shares outstanding, total investment return/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	11.28		$	11.15		$	11.77		$	12.01		$	10.36
Net investment income/(loss)(2)		(0.01	)		(0.07	)		(0.18	)		(0.24	)		(0.27	)
Net realized and unrealized gain/(loss) from investments		(0.64	)		0.20			(0.44	)		0.01			2.14
Net increase/(decrease) in net assets resulting from operations		(0.65	)		0.13			(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	$	10.63		$	11.28		$	11.15		$	11.77		$	12.01
Total investment return/(loss)(3)		(5.76	)%(4)		1.08	%		(5.18	)%		(1.94	)%		18.17	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	11,282		$	15,539		$	15,401		$	17,125		$	11,013
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6)		2.04	%(5)		2.04	%		2.14	%		2.26	%		2.28	%
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		2.04	%(5)		2.04	%		2.14	%		2.24	%		2.24	%
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		2.13	%(5)		2.13	%		2.28	%		2.42	%		2.71	%
Ratio of net investment income/(loss) to average net assets		(0.14	)%(5)		(0.65	)%		(1.60	)%		(2.01	)%		(2.23	)%
Portfolio turnover rate(7)		0	%(4)		0	%		0	%		0	%		0	%

(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/(loss) 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.
26

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	11.36		$	11.20		$	11.80		$	12.03		$	10.36		$	10.00
Net investment income/(loss)(2)		0.01			(0.05	)		(0.15	)		(0.21	)		(0.24	)		(0.03	)
Net realized and unrealized gain/(loss) from investments		(0.64	)		0.21			(0.45	)		0.01			2.14			0.39
Net increase/(decrease) in net assets resulting from operations		(0.63	)		0.16			(0.60	)		(0.20	)		1.90			0.36
Dividends and distributions to shareholders from:
Net investment income		(0.02	)		—			—			(0.03	)		(0.22	)		—
Net realized capital gains		—			—			—			—			(0.01	)		—
Total dividends and distributions to shareholders		(0.02	)		—			—			(0.03	)		(0.23	)		—
Net asset value, end of period	$	10.71		$	11.36		$	11.20		$	11.80		$	12.03		$	10.36
Total investment return/(loss)(3)		(5.59	)%(4)		1.34	%		(5.00	)%		(1.68	)%		18.46	%		3.60	%(4)
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	644,113		$	913,437		$	772,413		$	739,842		$	220,441		$	24,349
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6)		1.79	%(5)		1.79	%		1.89	%		2.01	%		2.03	%		2.01	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		1.79	%(5)		1.79	%		1.89	%		1.99	%		1.99	%		1.99	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		1.88	%(5)		1.88	%		2.03	%		2.17	%		2.46	%		4.71	%(5)
Ratio of net investment income/(loss) to average net assets		0.11	%(5)		(0.40	)%		(1.35	)%		(1.76	)%		(1.98	)%		(1.99	)%(5)
Portfolio turnover rate(7)		0	%(4)		0	%		0	%		0	%		0	%		0	%(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/(loss) 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.
27

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	11.06		$	11.01		$	11.71		$	11.99
Net investment income/(loss)(2)		(0.05	)		(0.16	)		(0.26	)		(0.30	)
Net realized and unrealized gain/(loss) from investments		(0.62	)		0.21			(0.44	)		0.03
Net increase/(decrease) in net assets resulting from operations		(0.67	)		0.05			(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	$	10.39		$	11.06		$	11.01		$	11.71
Total investment return/(loss)(3)		(6.15	)%(4)		0.36	%		(5.89	)%		(2.22	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	4,845		$	8,481		$	9,462		$	8,380
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6)		2.79	%(5)		2.79	%		2.89	%		3.01	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		2.79	%(5)		2.79	%		2.89	%		2.99	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		2.88	%(5)		2.88	%		3.03	%		3.17	%(5)
Ratio of net investment income/(loss) to average net assets		(0.89	)%(5)		(1.40	)%		(2.35	)%		(2.76	)%(5)
Portfolio turnover rate(7)		0	%(4)		0	%		0	%		0	%

(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/(loss) 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.
28

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements

February 28, 2019 (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 thirty-two separate 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 87.223 billion shares are currently classified into one hundred and eighty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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

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, 2019, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 28, 2019 (the “current fiscal period”).

CONSOLIDATION OF SUBSIDIARIES – The Managed Futures strategy is achieved by the Fund investing up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited (the “Cayman Subsidiary”), a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands. Effective on or about October 1, 2018, the Fund’s previous wholly-owned subsidiary, the Abbey Capital Offshore Fund Limited became a wholly-owned subsidiary of the Cayman Subsidiary through a share exchange between the Fund and the Cayman Subsidiary and registered as a segregated portfolio company under the laws of the Cayman Islands under the name Abbey Capital Offshore Fund SPC (the “SPC”). The Cayman Subsidiary serves solely as an intermediate entity through which the Fund invests in the SPC and makes no independent investment decisions and has no investment or other discretion over the Fund’s investable assets.

The Fund may also invest up to 25% of its assets in segregated series of another wholly-owned subsidiary of the Fund, the Abbey Capital Onshore Series LLC (the “Onshore Subsidiary”), which was formed on August 16, 2018.

The consolidated financial statements of the Fund include the financial statements of the Cayman Subsidiary, the Onshore Subsidiary and SPC. 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 Cayman Subsidiary and SPC were $135,445,735, which represented 20.51% of the Fund’s net assets. As of the end of the reporting period, the net assets of the Onshore Subsidiary were $155,847,746, which represented 23.60% 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

29

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

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.

● 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	$	530,717,684	$	530,717,684	$	—	$	—
Commodity Contracts
Futures Contracts		8,407,303		8,407,303		—		—
Equity Contracts
Futures Contracts		2,663,678		2,663,678		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		9,563,952		—		9,563,952		—
Futures Contracts		1,525,517		1,525,517		—		—
Interest Rate Contracts
Futures Contracts		6,008,853		6,008,853		—		—
Purchased Options		531,190		281,368		249,822		—
Total Assets	$	559,418,177	$	549,604,403	$	9,813,774	$	—

30

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(5,666,986	)	$	(5,666,986	)	$	—		$	—
Equity Contracts
Futures Contracts		(1,380,163	)		(1,380,163	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(12,611,107	)		—			(12,611,107	)		—
Futures Contracts		(1,490,822	)		(1,490,822	)		—			—
Interest Rate Contracts
Futures Contracts		(2,747,511	)		(2,747,511	)		—			—
Written Options		(627,140	)		(627,140	)		—			—
Total Liabilities	$	(24,523,729	)	$	(11,912,622	)	$	(12,611,107	)	$	—

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 Levels 1, 2 and 3 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. 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 Level 3 transfers are disclosed if the Fund had an amount of total Level 3 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 Level 3 transfers.

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 Abbey Capital Offshore Fund Limited and the SPC), 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.

31

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

The following tables list the fair values and location on the Consolidated Statement of Assets and Liabilities 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	$	—		$	531,190		$	—		$	—		$	531,190
Forward Contracts (a)	Unrealized appreciation on forward foreign currency contracts		—			—			9,563,952			—			9,563,952
Futures Contracts (a)	Unrealized appreciation on futures contracts		2,663,678			6,008,853			1,525,517			8,407,303			18,605,351
Total Value- Assets		$	2,663,678		$	6,540,043		$	11,089,469		$	8,407,303		$	28,700,493
Liability Derivatives
Written Options	Options written, at value	$	—		$	(627,140	)	$	—		$	—		$	(627,140	)
Forward Contracts (a)	Unrealized depreciation on forward foreign currency contracts		—			—			(12,611,107	)		—			(12,611,107	)
Futures Contracts (a)	Unrealized depreciation on futures contracts		(1,380,163	)		(2,747,511	)		(1,490,822	)		(5,666,986	)		(11,285,482	)
Total Value- Liabilities		$	(1,380,163	)	$	(3,374,651	)	$	(14,101,929	)	$	(5,666,986	)	$	(24,523,729	)

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

32

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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	Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Commodity Contracts			Total
Realized Gain/(Loss)
Purchased Options	Net realized gain/(loss) from Investments	$	—		$	(2,752,188	)	$	(766,463	)	$	(296,866	)	$	(3,815,517	)
Futures Contracts	Net realized gain/(loss) from Futures Contracts		(32,317,609	)		12,022,664			8,079,085			(9,703,155	)		(21,919,015	)
Forward Contracts	Net realized gain/(loss) from Forward Foreign Currency Contracts		—			—			(4,629,060	)		—			(4,629,060	)
Written Options	Net realized gain/(loss) from Written Options		—			1,145,504			19,148			—			1,164,652
Total Realized Gain/(Loss)		$	(32,617,609	)	$	10,415,980		$	2,702,710		$	(10,000,021	)	$	(29,498,940	)

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	$	—		$	835,196		$	(123,313	)	$	—		$	711,883
Futures Contracts	Net change in unrealized appreciation/(depreciation) on futures contracts		(7,534,297	)		(1,011,662	)		(6,145,483	)		(2,871,101	)		(17,562,543	)
Forward Contracts	Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—			—			(5,082,269	)		—			(5,082,269	)
Written Options	Net change in unrealized appreciation/(depreciation) on written options		—			(1,037,904	)		—			—			(1,037,904	)
Total Change in Unrealized Appreciation/(Depreciation)		$	(7,534,297	)	$	(1,214,370	)	$	(11,351,065	)	$	(2,871,101	)	$	(22,970,833	)

33

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

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)
$	1,019,372	$	(649,289	)	$	3,859,492,129	$	(2,694,360,201	)	$	(2,340,983,755	)	$	2,340,242,297

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	$	9,563,952	$	(9,563,952	)	$	—	$	—	$	12,611,107	$	(9,563,952	)	$	(3,047,155	)	$	—

(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 (including amortization of premiums and accretion of discounts) 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

34

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

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.

The Cayman Subsidiary is registered as an “exempted company” and the SPC as an “exempted segregated portfolio company” pursuant to the Companies Law (Revised) of the Cayman Islands (as amended). Each of the Cayman Subsidiary and the SPC has received an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of twenty years from the date of the undertaking, no law that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation, or any tax in the nature of estate duty or inheritance tax, will apply to any property comprised in or any income arising under the Cayman Subsidiary or the SPC, or to the shareholders thereof, in respect of any such property or income. For U.S. federal income tax purposes, the Cayman Subsidiary is treated as a “controlled foreign corporation” and the SPC is treated as disregarded as an entity separate from its owner. The Onshore Subsidiary is treated for U.S. income tax purposes as disregarded as an entity separate from its owner.

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

35

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

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, the SPC or Onshore 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.

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

36

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

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 uses 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 — 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 objective. 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, the Fund expects the risk of material loss from such claims to be remote.

2. Investment Adviser and Other Services

Abbey Capital Limited (“Abbey Capital” or the “Adviser”) serves as the investment adviser to the Fund and the Cayman Subsidiary, Onshore Subsidiary and SPC. The Adviser allocates the assets of the Onshore Subsidiary and SPC (via the Cayman 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

37

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

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 compensates the Trading Advisers out of the Advisory Fee.

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, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2019.

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

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

Gross Advisory Fees	Waivers	Net Advisory Fees
$7,022,297	$(363,405)	$6,658,892

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	August 31, 2022	Total
$494,101	$1,087,123	$815,529	$363,405	$2,760,158

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

Effective December 5, 2018, Episteme Capital Partners, LLP serves as a Trading Adviser to the Fund.

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

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

38

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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 paid to Fund Services and the Custodian, 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.

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

4. Purchases and Sales of Investment Securities

During the current fiscal period, there were no purchases or sales of investment securities or long-term U.S. Government securities (excluding short-term investments and derivative transactions) by the Fund.

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.

39

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

As of August 31, 2018, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows^(a):

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$842,064,304	$31,931,094	$—	$31,931,094

(a) The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to timing differences related to taxable income from a wholly-owned controlled foreign corporation.

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.

The following permanent differences as of August 31, 2018, primarily attributable to disallowed book income from Subsidiary, were reclassified to the following accounts:

Undistributed Net Investment Income/(Loss)	Accumulated Net Realized Gain/(Loss)	Paid-In Capital
$(2,238,951)	$(10,155,021)	$12,393,972

As of August 31, 2018, the components of distributable earnings/(deficits) 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
$1,066,640	$—	$8,829,452	$(6,346)	$—	$—

The differences between the book and tax basis components of distributable earnings/(deficits) relate principally to the timing of recognition of income and gains of the Subsidiary for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2018, was as follows:

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

Accumulated capital losses represent net capital loss carry forwards as of August 31, 2018 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, 2018, the Fund had unexpiring capital loss carryforwards of $6,346.

40

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Concluded)

February 28, 2019 (Unaudited)

6. New Accounting Pronouncements and Regulatory Updates

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Fund’s financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Consolidated Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Consolidated Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

7. 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 as of the close of business on April 5, 2019, (subsequent to the end of the current reporting period), Altis Partners (Jersey) Limited will no longer serve as a trading adviser to the Fund.

41

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 SEC's 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 (or successor Form). The Company’s Form N-Q is available on the SEC website at http://www.sec.gov.

42

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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

AFS-SAR19

Abbey Capital Multi Asset Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 28, 2019
(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-844-261-6484.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-844-261-6484 to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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 Multi Asset Fund

Semi-Annual Investment Adviser’s Report

February 28, 2019 (Unaudited)

Dear Shareholder,

The Abbey Capital Multi Asset Fund (the “Fund”) Class I Shares returned -8.01% net of fees for the six-month fiscal period ended February 28, 2019. The negative performance was driven largely by the managed futures component of the Fund’s investment strategy, which struggled amid difficult trading conditions in equities and major currencies, although the long US equity allocation was also negative over the six-month period. The Fund allocates assets to its underlying trading advisers through its investment in Abbey Capital Multi Asset Offshore Fund Limited (the “ACMAOF”), a wholly-owned subsidiary of the Fund. The Fund invests up to 25% of its assets into the ACMAOF and invests its remaining assets in a long-only US equity strategy consisting of S&P 500 futures only and a fixed income strategy consisting primarily of U.S. Treasury obligations.

Abbey Global, LP (the “Predecessor Fund”), transferred all of its assets to the Fund on April 11, 2018. The Fund allocates approximately 50% of its assets to S&P 500 futures and 100% of its assets to a managed futures strategy.

Average Total Returns for the Periods Ended February 28, 2019

	Jan. 1, 2019 TO FEB. 28, 2019	MAR. 1, 2018 TO FEB. 28, 2019	SEPT. 1, 2018 TO FEB. 28, 2019	5 Year Annualized	10 Year Annualized	ANNUALIZED SINCE INCEPTION ON MAY 14, 2002 TO FEB. 28, 2019
Class I Shares	2.40%	-3.68%	-8.01%	6.81%	12.79%	9.53%
BofA Merrill Lynch 3-Month T-Bill Index*	0.38%	2.04%	1.10%	0.71%	0.41%	1.34%
S&P 500® Total Return Index*	11.48%	4.68%	-3.04%	10.67%	16.67%	8.01%
Barclay CTA Index*	-0.15%	-1.95%	-1.86%	0.40%	0.29%	3.31%

Barclay CTA numbers are based on the estimates available on the BarclayHedge website as of March 12, 2019

Source: Abbey Capital and Bloomberg

Performance quoted is past performance and does not guarantee future results. Additionally, the Predecessor Fund was not registered under the Investment Company Act of 1940 (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Fund had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, Fund performance may be different than the Predecessor Fund’s restated past performance, which is included in the table above for the period between inception of the Fund on May 14, 2002 and April 11, 2018. 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.

Performance from May 14, 2002 to April 11, 2018 is performance of the Predecessor Fund. The Fund commenced operations as a series of The RBB Fund, Inc. on April 11, 2018, when all of the assets of the Predecessor Fund transferred to Class I Shares of the Fund. The Fund’s objectives, policies, guidelines and restrictions are in all material respects equivalent to the Predecessor Fund. Performance of the Predecessor Fund is not an indicator of future Fund results. Performance from April 2014 represents proprietary performance as the only investors for that period were Abbey Capital Limited and its officers.

^* 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 table 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% of the Fund’s average daily net assets attributable to Class I Shares. This

1

Abbey Capital Multi Asset Fund

Semi-Annual Investment Adviser’s Report (Continued)

February 28, 2019 (Unaudited)

contractual limitation is in effect until December 31, 2019, 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 expense limitation agreement, the expense ratio is 2.84% of the Fund’s average daily net assets attributable to Class I Shares, as stated in the Fund’s current prospectus dated December 31, 2018 (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

The six-month period ended February 28, 2019 saw periods of elevated market volatility in certain sectors as the Federal Reserve (“Fed”) went through a clumsy shift in its monetary policy stance, geopolitical issues persisted and optimism for a resolution in ongoing US-China trade war oscillated. Economic data in Europe and China was generally disappointing, while US data at times showed signs of weakness as concerns grew for the global growth outlook. Riskier assets generally struggled, with global equities falling as investors rotated into haven assets such as bonds and precious metals.

Strong US data and upbeat comments from Fed Chair Powell in October stoked fears for a faster pace of Fed rate hikes, leading to a spike in US Treasury yields. This spike was a catalyst for the sharp selloff in US equities, with further downward pressure added by cautious earnings outlooks from technology industry bellwethers and threats from US President Trump to escalate the trade war with China. Asian indices were particularly affected on the apparent deterioration in trade relations. Sentiment remained fragile in November, although worries about further Fed rate hikes eased somewhat after Fed officials hinted that the central bank may be approaching the end of its rate hiking cycle. In December however, a less dovish than expected Fed saw equities retreat further, with markets particularly displeased by Fed Chair Powell’s assertion that balance sheet reduction was essentially on autopilot. A US government shutdown and the growing possibility of a hard Brexit also dented investor risk sentiment, while thin holiday volumes at times created sharp swings in December prices. In 2019, improved optimism for a US-China trade deal and an avoidance of further tariffs lifted risk appetite. Reports of an upcoming meeting between Trump and Chinese President Xi to resolve the trade impasse, together with solid earnings releases, saw equities pare losses for the six-month period.

A shift in major global central bank policy to a more dovish stance was a key theme in markets over the six-month period. US and German yields initially climbed higher in September, with optimistic forecasts from European Central Bank President Draghi supporting eurozone yields. However, rising interest rate concerns precipitated heightened market volatility and saw investor risk appetite wane. Persistently tepid eurozone economic reports and Chinese economic data showing evidence of the impact of the trade war saw worries for the global growth outlook develop. In December, weaker than expected US labour data saw US yields plummet, while the Fed’s decision to lower its rate hike guidance for 2019 from three to two was more hawkish than expected, disappointing markets. In Europe, tumultuous Brexit developments, where UK Prime Minister May survived a no-confidence vote but was unable to get parliamentary approval for the exit deal agreed by the UK and EU, led Gilt and Bund yields lower. Though the European Central Bank confirmed an end to asset purchases in December 2018, speculation in 2019 was mounting that monetary policy may be loosened, with downbeat comments from Draghi and slowing eurozone growth lending support to this belief. A budgetary impasse between the EU and Italy initially weighed on demand for Italian government bonds, but after the disagreement was resolved and a major credit rating agency reaffirmed Italy’s rating status, yields finished the period lower. Japanese 10-year yields registered relatively large declines over the six-month period, with the Bank of Japan revising lower its inflation forecasts in January.

2

Abbey Capital Multi Asset Fund

Semi-Annual Investment Adviser’s Report (Continued)

February 28, 2019 (Unaudited)

In currencies, the USD was broadly stronger versus its major peers. The hawkish Fed in October and November initially supported the USD before the currency traded in a wide range thereafter, with lower US yields at times proving a headwind for the greenback. In the eurozone, disappointing GDP growth and weak industrial production data hampered the EUR, with pessimistic Draghi rhetoric and a slashed European Commission growth forecast further impacting the EUR. Brexit developments resulted in volatile moves in the GBP, where the growing possibility of a hard exit saw GBP/USD move lower in Q4. Moves were reversed in 2019 amid the mounting likelihood of an extension to Article 50, easing fears of a hard Brexit. The JPY outperformed relative to the USD during Q4 as market turbulence saw demand for perceived haven assets increase, although this move unwound in 2019 as risk sentiment improved. Trade war developments tended to drive moves in the AUD, with weak Chinese data and a dovish Reserve Bank of Australia ultimately sending the currency lower. Weakness in energy markets weighed on the CAD, with losses pared after some hawkish signals from the Bank of Canada in January.

Gold advanced over the period as elevated risk aversion and lower US yields drove increased demand for the precious metal. Palladium prices trended consistently higher as tighter global emission controls supported demand for the metal in the carmaker industry. Energy markets experienced elevated market volatility, particularly in Q4. Natural gas prices soared nearly 40% in November amid low storage levels and forecasts of colder US weather, however price moves quickly reversed after weather concerns eased. Crude oil prices fell sharply in Q4 as OPEC production cuts disappointed markets, the global demand outlook grew more clouded, and President Trump called for lower oil prices. Prices recovered somewhat in 2019 as Saudi exports fell, broad market risk appetite improved and as political turbulence in Venezuela led to US sanctions on Venezuela’s state-owned oil company. Long-term trends in sugar prices reversed in October after a significant rally in the BRL following the Brazilian presidential election. Chinese economic stimulus measures and improved hopes for a US-China trade deal in 2019 saw copper prices reversed to finish the six-month period higher, while ample global supplies weighed on demand for US wheat.

Performance Attribution

The Fund’s negative returns were driven largely by the allocation to managed futures over the six-month period ended February 28, 2019, although the long US equity allocation was also negative.

By market sector, the managed futures allocation saw its largest losses in equities and currencies over the six–month period. Within equities, long positioning proved challenging during the fourth quarter of 2018, particularly in October, as trends in equity markets reversed and prices fell sharply. Positioning in equities moved short in late October, and thus losses were pared somewhat in December when these short positions proved profitable as global equity prices fell further. However, this short positioning proved challenging in January and early February as equity prices rebounded, before short positions transitioned to long in mid-February. For the six-month period overall, the largest losses occurred in the S&P 500, NASDAQ 100 and Nikkei 225 contracts.

Further losses were realised in currencies for the managed futures allocation. Despite holding a long position in the USD throughout the period as the USD generally rose, choppy moves in the greenback proved challenging for the Fund’s Diversified Trendfollowing sub-advisers (sub-advisers are also known as “Trading Advisers”). The largest losses occurred from mixed USD positions against the GBP. Trading in soft commodities was also negative, largely on account of short soybean and mixed sugar positions, with smaller losses occurring in metals, grains and energy.

On the positive side, the managed futures allocation captured gains from positioning in both bonds and interest rates. Profits in both sectors were realised mostly from December onwards as long positions were increased and communications from global central banks turned more cautious. The largest gains in bonds were due to long exposure to Japanese and German 10-year contracts, while long positions from December onwards in 3-month Eurodollar futures drove positive performance in interest rates. In addition, modest gains were seen in meats on account of short positions in pigs.

3

Abbey Capital Multi Asset Fund

Semi-Annual Investment Adviser’s Report (Concluded)

February 28, 2019 (Unaudited)

For the long equity allocation, losses largely occurred from late September to late December as concerns about the impact of Fed interest rate hikes on the US economy weighed on stock prices. Losses within the long equity allocation were pared from late December onwards as stock prices recovered on the back of optimism over US-China trade talks and as the communications from the Fed became more dovish.

Key to Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
GBP	British Pound Sterling
USD	US Dollar
EUR	Euro
JPY	Japanese Yen
CAD	Canadian Dollar

An investment in the Fund is speculative and involves substantial risk. It is possible that an investor may lose some or all of their investment. The Fund may invest up to 25% of its total assets in Abbey Capital Multi Asset Offshore Fund Limited, which is a wholly-owned subsidiary of the 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, Manager and Management Risks, Subsidiary Risk, Tax Risk, Emerging Markets Risk, Leveraging Risk, Foreign Investment Risk, 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. One or more Trading Advisors, from time to time, may invest a substantial portion of the assets managed in a specific industry sector. As a result, the Fund’s investment portfolio may be subject to greater risk and volatility than if investments had been made in the securities of a broader range of issuers. There can be no assurance that the Fund’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. This brief statement cannot disclose all of the risks and other factors necessary to evaluate an investment 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, tax considerations, sales charges and expenses.

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.

The Abbey Capital Multi Asset Fund is distributed by Quasar Distributions, LLC.

4

Abbey Capital Multi Asset Fund

Performance Data

February 28, 2019 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2019
	Six Months†	One Year	Five Years	Ten Years	Since Inception
Class I Shares*	-8.01%	-3.68%	6.81%	12.79%	9.53%
BofA Merrill Lynch 3-Month Treasury Bill Index**	1.10%	2.04%	0.70%	0.41%	1.34%
S&P 500® Total Return Index**	-3.04%	4.68%	10.67%	16.67%	8.01%
Barclay CTA Index**	-1.86%	-1.95%	0.40%	0.29%	3.31%

^† Not annualized.

^* Performance from May 14, 2002 to April 10, 2018 is performance of Abbey Global LP (the “Predecessor Fund”). The Fund commenced operations as a series of The RBB Fund, Inc. on April 11, 2018, when all of the assets of the Predecessor Fund transferred to Class I Shares of the Fund.

^** Performance is from the inception date of the Predecessor Fund only and is not the inception date of the benchmark itself.

The performance 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 2.84% for Class I Shares, as stated in the current prospectus (and which may differ from the actual expense ratio for the period covered by this report). This contractual limitation is in effect until December 31, 2019 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.

5

Abbey Capital Multi Asset Fund

Performance Data (Concluded)

February 28, 2019 (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 January 1, 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 510 programs included in the calculation of the Barclay CTA Index for 2019. 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.

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.

6

Abbey Capital Multi Asset Fund

Fund Expense Example

February 28, 2019 (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. 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, 2018 through February 28, 2019, 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 I Shares
	Beginning Account Value September 1, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period *	Annualized Expense Ratio	Actual Six- Month Total Investment Return for the Fund
Actual	$ 1,000.00	$ 919.90	$ 8.52	1.79%	-8.01%
Hypothetical (5% return before expenses)	1,000.00	1,015.92	8.95	1.79	N/A

^* Expenses are equal to the Fund’s annualized six-month expense ratio for the period September 1, 2018 to February 28, 2019, 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.

7

Abbey Capital Multi Asset Fund

Consolidated Portfolio Holdings Summary Table

February 28, 2019 (Unaudited)

The following table presents a consolidated summary of the portfolio holdings of the Fund:

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		82.6	%	$	16,974,018
OTHER ASSETS IN EXCESS OF LIABILITIES
(including futures and forward foreign currency contracts)		17.4			3,573,360
NET ASSETS		100.0	%	$	20,547,378

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

As a result of the Fund’s use of derivatives, the Fund may hold significant amounts of U.S. Treasuries or short-term investments.

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.
8

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments

February 28, 2019 (Unaudited)

	Coupon*		Maturity Date		Par (000’s)		Value
SHORT-TERM INVESTMENTS — 82.6%
U.S. TREASURY OBLIGATIONS — 82.6%
U.S. Treasury Bills		2.352%		03/21/19	$	2,324	$	2,320,977
U.S. Treasury Bills		2.389%		03/28/19		2,412		2,407,726
U.S. Treasury Bills		2.458%		04/11/19		984		981,305
U.S. Treasury Bills		2.457%		04/18/19		99		98,686
U.S. Treasury Bills		2.473%		04/25/19		312		310,863
U.S. Treasury Bills		2.499%		05/02/19		171		170,297
U.S. Treasury Bills		2.506%		05/09/19		2,927		2,913,564
U.S. Treasury Bills		2.510%		05/16/19		104		103,476
U.S. Treasury Bills		2.530%		05/23/19		297		295,364
U.S. Treasury Bills		2.541%		05/30/19		202		200,792
U.S. Treasury Bills		2.541%		06/06/19		1,296		1,287,634
U.S. Treasury Bills		2.520%		06/13/19		332		329,705
U.S. Treasury Bills		2.470%		06/20/19		834		827,851
U.S. Treasury Bills		2.452%		06/27/19		173		171,642
U.S. Treasury Bills		2.508%		07/05/19		380		376,811
U.S. Treasury Bills		2.499%		07/11/19		883		875,245
U.S. Treasury Bills		2.507%		07/18/19		102		101,052
U.S. Treasury Bills		2.470%		08/01/19		242		239,521
U.S. Treasury Bills		2.499%		08/08/19		576		569,805
U.S. Treasury Bills		2.510%		08/15/19		2,333		2,306,756
U.S. Treasury Bills		2.510%		08/29/19		86		84,946
								16,974,018
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,973,513)								16,974,018
TOTAL INVESTMENTS — 82.6%
(Cost $16,973,513)								16,974,018
OTHER ASSETS IN EXCESS OF LIABILITIES — 17.4%								3,573,360
NET ASSETS — 100.0%							$	20,547,378

^* Short-term investments’ coupon 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.
9

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2019 (Unaudited)

Futures contracts outstanding as of February 28, 2019 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-19		20	$	1,794,285	$	3,750
3-Month Euro Euribor		Dec-19		52		14,786,842		2,317
3-Month Euro Euribor		Jun-20		15		4,265,435		2,986
3-Month Euro Euribor		Jun-21		1		284,362		512
90-DAY Bank Bill		Sep-19		2		1,418,701		295
90-DAY Bank Bill		Dec-19		18		12,768,312		5,686
90-DAY Bank Bill		Mar-20		3		2,128,052		884
90-DAY Bank Bill		Jun-20		3		2,128,052		1,075
90-DAY Bank Bill		Sep-20		2		1,418,701		555
90-DAY Eurodollar Futures		Dec-19		27		6,750,000		1,925
90-DAY Eurodollar Futures		Jun-20		1		250,000		(100	)
90-DAY Eurodollar Futures		Sep-20		1		250,000		225
90-DAY Eurodollar Futures		Dec-20		15		3,750,000		613
90-DAY Eurodollar Futures		Mar-21		2		500,000		125
90-DAY Eurodollar Futures		Jun-21		2		500,000		200
90-DAY Eurodollar Futures		Dec-21		10		2,500,000		1,500
90-DAY Sterling Futures		Sep-19		1		165,793		(99	)
90-DAY Sterling Futures		Dec-19		136		22,547,914		3,374
90-DAY Sterling Futures		Mar-20		2		331,587		(315	)
90-DAY Sterling Futures		Jun-20		60		9,947,609		(1,401	)
90-DAY Sterling Futures		Sep-20		1		165,793		(207	)
90-DAY Sterling Futures		Dec-20		23		3,813,250		1,376
90-DAY Sterling Futures		Mar-21		1		165,793		(216	)
90-DAY Sterling Futures		Jun-21		1		165,793		(232	)
90-DAY Sterling Futures		Dec-21		23		3,813,250		(779	)
Amsterdam Index Futures		Mar-19		5		615,383		4,629
Australian 10-Year Bond Futures		Mar-19		11		780,286		15,663
Australian 3-Year Bond Futures		Mar-19		61		4,327,039		23,291
CAC40 10 Euro Futures		Mar-19		7		417,137		6,910
Canadian 10-Year Bond Futures		Jun-19		9		683,917		(3,252	)
Copper Futures		May-19		14		1,031,800		(188	)
DJIA Mini E-CBOT		Mar-19		6		777,390		(1,110	)
Dollar Index		Mar-19		9		900,000		(7,073	)
Euro BUXL 30-Year Bond Futures		Mar-19		2		227,490		(7,757	)
Euro STOXX 50		Mar-19		3		112,539		3,856
Euro-Bobl Futures		Mar-19		29		3,298,603		6,768
Euro-Bobl Futures		Jun-19		5		568,725		23
Euro-BTP Futures		Mar-19		6		682,470		11,568
Euro-Bund Futures		Mar-19		32		3,639,838		11,670
Euro-Bund Futures		Jun-19		10		1,137,449		(432	)
Euro-Oat Futures		Mar-19		10		1,137,449		18,938
Euro-Oat Futures		Jun-19		1		113,745		(68	)
Euro-Schatz Futures		Mar-19		20		2,274,899		(2,633	)
FTSE 100 Index Futures		Mar-19		3		281,537		(19,782	)
FTSE/MIB Index Futures		Mar-19		2		234,940		2,616
GBP Currency Futures		Mar-19		30		2,486,902		(15,975	)
Gold 100 Oz Futures		Apr-19		15		1,974,150		8,760
Hang Seng Index Futures		Mar-19		2		365,184		(4,261	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2019 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Live Cattle Futures		Apr-19		8	$	415,520	$	11,680
Live Cattle Futures		Jun-19		1		48,060		470
LME Aluminum Forward		Mar-19		19		900,006		3,799
LME Copper Forward		Mar-19		9		1,469,363		78,102
LME Copper Forward		Jun-19		1		162,825		(2,754	)
LME Nickel Forward		Mar-19		6		467,658		30,881
LME Nickel Forward		Jun-19		1		78,438		59
Long Gilt Futures		Jun-19		15		1,989,522		(24,206	)
MXN Currency Futures		Mar-19		19		492,703		7,175
NY Harbor Ultra-Low Sulfur Diesel Futures		Apr-19		1		85,147		(151	)
OMX Stockholm 30 Index Futures		Mar-19		24		408,489		1,122
Russell 2000 E-Mini		Mar-19		1		78,775		(1,110	)
S&P 500 E-Mini Futures		Mar-19		82		11,417,270		974,510
S&P/TSX 60 IX Futures		Mar-19		3		434,241		8,237
Silver Futures		May-19		1		78,200		(7,220	)
SPI 200 Futures		Mar-19		6		654,270		12,715
Sugar No. 11 (World)		May-19		14		200,390		(7,034	)
Sugar No. 11 (World)		Jul-19		1		14,594		(504	)
U.S. Treasury 10-Year Notes (Chicago Board of Trade)		Jun-19		18		1,801,818		(8,274	)
U.S. Treasury 5-Year Notes (Chicago Board of Trade)		Jun-19		25		2,525,242		(3,828	)
U.S. Treasury Long Bond (Chicago Board of Trade)		Jun-19		13		1,585,671		(18,789	)
							$	1,131,090

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
90-DAY Eurodollar Futures		Mar-20		1	$	(250,000	)	$	(263	)
AUD/USD Currency Futures		Mar-19		16		(1,134,961	)		15,930
CAD Currency Futures		Mar-19		23		(1,747,787	)		(24,740	)
CHF Currency Futures		Mar-19		11		(1,377,686	)		(250	)
Coffee 'C' Futures		May-19		7		(258,431	)		22,294
Coffee 'C' Futures		Jul-19		2		(75,863	)		10,575
Coffee 'C' Futures		Sep-19		1		(38,963	)		3,488
Corn Futures		May-19		18		(333,675	)		10,038
Cotton No.2 Futures		May-19		7		(254,870	)		9,405
DAX Index Futures		Mar-19		3		(982,756	)		(57,498	)
EUR Foreign Exchange Currency Futures		Mar-19		28		(3,981,073	)		12,050
Euro/JPY Futures		Mar-19		4		(568,725	)		7,626
Gasoline RBOB Futures		Apr-19		6		(441,580	)		(23,491	)
JPY Currency Futures		Mar-19		24		(2,691,428	)		1,550
Kansas City Hard Red Winter Wheat Futures		May-19		6		(133,350	)		11,813
Lean Hogs Futures		Apr-19		8		(178,804	)		33,150
Lean Hogs Futures		Jun-19		2		(60,720	)		1,330
Lean Hogs Futures		Jul-19		1		(31,312	)		80
LME Aluminum Forward		Mar-19		19		(900,006	)		(710	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2019 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
LME Aluminum Forward		Jun-19		12	$	(575,175	)	$	(12,082	)
LME Copper Forward		Mar-19		9		(1,469,363	)		(108,692	)
LME Nickel Forward		Mar-19		6		(467,658	)		(62,340	)
LME Nickel Forward		Jun-19		1		(78,438	)		(2,958	)
Nasdaq 100 E-Mini		Mar-19		1		(142,050	)		(18,410	)
Natural Gas Futures		Apr-19		5		(140,600	)		(10,670	)
Nikkei 225 (Singapore Exchange)		Mar-19		2		(191,450	)		(11,506	)
NZD Currency Futures		Mar-19		7		(476,700	)		(1,350	)
Soybean Futures		May-19		5		(227,563	)		2,175
Soybean Meal Futures		May-19		2		(61,200	)		1,230
U.S. Treasury 2-Year Notes (Chicago Board of Trade)		Jun-19		5		(997,958	)		750
Wheat (Chicago Board of Trade)		May-19		20		(459,500	)		36,263
Wheat (Chicago Board of Trade)		Jul-19		1		(23,325	)		3,000
WTI Crude Futures		Apr-19		4		(228,880	)		(14,840	)
								$	(167,053	)
Total Futures Contracts								$	964,037

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2019 (Unaudited)

Forward foreign currency contracts outstanding as of February 28, 2019 were as follows:

Currency Purchased		Currency Sold		Expiration Date	Counterparty		Unrealized Appreciation/ (Depreciation)
AUD	1,040,269	USD	742,752	Mar 01 2019	SOCIETE GENERALE	$	(4,821	)
AUD	1,040,269	USD	738,630	Mar 04 2019	SOCIETE GENERALE		(652	)
BRL	193,697	USD	51,705	Mar 20 2019	SOCIETE GENERALE		(214	)
CAD	242,308	USD	184,251	Mar 01 2019	SOCIETE GENERALE		(115	)
CHF	2,118,698	USD	2,115,947	Mar 01 2019	SOCIETE GENERALE		7,080
CHF	2,118,698	USD	2,124,221	Mar 04 2019	SOCIETE GENERALE		(624	)
CLP	34,067,750	USD	50,000	Mar 20 2019	SOCIETE GENERALE		1,941
CNH	689,401	USD	100,000	Mar 20 2019	SOCIETE GENERALE		2,884
COP	789,474,900	USD	250,000	Mar 20 2019	SOCIETE GENERALE		5,949
CZK	5,169,011	EUR	200,000	Mar 20 2019	SOCIETE GENERALE		1,639
CZK	1,290,373	EUR	50,000	Jun 19 2019	SOCIETE GENERALE		29
EUR	1,950,397	USD	2,217,601	Mar 01 2019	SOCIETE GENERALE		1,058
EUR	2,108,611	USD	2,399,810	Mar 04 2019	SOCIETE GENERALE		(584	)
EUR	200,000	CZK	5,159,031	Mar 20 2019	SOCIETE GENERALE		(1,196	)
EUR	100,000	HUF	31,887,640	Mar 20 2019	SOCIETE GENERALE		(1,110	)
EUR	600,000	NOK	5,958,993	Mar 20 2019	SOCIETE GENERALE		(13,417	)
EUR	200,000	PLN	862,874	Mar 20 2019	SOCIETE GENERALE		(301	)
EUR	1,300,000	SEK	13,469,909	Mar 20 2019	SOCIETE GENERALE		20,441
EUR	700,000	SEK	7,389,995	Jun 19 2019	SOCIETE GENERALE		(3,393	)
GBP	297,373	EUR	346,085	Mar 01 2019	SOCIETE GENERALE		754
GBP	1,113,591	USD	1,478,681	Mar 01 2019	SOCIETE GENERALE		(1,597	)
GBP	135,263	EUR	158,214	Mar 04 2019	SOCIETE GENERALE		(577	)
GBP	1,534,339	USD	2,041,635	Mar 04 2019	SOCIETE GENERALE		(6,151	)
GBP	1,669,602	USD	2,215,508	Mar 05 2019	SOCIETE GENERALE		(469	)
HUF	31,797,874	EUR	100,000	Mar 20 2019	SOCIETE GENERALE		786
ILS	364,782	USD	100,000	Mar 20 2019	SOCIETE GENERALE		774
INR	3,608,066	USD	50,724	Mar 20 2019	SOCIETE GENERALE		(133	)
JPY	28,941,430	USD	262,030	Mar 01 2019	SOCIETE GENERALE		(2,364	)
JPY	28,941,430	USD	260,653	Mar 04 2019	SOCIETE GENERALE		(929	)
JPY	28,941,430	USD	259,957	Mar 05 2019	SOCIETE GENERALE		(214	)
NOK	5,851,638	EUR	600,000	Mar 20 2019	SOCIETE GENERALE		859
PHP	15,719,237	USD	300,000	Mar 20 2019	SOCIETE GENERALE		3,445
PLN	862,372	EUR	200,000	Mar 20 2019	SOCIETE GENERALE		168
RUB	10,209,127	USD	154,628	Mar 20 2019	SOCIETE GENERALE		(252	)
RUB	3,332,457	USD	50,000	Jun 19 2019	SOCIETE GENERALE		(212	)
SEK	12,520,160	EUR	1,200,000	Mar 20 2019	SOCIETE GENERALE		(9,499	)
SGD	203,122	USD	150,000	Mar 20 2019	SOCIETE GENERALE		287
SGD	67,335	USD	50,000	Jun 19 2019	SOCIETE GENERALE		(96	)
THB	7,875,035	USD	250,000	Mar 20 2019	SOCIETE GENERALE		5
TRY	533,956	USD	100,000	Mar 20 2019	SOCIETE GENERALE		(1,150	)
TRY	561,828	USD	100,000	Jun 19 2019	SOCIETE GENERALE		(1,019	)
TWD	6,134,356	USD	200,000	Mar 20 2019	SOCIETE GENERALE		(382	)
USD	748,276	AUD	1,040,269	Mar 01 2019	SOCIETE GENERALE		10,345
USD	742,794	AUD	1,040,269	Mar 04 2019	SOCIETE GENERALE		4,815
USD	650,642	AUD	916,894	Mar 05 2019	SOCIETE GENERALE		173
USD	50,000	BRL	193,697	Mar 20 2019	SOCIETE GENERALE		(1,491	)
USD	50,000	BRL	188,677	Jun 19 2019	SOCIETE GENERALE		203
USD	184,353	CAD	242,308	Mar 01 2019	SOCIETE GENERALE		217
USD	184,263	CAD	242,308	Mar 04 2019	SOCIETE GENERALE		115

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Concluded)

February 28, 2019 (Unaudited)

Currency Purchased		Currency Sold		Expiration Date	Counterparty		Unrealized Appreciation/ (Depreciation)
USD	2,120,800	CHF	2,118,698	Mar 01 2019	SOCIETE GENERALE	$	(2,228	)
USD	2,116,518	CHF	2,118,698	Mar 04 2019	SOCIETE GENERALE		(7,079	)
USD	2,124,415	CHF	2,118,698	Mar 05 2019	SOCIETE GENERALE		627
USD	150,000	CLP	102,166,313	Mar 20 2019	SOCIETE GENERALE		(5,766	)
USD	200,000	CNH	1,376,723	Mar 20 2019	SOCIETE GENERALE		(5,458	)
USD	350,000	COP	1,130,604,375	Mar 20 2019	SOCIETE GENERALE		(16,544	)
USD	1,828,900	EUR	1,604,312	Mar 01 2019	SOCIETE GENERALE		3,926
USD	2,218,138	EUR	1,950,397	Mar 04 2019	SOCIETE GENERALE		(1,069	)
USD	2,400,004	EUR	2,108,611	Mar 05 2019	SOCIETE GENERALE		581
USD	1,877,288	GBP	1,410,964	Mar 01 2019	SOCIETE GENERALE		5,763
USD	2,215,395	GBP	1,669,602	Mar 04 2019	SOCIETE GENERALE		469
USD	200,000	ILS	739,991	Mar 20 2019	SOCIETE GENERALE		(4,428	)
USD	50,000	INR	3,608,066	Mar 20 2019	SOCIETE GENERALE		(591	)
USD	260,593	JPY	28,941,430	Mar 01 2019	SOCIETE GENERALE		927
USD	259,937	JPY	28,941,430	Mar 04 2019	SOCIETE GENERALE		214
USD	150,000	RUB	10,209,127	Mar 20 2019	SOCIETE GENERALE		(4,376	)
USD	150,000	SGD	203,925	Mar 20 2019	SOCIETE GENERALE		(881	)
USD	50,000	SGD	67,487	Jun 19 2019	SOCIETE GENERALE		(17	)
USD	100,000	THB	3,268,143	Mar 20 2019	SOCIETE GENERALE		(3,752	)
USD	100,000	TRY	535,752	Mar 20 2019	SOCIETE GENERALE		817
USD	250,000	TWD	7,627,930	Mar 20 2019	SOCIETE GENERALE		1,780
USD	200,000	ZAR	2,825,422	Mar 20 2019	SOCIETE GENERALE		9
ZAR	2,749,217	USD	200,000	Mar 20 2019	SOCIETE GENERALE		(5,403	)
ZAR	1,405,177	USD	100,000	Jun 19 2019	SOCIETE GENERALE		(1,652	)
Total Forward Foreign Currency Contracts						$	(33,126	)

AUD	Australian Dollar
BRL	Brazilian Real
BUXL	German Bond
CAC	Cotation Assistée en Continn French
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DAX	Deutscher Aktienindex
DJIA	Dow Jones Industrial Average
E-CBOT	Electronic - Chicago Board of Trade
EUR	Euro
FTSE	Financial Times Stock Exchange
GBP	British Pound
HUF	Hungarian Forint
ILS	Israeli New Shekel
INR	Indian Rupee

JPY	Japanese Yen
LME	London Mercantile Exchange
MIB	Milano Indice di Borsa
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
OMX	Stockholm Stock Exchange
PHP	Philippine Peso
PLN	Polish Zloty
RBOB	Reformulated Blendstock for Oxygenate Blending
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
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.
14

Abbey Capital Multi Asset Fund

Consolidated Statement of Assets And Liabilities

February 28, 2019 (Unaudited)

ASSETS
Investments, at value (cost $16,973,513)	$	16,974,018
Cash		737,523
Due from broker		32,720
Deposits with broker for forward foreign currency contracts		390,954
Deposits with broker for futures contracts		1,556,081
Unrealized appreciation on forward foreign currency contracts		79,080
Unrealized appreciation on futures contracts		1,453,587
Prepaid expenses and other assets		13,402
Total assets		21,237,365
LIABILITIES
Payables for:
Advisory fees		22,580
Administration and accounting services fees		11,440
Unrealized depreciation on forward foreign currency contracts		112,206
Unrealized depreciation on futures contracts		489,550
Other accrued expenses and liabilities		54,211
Total liabilities		689,987
Net assets	$	20,547,378
NET ASSETS CONSIST OF:
Par value	$	2,291
Paid-in capital		22,552,329
Total distributable earnings/(loss)		(2,007,242	)
Net assets	$	20,547,378
CLASS I SHARES:
Net assets	$	20,547,378
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,291,471
Net asset value, offering and redemption price per share	$	8.97

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

Abbey Capital Multi Asset Fund

Consolidated Statement of Operations

For the Six Months Ended
February 28, 2019 (Unaudited)

INVESTMENT INCOME
Interest	$	211,235
Total investment income		211,235
EXPENSES
Advisory fees (Note 2)		179,457
Administration and accounting services fees (Note 2)		26,027
Audit and tax service fees		13,307
Registration and filing fees		2,000
Director fees		1,719
Custodian fees (Note 2)		1,694
Transfer agent fees (Note 2)		903
Legal fees		248
Officer fees		237
Other expenses		47
Total expenses before waivers and/or reimbursements		225,639
Less: waivers and/or reimbursements (Note 2)		(42,491	)
Net expenses after waivers and/or reimbursements		183,148
Net investment income/(loss)		28,087
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		2,639
Futures contracts		(1,506,251	)
Foreign currency transactions		(22,982	)
Forward foreign currency contracts		(219,370	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(448	)
Futures contracts		54,522
Foreign currency translations		967
Forward foreign currency contracts		(71,916	)
Net realized and unrealized gain/(loss) from investments		(1,762,839	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,734,752	)

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

Abbey Capital Multi Asset Fund

Consolidated Statement of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period Ended August 31, 2018*(1)
INCREASE/(DECREASE) IN NET ASSET FROM OPERATIONS:
Net investment income/(loss)	$	28,087		$	(20,104	)
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		(1,745,964	)		380,916
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts		(16,875	)		948,943
Net increase/(decrease) in net assets resulting from operations		(1,734,752	)		1,309,755
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(1,736,107	)		—
Net decrease in net assets from dividends and distributions to shareholders		(1,736,107	)		—
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		865,939			20,298,269
Proceeds from reinvestment of distributions		1,699,774			—
Shares redeemed		(155,500	)		—
Total from Class I Shares		2,410,213			20,298,269
Net increase/(decrease) in net assets from capital share transactions		2,410,213			20,298,269
Total increase/(decrease) in net assets		(1,060,646	)		21,608,024
NET ASSETS:
Beginning of period		21,608,024			—
End of period	$	20,547,378		$	21,608,024
SHARE TRANSACTIONS:
Class I Shares
Shares sold		88,134			2,029,596
Shares reinvested		191,201			—
Shares redeemed		(17,460	)		—
Total Class I Shares		261,875			2,029,596
Net increase/(decrease) in shares outstanding		261,875			2,029,596

^* Inception date of the Fund was April 11, 2018.

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplificaton. Accumulated net investment income/(loss) as of August 31, 2018 was $(39,231).

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

Abbey Capital Multi Asset Fund

Consolidated 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 consolidated financial statements.

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period Ended August 31, 2018(1)
Per Share Operating Performance
Net asset value, beginning of period	$	10.65		$	10.00
Net investment income/(loss)(2)		0.01			(0.01	)
Net realized and unrealized gain/(loss) from investments		(0.87	)		0.66
Net increase/(decrease) in net assets resulting from operations		(0.86	)		0.65
Dividends and distributions to shareholders from:
Net investment income		(0.36	)		—
Net realized capital gains		(0.46	)		—
Total dividends and distributions to shareholders		(0.82	)		—
Net asset value, end of period	$	8.97		$	10.65
Total investment return/(loss)(3)		(8.01	)%(4)		6.50	%(4)
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	20,547		$	21,608
Ratio of expenses to average net assets with waivers and/or reimbursements(6)		1.79	%(5)		1.79	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements(6)		2.21	%(5)		2.84	%(5)
Ratio of net investment income/(loss) to average net assets		0.28	%(5)		(0.25	)%(5)
Portfolio turnover rate		0	%(4)		0	%(4)

(1) Inception date of Class I Shares of the Fund was April 11, 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 the period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

(6) 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.

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

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements

February 28, 2019 (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 thirty-two separate investment portfolios, including the Abbey Capital Multi Asset Fund (the “Fund”), which commenced investment operations on April 11, 2018. The Fund is authorized to offer three classes of shares, Class A Shares, Class I Shares and Class C Shares. Class A Shares will be 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 A Shares and Class C Shares have not yet commenced operations as of the end of the reporting period.

RBB has authorized capital of one hundred billion shares of common stock of which 87.223 billion shares are currently classified into one hundred and eighty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy, a “Long U.S. Equity” 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, 2019, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 28, 2019 (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 Multi Asset 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 $4,238,717, which represented 20.63% 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. 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.).

19

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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	$	16,974,018	$	16,974,018	$	—	$	—
Commodity Contracts
Futures Contracts		278,592		278,592		—		—
Equity Contracts
Futures Contracts		1,014,595		1,014,595		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		79,080		—		79,080		—
Futures Contracts		44,331		44,331		—		—
Interest Rate Contracts
Futures Contracts		116,069		116,069		—		—
Total Assets	$	18,506,685	$	18,427,605	$	79,080	$	—

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(253,634	)	$	(253,634	)	$	—		$	—
Equity Contracts
Futures Contracts		(113,677	)		(113,677	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(112,206	)		—			(112,206	)		—
Futures Contracts		(49,388	)		(49,388	)		—			—
Interest Rate Contracts
Futures Contracts		(72,851	)		(72,851	)		—			—
Total Liabilities	$	(601,756	)	$	(489,550	)	$	(112,206	)	$	—

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 Levels 1, 2 and 3 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.

20

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

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. 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 Level 3 transfers are disclosed if the Fund had an amount of total Level 3 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 Level 3 transfers.

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, 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 and location on the Consolidated Statement of Assets and Liabilities 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
Forward Contracts (a)		Unrealized appreciation on forward foreign currency contracts	$	—	$	—	$	79,080	$	—	$	79,080
Futures Contracts (a)		Unrealized appreciation on futures contracts		1,014,595		116,069		44,331		278,592		1,453,587
Total Value-Assets			$	1,014,595	$	116,069	$	123,411	$	278,592	$	1,532,667

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

21

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

Derivative Type	Consolidated Statement of Assets and Liabilities Location		Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Commodity Contracts			Total
Liability Derivatives
Forward Contracts (a)		Unrealized depreciation on forward foreign currency contracts	$	—		$	—		$	(112,206	)	$	—		$	(112,206	)
Futures Contracts (a)		Unrealized depreciation on futures contracts		(113,677	)		(72,851	)		(49,388	)		(253,634	)		(489,550	)
Total Value-Liabilities			$	(113,677	)	$	(72,851	)	$	(161,594	)	$	(253,634	)	$	(601,756	)

(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)
Futures Contracts		Net realized gain/(loss from futures contracts	)	$	(1,631,759	)	$	283,279	$	31,193		$	(188,964	)	$	(1,506,251	)
Forward Contracts		Net realized gain/(loss from forward foreign currency contracts	)		—			—		(219,370	)		—			(219,370	)
Total Realized Gain/(Loss)				$	(1,631,759	)	$	283,279	$	(188,177	)	$	(188,964	)	$	(1,725,621	)

22

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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)
Futures Contracts		Net change in unrealized appreciation/(depreciation on futures contracts	)	$	258,502	$	(1,012	)	$	(111,432	)	$	(91,536	)	$	54,522
Forward Contracts		Net change in unrealized appreciation/(depreciation on forward foreign currency contracts	)		—		—			(71,916	)		—			(71,916	)
Total Change in Unrealized Appreciation/(Depreciation)				$	258,502	$	(1,012	)	$	(183,348	)	$	(91,536	)	$	(17,394	)

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)
$	111,617,625	$	(42,424,295	)	$	(47,082,644	)	$	47,070,474

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.

23

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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	$	79,080	$	(79,080	)	$	—	$	—	$	112,206	$	(79,080	)	$	(33,126	)	$	—

(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 (including amortization of premiums and accretion of discounts) 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 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.

24

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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.

25

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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.

Futures Contracts — The Fund uses 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 — 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 objective. 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, the Fund expects the risk of material loss from such claims to be 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 compensates the Trading Advisers out of the Advisory Fee.

26

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

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, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2019.

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

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

Gross Advisory Fees	Waivers	Net Advisory Fees
$ 179,457	$ (42,491)	$ 136,966

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, 2021	August 31, 2022	Total
$ 84,306	$ 42,491	$ 126,797

Aspect Capital Limited, Eclipse Capital Management, Inc., Revolution Capital Management, LLC, Tudor Investment Corporation and Welton Investment Partners, LLC each served as a Trading Adviser to the Fund during the period.

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

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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 paid to Fund Services and the Custodian, please refer to the Consolidated Statement of Operations.

27

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

The Board has adopted a Plan of Distribution for the Class A Shares and Class C 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 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.

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

4. Purchases and Sales of Investment Securities

During the current fiscal period, there were no purchases or sales of investment securities or long-term U.S. Government securities (excluding short-term investments and derivative transactions) by the Fund.

5. Federal Income Tax Information

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

As of August 31, 2018, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows^(a):

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$ 17,624,658	$ —	$ (80,455)	$ (80,455)

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.

^(a) The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to timing differences related to taxable income from a wholly-owned controlled foreign corporation.

28

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

The following permanent differences as of August 31, 2018, primarily attributable to disallowed book income from the Subsidiary were reclassified to the following accounts:

Undistributed Net Investment Income/(Loss)	Accumulated Net Realized Gain/(Loss)	Paid-In Capital
$ (19,127)	$ 172,989	$ (153,862)

As of August 31, 2018, 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
$ 822,185	$ 486,928	$ 574,454	$ —	$ —	$ (419,950)

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.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2018, was as follows:

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

6. New Accounting Pronouncements AND REGULATORY UPDATES

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Fund’s financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Consolidated Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Consolidated Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify amendments facilitate compliance of the disclosure of information without significantly altering the information provided to investors.

29

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Concluded)

February 28, 2019 (Unaudited)

7. 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 financial statements.

30

Abbey Capital Multi Asset 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 SEC’s 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 (or successor Form). The Company’s Form N-Q is available on the SEC website at http://www.sec.gov.

31

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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

AMA-SAR19

ADARA SMALLER COMPANIES FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 28, 2019
(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-844-261-6482.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-844-261-6482 to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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, 2019 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2019
	Six Months†	One Year	Since Inception
Adara Smaller Companies Fund	-9.44%	10.87%	11.02%*
Russell 2000® Index	-8.86%	5.58%	9.81%**

† 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, 2018, are 0.97% 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 types of investments including small and micro-cap stocks, initial public offerings, 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, 2019 (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, 2018 through February 28, 2019 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, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual	$1,000.00	$ 905.60	$4.35	0.92%	-9.44%
Hypothetical (5% return before expenses)	1,000.00	1,020.23	4.61	0.92	N/A

^* Expenses are equal to the Fund’s annualized six-month expense ratio for the period September 1, 2018 through February 28, 2019, 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.

2

ADARA SMALLER COMPANIES FUND

Portfolio Holdings Summary Table

february 28, 2019 (UNAUDITED)

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

	% of Net Assets		Value
COMMON STOCKS:
Software		9.6%	$	27,976,767
Banks		7.3		21,446,713
Retail		7.0		20,346,848
Healthcare-Products		6.8		20,065,572
Commercial Services		5.6		16,541,828
Computers		4.2		12,451,984
Pharmaceuticals		3.5		10,330,322
Biotechnology		3.3		9,877,114
Electronics		3.3		9,643,488
Internet		3.2		9,450,732
Insurance		2.6		7,804,878
Semiconductors		2.5		7,454,884
Diversified Financial Services		2.0		6,066,276
Transportation		2.0		5,842,934
Healthcare-Services		1.9		5,580,909
Machinery-Diversified		1.9		5,529,931
Engineering & Construction		1.8		5,265,220
REITS		1.8		5,200,044
Chemicals		1.6		4,776,225
Oil & Gas		1.5		4,545,481
Food		1.5		4,527,854
Telecommunications		1.5		4,424,079
Building Materials		1.4		4,183,770
Miscellaneous Manufacturing		1.3		3,947,094
Oil & Gas Services		1.2		3,537,761
Home Builders		1.1		3,261,264
Aerospace/Defense		1.1		3,214,724
Auto Parts & Equipment		1.0		2,989,114
Home Furnishings		1.0		2,912,973
Savings & Loans		0.9		2,637,794
Lodging		0.8		2,481,456
Apparel		0.8		2,301,613
Household Products/Wares		0.6		1,918,132
Leisure Time		0.6		1,845,153
Airlines		0.6		1,733,276
Media		0.5		1,509,780
Beverages		0.5		1,483,352
Textiles		0.5		1,470,991
Distribution/Wholesale		0.5		1,395,649
Entertainment		0.5		1,379,054
Mining		0.4		1,285,468
Electrical Components & Equipment		0.4		1,146,684
Metal Fabricate/Hardware		0.4		1,070,105
Water		0.3		974,281
Housewares		0.3		964,032
Gas		0.3		952,493
Medical Equipment & Devices Manufacturing		0.3		894,190
Electric		0.3		787,318
Agriculture		0.3		753,574
Energy-Alternate Sources		0.2		637,466
Environmental Control		0.2		609,412
Real Estate		0.2		548,450
Machinery-Construction & Mining		0.2		468,772
Advertising		0.1		392,907
Toys/Games/Hobbies		0.1		354,102
Forest Products & Paper		0.1		203,197
Cosmetics/Personal Care		0.1		168,860
Trucking & Leasing		0.0		132,907
Hand/Machine Tools		0.0		100,886
Packaging & Containers		0.0		90,179
Coal		0.0		79,251
Storage/Warehousing		0.0		73,748
SHORT-TERM INVESTMENTS		4.5		13,199,625
OTHER ASSETS IN EXCESS OF LIABILITIES		0.0		145,653
NET ASSETS		100.0%	$	295,386,593

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, 2019 (unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.5%
Advertising — 0.1%
Trade Desk, Inc., (The), Class A*		1,989	$	392,907
Aerospace/Defense — 1.1%
Aerojet Rocketdyne Holdings, Inc.*		2,060		76,735
Aerovironment, Inc.*		1,433		114,167
Cubic Corp.		25,717		1,586,739
Curtiss-Wright Corp.		2,004		247,073
Kaman Corp.		2,787		171,623
Kratos Defense & Security Solutions, Inc.*		35,831		615,935
Moog, Inc., Class A		1,762		165,558
National Presto Industries, Inc.		800		89,712
Triumph Group, Inc.		6,355		147,182
				3,214,724
Agriculture — 0.3%
Andersons, Inc., (The)		3,833		141,668
Limoneira Co.		19,980		467,532
Universal Corp.		2,433		144,374
				753,574
Airlines — 0.6%
Controladora Vuela Cia de Aviacion SAB de CV, ADR*		56,983		488,914
Mesa Air Group, Inc.*		42,870		431,701
SkyWest, Inc.		8,137		439,723
Spirit Airlines, Inc.*		6,630		372,938
				1,733,276
Apparel — 0.8%
Canada Goose Holdings, Inc.*		7,060		401,785
Crocs, Inc.*		33,606		863,002
Lakeland Industries, Inc.*		39,919		441,504
Oxford Industries, Inc.		1,483		117,201
Skechers U.S.A., Inc., Class A*		3,666		123,287
Steven Madden Ltd.		4,833		159,441
Wolverine World Wide, Inc.		5,464		195,393
				2,301,613
Auto Parts & Equipment — 1.0%
American Axle & Manufacturing Holdings, Inc.*		17,188		276,727
Cooper-Standard Holdings, Inc.*		1,937		116,433
Gentherm, Inc.*		3,355		137,555
Motorcar Parts of America, Inc.*		33,565		694,460
Spartan Motors, Inc.		108,434		991,087
Standard Motor Products, Inc.		783		38,602
Unique Fabricating, Inc.		92,070		399,584
Wabash National Corp.		3,983		59,107
Westport Fuel Systems, Inc.*		204,118		275,559
				2,989,114
Banks — 7.3%
American River Bankshares		49,250		668,815
Atlantic Capital Bancshares, Inc.*		27,392		528,118
Bank of Commerce Holdings		67,500		766,125
Banner Corp.		1,722		106,988
Baycom Corp.*		10,738		247,726
Boston Private Financial Holdings, Inc.		20,682		245,909
Capital Bancorp, Inc.*		26,140		308,713
Central Pacific Financial Corp.		4,068		118,704
City Holding Co.		4,208		337,229
Community Bank System, Inc.		1,997		129,386
Customers Bancorp, Inc.*		3,211		68,683
CVB Financial Corp.		8,715		198,615
Esquire Financial Holdings, Inc.*		58,196		1,327,451
Farmers National Bancorp		42,280		622,362
Fidelity Southern Corp.		2,431		79,202
First BanCorp		46,257		532,418
First Bancshares, Inc., (The)		9,640		315,806
First Business Financial Services, Inc.		23,100		509,586
First Citizens BancShares, Inc., Class A		1,104		481,984
First Commonwealth Financial Corp.		13,475		189,458
First Financial Bancorp		7,350		203,815
First Financial Bankshares, Inc.		6,581		426,778
First Merchants Corp.		11,010		444,694
First Northwest Bancorp		28,890		465,707
Glacier Bancorp, Inc.		3,879		169,978
Hanmi Financial Corp.		2,358		54,423
Heritage Commerce Corp.		41,929		585,748
Heritage Financial Corp.		1,375		45,265
Home BancShares, Inc.		9,066		176,606
Horizon Bancorp		39,607		699,856
Independent Bank Corp.		1,226		104,369
LCNB Corp.		27,970		475,490
LegacyTexas Financial Group, Inc.		2,712		113,172
MB Financial, Inc.		6,569		297,379
Meta Financial Group, Inc.		7,676		179,235
Metropolitan Bank Holding Corp.*		16,340		629,580
Midland States Bancorp, Inc.		23,260		593,130
Northeast Bancorp		44,090		894,145
Northrim BanCorp, Inc.		13,420		503,384
OFG Bancorp		20,748		429,276
OP Bancorp		42,460		385,537
Opus Bank		4,921		112,051
Orrstown Financial Services, Inc.		16,480		336,522
Pacific City Financial Corp.		24,720		420,240
Parke Bancorp, Inc.		24,522		544,143

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2019 (unaudited)

	Number of Shares		Value
Banks — (Continued)
Premier Financial Bancorp, Inc.		45,365	$	751,698
S&T Bancorp, Inc.		1,199		49,615
Southside Bancshares, Inc.		7,767		269,670
Summit Financial Group, Inc.		26,750		652,967
Texas Capital Bancshares, Inc.*		1,396		85,198
Tompkins Financial Corp.		1,925		154,789
TriState Capital Holdings, Inc.*		12,980		293,478
Triumph Bancorp, Inc.*		1,886		63,879
TrustCo Bank Corp.		21,550		182,529
UMB Financial Corp.		3,746		257,762
United Bankshares, Inc.		2,242		86,070
United Community Banks, Inc.		21,044		582,708
Walker & Dunlop, Inc.		2,381		132,860
West Bancorporation, Inc.		27,520		636,262
Westamerica Bancorp		2,698		173,427
				21,446,713
Beverages — 0.5%
Celsius Holdings, Inc.*		139,810		497,724
Farmer Brothers Co.*		21,549		513,944
Primo Water Corp.*		32,153		471,684
				1,483,352
Biotechnology — 3.3%
Acer Therapeutics, Inc.*		13,967		331,018
Acorda Therapeutics, Inc.*		3,217		47,419
Allakos, Inc.*		7,458		298,022
AMAG Pharmaceuticals, Inc.*		2,986		44,461
ANI Pharmaceuticals, Inc.*		2,019		132,830
Argenx SE, ADR*		9,459		1,260,790
Atara Biotherapeutics, Inc.*		7,712		276,167
Avid Bioservices, Inc.*		73,260		284,981
Calyxt, Inc.*		10,196		163,442
Champions Oncology, Inc.*		90,026		1,046,102
ChromaDex Corp.*		78,373		273,522
Deciphera Pharmaceuticals, Inc.*		8,740		248,216
Emergent BioSolutions, Inc.*		7,766		453,146
Five Prime Therapeutics, Inc.*		15,164		175,599
Guardant Health, Inc.*		6,639		442,423
Innoviva, Inc.*		9,226		144,848
Kindred Biosciences, Inc.*		22,208		240,291
Ligand Pharmaceuticals, Inc.*		1,187		147,283
Medicines Co., (The)*		3,613		89,133
Myriad Genetics, Inc.*		3,993		123,903
NeoGenomics, Inc.*		40,149		786,920
Orchard Therapeutics PLC, ADR*		20,932		358,984
REGENXBIO, Inc.*		7,913		409,339
Rigel Pharmaceuticals, Inc.*		63,330		138,693
Stemline Therapeutics, Inc.*		38,075		417,683
Twist Bioscience Corp.*		3,660		79,678
Veracyte, Inc.*		17,853		360,809
Vericel Corp.*		48,564		908,632
Biotechnology — (Continued)
Zymeworks, Inc.*		12,750		192,780
				9,877,114
Building Materials — 1.4%
AAON, Inc.		2,783		110,930
American Woodmark Corp.*		5,837		497,312
Armstrong Flooring, Inc.*		33,872		485,724
Armstrong World Industries, Inc.		19,738		1,444,427
Boise Cascade Co.		3,571		99,595
Gibraltar Industries, Inc.*		4,141		167,711
Griffon Corp.		2,083		37,161
Patrick Industries, Inc.*		3,524		159,320
PGT Innovations, Inc.*		22,094		333,178
Simpson Manufacturing Co., Inc.		2,069		123,995
Summit Materials, Inc., Class A*		27,851		473,467
Universal Forest Products, Inc.		8,103		250,950
				4,183,770
Chemicals — 1.6%
AdvanSix, Inc.*		3,845		125,924
Balchem Corp.		1,142		101,330
Chemours Co., (The)		9,276		352,766
Codexis, Inc.*		38,429		830,835
HB Fuller Co.		4,743		239,427
Ingevity Corp.*		2,186		251,871
Innophos Holdings, Inc.		1,900		63,080
Innospec, Inc.		1,121		91,765
Koppers Holdings, Inc.*		5,436		133,671
Kraton Corp.*		4,379		155,805
Landec Corp.*		64,053		822,441
Northern Technologies International Corp.		16,810		522,791
Rayonier Advanced Materials, Inc.		6,815		96,023
Rogers Corp.*		4,730		734,332
Stepan Co.		2,701		254,164
				4,776,225
Coal — 0.0%
SunCoke Energy, Inc.*		7,989		79,251
Commercial Services — 5.6%
ABM Industries, Inc.		2,589		92,324
Acacia Research Corp.*		131,720		401,746
AMN Healthcare Services, Inc.*		3,294		164,733
ARC Document Solutions, Inc.*		132,210		313,338
ASGN, Inc.*		3,035		195,484
Barrett Business Services, Inc.		21,909		1,720,733
BG Staffing, Inc.		41,870		1,044,656
Bridgepoint Education, Inc.*		75,410		777,477
Brink's Co., (The)		4,054		319,942
CAI International, Inc.*		35,550		837,558
Care.com, Inc.*		23,169		583,627
CRA International, Inc.		8,590		429,156

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2019 (unaudited)

	Number of Shares		Value
Commercial Services — (Continued)
Edison Nation, Inc.*		61,118	$	305,590
Emerald Expositions Events, Inc.		9,264		116,541
Green Dot Corp., Class A*		4,948		319,393
Hackett Group, Inc., (The)		22,815		370,972
Healthcare Services Group, Inc.		3,392		129,507
HealthEquity, Inc.*		7,910		636,597
Heidrick & Struggles International, Inc.		2,376		102,429
HMS Holdings Corp.*		9,256		318,962
I3 Verticals, Inc., Class A*		27,137		570,962
Insperity, Inc.		2,292		289,411
K12, Inc.*		12,903		413,412
Kelly Services, Inc., Class A		19,482		470,101
Korn/Ferry International		4,210		205,406
MarketAxess Holdings, Inc.		2,376		579,459
Matthews International Corp., Class A		1,529		60,808
Medifast, Inc.		4,850		618,036
Monro Muffler Brake, Inc.		1,316		100,424
Navigant Consulting, Inc.		3,071		63,232
Nutrisystem, Inc.		1,071		46,353
Red Violet, Inc.*		12,135		90,891
Resources Connection, Inc.		45,101		783,404
RR Donnelley & Sons Co.		6,084		32,732
SP Plus Corp.*		13,285		457,004
Strategic Education, Inc.		2,810		367,492
Team, Inc.*		5,510		86,066
TechTarget, Inc.*		19,510		323,476
Viad Corp.		22,366		1,294,991
Willdan Group, Inc.*		13,395		507,403
				16,541,828
Computers — 4.2%
3D Systems Corp.*		4,134		58,372
Agilysys, Inc.*		27,803		581,083
CACI International, Inc., Class A*		1,145		208,688
Computer Services, Inc.		19,369		1,123,402
Conduent, Inc.*		58,831		860,109
Cray, Inc.*		2,699		66,207
Elastic NV*		2,530		229,117
Endava PLC, SP ADR*		21,403		632,673
ExlService Holdings, Inc.*		1,497		91,916
Globant S.A.*		6,105		420,573
Insight Enterprises, Inc.*		2,176		121,464
Kornit Digital Ltd.*		12,912		289,229
MAXIMUS, Inc.		1,853		130,970
Mercury Systems, Inc.*		19,964		1,268,113
Mitek Systems, Inc.*		80,435		869,502
NCR Corp.*		29,222		818,800
PAR Technology Corp.*		34,108		919,893
PlayAGS, Inc.*		20,793		494,666
Computers — (Continued)
Rapid7, Inc.*		11,775		542,003
Science Applications International Corp.		1,681		125,571
Sykes Enterprises, Inc.*		16,287		481,932
TTEC Holdings, Inc.		3,501		119,944
Unisys Corp.*		4,710		63,632
USA Technologies, Inc.*		67,680		268,013
Virtusa Corp.*		24,289		1,225,866
WNS Holdings Ltd., ADR*		8,338		440,246
				12,451,984
Cosmetics/Personal Care — 0.1%
Inter Parfums, Inc.		2,289		168,860
Distribution/Wholesale — 0.5%
Anixter International, Inc.*		1,549		90,895
Dorman Products, Inc.*		1,213		98,132
Educational Development Corp.		32,351		260,426
Fossil Group, Inc.*		7,293		114,062
G-III Apparel Group Ltd.*		3,296		117,371
Pool Corp.		2,106		335,991
ScanSource, Inc.*		3,569		134,016
SiteOne Landscape Supply, Inc.*		4,557		244,756
				1,395,649
Diversified Financial Services — 2.0%
3PEA International, Inc.*		26,303		193,590
Blucora, Inc.*		3,569		95,970
Civista Bancshares, Inc.		11,530		245,935
Encore Capital Group, Inc.*		3,458		118,264
Enova International, Inc.*		24,746		631,518
Evercore Partners, Inc., Class A		6,567		604,821
Greenhill & Co., Inc.		3,731		87,828
Houlihan Lokey, Inc.		11,227		516,217
Interactive Brokers Group, Inc., Class A		3,063		169,170
Investment Technology Group, Inc.		2,378		71,887
LendingTree, Inc.*		1,531		488,312
Moelis & Co., Class A		12,285		548,034
National Bank Holdings Corp.		1,305		47,150
Silvercrest Asset Management Group, Inc., Class A		66,802		1,001,362
Verra Mobility Corp.*		24,947		264,438
Virtus Investment Partners, Inc.		807		82,564
Waddell & Reed Financial, Inc., Class A		3,811		70,541
WageWorks, Inc.*		17,131		563,610
World Acceptance Corp.*		2,155		265,065
				6,066,276

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2019 (unaudited)

	Number of Shares		Value
Electric — 0.3%
ALLETE, Inc.		4,232	$	343,004
Ameresco, Inc., Class A*		19,209		314,451
Avista Corp.		1,395		56,372
El Paso Electric Co.		1,366		73,491
				787,318
Electrical Components & Equipment — 0.4%
Encore Wire Corp.		1,848		109,475
EnerSys		3,171		234,083
Littelfuse, Inc.		3,308		638,742
SPX Corp.*		4,521		164,384
				1,146,684
Electronics — 3.3%
Benchmark Electronics, Inc.		3,373		92,420
Brady Corp., Class A		2,928		138,524
Coherent, Inc.*		1,014		134,943
Comtech Telecommunications Corp.		36,819		975,703
Control4 Corp.*		2,350		42,323
FARO Technologies, Inc.*		2,255		103,302
Fluidigm Corp.*		87,765		970,681
II-VI, Inc.*		3,812		161,934
IntriCon Corp.*		5,999		161,493
Itron, Inc.*		4,655		246,762
Ituran Location and Control Ltd.		25,101		926,227
Napco Security Technologies, Inc.*		51,080		1,097,709
NVE Corp.		3,564		366,450
OSI Systems, Inc.*		8,106		704,006
Plexus Corp.*		2,641		163,108
Sanmina Corp.*		6,648		212,337
ShotSpotter, Inc.*		6,932		346,184
SYNNEX Corp.		830		81,440
Tech Data Corp.*		9,512		972,317
TTM Technologies, Inc.*		8,548		103,602
Woodward, Inc.		5,963		574,475
ZAGG, Inc.*		92,030		1,067,548
				9,643,488
Energy-Alternate Sources — 0.2%
REX American Resources Corp.*		1,203		95,891
TPI Composites, Inc.*		17,927		541,575
				637,466
Engineering & Construction — 1.8%
Aegion Corp.*		1,783		30,953
Argan, Inc.		24,136		1,122,324
Comfort Systems USA, Inc.		8,639		463,223
Dycom Industries, Inc.*		2,682		120,905
EMCOR Group, Inc.		4,741		341,968
Exponent, Inc.		2,780		157,431
Granite Construction, Inc.		10,965		510,530
Engineering & Construction — (Continued)
MYR Group, Inc.*		4,168		139,795
NV5 Global, Inc.*		12,766		1,011,833
Primoris Services Corp.		18,027		421,291
Sterling Construction Co., Inc.*		53,655		783,900
TopBuild Corp.*		2,707		161,067
				5,265,220
Entertainment — 0.5%
Eldorado Resorts, Inc.*		9,422		454,234
Golden Entertainment, Inc.*		8,681		158,168
Monarch Casino & Resort, Inc.*		6,633		290,857
Red Rock Resorts, Inc., Class A		10,547		296,582
Scientific Games Corp.*		6,167		179,213
				1,379,054
Environmental Control — 0.2%
Casella Waste Systems, Inc., Class A*		11,833		417,468
Tetra Tech, Inc.		3,198		191,944
				609,412
Food — 1.5%
Calavo Growers, Inc.		2,906		247,388
Cal-Maine Foods, Inc.		1,158		51,068
Chefs' Warehouse, Inc. (The)*		16,715		535,047
Darling Ingredients, Inc.*		8,943		196,567
Hain Celestial Group Inc. (The)*		26,486		520,979
Hostess Brands, Inc.*		137,570		1,670,100
Ingles Markets, Inc., Class A		32,020		996,462
J&J Snack Foods Corp.		681		105,746
Sanderson Farms, Inc.		1,371		157,939
SpartanNash Co.		2,453		46,558
				4,527,854
Forest Products & Paper — 0.1%
Neenah Paper, Inc.		1,590		107,452
Schweitzer-Mauduit International, Inc.		2,483		95,745
				203,197
Gas — 0.3%
New Jersey Resources Corp.		2,340		113,256
Northwest Natural Holding Co.		2,390		153,486
South Jersey Industries, Inc.		4,502		130,333
Southwest Gas Holdings, Inc.		1,612		132,087
Spire, Inc.		5,337		423,331
				952,493
Hand/Machine Tools — 0.0%
Franklin Electric Co., Inc.		1,896		100,886
Healthcare-Products — 6.8%
ABIOMED, Inc.*		1,453		486,028
Alpha Pro Tech Ltd.*		44,141		166,412
AngioDynamics, Inc.*		1,976		44,282

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2019 (unaudited)

	Number of Shares		Value
Healthcare-Products — (Continued)
BioLife Solutions, Inc.*		77,693	$	1,480,829
Cantel Medical Corp.		1,814		133,365
CareDx, Inc.*		39,017		1,214,209
Cerus Corp.*		32,092		208,919
CRH Medical Corp.*		247,530		772,294
CytoSorbents Corp.*		51,679		417,566
Establishment Labs Holdings, Inc.*		18,226		465,857
Haemonetics Corp.*		3,260		283,196
ICU Medical, Inc.*		578		142,049
Inogen, Inc.*		2,785		299,276
Inspire Medical Systems, Inc.*		22,028		1,365,736
Insulet Corp.*		5,485		515,096
Integra LifeSciences Holdings Corp.*		3,088		170,118
iRhythm Technologies, Inc.*		13,723		1,314,526
Masimo Corp.*		3,409		447,534
Merit Medical Systems, Inc.*		8,589		478,665
NuVasive, Inc.*		789		46,472
Nuvectra Corp.*		16,147		202,968
OrthoPediatrics Corp.*		25,063		1,030,340
Oxford Immunotec Global, PLC*		31,836		531,343
Patterson Cos, Inc.		32,030		722,276
Quanterix Corp.*		21,444		529,881
Repligen Corp.*		11,163		664,422
Restoration Robotics, Inc.*		82,190		73,971
SI-BONE, Inc.*		47,614		986,562
Sientra, Inc.*		20,034		221,776
Tactile Systems Technology, Inc.*		18,307		1,391,515
Tandem Diabetes Care, Inc.*		21,863		1,433,557
ViewRay, Inc.*		114,224		968,620
West Pharmaceutical Services, Inc.		8,171		855,912
				20,065,572
Healthcare-Services — 1.9%
Addus HomeCare Corp.*		4,964		333,630
Amedisys, Inc.*		2,217		275,573
Catalent, Inc.*		14,008		605,426
Chemed Corp.		621		204,619
eHealth, Inc.*		10,431		557,120
Ensign Group, Inc., (The)		2,070		102,362
Joint Corp., (The)*		69,711		764,033
LHC Group, Inc.*		6,867		753,241
Magellan Health, Inc.*		1,789		121,849
Neuronetics, Inc.*		27,054		472,092
Providence Service Corp., (The)*		2,212		157,760
Psychemedics Corp.		22,388		437,909
Teladoc, Inc.*		6,105		392,918
US Physical Therapy, Inc.		1,232		135,816
Vapotherm, Inc.*		13,712		266,561
				5,580,909
Home Builders — 1.1%
Cavco Industries, Inc.*		482		66,723
Century Communities, Inc.*		13,681		312,337
Installed Building Products, Inc.*		10,991		479,427
LCI Industries		2,012		163,938
LGI Homes, Inc.*		18,294		1,081,175
MDC Holdings, Inc.		4,064		117,207
Skyline Corp.		43,795		869,769
Winnebago Industries, Inc.		5,231		170,688
				3,261,264
Home Furnishings — 1.0%
Floor & Decor Holdings, Inc., Class A*		13,385		497,654
Hooker Furniture Corp.		8,270		259,678
iRobot Corp.*		1,222		152,823
La-Z-Boy, Inc.		2,014		69,302
Roku, Inc.*		8,589		569,365
Sleep Number Corp.*		16,334		712,979
Universal Electronics, Inc.*		19,502		651,172
				2,912,973
Household Products/Wares — 0.6%
Acme United Corp.		11,359		194,807
EVI Industries, Inc.		12,357		500,458
Knowles Corp.*		4,797		78,095
Rosetta Stone, Inc.*		60,006		966,697
WD-40 Co.		995		178,075
				1,918,132
Housewares — 0.3%
Lifetime Brands, Inc.		57,100		597,266
Toro Co., (The)		5,348		366,766
				964,032
Insurance — 2.6%
Ambac Financial Group, Inc.*		4,531		89,578
American Equity Investment Life Holding Co.		11,107		351,536
American National Insurance Co.		4,267		628,060
Atlas Financial Holdings, Inc.*		49,630		450,640
Employers Holdings, Inc.		3,729		155,350
FGL Holdings		81,160		673,628
Genworth Financial, Inc., Class A*		47,731		184,719
Goosehead Insurance, Inc., Class A*		16,307		514,486
HCI Group, Inc.		2,489		114,892
Heritage Insurance Holdings, Inc.		47,610		710,341
Horace Mann Educators Corp.		2,570		100,718
James River Group Holdings Ltd.		1,208		49,637
Kinsale Capital Group, Inc.		7,465		498,363
NMI Holdings, Inc., Class A*		23,046		556,561
RLI Corp.		1,478		104,229
Safety Insurance Group, Inc.		1,702		152,057

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2019 (unaudited)

	Number of Shares		Value
Insurance — (Continued)
Selective Insurance Group, Inc.		3,866	$	255,001
White Mountains Insurance Group Ltd.		2,358		2,215,082
				7,804,878
Internet — 3.2%
Aspen Group, Inc.*		66,749		319,728
Attunity Ltd.*		8,748		204,528
Bandwidth, Inc., Class A*		25,612		1,427,101
Cars.com, Inc.*		14,920		351,217
Eventbrite, Inc., Class A*		10,481		310,028
FireEye, Inc.*		32,669		547,532
HealthStream, Inc.		2,625		72,975
Liberty Expedia Holdings, Inc., Class A*		34,884		1,545,361
Mimecast Ltd.*		27,224		1,314,375
OptimizeRx Corp.*		26,987		387,533
QuinStreet, Inc.*		43,407		581,220
Stamps.com, Inc.*		1,004		94,366
Wix.com Ltd.*		3,866		422,360
Zendesk, Inc.*		6,777		535,519
Zscaler, Inc.*		26,910		1,336,889
				9,450,732
Leisure Time — 0.6%
Callaway Golf Co.		7,398		127,320
Lindblad Expeditions Holdings, Inc.*		27,664		375,954
Malibu Boats, Inc., Class A*		19,112		883,165
MasterCraft Boat Holdings, Inc.*		18,594		458,714
				1,845,153
Lodging — 0.8%
Belmond Ltd., Class A*		10,812		268,678
Boyd Gaming Corp.		18,167		540,650
Century Casinos, Inc.*		38,775		326,873
Extended Stay America, Inc.		73,753		1,345,255
				2,481,456
Machinery-Construction & Mining — 0.2%
ASV Holdings, Inc.*		88,330		285,306
Polar Power, Inc.*		37,828		183,466
				468,772
Machinery-Diversified — 1.9%
Albany International Corp., Class A		1,126		87,321
Applied Industrial Technologies, Inc.		1,045		60,756
Cactus, Inc., Class A*		11,515		417,534
Chart Industries, Inc.*		2,562		226,173
Columbus McKinnon Corp.		21,762		814,987
DXP Enterprises, Inc.*		719		25,431
Hurco Cos., Inc.		18,870		809,146
Machinery-Diversified — (Continued)
Kadant, Inc.		4,457		389,765
Manitex International, Inc.*		109,150		833,906
Newpark Resources, Inc.*		5,829		51,528
NN, Inc.		52,840		523,645
SPX FLOW, Inc.*		10,543		363,944
Tennant Co.		2,414		152,565
Twin Disc, Inc.*		43,710		773,230
				5,529,931
Media — 0.5%
Entercom Communications Corp., Class A		49,937		307,612
EW Scripps Co., (The), Class A		3,398		71,867
Gannett Co., Inc.		11,330		133,014
MSG Networks, Inc.*		39,120		944,357
Scholastic Corp.		1,251		52,930
				1,509,780
Medical Equipment & Devices Manufacturing — 0.3%
National Vision Holdings, Inc.*		13,498		453,533
Wright Medical Group NV*		14,074		440,657
				894,190
Metal Fabricate/Hardware — 0.4%
AZZ, Inc.		1,465		67,419
Northwest Pipe Co.*		37,560		926,605
TimkenSteel Corp.*		6,106		76,081
				1,070,105
Mining — 0.4%
A-Mark Precious Metals, Inc.*		14,762		185,263
Astec Industries, Inc.		2,070		78,991
Century Aluminum Co.*		18,637		160,837
Kaiser Aluminum Corp.		1,039		113,750
Materion Corp.		4,571		264,112
Monaker Group, Inc.*		40,335		98,821
ProPetro Holding Corp.*		4,300		85,398
United States Lime & Minerals, Inc.		4,143		298,296
				1,285,468
Miscellaneous Manufacturing — 1.3%
Arlo Technologies, Inc.*		5,180		22,429
Axon Enterprise, Inc.*		5,340		287,452
Colfax Corp.*		22,314		590,428
Dean Foods Co.		25,882		103,787
EnPro Industries, Inc.		2,498		171,338
ESCO Technologies, Inc.		10,198		705,600
Fabrinet*		3,054		178,659
FreightCar America, Inc.*		31,490		244,048
Harsco Corp.*		14,378		321,780
Haynes International, Inc.		19,234		676,652
Hillenbrand, Inc.		2,960		131,098
John Bean Technologies Corp.		2,493		233,594

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2019 (unaudited)

	Number of Shares		Value
Miscellaneous Manufacturing — (Continued)
Proto Labs, Inc.*		1,026	$	115,928
Raven Industries, Inc.		1,344		53,652
Standex International Corp.		677		55,521
Sturm Ruger & Co., Inc.		968		55,128
				3,947,094
Oil & Gas — 1.5%
Bonanza Creek Energy, Inc.*		1,817		41,736
Callon Petroleum Co.*		19,734		150,965
Carrizo Oil & Gas, Inc.*		10,324		113,358
Denbury Resources, Inc.*		54,578		104,790
Evolution Petroleum Corp.		37,890		267,882
Geopark Ltd.*		14,796		283,935
Gran Tierra Energy, Inc.*		92,840		209,818
Gulfport Energy Corp.*		17,407		133,338
HighPoint Resources Corp.*		11,053		28,627
Laredo Petroleum, Inc.*		33,616		115,303
Matador Resources Co.*		23,986		446,140
Murphy USA, Inc.*		13,465		1,047,173
Nabors Industries Ltd.		70,626		228,828
PBF Energy, Inc., Class A		21,325		662,568
PDC Energy, Inc.*		11,828		438,464
QEP Resources, Inc.*		20,000		155,200
Ring Energy, Inc.*		4,481		27,648
Unit Corp.*		5,769		89,708
				4,545,481
Oil & Gas Services — 1.2%
Archrock, Inc.		8,189		79,925
DMC Global, Inc.		40,490		1,902,220
Helix Energy Solutions Group, Inc.*		17,356		128,435
KLX Energy Services Holdings, Inc.*		3,678		96,952
Natural Gas Services Group, Inc.*		32,050		592,284
Oil States International, Inc.*		7,659		131,275
Profire Energy, Inc.*		103,477		193,502
Solaris Oilfield Infrastructure, Inc., Class A		24,304		413,168
				3,537,761
Packaging & Containers — 0.0%
Multi-Color Corp.		1,809		90,179
Pharmaceuticals — 3.5%
Adamas Pharmaceuticals, Inc.*		20,004		223,845
Akorn, Inc.*		12,794		51,816
Anika Therapeutics, Inc.*		1,155		37,688
Array BioPharma, Inc.*		54,079		1,240,572
Clementia Pharmaceuticals, Inc.*		12,885		332,819
Coherus Biosciences, Inc.*		31,817		456,256
Diplomat Pharmacy, Inc.*		4,080		26,316
Pharmaceuticals — (Continued)
Enanta Pharmaceuticals, Inc.*		4,093		419,696
Endo International PLC*		9,334		102,581
Global Blood Therapeutics, Inc.*		6,054		317,835
Harrow Health, Inc.*		117,894		818,184
Heron Therapeutics, Inc.*		16,336		432,414
Madrigal Pharmaceuticals, Inc.*		3,027		397,384
Mirati Therapeutics, Inc.*		11,195		814,996
Momenta Pharmaceuticals, Inc.*		8,455		119,131
MyoKardia, Inc.*		16,309		731,459
Nektar Therapeutics*		5,506		223,213
Neogen Corp.*		2,310		143,128
Opiant Pharmaceuticals, Inc.*		12,690		193,903
Owens & Minor, Inc.		10,603		66,163
Phibro Animal Health Corp., Class A		2,922		85,615
Pieris Pharmaceuticals, Inc.*		61,877		185,631
Premier, Inc., Class A*		43,438		1,588,962
Principia Biopharma, Inc.*		9,228		326,856
Progenics Pharmaceuticals, Inc.*		15,612		69,005
Reata Pharmaceuticals, Inc., Class A*		6,209		585,757
Supernus Pharmaceuticals, Inc.*		1,348		55,052
Sutro Biopharma, Inc.*		9,324		82,051
Tricida, Inc.*		8,733		201,994
				10,330,322
Real Estate — 0.2%
HFF, Inc., Class A		2,483		112,232
Legacy Housing Corp.*		12,720		178,716
Newmark Group, Inc., Class A		27,808		257,502
				548,450
REITS — 1.8%
Acadia Realty Trust		4,655		132,621
Agree Realty Corp.		1,641		107,863
Armada Hoffler Properties, Inc.		7,721		118,131
CareTrust REIT, Inc.		3,664		81,854
CBL & Associates Properties, Inc.		19,877		42,537
Chatham Lodging Trust		2,618		52,308
Community Healthcare Trust, Inc.		2,769		98,826
CoreSite Realty Corp.		1,355		138,549
DiamondRock Hospitality Co.		8,155		87,177
EastGroup Properties, Inc.		2,590		273,659
Getty Realty Corp.		5,173		170,450
Global Medical REIT, Inc.		70,930		730,579
Global Net Lease, Inc.		3,919		69,915
Great Ajax Corp.		38,160		504,857
Healthcare Realty Trust, Inc.		7,137		225,886
Hersha Hospitality Trust		9,194		173,307
Independence Realty Trust, Inc.		4,656		48,236
Innovative Industrial Properties, Inc.		3,777		298,345

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2019 (unaudited)

	Number of Shares		Value
REITS — (Continued)
Kite Realty Group Trust		4,590	$	72,247
Lexington Realty Trust		12,112		112,521
LTC Properties, Inc.		1,853		82,310
Manhattan Bridge Capital, Inc.		55,566		360,623
Medical Properties Trust, Inc.		5,867		106,955
New York Mortgage Trust, Inc.		13,164		78,984
Pennsylvania Real Estate Investment Trust		18,333		112,748
PS Business Parks, Inc.		1,242		182,785
RPT Realty		7,461		94,605
Summit Hotel Properties, Inc.		13,199		150,337
Universal Health Realty Income Trust		3,469		258,336
Urstadt Biddle Properties, Inc., Class A		5,675		118,721
Whitestone REIT		8,745		113,772
				5,200,044
Retail — 7.0%
Abercrombie & Fitch Co., Class A		5,117		112,318
Asbury Automotive Group, Inc.*		9,366		672,385
Ascena Retail Group, Inc.*		24,230		53,791
At Home Group, Inc.*		19,099		467,544
Barnes & Noble, Inc.		9,163		57,727
Big 5 Sporting Goods Corp.		64,440		259,693
Biglari Holdings, Inc., Class A*		230		160,770
Biglari Holdings, Inc., Class B*		1,541		206,509
Boot Barn Holdings, Inc.*		28,717		818,435
Buckle, Inc., (The)		4,527		86,873
Build-A-Bear Workshop, Inc.*		79,980		411,897
Cannae Holdings, Inc.*		98,379		2,254,847
Casey's General Stores, Inc.		8,271		1,114,435
Cato Corp., (The), Class A		4,184		65,856
Children's Place, Inc., (The)		1,027		98,140
Chuy's Holdings, Inc.*		1,384		30,960
Cracker Barrel Old Country Store, Inc.		790		127,972
DineEquity, Inc.		3,392		336,486
El Pollo Loco Holdings, Inc.*		24,651		372,970
Express, Inc.*		9,687		50,372
EZCORP, Inc., Class A*		65,091		635,939
FAT Brands, Inc.		50,827		304,961
Fiesta Restaurant Group, Inc.*		3,197		48,179
FirstCash, Inc.		2,930		256,844
Five Below, Inc.*		3,696		444,814
Freshpet, Inc.*		19,144		789,116
Gaia, Inc.*		46,823		520,672
Genesco, Inc.*		4,461		215,332
Guess?, Inc.		6,372		142,669
Hibbett Sports, Inc.*		6,047		112,111
J Alexander's Holdings, Inc.*		44,656		407,709
Lovesac Co., (The)*		15,442		467,429
Retail — (Continued)
Luxfer Holdings PLC		27,459		516,504
MarineMax, Inc.*		4,583		89,964
Movado Group, Inc.		9,418		329,913
Noodles & Co.*		43,094		337,857
Office Depot, Inc.		18,868		65,472
Ollie's Bargain Outlet Holdings, Inc.*		5,162		455,392
PC Connection, Inc.		13,510		543,642
PCM, Inc.*		43,470		1,460,157
PetIQ, Inc.*		21,420		644,956
PetMed Express, Inc.		1,977		45,570
Red Robin Gourmet Burgers, Inc.*		1,984		60,333
Regis Corp.*		8,392		151,811
RH*		2,622		402,713
Shoe Carnival, Inc.		2,090		79,713
Tailored Brands, Inc.		6,230		80,741
Texas Roadhouse, Inc.		2,804		177,521
Tile Shop Holdings, Inc.		59,489		379,540
Vitamin Shoppe, Inc.*		12,924		95,250
Wingstop, Inc.		12,130		807,979
Winmark Corp.		3,329		573,420
World Fuel Services Corp.		17,749		491,470
Youngevity International, Inc.*		50,679		360,328
Zumiez, Inc.*		3,678		90,847
				20,346,848
Savings & Loans — 0.9%
Axos Financial, Inc.*		3,461		111,721
Berkshire Hills Bancorp, Inc.		3,296		103,231
Brookline Bancorp, Inc.		13,535		216,289
Dime Community Bancshares, Inc.		8,292		165,674
FS Bancorp, Inc.		14,590		756,492
Oritani Financial Corp.		8,508		152,719
Provident Financial Services, Inc.		1,569		43,069
Riverview Bancorp, Inc.		109,531		847,770
Sterling Bancorp		11,846		240,829
				2,637,794
Semiconductors — 2.5%
Advanced Energy Industries, Inc.*		2,466		124,212
Amtech Systems, Inc.*		109,030		521,163
Axonics Modulation Technologies, Inc.*		25,212		536,007
AXT, Inc.*		187,620		836,785
Bloom Energy Corp.*		5,365		77,632
Brooks Automation, Inc.		2,595		83,325
Cabot Microelectronics Corp.		1,581		178,811
Cirrus Logic, Inc.*		3,525		141,458
Cohu, Inc.		41,506		742,542
FormFactor, Inc.*		3,724		59,025

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

February 28, 2019 (unaudited)

	Number of Shares		Value
Semiconductors — (Continued)
Inphi Corp.*		12,797	$	553,086
Kulicke & Soffa Industries, Inc.		6,419		149,691
Lattice Semiconductor Corp.*		50,660		597,788
MKS Instruments, Inc.		1,371		113,615
Monolithic Power Systems, Inc.		1,952		261,783
Nanometrics, Inc.*		1,823		51,883
Photronics, Inc.*		12,191		119,594
Power Integrations, Inc.		3,164		231,162
Richardson Electronics Ltd.		22,899		170,598
Rudolph Technologies, Inc.*		3,770		85,127
Semtech Corp.*		5,218		287,199
Silicon Laboratories, Inc.*		5,534		448,365
Ultra Clean Holdings, Inc.*		87,910		936,241
Xperi Corp.		6,158		147,792
				7,454,884
Software — 9.6%
ACI Worldwide, Inc.*		19,171		610,980
Altair Engineering, Inc., Class A*		17,196		609,770
Alteryx, Inc., Class A*		18,228		1,390,979
American Software, Inc., Class A		41,399		479,814
Appfolio, Inc.*		4,454		321,935
Asure Software, Inc.*		80,030		516,994
Avalara, Inc.*		9,721		507,533
Avaya Holdings Corp.*		66,900		1,036,281
Benefitfocus, Inc.*		7,443		365,600
Blackbaud, Inc.		2,160		166,838
Blackline, Inc.*		7,842		410,450
Bottomline Technologies de, Inc.*		7,014		349,858
Cogent Communications Holdings, Inc.		1,297		63,177
Computer Programs & Systems, Inc.		20,976		690,949
Coupa Software, Inc.*		2,326		219,086
CSG Systems International, Inc.		28,178		1,170,796
Ebix, Inc.		2,006		116,890
eGain Corp.*		92,025		1,043,564
Everbridge, Inc.*		26,086		1,844,541
Evolent Health, Inc., Class A*		20,567		271,279
Five9, Inc.*		29,631		1,571,628
Identiv, Inc.*		33,994		189,177
InnerWorkings, Inc.*		81,310		394,354
j2 Global, Inc.		1,540		130,915
LivePerson, Inc.*		9,192		257,008
LiveRamp Holdings, Inc.*		9,054		486,653
ManTech International Corp., Class A		2,301		125,059
Materialise NV, ADR*		32,354		621,197
Medidata Solutions, Inc.*		2,714		203,604
MiX Telematics Ltd., SP ADR		29,769		567,397
Model N, Inc.*		51,881		897,541
NextGen Healthcare, Inc.*		3,902		68,285
Software — (Continued)
Omnicell, Inc.*		8,165		693,617
OneSpan, Inc.*		25,511		543,384
Pivotal Software, Inc.*		23,660		530,457
Pluralsight, Inc., Class A*		14,029		456,083
Progress Software Corp.		5,306		195,155
QAD, Inc., Class A		21,362		966,844
SailPoint Technologies Holding, Inc.*		6,828		210,576
SharpSpring, Inc.*		96,478		1,451,994
ShiftPixy, Inc.*		313,351		479,427
Simulations Plus, Inc.		31,897		654,207
Smartsheet, Inc., Class A*		28,424		1,086,934
Tabula Rasa HealthCare, Inc.*		5,871		323,551
Take-Two Interactive Software, Inc.*		3,989		348,080
Talend S.A., ADR*		6,241		298,944
TiVo Corp.		7,184		72,056
Twilio, Inc.*		7,249		882,131
Upland Software, Inc.*		21,701		761,705
Yext, Inc.*		17,303		321,490
				27,976,767
Storage/Warehousing — 0.0%
Mobile Mini, Inc.		2,048		73,748
Telecommunications — 1.5%
8x8, Inc.*		24,586		483,607
ATN International, Inc.		1,700		95,421
CalAmp Corp.*		7,214		100,275
Cincinnati Bell, Inc.*		7,129		69,151
Consolidated Communications Holdings, Inc.		4,043		40,147
ExOne Co., (The)*		56,509		636,291
Finisar Corp.*		3,082		75,478
Iridium Communications, Inc.*		9,628		204,980
Liberty Latin America Ltd., Class C*		72,042		1,396,894
LogMeIn, Inc.		1,382		109,786
NETGEAR, Inc.*		2,616		93,784
One Stop Systems, Inc.*		90,330		205,953
ORBCOMM, Inc.*		75,383		531,450
Viavi Solutions, Inc.*		23,640		310,393
Vonage Holdings Corp.*		6,855		70,469
				4,424,079
Textiles — 0.5%
UniFirst Corp.		10,228		1,470,991
Toys/Games/Hobbies — 0.1%
Funko, Inc., Class A*		17,803		354,102
Transportation — 2.0%
Air Transport Services Group, Inc.*		87,503		2,036,195

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Concluded)

February 28, 2019 (unaudited)

	Number of Shares		Value
Transportation — (Continued)
ArcBest Corp.		4,606	$	160,427
Atlas Air Worldwide Holdings, Inc.*		6,264		336,627
CryoPort, Inc.*		21,720		249,780
Echo Global Logistics, Inc.*		4,834		116,113
Forward Air Corp.		12,271		793,320
Heartland Express, Inc.		3,583		71,983
Knight-Swift Transportation Holdings, Inc.		1,873		62,989
Marten Transport Ltd.		4,885		91,105
Matson, Inc.		2,281		82,367
PAM Transportation Services, Inc.*		20,390		1,032,957
Saia, Inc.*		12,229		809,071
				5,842,934
Trucking & Leasing — 0.0%
Greenbrier Cos, Inc., (The)		3,222		132,907
Water — 0.3%
American States Water Co.		1,758		125,047
California Water Service Group		1,969		102,427
Global Water Resources, Inc.		36,066		342,988
PICO Holdings, Inc.*		39,282		403,819
				974,281
TOTAL COMMON STOCKS (Cost $215,648,610)				282,041,315
SHORT-TERM INVESTMENTS — 4.5%
First American Treasury Obligations Fund Class X, 2.32% (a)		13,199,625		13,199,625
TOTAL SHORT-TERM INVESTMENTS (Cost $13,199,625)				13,199,625
TOTAL INVESTMENTS — 100.0% (Cost $228,848,235)				295,240,940
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				145,653
NET ASSETS — 100.0%			$	295,386,593

* Non-income producing security.

(a) Seven-day yield as of February 28, 2019.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SP ADR     Sponsored ADR

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

ADARA SMALLER COMPANIES FUND

STATEMENT of Assets and Liabilities

february 28, 2019 (unaudited)

ASSETS
Investments, at value (cost $215,648,610)	$	282,041,315
Short-term investments, at value (cost $13,199,625)		13,199,625
Receivables for:
Investments sold		2,835,646
Dividends		140,875
Capital shares sold		14,524
Total assets		298,231,985
LIABILITIES
Payables for:
Investments purchased		2,648,628
Investment sub-advisory fees		176,182
Other accrued expenses and liabilities		20,582
Total liabilities		2,845,392
Net assets	$	295,386,593
NET ASSETS CONSIST OF:
Par value	$	22,476
Paid-in capital		234,502,775
Total distributable earnings/(loss)		60,861,342
Net assets	$	295,386,593
CAPITAL SHARES:
Net Assets	$	295,386,593
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		22,475,508
Net asset value, offering and redemption price per share	$	13.14

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, 2019 (unaudited)

INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $3,760)	$	1,326,943
Total investment income		1,326,943
EXPENSES
Sub-advisory fees (Note 2)		1,141,817
Administration and accounting services fees (Note 2)		73,845
Custodian fees (Note 2)		26,134
Legal fees		23,392
Audit fees		19,666
Transfer agent fees (Note 2)		19,486
Registration and filing fees		14,130
Director fees		11,455
Officer fees		10,975
Printing and shareholder reporting fees		1,071
Other expenses		16,626
Total expenses		1,358,597
Net investment income/(loss)		(31,654	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		1,987,089
Net change in unrealized appreciation/(depreciation) on investments		(38,006,083	)
Net realized and unrealized gain/(loss) on investments		(36,018,994	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(36,050,648	)

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, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income/(loss)	$	(31,654	)	$	(211,235	)
Net realized gain/(loss) from investments		1,987,089			38,840,504
Net change in unrealized appreciation/(depreciation) on investments		(38,006,083	)		51,272,470
Net increase/(decrease) in net assets resulting from operations		(36,050,648	)		89,901,739
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(38,776,479	)		(10,628,260	)
Net decrease in net assets from dividends and distributions to shareholders		(38,776,479	)		(10,628,260	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		15,034,668			17,644,311
Reinvestment of distributions		34,269,675			9,704,541
Shares redeemed		(28,442,680	)		(19,750,651	)
Net increase/(decrease) in net assets resulting from capital share transactions		20,861,663			7,598,201
Total increase/(decrease) in net assets		(53,965,464	)		86,871,680
NET ASSETS:
Beginning of period	$	349,352,057			262,480,377
End of period	$	295,386,593		$	349,352,057
SHARE TRANSACTIONS:
Shares sold		1,172,335			1,198,238
Shares reinvested		2,836,894			714,620
Shares redeemed		(2,379,111	)		(1,350,953	)
Net increase/(decrease) in shares		1,630,118			561,905

(1) The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders from net realized capital gains were $(10,628,260) during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $0.

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	16.76		$	12.94		$	11.20		$	10.59		$	10.00
Net investment income/(loss)(2)		—	(3)		(0.01	)		(0.02	)		(0.03	)		(0.04	)
Net realized and unrealized gain/(loss) from investments		(1.75	)		4.36			1.76			0.64			0.63
Net increase/(decrease) in net assets resulting from operations		(1.75	)		4.35			1.74			0.61			0.59
Dividends and distributions to shareholders from:
Net realized capital gains		(1.87	)		(0.53	)		—			—	(3)		—
Total dividends and distributions to shareholders		(1.87	)		(0.53	)		—			—			—
Net asset value, end of period	$	13.14		$	16.76		$	12.94		$	11.20		$	10.59
Total investment return/(loss)(4)		(9.44	)%(5)		34.54	%		15.54	%		5.76	%		5.90	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	295,387		$	349,352		$	262,480		$	225,101		$	212,934
Ratio of expenses to average net assets		0.92	%(6)		0.90	%		0.92	%		1.15	%		1.15	%(6)
Ratio of net investment income/(loss) to average net assets		(0.02	)%(6)		(0.07	)%		(0.15	)%		(0.26	)%		(0.41	)%(6)
Portfolio turnover rate		42	%(5)		86	%		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/(loss) 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, 2019 (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 thirty-two separate investment portfolios, including the Adara Smaller Companies Fund (the “Fund”), which commenced investment operations on October 21, 2014.

RBB has authorized capital of one hundred billion shares of common stock of which 87.223 billion shares are currently classified into one hundred and eighty-three 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, 2019, and the period covered by these Notes to Financial Statements is for the six months ended February 28, 2019 (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, 2019 (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	$	282,041,315	$	282,041,315	$	—	$	—
Short-Term Investments		13,199,625		13,199,625		—		—
Total Investments*	$	295,240,940	$	295,240,940	$	—	$	—

^* 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 Levels 1, 2 and 3 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. 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 Level 3 transfers are disclosed if the Fund had an amount of total Level 3 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 Level 3 transfers.

REITS — The Fund has made certain investments in real estate investment trusts (“REITs”) which pay dividnds 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 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 (including amortization of premiums and accretion of discounts) 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

19

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

february 28, 2019 (unaudited)

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 (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, the Fund expects the risk of material loss from such claims to be 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 $1,141,817, or the rate of 0.78%.

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 (“Fund Services”), doing business as U.S. Bank Global Fund Services, serves as administrator for the Fund. For providing administrative and accounting services, Fund Services 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, 2019 (unaudited)

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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 paid to Fund Services and the Custodian, please refer to the Statement of Operations.

3. Director and Officer 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 Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer 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
$	120,482,849	$	135,849,412

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.

As of August 31, 2018, 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)
$	245,099,590	$	110,894,165	$	(7,990,106	)	$	102,904,059

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

21

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

february 28, 2019 (unaudited)

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, 2018, primarily attributable to 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
$	448,185	$	(448,185	)	$	—

As of August 31, 2018, 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
$	9,398,378	$	23,386,032	$	—	$	102,904,059	$	—

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, 2018 were as follows:

	ORDINARY INCOME		LONG-TERM GAINS		TOTAL
2018	$	1,402,124	$	9,226,136	$	10,628,260

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, 2018, the Fund had no capital loss carryforwards.

6. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurement. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Fund’s financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the

22

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

february 28, 2019 (unaudited)

total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

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

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 or successor form. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov.

24

[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

ADA-SAR19

AQUARIUS INTERNATIONAL FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 28, 2019
(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-844-261-6482.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-844-261-6482 to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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.

AQUARIUS INTERNATIONAL FUND

SEMI-Annual Report
Performance Data

FEBRUARY 28, 2019 (Unaudited)

Average Annual Total Returns for the Period Ended February 28, 2019
	Six Months†	Since Inception
Aquarius International Fund	-2.12%	-5.94%*
MSCI ACWI ex USA Index	-2.34%	-6.01%**

† Not annualized.

^* The Fund commenced operations on April 17, 2018.

^** 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, 2018, are 0.82% 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 MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 2,137 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

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, micro-cap and large cap stocks, IPOs, special situations, foreign markets, emerging markets and illiquid securities all of which may be more volatile and less liquid.

1

AQUARIUS INTERNATIONAL FUND

Fund Expense Example

FEBRUARY 28, 2019 (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, 2018 through February 28, 2019 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, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual	$1,000.00	$ 978.80	$4.71	0.96%	-2.12%
Hypothetical (5% return before expenses)	1,000.00	1,020.03	4.81	0.96	N/A

^* Expenses are equal to the Fund’s annualized since inception 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 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.

2

AQUARIUS INTERNATIONAL FUND

Portfolio Holdings Summary Table

FEBRUARY 28, 2019 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Banks		8.1	%	$	11,627,537
Pharmaceuticals		7.7			10,889,658
Insurance		7.0			9,980,474
Telecommunications		5.0			7,088,997
Commercial Services		4.5			6,419,375
Oil & Gas		4.4			6,343,881
Beverages		3.8			5,475,462
Food		3.3			4,780,064
Chemicals		3.2			4,632,500
Internet		3.0			4,274,202
Investment Companies		3.0			4,234,506
Retail		2.8			4,078,175
Electronics		2.7			3,911,137
Diversified Financial Services		2.5			3,634,151
Machinery-Diversified		2.4			3,519,300
Semiconductors		2.4			3,406,971
Media		1.9			2,744,330
Building Materials		1.7			2,451,925
Software		1.6			2,324,310
Cosmetics/Personal Care		1.5			2,190,578
Miscellaneous Manufacturing		1.5			2,122,766
Real Estate		1.3			1,852,385
Lodging		1.2			1,737,497
Distribution/Wholesale		1.2			1,679,296
REITS		1.1			1,565,532
Household Products/Wares		1.0			1,430,202
Healthcare-Services		0.9			1,263,094
Agriculture		0.8			1,136,382
Airlines		0.7			1,056,954
Water		0.7			1,050,440
Home Builders		0.7			1,043,861
Apparel		0.6			846,540
Mining		0.6			814,361
Auto Manufacturers		0.5			757,701
Electric		0.5			708,078
Auto Parts & Equipment		0.5			667,456
Advertising		0.3			503,837
Transportation		0.3			500,328
Healthcare-Products		0.3			453,552
Engineering & Construction		0.2			360,754
Computers		0.2			328,032
Aerospace/Defense		0.2	%		279,946
Hand/Machine Tools		0.2			267,844
Machinery-Construction & Mining		0.2			236,928
Holding Companies-Diversification		0.1			209,700
Gas		0.1			207,372
Iron/Steel		0.1			186,748
Pipelines		0.1			181,397
Coal		0.1			135,306
Private Equity		0.1			126,490
Biotechnology		0.1			117,825
Electrical Components & Equipment		0.1			116,363
Home Furnishings		0.1			107,607
Forest Products & Paper		0.0			91,198
Office & Business Equipment		0.0			65,434
Toys/Games/Hobbies		0.0			52,529
Food Service		0.0			48,123
Packaging & Containers		0.0			43,847
Leisure Time		0.0			35,897
Entertainment		0.0			34,420
Energy-Alternate Sources		0.0			19,079
EXCHANGE TRADED FUNDS:
Other Investment Pools and Funds		0.5			643,292
Diversified Financial Services		0.2			308,528
PREFERRED STOCKS:
Cosmetics/Personal Care		0.6			847,986
Semiconductors		0.5			692,699
Chemicals		0.5			664,571
Banks		0.3			415,001
Auto Manufacturers		0.2			274,173
Food		0.1			168,045
Telecommunications		0.0			20,342
SHORT-TERM INVESTMENTS		12.2			17,538,845
LIABILITIES IN EXCESS OF OTHER ASSETS		(4.2	)		(6,005,023	)
NET ASSETS		100.0	%	$	144,019,093

Portfolio holdings are subject to change at any time.

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 89.1%
Advertising — 0.3%
Dentsu, Inc.		600	$	25,074
WPP, PLC		41,144		451,048
WPP, PLC, SP ADR		504		27,715
				503,837
Aerospace/Defense — 0.2%
Airbus SE, ADR		3,036		97,638
CAE, Inc.		913		19,273
IHI Corp.		1,000		26,395
Rolls-Royce Holdings, PLC*		2,516		31,917
Safran SA, ADR		1,312		44,687
Safran SA		231		31,489
Thales SA		232		28,547
				279,946
Agriculture — 0.8%
British American Tabacco, PLC, SP ADR		3,096		113,747
Imperial Brands, PLC, SP ADR		1,497		50,292
Japan Tobacco, Inc.		1,822		46,402
Origin Enterprises, PLC		147,132		906,585
Swedish Match AB		413		19,356
				1,136,382
Airlines — 0.7%
Ryanair Holding, PLC, SP ADR*		13,783		1,027,385
Singapore Airlines Ltd.		4,000		29,569
				1,056,954
Apparel — 0.6%
Adidas AG, SP ADR		526		63,856
Gildan Activewear, Inc.		1,268		45,230
Hermes International		80		50,662
Kering SA		139		75,833
LVMH Moet Hennessy Louis Vuitton SE		371		127,323
LVMH Moet Hennessy Louis Vuitton SE, ADR		2,000		137,230
NIKE, Inc., Class B		1,904		163,230
Shenzhou International Group Holdings, Ltd.		14,656		183,176
				846,540
Auto Manufacturers — 0.5%
Bayerische Motoren Werke AG		682		57,650
Daimler AG		1,727		103,706
Ferrari NV		159		20,393
Geely Automobile Holdings Ltd.		6,982		13,114
Honda Motor Ltd., SP ADR		2,137		60,413
Hyundai Motor Co.		427		48,004
Nissan Motor Co., Ltd.		5,100		44,193
Peugeot SA		1,067		27,129
Auto Manufacturers — (Continued)
Renault SA		426		29,192
Subaru Corp.		1,000		25,479
Suzuki Motor Corp.		600		30,810
Tata Motors, Ltd., SP ADR*		3,811		47,638
Toyota Motor Corp., SP ADR		1,378		166,793
Volkswagen AG		168		29,710
Volvo AB, Class B		3,636		53,477
				757,701
Auto Parts & Equipment — 0.5%
Bridgestone Corp.		1,219		48,286
Continental AG		83		13,594
Denso Corp.		34		1,465
Fuyao Glass Industrials Group, Ltd. (a)		127,600		456,025
Hyundai Mobis Co., Ltd.		267		52,277
Michelin		299		35,842
Sumitomo Electric Industries, Ltd.		2,800		39,089
Valeo SA		664		20,878
				667,456
Banks — 8.1%
Abu Dhabi Community Bank.		72,560		188,500
Agricultural Bank of China Ltd.		130,000		62,277
Aozora Bank Ltd.		2,000		57,750
Australia & New Zealand Banking Group, Ltd.		4,273		84,890
Banco Bilbao Vizcaya Argentaria, SP ADR		10,540		65,137
Banco do Brasil SA, SP ADR		3,372		45,556
Banco Santander Brasil SA, ADR		1,117		13,382
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR		6,639		45,212
Banco Santander SA, SP ADR		20,753		100,860
Bangkok Bank		113,800		772,391
Bank Central Asia Tbk PT		180,504		353,190
Bank Leumi Le Israel		174,384		1,153,337
Bank Mandiri Persero Tbk PT		377,380		190,945
Bank Mandiri Persero Tbk PT, ADR		4,332		43,797
Bank Montreal		771		60,092
Bank of China, Ltd.		41,028		19,138
Bank of Ireland Group, PLC		165,893		1,077,826
Bank of Nova Scotia, (The)		2,558		142,122
Bank Rakyat Indonesia Persero Tbk PT, ADR		1,382		18,802
Barclays, PLC, SP ADR		6,946		60,152
BDO Unibank, Inc.		83,500		205,870
BOC Hong Kong Holdings, Ltd.		7,000		29,241
Canadian Imperial Bank of Commerce		562		47,680

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
Banks — (Continued)
China Construction Bank Corp.		354,718	$	315,795
China Merchants Bank Co., Ltd.		6,063		27,823
China Minsheng Banking Corp., Ltd.		77,000		59,439
CITIC, Ltd.		15,542		23,654
Commercial International Bank Egypt SAE		26,899		107,755
Commerzbank AG*		4,316		35,574
Commonwealth Bank Of Australia		2,556		134,101
Credicorp, Ltd.		1,172		284,901
Credit Agricole SA		2,988		38,242
Credit Suisse Group AG, SP ADR*		5,030		61,919
Dah Sing Financial Holdings, Ltd.		115,200		632,940
DBS Group Holdings Ltd., SP ADR		886		65,050
DBS Group Holdings, Ltd.		60,000		1,100,025
Deutsche Bank AG		4,143		38,281
DNB ASA		2,001		38,327
Erste Group Bank AG		1,151		43,407
FirstRand, Ltd.		54,624		248,772
Grupo Financiero Banorte SAB de CV, SP ADR		1,301		35,257
Grupo Financiero Galicia SA, ADR		1,800		55,026
Hang Seng Bank, Ltd.		1,800		44,575
HDFC Bank, Ltd., ADR		5,020		507,622
HSBC Holdings, PLC, SP ADR		3,586		146,416
ICICI Bank, Ltd., SP ADR		41,225		406,478
Industrial & Commerical Bank China, Ltd.		529,734		408,581
ING Groep NV, SP ADR		4,860		64,249
Intesa Sanpaolo		9,153		22,520
Kasikornbank PCL, ADR		3,486		87,324
Kasikornbank PCL, NVDR		28,160		176,411
Lloyds Banking Group PLC, ADR		26,067		86,542
Macquarie Group, Ltd.		679		61,996
Mediobanca Banca di Credito Finanziario SpA		2,387		23,891
Mitsubishi UFJ Financial Group Inc., SP ADR		16,015		83,598
Mizuho Financial Group, Inc.		35,600		55,978
Natixis SA		7,591		41,680
Nedbank Group Ltd., SP ADR		877		17,935
Nedbank Group Ltd.		1,180		23,767
Nordea Bank Abp		3,315		30,033
OTP Bank, PLC		2,631		111,274
Oversea-Chinese Bank Corp., Ltd.		6,614		53,960
Raiffeisen Bank International AG		1,060		27,009
Resona Holdings, Inc.		17		77
Royal Bank Canada		1,437		112,345
Banks — (Continued)
Royal Bank of Scotland Group PLC, SP ADR		6,437		45,767
Sberbank Russia, SP ADR		18,272		232,968
Skandinaviska Enskilda Banken AB		2,420		24,619
Standard Bank Group Ltd.		10,733		147,254
Standard Chart, PLC		4,927		39,291
Sumitomo Mitsui Financial Group Inc., SP ADR		10,200		72,828
Svenska Handelsbanken AB		1,941		22,113
Toronto-Dominion Bank, (The)		1,931		110,801
UniCredit SpA		3,755		50,996
United Overseas Bank, Ltd.		27		498
Westpac Banking Corp., SP ADR		5,311		101,706
				11,627,537
Beverages — 3.8%
Ambev SA, ADR		14,935		67,656
Anheuser-Busch InBev SA NV		10,027		783,289
Anheuser-Busch InBev SA NV, SP ADR		1,003		78,394
Asahi Group Holdings Ltd.		800		34,633
China Resources Beer Holdings Co. Ltd.		11,979		44,646
Coca-Cola Amatil, Ltd.		237,694		1,344,054
Compania Cervecerias Unidas SA, SP ADR		1,398		40,151
Diageo, PLC		41,017		1,588,349
Diageo, PLC, SP ADR		808		125,062
Fomento Economico Mexicano SAB de CV, SP ADR		383		34,711
Heineken Holding NV		491		47,446
Heineken NV		1,984		199,709
Kirin Holdings Co.		1,057		23,684
Pernod Ricard SA		330		56,796
Thai Beverage, PLC		1,672,000		1,006,882
				5,475,462
Biotechnology — 0.1%
CSL Ltd.		628		86,069
Genmab A/S*		184		31,756
				117,825
Building Materials — 1.7%
Cie de Saint-Gobain		862		31,022
CRH, PLC		27,245		863,516
CRH, PLC, SP ADR		1,441		45,737
Daikin Industries, Ltd.		149		16,220
Geberit AG		90		35,892
HeidelbergCement AG		617		45,399
LafargeHolcim, Ltd.*		797		39,386
Sika AG		10,075		1,360,916
TOTO Ltd.		365		13,837
				2,451,925

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
Chemicals — 3.2%
Air Liquide SA		14,761	$	1,839,951
Akzo Nobel NV		417		37,805
Asahi Kasei Corp.		3,000		32,802
BASF SE		1,050		79,923
BASF SE, SP ADR		1,636		31,231
Covestro AG (a)		558		31,771
Croda International, PLC		22,724		1,449,794
Formosa Plastic Corp.		35,372		117,270
Fuchs Petrolub SE		14,943		608,636
Givaudan SA		18		44,989
Kansai Paint Co. Ltd.		1,360		25,070
Kuraray Co., Ltd.		8		108
LG Chem, Ltd.		190		65,861
Linde AG		18		3,991
Mexichem SAB de CV		21,787		52,983
Mitsui Chemicals, Inc.		22		537
Nippon Paint Holdings Co. Ltd.		422		16,270
Nitto Denko Corp.		500		26,780
Novozymes A/S		963		43,729
Nutrien, Ltd.		1,255		68,322
Shin-Etsu Chemical Co., Ltd.		654		54,677
				4,632,500
Coal — 0.1%
China Shenhua Energy Co. Ltd.		54,911		135,306
Commercial Services — 4.5%
Adecco Group AG		374		19,373
ALD SA (a)		46,086		664,967
Atlantia SpA		534		12,983
Bureau Veritas SA		19,478		465,206
CCR SA		7,797		29,684
China Merchants Port Holdings Co. Ltd.		20,000		42,023
Experian, PLC		2,543		66,155
IHS Markit, Ltd.*		8,280		440,247
Intertek Group, PLC		31,464		2,123,006
IWG, PLC		126,993		386,391
New Oriental Education & Tech Group Inc., SP ADR*		662		54,324
Recruit Holdings Co., Ltd.		1,992		55,846
RELX, PLC		72,966		1,674,989
RELX, PLC, SP ADR		2,764		63,710
Secom Co., Ltd.		358		30,967
TAL Education Group, ADR*		6,550		233,180
Transurban Group		6,366		56,324
				6,419,375
Computers — 0.2%
CGI, Inc.*		1,074		72,012
Check Point Software Technologies Ltd.*		332		40,603
Computershare Ltd.		3,157		38,620
Computers — (Continued)
Infosys Ltd., SP ADR		9,790		104,949
Wipro Ltd., ADR		12,830		71,848
				328,032
Cosmetics/Personal Care — 1.5%
Essity AB		1,117		31,170
Kao Corp.		1,250		94,772
LG Household & Health Care, Ltd.		167		184,742
L'Oreal SA		68		17,150
L'Oreal SA, ADR		1,120		56,515
Shiseido Co., Ltd.		626		41,405
Unicharm Corp.		1,470		46,825
Unilever NV		2,067		111,577
Unilever NV-CVA		29,662		1,606,422
				2,190,578
Distribution/Wholesale — 1.2%
Bunzl, PLC		46,017		1,447,890
Itochu Corp.		2,700		48,500
Jardine Cycle & Carriage Ltd.		974		23,955
Mitsubishi Corp.		2,281		64,411
Mitsui & Co., Ltd.		3,159		49,720
Sumitomo Corp.		15		216
Toyota Tsusho Corp.		1,400		44,604
				1,679,296
Diversified Financial Services — 2.5%
B3 SA - Brasil Bolsa Balcao		11,718		102,825
BOC Aviation Ltd. (a)		6,600		57,055
Deutsche Boerse AG		8,976		1,133,294
Hong Kong Exchange & Clearing, Ltd.		2,280		78,590
Japan Exchange Group, Inc., ADR		59,700		1,056,783
Julius Baer Gruppe		858		37,385
KB Financial Group, Inc.		2,481		97,783
KB Financial Group, Inc., ADR		1,951		76,733
London Stock Exchange Group, PLC		791		47,237
Noah Holdings, Ltd., ADR*		2,000		115,500
Old Mutual, Ltd.		11,162		18,379
ORIX Corp.		53		767
Partners Group Holding AG		66		47,686
Rathbone Brothers, PLC		22,465		686,509
Shinhan Financial Group Co., Ltd.		1,996		77,625
				3,634,151
Electric — 0.5%
AGL Energy Ltd.		1,892		28,494
Chubu Electric Power Co., Inc.		1,500		23,625
CLP Holdings, Ltd.		1,947		23,070
E.ON SE		2,520		27,717

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
Electric — (Continued)
Endesa SA		866	$	21,815
Enel Americas SA, ADR		4,683		41,070
Enel Chile SA, ADR		11,109		57,989
Enel SpA		6,768		40,927
Engie SA, SP ADR		2,658		39,870
Fortis, Inc.		2,870		103,463
Iberdrola SA		8,686		72,671
Kansai Electric Power Co. Inc., (The)		1,500		22,460
Korea Electric Power Corp., SP ADR		2,001		30,635
Orsted A/S (a)		381		27,655
Sembcorp Industries, Ltd.		307		594
SSE, PLC		1,768		27,823
Transmissora Alianca de Energia Eletrica SA		17,752		118,200
				708,078
Electrical Components & Equipment — 0.1%
Legrand SA		942		62,124
Schneider Electric SE		698		54,239
				116,363
Electronics — 2.7%
Assa Abloy AB, Class B		76,172		1,574,343
Halma, PLC		74,997		1,547,268
Hangzhou Hikvision Digital Technology Co. Ltd.		21,800		112,570
Han's Laser Technology Industry Group Co. Ltd.		26,300		156,515
Hirose Electric Co., Ltd.		127		13,087
Hon Hai Precision*		118,848		279,605
Hoya Corp.		670		40,962
Kyocera Corp.		900		49,728
LG Display Co., Ltd., ADR		3,996		37,762
Murata Manufacturing Co., Ltd.		373		58,183
Nidec Corp.		339		41,114
				3,911,137
Energy-Alternate Sources — 0.0%
Vestas Wind System		229		19,079
Engineering & Construction — 0.2%
ACS Actividades de Construccion y Servicios SA		976		43,240
Bouygues SA		663		25,057
Grupo Aeroportuario del Centro Norte SAB de CV		11,804		67,268
Grupo Aeroportuario del Sureste SAB de CV, ADR		102		17,267
Kajima Corp.		921		13,648
LendLease Group		2,252		20,583
Shimizu Corp.		3,000		26,391
Sydney Airport		8,427		43,060
Engineering & Construction — (Continued)
Taisei Corp.		1,000		47,262
Vinci SA		597		56,978
				360,754
Entertainment — 0.0%
Oriental Land Co., Ltd.		313		34,420
Food — 3.3%
Aeon Co., Ltd.		2,176		45,912
BIM Birlesik Magazalar AS		3,392		54,455
Carrefour SA		1,204		24,635
China Mengniu Dairy Co. Ltd.*		38,792		119,796
Danone SA, SP ADR		4,155		62,824
Foshan Haitian Flavouring & Food Co. Ltd.		6,940		79,612
Glanbia, PLC		65,847		1,335,425
ICA Gruppen AB		486		18,675
J Sainsbury PLC		6,358		19,320
Kerry Group, PLC, Class A		6,113		628,810
Koninklijke Ahold Delhaize NV		696		17,937
Meiji Holdings Co., Ltd.		300		23,786
Nestle SA, SP ADR		3,671		331,601
Orion Corp.		655		64,878
Seven & i Holdings Co., Ltd.		39,769		1,750,299
Tesco, PLC		12,787		38,369
Wm Morrison Supermarkets PLC		13,967		42,669
X5 Retail Group NV, GDR		4,785		121,061
				4,780,064
Food Service — 0.0%
Compass Group, PLC		2,179		48,123
Forest Products & Paper — 0.0%
Smurfit Kappa Group PLC, ADR		736		20,950
Suzano Papel e Celulose SA, SP ADR		876		22,303
UPM-Kymmene Corp.		1,590		47,945
				91,198
Gas — 0.1%
Beijing Enterprises Holdings Ltd.		7,500		44,019
China Gas Holdings, Ltd.		2,999		9,857
ENN Energy Holdings, Ltd.		2,000		20,639
Hong Kong & China Gas Co., Ltd.		18,000		41,666
National Grid, PLC, SP ADR		793		44,805
Snam SpA		9,397		46,386
				207,372
Hand/Machine Tools — 0.2%
Sandvik AB		3,286		53,861
Schindler Holding AG		216		47,852
Techtronic Industrials Co., Ltd.		24,869		166,131
				267,844

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
Healthcare-Products — 0.3%
Abbott Laboratories		1,296	$	100,596
Coloplast A/S		327		32,611
Essilor International Cie Generale d'Opitque SA		384		46,473
Hengan International Group Co. Ltd.		3,000		24,245
Koninklijke Philips NV		1,114		44,237
Lifco AB		1,085		44,420
Lonza Group AG*		182		50,543
Olympus Corp.*		1,000		44,407
Sysmex Corp.		400		24,189
Terumo Corp.		681		41,831
				453,552
Healthcare-Services — 0.9%
Aier Eye Hospital Group Co. Ltd.		33,376		160,671
Fresenius Medical Care AG & Co., KGaA		12,484		975,995
Fresenius Medical Care AG & Co., KGaA, ADR		1,104		43,144
Fresenius SE & Co., KGaA		707		39,721
Sonic Healthcare Ltd.		2,543		43,563
				1,263,094
Holding Companies-Diversification — 0.1%
CK Hutchison Holdings, Ltd.		6,000		63,840
Jardine Matheson Holdings, Ltd., ADR		237		16,403
Jardine Matheson Holdings, Ltd.		293		20,067
Jardine Strategic Holdings Ltd.		1,000		39,391
Keppel Corp., Ltd.		9,000		40,936
Swire Pacific, Ltd., Class A		2,443		29,063
				209,700
Home Builders — 0.7%
Daiwa House Industry Co., Ltd.		730		22,608
Persimmon, PLC		835		26,970
Sekisui Chemical Co., Ltd.		63,200		994,283
				1,043,861
Home Furnishings — 0.1%
Electrolux AB		972		25,407
Panasonic Corp.		20		185
Sony Corp., SP ADR		1,709		82,015
				107,607
Household Products/Wares — 1.0%
Reckitt Benckiser Group PLC		8,179		624,665
Reckitt Benckiser Group, SP ADR		5,160		79,516
Societe BIC SA		7,678		726,021
				1,430,202
Insurance — 7.0%
AIA Group, Ltd.		98,276		980,827
AIA Group, Ltd., SP ADR		3,872		154,067
Insurance — (Continued)
Allianz SE, SP ADR		4,090		90,737
Aon, PLC		16,800		2,881,704
Assic Generali SpA		2,795		49,837
Aviva, PLC		4,276		23,969
AXA SA		709		17,953
AXA SA, SP ADR		764		19,322
Cathay Financials Holdings Co., Ltd.		88,645		130,134
China Life Insurance Co., Ltd., ADR		4,936		67,722
China Pacific Insurance Group Co., Ltd.		12,200		45,902
Hannover Rueck SE		286		42,616
Japan Post Holdings Co., Ltd.		1,215		14,769
Lancashire Holdings, Ltd.		204,889		1,799,190
Legal & General Group PLC		24,158		89,895
Manulife Finanical Corp.		2,746		46,352
MS&AD Insurance Group Holdings, Inc.		800		24,083
Muenchener Rueckversicherungs-Gesellschaft AG		293		69,006
NN Group NV		245		10,664
Ping An Insurance Group Co., of China Ltd.		61,250		647,495
Prudential, PLC, ADR		1,304		55,029
QBE Insurance Group Ltd., SP ADR		4,276		37,757
Sampo, PLC		26,396		1,269,906
Samsung Fire & Marine Insurance Co. Ltd.		454		121,704
SCOR SE		784		35,273
Sompo Holdings, Inc.		1,000		37,415
Sun Life Financial, Inc.		693		26,195
Suncorp Group, Ltd.		6,125		58,910
Swiss Life Holding AG		124		53,959
Swiss Re AG		569		56,246
Tokio Marine Holdings, Inc.		1,150		56,212
Topdanmark AS		18,624		918,450
Zurich Insurance Group AG		143		47,174
				9,980,474
Internet — 3.0%
Alibaba Group Holdings, Ltd., SP ADR*		6,513		1,192,074
Baidu, Inc., SP ADR*		373		60,627
Ctrip.com International, Ltd., ADR*		1,543		52,663
JD.com, Inc., ADR*		2,393		66,310
LINE Corp.*		99		3,622
MakeMyTrip Ltd.*		3,286		92,764
Mercadolibre, Inc.*		414		189,939

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
Internet — (Continued)
Naspers, Ltd., SP ADR		465	$	20,134
Naver Corp.		160		18,905
SINA Corp.*		861		58,006
Tencent Holdings, Ltd.		48,055		2,057,871
Tencent Holdings, Ltd., ADR		7,294		312,256
Weibo Corp., SP ADR*		631		45,590
Yandex NV*		3,007		103,441
				4,274,202
Investment Companies — 3.0%
Groupe Bruxelles Lambert SA		25,190		2,421,778
Kinnevik AB		849		21,485
Melrose Industries, PLC		776,894		1,791,243
				4,234,506
Iron/Steel — 0.1%
ArcelorMittal		2,047		46,774
Nippon Steel & Sumitomo Metal Corp.		568		10,244
Posco, SP ADR		1,248		72,759
Vale SA, SP ADR		4,565		56,971
				186,748
Leisure Time — 0.0%
Shimano, Inc.		236		35,897
Lodging — 1.2%
City Developments Ltd.		2,005		13,201
Galaxy Entertainment Group Ltd.		54,472		386,297
InterContinental Hotels Group PLC		19,356		1,157,398
Melco Resorts & Entertainment Ltd., ADR		988		22,763
NagaCorp Ltd.		63,769		90,142
Sands China, Ltd.		8,636		43,076
Whitbread PLC, SP ADR		964		15,670
Whitbread, PLC		139		8,950
				1,737,497
Machinery-Construction & Mining — 0.2%
ABB Ltd., SP ADR		2,320		45,727
Atlas Copco AB		1,701		46,102
Hitachi Ltd.		901		27,084
Komatsu, Ltd.		1,700		41,742
Mitsubishi Electical Corp.		3,000		37,613
Mitsubishi Heavy Industries, Ltd.		948		38,660
				236,928
Machinery-Diversified — 2.4%
Amada Co., Ltd.		58,400		614,847
Fanuc Corp., ADR		3,060		50,612
GEA Group AG		32,946		788,093
Keyence Corp.		100		58,476
KION Group AG		316		17,981
Kone Corp., Class B		15,637		764,001
Machinery-Diversified — (Continued)
SMC Corp.		110		38,481
Spirax-Sarco Engineering, PLC		13,436		1,186,809
				3,519,300
Media — 1.9%
Informa, PLC		5,071		47,422
Liberty Media Corp-Liberty Formula One*		5,024		156,347
MultiChoice Group, Ltd.*(a)		93		0
ProSiebenSat.1 Media SE		1,155		21,017
Shaw Communications, Inc.		3,088		63,736
Sky, PLC(a)		4,730		108,377
Tencent Music Entertainment Group, ADR*		8,382		151,044
Thomson Reuters Corp.		976		53,104
Vivendi SA		1,715		50,082
Wolters Kluwer		31,765		2,093,201
				2,744,330
Mining — 0.6%
Alrosa PJSC		30,874		44,494
Anglo American Platinum Ltd.		2,212		120,555
Anglo American, PLC		1,881		49,887
AngloGold Ashanti, Ltd., SP ADR		2,021		28,638
Barrick Gold Corp.		6,196		78,317
BHP Billiton Ltd., SP ADR		2,130		112,677
Glencore, PLC		18,799		75,741
Newcrest Mining Ltd.		1,769		30,422
Rio Tinto, PLC, SP ADR		1,536		89,395
South32 Ltd.		8,340		23,314
Southern Copper Corp.		731		26,031
Sumitomo Metal Mining Co. Ltd.		1,000		29,318
Teck Resources, Ltd., Class B		1,067		23,943
Vedanta, Ltd., ADR		8,503		81,629
				814,361
Miscellaneous Manufacturing — 1.5%
CRRC Corp. Ltd.		133,883		140,502
Smiths Group, PLC		94,103		1,787,223
Sunny Optical Technology Group Co. Ltd.		13,695		162,233
Toshiba Corp.		1,047		32,808
				2,122,766
Office & Business Equipment — 0.0%
Canon, Inc., SP ADR		2,272		65,434
Oil & Gas — 4.4%
BP, PLC, SP ADR		3,333		142,152
Canadian Natural Resources, Ltd.		2,143		60,861
Cenovus Energy, Inc.		2,381		21,810
CNOOC, Ltd.		56,336		97,844
CNOOC, Ltd., SP ADR		167		29,010

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
Oil & Gas — (Continued)
DCC, PLC		36,120	$	3,125,187
Ecopetrol SA, SP ADR		3,252		65,820
Encana Corp.		270		1,957
Eni SpA		33,119		571,166
Eni SpA, SP ADR		3,209		110,871
Equinor ASA, SP ADR		2,936		65,943
Galp Energia SGPS SA		1,278		20,953
Idemitsu Kosan Co. Ltd.		25		888
Inpex Corp.		2,538		24,618
JXTG Holdings, Inc.		6,600		30,833
Lukoil , PJSC, SP ADR		3,751		313,396
Novatek PJSC, SP GDR		1,731		283,806
Petroleo Brasileiro, SP ADR		21,808		342,822
Reliance Industries, Ltd., SP GDR (a)		7,515		260,138
Royal Dutch Shell, PLC, Class A, SP ADR		4,770		296,742
Showa Shell Sekiyu KK		1,300		19,507
Suncor Energy, Inc.		5,173		178,262
Total SA, SP ADR		3,408		193,949
Ultrapar Participacoes SA, SP ADR		1,854		26,123
Woodside Petroleum, Ltd.		2,311		59,223
				6,343,881
Packaging & Containers — 0.0%
Amcor Ltd.		4,109		43,847
Pharmaceuticals — 7.7%
Alfresa Holdings Corp.		66,800		1,937,455
Astellas Pharma, Inc.		2,800		43,413
AstraZeneca, PLC, SP ADR		3,070		127,651
Bayer AG		5,286		422,304
Bayer AG, SP ADR*		4,876		97,959
Celltrion, Inc.*		215		39,039
Chugai Pharmaceutical Co. Ltd.		700		47,647
Daiichi Sankyo Co., Ltd.		916		34,318
Dr. Reddy's Laboratories, Ltd., ADR		1,755		66,128
Eisai Co Ltd., SP ADR		193		15,930
Eisai Co., Ltd.		192		15,868
Glaxosmithkline, PLC		61,290		1,221,553
Glaxosmithkline, PLC, SP ADR		3,248		131,089
Kobayashi Pharmaceutical Co. Ltd.		471		38,096
Merck KGaA		371		38,338
Novartis AG		18,529		1,688,622
Novartis AG, SP ADR		17,277		1,576,181
Novo-Nordisk AS, SP ADR		2,422		118,557
Ono Pharmaceutical Co. Ltd.		1,100		22,622
Otsuka Holdings Co., Ltd., ADR		1,630		33,986
Roche Holdings AG		3,793		1,052,650
Roche Holdings AG, SP ADR		6,776		234,788
Pharmaceuticals — (Continued)
Sanofi		18,565		1,548,124
Sanofi, ADR		1,006		41,850
Santen Pharmaceutical Co. Ltd.		1,300		20,315
Shionogi & Co., Ltd.		727		46,520
Takeda Pharmaceutical Co., Ltd., SP ADR		3,840		77,030
Teva Pharmaceutical Industries, Ltd., SP ADR*		1,126		18,951
UCB SA		423		35,439
Wuxi Biologics Cayman, Inc. *(a)		10,238		97,235
				10,889,658
Pipelines — 0.1%
Enbridge, Inc.		2,943		108,861
TransCanada Corp.		1,622		72,536
				181,397
Private Equity — 0.1%
3i Group, PLC		3,463		43,488
Macquarie Korea Infrastructure Fund		9,354		83,002
				126,490
Real Estate — 1.3%
CapitaLand, Ltd.		5,654		14,282
China Evergrande Group		111		342
China Overseas Land & Investment, Ltd.		13,605		50,123
China Resources Land Ltd.		1,714		6,394
CK Asset Holdings Ltd.		5,138		42,630
Country Garden Holdings Co. Ltd.		31,000		40,780
Daito Trust Construction Co., Ltd.		200		27,717
Deutsche Wohnen SE		822		38,254
Great Eagle Holdings, Ltd.		193,662		960,076
Hongkong Land Holdings Ltd.		4,677		33,546
Mitsubishi Estate Co., Ltd.		2,000		34,357
Mitsui Fudosan Co., Ltd.		2,000		47,462
REA Group Ltd.		633		36,724
Shanghai Industrial Holdings Ltd.		20,000		44,849
SM Prime Holdings, Inc.		156,520		115,937
Sumitomo Realty & Development Co. Ltd.		1,000		37,430
Sun Hung Kai Properties Ltd.		472		7,826
Sunac China Holdings Ltd.		32,076		133,964
Swiss Prime Site AG		474		39,957
UOL Group, Ltd.		8,000		39,182
Vonovia SE		1,036		50,144
Wharf Real Estate Investment Co. Ltd.		3,319		23,303
Wheelock & Co., Ltd.		4,000		27,106
				1,852,385

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
REITS — 1.1%
Dexus		2,676	$	22,842
Fonciere Des Regions		362		36,646
Gecina SA		198		29,321
Goodman Group		6,677		60,732
Klepierre SA		900		31,397
Land Securities Group PLC		2,885		34,454
Link		4,903		55,459
Merlin Properties Socimi SA		94,010		1,217,765
Segro, PLC		5,434		47,658
Unibail-Rodamco-Westfield*		3,660		29,258
				1,565,532
Retail — 2.8%
Ace Hardware Indonesia Tbk PT		1,009,659		125,941
ANTA Sports Products Ltd.		561		3,289
Bidvest Group, Ltd., (The)		2,077		30,625
BK Brasil Operacao e Assessoria a Restaurantes SA*		25,961		153,299
Cie Financiere Richemont SA		706		53,939
Clicks Group, Ltd.		6,222		79,756
CP ALL PCL, NVDR		140,625		346,648
Fast Retailing Co., Ltd.		47		22,107
Industria de Diseno Textil SA		1,252		37,793
Koninklijke Ahold Delhaize NV, SP ADR		1,310		33,667
Lawson, Inc.		500		30,275
Lojas Renner SA		14,722		169,359
Mr. Price Group, Ltd.		7,207		110,260
Nitori Holdings Co., Ltd.		3		375
Swatch Group AG, (The)		4,351		1,284,808
Tsuruha Holdings		13,400		1,189,628
USS Co. Ltd.		2,140		39,047
Wal-Mart de Mexico SAB de CV		100,394		259,818
Wal-Mart de Mexico SAB de CV, SP ADR		2,313		60,231
Yum China Holdings, Inc.		1,134		47,310
				4,078,175
Semiconductors — 2.4%
ASE Technology Holding Co., Ltd. ADR*		6,033		24,313
ASM Pacific Technology Ltd.		9		95
ASML Holding NV		415		75,891
Infineon Technologies AG, ADR		1,717		37,808
Infineon Technologies AG		1,224		26,900
Mediatek, Inc.		10,000		90,417
NXP Semiconductors NV		544		49,678
Rohm Co. Ltd.		40		2,532
Samsung Electronic Co., Ltd.		19,114		764,977
Samsung Electronic Co., Ltd., GDR		433		431,636
SK Hynix, Inc.		2,655		164,954
SUMCO Corp.		34		434
Semiconductors — (Continued)
Taiwan Semiconductor Manufacturing Co., Ltd.		107,000		821,088
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		21,288		831,296
Tokyo Electron, Ltd.		400		54,682
United Microelectronics Corp., SP ADR		16,362		30,270
				3,406,971
Software — 1.6%
Amadeus IT Holdings SA		11,221		844,069
CD Projekt SA*		3,783		190,043
Linx SA		15,424		117,852
NetEase, Inc., ADR		58		12,947
Nexon Co. Ltd.*		2,300		36,676
Open Text Corp.		1,373		52,064
Playtech, PLC		170,136		950,673
SAP SE, SP ADR		1,120		119,986
				2,324,310
Telecommunications — 5.0%
America Movil SAB de CV, SP ADR, Class L		1,689		24,288
Belgacom SA		23,680		625,016
BT Group, PLC, SP ADR		2,267		32,758
China Mobile, Ltd.		99,000		1,045,685
China Mobile, Ltd., SP ADR		2,029		106,908
China Telecom Corp. Ltd.		284,172		153,808
Chunghwa Telecom Co., Ltd., SP ADR		3,304		115,045
Deutsche Telekom AG		1,666		27,463
Elisa OYJ		619		25,973
GDS Holdings Ltd., ADR*		2,511		83,541
Hellenic Telecommunications Organization SA		6,309		80,008
KDDI Corp.		64,047		1,547,996
Millicom International Cellular SA, SDR		318		19,139
MTN Group, Ltd.		4,952		29,293
Nice Sys Ltd., SP ADR*		136		16,006
Nippon Telegraph & Telephone Corp.		500		21,611
Nippon Telegraph & Telephone Corp. ADR		492		21,331
Nokia OYJ, SP ADR		7,532		45,870
NTT DOCOMO, Inc.		703		16,366
Orange SA, SP ADR		3,273		49,880
Rogers Communications, Inc., Class B		1,494		82,618
Samsung SDI Co. Ltd.		727		153,255
SES SA		932		18,722

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
Telecommunications — (Continued)
Singapore Telecommunications Ltd.		16,000	$	35,633
SK Telecom Ltd., SP ADR		965		24,704
Softbank Group Corp., ADR		2,136		99,132
Swisscom AG		80		37,010
Tele2 AB		1,551		20,386
Telefonaktiebolaget LM Ericsson		177,816		1,620,836
Telefonaktiebolaget LM Ericsson, SP ADR		2,495		22,630
Telefonica SA, SP ADR		7,554		65,342
Telekomunikasi Indonesia Persero Tbk PT		626,088		171,881
Telekomunikasi Indonesia Persero Tbk PT, SP ADR		663		18,285
Telenor ASA		1,910		37,248
Tim Participacoes SA, ADR*		1,155		18,226
Turkcell Iletisim Hizmetleri AS, ADR		6,775		44,715
Vodafone Group, PLC		297,746		530,389
				7,088,997
Toys/Games/Hobbies — 0.0%
Bandai Namco Holdings, Inc.		500		21,293
Nintendo, Ltd., ADR		912		31,236
				52,529
Transportation — 0.3%
AP Moller-Maersk, Class B		30		40,361
Canadian National Railway Co.		910		78,151
Canadian Pacific Railway, Ltd.		211		43,567
Central Japan Railway Co.		252		56,550
Deutsche Post AG		1,395		43,266
DSV AS		413		34,352
East Japan Railway Co.		91		8,717
Hankyu Hanshin Holdings, Inc.		1,000		36,303
Rumo SA*		26,627		137,737
West Japan Railway Co.		283		21,324
				500,328
Water — 0.7%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		1,713		17,815
United Utilities Group, PLC		92,665		1,032,625
				1,050,440
TOTAL COMMON STOCKS (Cost =$130,490,819)				128,450,634
EXCHANGE TRADED FUNDS — 0.7%
Diversified Financial Services — 0.2%
Ishares MSCI India ETF		9,438		308,528
Other Investment Pools and Funds — 0.5%
Invesco India Exchange-Traded Fund Trust		23,070		546,759
iShares MSCI South Korea ETF		1,533		96,533
				643,292
TOTAL EXCHANGE TRADED FUNDS (Cost $1,012,643)				951,820
PREFERRED STOCKS — 2.2%
Auto Manufacturers — 0.2%
Bayerische Motoren Werke AG, 6.267%		3,708		274,173
Banks — 0.3%
Banco Bradesco SA, ADR, 2.513%		16,622		190,821
Bancolombia SA, SP ADR, 2.779%		463		22,381
Itau Unibanco Holdings, SP ADR, 6.696%		21,468		201,799
				415,001
Chemicals — 0.5%
Fuchs Petrolub SE, 2.338%		14,884		664,571
Cosmetics/Personal Care — 0.6%
LG Household & Health Care, Ltd., 1.242%		1,274		847,986
Food — 0.1%
Cia Brasileira de Distribuicao, SP ADR, 1.436%		881		21,761
Cia Brasileira de Distribuicao, 1.455%		5,900		146,284
				168,045
Semiconductors — 0.5%
Samsung Electronic Co., Ltd., 3.936%		21,666		692,699
Telecommunications — 0.0%
Telefonica Brasil SA, ADR, 8.154%		1,630		20,342
TOTAL PREFERRED STOCKS (Cost $3,319,023)				3,082,817

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Concluded)

FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 12.2%
First American Government Obligations Fund Class X, 2.33% (b)		17,538,845	$	17,538,845
TOTAL SHORT-TERM INVESTMENTS (Cost $17,538,845)				17,538,845
TOTAL INVESTMENTS — 104.2% (Cost $152,361,330)				150,024,116
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.2)%				(6,005,023	)
NET ASSETS — 100.0%			$	144,019,093

^* Non-income producing security.

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of February 28, 2019, total market value of Rule 144A securities is $1,594,846 and represents 1.11% of net assets.

(b) Seven-day yield as of February 28, 2019.

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SDR Special Drawing Rights

SP ADR Sponsored ADR

SP GDR Sponsored GDR

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

AQUARIUS INTERNATIONAL FUND

STATEMENT of Assets and Liabilities

FEBRUARY 28, 2019 (Unaudited)

ASSETS
Investments, at value (cost $134,822,485)	$	132,485,271
Short-term investments, at value (cost $17,538,845)		17,538,845
Foreign currency at value (cost $21,480)		25,672
Receivables for:
Investments sold		3,253,628
Dividends		354,873
Capital shares sold		340,816
Total assets		153,999,105
LIABILITIES
Payables for:
Investments purchased		9,838,191
Investment sub-advisory fees		52,388
Other accrued expenses and liabilities		89,433
Total liabilities		9,980,012
Net assets	$	144,019,093
NET ASSETS CONSIST OF:
Par value	$	15,535
Paid-in capital		158,267,369
Total distributable earnings/(loss)		(14,263,811	)
Net assets	$	144,019,093
CAPITAL SHARES:
Net Assets	$	144,019,093
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		15,535,092
Net asset value, offering and redemption price per share	$	9.27

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

AQUARIUS INTERNATIONAL FUND

Statement of Operations

For the Six Months Ended FEBRUARY 28, 2019 (Unaudited)

INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $83,730)	$	1,334,796
Total investment income		1,334,796
EXPENSES
Sub-advisory fees (Note 2)		350,231
Custodian fees (Note 2)		248,806
Administration and accounting services fees (Note 2)		75,015
Registration and filing fees		35,051
Audit fees		17,769
Transfer agent fees (Note 2)		9,986
Printing and shareholder reporting fees		1,567
Legal fees		414
Other expenses		25,999
Total expenses		764,838
Net investment income/(loss)		569,958
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments and foreign currency transactions		(7,395,969	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(1,152,477	)
Net realized and unrealized gain/(loss) on investments		(8,548,446	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,978,488	)

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

AQUARIUS INTERNATIONAL FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period Ended August 31, 2018*(1)
INCREASE/(DECREASE) IN NET ASSETS FORM OPERATIONS
Net investment income/(loss)	$	569,958		$	1,123,114
Net realized gain/(loss) from investments and foreign currency transactions		(7,395,969	)		(4,920,143	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(1,152,477	)		(1,180,545	)
Net increase/(decrease) in net assets resulting from operations		(7,978,488	)		(4,977,574	)
DIVIDEND AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(1,307,749	)		—
Net decrease in net assets from dividends and distributions to shareholders		(1,307,749	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		129,949,083			182,733,411
Reinvestment of distributions		1,153,300			—
Shares redeemed		(154,764,793	)		(788,097	)
Net increase/(decrease) in net assets resulting from capital share transactions		(23,662,410	)		181,945,314
Total increase/(decrease) in net assets	$	(32,948,647	)		176,967,740
NET ASSETS:
Beginning of period	$	176,967,740			—
End of period	$	144,019,093		$	176,967,740
SHARE TRANSACTIONS:
Shares sold		14,507,278			18,491,161
Shares reinvested		133,638			—
Shares redeemed		(17,516,361	)		(80,624	)
Net increase/(decrease) in shares		(2,875,445	)		18,410,537

^* Inception date of the Fund was April 17, 2018.

(1) The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Undistributed/(accumulated) net investment income/(loss) as of August 31, 2018 was $885,063.

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

AQUARIUS INTERNATIONAL FUND

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), 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, 2019 (Unaudited)			For the Period April 17, 2018(1) to August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	9.61		$	10.00
Net investment income/(loss)(2)		0.03			0.08
Net realized and unrealized gain/(loss) from investments		(0.24	)		(0.47	)
Net increase/(decrease) in net assets resulting from operations		(0.21	)		(0.39	)
Dividends and distributions to shareholders from:
Net investment income		(0.13	)		—
Total dividends and distributions to shareholders		(0.13	)		—
Net asset value, end of period	$	9.27		$	9.61
Total investment return/(loss)(3)		(2.12	)%(4)		(3.90	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000's)	$	144,019		$	176,968
Ratio of expenses to average net assets		0.96	%(5)		0.80	%(5)
Ratio of net investment income/(loss) to average net assets		0.72	%(5)		2.21	%(5)
Portfolio turnover rate		45	%(4)		36	%(4)

(1) Commencement of operations.

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

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

(4) Not annualized.

(5) Annualized.

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

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2019 (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 thirty-two separate investment portfolios, including the Aquarius International Fund (the “Fund”), which commenced investment operations on April 17, 2018.

RBB has authorized capital of one hundred billion shares of common stock of which 87.223 billion shares are currently classified into one hundred and eighty-three 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, 2019, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2019 (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. 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 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:

18

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2019 (Unaudited)

● 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.

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	$	128,450,634	$	26,118,479	$	102,332,155	$	—
Exchange Traded Funds		951,820		951,820		—		—
Preferred Stocks		3,082,817		603,389		2,479,428		—
Short-Term Investments		17,538,845		17,538,845		—		—
Total Investments*	$	150,024,116	$	45,212,533	$	104,811,583	$	—

^* 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 Levels 1, 2 and 3 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. 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 Level 3 transfers are disclosed if the Fund had an amount of total Level 3 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 Level 3 transfers.

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.

19

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2019 (Unaudited)

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 (including amortization of premiums and accretion of discounts) 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 (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, the Fund expects the risk of material loss from such claims to be 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, Mawer Investment Management, Ltd. and Setanta Asset Management Limited 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 0.90%, payable on a monthly basis in arrears.

During the current fiscal period, collectively, sub-advisory fees accrued were $350,231, or the rate of 0.44%.

20

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2019 (Unaudited)

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 compliance expenses in connection with managing the Fund, up to 0.03% of the Fund’s average daily net assets.

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

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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 paid to Fund Services and the Custodian, please refer to the Statement of Operations.

3. Director and Officer 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 Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer 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
$62,144,429	$79,845,413

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.

21

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2019 (Unaudited)

As of August 31, 2018, 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)
$	176,848,506	$	4,626,864	$	(7,520,173	)	$	(2,893,309	)

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, 2018, primarily attributable to foreign currency and an adjustment for sale of a Passive Foreign Investment Company, were reclassified among the following accounts:

UNDISTRIBUTED NET INVESTMENT INCOME/(LOSS)			ACCUMULATED NET REALIZED GAIN/(LOSS)		PAID-IN CAPITAL
$	(238,051	)	$	238,051	$	—

As of August 31, 2018, 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
$	929,577	$	—	$	(3,890,215	)	$	(2,893,309	)	$	—

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 period ended August 31, 2018, were as follows:

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

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, 2018, the Fund had capital loss carryforwards of $3,890,215.

22

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

FEBRUARY 28, 2019 (Unaudited)

6. NEW ACCOUNTING PRONOUNCEMENTS and regulatory updates

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Fund’s financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

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

AQUARIUS INTERNATIONAL 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 or successor form. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov.

24

[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

AQU-SAR19

Bogle Investment
Management

Small Cap
Growth Fund

of THE RBB FUND, INC.

Semi-Annual Report
February 28, 2019
(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-877-264-5346.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-877-264-5346 to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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, 2019 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2019
	Six Months(1)	One Year	Five Year	Ten Year	Since Inception(2)
Bogle Investment Management Small Cap Growth Fund	-12.42%	-1.08%	5.08%	18.15%	10.75%
Russell 2000® Index	-8.86%	5.58%	7.36%	16.60%	8.38%

⁽¹⁾ Not annualized.

⁽²⁾ For the period October 1, 1999 (commencement of operations) through February 28, 2019.

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, 2018, is 1.30% for the Fund prior to fee waivers.

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.

1

Bogle Investment Management
Small Cap Growth Fund

Fund Expense Example

February 28, 2019 (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, 2018 through February 28, 2019 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.

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, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual	$1,000.00	$ 875.80	$5.81	1.25%	-12.42%
Hypothetical (5% return before expenses)	1,000.00	1,018.60	6.26	1.25%	N/A

^* Expenses are equal to the Fund’s annualized six-month expense ratio for the period September 1, 2018 to February 28, 2019, 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.

2

Bogle Investment Management
Small Cap Growth Fund

Portfolio Holdings Summary Table

February 28, 2019 (Unaudited)

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

	% of Net Assets		Value
COMMON STOCKS:
Finance		22.4%	$	17,210,710
Health Technology		13.0		10,040,818
Electronic Technology		9.6		7,344,467
Producer Manufacturing		8.6		6,616,892
Technology Services		8.1		6,244,253
Consumer Services		7.3		5,651,962
Industrial Services		4.0		3,116,966
Process Industries		3.9		2,989,020
Commercial Services		3.4		2,658,253
Consumer Non-Durables		3.4		2,612,617
Retail Trade		3.3		2,530,921
Energy Minerals		2.8		2,138,533
Distribution Services		2.1		1,617,015
Non-Energy Minerals		1.6		1,271,281
Utilities		1.3		1,025,888
Health Services		1.1		876,864
Consumer Durables		0.9		713,127
Transportation		0.8		609,194
Communications		0.7		523,019
SHORT-TERM INVESTMENTS		1.8		1,379,933
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.1)		(90,832	)
NET ASSETS		100.0%	$	77,080,901

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, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS—98.3%
COMMERCIAL SERVICES—3.4%
Bandwidth, Inc. Class A*		17,228	$	959,944
Conduent, Inc.*		8,211		120,045
FTI Consulting, Inc.*		3,375		250,290
Insperity, Inc.		5,248		662,665
QuinStreet, Inc.*		49,687		665,309
				2,658,253
COMMUNICATIONS—0.7%
ATN International, Inc.		9,318		523,019
CONSUMER DURABLES—0.9%
Taylor Morrison Home Corp., Class A*		42,524		713,127
CONSUMER NON-DURABLES—3.4%
Inter Parfums, Inc.		9,277		684,364
PVH Corp.		5,686		652,980
Skechers U.S.A., Inc., Class A*		20,022		673,340
USANA Health Sciences, Inc.*		6,111		601,933
				2,612,617
CONSUMER SERVICES—7.3%
Care.com, Inc.*		28,709		723,180
Everi Holdings, Inc.*		34,695		266,805
Grupo Televisa SAB, SP ADR		40,489		472,912
Habit Restaurants, Inc. (The), Class A*		15,427		173,862
Houghton Mifflin Harcourt Co.*		88,084		696,744
K12, Inc.*		29,804		954,920
Liberty Expedia Holdings, Inc., Class A*		79		3,500
Liberty TripAdvisor Holdings, Inc., Class A*		42,270		637,854
Penn National Gaming, Inc.*		21,982		546,253
Sinclair Broadcast Group, Inc., Class A		20,248		730,953
Weight Watchers International, Inc.*		21,996		444,979
				5,651,962
DISTRIBUTION SERVICES—2.1%
Core-Mark Holding Co, Inc.		26,045		820,678
World Fuel Services Corp.		28,759		796,337
				1,617,015
ELECTRONIC TECHNOLOGY—9.6%
Acacia Communications, Inc.*		12,674		676,158
American Outdoor Brands Corp.*		42,166		529,183
Ciena Corp.*		16,305		695,571
ESCO Technologies, Inc.		3,348		231,648
Extreme Networks, Inc.*		60,930		500,845
Infinera Corp.*		108,720		555,559
Juniper Networks, Inc.		20,347		550,997
Lattice Semiconductor Corp.*		43,932		518,398
Mellanox Technologies Ltd.*		7,400		795,056
NeoPhotonics Corp.*		80,799		646,392
Radware Ltd.*		32,975		828,002
Tower Semiconductor Ltd.*		45,547		816,658
				7,344,467
ENERGY MINERALS—2.8%
CONSOL Energy, Inc.*		19,758		749,816
Contura Energy, Inc.*		11,413		703,041
CVR Energy, Inc.		1,188		48,161
Peabody Energy Corp.		20,665		637,515
				2,138,533
FINANCE—22.4%
American Equity Investment Life Holding Co.		3,297		104,350
American Financial Group, Inc.		4,811		479,464
Argo Group International Holdings Ltd.		3,943		274,078
Assured Guaranty Ltd.		15,962		666,573
Athene Holding Ltd., Class A*		11,800		525,690
BrightSphere Investment Group PLC		47,347		669,960
CNO Financial Group, Inc.		28,509		485,508
Customers Bancorp, Inc.*		32,395		692,929
East West Bancorp, Inc.		11,472		626,486
eHealth, Inc.*		11,343		605,830
Employers Holdings, Inc.		17,869		744,422
Erie Indemnity Co., Class A		3,271		582,958
Essent Group Ltd.*		16,649		718,238
Evercore, Inc., Class A		1,559		143,584
Herc Holdings, Inc.*		24,148		1,062,512
INTL FCStone, Inc.*		10,187		443,134
Investors Bancorp, Inc.		14,100		177,237
McGrath RentCorp		13,976		836,324
Meta Financial Group, Inc.		30,831		719,904
National General Holdings Corp.		26,242		677,306
Newmark Group, Inc., Class A		7,579		70,182
NMI Holdings, Inc., Class A*		12,636		305,159
On Deck Capital, Inc.*		120,163		737,801
OneMain Holdings, Inc.*		25,995		857,835
PennyMac Financial Services, Inc.		27,713		646,267

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, 2019 (Unaudited)

	Number of Shares		Value
FINANCE—(continued)
Radian Group, Inc.		41,797	$	850,987
Texas Capital Bancshares, Inc.*		11,278		688,296
Third Point Reinsurance Ltd.*		49,290		526,910
Universal Insurance Holdings, Inc.		15,174		592,393
Walker & Dunlop, Inc.		12,516		698,393
				17,210,710
HEALTH SERVICES—1.1%
Invitae Corp.*		9,297		187,056
Tivity Health, Inc.*		32,234		689,808
				876,864
HEALTH TECHNOLOGY—13.0%
Amarin Corp PLC, ADR*		8,442		172,808
Assertio Therapeutics, Inc.*		80,243		332,206
Bruker Corp.		16,777		641,049
CareDx, Inc.*		7,201		224,095
Cutera, Inc.*		39,977		684,406
Fluidigm Corp.*		34,537		381,979
Genomic Health, Inc.*		8,626		655,317
Jazz Pharmaceuticals PLC*		4,256		595,968
Meridian Bioscience, Inc.		43,252		738,312
NanoString Technologies, Inc.*		32,146		818,759
Natera, Inc.*		18,209		288,431
Nevro Corp.*		10,537		485,440
NewLink Genetics Corp.*		15,742		26,604
Ophthotech Corp.*		11,071		15,721
OraSure Technologies, Inc.*		67,063		720,927
Pacira Pharmaceuticals, Inc.*		17,403		716,656
Puma Biotechnology, Inc.*		25,569		711,074
QIAGEN NV*		14,882		571,915
Surmodics, Inc.*		9,295		542,363
Veracyte, Inc.*		35,467		716,788
				10,040,818
INDUSTRIAL SERVICES—4.0%
Advanced Disposal Services, Inc.*		26,828		711,478
Basic Energy Services, Inc.*		16,115		77,836
EMCOR Group, Inc.		10,168		733,418
Exponent, Inc.		5,241		296,798
Fluor Corp.		17,391		653,902
Tetra Tech, Inc.		10,722		643,534
				3,116,966
NON-ENERGY MINERALS—1.6%
Arconic, Inc.		30,884		571,045
Materion Corp.		12,119		700,236
				1,271,281
PROCESS INDUSTRIES—3.9%
Albany International Corp., Class A		2,930		227,221
Braskem SA, SP ADR		23,742		684,482
Cosan Ltd., Class A		70,640		810,947
Renewable Energy Group, Inc.*		31,628		840,356
Resolute Forest Products, Inc.		24,321		198,460
Venator Materials PLC*		38,634		227,554
				2,989,020
PRODUCER MANUFACTURING—8.6%
Canadian Solar, Inc.*		35,588		877,600
Crane Co.		7,600		642,732
Herman Miller, Inc.		201		7,373
Integer Holdings Corp.*		11,892		1,081,696
Mueller Industries, Inc.		19,615		648,276
NCI Building Systems, Inc.*		89,044		625,089
SPX FLOW, Inc.*		19,474		672,243
Tupperware Brands Corp.		24,397		734,594
Watts Water Technologies, Inc., Class A		8,121		654,065
Woodward, Inc.		6,988		673,224
				6,616,892
RETAIL TRADE—3.3%
Casey's General Stores, Inc.		4,800		646,752
Cia Brasileira de Distribuicao Class A, SP ADR		25,719		635,259
Conn's, Inc.*		36,054		850,514
Hudson Ltd., Class A*		26,738		398,396
				2,530,921
TECHNOLOGY SERVICES—8.1%
Alteryx, Inc., Class A*		7,299		556,987
CyberArk Software Ltd.*		12,414		1,362,685
New Relic, Inc.*		6,137		648,988
Okta, Inc.		5,560		471,933
SecureWorks Corp., Class A*		2,386		52,945
SPS Commerce, Inc.*		6,144		656,056
TriNet Group, Inc.*		9,259		567,484
Varonis Systems, Inc.*		21,118		1,202,881
Workiva, Inc., Class A*		14,647		724,294
				6,244,253
TRANSPORTATION—0.8%
Gol Linhas Aereas Inteligentes SA, ADR*		1,916		27,035
Grupo Aeroportuario del Centro Norte SAB de CV, SP ADR		9,881		450,573
YRC Worldwide, Inc.*		17,156		131,586
				609,194

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, 2019 (Unaudited)

	Number of Shares		Value
UTILITIES—1.3%
Clearway Energy, Inc., Class C		35,847	$	537,347
Pampa Energia SA, SP ADR*		15,334		488,541
				1,025,888
TOTAL COMMON STOCKS
(Cost $71,322,093)				75,791,800
SHORT-TERM INVESTMENTS—1.8%
Fidelity Investments Money Market Funds - Government Portfolio, 2.29% (a)				1,379,933
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,379,933)				1,379,933
TOTAL INVESTMENTS—100.1%
(Cost $72,702,026)				77,171,733
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.1)%				(90,832	)
NET ASSETS—100.0%			$	77,080,901

^* Non-income producing security.

^(a) Seven-day yield as of February 28, 2019.

NV — Naamloze Vennootschap (public company defined by the business laws of the Netherlands, Belgium, Indonesia, or Suriname)

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, 2019 (Unaudited)

Assets
Investments, at value (cost $71,322,093)	$	75,791,800
Short-term investments, at value (cost $1,379,933)		1,379,933
Receivables for:
Investments sold		1,001,539
Dividends		35,588
Capital shares sold		85
Prepaid expenses and other assets		21,363
Total assets		78,230,308
Liabilities
Payables for:
Investments purchased		972,916
Capital shares redeemed		65,063
Investment advisory fees		51,976
Other accrued expenses and liabilities		59,452
Total liabilities		1,149,407
Net assets	$	77,080,901
Net Assets Consist of:
Par value	$	2,880
Paid-in capital		73,065,661
Total distributable earnings/(loss)		4,012,360
Net assets	$	77,080,901
Capital Shares:
Net assets	$	77,080,901
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,879,743
Net asset value, offering and redemption price per share	$	26.77

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, 2019 (Unaudited)

Investment Income
Dividends (net of foreign taxes withheld of $878)	$	190,280
Total investment income		190,280
Expenses
Advisory fees (Note 2)		395,622
Transfer agent fees (Note 2)		30,686
Administration and accounting fees (Note 2)		27,821
Custodian fees (Note 2)		17,274
Audit and tax service fees		14,505
Legal fees		14,141
Registration and filing fees		14,052
Officer fees		8,465
Director fees		3,992
Printing and shareholder reporting fees		3,517
Other expenses		5,938
Total expenses before waivers		536,013
Less: waivers (Note 2)		(41,486	)
Net expenses after waivers		494,527
Net investment income/(loss)		(304,247	)
Net Realized and Unrealized Gain/(Loss) from Investments
Net realized gain/(loss) from investments		(801,242	)
Net change in unrealized appreciation/(depreciation) on investments		(11,038,788	)
Net realized and unrealized gain/(loss) on investments		(11,840,030	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(12,144,277	)

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, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
Increase/(Decrease) in Net Assets From Operations:
Net investment income/(loss)	$	(304,247	)	$	(612,116	)
Net realized gain/(loss) from investments		(801,242	)		13,872,196
Net change in unrealized appreciation/(depreciation) on investments		(11,038,788	)		7,823,184
Net increase/(decrease) in net assets resulting from operations		(12,144,277	)		21,083,264
Dividends and Distributions to Shareholders:
Total distributable earnings		(9,977,095	)		(10,781,589	)
Net decrease in net assets from dividends and distributions to shareholders		(9,977,095	)		(10,781,589	)
Increase/(Decrease) in Net Assets Derived From Capital Share Transactions:
Proceeds from shares sold		629,618			1,934,636
Reinvestment of distributions		9,551,887			10,427,402
Distributions for shares redeemed		(7,558,111	)		(32,362,655	)
Net increase/(decrease) in net assets from capital share transactions		2,623,394			(20,000,617	)
Total increase/(decrease) in net assets	$	(19,497,978	)		(9,698,942	)
Net Assets:
Beginning of period		96,578,879			106,277,821
End of period	$	77,080,901		$	96,578,879
Increase/(Decrease) in Shares Outstanding Derived From Share Transactions:
Shares sold		24,506			59,630
Shares reinvested		379,043			344,480
Shares redeemed		(272,017	)		(973,282	)
Net increase/(decrease) in shares outstanding derived from share transactions		131,532			(569,172	)

(1) The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders from net realized capital gains were $10,781,589 during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $0.

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

Bogle Investment Management
Small Cap Growth Fund

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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
Per Share Operating Performance
Net asset value, beginning of period	$	35.14		$	32.04		$	27.00		$	30.00		$	38.07		$	29.49
Net investment income/(loss)(1)		(0.11	)		(0.19	)		(0.18	)		(0.13	)		(0.18	)		(0.23	)
Net realized and unrealized gain/(loss) from investments		(4.49	)		6.63			5.22			1.21			(3.09	)		8.87
Net increase/(decrease) in net assets resulting from operations		(4.60	)		6.44			5.04			1.08			(3.27	)		8.64
Dividends and distributions to shareholders from:
Net investment income		—			—			—			—			—			(0.06	)
Net realized capital gains		(3.77	)		(3.34	)		—			(4.08	)		(4.80	)		—
Total dividends and distributions to shareholders		(3.77	)		(3.34	)		—			(4.08	)		(4.80	)		(0.06	)
Net asset value, end of period	$	26.77		$	35.14		$	32.04		$	27.00		$	30.00		$	38.07
Total investment return/(loss)(2)		(12.42	)%(5)		21.77	%		18.69	%		4.37	%		(8.99	)%		29.34	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	77,081		$	96,579			$ 106,278		$	57,180		$	88,086		$	117,923
Ratio of expenses to average net assets with waivers and reimbursements		1.25	%(4)		1.25	%		1.27	%		1.25	%		1.25	%		1.25	%
Ratio of expenses to average net assets without waivers and reimbursements(3)		1.35	%(4)		1.29	%		1.37	%		1.42	%		1.35	%		1.32	%
Ratio of net investment income/(loss) to average net assets		(0.77	)%(4)		(0.57	)%		(0.61	)%		(0.50	)%		(0.53	)%		(0.66	)%
Portfolio turnover rate		195	%(5)		349	%		366	%		380	%		196	%		175	%

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

⁽²⁾ Total investment return/(loss) 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.
10

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements

February 28, 2019 (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 thirty-two separate 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 87.223 shares are currently classified into one hundred and eighty-three 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, 2019, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2019 (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.

11

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements (Continued)

February 28, 2019 (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	$	75,791,800	$	75,791,800	$	—	$	—
Short-Term Investments		1,379,933		1,379,933		—		—
Total Investments*	$	77,171,733	$	77,171,733	$	—	$	—

^* 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 Levels 1, 2 and 3 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. 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 Level 3 transfers are disclosed if the Fund had an amount of total Level 3 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 Level 3 transfers.

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 (including amortization of premiums and accretion of discounts) 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.

12

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements (Continued)

February 28, 2019 (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, the Fund expects the risk of material loss from such claims to be 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 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, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2019. 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
$	395,622	$	(41,486	)	$	354,136

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

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

13

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements (Continued)

February 28, 2019 (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 paid to Fund Services and the Custodian, please refer to the Statement of Operations.

3. Director and Officer 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 Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer 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
$	156,387,747	$	162,806,580

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.

As of August 31, 2018, 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)
$	80,394,761	$	17,749,872	$	(2,488,776	)	$	15,261,096

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.

14

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

The following permanent differences as of August 31, 2018, 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
$	740,063	$	(740,063	)	$	—

As of August 31, 2018, 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
$	—	$	8,238,874	$	2,633,762	$	15,261,096	$	—

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, 2018 was as follows:

Ordinary Income		Long-Term Gains		Total
$	10,781,589	$	—	$	10,781,589

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

6. New Accounting Pronouncements and regulatory updates

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurement. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Fund’s financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

15

Bogle Investment Management
Small Cap Growth Fund

Notes To Financial Statements (Concluded)

February 28, 2019 (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

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 SEC’s 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 (or successor Form). The Company’s Form N-Q is available on the SEC website at http://www.sec.gov.

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-SAR19

	Boston Partners Investment Funds
	of The RBB Fund, Inc.

Semi-Annual Report

February 28, 2019 (Unaudited)

Boston Partners Small Cap Value Fund II

Boston Partners Long/Short Equity Fund

Boston Partners Long/Short Research Fund

Boston Partners All-Cap Value Fund

WPG Partners Small/Micro Cap Value Fund

Boston Partners Global Equity Fund

Boston Partners Global Long/Short Fund

Boston Partners Emerging Markets Long/Short Fund

Boston Partners Emerging Markets Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-888-261-4073.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-888-261-4073 to inform the Funds that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Funds.

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.

BOSTON PARTNERS INVESTMENT FUNDS

Table of Contents

General Market Commentary	1
Definitions	2
Average Annual Total Returns for the Period Ended February 28, 2019	4
Fund Expense Examples	6
Portfolio Holdings Summary Tables	8
Portfolio of Investments	11
Statements of Assets and Liabilities	51
Statements of Operations	54
Statements of Changes in Net Assets	57
Financial Highlights	62
Notes to Financial Statements	68
Other Information	79

BOSTON PARTNERS INVESTMENT FUNDS

GENERAL MARKET COMMENTARY

Dear Shareholder,

“Risk-off” behavior, which refers to investors moving to lower-risk investments during times of perceived elevated market risk, best explains the stock market results during the six-month period ended on February 28, 2019, as the S&P 500 Index (S&P) fell by 3.04% over that time frame. Most of the damage to the market occurred during the fourth quarter, with the S&P falling by 13.52% and posting its worst quarterly performance since September 2011. The return for December was particularly harsh, with the S&P losing 9.03%, including a 2.71% drop during the final two hours of trading on December 24, 2018, now dubbed the “Christmas Eve Massacre”.

Numerous reasons were cited for sell-off, including trade tensions, slowing growth, Brexit, the flattening yield curve, confusing statements from the U.S. Federal Reserve (“Fed”) Chair and Treasury Secretary and the government shutdown. All of these factors likely contributed to the sell-off.

Paradoxically, the actual investment environment during the six-month period appeared to be near stellar, with Gross Domestic Product (“GDP”) growing by 3% on average, the Consumer Price Index averaging 2% and year-over-year earnings per share (“EPS”) growing 20.8%. These factors were superseded by a contraction in price/earnings multiples, which started the period at 16.8X forward earnings but ended December at 14.4X, a 14% drop that mirrored price performance.

January and February brought a reprieve to the correction, as the S&P gained 11.48%, its best start to a year since 1991. Earnings grew at a 13% pace and earnings multiples expanded to 16.2X. An “about face” by the Fed in terms of potential rate hikes and signs of progress on the U.S./China trade front helped to ease investor anxiety.

Sector returns over the six-month period also reflected the general market angst, with six-out-of-eleven sectors that comprise the S&P “in the red” over the period. The “bond surrogate” Utility sector was the standout, gaining 8.54% as the yield on the 10-year Treasury fell from a November peak of 3.24% to 2.71% by the end of February. Consumer Staples (the sector which houses many “low volatility” names) also outperformed, posting a return of 3.06% for the period. The Energy sector suffered the most, falling by 10.85% as oil dropped by 15.7% on excess supply and inventory fears.

Style/factor returns also reflected the defensive nature of the market, as large-capitalization stocks beat (or lost less than) small-caps, low-beta securities beat high-beta and high-quality stocks (as defined by Standard & Poor’s) led low-quality names. Value stocks led Growth stocks (Russell 1000 Value: -1.62%; Russell 1000 Growth: -4.52%) over the period, with the most significant contribution coming from within the Technology sector. Large-cap Value Technology returned 2.69% while large-cap Growth Technology lost 7.26%. Technology companies like “the Four Horsemen” (Cisco, Intel, Microsoft, Oracle) generally outperformed companies like the “FANGs” (Facebook, Amazon, Netflix, Google) during the period.

Developed international markets edged out the S&P, as the MSCI EAFE Index returned -2.70% in local currency terms but lagged the S&P in U.S. dollar terms (-3.48%) as the greenback gained 1% over the six-month period against a basket of major currencies.

Emerging markets produced a somewhat different story, also outperforming the S&P in local currency terms (-0.76%) and advancing by 0.46% in dollar terms as emerging market currencies appreciated against the dollar over the period. Virtually all the gains in emerging markets came in one month, January, when the MSCI EM Index spiked by 8.76% as “risk-on” became the prevailing market sentiment.

Looking Ahead

With the GDPNow Model from the Atlanta Federal Reserve Bank forecasting a paltry 0.5% for GDP growth during Q1 of 2019 and consensus estimates for Q1 S&P 500 earnings anticipated to decline by -3.2% year-over-year (cap-weighted), the investment environment does not appear to be conducive to out-sized gains for stocks over the near term. Under the surface, we believe that things may not be quite as dire as these forecasts imply. The Blue Chip Economic Forecasters (a poll of 52 of the nation’s top economists) currently expect a Q1 2019 GDP “print” of 1.9% and the S&P EPS forecast for Q1 on a median basis is closer to 4% when one adjusts for last year’s jump in earnings due to the 2018 tax reform package. We believe the actual results will probably fall somewhere in between those estimates.

While the targeted March 1, 2019 increase in tariffs from 10% to 25% on an additional $200 billion of Chinese imports has been shelved, we expect that investors will eventually need to see a formal agreement on trade between Washington and Beijing to remain placated. While it is widely anticipated that the agreement will signal a significant improvement in the merchandise trade deficit between the two countries, progress on forced technology transfer and the abolishment of intellectual property theft will likely require a much more elongated process to ensure the commitments are verifiable and enforceable.

With the cut-off date of March 29, 2019 looming, the U.K. House of Commons has until March 12, 2019 to vote on a revised Brexit proposal or possibly a second referendum vote, although a European Union Summit on March 21-22, 2019 may give both sides the opportunity to hammer out a mutually-acceptable compromise. Odds makers see an extension of the Brexit cut-off date as the most likely outcome.

Deliberation over President Trump’s declaration of a national emergency over the border wall, the House Judiciary Committee’s probe into the Trump’s political, business and personal practices as well as the expected conclusion of the Mueller Investigation will continue to garner headlines that could impact market movements over the near term.

While positive returns in January and February of 2019 have led to positive returns for the year, historical data suggest that the 11.48% realized return of the S&P for the first two months of 2019 puts the S&P on pace for an annualized return that we believe is unwarranted by either projected economic or earnings growth. Investors should expect a pause or pull-back in the recent price action, though any such move need not signal the end to the bull market.

Semi-Annual Report 2019  |  1

BOSTON PARTNERS INVESTMENT FUNDS

DEFINITIONS (unaudited)

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of February 28, 2019 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.

Beta is a measure of the volatility of a portfolio in comparison to the benchmark. A beta of 1 indicates that the price fluctuation of a specific portfolio correlated directly with the market. A beta of less than one, means the portfolio fluctuated less than the related benchmark. Beta does not necessarily directly correlate with the portfolios risk.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

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

Free cash flow yield is an indicator that compare free cash flow and market cap. It is a representation of the income created by an investment.

High Dividend: The MSCI High Dividend Yield Factor aims to capture the high dividend yield equity opportunity set within a standard MSCI parent index (U.S.) by including only securities that offer a higher than average dividend yield (i.e. at least 30% higher) relative to that of the parent index and that pass dividend sustainability and persistence screens.

Mergers and Acquisitions (M&A) is a general term that refers to the consolidation of companies or assets through various types of financial transactions.

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 China Index is used as a common benchmark for world or global stock funds intended to represent a broad cross-section of global markets.

MSCI EAFE (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 MSCI Inc., 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 Morgan Stanley Capital International (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.

MSCI World Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across 23 Developed Markets Countries.

MSCI World Value NR Index is an index tracking value stocks, which are stocks with prices lower than their intrinsic values.

Wilshire 5000 Total Market Index^® is a market-capitalization-weighted index of the market value of all stocks actively traded in the United States.

NASDAQ Composite Index is a stock market index of the common stocks and similar securities listed on the NASDAQ stock market.

OROA: Operating Return on Operating Assets

P/B: Price/Book: A valuation ratio of a company’s current share price compared to its book value.

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

Quality has long been established as an investment approach, dating back to Benjamin Graham, but it is less well accepted as a factor, especially when compared with value, size, yield, momentum and low volatility. By “factor”, we mean any characteristic that helps explain the risk and returns of a group of securities.

ROE: Return on Equity: measures a corporation’s profitability by revealing how much profit a company generates with the money invested.

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.

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BOSTON PARTNERS INVESTMENT FUNDS

DEFINITIONS (concluded) (unaudited)

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^® Growth Index is an unmanaged index that measures the performance of Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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^® Growth Index is a market capitalization weighted index based on the Russell 3000^® Index. It includes companies that display signs of above average growth.

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.

Russell Midcap^® Growth Index measures the performance of the mid-capitalization growth sector of the U.S. equity market.

Russell Midcap^® Value Index measures the performance of the mid-capitalization value sector of the U.S. equity market.

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

It is not possible to invest directly in an index.

Fund holdings and sector allocations are subject to change at any time 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.

Semi-Annual Report 2019  |  3

BOSTON PARTNERS INVESTMENT FUNDS

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2019 (unaudited)

				AVERAGE ANNUAL
	SIX MONTH			1 YEAR			5 YEAR			10 YEAR			SINCE INCEPTION
Boston Partners Small Cap Value Fund II
Institutional Class		–7.96	%		0.44	%		5.98	%		17.05	%		N/A
Investor Class		–8.11	%		0.20	%		5.71	%		16.76	%		N/A
Russell 2000® Value Index		–8.59	%		4.42	%		6.48	%		15.43	%		N/A
Russell 2000® Index(1)		–8.86	%		5.58	%		7.36	%		16.60	%		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	–4.41	%	–8.98	%	3.45	%	14.10	%	N/A
Investor Class	–4.53	%	–9.24	%	3.19	%	13.76	%	N/A
S&P 500® Index	–3.04	%	4.68	%	10.67	%	16.67	%	N/A
Boston Partners Long/Short Research Fund
Institutional Class(1)	–4.36	%	–7.58	%	2.96	%	N/A		6.61	%
S&P 500 Index	–3.04	%	4.68	%	10.67	%	N/A		13.54	%(3)
Investor Class(2)	–4.47	%	–7.80	%	2.71	%	N/A		5.98	%
S&P 500® Index	–3.04	%	4.68	%	10.67	%	N/A		13.21	%(3)

(1)	Inception date of the class was September 30, 2010.
(2)	Inception date of the class 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	–5.84	%	–2.95	%	8.44	%	15.74	%	N/A
Investor Class	–5.97	%	–3.21	%	8.17	%	15.49	%	N/A
Russell 3000® Value Index	–2.14	%	3.28	%	7.97	%	15.40	%	N/A
Russell 3000® Index(1)	–3.51	%	5.05	%	10.15	%	16.81	%	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	–10.61	%	–0.24	%	0.16	%	12.19	%	N/A
Russell 2000® Value Index	–8.59	%	4.42	%	6.48	%	15.43	%	N/A
Boston Partners Global Equity Fund
Institutional Class(1)	–6.87	%	–6.12	%	5.08	%	N/A		10.09	%
MSCI World Index	–3.11	%	1.00	%	7.13	%	N/A		11.05	%(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)	–4.56	%	–6.90	%	2.10	%	N/A	1.98	%
MSCI World Index	–3.11	%	1.00	%	7.13	%	N/A	7.14	%(3)
Investor Class(2)	–4.60	%	–7.13	%	N/A		N/A	2.14	%
MSCI World Index	–3.11	%	1.00	%	N/A		N/A	7.47	%(3)

(1)	Inception date of the class was December 31, 2013.
(2)	Inception date of the class 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)	–2.41	%	–13.54	%	N/A	N/A	2.70	%
MSCI World Index(2)	–3.11	%	1.00	%	N/A	N/A	6.80	%(3)
MSCI Emerging Markets Index	0.46	%	–9.55	%	N/A	N/A	4.29	%(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 primary 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.

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BOSTON PARTNERS INVESTMENT FUNDS

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2019 (concluded) (unaudited)

AVERAGE ANNUAL

SIX MONTH

1 YEAR

5 YEAR

10 YEAR

SINCE INCEPTION

Boston Partners Emerging Markets Fund

Institutional Class(1)

0.22

%

–13.19

%

N/A

N/A

–5.85

%

MSCI World Index(2)

–3.11

%

1.00

%

N/A

N/A

4.43

%(3)

MSCI Emerging Markets Index

0.45

%

–9.55

%

N/A

N/A

–2.93

%(3)

(1)	Inception date of the fund was October 17, 2017.
(2)	This is not a primary 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.

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 December 31, 2018:

	INSTITUTIONAL CLASS			INVESTOR CLASS
Boston Partners Small Cap Value Fund II		1.15	%		1.40	%
Boston Partners Long/Short Equity Fund		3.01	%(1)		3.26	%(1)
Boston Partners Long/Short Research Fund		2.10	%(1)		2.35	%(1)
Boston Partners All-Cap Value Fund		0.81	%		1.06	%
WPG Partners Small/Micro Cap Value Fund		1.11	%		N/A
Boston Partners Global Equity Fund		1.04	%		1.29	%
Boston Partners Global Long/Short Fund		2.35	%(1)		2.60	%(1)
Boston Partners Emerging Markets Long/Short Fund		2.44	%(1)		N/A
Boston Partners Emerging Markets Fund		3.02	%		N/A

¹ Includes interest and dividend expense on short sales.

Semi-Annual Report 2019  |  5

BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES

FEBRUARY 28, 2019 (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, 2018 through February 28, 2019, 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, 2018		ENDING ACCOUNT VALUE FEBRUARY 28, 2019		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO			ACTUAL SIX-MONTH TOTAL INVESTMENT RETURN FOR THE FUND
Boston Partners Small Cap Value Fund II
Institutional
Actual	$	1,000.00	$	920.40	$	5.24		1.10	%		–7.96%
Hypothetical (5% return before expenses)		1,000.00		1,019.34		5.51		1.10	%		N/A
Investor
Actual	$	1,000.00	$	918.90	$	6.42		1.35	%		–8.11%
Hypothetical (5% return before expenses)		1,000.00		1,018.10		6.76		1.35	%		N/A
Boston Partners Long/Short Equity Fund
Institutional
Actual	$	1,000.00	$	955.90	$	13.05		2.69	%(1)		–4.41%
Hypothetical (5% return before expenses)		1,000.00		1,011.46		13.42		2.69	%(1)		N/A
Investor
Actual	$	1,000.00	$	954.70	$	14.25		2.94	%(1)		–4.53%
Hypothetical (5% return before expenses)		1,000.00		1,010.22		14.65		2.94	%(1)		N/A
Boston Partners Long/Short Research Fund
Institutional
Actual	$	1,000.00	$	956.40	$	9.60		1.98	%(1)		–4.36%
Hypothetical (5% return before expenses)		1,000.00		1,014.98		9.89		1.98	%(1)		N/A
Investor
Actual	$	1,000.00	$	955.30	$	10.81		2.23	%(1)		–4.47%
Hypothetical (5% return before expenses)		1,000.00		1,013.74		11.13		2.23	%(1)		N/A
Boston Partners All-Cap Value Fund
Institutional
Actual	$	1,000.00	$	941.60	$	3.85		0.80	%		–5.84%
Hypothetical (5% return before expenses)		1,000.00		1,020.83		4.01		0.80	%		N/A
Investor
Actual	$	1,000.00	$	940.30	$	5.05		1.05	%		–5.97%
Hypothetical (5% return before expenses)		1,000.00		1,019.59		5.26		1.05	%		N/A

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BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES (concluded)

FEBRUARY 28, 2019 (unaudited)

	BEGINNING ACCOUNT VALUE SEPTEMBER 1, 2018		ENDING ACCOUNT VALUE FEBRUARY 28, 2019		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO			ACTUAL SIX-MONTH TOTAL INVESTMENT RETURN FOR THE FUND
WPG Partners Small/Micro Cap Value Fund
Institutional
Actual	$	1,000.00	$	893.90	$	5.17		1.10	%		–10.61%
Hypothetical (5% return before expenses)		1,000.00		1,019.34		5.51		1.10	%		N/A
Boston Partners Global Equity Fund
Institutional
Actual	$	1,000.00	$	931.30	$	4.55		0.95	%		–6.87%
Hypothetical (5% return before expenses)		1,000.00		1,020.08		4.76		0.95	%		N/A
Boston Partners Global Long/Short Fund
Institutional
Actual	$	1,000.00	$	954.40	$	10.47		2.17	%(1)		–4.56%
Hypothetical (5% return before expenses)		1,000.00		1,014.08		10.79		2.17	%(1)		N/A
Investor
Actual	$	1,000.00	$	954.00	$	11.68		2.42	%(1)		–4.60%
Hypothetical (5% return before expenses)		1,000.00		1,012.84		12.03		2.42	%(1)		N/A
Boston Partners Emerging Markets Long/Short Fund
Institutional
Actual	$	1,000.00	$	975.90	$	9.65		1.97	%(1)		–2.41%
Hypothetical (5% return before expenses)		1,000.00		1,015.03		9.84		1.97	%(1)		N/A
Boston Partners Emerging Markets Fund
Institutional
Actual	$	1,000.00	$	1,002.20	$	5.36		1.08	%		0.22%
Hypothetical (5% return before expenses)		1,000.00		1,019.44		5.41		1.08	%		N/A

*

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 0.24% of average net assets for the six-month period ended February 28, 2019 for both the Institutional Class and Investor Class of the Boston Partners Long/Short Equity Fund, 0.60% of average net assets for the Institutional Class and Investor Class of the Boston Partners Long/Short Research Fund, 0.52% 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.

Semi-Annual Report 2019  |  7

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
Portfolio Holdings Summary Tables (unaudited)

BOSTON PARTNERS SMALL CAP VALUE FUND II
SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Finance		32.9	%	$	191,712,205
Technology		12.3			71,461,987
Consumer Services		10.5			61,510,956
Capital Goods		10.1			59,076,004
Basic Industries		7.6			44,108,761
Real Estate Investment Trusts		6.7			38,807,407
Energy		4.6			26,909,792
Consumer Non-Durables		4.2			24,599,585
Health Care		2.9			16,993,076
Consumer Durables		1.7			9,871,811
Communications		1.1			6,259,666
Utilities		0.7			3,847,039
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL		29.2			170,373,006
SHORT-TERM INVESTMENTS		4.2			24,566,381
LIABILITIES IN EXCESS OF OTHER ASSETS		(28.7	)		(167,216,690	)
NET ASSETS		100.0	%	$	582,880,986

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
Technology		22.6	%	$	79,925,864
Consumer Services		14.3			50,609,404
Finance		14.2			49,989,586
Energy		11.5			40,649,006
Health Care		10.6			37,351,859
Capital Goods		7.6			26,912,240
Communications		4.9			17,295,972
Basic Industries		3.6			12,681,247
Real Estate Investment Trusts		3.0			10,633,685
Consumer Non-Durables		2.5			8,736,984
Utilities		2.1			7,326,935
Transportation		1.7			5,843,618
Consumer Durables		0.6			2,173,323
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING COLLATERAL		15.5			54,729,523
SHORT-TERM INVESTMENTS		0.6			2,029,092
SHORT POSITIONS:
COMMON STOCK
Technology		(13.1	)		(46,377,803	)
Consumer Services		(9.9	)		(34,792,650	)
Consumer Non-Durables		(5.2	)		(18,454,710	)
Health Care		(4.8	)		(17,078,997	)
Capital Goods		(4.6	)		(16,230,554	)
Finance		(3.7	)		(13,089,478	)
Communications		(2.6	)		(9,162,441	)
Consumer Durables		(2.3	)		(8,185,467	)
Utilities		(1.9	)		(6,720,294	)

BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)
SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
Basic Industries		(1.8	)%	$	(6,296,373	)
Real Estate Investment Trusts		(1.1	)		(3,697,561	)
Energy		(0.0	)		(7	)
OPTIONS WRITTEN		(0.1	)		(256,275	)
OTHER ASSETS IN EXCESS OF LIABILITIES		35.8			126,356,304
NET ASSETS		100.0	%	$	352,902,032

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
Finance		20.5	%	$	941,014,843
Technology		19.4			887,287,056
Consumer Services		12.4			568,393,202
Health Care		9.6			438,664,816
Capital Goods		9.3			425,665,761
Energy		8.3			380,820,474
Consumer Non-Durables		6.9			317,822,481
Basic Industries		4.1			187,994,145
Communications		2.9			134,532,425
Consumer Durables		2.8			126,112,447
Transportation		2.2			100,818,333
Real Estate Investment Trusts		0.6			29,286,409
Utilities		0.2			6,907,865
WARRANTS		0.0			124,972
SHORT-TERM INVESTMENTS		0.4			19,013,068
SHORT POSITIONS:
COMMON STOCK
Technology		(8.3	)		(382,121,861	)
Finance		(8.0	)		(366,023,514	)
Capital Goods		(6.3	)		(288,684,544	)
Consumer Services		(5.5	)		(250,250,997	)
Basic Industries		(4.7	)		(216,602,101	)
Consumer Non-Durables		(3.2	)		(147,093,549	)
Energy		(2.4	)		(108,777,229	)
Health Care		(2.2	)		(99,899,848	)
Consumer Durables		(1.2	)		(55,655,794	)
Real Estate Investment Trusts		(1.2	)		(54,446,189	)
Utilities		(0.8	)		(38,815,374	)
Communications		(0.6	)		(26,958,593	)
Transportation		(0.5	)		(22,315,433	)
OTHER ASSETS IN EXCESS OF LIABILITIES		45.3			2,074,255,819
NET ASSETS		100.0	%	$	4,581,069,090

Portfolio holdings are subject to change at any time.

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

8  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
Portfolio Holdings Summary Tables (continued)(unaudited)

BOSTON PARTNERS ALL-CAP VALUE FUND
SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Finance		29.7	%	$	604,518,325
Technology		20.2			410,370,473
Health Care		19.6			399,284,395
Consumer Services		7.4			151,236,608
Capital Goods		7.3			147,802,765
Energy		5.2			104,823,494
Consumer Non-Durables		2.9			58,534,169
Consumer Durables		1.8			37,460,149
Basic Industries		1.8			35,680,654
Transportation		0.6			12,055,278
Communications		0.5			10,267,117
RIGHTS		0.0			—
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL		26.0			528,806,686
SHORT-TERM INVESTMENTS		2.9			58,005,078
LIABILITIES IN EXCESS OF OTHER ASSETS		(25.9	)		(526,530,034	)
NET ASSETS		100.0	%	$	2,032,315,157

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		25.5	%	$	6,622,386
Capital Goods		13.3			3,458,011
Technology		10.9			2,835,547
Real Estate Investment Trusts		10.2			2,645,609
Consumer Services		7.9			2,052,708
Energy		7.2			1,880,910
Transportation		5.7			1,473,587
Basic Industries		5.0			1,285,879
Consumer Durables		4.5			1,156,615
Utilities		3.6			920,626
Health Care		1.5			396,197
Communications		0.6			153,314
Consumer Non-Durables		0.4			112,071
WARRANTS		0.0			2,304
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL		30.9			8,031,303
SHORT-TERM INVESTMENTS		5.0			1,286,867
LIABILITIES IN EXCESS OF OTHER ASSETS		(32.2	)		(8,357,381	)
NET ASSETS		100.0	%	$	25,956,553

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		20.7	%	$	143,771,853
Health Care		12.5			87,210,343
Information Technology		12.3			85,774,032
Industrials		10.7			74,227,923
Consumer Staples		10.2			70,969,517
Consumer Discretionary		7.4			51,180,722
Materials		7.3			50,784,721
Energy		6.6			45,966,859
Communication Services		6.3			44,081,006
Utilities		1.1			7,601,440
PREFERRED STOCKS 1.0 7,184,117 INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL		5.2			35,967,290
SHORT-TERM INVESTMENTS		3.9			26,777,391
LIABILITIES IN EXCESS OF OTHER ASSETS		(5.2	)		(35,980,947	)
NET ASSETS		100.0	%	$	695,516,267

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		19.6	%	$	167,875,956
Health Care		12.2			104,417,359
Industrials		11.0			94,371,758
Information Technology		10.8			91,993,834
Consumer Staples		9.8			83,885,097
Communication Services		8.9			75,660,977
Consumer Discretionary		8.0			68,753,106
Materials		7.7			65,488,799
Energy		6.9			58,913,573
Utilities		1.1			9,310,628
PREFERRED STOCKS		1.1			9,029,156
SHORT-TERM INVESTMENTS		3.1			26,770,041
SHORT POSITIONS:
COMMON STOCK
Financials		(8.2	)		(70,152,014	)
Industrials		(8.0	)		(68,727,505	)
Consumer Discretionary		(7.5	)		(64,141,317	)
Information Technology		(6.5	)		(55,690,513	)
Materials		(5.1	)		(43,820,689	)
Energy		(3.4	)		(28,924,918	)
Consumer Staples		(3.4	)		(28,815,019	)
Health Care		(3.0	)		(25,588,694	)
Communication Services		(1.9	)		(15,805,981	)
Utilities		(1.0	)		(8,702,383	)
Real Estate		(0.2	)		(1,904,679	)
PREFERRED STOCK		(0.3	)		(2,371,036	)
OPTIONS WRITTEN		(0.7	)		(5,631,850	)
OTHER ASSETS IN EXCESS OF LIABILITIES		49.0			418,407,915
NET ASSETS		100.0	%	$	854,601,601

Portfolio holdings are subject to change at any time.

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

Semi-Annual Report 2019  |  9

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
Portfolio Holdings Summary Tables (concluded) (unaudited)

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND
SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
LONG POSITIONS:
COMMON STOCK
Consumer Discretionary		19.6	%	$	12,272,855
Financials		10.5			6,561,684
Consumer Staples		7.9			4,931,879
Communication Services		7.0			4,397,468
Industrials		4.9			3,084,201
Real Estate		4.6			2,856,149
Information Technology		2.9			1,833,303
Health Care		2.3			1,461,121
Energy		1.5			932,774
Utilities		1.2			736,473
Materials		1.0			611,197
PREFERRED STOCKS		3.7			2,289,554
RIGHTS		0.0			—
WARRANTS		0.0			1,362
SHORT-TERM INVESTMENTS		28.2			17,652,981
OTHER ASSETS IN EXCESS OF LIABILITIES		4.7			2,947,097
NET ASSETS		100.0	%	$	62,570,098

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS EMERGING MARKETS FUND
SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Consumer Discretionary		21.6	%	$	2,035,254
Financials		14.9			1,401,297
Communication Services		10.7			1,011,093
Consumer Staples		8.7			821,349
Information Technology		7.8			732,908
Industrials		5.9			555,923
Real Estate		5.2			491,046
Health Care		2.2			207,698
Utilities		1.1			107,828
Energy		1.0			96,522
Materials		1.0			92,689
PREFERRED STOCKS		0.2			22,520
RIGHTS		0.0			—
SHORT-TERM INVESTMENTS		19.4			1,829,395
OTHER ASSETS IN EXCESS OF LIABILITIES		0.3			30,226
NET ASSETS		100.0	%	$	9,435,748

Portfolio holdings are subject to change at any time.

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

10  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments (unaudited)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—95.3%
Basic Industries—7.6%
Ferro Corp.*		105,172	$	2,039,285
Graphic Packaging Holding Co.(a)		725,557		8,837,284
Innophos Holdings, Inc.		80,006		2,656,199
Orion Engineered Carbons SA		145,674		4,059,934
Owens-Illinois, Inc.(a)		215,344		4,289,653
PQ Group Holdings, Inc.*(a)		251,795		4,124,402
Schweitzer-Mauduit International, Inc.		141,702		5,464,029
SunCoke Energy, Inc.*		550,563		5,461,585
Valvoline, Inc.(a)		381,926		7,176,390
				44,108,761
Capital Goods—10.1%
Aegion Corp.*(a)		125,999		2,187,343
Ampco-Pittsburgh Corp.*		37,108		146,205
BMC Stock Holdings, Inc.*(a)		325,548		6,227,733
Continental Building Products, Inc.*(a)		80,384		2,317,471
Ferroglobe PLC(a)		302,576		832,084
Ferroglobe Representation & Warranty Insurance*‡		276,005		0
Foundation Building Materials, Inc.*		118,198		1,314,362
Granite Construction, Inc.(a)		45,086		2,099,204
LCI Industries(a)		81,314		6,625,465
Minerals Technologies, Inc.		84,897		5,025,902
NN, Inc.(a)		123,138		1,220,297
Orion Group Holdings, Inc.*		275,935		1,172,724
Timken Co., (The)		85,500		3,709,845
Trinseo SA		76,715		3,850,326
Tutor Perini Corp.*(a)		158,650		2,985,793
WESCO International, Inc.*		204,891		11,156,315
World Fuel Services Corp.		296,314		8,204,935
				59,076,004
Communications—1.1%
AMC Networks, Inc. Class A*(a)		95,262		6,259,666
Consumer Durables—1.7%
La-Z-Boy, Inc.(a)		110,705		3,809,359
Standard Motor Products, Inc.		38,864		1,915,995
Strattec Security Corp.		18,909		585,801
Tower International, Inc.		138,817		3,560,656
				9,871,811
Consumer Non-Durables—4.2%
Energizer Holdings, Inc.(a)		124,160		5,696,461
Fresh Del Monte Produce, Inc.(a)		94,318		2,610,722
Skechers U.S.A., Inc. Class A*		232,899		7,832,393
Steven Madden Ltd.(a)		147,937		4,880,442
Universal Corp.		60,323		3,579,567
				24,599,585
Consumer Services—10.5%
ABM Industries, Inc.(a)		127,643		4,551,749
ACCO Brands Corp.(a)		335,492		3,120,076
ASGN, Inc.*		75,788		4,881,505
CBIZ, Inc.*		126,802		2,615,925
Civeo Corp.*		452,858		1,177,431
Ennis, Inc.(a)		50,561		1,071,893
Entercom Communications Corp. Class A(a)		291,523		1,795,782
FTI Consulting, Inc.*(a)		79,405		5,888,675
Group 1 Automotive, Inc.(a)		24,311		1,511,658
Huron Consulting Group, Inc.*		37,914		1,737,219

	NUMBER OF SHARES		VALUE
Consumer Services—(continued)
ICF International, Inc.		65,878	$	4,975,107
Lithia Motors, Inc. Class A(a)		108,437		9,788,608
MAXIMUS, Inc.(a)		46,189		3,264,639
Navigant Consulting, Inc.(a)		97,370		2,004,848
PRA Group, Inc.*(a)		87,309		2,810,477
Scholastic Corp.(a)		31,691		1,340,846
Tetra Tech, Inc.		102,158		6,131,523
TravelCenters of America LLC*(a)		184,334		836,876
Viad Corp.		34,648		2,006,119
				61,510,956
Energy—4.6%
Apergy Corp.*		83,311		3,497,396
Cactus, Inc., Class A*		101,059		3,664,399
Enerplus Corp.		499,027		4,401,418
Extraction Oil & Gas, Inc.*(a)		264,182		1,109,564
Forum Energy Technologies, Inc.*(a)		228,409		1,331,625
Jagged Peak Energy, Inc.*(a)		138,659		1,313,101
Key Energy Services, Inc.*(a)		121,636		311,388
Kosmos Energy Ltd.*(a)		598,697		3,831,661
Nine Energy Service, Inc.*(a)		146,602		3,843,904
ProPetro Holding Corp.*		116,306		2,309,837
Superior Energy Services, Inc.*(a)		276,816		1,295,499
				26,909,792
Finance—32.9%
Air Lease Corp.(a)		200,555		7,492,735
AMERISAFE, Inc.		43,726		2,759,548
Ares Commercial Real Estate Corp.		113,591		1,733,399
Assured Guaranty Ltd.		288,602		12,052,019
Axis Capital Holdings Ltd.		37,809		2,157,760
BankUnited, Inc.		154,564		5,640,040
Boston Private Financial Holdings, Inc.		235,130		2,795,696
Cadence BanCorp(a)		215,149		4,300,828
CenterState Banks, Inc.		129,406		3,424,083
Columbia Banking System, Inc.(a)		26,074		987,683
Essent Group Ltd.*		186,259		8,035,213
Evercore, Inc.		33,566		3,091,429
Federal Agricultural Mortgage Corp., Class C		53,334		4,366,455
First Citizens BancShares Inc., Class A		7,805		3,407,507
First Hawaiian, Inc.		202,919		5,470,696
First Merchants Corp.(a)		86,831		3,507,104
First Midwest Bancorp Inc.(a)		106,712		2,470,383
FirstCash, Inc.		42,551		3,730,021
Flushing Financial Corp.(a)		63,444		1,472,535
Gladstone Capital Corp.(a)		36,337		329,577
Global Indemnity Ltd. Class A		33,317		1,285,370
Greenhill & Co, Inc.(a)		68,808		1,619,740
Hanmi Financial Corp.(a)		130,537		3,012,794
Hanover Insurance Group Inc., (The)		31,114		3,693,543
Heritage Financial Corp.		81,662		2,688,313
Hope Bancorp, Inc.		130,647		1,904,833
James River Group Holdings Ltd.		98,336		4,040,626
Luther Burbank Corp.		209,105		2,187,238
Merchants Bancorp(a)		92,160		1,921,536
National General Holdings Corp.(a)		311,475		8,039,170
Navient Corp.(a)		658,444		8,046,186
Nelnet, Inc., Class A		125,636		6,887,365
NMI Holdings, Inc. Class A*(a)		139,486		3,368,587

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

Semi-Annual Report 2019  |  11

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES		VALUE
Finance—(continued)
Peapack Gladstone Financial Corp.		101,908	$	2,963,485
PennyMac Financial Services, Inc.		172,939		4,032,937
Preferred Bank(a)		51,305		2,627,842
ProAssurance Corp.		80,425		3,265,255
Radian Group, Inc.		190,031		3,869,031
RBB Bancorp		71,247		1,542,498
Silvercrest Asset Management Group, Inc. Class A		267,953		4,016,615
SLM Corp.*(a)		1,107,598		12,238,958
South State Corp.(a)		14,501		1,030,151
State Auto Financial Corp.		53,167		1,790,133
Stewart Information Services Corp.		41,034		1,761,590
Stifel Financial Corp.(a)		40,191		2,187,596
Synovus Financial Corp.		130,871		5,192,961
Umpqua Holdings Corp.(a)		92,784		1,686,813
Walker & Dunlop, Inc.		186,981		10,433,540
Washington Federal, Inc.		67,798		2,080,043
White Mountains Insurance Group Ltd.		3,271		3,072,745
				191,712,205
Health Care—2.9%
Chemed Corp.		9,831		3,239,314
ICON PLC*		30,319		4,244,054
LHC Group, Inc.*(a)		40,877		4,483,798
Patterson Cos, Inc.(a)		87,703		1,977,703
Syneos Health, Inc.*(a)		72,976		3,048,207
				16,993,076
Real Estate Investment Trusts—6.7%
Blackstone Mortgage Trust, Inc. Class A(a)		197,139		6,797,353
Chatham Lodging Trust		124,860		2,494,703
Cousins Properties, Inc.(a)		198,676		1,891,395
Front Yard Residential Corp.		61,260		681,824
Gladstone Commercial Corp.(a)		42,753		882,422
MFA Financial, Inc.(a)		681,678		4,955,799
Realogy Holdings Corp.(a)		245,027		3,332,367
Retail Properties of America, Inc.		177,317		2,209,370
Starwood Property Trust, Inc.(a)		189,195		4,243,644
Two Harbors Investment Corp.(a)		816,044		11,318,530
				38,807,407
Technology—12.3%
Bel Fuse, Inc., Class B(a)		134,056		3,277,669
Belden, Inc.(a)		96,599		5,968,852
Brooks Automation, Inc.(a)		199,240		6,397,596
Ciena Corp.*		227,334		9,698,069
EnerSys(a)		76,592		5,654,021
EVERTEC, Inc.		99,663		2,852,355
Insight Enterprises, Inc.*		76,330		4,260,741
NCR Corp.*(a)		152,856		4,283,025
PC Connection, Inc.		30,857		1,241,686
Science Applications International Corp.		35,094		2,621,522
SMART Global Holdings, Inc.*(a)		112,878		3,308,454
Sykes Enterprises, Inc.*(a)		167,198		4,947,389
SYNNEX Corp.(a)		83,771		8,219,611
TTEC Holdings, Inc.		166,824		5,715,390
Versum Materials, Inc.		61,543		3,015,607
				71,461,987

	NUMBER OF SHARES		VALUE
Utilities—0.7%
Portland General Electric Co.		37,420	$	1,876,239
Pure Cycle Corp.*		194,359		1,970,800
				3,847,039
TOTAL COMMON STOCKS (Cost $468,631,505)				555,158,289
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—29.2%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%(b)		170,373,006		170,373,006
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $170,373,006)				170,373,006
SHORT-TERM INVESTMENTS—4.2%
Fidelity Investments Money Market Funds—Government Portfolio, Class I, 2.28%(b)		24,566,381		24,566,381
TOTAL SHORT-TERM INVESTMENTS (Cost $24,566,381)				24,566,381
TOTAL INVESTMENTS—128.7% (Cost $663,570,892)				750,097,676
LIABILITIES IN EXCESS OF OTHER
ASSETS—(28.7)%				(167,216,690	)
NET ASSETS—100.0%			$	582,880,986

PLC	—	Public Limited Company
*	—	Non-income producing.
(a)	—	All or a portion of the security is on loan. At February 28,2019, the market value of securities on loan was $164,342,194.
(b)	—	Seven-day yield as of February 28, 2019.
‡	—	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2019, these securities amounted to $0 or 0.0% of net assets.
		Industry classifications may be different than those used for compliance monitoring purposes.

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

12  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments (concluded) (unaudited)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2019 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3			INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Basic Industries	$	44,108,761	$	44,108,761	$	—	$	—		$	—
Capital Goods		59,076,004		59,076,004		—		—	**		—
Communications		6,259,666		6,259,666		—		—			—
Consumer Durables		9,871,811		9,871,811		—		—			—
Consumer Non-Durables		24,599,585		24,599,585		—		—			—
Consumer Services		61,510,956		61,510,956		—		—			—
Energy		26,909,792		26,909,792		—		—			—
Finance		191,712,205		191,712,205		—		—			—
Health Care		16,993,076		16,993,076		—		—			—
Real Estate Investment Trusts		38,807,407		38,807,407		—		—			—
Technology		71,461,987		71,461,987		—		—			—
Utilities		3,847,039		3,847,039		—		—			—
Investments Purchased with Proceeds from Securities Lending Collateral		170,373,006		—		—		—			170,373,006
Short-Term Investments		24,566,381		24,566,381		—		—			—
Total Assets	$	750,097,676	$	579,724,670	$	—	$	—	**	$	170,373,006

*	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.
**	Value equals zero as of the end of the reporting period.

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

Semi-Annual Report 2019  |  13

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (unaudited)

	NUMBER OF SHARES		VALUE
LONG POSITIONS—115.3%
COMMON STOCKS—99.2%
Basic Industries—3.6%
BHP Billiton Ltd. - SP ADR(a)		34,155	$	1,806,800
Eastman Chemical Co.		22,474		1,858,375
Freeport-McMoRan, Inc.†		133,027		1,716,048
LyondellBasell Industries NV, Class A		14,245		1,218,232
Mosaic Co., (The)		80,638		2,521,550
Nutrien Ltd.		29,169		1,587,960
Rio Tinto PLC - SP ADR†		33,888		1,972,282
				12,681,247
Capital Goods—7.6%
Argan, Inc.		49,324		2,293,566
CECO Environmental Corp.*(a)		187,160		1,426,159
Colfax Corp.*(a)		109,412		2,895,042
DMC Global, Inc.		52,326		2,458,275
Ferroglobe Representation & Warranty Insurance*‡		386,647		0
Fluor Corp.(a)†		53,497		2,011,487
Graham Corp.		66,598		1,508,445
Hexcel Corp.(a)		20,204		1,457,517
Jacobs Engineering Group, Inc.†		27,867		2,056,027
KBR, Inc.†		117,096		2,313,817
Manitex International, Inc.*(a)		211,234		1,613,828
Quanta Services, Inc.		52,874		1,884,429
Safran SA - ADR†		85,892		2,925,482
World Fuel Services Corp.†		74,690		2,068,166
				26,912,240
Communications—4.9%
Charter Communications, Inc., Class A*(a)†		9,810		3,383,567
Comcast Corp., Class A†		208,033		8,044,636
KT Corp. - SP ADR*		133,158		1,780,322
Mobile TeleSystems PJSC - SP ADR		193,104		1,492,694
Naspers Ltd. - SP ADR		59,925		2,594,753
				17,295,972
Consumer Durables—0.6%
Sony Corp. - SP ADR		45,287		2,173,323
Consumer Non-Durables—2.5%
Coca-Cola European Partners PLC		45,628		2,150,904
Huami Corp. - ADR*		84,955		1,586,110
Nomad Foods Ltd.*†		101,027		2,030,643
Skechers U.S.A., Inc. Class A*(a)		88,294		2,969,327
				8,736,984
Consumer Services—14.3%
Aramark		74,838		2,267,591
Barrett Business Services, Inc.†		17,211		1,351,752
CarMax, Inc.*(a)		24,092		1,496,113
CDK Global, Inc.(a)		46,378		2,690,388
CVS Health Corp.†		62,827		3,633,285
Dollar General Corp.		16,026		1,898,440
FleetCor Technologies, Inc.*		8,724		2,035,135
Gap, Inc., (The) (a)		69,253		1,759,026
Hackett Group Inc., (The)		75,893		1,234,020
ICF International, Inc.		30,063		2,270,358
IHS Markit Ltd.*		35,535		1,889,396
International Game Technology PLC (a)†		110,158		1,900,225

	NUMBER OF SHARES		VALUE
Consumer Services—(continued)
KAR Auction Services, Inc.		30,938	$	1,458,727
Korn/Ferry International		29,292		1,429,157
Kroger Co., (The)†		59,298		1,739,210
Las Vegas Sands Corp.		33,571		2,062,267
Liquidity Services, Inc.*		104,987		724,410
Multichoice Group Ltd.*		11,985		90,487
Perficient, Inc.*		65,241		1,866,545
Points International Ltd.*		93,867		1,127,343
QuinStreet, Inc.*(a)		87,330		1,169,349
Qurate Retail, Inc.*(a)		105,834		1,906,070
Stars Group Inc., (The)*		125,450		2,091,548
Tailored Brands, Inc.†		121,236		1,571,219
Tetra Tech, Inc.		28,298		1,698,446
Walgreens Boots Alliance, Inc.(a)		30,410		2,164,888
Walt Disney Co. (The)(a)†		21,870		2,467,811
Wyndham Destinations, Inc.†		58,099		2,616,198
				50,609,404
Energy—11.5%
Anadarko Petroleum Corp.(a)†		32,051		1,394,219
Archrock, Inc.†		211,456		2,063,813
Canadian Natural Resources Ltd.†		69,872		1,984,365
Chevron Corp.†		60,271		7,207,206
Crescent Point Energy Corp.		301,143		966,669
Dawson Geophysical Co.*(a)		102,305		369,321
Enerplus Corp.		104,289		919,829
EOG Resources, Inc.†		22,068		2,074,392
Halliburton Co.(a)†		85,402		2,620,987
Marathon Oil Corp.†		148,662		2,467,789
Marathon Petroleum Corp.		23,168		1,436,648
Mitcham Industries, Inc.*		326,912		1,333,801
Oceaneering International, Inc.*		57,847		893,736
Parsley Energy, Inc., Class A*		55,747		1,011,251
Phillips 66†		23,715		2,285,177
Pioneer Natural Resources Co.(a)†		10,300		1,451,785
ProPetro Holding Corp.*(a)		83,377		1,655,867
Schlumberger Ltd.†		89,201		3,930,196
Solaris Oilfield Infrastructure, Inc. Class A(a)		66,967		1,138,439
Valero Energy Corp.†		16,784		1,368,903
Viper Energy Partners LP(a)†		63,039		2,074,613
				40,649,006
Finance—14.2%
AerCap Holdings NV*†		26,531		1,197,609
AMERCO(a)		5,938		2,283,695
American International Group, Inc.(a)		44,773		1,934,194
Arthur J Gallagher & Co.(a)		23,163		1,859,526
Banco Macro SA - ADR		30,512		1,540,856
Bank of America Corp.†		144,329		4,197,087
Bar Harbor Bankshares		4,116		106,275
Berkshire Hathaway, Inc., Class B*†#		36,458		7,338,995
BGC Partners, Inc., Class A(a)		212,329		1,301,577
Citigroup, Inc.†		101,194		6,474,392
Discover Financial Services†		35,500		2,542,155
E*TRADE Financial Corp.		42,972		2,105,198
FedNat Holding Co.(a)		81,624		1,489,638
Fortress Transportation & Infrastructure Investors LLC		62,852		1,006,889
Jefferies Financial Group, Inc.†		83,363		1,689,768

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

14  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES		VALUE
Finance—(continued)
Lazard Ltd., Class A†		43,098	$	1,613,158
Loews Corp.(a)		39,649		1,888,085
Morgan Stanley†		83,775		3,516,875
Stifel Financial Corp.(a)†		66,408		3,614,588
Umpqua Holdings Corp.(a)†		125,909		2,289,026
				49,989,586
Health Care—10.6%
Akebia Therapeutics, Inc.*(a)		211,849		1,542,261
Anthem, Inc.†		10,210		3,070,453
Celgene Corp.*		22,097		1,836,703
Cigna Corp.†		15,564		2,714,984
DaVita, Inc.*		32,018		1,821,824
Exelixis, Inc.*(a)†		114,397		2,561,349
HCA Healthcare, Inc.†		24,652		3,427,614
Jazz Pharmaceuticals PLC*		12,642		1,770,259
Johnson & Johnson†		34,341		4,692,354
Laboratory Corp. of America Holdings*†		20,770		3,078,945
Medtronic PLC†		30,867		2,793,464
Novartis AG - SP ADR†		39,979		3,647,284
Tivity Health, Inc.*(a)		33,583		718,676
UnitedHealth Group, Inc.†		15,175		3,675,689
				37,351,859
Real Estate Investment Trusts—3.0%
CatchMark Timber Trust, Inc., Class A(a)		112,952		1,078,691
Industrial Logistics Properties Trust		99,972		2,085,416
Medical Properties Trust, Inc.(a)		78,034		1,422,560
Newmark Group, Inc., Class A		115,298		1,067,659
Piedmont Office Realty Trust, Inc., Class A		106,338		2,176,739
Wheeler Real Estate Investment Trust, Inc.*(a)		343,391		690,216
Xenia Hotels & Resorts, Inc.		108,162		2,112,404
				10,633,685
Technology—22.6%
Baidu, Inc. - SP ADR*†		21,293		3,460,964
Booking Holdings, Inc.*		1,023		1,736,072
CACI International, Inc., Class A*		15,863		2,891,190
Capgemini SE - ADR		86,801		2,074,110
CDW Corp.		23,473		2,203,880
Citrix Systems, Inc.(a)		19,766		2,085,313
Cognizant Technology Solutions Corp., Class A†		36,158		2,566,495
Coherent, Inc.*(a)		16,251		2,162,683
Dolby Laboratories, Inc. Class A†		30,638		1,985,342
EchoStar Corp., Class A*		56,848		2,192,059
Euronet Worldwide, Inc.*(a)		17,580		2,361,346
EVERTEC, Inc.†		82,159		2,351,391
Fabrinet*(a)		29,554		1,728,909
Facebook, Inc., Class A*		33,437		5,398,404
First Data Corp., Class A*(a)†		101,615		2,554,601
Flex Ltd.*†		78,102		823,195
Hollysys Automation Technologies, Ltd.		139,241		3,081,403
Infosys Ltd. - SP ADR(a)		188,850		2,024,472
Insight Enterprises, Inc.*†		53,983		3,013,331
InterDigital Inc.(a)		30,046		2,095,108

	NUMBER OF SHARES		VALUE
Technology—(continued)
LogMeIn, Inc.(a)		27,175	$	2,158,782
Marvell Technology Group Ltd.(a)		97,107		1,937,285
Maxim Integrated Products, Inc.		35,773		1,947,124
Microchip Technology, Inc.(a)		20,420		1,773,885
Model N, Inc.*		76,452		1,322,620
Net 1 UEPS Technologies, Inc.*		316,059		1,235,791
Nuance Communications, Inc.*		150,437		2,522,828
Open Text Corp.		39,007		1,479,145
Rubicon Project Inc., (The)*		335,745		1,970,823
Sabre Corp.†		121,337		2,721,589
Sensata Technologies Holding PLC*(a)		28,279		1,434,594
SINA Corp.*		13,932		938,599
SYNNEX Corp.(a)†		31,720		3,112,366
WageWorks, Inc.*(a)		53,248		1,751,859
YY, Inc. - ADR*		26,863		1,893,842
Zebra Technologies Corp., Class A*†		14,635		2,934,464
				79,925,864
Transportation—1.7%
Forward Air Corp.(a)		21,038		1,360,107
Golar LNG Partners LP		52,164		672,916
Overseas Shipholding Group, Inc., Class A*		463,869		913,822
Teekay LNG Partners LP		86,237		1,228,015
United Parcel Service, Inc., Class B†		15,143		1,668,758
				5,843,618
Utilities—2.1%
Cheniere Energy, Inc.*		25,586		1,649,017
Enterprise Products Partners LP		71,438		1,975,261
MPLX LP		57,080		1,892,773
TerraForm Power, Inc., Class A		144,675		1,809,884
				7,326,935
TOTAL COMMON STOCKS (Cost $281,770,179)				350,129,723
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—15.5%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%(b)		54,729,523		54,729,523
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $54,729,523)				54,729,523
SHORT-TERM INVESTMENTS—0.6%
Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio, Institutional Class, 2.28%(b)		2,029,092		2,029,092
TOTAL SHORT-TERM INVESTMENTS (Cost $2,029,092)				2,029,092
TOTAL LONG POSITIONS—115.3% (Cost $338,528,794)				406,888,338

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

Semi-Annual Report 2019  |  15

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES			VALUE
SECURITIES SOLD SHORT—(51.0%)
COMMON STOCKS—(51.0%)
Basic Industries—(1.8%)
CryoPort, Inc.*		(112,267	)	$	(1,291,070	)
MAG Silver Corp.*		(138,684	)		(1,357,716	)
Mountain Province Diamonds, Inc.*		(38,279	)		(40,142	)
Seabridge Gold, Inc.*		(84,833	)		(1,215,657	)
Tanzanian Royalty Exploration Corp.*		(147,000	)		(94,021	)
Trex Co., Inc.*		(21,868	)		(1,639,007	)
Uranium Energy Corp.*		(522,825	)		(658,760	)
					(6,296,373	)
Capital Goods—(4.6%)
AAON, Inc.		(51,606	)		(2,057,015	)
Applied Energetics, Inc.*		(333,673	)		(32,700	)
Axon Enterprise, Inc.*		(35,375	)		(1,904,236	)
Blue Bird Corp.*		(98,728	)		(1,836,341	)
DynaMotive Energy Systems Corp.*‡		(72,185	)		(7	)
GCP Applied Technologies, Inc.*		(68,725	)		(2,059,688	)
KeyW Holding Corp., (The)*		(153,981	)		(1,139,459	)
Kornit Digital Ltd.*		(95,810	)		(2,146,144	)
Kratos Defense & Security Solutions, Inc.*		(126,218	)		(2,169,688	)
Proto Labs, Inc.*		(13,512	)		(1,526,721	)
Summit Materials, Inc., Class A*		(79,915	)		(1,358,555	)
					(16,230,554	)
Communications—(2.6%)
CTC Communications Group, Inc.*‡		(98,900	)		0
GTT Communications, Inc.*		(47,154	)		(1,474,034	)
Netflix, Inc.*		(21,470	)		(7,688,407	)
					(9,162,441	)
Consumer Durables—(2.3%)
Century Communities, Inc.*		(69,493	)		(1,586,525	)
GoPro, Inc., Class A*		(321,972	)		(1,877,097	)
iRobot Corp.*		(12,652	)		(1,582,259	)
Kandi Technologies Group, Inc.*		(66,950	)		(484,049	)
National Presto Industries, Inc.		(9,341	)		(1,047,500	)
Qsound Labs, Inc.*‡		(4,440	)		0
Tesla, Inc.*		(5,027	)		(1,608,037	)
					(8,185,467	)
Consumer Non-Durables—(5.2%)
Amish Naturals, Inc.*‡		(25,959	)		0
Canada Goose Holdings, Inc.*		(22,420	)		(1,275,922	)
elf Beauty, Inc.*		(132,445	)		(1,052,938	)
Fitbit, Inc., Class A*		(336,040	)		(1,989,357	)
Freshpet, Inc.*		(44,236	)		(1,823,408	)
Lancaster Colony Corp.		(5,674	)		(889,513	)
Limoneira Co.		(70,011	)		(1,638,257	)
Marine Products Corp.		(38,933	)		(551,291	)
MGP Ingredients, Inc.		(22,901	)		(1,874,447	)
Monster Beverage Corp.*		(37,524	)		(2,395,157	)
National Beverage Corp.		(27,472	)		(1,884,304	)
Primo Water Corp.*		(147,214	)		(2,159,629	)
Valence Technology, Inc.*‡		(27,585	)		(3	)
Vince Holding Corp.*		(63,307	)		(920,484	)
					(18,454,710	)

	NUMBER OF SHARES			VALUE
Consumer Services—(9.9%)
ADT, Inc.		(137,006	)	$	(1,096,048	)
Ascena Retail Group, Inc.*		(332,422	)		(737,977	)
Brink’s Co. (The)		(28,784	)		(2,271,633	)
Carvana Co.*		(51,708	)		(2,319,621	)
Chegg, Inc.*		(43,888	)		(1,739,281	)
Chuy’s Holdings, Inc.*		(63,243	)		(1,414,746	)
Cimpress NV*		(17,460	)		(1,440,450	)
Corporate Resource Services, Inc.*		(218,896	)		(120	)
Dave & Buster’s Entertainment, Inc.		(29,029	)		(1,490,059	)
Domino’s Pizza, Inc.		(7,180	)		(1,801,749	)
Fiesta Restaurant Group, Inc.*		(72,344	)		(1,090,224	)
Lands’ End, Inc.*		(92,113	)		(1,679,220	)
MarineMax, Inc.*		(47,241	)		(927,341	)
Meredith Corp.		(15,611	)		(894,042	)
Natural Grocers by Vitamin Cottage, Inc.*		(53,654	)		(761,887	)
Noodles & Co.*		(198,953	)		(1,559,791	)
Pinduoduo, Inc. - ADR*		(60,975	)		(1,825,591	)
SeaWorld Entertainment, Inc.*		(70,571	)		(1,925,883	)
Select Interior Concepts, Inc., Class A*		(16,016	)		(208,208	)
Shake Shack, Inc. Class A*		(26,377	)		(1,454,428	)
Sonic Automotive, Inc., Class A		(65,791	)		(988,839	)
Town Sports International Holdings, Inc.*		(190,994	)		(1,040,917	)
TransEnterix, Inc.*		(258,389	)		(643,389	)
TripAdvisor, Inc.*		(46,931	)		(2,495,321	)
Wayfair, Inc. Class A*		(18,022	)		(2,985,885	)
					(34,792,650	)
Energy—0.0%
Beard Co.*		(9,710	)		(7	)
Finance—(3.7%)
Farmers & Merchants Bancorp Inc.		(38,823	)		(1,188,372	)
Kinsale Capital Group, Inc.		(33,988	)		(2,269,039	)
RLI Corp.		(27,815	)		(1,961,514	)
Siebert Financial Corp.*		(99,983	)		(1,259,786	)
Southside Bancshares, Inc.		(31,771	)		(1,103,089	)
Trupanion, Inc.*		(72,661	)		(2,205,261	)
Westamerica Bancorporation		(29,775	)		(1,913,937	)
WillScot Corp.*		(116,632	)		(1,188,480	)
					(13,089,478	)
Health Care—(4.8%)
Align Technology, Inc.*		(11,284	)		(2,922,217	)
BodyTel Scientific, Inc.*‡		(4,840	)		0
CareView Communications, Inc.*		(190,048	)		(2,651	)
Corbus Pharmaceuticals Holdings, Inc.*		(93,856	)		(651,361	)
Corindus Vascular Robotics, Inc.*		(423,600	)		(559,152	)
Cross Country Healthcare, Inc.*		(181,246	)		(1,584,090	)
Endologix, Inc.*		(343,274	)		(178,880	)
Heska Corp.*		(26,778	)		(2,190,173	)
Natera, Inc.*		(52,831	)		(836,843	)
Quidel Corp.*		(28,055	)		(1,839,286	)
ResMed, Inc.		(14,527	)		(1,488,001	)
Tactile Systems Technology, Inc.*		(43,420	)		(3,300,354	)
ViewRay, Inc.*		(174,424	)		(1,479,116	)
Vital Therapies, Inc.*		(197,778	)		(46,873	)
					(17,078,997	)

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

16  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES			VALUE
Real Estate Investment Trusts—(1.1%)
Agree Realty Corp.		(27,717	)	$	(1,821,839	)
Redfin Corp.*		(93,927	)		(1,875,722	)
					(3,697,561	)
Technology—(13.1%)
2U, Inc.*		(17,063	)		(1,257,543	)
8x8, Inc.*		(113,085	)		(2,224,382	)
ANTs Software, Inc.*‡		(10,334	)		(1	)
Benefitfocus, Inc.*		(20,468	)		(1,005,388	)
Box, Inc., Class A*		(62,221	)		(1,259,353	)
Capstone Turbine Corp.*		(26,386	)		(22,162	)
Consygen, Inc.*‡		(200	)		0
Cree, Inc.*		(39,590	)		(2,154,092	)
Ener1, Inc.*‡		(102,820	)		(10	)
Enphase Energy, Inc.*		(452,739	)		(4,106,343	)
FireEye, Inc.*		(102,230	)		(1,713,375	)
Glu Mobile, Inc.*		(121,955	)		(1,095,156	)
Harmonic, Inc.*		(393,550	)		(2,172,396	)
Impinj, Inc.*		(72,357	)		(1,210,533	)
Inovalon Holdings, Inc., Class A*		(101,955	)		(1,339,689	)
Inseego Corp.*		(450,552	)		(2,405,948	)
Instructure, Inc.*		(42,610	)		(1,991,165	)
Interliant, Inc.*‡		(600	)		0
Knowles Corp.*		(116,519	)		(1,896,929	)
LivePerson, Inc.*		(51,805	)		(1,448,468	)
Medidata Solutions, Inc.*		(28,137	)		(2,110,838	)
Nestor, Inc.*‡		(15,200	)		(1	)
NetScout Systems, Inc.*		(80,665	)		(2,207,801	)
Proofpoint, Inc.*		(18,044	)		(2,130,816	)
PROS Holdings, Inc.*		(65,717	)		(2,799,544	)
Shopify, Inc., Class A*		(9,385	)		(1,775,173	)
Sonos, Inc.*		(80,615	)		(832,753	)
Spotify Technology SA*		(16,904	)		(2,368,926	)
Square, Inc., Class A*		(22,544	)		(1,831,474	)
SunPower Corp.*		(245,880	)		(1,585,926	)
Tiger Telematics, Inc.*‡		(6,510	)		0
TrueCar, Inc.*		(197,726	)		(1,431,536	)
Uni-Pixel, Inc.*		(19,665	)		(24	)
Worldgate Communications, Inc.*‡		(582,655	)		(58	)
Xybernaut Corp.*‡		(34,156	)		0
					(46,377,803	)
Utilities—(1.9%)
Cadiz, Inc.*		(54,282	)		(533,592	)
California Water Service Group		(40,442	)		(2,103,793	)
MGE Energy, Inc.		(20,031	)		(1,280,382	)
PNM Resources, Inc.		(24,011	)		(1,048,800	)
Sempra Energy		(14,561	)		(1,753,727	)
					(6,720,294	)
TOTAL COMMON STOCKS (Proceeds $(177,724,833))					(180,086,335	)
TOTAL SECURITIES SOLD SHORT—(51.0%) (Proceeds $(177,724,833))					(180,086,335	)

	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			VALUE
OPTIONS WRITTEN††—(0.1%)
Call Options Written—(0.1%)
Energous Corp.
Expiration: 01/17/2020, Exercise Price: 20.00		(623	)		(358,848	)	$	(18,690	)
Tesla, Inc.
Expiration: 08/16/2019, Exercise Price: 365.00		(63	)		(2,015,244	)		(153,090	)
TOTAL CALL OPTIONS WRITTEN (Premiums received $(660,851))								(171,780	)
Put Options Written—(0.0%)
Berkshire Hathaway, Inc., Class B
Expiration: 01/17/2020, Exercise Price: 185.00		(131	)		(2,637,030	)		(84,495	)
TOTAL PUT OPTIONS WRITTEN (Premiums received $(183,119))								(84,495	)
TOTAL OPTIONS WRITTEN (Premiums received $(843,970))								(256,275	)
OTHER ASSETS IN EXCESS OF LIABILITIES—35.8%								126,356,304
NET ASSETS—100.0%							$	352,902,032

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, 2019, the market value of securities on loan was $52,788,759.
†	—	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.
‡	—	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, 2019, short securities amounted to $(80) or 0.0% of net assets.
		Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report 2019  |  17

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (concluded) (unaudited)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2019 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3			INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Basic Industries	$	12,681,247		$	12,681,247		$	—		$	—		$	—
Capital Goods		26,912,240			26,912,240			—			—	**		—
Communications		17,295,972			17,295,972			—			—			—
Consumer Durables		2,173,323			2,173,323			—			—			—
Consumer Non-Durables		8,736,984			8,736,984			—			—			—
Consumer Services		50,609,404			50,518,917			—			—			—
Energy		40,649,006			40,649,006			—			—			—
Finance		49,989,586			49,989,586			—			—			—
Health Care		37,351,859			37,351,859			—			—			—
Real Estate Investment Trusts		10,633,685			10,633,685			—			—			—
Technology		79,925,864			79,925,864			—			—			—
Transportation		5,843,618			5,843,618			—			—			—
Utilities		7,326,935			7,326,935			—			—			—
Investments Purchased with Proceeds from Securities Lending Collateral		54,729,523			—			—			—			54,729,523
Short-Term Investments		2,029,092			2,029,092			—			—			—
Total Assets	$	406,888,338		$	352,068,328		$	—			$ —	**	$	54,729,523
	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3			INVESTMENTS MEASURED AT NET ASSET VALUE*
Securities Sold Short
Basic Industries	$	(6,296,373	)	$	(6,296,373	)	$	—		$	—		$	—
Capital Goods		(16,230,554	)		(16,230,547	)		—			(7	)		—
Communications		(9,162,441	)		(9,162,441	)		—			—	**		—
Consumer Durables		(8,185,467	)		(8,185,467	)		—			—	**		—
Consumer Non-Durables		(18,454,710	)		(18,454,707	)		—			(3	)		—
Consumer Services		(34,792,650	)		(34,792,530	)		(120	)		—			—
Energy		(7	)		—			(7	)		—			—
Finance		(13,089,478	)		(13,089,478	)		—			—			—
Health Care		(17,078,997	)		(17,076,346	)		(2,651	)		—	**		—
Real Estate Investment Trusts		(3,697,561	)		(3,697,561	)		—			—			—
Technology		(46,377,803	)		(46,377,733	)		—			(70	)		—
Utilities		(6,720,294	)		(6,720,294	)		—			—			—
Options Written
Equity Contracts		(256,275	)		(171,780	)		(84,495	)		—			—
Total Liabilities	$	(180,342,610	)	$	(180,255,257	)	$	(87,273	)	$	(80	)	$	—

*	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.
**	Value equals zero as of the end of the reporting period.

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

18  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (unaudited)

	NUMBER OF SHARES		VALUE
LONG POSITIONS—99.6%
COMMON STOCKS—99.2%
Basic Industries—4.1%
Avery Dennison Corp.		166,480	$	17,986,499
FMC Corp.		279,621		25,026,080
Graphic Packaging Holding Co.†		2,784,291		33,912,664
Mosaic Co., (The)†		1,202,700		37,608,429
Nutrien Ltd.†		656,649		35,747,972
Rio Tinto PLC - SP ADR		164,955		9,600,381
Stornoway Diamond Corp.*		16,689,756		2,409,707
WestRock Co.†		687,598		25,702,413
				187,994,145
Capital Goods—9.3%
AMETEK, Inc.†		556,463		44,283,326
Boeing Co., (The)†		131,959		58,056,682
Caterpillar, Inc.		177,228		24,340,493
Cemex SAB de CV - SP ADR*		264,139		1,281,074
CRH PLC		505,785		16,011,346
Curtiss-Wright Corp.		67,652		8,340,815
Dover Corp.		341,056		30,875,800
Emerson Electric Co.		285,267		19,440,946
HD Supply Holdings, Inc.*		930,167		40,006,483
Ingersoll-Rand PLC		150,579		15,895,119
ITT, Inc.		737,743		42,612,036
Masco Corp.†		338,874		12,728,107
Owens Corning		416,195		20,780,616
PACCAR, Inc.		216,779		14,697,616
Parker-Hannifin Corp.†		111,878		19,708,428
Trinseo SA		317,682		15,944,460
United Technologies Corp.†		323,565		40,662,414
				425,665,761
Communications—2.9%
China Mobile Ltd. - SP ADR		246,435		12,984,660
Comcast Corp., Class A†		1,908,079		73,785,415
Liberty Global PLC, Series C*		410,924		10,433,360
Verizon Communications, Inc.†		655,815		37,328,990
				134,532,425
Consumer Durables—2.8%
Gentex Corp.		836,160		17,007,494
Lear Corp.		158,039		24,032,991
Persimmon PLC		1,038,917		33,556,115
Sony Corp.		1,072,900		51,515,847
				126,112,447
Consumer Non-Durables—6.9%
Altria Group, Inc.†		1,017,344		53,318,999
Ambev SA - ADR		3,689,043		16,711,365
Coca-Cola European Partners PLC†		602,143		28,385,021
Heineken Holding NV		117,398		11,344,262
Imperial Brands PLC		1,144,144		38,125,488
Molson Coors Brewing Co., Class B		283,733		17,494,977
Mondelez International, Inc., Class A		513,374		24,210,718
Nomad Foods Ltd.*†		2,079,630		41,800,563
PepsiCo, Inc.		164,776		19,054,696
Philip Morris International, Inc.		235,934		20,512,102
Swedish Match AB		408,558		19,147,935
Unilever NV		513,456		27,716,355
				317,822,481

	NUMBER OF SHARES		VALUE
Consumer Services—12.4%
CDK Global, Inc.		709,074	$	41,133,383
CVS Health Corp.†		616,904		35,675,558
Dollar Tree, Inc.*		122,250		11,776,343
eBay, Inc.*†		2,124,778		78,935,503
Equiniti Group PLC		1,416,791		3,767,711
Expedia Group, Inc.		182,160		22,462,150
GVC Holdings PLC		1,014,412		8,824,157
Interpublic Group of Cos., Inc., (The)		1,274,677		29,355,811
KAR Auction Services, Inc.		1,074,877		50,680,451
Las Vegas Sands Corp.		559,636		34,378,439
Lowe’s Cos., Inc.		331,413		34,828,192
ManpowerGroup, Inc.		135,960		11,454,630
Melco Resorts & Entertainment Ltd. - ADR		1,030,547		23,743,803
Moody’s Corp.		78,520		13,593,382
Robert Half International, Inc.†		344,118		23,465,406
S&P Global, Inc.		64,978		13,019,642
Target Corp.		191,063		13,878,816
Teleperformance		137,021		24,449,309
Tribune Media Co., Class A		774,407		35,800,836
Walgreens Boots Alliance, Inc.		165,142		11,756,459
Wyndham Destinations, Inc.		641,745		28,897,777
Wyndham Hotels & Resorts, Inc.		314,161		16,515,444
				568,393,202
Energy—8.3%
Apergy Corp.*		349,811		14,685,066
Cactus, Inc., Class A*		531,255		19,263,306
Canadian Natural Resources Ltd.		1,032,771		29,330,696
Chevron Corp.†		368,506		44,065,948
Cimarex Energy Co.		330,267		23,749,500
ConocoPhillips		357,790		24,276,052
Diamondback Energy, Inc.		165,099		16,993,640
Ecopetrol SA - SP ADR		766,739		15,518,797
Enerplus Corp.		1,941,438		17,113,630
Kosmos Energy Ltd.*		1,071,415		6,857,056
Marathon Oil Corp.		911,067		15,123,712
Noble Energy, Inc.		861,968		19,092,591
Phillips 66		100,292		9,664,137
Pioneer Natural Resources Co.†		169,274		23,859,170
Royal Dutch Shell PLC, Class A		1,432,701		44,660,113
TOTAL SA - SP ADR		609,080		34,662,743
Tullow Oil PLC		2,169,929		6,354,187
Vista Oil & Gas SAB de CV*		2,157,038		15,550,130
				380,820,474
Finance—20.5%
Air Lease Corp.		211,845		7,914,529
Alleghany Corp.†		49,014		31,514,042
Allstate Corp., (The)†		434,753		41,031,988
American Express Co.		141,988		15,297,787
American International Group, Inc.		839,485		36,265,752
Ameriprise Financial, Inc.		172,713		22,734,212
Aon PLC†		198,073		33,975,462
Aviva PLC		2,699,763		15,133,659
Bank of America Corp.†		1,946,871		56,615,009
Bank of Ireland Group PLC		1,585,860		10,303,519
BB&T Corp.†		332,814		16,963,530
Berkshire Hathaway, Inc., Class B*†		220,473		44,381,215
Capital One Financial Corp.†		107,468		8,982,175
Chubb Ltd.†		248,166		33,229,427

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

Semi-Annual Report 2019  |  19

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES		VALUE
Finance—(continued)
Citigroup, Inc.†		868,911	$	55,592,926
Citizens Financial Group, Inc.†		213,731		7,895,223
Discover Financial Services†		516,239		36,967,875
DNB ASA		596,858		11,432,173
E*TRADE Financial Corp.		343,375		16,821,941
East West Bancorp, Inc.		289,646		15,817,568
Everest Re Group Ltd.		109,374		24,730,555
Fifth Third Bancorp†		557,202		15,367,631
Goldman Sachs Group, Inc., (The)†		63,758		12,541,199
Huntington Bancshares, Inc.†		2,202,699		31,740,893
JPMorgan Chase & Co.†		512,306		53,464,254
KeyCorp		1,972,830		34,840,178
Marsh & McLennan Cos., Inc.		228,739		21,277,302
Morgan Stanley		342,687		14,386,000
Navient Corp.†		299,677		3,662,053
PNC Financial Services Group, Inc. (The)		120,770		15,219,435
Regions Financial Corp.		1,367,796		22,431,854
SLM Corp.*		1,423,612		15,730,913
State Street Corp.†		123,246		8,857,690
Sumitomo Mitsui Financial Group, Inc.		224,800		7,987,887
SunTrust Banks, Inc.†		282,885		18,350,750
Swiss Re AG		126,674		12,521,745
Synchrony Financial		567,063		18,491,924
TD Ameritrade Holding Corp.†		392,136		22,089,021
Travelers Cos., Inc., (The)†		140,225		18,637,305
United Overseas Bank Ltd.		568,200		10,472,439
Wells Fargo & Co.†		788,611		39,343,803
				941,014,843
Health Care—9.6%
AbbVie, Inc.†		242,593		19,223,069
AmerisourceBergen Corp.		180,591		15,043,230
Anthem, Inc.†		110,618		33,266,151
Biogen, Inc.*		57,990		19,021,300
Cigna Corp.†		251,469		43,866,253
Gilead Sciences, Inc.		271,879		17,677,573
ICON PLC*		111,454		15,601,331
IQVIA Holdings, Inc.*		239,302		33,526,210
Jazz Pharmaceuticals PLC*		125,501		17,573,905
Johnson & Johnson†		534,934		73,093,382
Laboratory Corp. of America Holdings*		82,813		12,276,199
McKesson Corp.		175,396		22,303,355
Merck & Co., Inc.		354,476		28,815,354
Novartis AG - SP ADR		135,969		12,404,452
Novo Nordisk A/S, Class B		459,937		22,548,708
Pfizer, Inc.†		500,894		21,713,755
UnitedHealth Group, Inc.		126,788		30,710,589
				438,664,816
Real Estate Investment Trusts—0.6%
Retail Properties of America, Inc., Class A		745,025		9,283,012
SL Green Realty Corp.		220,496		20,003,397
				29,286,409

	NUMBER OF SHARES		VALUE
Technology—19.4%
Alliance Data Systems Corp.		40,645	$	7,031,585
Alphabet, Inc., Class A*†		60,864		68,566,339
Alphabet, Inc., Class C*		11,576		12,964,194
Amdocs Ltd.†		209,942		11,666,477
Arrow Electronics, Inc.*†		453,743		36,163,317
Atos SE		153,240		14,701,865
Avnet, Inc.		594,048		25,835,148
Baidu, Inc. - SP ADR*†		100,481		16,332,182
Broadcom, Inc.		75,834		20,881,650
Capgemini SA		305,338		36,496,477
CDW Corp.†		249,504		23,425,931
Cisco Systems, Inc.†		1,343,052		69,529,802
DXC Technology Co.†		622,409		40,991,857
Eaton Corp. PLC†		421,605		33,631,431
Flex Ltd.*†		2,513,522		26,492,522
GrafTech International Ltd.		1,351,196		19,484,246
Hewlett Packard Enterprise Co.†		1,944,356		31,848,551
HP, Inc.†		1,604,039		31,647,689
Jabil, Inc.†		319,025		9,060,310
KLA-Tencor Corp.		245,533		28,356,606
Leidos Holdings, Inc.†		463,935		29,965,562
Marvell Technology Group Ltd.†		1,963,060		39,163,047
Microsoft Corp.†		693,427		77,684,627
NetApp, Inc.†		367,636		23,969,867
Oracle Corp.†		643,606		33,551,181
Qorvo, Inc.*		106,271		7,453,848
Samsung Electronics Co., Ltd.		1,015,676		40,649,211
Versum Materials, Inc.		729,847		35,762,503
Xerox Corp.		1,099,645		33,979,031
				887,287,056
Transportation—2.2%
Delta Air Lines, Inc.†		346,730		17,190,874
Southwest Airlines Co.		213,529		11,966,165
Union Pacific Corp.		237,549		39,836,967
United Parcel Service, Inc., Class B		288,787		31,824,327
				100,818,333
Utilities—0.2%
Vistra Energy Corp.*		265,279		6,907,865
TOTAL COMMON STOCKS (Cost $3,736,518,916)				4,545,320,257
WARRANTS—0.0%
Energy—0.0%
Vista Oil & Gas SAB de CV *‡		1,204,819		124,972
TOTAL WARRANTS (Cost $0)				124,972
SHORT-TERM INVESTMENTS—0.4%
Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio, Institutional Class, 2.28%(a)		19,013,068		19,013,068
TOTAL SHORT-TERM INVESTMENTS (Cost $19,013,068)				19,013,068
TOTAL LONG POSITIONS—99.6% (Cost $3,755,531,984)				4,564,458,297

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

20  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES			VALUE
SECURITIES SOLD SHORT—(44.9%)
COMMON STOCKS—(44.9%)
Basic Industries—(4.7%)
Balchem Corp.		(217,371	)	$	(19,287,329	)
Ball Corp.		(117,144	)		(6,417,148	)
Compass Minerals International, Inc.		(239,148	)		(12,526,572	)
First Quantum Minerals Ltd.		(654,186	)		(7,501,552	)
Franco-Nevada Corp.		(228,224	)		(17,193,759	)
Gerdau SA - SP ADR		(3,742,070	)		(15,155,383	)
Greif, Inc., Class A		(365,141	)		(14,678,668	)
NewMarket Corp.		(22,261	)		(9,772,579	)
Quaker Chemical Corp.		(115,349	)		(24,106,788	)
RPM International, Inc.		(267,469	)		(15,478,431	)
Sonoco Products Co.		(262,009	)		(15,167,701	)
Stora Enso OYJ		(957,200	)		(12,820,600	)
Trex Co., Inc.*		(244,155	)		(18,299,417	)
US Silica Holdings, Inc.		(628,716	)		(9,367,868	)
Yara International ASA		(447,731	)		(18,828,306	)
					(216,602,101	)
Capital Goods—(6.3%)
AAON, Inc.		(362,105	)		(14,433,505	)
Elbit Systems Ltd.		(141,071	)		(18,569,724	)
FANUC Corp.		(77,500	)		(12,839,396	)
GCP Applied Technologies, Inc.*		(846,435	)		(25,367,657	)
Geberit AG		(56,566	)		(22,558,528	)
HB Fuller Co.		(147,072	)		(7,424,195	)
MasTec, Inc.*		(412,563	)		(17,814,470	)
MISUMI Group, Inc.		(660,000	)		(16,054,521	)
Saab AB, Class A		(849,569	)		(29,136,950	)
Sika AG		(175,848	)		(23,753,295	)
TransDigm Group, Inc.*		(39,576	)		(17,179,546	)
Triumph Group, Inc.		(1,031,412	)		(23,887,502	)
Wabtec Corp.		(206,985	)		(15,163,721	)
Weir Group, (The) PLC		(785,312	)		(17,079,616	)
Wesco Aircraft Holdings, Inc.*		(1,620,916	)		(13,761,577	)
Yaskawa Electric Corp.		(478,700	)		(13,660,341	)
					(288,684,544	)
Communications—(0.6%)
Cogent Communications Holdings, Inc.		(438,353	)		(21,352,175	)
GTT Communications, Inc.*		(179,348	)		(5,606,418	)
					(26,958,593	)
Consumer Durables—(1.2%)
Dorman Products, Inc.*		(189,267	)		(15,311,700	)
Leggett & Platt, Inc.		(685,990	)		(31,157,666	)
LKQ Corp.*		(331,640	)		(9,186,428	)
					(55,655,794	)
Consumer Non-Durables—(3.2%)
B&G Foods, Inc.		(215,651	)		(5,309,328	)
Calbee, Inc.*		(337,800	)		(9,377,933	)
Cal-Maine Foods, Inc.		(264,420	)		(11,660,922	)
Campbell Soup Co.		(355,063	)		(12,789,369	)
China Resources Beer Holdings Co., Ltd.		(2,528,000	)		(9,421,870	)
Fitbit, Inc., Class A*		(1,520,670	)		(9,002,366	)
General Mills, Inc.		(127,034	)		(5,987,112	)
Hain Celestial Group Inc., (The)*		(658,840	)		(12,959,383	)
JM Smucker Co., (The)		(108,228	)		(11,462,428	)

	NUMBER OF SHARES			VALUE
Consumer Non-Durables—(continued)
Kimberly-Clark de Mexico SAB de CV, Class A		(4,644,700	)	$	(7,491,685	)
MGP Ingredients, Inc.		(127,290	)		(10,418,687	)
National Beverage Corp.		(111,051	)		(7,616,988	)
Treasury Wine Estates Ltd.		(1,076,400	)		(11,434,308	)
Under Armour, Inc., Class A*		(982,757	)		(22,161,170	)
					(147,093,549	)
Consumer Services—(5.5%)
Carvana Co.*		(443,118	)		(19,878,274	)
Casey’s General Stores, Inc.		(81,399	)		(10,967,701	)
Choice Hotels International, Inc.		(238,590	)		(19,049,026	)
Cimpress NV*		(53,068	)		(4,378,110	)
Cracker Barrel Old Country Store, Inc.		(110,774	)		(17,944,280	)
FactSet Research Systems, Inc.		(37,197	)		(8,747,619	)
Hertz Global Holdings, Inc.*		(1,317,904	)		(25,171,966	)
Houghton Mifflin Harcourt Co.*		(644,504	)		(5,098,027	)
Lions Gate Entertainment Corp., Class A		(665,778	)		(10,286,270	)
Meredith Corp.		(272,042	)		(15,579,845	)
Monro Muffler Brake, Inc.		(285,641	)		(21,797,265	)
Norwegian Cruise Line Holdings Ltd.*		(266,422	)		(14,794,414	)
Pearson PLC		(944,508	)		(10,649,108	)
Shake Shack, Inc. Class A*		(235,539	)		(12,987,621	)
Texas Roadhouse, Inc.		(151,613	)		(9,598,619	)
Tiffany & Co.		(102,769	)		(9,767,166	)
TripAdvisor, Inc.*		(125,079	)		(6,650,450	)
Vail Resorts, Inc.		(44,796	)		(9,335,038	)
Wayfair, Inc. Class A*		(106,049	)		(17,570,198	)
					(250,250,997	)
Energy—(2.4%)
Apache Corp.		(398,671	)		(13,227,904	)
Chesapeake Energy Corp.*		(3,135,335	)		(9,280,592	)
Delek US Holdings, Inc.		(365,117	)		(12,917,839	)
Devon Energy Corp.		(328,044	)		(9,680,578	)
Matador Resources Co.*		(631,665	)		(11,748,969	)
Murphy Oil Corp.		(580,774	)		(16,784,369	)
PrairieSky Royalty Ltd.		(1,225,586	)		(17,853,629	)
Range Resources Corp.		(774,647	)		(8,288,723	)
Whiting Petroleum Corp.*		(369,086	)		(8,994,626	)
					(108,777,229	)
Finance—(8.0%)
American Equity Investment Life Holding Co.		(234,358	)		(7,417,431	)
Aozora Bank Ltd.		(204,600	)		(5,907,857	)
Banco Bilbao Vizcaya Argentaria SA		(958,373	)		(5,944,634	)
Bank of East Asia Ltd., (The)		(2,383,340	)		(8,297,586	)
Bank of Hawaii Corp.		(70,332	)		(5,783,400	)
Bankinter SA		(890,078	)		(7,306,352	)
Canadian Western Bank		(341,516	)		(7,954,303	)
China International Capital Corp. Ltd.		(2,568,000	)		(5,963,211	)
CNO Financial Group, Inc.		(512,076	)		(8,720,654	)
Cohen & Steers, Inc.		(293,996	)		(12,277,273	)
Commonwealth Bank of Australia		(126,746	)		(6,649,755	)
Community Bank System, Inc.		(271,368	)		(17,581,933	)
Credit Suisse Group AG		(670,849	)		(8,273,517	)

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

Semi-Annual Report 2019  |  21

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES			VALUE
Finance—(continued)
Cullen/Frost Bankers, Inc.		(48,745	)	$	(5,053,882	)
CVB Financial Corp.		(550,463	)		(12,545,052	)
FGL Holdings*		(1,343,953	)		(11,154,810	)
First Financial Bankshares, Inc.		(590,231	)		(38,276,480	)
First Republic Bank		(110,602	)		(11,610,998	)
Focus Financial Partners, Inc., Class A*		(304,176	)		(11,513,062	)
Glacier Bancorp, Inc.		(341,835	)		(14,979,210	)
Hiscox Ltd.		(488,126	)		(10,342,995	)
ICICI Bank Ltd. - SP ADR		(535,016	)		(5,275,258	)
Independent Bank Corp.		(94,586	)		(8,052,106	)
KKR & Co, Inc., Class A		(518,204	)		(11,519,675	)
LendingClub Corp.*		(1,520,857	)		(4,516,945	)
MarketAxess Holdings, Inc.		(96,279	)		(23,480,522	)
Prosperity Bancshares, Inc.		(110,944	)		(8,259,781	)
RLI Corp.		(169,372	)		(11,944,113	)
Trustmark Corp.		(382,518	)		(13,571,739	)
UMB Financial Corp.		(71,844	)		(4,943,586	)
United Bankshares, Inc.		(289,969	)		(11,131,910	)
Voya Financial, Inc.		(201,352	)		(10,182,371	)
Westamerica Bancorporation		(359,882	)		(23,133,215	)
WisdomTree Investments, Inc.		(830,064	)		(6,457,898	)
					(366,023,514	)
Health Care—(2.2%)
Align Technology, Inc.*		(27,619	)		(7,152,492	)
DENTSPLY SIRONA, Inc.		(215,844	)		(9,013,645	)
Genmab A/S*		(102,086	)		(17,618,536	)
Glaukos Corp.*		(241,341	)		(17,900,262	)
Healthcare Services Group, Inc.		(431,097	)		(16,459,284	)
Insulet Corp.*		(146,294	)		(13,738,470	)
Moderna, Inc.*		(443,506	)		(10,023,236	)
Select Medical Holdings Corp.*		(539,401	)		(7,993,923	)
					(99,899,848	)
Real Estate Investment Trusts—(1.2%)
Iron Mountain, Inc.		(366,350	)		(12,976,117	)
Public Storage		(87,318	)		(18,466,884	)
Redfin Corp.*		(794,733	)		(15,870,818	)
Washington Prime Group, Inc.		(1,233,974	)		(7,132,370	)
					(54,446,189	)
Technology—(8.3%)
2U, Inc.*		(254,912	)		(18,787,014	)
ACI Worldwide, Inc.*		(457,570	)		(14,582,756	)
Avalara, Inc.*		(223,898	)		(11,689,715	)
Blackbaud, Inc.		(130,100	)		(10,048,924	)
Cerner Corp.*		(174,965	)		(9,789,292	)
CoStar Group, Inc.*		(36,026	)		(16,482,976	)
Covetrus, Inc.*		(234,993	)		(8,408,050	)
Cree, Inc.*		(290,810	)		(15,822,972	)
Guidewire Software, Inc.*		(146,099	)		(13,403,122	)
HubSpot, Inc.*		(63,775	)		(10,738,434	)
Inovalon Holdings, Inc., Class A*		(860,044	)		(11,300,978	)
Knowles Corp.*		(1,168,279	)		(19,019,582	)
LiveRamp Holdings, Inc.*		(448,923	)		(24,129,611	)
Manhattan Associates, Inc.*		(285,817	)		(15,648,481	)
Medidata Solutions, Inc.*		(179,355	)		(13,455,212	)
MercadoLibre, Inc.*		(90,402	)		(41,475,534	)
National Instruments Corp.		(321,326	)		(15,018,777	)
Omron Corp.		(322,900	)		(13,972,197	)
Proofpoint, Inc.*		(103,626	)		(12,237,194	)

	NUMBER OF SHARES			VALUE
Technology—(continued)
Pure Storage, Inc., Class A*		(719,295	)	$	(14,731,162	)
Sea Ltd. - ADR*		(694,171	)		(14,924,676	)
Shopify, Inc., Class A*		(132,751	)		(25,109,852	)
Universal Display Corp.		(136,784	)		(20,413,644	)
Zendesk, Inc.*		(138,341	)		(10,931,706	)
					(382,121,861	)
Transportation-(0.5%)
American Airlines Group, Inc.		(293,799	)		(10,468,058	)
Spirit Airlines, Inc.*		(210,620	)		(11,847,375	)
					(22,315,433	)
Utilities-(0.8%)
Antero Midstream GP LP		(523,761	)		(6,688,428	)
Keyera Corp.		(415,279	)		(10,196,181	)
TransCanada Corp.		(242,319	)		(10,836,506	)
Williams Cos, Inc. (The)		(415,671	)		(11,094,259	)
					(38,815,374	)
TOTAL COMMON STOCKS (Proceeds $(1,859,804,204))					(2,057,645,026	)
TOTAL SECURITIES SOLD SHORT—(44.9%) (Proceeds $(1,859,804,204))					(2,057,645,026	)
OTHER ASSETS IN EXCESS OF LIABILITIES—45.3%					2,074,255,819
NET ASSETS—100.0%				$	4,581,069,090

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
SP ADR	—	Sponsored American Depositary Receipt
*	—	Non-income producing.
(a)	—	Seven-day yield as of February 28, 2019.
†	—	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 using significant unobservable inputs as determined in good faith by or under the direction of The RBB fund, Inc.’s Board of Directors. As of February 28, 2019, these securities amounted to $124,972 or 0.0% of net assets.
		Industry classifications may be different than those used for compliance monitoring purposes.

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

22  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued) (unaudited)

Contracts For Difference held by the Fund at February 28, 2019, are as follows:

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE			PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
Long
China
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020		2.48	%	Monthly		923,900		$	15,330,139		$	590,516
Kweichow Moutai	Goldman Sachs	9/15/2020		2.48		Monthly		152,700			17,233,169			722,073
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	12/31/2021		2.48		Monthly		1,482,269			15,832,064			562,085
											48,395,372			1,874,674
Total Long											48,395,372			1,874,674
Short
Brazil
Raia Drogasil SA	Goldman Sachs	9/15/2020		2.40		Monthly		(455,400	)	$	(7,971,607	)	$	(740,052	)
China
Semiconductor Manufacturing	Goldman Sachs	12/31/2020		0.49		Monthly		(19,013,600	)		(19,247,949	)		(240,606	)
Indonesia
Unilever Indonesia TBK PT	Macquarie	9/18/2019		2.38		Monthly		(2,432,800	)		(8,403,824	)		98,348
South Korea
Amorepacific Corp.	Macquarie	9/18/2019		2.38		Monthly		(63,347	)		(11,247,229	)		(872,723	)
Amore Pacific Group	Macquarie	9/15/2020		2.38		Monthly		(74,110	)		(4,825,580	)		(469,211	)
Celltrion Inc.	Goldman Sachs	9/15/2020		2.40		Monthly		(100,694	)		(18,266,744	)		913,893
Sillajen, Inc.	Goldman Sachs	9/15/2020		2.40		Monthly		(125,448	)		(8,277,851	)		(116,964	)
											(42,617,404	)		(545,005	)
Taiwan
AU Optronics Corp.	Goldman Sachs	9/15/2020		2.40		Monthly		(50,614,000	)		(18,521,607	)		(473,957	)
Eclat Textile Co., Ltd.	Macquarie	9/18/2019		2.38		Monthly		(869,000	)		(9,909,858	)		58,352
											(28,431,465	)		(415,605	)
Total Short											(106,672,249	)		(1,842,920	)
Net unrealized gain/(loss) on Contracts For Difference													$	31,754

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

Semi-Annual Report 2019  |  23

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (concluded) (unaudited)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2019 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Common Stock
Basic Industries	$	187,994,145		$	187,994,145		$	—		$	—
Capital Goods		425,665,761			409,654,415			16,011,346			—
Communications		134,532,425			134,532,425			—			—
Consumer Durables		126,112,447			41,040,485			85,071,962			—
Consumer Non-Durables		317,822,481			249,204,796			68,617,685			—
Consumer Services		568,393,202			531,352,025			37,041,177			—
Energy		380,820,474			329,806,174			51,014,300			—
Finance		941,014,843			873,163,421			67,851,422			—
Health Care		438,664,816			416,116,108			22,548,708			—
Real Estate Investment Trusts		29,286,409			29,286,409			—			—
Technology		887,287,056			795,439,503			91,847,553			—
Transportation		100,818,333			100,818,333			—			—
Utilities		6,907,865			6,907,865			—			—
Warrants		124,972			—			—			124,972
Short-Term Investments		19,013,068			19,013,068			—			—
Contracts For Difference
Equity Contracts		2,945,266			—			2,945,266			—
Total Assets	$	4,567,403,563		$	4,124,329,172		$	442,949,419		$	124,972
		TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Basic Industries	$	(216,602,101	)	$	(184,953,195	)	$	(31,648,906	)	$	—
Capital Goods		(288,684,544	)		(135,032,173	)		(153,652,371	)		—
Communications		(26,958,593	)		(26,958,593	)		—			—
Consumer Durables		(55,655,794	)		(55,655,794	)		—			—
Consumer Non-Durables		(147,093,549	)		(116,859,438	)		(30,234,111	)		—
Consumer Services		(250,250,997	)		(239,601,889	)		(10,649,108	)		—
Energy		(108,777,229	)		(108,777,229	)		—			—
Finance		(366,023,514	)		(315,611,124	)		(50,412,390	)		—
Health Care		(99,899,848	)		(82,281,312	)		(17,618,536	)		—
Real Estate Investment Trusts		(54,446,189	)		(54,446,189	)		—			—
Technology		(382,121,861	)		(368,149,664	)		(13,972,197	)		—
Transportation		(22,315,433	)		(22,315,433	)		—			—
Utilities		(38,815,374	)		(38,815,374	)		—			—
Contracts For Difference
Equity Contracts		(2,913,512	)		—			(2,913,512	)		—
Total Liabilities	$	(2,060,558,538	)	$	(1,749,457,407	)	$	(311,101,131	)	$	—

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

24  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio Of Investments (unaudited)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—97.0%
Basic Industries—1.8%
FMC Corp.(a)		123,035	$	11,011,632
Graphic Packaging Holding Co.(a)		1,266,283		15,423,327
Mosaic Co., (The)		295,673		9,245,695
				35,680,654
Capital Goods—7.3%
AMETEK, Inc.		81,796		6,509,326
Caterpillar, Inc.		80,905		11,111,493
Cemex SAB de CV - SP ADR*		1,100,045		5,335,218
CRH PLC - SP ADR(a)		309,587		9,826,291
Cummins, Inc.		67,266		10,365,018
Dover Corp.(a)		153,407		13,887,936
General Dynamics Corp.		79,707		13,567,725
Masco Corp.		166,330		6,247,355
Owens Corning		165,618		8,269,307
PACCAR, Inc.(a)		155,400		10,536,120
Spirit AeroSystems Holdings, Inc. Class A(a)		72,521		7,165,075
Trinseo SA		108,029		5,421,975
United Technologies Corp.		163,915		20,599,198
WESCO International, Inc.*		197,849		10,772,878
World Fuel Services Corp.		295,697		8,187,850
				147,802,765
Communications—0.5%
Comcast Corp., Class A		265,506		10,267,117
Consumer Durables—1.8%
Fiat Chrysler Automobiles NV*		285,723		4,208,700
Lear Corp.		75,622		11,499,838
Sony Corp.-SP ADR		453,253		21,751,611
				37,460,149
Consumer Non-Durables—2.9%
Altria Group, Inc.		185,254		9,709,162
Ambev SA-ADR(a)		2,000,345		9,061,563
British American Tobacco PLC - SP ADR		283,609		10,419,794
PepsiCo, Inc.		253,750		29,343,650
				58,534,169
Consumer Services—7.4%
CVS Health Corp.		210,718		12,185,822
Dick’s Sporting Goods, Inc.(a)		308,552		12,052,041
Dollar Tree, Inc.*		78,716		7,582,712
eBay, Inc.*(a)		483,184		17,950,286
Huron Consulting Group, Inc.*		115,833		5,307,468
Interpublic Group of Cos., Inc., (The)(a)		719,045		16,559,606
KAR Auction Services, Inc.		109,277		5,152,411
Las Vegas Sands Corp.		108,468		6,663,189
Lowe’s Cos., Inc.		160,209		16,836,364
ManpowerGroup, Inc.		109,971		9,265,057
Melco Resorts & Entertainment Ltd. - ADR		308,284		7,102,863
Omnicom Group, Inc.(a)		94,850		7,180,145
Robert Half International, Inc.(a)		106,117		7,236,118
Target Corp.		83,329		6,053,019
Tribune Media Co. Class A (a)		169,715		7,845,924
Wyndham Destinations, Inc.		139,098		6,263,583
				151,236,608

	NUMBER OF SHARES		VALUE
Energy—5.2%
Canadian Natural Resources Ltd.		379,450	$	10,776,380
Cimarex Energy Co.(a)		182,226		13,103,872
Diamondback Energy, Inc.		158,698		16,334,785
Encana Corp.		511,807		3,710,601
Marathon Oil Corp.		1,052,678		17,474,455
Marathon Petroleum Corp.		95,248		5,906,328
Parsley Energy, Inc., Class A*		641,727		11,640,928
Phillips 66		106,568		10,268,892
Pioneer Natural Resources Co.(a)		110,729		15,607,253
				104,823,494
Finance—29.7%
Aflac, Inc.		485,813		23,872,851
Air Lease Corp.(a)		360,991		13,486,624
Alleghany Corp.		33,656		21,639,462
Allstate Corp., (The)(a)		239,104		22,566,636
American International Group, Inc.(a)		750,059		32,402,549
Aon PLC		124,066		21,281,041
Bank of America Corp.		1,576,985		45,858,724
BB&T Corp.(a)		481,728		24,553,676
Capital One Financial Corp.		191,918		16,040,506
Charles Schwab Corp., (The)		163,567		7,525,718
Chubb Ltd.(a)		211,229		28,283,563
Citigroup, Inc.		590,403		37,773,984
Discover Financial Services(a)		160,028		11,459,605
Fifth Third Bancorp(a)		353,717		9,755,515
Goldman Sachs Group, Inc., (The)(a)		72,287		14,218,853
Huntington Bancshares, Inc.(a)		1,122,305		16,172,415
JPMorgan Chase & Co.		374,450		39,077,602
KeyCorp(a)		1,658,881		29,295,838
Loews Corp.(a)		452,954		21,569,670
MetLife, Inc.		357,059		16,135,496
Prudential Financial, Inc.(a)		190,913		18,299,011
Raymond James Financial, Inc.		140,963		11,640,725
Renaissance Holdings Ltd.		81,783		12,026,190
State Street Corp.		158,023		11,357,113
Synchrony Financial		352,776		11,504,025
TD Ameritrade Holding Corp.		161,586		9,102,139
Torchmark Corp.(a)		72,606		5,994,351
Travelers Cos., Inc., (The)(a)		116,120		15,433,509
Wells Fargo & Co.		576,353		28,754,251
White Mountains Insurance Group Ltd.		21,812		20,489,975
WR Berkley Corp.		83,035		6,946,708
				604,518,325
Health Care—19.6%
Abbott Laboratories(a)		360,346		27,970,057
Allergan PLC(a)		90,442		12,454,768
AmerisourceBergen Corp.		113,067		9,418,481
Anthem, Inc.		64,006		19,248,524
Cigna Corp.		65,850		11,486,874
Gilead Sciences, Inc.		414,550		26,954,041
GlaxoSmithKline PLC - SP ADR		264,917		10,692,050
Henry Schein, Inc.*(a)		99,014		5,871,530
Jazz Pharmaceuticals PLC*		72,391		10,136,912
Johnson & Johnson		273,351		37,350,681
Laboratory Corp. of America Holdings*		119,428		17,704,007

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

Semi-Annual Report 2019  |  25

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES		VALUE
Health Care—(continued)
McKesson Corp.(a)		170,681	$	21,703,796
Medtronic PLC		380,121		34,400,950
Merck & Co., Inc.		585,093		47,562,210
Novartis AG-SP ADR		327,053		29,837,045
Pfizer, Inc.(a)		882,980		38,277,183
Roche Holding AG-SP ADR(a)		321,684		11,146,351
UnitedHealth Group, Inc.		64,806		15,697,309
Zimmer Biomet Holdings, Inc.(a)		91,618		11,371,626
				399,284,395
Technology—20.2%
Alliance Data Systems Corp.(a)		94,934		16,423,582
Alphabet, Inc., Class A*		13,892		15,650,033
Amdocs Ltd.		108,283		6,017,286
Analog Devices, Inc.(a)		59,939		6,411,075
Arrow Electronics, Inc.*		130,935		10,435,519
Baidu, Inc. - SP ADR*		40,691		6,613,915
Belden, Inc.(a)		110,151		6,806,230
Cisco Systems, Inc.		1,075,526		55,679,981
Cognizant Technology Solutions Corp., Class A		77,608		5,508,616
DXC Technology Co.		303,953		20,018,345
Eaton Corp. PLC		212,477		16,949,290
EnerSys(a)		175,349		12,944,263
Facebook, Inc. Class A*		95,897		15,482,571
Fidelity National Information Services, Inc.		62,417		6,750,399
First Data Corp., Class A*(a)		338,236		8,503,253
Flex Ltd.*		837,599		8,828,293
Fortive Corp.(a)		80,627		6,576,744
Hewlett Packard Enterprise Co.		1,205,783		19,750,726
HP, Inc.		913,050		18,014,476
Jabil, Inc.		450,407		12,791,559
KLA-Tencor Corp.		55,491		6,408,656
Leidos Holdings, Inc.(a)		98,676		6,373,483
Microsoft Corp.		205,673		23,041,546
Momo, Inc. - SP ADR*		247,075		8,195,478
NetApp, Inc.		76,268		4,972,674
Oracle Corp.(a)		210,531		10,974,981
Qorvo, Inc.*(a)		299,966		21,039,615
Symantec Corp.		538,289		12,106,120
TE Connectivity Ltd.		247,875		20,348,059
Versum Materials, Inc.		218,108		10,687,292
YY, Inc.-ADR*		142,786		10,066,413
				410,370,473

	NUMBER OF SHARES		VALUE
Transportation—0.6%
Delta Air Lines, Inc.(a)		243,148	$	12,055,278
TOTAL COMMON STOCKS (Cost $1,583,781,253)				1,972,033,427
RIGHTS—0.0%
Technology—0.0%
CVR Banctec Inc. - Escrow Shares*‡		14,327		0
TOTAL RIGHTS (Cost $0)				0
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—26.0%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%(b)		528,806,686		528,806,686
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $528,806,686)				528,806,686
SHORT-TERM INVESTMENTS—2.9%
Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio, Institutional Class, 2.28%(b)		58,005,078		58,005,078
TOTAL SHORT-TERM INVESTMENTS (Cost $58,005,078)				58,005,078
TOTAL INVESTMENTS—125.9% (Cost $2,170,593,017)				2,558,845,191
LIABILITIES IN EXCESS OF OTHER ASSETS—(25.9)%				(526,530,034	)
NET ASSETS—100.0%			$	2,032,315,157

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, 2019, the market value of securities on loan was $516,880,743.
(b)	—	Seven-day yield as of February 28, 2019.
‡	—	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB fund, Inc.’s Board of Directors. As of February 28, 2019, these securities amounted to $0 or 0.0% of net assets.
		Industry classifications may be different than those used for compliance monitoring purposes.

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

26  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio Of Investments (concluded) (unaudited)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2019 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3			INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Basic Industries	$	35,680,654	$	35,680,654	$	—	$	—		$	—
Capital Goods		147,802,765		147,802,765		—		—			—
Communications		10,267,117		10,267,117		—		—			—
Consumer Durables		37,460,149		37,460,149		—		—			—
Consumer Non-Durables		58,534,169		58,534,169		—		—			—
Consumer Services		151,236,608		151,236,608		—		—
Energy		104,823,494		104,823,494		—		—			—
Finance		604,518,325		604,518,325		—		—			—
Health Care		399,284,395		399,284,395		—		—			—
Technology		410,370,473		410,370,473		—		—			—
Transportation		12,055,278		12,055,278		—		—			—
Rights		—		—		—		—	**		—
Investments Purchased with Proceeds from Securities Lending Collateral		528,806,686		—		—		—			528,806,686
Short-Term Investments		58,005,078		58,005,078		—		—			—
Total Assets	$	2,558,845,191	$	2,030,038,505	$	—	$	—	**	$	528,806,686

*	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.
**	Value equals zero as of the end of the reporting period.

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

Semi-Annual Report 2019  |  27

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
WPG PARTNERS SMALL/MICRO CAP VALUE FUND	Portfolio Of Investments (unaudited)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—96.3%
Basic Industries—5.0%
Allegheny Technologies, Inc.*(a)		21,600	$	618,408
Haynes International, Inc.(a)		10,200		358,836
PH Glatfelter Co.		4,547		61,157
Schweitzer-Mauduit International, Inc.		6,418		247,478
				1,285,879
Capital Goods—13.3%
Argan, Inc.		4,554		211,761
Astec Industries, Inc.		3,200		122,112
Carpenter Technology Corp.		7,254		340,503
Dycom Industries, Inc.*		4,439		200,110
FreightCar America, Inc.*(a)		34,300		265,825
Granite Construction, Inc.(a)		5,100		237,456
Great Lakes Dredge & Dock Corp.*		42,157		375,197
KBR, Inc.(a)		37,200		735,072
Landec Corp.*		6,663		85,553
Matrix Service Co.*		1,397		29,183
NN, Inc.		18,921		187,507
Orion Group Holdings, Inc.*		51,600		219,300
PGT Innovations, Inc.*		8,769		132,237
Tutor Perini Corp.*(a)		16,801		316,195
				3,458,011
Communications—0.6%
Ooma, Inc.*		9,400		153,314
Consumer Durables—4.5%
Century Communities, Inc.*		13,504		308,296
LGI Homes, Inc.*(a)		5,100		301,410
Libbey, Inc.*(a)		41,064		161,792
Tower International, Inc.		10,495		269,197
TRI Pointe Group, Inc.*(a)		9,200		115,920
				1,156,615
Consumer Non-Durables—0.4%
elf Beauty, Inc.*(a)		14,097		112,071
Consumer Services—7.9%
Boot Barn Holdings, Inc.*(a)		5,300		151,050
Covanta Holding Corp.(a)		11,900		202,062
Del Taco Restaurants, Inc.*		20,900		216,106
Hibbett Sports, Inc.*(a)		9,600		177,984
ICF International, Inc.		6,700		505,984
MDC Partners, Inc., Class A*		31,900		105,908
Pitney Bowes, Inc.(a)		20,000		143,800
Tailored Brands, Inc.		10,000		129,600
Team, Inc.*(a)		11,953		186,706
Tile Shop Holdings, Inc.(a)		36,600		233,508
				2,052,708
Energy—7.2%
Eclipse Resources Corp.*(a)		90,100		105,417
Gulfport Energy Corp.*		32,360		247,877
HighPoint Resources Corp.*(a)		121,330		314,245
Mammoth Energy Services, Inc.(a)		20,000		459,800
McDermott International, Inc.*(a)		45,985		389,953
Solaris Oilfield Infrastructure, Inc. Class A(a)		6,662		113,254
Superior Energy Services, Inc.*(a)		23,594		110,420
TETRA Technologies, Inc.*		58,554		139,944
				1,880,910

	NUMBER OF SHARES		VALUE
Finance—25.5%
Ameris Bancorp(a)		9,376	$	382,260
Banner Corp.		10,100		627,513
Central Pacific Financial Corp.		16,941		494,338
CNO Financial Group, Inc.		8,500		144,755
Essent Group Ltd.*		6,800		293,352
First Foundation, Inc.*(a)		18,800		286,700
First Interstate BancSystem, Inc. Class A		10,200		424,728
Hanover Insurance Group Inc., (The)		1,600		189,936
HomeStreet, Inc.*(a)		16,909		471,761
Kearny Financial Corp.(a)		10,758		146,201
Kemper Corp.		7,500		623,250
Kennedy-Wilson Holdings, Inc.		10,300		214,034
MGIC Investment Corp.*		34,300		445,214
National Bank Holdings Corp., Class A		9,296		335,864
Origin Bancorp, Inc.(a)		6,677		240,773
Peapack Gladstone Financial Corp.		9,322		271,084
Popular, Inc.		14,400		811,872
United Community Banks, Inc.		7,900		218,751
				6,622,386
Health Care—1.5%
Accuray, Inc.*(a)		32,500		156,650
PetIQ, Inc.*(a)		5,046		151,935
Trinity Biotech PLC - SP ADR*		29,400		87,612
				396,197
Real Estate Investment Trusts—10.2%
Brixmor Property Group, Inc.		15,400		268,884
Equity Commonwealth(a)		9,600		313,440
Essential Properties Realty Trust, Inc.		23,439		397,760
GEO Group Inc., (The)(a)		5,200		118,144
Industrial Logistics Properties Trust		14,600		304,556
Investors Real Estate Trust		3,510		211,934
Ladder Capital Corp.(a)		13,992		256,753
NexPoint Residential Trust, Inc.		5,000		179,700
Piedmont Office Realty Trust, Inc. Class A		19,817		405,654
UMH Properties, Inc.(a)		13,800		188,784
				2,645,609
Technology—10.9%
Acacia Communications, Inc.*(a)		8,706		464,465
CommVault Systems, Inc.*		3,100		208,909
Extreme Networks, Inc.*		28,037		230,464
Generac Holdings, Inc.*		8,556		441,147
Lumentum Holdings, Inc.*		2,400		119,400
MicroStrategy, Inc. Class A*		2,300		325,450
NeoPhotonics Corp.*		32,300		258,400
NetScout Systems, Inc.*(a)		15,400		421,498
QAD, Inc., Class A		2,800		126,728
Ribbon Communications, Inc.*		3,131		16,125
SMART Global Holdings, Inc.*		7,607		222,961
				2,835,547

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

28  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
WPG PARTNERS SMALL/MICRO CAP VALUE FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES		VALUE
Transportation—5.7%
Air Transport Services Group, Inc.*		5,227	$	121,632
Ardmore Shipping Corp.*		62,100		349,623
Scorpio Tankers, Inc.		12,156		223,792
Spirit Airlines, Inc.*(a)		5,654		318,038
StealthGas, Inc.*		51,700		167,508
YRC Worldwide, Inc.*(a)		38,200		292,994
				1,473,587
Utilities—3.6%
ALLETE, Inc.		1,900		153,995
El Paso Electric Co.		3,300		177,540
NorthWestern Corp.		2,700		185,058
Portland General Electric Co.		3,700		185,518
South Jersey Industries, Inc.(a)		7,548		218,515
				920,626
TOTAL COMMON STOCKS (Cost $22,633,696)				24,993,460
WARRANTS—0.0%
Energy—0.0%
TETRA Technologies, Inc.*‡		20,950		2,304
TOTAL WARRANTS (Cost $4,475)				2,304
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—30.9%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%(b)		8,031,303		8,031,303
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $8,031,303)				8,031,303

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—5.0%
Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio, Institutional Class, 2.28%(b)		1,286,867	$	1,286,867
TOTAL SHORT-TERM INVESTMENTS (Cost $1,286,867)				1,286,867
TOTAL INVESTMENTS—132.2% (Cost $31,956,341)				34,313,934
LIABILITIES IN EXCESS OF OTHER ASSETS—(32.2)%				(8,357,381	)
NET ASSETS—100.0%			$	25,956,553

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, 2019, the market value of securities on loan was $7,708,445.
(b)	—	Seven-day yield as of February 28, 2019.
‡	—	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2019, these securities amounted to $2,304 or 0.0% of net assets.
		Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report 2019  |  29

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
WPG PARTNERS SMALL/MICRO CAP VALUE FUND	Portfolio Of Investments (concluded) (unaudited)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2019 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Basic Industries	$	1,285,879	$	1,285,879	$	—	$	—	$	—
Capital Goods		3,458,011		3,458,011		—		—		—
Communications		153,314		153,314		—		—		—
Consumer Durables		1,156,615		1,156,615		—		—		—
Consumer Non-Durables		112,071		112,071		—		—		—
Consumer Services		2,052,708		2,052,708		—		—		—
Energy		1,880,910		1,880,910		—		—		—
Finance		6,622,386		6,622,386		—		—		—
Health Care		396,197		396,197		—		—		—
Real Estate Investment Trusts		2,645,609		2,645,609		—
Technology		2,835,547		2,835,547		—		—		—
Transportation		1,473,587		1,473,587		—		—		—
Utilities		920,626		920,626		—		—		—
Warrants		2,304		—		—		2,304		—
Investments Purchased with Proceeds from Securities Lending Collateral		8,031,303		—		—		—		8,031,303
Short-Term Investments		1,286,867		1,286,867		—		—		—
Total Assets	$	34,313,934	$	26,280,327	$	—	$	2,304	$	8,031,303

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

30  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Of Investments (unaudited)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—95.1%
Australia—0.5%
Woodside Petroleum Ltd.		143,698	$	3,682,478
Bermuda—2.1%
Everest Re Group Ltd.		31,588		7,142,362
RenaissanceRe Holdings Ltd.		52,395		7,704,685
				14,847,047
Canada—2.3%
Canadian Natural Resources Ltd.		184,347		5,236,438
Nutrien Ltd.		141,737		7,716,163
Stars Group, Inc. (The)*		162,672		2,712,127
				15,664,728
Denmark—1.0%
Novo Nordisk A/S Class B		143,274		7,024,100
France—6.0%
Capgemini SA		52,163		6,234,945
Cie Generale des Etablissements Michelin SCA		32,400		3,883,852
Danone SA		108,876		8,223,329
Kering SA		11,449		6,246,168
TOTAL SA		186,488		10,614,661
Vinci SA		67,078		6,401,973
				41,604,928
Hong Kong—1.3%
CK Hutchison Holdings Ltd.		599,500		6,378,720
Melco Resorts & Entertainment Ltd. - ADR		112,301		2,587,415
				8,966,135
Ireland—2.7%
AIB Group PLC		628,376		2,959,534
Bank of Ireland Group PLC		510,772		3,318,546
CRH PLC		398,797		12,624,488
				18,902,568
Japan—9.7%
Asahi Group Holdings Ltd.		188,200		8,147,431
Fuji Electric Co., Ltd.		107,700		3,400,671
Haseko Corp.		317,200		3,974,800
Matsumotokiyoshi Holdings Co., Ltd.		109,100		3,735,856
Nippon Telegraph & Telephone Corp.		252,100		10,896,433
Seven & i Holdings Co., Ltd.		156,700		6,896,626
Shionogi & Co. Ltd.		74,000		4,735,219
Sony Corp.		266,300		12,786,532
Sumitomo Mitsui Financial Group, Inc.		156,800		5,571,622
Toshiba Corp.		241,200		7,558,016
				67,703,206
Luxembourg—0.3%
Ternium SA-SP ADR		80,861		2,332,840
Mexico—0.6%
Cemex SAB de CV-SP ADR*		816,548		3,960,258
Netherlands—2.0%
ING Groep NV		351,998		4,652,753
Koninklijke Ahold NV		146,356		3,771,919
Royal Dutch Shell PLC, Class A		179,876		5,607,089
				14,031,761
South Korea—0.8%
KT Corp.-SP ADR*		144,659		1,934,091
Samsung Electronics Co., Ltd.		84,038		3,363,354
				5,297,445

	NUMBER OF SHARES		VALUE
Switzerland—2.4%
Glencore PLC*		1,252,726	$	5,047,189
Roche Holding AG		18,569		5,153,348
Swiss Re AG		63,029		6,230,427
				16,430,964
United Kingdom—9.2%
Aviva PLC		923,206		5,175,078
Coca-Cola European Partners PLC		162,989		7,683,301
GlaxoSmithKline PLC		519,483		10,353,661
HSBC Holdings PLC		545,899		4,450,209
Imperial Brands PLC		319,867		10,658,698
Lloyds Banking Group PLC		9,520,750		8,017,218
Nomad Foods Ltd.*		224,117		4,504,752
Tullow Oil PLC*		1,242,679		3,638,927
Unilever PLC		135,328		7,204,562
Vodafone Group PLC		1,315,569		2,343,484
				64,029,890
United States—54.2%
Air Lease Corp.		86,871		3,245,501
Allstate Corp. (The)		68,500		6,465,030
Alphabet, Inc., Class C*		12,095		13,545,432
American Express Co.		77,839		8,386,374
Anthem, Inc.		30,090		9,048,966
Berkshire Hathaway, Inc., Class B*(a)		134,541		27,083,103
Biogen, Inc.*		9,088		2,980,955
Chubb Ltd.(a)		74,994		10,041,697
Cigna Corp.		34,799		6,070,338
Cisco Systems, Inc.		235,647		12,199,445
Citigroup, Inc.		127,467		8,155,339
Comcast Corp., Class A		251,525		9,726,472
CVS Health Corp.		160,345		9,272,751
Diamondback Energy, Inc.(a)		58,384		6,009,465
Dover Corp.		41,543		3,760,888
DowDuPont, Inc.(a)		86,931		4,627,337
Eaton Corp. PLC		116,688		9,308,202
FMC Corp.(a)		33,453		2,994,043
Goldman Sachs Group Inc., (The)		44,433		8,739,971
GrafTech International Ltd.(a)		282,680		4,076,246
Graphic Packaging Holding Co.(a)		381,486		4,646,499
HP, Inc.		139,771		2,757,682
Johnson & Johnson		52,728		7,204,754
KAR Auction Services, Inc.		100,916		4,758,189
KeyCorp		468,719		8,277,578
Laboratory Corp. of America Holdings*(a)		66,370		9,838,689
Lear Corp.		30,724		4,672,199
Loews Corp.		17,664		841,160
Lowe’s Cos., Inc.		53,263		5,597,409
Marvell Technology Group Ltd.(a)		321,391		6,411,750
Masco Corp.		81,462		3,059,713
McKesson Corp.(a)		52,101		6,625,163
Microsoft Corp.		184,860		20,709,866
Molson Coors Brewing Co.(a)		89,822		5,538,424
Mosaic Co. (The)(a)		163,079		5,099,480
NetApp, Inc.(a)		55,445		3,615,014
Oracle Corp.(a)		177,962		9,277,159
Owens Corning		84,800		4,234,064
Parsley Energy, Inc., Class A*		173,159		3,141,104
Peabody Energy Corp.		59,679		1,841,097

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

Semi-Annual Report 2019  |  31

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES		VALUE
United States—(continued)
Pfizer, Inc.(a)		205,361	$	8,902,399
Pioneer Natural Resources Co.		43,956		6,195,598
PulteGroup, Inc.		186,863		5,045,301
SYNNEX Corp.(a)		44,408		4,357,313
Tapestry, Inc.(a)		105,178		3,674,919
TE Connectivity Ltd.		40,225		3,302,070
Trinseo SA		34,597		1,736,423
Twenty-First Century Fox, Inc. Class A		109,267		5,510,335
United Parcel Service, Inc., Class B		64,287		7,084,427
United Technologies Corp.		87,223		10,961,314
Verizon Communications, Inc.		240,165		13,670,192
Vistra Energy Corp.*(a)		291,914		7,601,441
Walmart, Inc.		46,516		4,604,619
Wells Fargo & Co.		211,649		10,559,169
				377,090,068
TOTAL COMMON STOCKS (Cost $620,501,340)				661,568,416
PREFERRED STOCKS—1.0%
Brazil—0.5%
Petroleo Brasileiro SA, 3.324%		508,400		3,645,012
Germany—0.5%
Volkswagen AG, 2.629%		20,640		3,539,105
TOTAL PREFERRED STOCKS (Cost $6,674,738)				7,184,117

	NUMBER OF SHARES		VALUE
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—5.2%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%(b)		35,967,290	$	35,967,290
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $35,967,290)				35,967,290
SHORT-TERM INVESTMENTS—3.9%
Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio, Institutional Class, 2.28%(b)		26,777,391		26,777,391
TOTAL SHORT-TERM INVESTMENTS (Cost $26,777,391)				26,777,391
TOTAL INVESTMENTS—105.2% (Cost $689,920,759)				731,497,214
LIABILITIES IN EXCESS OF OTHER ASSETS—(5.2)%				(35,980,947	)
NET ASSETS—100.0%			$	695,516,267

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, 2019, the market value of securities on loan was $34,932,768.
(b)	—	Seven-day yield as of February 28, 2019.
		Industry classifications may be different than those used for compliance monitoring purposes.

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

32  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Of Investments (concluded) (unaudited)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2019 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Australia	$	3,682,478	$	—	$	3,682,478	$	—	$	—
Bermuda		14,847,047		14,847,047		—		—		—
Canada		15,664,728		15,664,728		—		—		—
Denmark		7,024,100		—		7,024,100		—		—
France		41,604,928		—		41,604,928		—		—
Hong Kong		8,966,135		2,587,415		6,378,720		—		—
Ireland		18,902,568		—		18,902,568		—		—
Japan		67,703,206		—		67,703,206		—		—
Luxembourg		2,332,840		2,332,840		—		—		—
Mexico		3,960,258		3,960,258		—		—		—
Netherlands		14,031,761		—		14,031,761		—		—
South Korea		5,297,445		1,934,091		3,363,354		—		—
Switzerland		16,430,964		—		16,430,964		—		—
United Kingdom		64,029,890		12,188,053		51,841,837		—		—
United States		377,090,068		377,090,068		—		—		—
Preferred Stock
Brazil		3,645,012		3,645,012		—		—		—
Germany		3,539,105		—		3,539,105		—		—
Investments Purchased with Proceeds from Securities Lending Collateral		35,967,290		—		—		—		35,967,290
Short-Term Investments		26,777,391		26,777,391		—		—		—
Total Assets	$	731,497,214	$	461,026,903	$	234,503,021	$	—	$	35,967,290

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

Semi-Annual Report 2019  |  33

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (unaudited)

	NUMBER OF SHARES		VALUE
LONG POSITIONS—100.2%
COMMON STOCKS—96.0%
Australia—0.5%
Woodside Petroleum Ltd.		165,459	$	4,240,136
Bermuda—2.3%
Everest Re Group Ltd.†		39,080		8,836,379
RenaissanceRe Holdings Ltd.†#		71,141		10,461,284
				19,297,663
Canada—2.3%
Canadian Natural Resources Ltd.		227,976		6,475,735
Nutrien Ltd.†		176,961		9,633,757
Stars Group, Inc. (The)*		232,661		3,879,009
				19,988,501
Denmark—1.0%
Novo Nordisk A/S Class B		179,328		8,791,671
France—6.1%
Capgemini SA		65,314		7,806,860
Cie Generale des Etablissements Michelin SCA		40,941		4,907,678
Danone SA		134,049		10,124,628
Kering SA		14,810		8,079,811
TOTAL SA		245,326		13,963,646
Vinci SA		78,594		7,501,068
				52,383,691
Hong Kong—1.4%
CK Hutchison Holdings Ltd.		789,000		8,395,012
Melco Resorts & Entertainment Ltd. - ADR		156,364		3,602,627
				11,997,639
Ireland—2.8%
AIB Group PLC		782,875		3,687,196
Bank of Ireland Group PLC		673,163		4,373,619
CRH PLC		512,886		16,236,139
				24,296,954
Japan—9.9%
Asahi Group Holdings Ltd.		232,400		10,060,909
Fuji Electric Co., Ltd.		149,300		4,714,207
Haseko Corp.		391,900		4,910,858
Matsumotokiyoshi Holdings Co., Ltd.		139,100		4,763,131
Nippon Telegraph & Telephone Corp.		331,600		14,332,635
Seven & i Holdings Co., Ltd.		175,000		7,702,039
Shionogi & Co. Ltd.		92,900		5,944,619
Sony Corp.		323,700		15,542,622
Sumitomo Mitsui Financial Group, Inc.		203,000		7,213,261
Toshiba Corp.		289,300		9,065,233
				84,249,514
Luxembourg—0.4%
Ternium SA-SP ADR†		112,587		3,248,135
Mexico—0.6%
Cemex SAB de CV-SP ADR*		1,088,598		5,279,700
Netherlands—1.5%
ING Groep NV		433,498		5,730,029
Royal Dutch Shell PLC, Class A		236,745		7,379,808
				13,109,837
South Korea—0.7%
KT Corp.-SP ADR*		201,412		2,692,878
Samsung Electronics Co., Ltd.		82,218		3,290,515
				5,983,393

	NUMBER OF SHARES		VALUE
Switzerland—0.8%
Glencore PLC*		1,648,794	$	6,642,933
United Kingdom—9.7%
Aviva PLC		1,173,729		6,579,397
Coca-Cola European Partners PLC†		208,690		9,837,647
GlaxoSmithKline PLC		637,112		12,698,090
HSBC Holdings PLC		695,046		5,666,066
Imperial Brands PLC		406,629		13,549,806
Inchcape PLC		401,033		3,006,617
Lloyds Banking Group PLC		11,363,833		9,569,238
Nomad Foods Ltd.*†		260,189		5,229,799
Tullow Oil PLC*		1,640,133		4,802,789
Unilever PLC		164,620		8,764,003
Vodafone Group PLC		1,862,642		3,318,010
				83,021,462
United States—56.0%
Air Lease Corp.†		117,072		4,373,810
Allstate Corp. (The)†		80,947		7,639,778
Alphabet, Inc., Class C*†		14,987		16,784,241
American Express Co.†		95,167		10,253,293
Anthem, Inc.†#		36,924		11,104,154
Berkshire Hathaway, Inc., Class B*†#		146,933		29,577,613
Biogen, Inc.*†		12,399		4,066,996
Chubb Ltd.†#		99,693		13,348,893
Cigna Corp.†#		47,476		8,281,713
Cisco Systems, Inc.†		307,436		15,915,962
Citigroup, Inc.†		156,241		9,996,299
Comcast Corp., Class A †#		330,173		12,767,790
CVS Health Corp.†		204,270		11,812,934
Diamondback Energy, Inc.		72,890		7,502,568
Dover Corp.		51,396		4,652,880
DowDuPont, Inc.†		108,146		5,756,612
Eaton Corp. PLC†		140,997		11,247,331
FMC Corp.		45,639		4,084,690
Goldman Sachs Group Inc., (The)		56,690		11,150,923
GrafTech International Ltd.		385,686		5,561,592
Graphic Packaging Holding Co.		481,225		5,861,320
HP, Inc.†		190,702		3,762,550
Johnson & Johnson†#		68,795		9,400,149
KAR Auction Services, Inc.		126,312		5,955,611
KeyCorp†		598,968		10,577,775
Laboratory Corp. of America Holdings*†		84,226		12,485,662
Lear Corp.		41,919		6,374,622
Lowe’s Cos., Inc.†		64,251		6,752,138
Marvell Technology Group Ltd.		389,527		7,771,064
Masco Corp.†#		136,367		5,121,944
McKesson Corp.†		64,619		8,216,952
Microsoft Corp.†		232,504		26,047,423
Molson Coors Brewing Co., Class B†		124,869		7,699,423
Mosaic Co. (The)		206,678		6,462,821
NetApp, Inc.		65,733		4,285,792
Oracle Corp.†#		254,819		13,283,714
Owens Corning		110,734		5,528,949
Parsley Energy, Inc., Class A*†		236,258		4,285,720
Peabody Energy Corp.		80,377		2,479,630
Pfizer, Inc.†#		267,922		11,614,419
Pioneer Natural Resources Co.†		55,222		7,783,541
PulteGroup, Inc.#		268,354		7,245,558

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

34  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES			VALUE
United States—(continued)
SYNNEX Corp.		55,968		$	5,491,580
Tapestry, Inc.		127,406			4,451,566
TE Connectivity Ltd.†		52,849			4,338,374
Trinseo SA†		45,481			2,282,691
Twenty-First Century Fox, Inc. Class A		157,260			7,930,622
United Parcel Service, Inc., Class B		81,350			8,964,770
United Technologies Corp.†		105,748			13,289,351
Verizon Communications, Inc.†		313,331			17,834,801
Vistra Energy Corp.*†		357,551			9,310,628
Walmart, Inc. #		62,165			6,153,713
Wells Fargo & Co.†		264,881			13,214,913
					478,139,858
TOTAL COMMON STOCKS (Cost $755,197,320)					820,671,087
PREFERRED STOCKS—1.1%
Brazil—0.6%
Petroleo Brasileiro SA, 3.324%		634,300			4,547,662
Germany—0.5%
Volkswagen AG, 2.784%		26,136			4,481,494
TOTAL PREFERRED STOCKS (Cost $8,304,387)					9,029,156
SHORT-TERM INVESTMENTS—3.1%
Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio, Institutional Class, 2.28%(a)		26,770,041			26,770,041
TOTAL SHORT-TERM INVESTMENTS (Cost $26,770,041)					26,770,041
TOTAL INVESTMENTS—100.2% (Cost $790,271,748)					856,470,284
SECURITIES SOLD SHORT—(48.5%)
COMMON STOCKS—(48.2%)
Argentina—(0.4%)
MercadoLibre, Inc.*		(8,327	)		(3,820,344	)
Australia—(0.6%)
Treasury Wine Estates Ltd.		(237,566	)		(2,523,600	)
WiseTech Global Ltd.		(175,544	)		(2,397,314	)
					(4,920,914	)
Bermuda—(0.5%)
Hiscox Ltd.		(209,063	)		(4,429,876	)
Canada—(1.4%)
First Quantum Minerals Ltd.		(143,831	)		(1,649,310	)
Shopify, Inc., Class A*		(13,589	)		(2,570,359	)
SNC-Lavalin Group, Inc.		(132,667	)		(3,664,612	)
TransCanada Corp.		(86,719	)		(3,878,121	)
					(11,762,402	)
Chile—(0.2%)
Latam Airlines Group SA - SP ADR		(145,320	)		(1,681,352	)
China—(1.6%)
AAC Technologies Holdings, Inc.		(632,000	)		(3,735,063	)
China International Capital Corp. Ltd., Class H		(1,234,800	)		(2,867,357	)
Pinduoduo, Inc. - ADR*		(134,039	)		(4,013,128	)
Uni-President China Holdings Ltd.		(3,759,000	)		(3,343,265	)
					(13,958,813	)
Denmark—(0.3%)
Genmab A/S*		(12,972	)		(2,238,776	)

	NUMBER OF SHARES			VALUE
France—(1.2%)
Credit Agricole SA		(235,241	)	$	(3,010,752	)
Hermes International		(5,931	)		(3,755,922	)
Remy Cointreau SA		(24,747	)		(3,223,398	)
					(9,990,072	)
Hong Kong—(0.2%)
Hong Kong & China Gas Co. Ltd.		(915,200	)		(2,118,458	)
Italy—(0.3%)
Brembo SpA		(219,577	)		(2,656,442	)
Japan—(5.1%)
Aeon Co., Ltd.		(162,600	)		(3,430,755	)
Ain Holdings, Inc.		(42,200	)		(2,897,273	)
Aozora Bank Ltd.		(59,000	)		(1,703,634	)
Asics Corp.		(242,900	)		(3,246,496	)
Calbee, Inc.		(79,600	)		(2,209,839	)
CyberAgent, Inc.		(57,700	)		(1,795,460	)
Hisamitsu Pharmaceutical Co., Inc.		(66,900	)		(3,308,558	)
Makita Corp.		(98,100	)		(3,489,398	)
MINEBEA MITSUMI, Inc.		(119,900	)		(1,929,687	)
MISUMI Group, Inc.		(129,100	)		(3,140,362	)
MS&AD Insurance Group Holdings, Inc.		(143,600	)		(4,322,939	)
Nidec Corp.		(40,300	)		(4,887,592	)
Omron Corp.		(55,300	)		(2,392,885	)
Sony Financial Holdings, Inc.		(115,300	)		(2,189,164	)
Yaskawa Electric Corp.		(90,700	)		(2,588,245	)
					(43,532,287	)
Netherlands—(0.2%)
Cimpress NV*		(22,281	)		(1,838,182	)
New Zealand—(0.3%)
a2 Milk Co. Ltd.*		(293,739	)		(2,857,845	)
Norway—(0.4%)
Yara International ASA		(86,156	)		(3,623,094	)
Singapore—(0.8%)
Golden Agri-Resources Ltd.		(14,709,700	)		(2,979,857	)
SATS Ltd.		(467,500	)		(1,770,352	)
Sembcorp Marine Ltd.		(1,532,100	)		(1,933,927	)
					(6,684,136	)
Sweden—(0.3%)
Saab AB, Class B		(74,873	)		(2,567,856	)
Switzerland—(1.6%)
Credit Suisse Group AG		(298,657	)		(3,683,308	)
Geberit AG		(8,888	)		(3,544,536	)
LafargeHolcim, Ltd.*		(53,197	)		(2,628,858	)
Sika AG		(28,316	)		(3,824,885	)
					(13,681,587	)
United Kingdom—(4.4%)
Antofagasta PLC		(256,697	)		(3,180,668	)
ASOS PLC*		(71,575	)		(3,037,841	)
Hargreaves Lansdown PLC		(184,110	)		(4,255,673	)
LyondellBasell Industries NV, Class A		(38,094	)		(3,257,799	)
Melrose Industries PLC		(1,301,921	)		(3,001,769	)
Pearson PLC		(342,755	)		(3,864,483	)
Pennon Group PLC		(314,847	)		(3,249,917	)
Renishaw PLC		(98,541	)		(5,531,685	)
RSA Insurance Group PLC		(307,699	)		(2,083,478	)
Severn Trent PLC		(124,468	)		(3,334,008	)
Weir Group PLC, (The)		(117,501	)		(2,555,509	)
					(37,352,830	)

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

Semi-Annual Report 2019  |  35

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES			VALUE
United States—(28.4%)
2U, Inc.*		(35,447	)	$	(2,612,444	)
AAON, Inc.		(66,596	)		(2,654,517	)
Align Technology, Inc.*		(17,286	)		(4,476,555	)
Allogene Therapeutics, Inc.*		(62,063	)		(1,966,776	)
Antero Midstream GP LP		(214,176	)		(2,735,028	)
Apache Corp.		(105,407	)		(3,497,404	)
Axon Enterprise, Inc.*		(49,768	)		(2,679,011	)
Badger Meter, Inc.		(40,937	)		(2,408,733	)
Ball Corp.		(65,233	)		(3,573,464	)
Blackbaud, Inc.		(21,334	)		(1,647,838	)
Carvana Co.*		(60,015	)		(2,692,273	)
Casey’s General Stores, Inc.		(15,984	)		(2,153,684	)
Chegg, Inc.*		(46,343	)		(1,836,573	)
Choice Hotels International, Inc.		(56,377	)		(4,501,140	)
Cogent Communications Holdings, Inc.		(49,732	)		(2,422,446	)
Cohen & Steers, Inc.		(74,680	)		(3,118,637	)
Community Bank System, Inc.		(75,624	)		(4,899,679	)
Compass Minerals International, Inc.		(73,279	)		(3,838,354	)
Covetrus, Inc.*		(83,822	)		(2,999,151	)
Cracker Barrel Old Country Store, Inc.		(13,190	)		(2,136,648	)
Cree, Inc.*		(60,021	)		(3,265,743	)
CVB Financial Corp.		(150,893	)		(3,438,851	)
Delek US Holdings, Inc.		(86,932	)		(3,075,654	)
Exact Sciences Corp.*		(24,696	)		(2,247,336	)
First Financial Bankshares, Inc.		(76,473	)		(4,959,274	)
Focus Financial Partners, Inc., Class A*		(67,433	)		(2,552,339	)
GCP Applied Technologies, Inc.*		(129,144	)		(3,870,446	)
Greif, Inc., Class A		(109,360	)		(4,396,272	)
GTT Communications, Inc.*		(57,207	)		(1,788,291	)
Hamilton Lane, Inc., Class A		(51,755	)		(2,415,923	)
Healthcare Services Group, Inc.		(131,598	)		(5,024,412	)
Helmerich & Payne, Inc.		(52,840	)		(2,863,928	)
Hertz Global Holdings, Inc.*		(175,613	)		(3,354,208	)
Inovalon Holdings, Inc., Class A*		(109,745	)		(1,442,049	)
iRobot Corp.*		(26,944	)		(3,369,617	)
John Bean Technologies Corp.		(12,958	)		(1,214,165	)
KKR & Co, Inc., Class A		(89,242	)		(1,983,850	)
Leggett & Platt, Inc.		(104,681	)		(4,754,611	)
Manhattan Associates, Inc.*		(39,494	)		(2,162,297	)
MarketAxess Holdings, Inc.		(16,391	)		(3,997,437	)
Matador Resources Co.*		(208,221	)		(3,872,911	)
Mattel, Inc.*		(169,853	)		(2,449,280	)
Medidata Solutions, Inc.*		(28,358	)		(2,127,417	)
MGP Ingredients, Inc.		(21,076	)		(1,725,071	)
Middleby Corp., (The)*		(26,735	)		(3,277,444	)
Moderna, Inc.*		(121,986	)		(2,756,884	)
National Beverage Corp.		(21,438	)		(1,470,432	)
National Instruments Corp.		(39,772	)		(1,858,943	)
National Oilwell Varco, Inc.		(84,621	)		(2,381,235	)
Netflix, Inc.*		(5,863	)		(2,099,540	)
Nevro Corp.*		(43,959	)		(2,025,191	)
NewMarket Corp.		(3,232	)		(1,418,848	)
Power Integrations, Inc.		(69,256	)		(5,059,843	)
Prosperity Bancshares, Inc.		(76,857	)		(5,722,004	)
Public Storage		(9,006	)		(1,904,679	)
Pure Storage, Inc., Class A*		(128,371	)		(2,629,038	)
Quaker Chemical Corp.		(22,651	)		(4,733,832	)

	NUMBER OF SHARES			VALUE
United States—(continued)
RLI Corp.		(61,998	)	$	(4,372,099	)
RPM International, Inc.		(66,094	)		(3,824,860	)
SiteOne Landscape Supply, Inc.*		(20,992	)		(1,127,480	)
Tesla, Inc.*		(25,684	)		(8,215,798	)
Texas Roadhouse, Inc.		(48,588	)		(3,076,106	)
Tiffany & Co.		(41,450	)		(3,939,408	)
TransDigm Group, Inc.*		(13,435	)		(5,831,999	)
Trex Co., Inc.*		(56,987	)		(4,271,176	)
TripAdvisor, Inc.*		(69,337	)		(3,686,648	)
Triumph Group, Inc.		(75,273	)		(1,743,323	)
Universal Display Corp.		(19,614	)		(2,927,193	)
US Silica Holdings, Inc.		(194,208	)		(2,893,699	)
Vail Resorts, Inc.		(15,045	)		(3,135,228	)
Wayfair, Inc. Class A*		(21,152	)		(3,504,463	)
Wesco Aircraft Holdings, Inc.*		(181,936	)		(1,544,637	)
Westamerica Bancorporation		(64,495	)		(4,145,739	)
Williams Cos, Inc. (The)		(139,638	)		(3,726,938	)
Workday, Inc., Class A*		(15,027	)		(2,974,294	)
Workiva, Inc.*		(92,262	)		(4,562,356	)
World Wrestling Entertainment, Inc., Class A		(23,147	)		(1,937,404	)
Zendesk, Inc.*		(32,624	)		(2,577,948	)
					(242,558,446	)
TOTAL COMMON STOCKS (Proceeds $(394,464,327))					(412,273,712	)
PREFERRED STOCKS—(0.3%)
Brazil—(0.3%)
Gerdau SA-SP ADR, 2.349%		(585,441	)		(2,371,036	)
TOTAL PREFERRED STOCKS (Proceeds $(2,273,484))					(2,371,036	)
TOTAL SECURITIES SOLD SHORT—(48.5%) (Proceeds $(396,737,811))					(414,644,748	)

	NUMBER OF CONTRACTS			NOTIONAL AMOUNT
OPTIONS WRITTEN††—(0.7%)
Call Options Written—(0.7%)
Anthem, Inc.
Expiration: 06/21/2019, Exercise Price: 310.00		(284	)		(8,540,732	)	(298,200	)
Berkshire Hathaway, Inc.
Expiration: 03/15/2019, Exercise Price: 220.00		(425	)		(8,555,250	)	(2,550	)
Chubb Ltd.
Expiration: 08/16/2019, Exercise Price: 130.00		(615	)		(8,234,850	)	(495,075	)
Cigna Corp.
Expiration: 07/19/2019, Exercise Price: 190.00		(304	)		(5,302,976	)	(179,360	)

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

36  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			VALUE
Call Options Written—(continued)
Comcast Corp.
Expiration: 06/21/2019, Exercise Price: 40.00		(2,306	)		(8,917,302	)	$	(292,862	)
Johnson & Johnson
Expiration: 04/18/2019, Exercise Price: 130.00		(603	)		(8,239,392	)		(524,610	)
Masco Corp.
Expiration: 07/19/2019, Exercise Price: 30.00		(1,363	)		(5,119,428	)		(1,104,030	)
Oracle Corp.
Expiration: 06/21/2019, Exercise Price: 50.00		(1,915	)		(9,982,895	)		(708,550	)
Pfizer, Inc.
Expiration: 06/21/2019, Exercise Price: 40.00		(2,006	)		(8,696,010	)		(832,490	)
PulteGroup, Inc.
Expiration: 04/18/2019, Exercise Price: 26.00		(2,226	)		(6,010,200	)		(385,098	)
RenaissanceRe Holdings Ltd.
Expiration: 07/19/2019, Exercise Price: 140.00		(575	)		(8,455,375	)		(675,625	)
Walmart, Inc.
Expiration: 03/15/2019, Exercise Price: 97.50		(580	)		(5,741,420	)		(133,400	)
TOTAL CALL OPTIONS WRITTEN (Premiums received $(5,338,829))								(5,631,850	)
TOTAL OPTIONS WRITTEN (Premiums received $(5,338,829))								(5,631,850	)
OTHER ASSETS IN EXCESS OF LIABILITIES—49.0%								418,407,915
NET ASSETS—100.0%							$	854,601,601

PLC	—	Public Limited Company
SP ADR	—	Sponsored American Depositary Receipt
(a)	—	7 day yield as of February 28, 2019.
*	—	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.
		Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report 2019  |  37

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued) (unaudited)

Contracts For Difference held by the Fund at February 28, 2019, are as follows:

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE			PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
Short
Australia
Afterpay Touch Group Ltd.	Morgan Stanley	9/15/2020		1.50	%	Monthly		(132,003	)	$	(1,722,973	)	$	64,788
India
Axis Bank	Morgan Stanley	9/15/2020		2.40		Monthly		(22,809	)		(1,133,088	)		(24,203	)
Indonesia
Unilever Indonesia TBK PT	Macquarie	9/18/2019		2.39		Monthly		(1,397,000	)		(4,825,774	)		56,213
Philippines
BDO Unibank Inc.	Macquarie	9/18/2019		2.39		Monthly		(1,236,730	)		(3,049,163	)		8,516
South Korea
Celltrion Inc.	Goldman Sachs	9/15/2020		2.40		Monthly		(21,643	)		(3,926,224	)		196,258
Sillajen Inc.	Goldman Sachs	9/15/2020		2.40		Monthly		(64,494	)		(4,255,721	)		(60,863	)
											(8,181,945	)		135,395
Taiwan
AU Optronics Corp.	Macquarie	9/15/2020		2.38		Monthly		(5,670,000	)		(2,074,871	)		(53,135	)
Cheng Shin Rubber	Goldman Sachs	9/15/2020		2.40		Monthly		(931,000	)		(1,323,208	)		(32,471	)
											(3,398,079	)		(85,606	)
Total Short											(22,311,022	)		155,103
Net unrealized gain/(loss) on Contracts For Difference													$	155,103

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

38  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (concluded) (unaudited)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2019 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Australia	$	4,240,136	$	—	$	4,240,136	$	—
Bermuda		19,297,663		19,297,663		—		—
Canada		19,988,501		19,988,501		—		—
Denmark		8,791,671		—		8,791,671		—
France		52,383,691		—		52,383,691		—
Hong Kong		11,997,639		3,602,627		8,395,012		—
Ireland		24,296,954		—		24,296,954		—
Japan		84,249,514		—		84,249,514		—
Luxembourg		3,248,135		3,248,135		—		—
Mexico		5,279,700		5,279,700		—		—
Netherlands		13,109,837		—		13,109,837		—
South Korea		5,983,393		2,692,878		3,290,515		—
Switzerland		6,642,933		—		6,642,933		—
United Kingdom		83,021,462		15,067,446		67,954,016		—
United States		478,139,858		478,139,858		—		—
Preferred Stock
Brazil		4,547,662		4,547,662		—		—
Germany		4,481,494		—		4,481,494		—
Short-Term Investments		26,770,041		26,770,041		—		—
Contracts For Difference
Equity Contracts		325,775		—		325,775		—
Total Assets	$	856,796,059	$	578,634,511	$	278,161,548	$	—

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Argentina	$	(3,820,344	)	$	(3,820,344	)	$	—		$	—
Australia		(4,920,914	)		—			(4,920,914	)		—
Bermuda		(4,429,876	)		—			(4,429,876	)		—
Canada		(11,762,402	)		(11,762,402	)		—			—
Chile		(1,681,352	)		(1,681,352	)		—			—
China		(13,958,813	)		(4,013,128	)		(9,945,685	)		—
Denmark		(2,238,776	)		—			(2,238,776	)		—
France		(9,990,072	)		—			(9,990,072	)		—
Hong Kong		(2,118,458	)		—			(2,118,458	)		—
Italy		(2,656,442	)		—			(2,656,442	)		—
Japan		(43,532,287	)		—			(43,532,287	)		—
Netherlands		(1,838,182	)		(1,838,182	)		—			—
New Zealand		(2,857,845	)		—			(2,857,845	)		—
Norway		(3,623,094	)		—			(3,623,094	)		—
Singapore		(6,684,136	)		—			(6,684,136	)		—
Sweden		(2,567,856	)		—			(2,567,856	)		—
Switzerland		(13,681,587	)		—			(13,681,587	)		—
United Kingdom		(37,352,830	)		(3,257,799	)		(34,095,031	)		—
United States		(242,558,446	)		(242,558,446	)		—			—
Options Written
Equity Contracts		(5,631,850	)		(4,461,150	)		(1,170,700	)		—
Contracts For Difference
Equity Contracts		(170,672	)		—			(170,672	)		—
Total Liabilities	$	(418,076,234	)	$	(273,392,803	)	$	(144,683,431	)	$	—

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

Semi-Annual Report 2019  |  39

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND	Portfolio Of Investments (unaudited)

	NUMBER OF SHARES		VALUE
LONG POSITIONS—95.3%
COMMON STOCKS—63.4%
Argentina—0.5%
Banco Macro SA - ADR		2,226	$	112,413
YPF SA - SP ADR†		12,150		171,801
				284,214
Belgium—0.7%
Anheuser-Busch InBev SA - SP ADR		5,349		418,078
Brazil—4.4%
Ambev SA		57,200		262,080
JBS SA		49,400		177,943
Movida Participacoes SA		120,300		368,316
Petroleo Brasileiro SA - SP ADR		17,944		282,080
Qualicorp SA		119,600		490,035
Tegma Gestao Logistica SA		40,400		297,287
TIM Participacoes SA		125,400		397,952
Transmissora Alianca de Energia Eletrica SA		18,500		123,181
Tupy SA		74,600		366,828
				2,765,702
China—9.0%
Alibaba Group Holding Ltd. - SP ADR*		18,960		3,470,249
China Construction Bank Corp., Class H		292,000		259,959
China Meidong Auto Holdings Ltd.		998,000		451,339
Ping An Insurance Group Co. of China Ltd., Class H		27,000		285,426
TAL Education Group - ADR*		3,040		108,224
Tencent Holdings Ltd.		4,600		196,987
Tencent Holdings Ltd. - ADR		19,505		835,009
Tencent Music Entertainment Group - ADR*		1		18
				5,607,211
Hong Kong—5.0%
China Mobile Ltd. - SP ADR		7,780		409,928
China Unicom Hong Kong Ltd. - ADR		16,356		193,001
Galaxy Entertainment Group Ltd.		19,000		134,742
K Wah International Holdings Ltd.		1,285,000		692,234
Melco Resorts & Entertainment Ltd. - ADR		23,327		537,454
SJM Holdings Ltd.		725,000		816,595
Xinyi Glass Holdings Ltd.		318,000		364,467
				3,148,421
Hungary—1.4%
OTP Bank PLC		14,878		629,243
Waberer’s International Nyrt*		38,625		253,238
				882,481
India—4.6%
Aurobindo Pharma Ltd.		37,335		373,764
Bajaj Auto Ltd.		15,442		630,107
Gujarat State Petronet Ltd.		277,275		613,292
Infosys Ltd.		77,375		801,183
Tech Mahindra Ltd.		39,900		465,707
				2,884,053
Indonesia—0.5%
Bank Rakyat Indonesia Persero Tbk PT		1,131,700		309,376
Israel—0.4%
Mellanox Technologies Ltd.*		2,199		236,261

	NUMBER OF SHARES		VALUE
Macao—1.5%
Wynn Macau Ltd.		371,600	$	918,040
Mexico—3.4%
Concentradora Fibra Danhos SA de CV		246,800		351,741
Credito Real SAB de CV SOFOM ER		407,300		410,439
Fibra Uno Administracion SA de CV		268,800		373,477
Macquarie Mexico Real Estate Management SA de CV		447,200		520,922
Qualitas Controladora SAB de CV		99,600		252,856
Vista Oil & Gas SAB de CV*		28,288		203,929
				2,113,364
Netherlands—1.1%
Heineken Holding NV		3,451		333,473
Heineken NV		3,232		325,332
				658,805
Philippines—0.3%
Robinsons Land Corp.		455,300		206,095
Poland—0.2%
Bank Polska Kasa Opieki SA		4,213		125,998
Portugal—0.5%
Jeronimo Martins SGPS SA		21,777		327,774
Russia—1.7%
Gazprom Neft PJSC		55,290		274,964
Sberbank of Russia PJSC - SP ADR		31,658		403,640
Yandex NV, Class A*		11,111		382,218
				1,060,822
Singapore—1.5%
DBS Group Holdings Ltd.		25,700		471,178
United Overseas Bank Ltd.		24,700		455,243
				926,421
South Africa—9.0%
Adcock Ingram Holdings Ltd.		129,947		597,323
Astral Foods Ltd.		40,999		474,170
AVI Ltd.		32,024		203,454
Barloworld Ltd.		55,112		492,450
Clover Industries Ltd.		274,263		434,929
Distell Group Holdings Ltd.		44,295		375,364
Liberty Holdings Ltd.		62,523		456,931
Motus Holdings Ltd.*		42,803		276,762
MultiChoice Group Ltd.*		7,314		54,516
Naspers Ltd., Class N		7,314		1,577,405
RMB Holdings Ltd.		39,124		222,007
Telkom SA SOC Ltd.		98,670		488,797
				5,654,108
South Korea—5.7%
DGB Financial Group, Inc.		43,225		325,606
Hyundai Hy Communications & Network Co. Ltd.		23,725		88,269
Hyundai Mobis Co. Ltd.		3,409		667,458
Industrial Bank of Korea		22,392		277,528
Innocean Worldwide, Inc.*		2,489		154,691
KB Financial Group, Inc.		17,020		670,806
Kia Motors Corp.		6,715		218,099
KT Corp. - SP ADR*†		75,442		1,008,660
LG Uplus Corp.		14,073		187,422
				3,598,539
Switzerland—0.4%
Glencore PLC		56,273		226,722

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

40  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF SHARES		VALUE
Taiwan—0.9%
CTBC Financial Holding Co. Ltd.		455,000	$	307,494
Fubon Financial Holding Co. Ltd.		193,000		284,871
				592,365
Thailand—1.1%
Hana Microelectronics PCL		198,500		225,239
Quality Houses PCL		1,998,200		194,010
Tisco Financial Group PCL		108,300		300,672
				719,921
Turkey—1.5%
Mavi Giyim Sanayi Ve Ticaret AS, Class B		81,312		631,556
Ulker Biskuvi Sanayi AS		89,307		324,221
				955,777
United Arab Emirates—1.5%
Aramex PJSC		537,143		641,998
Emaar Malls PJSC		602,005		287,687
				929,685
United Kingdom—0.4%
Atrium European Real Estate Ltd.*		59,643		229,981
United States—6.2%
Air Lease Corp.		27,594		1,030,912
Broadcom, Inc.		381		104,912
FMC Corp.		3,688		330,076
Freeport-McMoRan, Inc.		4,217		54,399
Las Vegas Sands Corp.		17,964		1,103,529
Philip Morris International, Inc.		14,666		1,275,062
				3,898,890
TOTAL COMMON STOCKS (Cost $37,144,760)				39,679,104
PREFERRED STOCKS—3.7%
Brazil—0.3%
Cia de Transmissao de Energia Eletrica Paulista, 16.111%		7,500		153,548
Russia—0.6%
Sberbank of Russia PJSC, 6.742%		142,960		389,904
South Korea—2.8%
Samsung Electronics Co., Ltd., 3.936%		54,614		1,746,102
TOTAL PREFERRED STOCKS (Cost $2,018,662)				2,289,554

	NUMBER OF SHARES		VALUE
RIGHTS—0.0%
Taiwan—0.0%
CTBC Financial Holding Co. Ltd.*‡		3,059	$	0
TOTAL RIGHTS (Cost $0)				0
WARRANTS—0.0%
Mexico—0.0%
Vista Oil & Gas SAB de CV*‡		13,133		1,362
TOTAL WARRANTS (Cost $0)				1,362
SHORT-TERM INVESTMENTS—28.2%
Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio, Institutional Class, 2.28%(a)		17,652,981		17,652,981
TOTAL SHORT-TERM INVESTMENTS (Cost $17,652,981)				17,652,981
TOTAL INVESTMENTS—95.3% (Cost $56,816,403)				59,623,001
OTHER ASSETS IN EXCESS OF LIABILITIES—4.7%				2,947,097
NET ASSETS—100.0%			$	62,570,098

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 has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB fund, Inc.’s Board of Directors. As of February 28, 2019, these securities amounted to $1,362 or 0.0% of net assets.
		Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report 2019  |  41

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND	Portfolio Of Investments (continued) (unaudited)

Contracts For Difference held by the Fund at February 28, 2019, are as follows:

							NUMBER OF
							CONTRACTS				UNREALIZED
REFERENCE		EXPIRATION	FINANCING			PAYMENT	LONG/		NOTIONAL		APPRECIATION
COMPANY	COUNTERPARTY	DATE	RATE			FREQUENCY	(SHORT)		AMOUNT		(DEPRECIATION)
Long
Brazil
Mahle Metal Leve SA	Goldman Sachs	9/15/2020		2.48	%	Monthly		47,600	$	331,387	$	(14,387	)
China
Agricultural Bank of China	Goldman Sachs	9/15/2020		0.98		Monthly		676,000		323,840		5,924
Baidu Inc.-SP ADR	Goldman Sachs	12/31/2021		2.48		Monthly		3,576		581,243		(35,827	)
China Telecom Corp. Ltd., Class H	Goldman Sachs	12/31/2021		0.98		Monthly		172,000		93,095		(1,168	)
Henan Shuang Inv.	Goldman Sachs	9/15/2020		2.48		Monthly		72,656		262,489		(5,120	)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020		2.48		Monthly		39,300		652,099		25,102
Kweichow Moutai Co. Ltd.	Goldman Sachs	9/15/2020		2.48		Monthly		8,700		981,850		38,824
Shanghai Haohai Biological Technology Co., Ltd., Class H	Goldman Sachs	12/31/2021		0.98		Monthly		57,400		351,173		38,435
SINOPEC Engineering	Goldman Sachs	9/15/2020		0.98		Monthly		423,500		384,978		(19,836	)
Tencent Holdings Ltd.	Goldman Sachs	12/31/2021		0.98		Monthly		37,300		1,597,307		(3,809	)
Tencent Music-SP ADR	Goldman Sachs	9/15/2020		2.40		Monthly		9		120		0
Weichai Power Co.	Goldman Sachs	9/15/2020		0.98		Monthly		186,000		258,957		(2,747	)
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	9/15/2020		2.48		Monthly		128,100		1,368,232		47,699
										6,855,383		87,477
Egypt
Commercial International Bank Egypt SAE	Goldman Sachs	12/31/2021		2.48		Monthly		90,782		363,666		(20,519	)
Hong Kong
Champion REIT	Goldman Sachs	9/15/2020		0.98		Monthly		523,000		418,291		17,023
CK Hutchison Holdings Ltd.	Goldman Sachs	9/15/2020		0.98		Monthly		50,000		532,003		13,281
Fortune REIT NPV	Goldman Sachs	9/15/2020		0.98		Monthly		199,000		245,374		6,440
Hang Lung Properties	Goldman Sachs	9/15/2020		0.98		Monthly		146,000		344,711		(268	)
Link REITI NPV	Goldman Sachs	9/15/2020		0.98		Monthly		11,000		124,423		(67	)
Swire Properties, Ltd.	Goldman Sachs	9/15/2020		0.98		Monthly		149,000		598,112		5,631
WH Group Ltd.	Goldman Sachs	9/15/2020		0.98		Monthly		621,500		551,118		(36,616	)
Wharf Real Estate	Goldman Sachs	9/15/2020		0.98		Monthly		74,000		519,570		5,099
										3,333,602		10,523
Israel
Gazit Globe Ltd.	Goldman Sachs	9/15/2020		0.25		Monthly		51,553		402,518		(14,724	)
Tamar Petroleum Ltd. NPV	Goldman Sachs	9/15/2020		0.25		Monthly		34,603		148,667		506
										551,185		(14,218	)
Japan
Suzuki Motor Co.	Goldman Sachs	9/15/2020		-0.10		Monthly		12,200		626,464		(6,670	)
Mexico
Grupo GicSA SA de CV	Goldman Sachs	12/31/2021		2.48		Monthly		1,264,700		422,411		11,930
South Korea
Bnk Financial Group	Goldman Sachs	9/15/2020		2.48		Monthly		65,109		410,097		3,318
FILA Korea Ltd.	Goldman Sachs	9/15/2020		2.48		Monthly		5,823		287,504		30,742
Hana Financial Group, Inc.	Goldman Sachs	12/31/2021		2.48		Monthly		24,822		856,819		11,627
KT Corp.	Goldman Sachs	12/31/2021		2.48		Monthly		2,504		63,254		2,263
Samsung Electronics Co., Ltd.	Goldman Sachs	12/31/2021		2.48		Monthly		34,367		1,375,430		(16,233	)
SK Hynix Inc.	Goldman Sachs	9/15/2020		2.48		Monthly		6,889		428,009		(20,265	)
										3,421,113		11,452
Taiwan
Foxconn Technology Co. Ltd.	Goldman Sachs	9/15/2020		2.48		Monthly		213,000		436,205		15,376
Taiwan Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	12/31/2021		2.48		Monthly		154,251		1,183,679		37,705
Tripod Technology, Corp.	Goldman Sachs	9/15/2020		2.48		Monthly		113,000		346,150		37,106
										1,966,034		90,187

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

42  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND	Portfolio Of Investments (continued) (unaudited)

						NUMBER OF
						CONTRACTS						UNREALIZED
REFERENCE		EXPIRATION	FINANCING		PAYMENT	LONG/			NOTIONAL			APPRECIATION
COMPANY	COUNTERPARTY	DATE	RATE		FREQUENCY	(SHORT)			AMOUNT			(DEPRECIATION)
Turkey
Yatas	Goldman Sachs	9/15/2020		2.48	Monthly		162,724		$	178,125		$	8,387
United Kingdom
Georgia Capital	Goldman Sachs	9/15/2020		0.73	Monthly		26,828			392,128			(10,954	)
TBC Bank Group PLC	Goldman Sachs	9/15/2020		0.73	Monthly		22,927			457,354			68,402
										849,482			57,448
Total Long										18,898,852			221,610
Short
Brazil
Raia Drogasil SA	Goldman Sachs	9/15/2020		2.40	Monthly		(21,200	)	$	(371,098	)	$	(34,075	)
Canada
Franco Nevada Corp. Com.	Goldman Sachs	9/15/2020		1.73	Monthly		(5,814	)		(438,010	)		9,337
Chile
Sociedad Quimica Mineral	Goldman Sachs	9/15/2020		2.40	Monthly		(7,024	)		(289,529	)		(899	)
China
AAC Technologies Holdings	Goldman Sachs	9/15/2020		0.43	Monthly		(68,500	)		(404,829	)		28,875
China International Capital Corp. Ltd. Class H	Goldman Sachs	9/15/2020		0.39	Monthly		(173,200	)		(402,192	)		(28,919	)
China Life Insurance Co., Ltd., Class H	Goldman Sachs	12/31/2021		0.39	Monthly		(143,000	)		(394,949	)		(34,940	)
China Modern Dairy	Goldman Sachs	9/15/2020		0.39	Monthly		(754,000	)		(108,437	)		(3,795	)
China Pacific Insurance Group, Ltd., Class H	Goldman Sachs	12/31/2021		0.39	Monthly		(115,200	)		(433,440	)		(11,470	)
Cosco Shipping Holdings Co., Ltd.	Goldman Sachs	9/15/2020		0.39	Monthly		(1,066,500	)		(464,236	)		(28,462	)
Dongfang Electric Corp. Ltd., Class H	Goldman Sachs	12/31/2021		0.39	Monthly		(557,800	)		(432,030	)		(9,330	)
Huadian Power International Corp. Ltd., Class H	Goldman Sachs	12/31/2021		0.39	Monthly		(848,000	)		(371,615	)		8,687
Huaneng Power International Inc., Class H	Goldman Sachs	12/31/2021		0.39	Monthly		(494,000	)		(304,285	)		10,409
IMAX China Holding Inc.	Goldman Sachs	9/15/2020		0.39	Monthly		(153,700	)		(401,395	)		(11,406	)
Meituan Dianping	Goldman Sachs	9/15/2020		0.39	Monthly		(51,137	)		(396,540	)		(32,518	)
New China Life Insurance Co., Ltd., Class H	Goldman Sachs	12/31/2021		0.39	Monthly		(81,300	)		(393,410	)		(31,912	)
Parkson Retail Group Ltd.	Goldman Sachs	12/31/2021		0.39	Monthly		(850,000	)		(77,922	)		36
Pinduoduo Inc.-SP ADR	Goldman Sachs	9/15/2020		2.40	Monthly		(10,370	)		(310,478	)		(9,243	)
Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	12/31/2020		0.39	Monthly		(418,000	)		(423,152	)		(5,278	)
Shanhai Electric, Class H	Goldman Sachs	9/15/2020		0.39	Monthly		(1,084,000	)		(402,015	)		(11,214	)
Zhaojin Mining	Goldman Sachs	9/15/2020		0.39	Monthly		(389,500	)		(415,223	)		10,710
										(6,136,148	)		(159,770	)
France
Edenred	Goldman Sachs	9/15/2020		-0.37	Monthly		(4,843	)		(214,791	)		(8,822	)
Hong Kong
China Power International	Goldman Sachs	9/15/2020		0.39	Monthly		(1,525,000	)		(384,361	)		9,996
China Resources Beer Holdings Co., Ltd.	Goldman Sachs	12/31/2021		0.39	Monthly		(96,000	)		(357,792	)		21,370
China Taiping Insurance Holdings Co., Ltd.	Goldman Sachs	12/31/2021		0.39	Monthly		(44,400	)		(137,475	)		(4,540	)
Fullshare Holdings	Goldman Sachs	9/15/2020		0.39	Monthly		(932,500	)		(186,523	)		(7,624	)
HK Electric Investments & HK Electric Investments Ltd.	Goldman Sachs	12/31/2021		0.39	Monthly		(424,500	)		(442,359	)		(4,820	)
Hong Kong & China Gas Co., Ltd.	Goldman Sachs	12/31/2021		0.39	Monthly		(115,320	)		(266,937	)		(8,643	)
Lee & Man Paper	Goldman Sachs	9/15/2020		0.39	Monthly		(97,000	)		(89,287	)		(1,295	)
Nine Dragons Paper	Goldman Sachs	9/15/2020		0.39	Monthly		(85,000	)		(88,088	)		4,613
Sinofert Holdings Ltd.	Goldman Sachs	9/15/2020		0.39	Monthly		(2,600,000	)		(337,810	)		(3,559	)
Xiaomi Corp., Class B	Citibank	9/15/2020		0.00	Monthly		(309,200	)		(470,486	)		(23,026	)
										(2,761,118	)		(17,528	)

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

Semi-Annual Report 2019  |  43

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND	Portfolio Of Investments (continued) (unaudited)

						NUMBER OF
						CONTRACTS						UNREALIZED
REFERENCE		EXPIRATION	FINANCING		PAYMENT	LONG/			NOTIONAL			APPRECIATION
COMPANY	COUNTERPARTY	DATE	RATE		FREQUENCY	(SHORT)			AMOUNT			(DEPRECIATION)
India
Axis Bank	Goldman Sachs	9/15/2020		2.40	Monthly		(6,368	)	$	(316,345	)	$	(6,850	)
Dr. Reddys Labs Ltd.	Goldman Sachs	9/15/2020		2.40	Monthly		(4,286	)		(161,496	)		(5,411	)
ICICI Bank Ltd.-SP ADR	Goldman Sachs	9/15/2020		2.40	Monthly		(27,818	)		(274,285	)		(6,819	)
State Bank of India	Goldman Sachs	9/15/2020		2.40	Monthly		(6,895	)		(261,261	)		(5,351	)
										(1,013,387	)		(24,431	)
Indonesia
Jasa Marga	Macquarie	9/18/2019		2.38	Monthly		(325,700	)		(120,740	)		(2,991	)
PT Bank Mandiri (Persero) TBK	Macquarie	9/15/2020		2.38	Monthly		(273,800	)		(138,536	)		1,206
Unilever Indonesia TBK PT	Macquarie	9/18/2019		2.38	Monthly		(124,500	)		(430,071	)		5,020
										(689,347	)		3,235
Isreal
Nova Measuring Intstruments Ltd.	Goldman Sachs	9/15/2020		2.40	Monthly		(12,713	)		(314,011	)		(1,633	)
Malaysia
Telekom Malaysia Berhad	Morgan Stanley	9/15/2020		2.40	Monthly		(497,500	)		(373,285	)		(20,981	)
Mexico
El Puerto de Liver	Goldman Sachs	9/15/2020		2.40	Monthly		(58,200	)		(365,172	)		(565	)
Grupo Televisa SAB-SP ADR	Goldman Sachs	9/15/2020		2.40	Monthly		(6,514	)		(76,084	)		6,358
Telesites SAB CV	Goldman Sachs	9/15/2020		2.40	Monthly		(572,700	)		(361,476	)		(16,711	)
										(802,732	)		(10,918	)
Norway
Yara International	Goldman Sachs	9/15/2020		0.75	Monthly		(9,896	)		(416,154	)		(15,871	)
Philippines
BDO Unibank Inc.	Macquarie	9/18/2019		2.38	Monthly		(118,970	)		(293,321	)		854
Poland
CD Projekt S.A.	Goldman Sachs	9/15/2020		2.40	Monthly		(7,843	)		(394,002	)		(29,634	)
KGHM Polska Miedz	Goldman Sachs	9/15/2020		2.40	Monthly		(12,493	)		(333,979	)		(19,274	)
mBank SA	Goldman Sachs	9/15/2020		2.40	Monthly		(1,697	)		(191,487	)		1,605
Orange Polska SA	Goldman Sachs	9/15/2020		2.40	Monthly		(91,504	)		(131,081	)		(637	)
PKN Orlen SA	Goldman Sachs	9/15/2020		2.40	Monthly		(4,763	)		(128,152	)		(2,470	)
										(1,178,701	)		(50,410	)
Singapore
Golden Agri-Resources	Goldman Sachs	9/15/2020		1.76	Monthly		(1,726,900	)		(349,831	)		(24,276	)
Sats Ltd. NPV	Goldman Sachs	9/15/2020		1.76	Monthly		(101,000	)		(382,472	)		(1,644	)
SembCorp. Marine Ltd.	Morgan Stanley	12/31/2021		1.76	Monthly		(344,000	)		(434,222	)		(32,933	)
Singapore Press Holdings Ltd.	Goldman Sachs	9/15/2020		1.76	Monthly		(54,900	)		(99,707	)		543
										(1,266,232	)		(58,310	)
South Africa
Aspen Pharmacare Holdings Ltd.	Goldman Sachs	9/15/2020		6.60	Monthly		(34,404	)		(339,778	)		14,113
MMI Holdings Ltd.	Goldman Sachs	9/15/2020		0.00	Monthly		(166,902	)		(184,047	)		4,152
Tiger Brands Ltd.	Goldman Sachs	9/15/2020		6.60	Monthly		(15,318	)		(288,888	)		1,204
										(812,713	)		19,469
South Korea
Amorepacific Group	Goldman Sachs	9/15/2020		2.40	Monthly		(3,708	)		(241,442	)		(24,747	)
Celltrion Health	Macquarie	9/18/2019		2.38	Monthly		(4,036	)		(249,950	)		13,033
Celltrion Inc.	Goldman Sachs	9/15/2020		2.40	Monthly		(1,803	)		(327,079	)		16,367
CJ CGV Co., Ltd.	Morgan Stanley	9/15/2020		2.40	Monthly		(3,321	)		(129,641	)		4,738
EO Technics Co. Ltd.	Goldman Sachs	9/15/2020		2.40	Monthly		(6,717	)		(351,573	)		(24,380	)
Kakao Corp.	Goldman Sachs	12/31/2021		2.40	Monthly		(1,769	)		(162,530	)		(5,893	)
Paradise Co. Ltd.	Morgan Stanley	12/31/2021		2.40	Monthly		(27,040	)		(441,847	)		(8,575	)
Sillajen Inc.	Goldman Sachs	9/15/2020		2.40	Monthly		(4,634	)		(305,781	)		(4,312	)
SK Networks Co. Ltd.	Morgan Stanley	9/15/2020		2.40	Monthly		(65,511	)		(343,265	)		5,800
										(2,553,108	)		(27,969	)

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

44  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND	Portfolio Of Investments (continued) (unaudited)

						NUMBER OF
						CONTRACTS						UNREALIZED
REFERENCE		EXPIRATION	FINANCING		PAYMENT	LONG/			NOTIONAL			APPRECIATION
COMPANY	COUNTERPARTY	DATE	RATE		FREQUENCY	(SHORT)			AMOUNT			(DEPRECIATION)
Taiwan
Advantech Co., Ltd.	Goldman Sachs	9/15/2020		2.40	Monthly		(19,000	)	$	(144,759	)	$	(4,318	)
Cheng Shin Rubber	Goldman Sachs	9/15/2020		2.40	Monthly		(222,000	)		(315,523	)		(7,760	)
China Airlines	Goldman Sachs	9/15/2020		2.40	Monthly		(1,110,000	)		(364,258	)		(4,467	)
Eclat Textile Co., Ltd.	Goldman Sachs	9/18/2019		2.40	Monthly		(11,500	)		(131,143	)		821
Epistar Corp.	Goldman Sachs	9/15/2020		2.40	Monthly		(427,000	)		(376,165	)		4,422
First Financial Holding Co.	Goldman Sachs	9/15/2020		2.40	Monthly		(474,000	)		(320,195	)		(4,267	)
United Microelectronics Corp. - SP ADR	Goldman Sachs	9/15/2020		2.40	Monthly		(104,482	)		(193,292	)		(999	)
										(1,845,335	)		(16,568	)
Thailand
Airports of Thailand PCL	Morgan Stanley	9/15/2020		2.40	Monthly		(202,200	)		(433,013	)		12,643
Bumrungrad Hospital	Morgan Stanley	9/15/2020		2.40	Monthly		(59,800	)		(353,818	)		3,087
										(786,831	)		15,730
Total Short										(22,555,851	)		(399,560	)
Net unrealized gain/(loss) on Contracts For Difference												$	(177,950	)

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

Semi-Annual Report 2019  |  45

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND	Portfolio Of Investments (concluded) (unaudited)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2019 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Common Stock
Argentina	$	284,214		$	284,214	$	—		$	—
Belgium		418,078			418,078		—			—
Brazil		2,765,702			2,765,702		—			—
China		5,607,211			4,864,839		742,372			—
Hong Kong		3,148,421			1,140,383		2,008,038			—
Hungary		882,481			253,238		629,243			—
India		2,884,053			373,764		2,510,289			—
Indonesia		309,376			—		309,376			—
Israel		236,261			236,261		—			—
Macao		918,040			—		918,040			—
Mexico		2,113,364			2,113,364		—			—
Netherlands		658,805			—		658,805			—
Philippines		206,095			—		206,095			—
Poland		125,998			—		125,998			—
Portugal		327,774			—		327,774			—
Russia		1,060,822			785,858		274,964			—
Singapore		926,421			—		926,421			—
South Africa		5,654,108			1,624,000		4,030,108			—
South Korea		3,598,539			1,163,351		2,435,188			—
Switzerland		226,722			—		226,722			—
Taiwan		592,365			—		592,365			—
Thailand		719,921			—		719,921			—
Turkey		955,777			324,221		631,556			—
United Arab Emirates		929,685			641,998		287,687			—
United Kingdom		229,981			229,981		—			—
United States		3,898,890			3,898,890		—			—
Preferred Stock
Brazil		153,548			153,548		—			—
Russia		389,904			—		389,904			—
South Korea		1,746,102			—		1,746,102			—
Rights		—			—		—			—	**
Warrant		1,362			—		—			1,362
Short-Term Investments		17,652,981			17,652,981		—			—
Contracts For Difference
Equity Contracts		630,819			—		630,819			—
Total Assets	$	60,253,820		$	38,924,671	$	21,327,787		$	1,362
	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Contracts For Difference
Equity Contracts	$	(808,769	)	$	—	$	(808,769	)	$	—
Total Liabilities	$	(808,769	)	$	—	$	(808,769	)	$	—

**  Value equals zero as of the end of the reporting period.

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

46  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (unaudited)

	NUMBER OF
	SHARES		VALUE
COMMON STOCKS—80.1%
Argentina—0.5%
Banco Macro SA - ADR		332	$	16,766
YPF SA - SP ADR		1,810		25,594
				42,360
Belgium—0.7%
Anheuser-Busch InBev - SP ADR		805		62,919
Brazil—4.9%
Ambev SA		8,800		40,320
JBS SA		7,500		27,016
Mahle-Metal Leve SA		7,000		48,733
Movida Participacoes SA		18,100		55,416
Petroleo Brasileiro SA - SP ADR		2,696		42,381
Qualicorp SA		17,800		72,932
Tegma Gestao Logistica SA		6,100		44,887
TIM Participacoes SA		19,000		60,296
Transmissora Alianca de Energia Eletrica SA		2,800		18,644
Tupy SA		11,300		55,565
				466,190
China—14.6%
Agricultural Bank of China Ltd., Class H		100,000		47,905
Alibaba Group Holding Ltd. - SP ADR*		2,833		518,524
Baidu, Inc. - SP ADR*		536		87,121
China Construction Bank Corp., Class H		43,000		38,282
China Meidong Auto Holdings Ltd.		136,000		61,505
China Telecom Corp. Ltd., Class H		28,000		15,155
Ping An Insurance Group Co. of China Ltd., Class H		4,500		47,571
Shanghai Haohai Biological Technology Co., Ltd., Class H		8,700		53,227
Sinopec Engineering Group Co. Ltd., Class H		63,000		57,269
TAL Education Group - ADR*		457		16,269
Tencent Holdings Ltd.		6,300		269,787
Tencent Holdings Ltd. - ADR		2,868		122,779
Tencent Music Entertainment Group - ADR*		1		18
Weichai Power Co. Ltd., Class H		27,000		37,591
				1,373,003
Egypt—0.6%
Commercial International Bank Egypt SAE		13,431		53,805
Hong Kong—5.8%
China Mobile Ltd. - SP ADR		1,189		62,649
China Unicom Hong Kong Ltd. - ADR		2,501		29,512
Galaxy Entertainment Group Ltd.		2,000		14,183
K Wah International Holdings Ltd.		191,000		102,892
Melco Resorts & Entertainment Ltd. - ADR		3,478		80,133
SJM Holdings Ltd.		108,000		121,645
WH Group Ltd.		93,000		82,468
Xinyi Glass Holdings Ltd.		48,000		55,014
				548,496
Hungary—1.4%
OTP Bank PLC		2,218		93,807
Waberer’s International Nyrt*		5,750		37,699
				131,506

	NUMBER OF
	SHARES		VALUE
India—3.9%
Bajaj Auto Ltd.		2,228	$	90,913
Gujarat State Petronet Ltd.		40,321		89,184
Infosys Ltd. - SP ADR		11,465		122,905
Tech Mahindra Ltd.		5,814		67,860
				370,862
Indonesia—0.5%
Bank Rakyat Indonesia Persero Tbk PT		169,600		46,364
Israel—0.4%
Mellanox Technologies Ltd.*		337		36,207
Japan—1.0%
Suzuki Motor Corp.		1,900		97,564
Macao—1.4%
Wynn Macau Ltd.		55,200		136,372
Mexico—4.0%
Concentradora Fibra Danhos SA de CV		36,600		52,163
Credito Real SAB de CV SOFOM ER		61,300		61,772
Fibra Uno Administracion SA de CV		40,000		55,577
Grupo GICSA SA de CV*		195,100		65,163
Macquarie Mexico Real Estate Management SA de CV		66,600		77,579
Qualitas Controladora SAB de CV		14,800		37,573
Vista Oil & Gas SAB de CV*		3,960		28,548
				378,375
Netherlands—1.0%
Heineken Holding NV		522		50,441
Heineken NV		482		48,518
				98,959
Philippines—0.3%
Robinsons Land Corp.		69,700		31,550
Poland—0.2%
Bank Polska Kasa Opieki SA		631		18,871
Portugal—0.5%
Jeronimo Martins SGPS SA		3,305		49,745
Russia—1.3%
Sberbank of Russia PJSC - SP ADR		4,719		60,167
Yandex NV, Class A*		1,684		57,930
				118,097
Singapore—1.4%
DBS Group Holdings Ltd.		3,700		67,835
United Overseas Bank Ltd.		3,600		66,351
				134,186
South Africa—8.8%
Adcock Ingram Holdings Ltd.		17,739		81,540
Astral Foods Ltd.		6,054		70,017
AVI Ltd.		4,859		30,870
Barloworld Ltd.		8,295		74,120
Clover Industries Ltd.		38,824		61,567
Distell Group Holdings Ltd.		6,614		56,048
Liberty Holdings Ltd.		9,476		69,253
Motus Holdings Ltd.*		6,395		41,350
MultiChoice Group Ltd.*		1,091		8,132
Naspers Ltd.		1,091		235,295
RMB Holdings Ltd.		5,863		33,269
Telkom SA SOC Ltd.		14,648		72,564
				834,025

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

Semi-Annual Report 2019  |  47

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (continued) (unaudited)

	NUMBER OF
	SHARES		VALUE
South Korea—11.2%
BNK Financial Group, Inc.		9,786	$	61,638
DGB Financial Group, Inc.		6,529		49,182
Fila Korea Ltd.		874		43,153
Hana Financial Group, Inc.		3,731		128,789
Hyundai Hy Communications & Network Co. Ltd.		3,498		13,014
Hyundai Mobis Co. Ltd.		512		100,246
Industrial Bank of Korea		3,334		41,322
Innocean Worldwide*		376		23,368
KB Financial Group, Inc.		2,557		100,778
Kia Motors Corp.		1,000		32,479
KT Corp. - SP ADR*		12,029		160,828
LG Uplus Corp.		2,098		27,941
Samsung Electronics Co., Ltd.		5,165		206,713
SK Hynix, Inc.		1,044		64,863
				1,054,314
Switzerland—0.4%
Glencore PLC		8,466		34,109
Taiwan—2.9%
CTBC Financial Holding Co. Ltd.		66,000		44,604
Fubon Financial Holding Co. Ltd.		29,000		42,804
Taiwan Semiconductor Manufacturing Co. Ltd.		24,000		184,169
				271,577
Thailand—1.2%
Hana Microelectronics PCL		30,400		34,495
Quality Houses PCL		306,000		29,710
Tisco Financial Group PCL		16,500		45,809
				110,014
Turkey—1.8%
Mavi Giyim Sanayi Ve Ticaret AS, Class B		12,337		95,822
Ulker Biskuvi Sanayi AS		13,551		49,196
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS*		24,237		26,531
				171,549
United Arab Emirates—1.5%
Aramex PJSC		79,749		95,317
Emaar Malls PJSC		88,163		42,131
				137,448
United Kingdom—1.7%
Atrium European Real Estate Ltd.*		8,890		34,279
Georgia Capital PLC*		3,968		57,998
TBC Bank Group PLC		3,448		68,782
				161,059
United States—6.2%
Air Lease Corp.		4,112		153,624
Broadcom, Inc.		57		15,696
FMC Corp.		563		50,388
Freeport-McMoRan, Inc.		635		8,192
Las Vegas Sands Corp.		2,669		163,957
Philip Morris International, Inc.		2,211		192,224
				584,081
TOTAL COMMON STOCKS (Cost $7,433,237)				7,553,607

	NUMBER OF
	SHARES		VALUE
PREFERRED STOCKS—0.2%
Brazil—0.2%
Cia de Transmissao de Energia Eletrica Paulista—12.028%		1,100	$	22,520
TOTAL PREFERRED STOCKS (Cost $19,699)				22,520
RIGHTS—0.0%
Taiwan—0.0%
CTBC Financial Holding Co. Ltd.*‡		430		0
TOTAL RIGHTS (Cost $0)				0
SHORT-TERM INVESTMENTS—19.4%
Morgan Stanley Institutional Liquidity Funds – Institutional Class, Treasury Portfolio, 2.28%(a)		1,829,395		1,829,395
TOTAL SHORT-TERM INVESTMENTS (Cost $1,829,395)				1,829,395
TOTAL INVESTMENTS—99.7% (Cost $9,282,331)				9,405,522
OTHER ASSETS IN EXCESS OF LIABILITIES—0.3%				30,226
NET ASSETS—100.0%			$	9,435,748

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
SP ADR	—	Sponsored American Depositary Receipt
*	—	Non-income producing.
(a)	—	Seven-day yield as of February 28, 2019.
‡	—	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2019, these securities amounted to $0 or 0.0% of net assets.
		Industry classifications may be different than those used for compliance monitoring purposes.

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

48  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (continued) (unaudited)

Contracts For Difference held by the Fund at February 28, 2019, are as follows:

							NUMBER OF
							CONTRACTS				UNREALIZED
REFERENCE		EXPIRATION	FINANCING			PAYMENT	LONG/		NOTIONAL		APPRECIATION
COMPANY	COUNTERPARTY	DATE	RATE			FREQUENCY	(SHORT)		AMOUNT		(DEPRECIATION)
Long
China
Henan Shuang Inv.	Goldman Sachs	9/15/2020		2.48	%	Monthly		10,800	$	39,018	$	(761	)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020		2.48		Monthly		5,900		97,898		3,775
Kweichow Moutai	Goldman Sachs	9/15/2020		2.48		Monthly		1,300		146,713		5,721
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	9/15/2020		2.48		Monthly		19,100		204,006		7,089
										487,635		15,824
Hong Kong
Champion REIT	Goldman Sachs	9/15/2020		0.98		Monthly		79,000		63,183		2,570
CK Hutchison Holdings Ltd.	Goldman Sachs	9/15/2020		0.98		Monthly		7,000		74,480		1,857
Fortune Real Estate Investors NPV REIT	Goldman Sachs	9/15/2020		0.98		Monthly		30,000		36,991		939
Hang Lung Properties Ltd.	Goldman Sachs	9/15/2020		0.98		Monthly		22,000		51,943		(41	)
Link Real Estate I NPV	Goldman Sachs	9/15/2020		0.98		Monthly		1,500		16,967		(6	)
Swire Properties Ltd.	Goldman Sachs	9/15/2020		0.98		Monthly		22,200		89,115		838
Wharf Real Estate	Goldman Sachs	9/15/2020		0.98		Monthly		10,000		70,212		687
										402,891		6,844
Israel
Gazit-Globe Ltd.	Goldman Sachs	9/15/2020		0.25		Monthly		7,237		56,506		(2,067	)
Tamar Petroleum Ltd.	Goldman Sachs	9/15/2020		0.25		Monthly		5,153		22,139		75
										78,645		(1,992	)
Russia
Gazprom Neft PJSC	Goldman Sachs	9/15/2020		2.48		Monthly		8,230		40,929		(1,241	)
Sberbank of Russia PJSC	Goldman Sachs	9/15/2020		2.48		Monthly		21,220		57,874		1,486
										98,803		245
South Korea
Samsung Electronics Co., Ltd.	Goldman Sachs	9/15/2020		2.48		Monthly		8,067		257,916		(2,097	)
Taiwan
Foxconn Tech Co.	Goldman Sachs	9/15/2020		2.48		Monthly		32,000		65,533		2,308
Tripod Technology Corp.	Goldman Sachs	9/15/2020		2.48		Monthly		17,000		52,076		5,583
										117,609		7,891
Total Long										1,443,499		26,715
Net unrealized gain/(loss) on Contracts For Difference											$	26,715

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

Semi-Annual Report 2019  |  49

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (concluded) (unaudited)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2019 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Common Stock
Argentina	$	42,360		$	42,360	$	—		$	—
Belgium		62,919			62,919		—			—
Brazil		466,190			466,190		—			—
China		1,373,003			806,216		566,787			—
Egypt		53,805			—		53,805			—
Hong Kong		548,496			172,294		376,202			—
Hungary		131,506			37,699		93,807			—
India		370,862			122,905		247,957			—
Indonesia		46,364			—		46,364			—
Israel		36,207			36,207		—			—
Macao		136,372			—		136,372			—
Japan		97,564			—		97,564			—
Mexico		378,375			378,375		—			—
Netherlands		98,959			—		98,959			—
Philippines		31,550			—		31,550			—
Poland		18,871			—		18,871			—
Portugal		49,745			—		49,745			—
Russia		118,097			118,097		—			—
Singapore		134,186			—		134,186			—
South Africa		834,025			239,839		594,186			—
South Korea		1,054,314			184,196		870,118			—
Switzerland		34,109			—		34,109			—
Taiwan		271,577			—		271,577			—
Thailand		110,014			—		110,014			—
Turkey		171,549			49,196		122,353			—
United Arab Emirates		137,448			95,317		42,131			—
United Kingdom		161,059			161,059		—			—
United States		584,081			584,081		—			—
Preferred Stock
Brazil		22,520			22,520		—			—
Rights		—			—		—			—	**
Short-Term Investments		1,829,395			1,829,395		—			—
Contracts For Difference
Equity Contracts		32,928			—		32,928			—
Total Assets	$	9,438,450		$	5,408,865	$	4,029,585		$	—
	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Contracts For Difference
Equity Contracts	$	(6,213	)	$	—	$	(6,213	)	$	—
Total Liabilities	$	(6,213	)	$	—	$	(6,213	)	$	—

** Value equals zero as of the end of the reporting period.

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

50  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
STATEMENTS OF ASSETS AND LIABILITIES (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†^		$	555,158,289	$	350,129,723	$	4,545,445,229
Investments purchased with proceeds from securities lending collateral, at value*			170,373,006		54,729,523		—
Short-term investments, at value**			24,566,381		2,029,092		19,013,068
Cash			—		—		18,688,029
Receivables
Investments sold			3,358,034		742,520		22,956,801
Foreign currency deposits with brokers for securities sold short#			—		3,066,122		354,678,028
Deposits with brokers for contracts for difference			—		—		8,520,000
Deposits with brokers for securities sold short			—		180,645,608		1,699,760,462
Capital shares sold			307,429		327,756		5,502,438
Dividends and interest			564,740		636,810		13,986,226
Due from advisor			—		—		—
Unrealized appreciation on contracts for difference◊			—		—		2,945,266
Prepaid expenses and other assets			41,847		36,310		247,207
Total assets			754,369,726		592,343,464		6,691,742,754
LIABILITIES
Securities sold short, at fair value‡			—		180,086,335		2,057,645,026
Options written, at value+◊			—		256,275		—
Payables
Securities lending collateral			170,373,006		54,729,523		—
Investments purchased			—		2,466,374		34,789,977
Capital shares redeemed			442,016		931,425		8,296,196
Due to prime broker			—		—		—
Investment advisory fees			453,623		621,461		4,538,087
Custodian fees			4,920		8,248		—
Distribution and service fees			106,322		16,817		—
Dividends on securities sold short			—		104,517		1,526,503
Administration and accounting fees			28,281		60,793		344,240
Transfer agent fees			45,220		92,946		360,985
Unrealized depreciation on contracts for difference◊			—		—		2,913,512
Other accrued expenses and liabilities			35,352		66,718		259,138
Total liabilities			171,488,740		239,441,432		2,110,673,664
Net Assets		$	582,880,986	$	352,902,032	$	4,581,069,090
NET ASSETS CONSIST OF:
Par value		$	24,629	$	19,743	$	303,553
Paid-in Capital			488,104,664		294,071,047		4,085,867,429
Total Distributable earnings/(loss)			94,751,693		58,811,242		494,898,108
Net Assets		$	582,880,986	$	352,902,032	$	4,581,069,090
INSTITUTIONAL CLASS
Net assets		$	446,525,961	$	317,039,306	$	4,495,701,869
Shares outstanding			18,661,231		17,566,136		297,775,920
Net asset value, offering and redemption price per share		$	23.93	$	18.05	$	15.10
INVESTOR CLASS
Net assets		$	136,355,025	$	35,862,726	$	85,367,221
Shares outstanding			5,967,332		2,177,274		5,777,392
Net asset value, offering and redemption price per share		$	22.85	$	16.47	$	14.78
†	Investments in securities, at cost	$	468,631,505	$	281,770,179	$	3,736,518,916
^	Includes market value of securities on loan	$	164,342,194	$	52,788,759	$	—
*	Investments purchased with proceeds from securities lending collateral, at cost	$	170,373,006	$	54,729,523	$	—
**	Short-term investments, at cost	$	24,566,381	$	2,029,092	$	19,013,068
#	Foreign currency, at cost	$	—	$	2,972,699	$	354,459,385
‡	Proceeds received, securities sold short	$	—	$	177,724,833	$	1,859,804,204
+	Premiums received, options written	$	—	$	843,970	$	—
◊	Primary risk exposure is equity contracts

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

Semi-Annual Report 2019  |  51

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
STATEMENTS OF ASSETS AND LIABILITIES (continued) (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†^		$	1,972,033,427	$	24,995,764		$	668,752,533
Investments purchased with proceeds from securities lending collateral, at value*			528,806,686		8,031,303			35,967,290
Short-term investments, at value**			58,005,078		1,286,867			26,777,391
Cash			—		—			—
Receivables
Investments sold			—		293,132			4,004,158
Foreign currency deposits with brokers for securities sold short#			—		—			—
Deposits with brokers for contracts for difference			—		—			—
Deposits with brokers for securities sold short			—		—			—
Capital shares sold			1,500,345		—			81,496
Dividends and interest			4,368,268		24,239			2,529,472
Due from advisor			—		—			—
Unrealized appreciation on contracts for difference◊			—		—			—
Prepaid expenses and other assets			125,934		11,156			42,281
Total assets			2,564,839,738		34,642,461			738,154,621
LIABILITIES
Securities sold short, at fair value‡			—		—			—
Options written, at value+◊			—		—			—
Payables
Securities lending collateral			528,806,686		8,031,303			35,967,290
Investments purchased			—		607,121			5,937,396
Capital shares redeemed			2,257,160		—			141,721
Due to prime broker			—		—			—
Investment advisory fees			1,172,758		12,537			473,799
Custodian fees			6,485		2,968			13,682
Distribution and service fees			118,664		—			—
Dividends on securities sold short			—		—			—
Administration and accounting fees			102,405		2,596			29,740
Transfer agent fees			16,822		2,067			51,818
Unrealized depreciation on contracts for difference◊			—		—			—
Other accrued expenses and liabilities			43,601		27,316			22,908
Total liabilities			532,524,581		8,685,908			42,638,354
Net Assets		$	2,032,315,157	$	25,956,553		$	695,516,267
NET ASSETS CONSIST OF:
Par value		$	82,493	$	1,786		$	43,230
Paid-in Capital			1,679,026,085		26,159,598			672,553,551
Total Distributable earnings/(loss)			353,206,579		(204,831	)		22,919,486
Net Assets		$	2,032,315,157	$	25,956,553		$	695,516,267
INSTITUTIONAL CLASS
Net assets		$	1,666,198,420	$	25,956,553		$	695,516,267
Shares outstanding			67,574,583		1,786,160			43,229,605
Net asset value, offering and redemption price per share		$	24.66	$	14.53		$	16.09
INVESTOR CLASS
Net assets		$	366,116,737	$	—		$	—
Shares outstanding			14,918,298		—			—
Net asset value, offering and redemption price per share		$	24.54	$	—		$	—
†	Investments in securities, at cost	$	1,583,781,253	$	22,638,171		$	627,176,078
^	Includes market value of securities on loan	$	516,880,743	$	7,708,445		$	34,932,768
*	Investments purchased with proceeds from securities lending collateral, at cost	$	528,806,686	$	8,031,303		$	35,967,290
**	Short-term investments, at cost	$	58,005,078	$	1,286,867		$	26,777,391
#	Foreign currency, at cost	$	—	$	—		$	—
‡	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.

52  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2019
STATEMENTS OF ASSETS AND LIABILITIES (concluded) (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†^		$	829,700,243	$	41,970,020		$	7,576,127
Investments purchased with proceeds from securities lending collateral, at value*			—		—			—
Short-term investments, at value**			26,770,041		17,652,981			1,829,395
Cash			—		—			—
Receivables
Investments sold			11,545,862		286,114			43,300
Foreign currency deposits with brokers for securities sold short #			—		—			—
Deposits with brokers for contracts for difference			3,340,000		3,643,469			—
Deposits with brokers for securities sold short			415,260,450		—			—
Capital shares sold			924,943		3,176			—
Dividends and interest			4,202,213		150,055			20,338
Due from advisor					—			5,956
Unrealized appreciation on contracts for difference◊			325,775		630,819			32,928
Prepaid expenses and other assets			62,190		16,984			8,847
Total assets			1,292,131,717		64,353,618			9,516,891
LIABILITIES
Securities sold short, at fair value‡			414,644,748		—			—
Options written, at value+◊			5,631,850		—			—
Payables
Securities lending collateral			—		—			—
Investments purchased			13,422,962		758,481			23,615
Capital shares redeemed			1,992,119		9,687			—
Due to prime broker			—		18,960			—
Investment advisory fees			1,001,996		95,696			—
Custodian fees			49,388		22,735			20,856
Distribution and service fees			283		—			—
Dividends on securities sold short			423,220		—			—
Administration and accounting fees			50,850		12,896			8,921
Transfer agent fees			66,553		4,301			810
Unrealized depreciation on contracts for difference◊			170,672		808,769			6,213
Other accrued expenses and liabilities			75,475		51,995			20,728
Total liabilities			437,530,116		1,783,520			81,143
Net Assets		$	854,601,601	$	62,570,098		$	9,435,748
NET ASSETS CONSIST OF:
Par value		$	79,245	$	6,149		$	1,031
Paid-in Capital			819,194,545		67,803,414			10,308,360
Total Distributable earnings/(loss)			35,327,811		(5,239,465	)		(873,643	)
Net Assets		$	854,601,601	$	62,570,098		$	9,435,748
INSTITUTIONAL CLASS
Net assets		$	832,640,411	$	62,570,098		$	9,435,748
Shares outstanding			77,186,059		6,148,690			1,031,376
Net asset value, offering and redemption price per share		$	10.79	$	10.18		$	9.15
INVESTOR CLASS
Net assets		$	21,961,190	$	—		$	—
Shares outstanding			2,058,667		—			—
Net asset value, offering and redemption price per share		$	10.67	$	—		$	—
†	Investments in securities, at cost	$	763,501,707	$	39,163,422		$	7,452,936
^	Includes market value of securities on loan	$	—	$	—		$	—
*	Investments purchased with proceeds from securities lending collateral, at cost	$	—	$	—		$	—
**	Short-term investments, at cost	$	26,770,041	$	17,652,981		$	1,829,395
#	Foreign currency, at cost	$	—	$	—		$	—
‡	Proceeds received, securities sold short	$	396,737,811	$	—		$	—
+	Premiums received, options written	$	5,338,829	$	—		$	—
◊	Primary risk exposure is equity contracts

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

Semi-Annual Report 2019  |  53

BOSTON PARTNERS INVESTMENT FUNDS	For the Six Months Ended February 28, 2019
STATEMENTS OF OPERATIONS(unaudited)

	Boston Partners Small Cap Value Fund II			Boston Partners Long/Short Equity Fund			Boston Partners Long/Short Research Fund
Investment Income
Dividends †	$	5,125,759		$	4,038,607		$	56,307,682
Interest		199,471			80,775			1,837,828
Income from securities loaned (Note 8)		136,174			102,266			—
Prime broker interest income		—			271,476			16,898,468
Total investment income		5,461,404			4,493,124			75,043,978
Expenses
Advisory fees (Note 2)		2,790,469			6,075,082			35,801,748
Distribution fees (Investor Class) (Note 2)		161,362			54,466			128,579
Transfer agent fees (Note 2)		249,367			198,277			1,509,007
Administration and accounting fees (Note 2)		85,592			111,100			868,409
Printing and shareholder reporting fees		30,444			28,438			205,978
Audit and tax service fees		17,725			23,979			31,576
Legal fees		16,267			20,099			202,337
Director fees		15,478			22,164			162,294
Custodian fees (Note 2)		10,988			69,608			236,963
Officer fees		9,636			13,882			111,325
Other expenses		31,653			31,142			134,748
Dividend expense on securities sold short		—			678,306			17,425,845
Prime broker interest expense		—			—			—
Total expenses before waivers and/or reimbursements		3,418,981			7,326,543			56,818,809
Less: advisory fees waived (Note 2)		(5,649	)		(210	)		(2,535	)
Waivers and/or reimbursements net of amounts recouped (Note 2)		(194,949	)		(19,547	)		—
Net expenses after waivers and/or reimbursements net of amounts recouped		3,218,383			7,306,786			56,816,274
Net investment income/(loss)		2,243,021			(2,813,662	)		18,227,704
Net realized gain/(loss) from:
Investment securities		10,178,757			12,023,729			(63,945,847	)
Purchased options **		—			(115,263	)		—
Securities sold short		—			(3,485,193	)		(28,334,043	)
Options written **		—			3,598,332			—
Contracts for difference **		—			—			5,507,290
Foreign currency transactions		6			(91,284	)		(20,188,649	)
Net change in unrealized appreciation/(depreciation) on:
Investment securities		(62,954,247	)		(101,084,581	)		(462,398,038	)
Purchased options **		—			122,212			—
Securities sold short		—			58,999,435			200,353,901
Options written **		—			(2,512,235	)		—
Contracts for difference **		—			—			3,685,664
Foreign currency translation		26			30,077			16,328,692
Net realized and unrealized gain/(loss)		(52,775,458	)		(32,514,771	)		(348,991,030	)
Net increase/(decrease) in net assets resulting from operations	$	(50,532,437	)	$	(35,328,433	)	$	(330,763,326	)
†  Net of foreign withholding taxes of	$	(11,145	)	$	(48,583	)	$	(813,981	)

**  Primary risk exposure is equity contracts.                        

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

54  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS	For the Six Months Ended February 28, 2019
STATEMENTS OF OPERATIONS (continued) (unaudited)

	Boston Partners All-Cap Value Fund			WPG Partners Small/Micro Cap Value Fund			Boston Partners Global Equity Fund
Investment Income
Dividends †	$	21,675,908		$	202,332		$	6,254,482
Interest		481,289			5,065			299,416
Income from securities loaned (Note 8)		325,172			15,001			65,129
Prime broker interest income		—			—			—
Total investment income		22,482,369			222,398			6,619,027
Expenses
Advisory fees (Note 2)		7,326,115			107,312			2,936,647
Distribution fees (Investor Class) (Note 2)		536,513			—			—
Transfer agent fees (Note 2)		502,929			6,846			197,174
Administration and accounting fees (Note 2)		307,685			11,887			91,278
Printing and shareholder reporting fees		80,925			34			7,542
Audit and tax service fees		17,760			17,252			22,378
Legal fees		58,921			420			16,539
Director fees		50,015			726			15,446
Custodian fees (Note 2)		33,574			5,365			44,603
Officer fees		37,028			313			11,511
Other expenses		73,388			13,474			20,583
Dividend expense on securities sold short		—			—			—
Prime broker interest expense		—			—			—
Total expenses before waivers and/or reimbursements		9,024,853			163,629			3,363,701
Less: advisory fees waived (Note 2)		(8,554	)		(97	)		(4,499	)
Waivers and/or reimbursements net of amounts recouped (Note 2)		(121,083	)		(16,176	)		(271,926	)
Net expenses after waivers and/or reimbursements net of amounts recouped		8,895,216			147,356			3,087,276
Net investment income/(loss)		13,587,153			75,042			3,531,751
Net realized gain/(loss) from:
Investment securities		(6,926,203	)		(1,495,994	)		(12,688,435	)
Purchased options **		—			—			—
Securities sold short		—			—			—
Options written **		—			—			—
Contracts for difference **		—			—			—
Foreign currency transactions		—			—			(63,690	)
Net change in unrealized appreciation/(depreciation) on:
Investment securities		(159,274,143	)		(2,209,162	)		(36,224,716	)
Purchased options **		—			—			—
Securities sold short		—			—			—
Options written **		—			—			—
Contracts for difference **		—			—			—
Foreign currency translation		(56	)		—			(6,560	)
Net realized and unrealized gain/(loss)		(166,200,402	)		(3,705,156	)		(48,983,401	)
Net increase/(decrease) in net assets resulting from operations	$	(152,613,249	)	$	(3,630,114	)	$	(45,451,650	)
†  Net of foreign withholding taxes of	$	(43,255	)	$	(793	)	$	(154,137	)

**  Primary risk exposure is equity contracts.

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

Semi-Annual Report 2019  |  55

BOSTON PARTNERS INVESTMENT FUNDS	For the Six Months Ended February 28, 2019
STATEMENTS OF OPERATIONS (concluded) (unaudited)

	Boston Partners Global Long/Short Fund			Boston Partners Emerging Markets Long/Short Fund			Boston Partners Emerging Markets Fund
Investment Income
Dividends †	$	8,487,385		$	289,773		$	46,505
Interest		298,537			181,483			14,725
Income from securities loaned (Note 8)		—			—			—
Prime broker interest income		2,795,919			142			—
Total investment income		11,581,841			471,398			61,230
Expenses
Advisory fees (Note 2)		6,641,708			547,496			34,530
Distribution fees (Investor Class) (Note 2)		27,618			—			—
Transfer agent fees (Note 2)		287,578			10,161			451
Administration and accounting fees (Note 2)		134,270			37,045			16,064
Printing and shareholder reporting fees		42,834			3,406			200
Audit and tax service fees		33,393			40,140			19,813
Legal fees		30,760			24,833			966
Director fees		23,567			1,239			686
Custodian fees (Note 2)		42,788			62,842			44,454
Officer fees		17,089			1,368			128
Other expenses		41,742			14,617			15,953
Dividend expense on securities sold short		2,297,501			—			—
Prime broker interest expense		—			—			—
Total expenses before waivers and/or reimbursements		9,620,848			743,147			133,245
Less: advisory fees waived (Note 2)		(3,617	)		(2,803	)		(287	)
Waivers and/or reimbursements net of amounts recouped (Note 2)		—			(156,272	)		(89,002	)
Net expenses after waivers and/or reimbursements net of amounts recouped		9,617,231			584,072			43,956
Net investment income/(loss)		1,964,610			(112,674	)		17,274
Net realized gain/(loss) from:
Investment securities		(23,054,062	)		(4,633,244	)		(870,229	)
Purchased options **		—			—			—
Securities sold short		12,854,389			(7,799	)		—
Options written **		3,488,048			—			—
Contracts for difference **		(437,545	)		(1,711,614	)		25,453
Foreign currency transactions		(346,306	)		8,826			1,089
Net change in unrealized appreciation/(depreciation) on:
Investment securities		(47,047,168	)		5,433,479			955,386
Purchased options **		—			—			—
Securities sold short		11,402,735			—			—
Options written **		(716,982	)		—			—
Contracts for difference **		489,874			(512,026	)		9,699
Foreign currency translation		(52,486	)		15,489			1,465
Net realized and unrealized gain/(loss)		(43,419,503	)		(1,406,889	)		122,863
Net increase/(decrease) in net assets resulting from operations	$	(41,454,893	)	$	(1,519,563	)	$	140,137
†  Net of foreign withholding taxes of	$	(232,070	)	$	(38,814	)	$	(6,465	)

**  Primary risk exposure is equity contracts.

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

56  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

	Boston Partners Small Cap Value Fund II						Boston Partners Long/Short Equity Fund
	For the Six Months Ended  February 28, 2019  (unaudited)			For the Year Ended August 31, 20181			For the Six Months Ended  February 28, 2019  (unaudited)			For the Year Ended August 31, 20182
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	2,243,021		$	4,165,801		$	(2,813,662	)	$	(14,763,953	)
Net realized gain/(loss) from investments and foreign currency		10,178,763			35,653,755			11,930,321			47,534,690
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(62,954,221	)		45,398,570			(44,445,092	)		(37,259,134	)
Net increase/(decrease) in net assets resulting from operations		(50,532,437	)		85,218,126			(35,328,433	)		(4,488,397	)
Dividends and distributions to shareholders:
Institutional Class		(24,782,417	)		(18,300,268	)		(39,629,576	)		(6,788,431	)
Investor Class		(7,438,014	)		(6,400,727	)		(3,570,596	)		(720,622	)
Net decrease in net assets from dividends and distributions to shareholders		(32,220,431	)		(24,700,995	)		(43,200,172	)		(7,509,053	)
Capital transactions:
Institutional Class
Proceeds from shares sold		56,192,382			137,345,450			26,146,462			102,603,910
Reinvestment of distributions		24,557,730			18,092,538			33,235,863			5,867,217
Shares redeemed		(46,231,231	)		(86,288,343	)		(321,062,110	)		(304,621,729	)
Investor Class
Proceeds from shares sold		19,436,235			30,319,317			2,579,524			4,713,036
Reinvestment of distributions		7,318,410			6,316,311			3,529,676			716,185
Shares redeemed		(16,133,187	)		(67,753,640	)		(18,490,115	)		(38,713,922	)
Net increase/(decrease) in net assets from capital transactions		45,140,339			38,031,633			(274,060,700	)		(229,435,303	)
Total increase/(decrease) in net assets		(37,612,529	)		98,548,764			(352,589,305	)		(241,432,753	)
Net assets:
Beginning of period		620,493,515			521,944,751			705,491,337			946,924,090
End of period	$	582,880,986		$	620,493,515		$	352,902,032		$	705,491,337
Share transactions:
Institutional Class
Shares sold		2,313,736			5,166,089			1,397,745			4,718,662
Shares reinvested		1,148,094			703,990			1,866,135			270,753
Shares redeemed		(1,963,291	)		(3,235,880	)		(17,455,860	)		(14,202,057	)
Net increase/(decrease)		1,498,539			2,634,199			(14,191,980	)		(9,212,642	)
Investor Class
Shares sold		885,393			1,188,640			150,488			235,731
Shares reinvested		358,044			256,656			217,077			35,827
Shares redeemed		(716,160	)		(2,664,694	)		(1,058,920	)		(1,953,565	)
Net increase/(decrease)		527,277			(1,219,398	)		(691,355	)		(1,682,007	)

(1)

The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Included in total dividends and distributions to shareholders was as follows: Institutional class had $(3,131,857) of net investment income and $(15,168,411) of net realized capital gains, and Investor class had $(786,948) of net investment income and $(5,613,779) of net realized capital gains during the year ended August 31, 2018. Undistributed/accumulated income net investment income/(loss) as of August 31, 2018 was $881,294.

(2)

The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Included in total dividends and distributions to shareholders was as follows: Institutional class had $(6,788,431) of net realized capital gains and Investor class had $(720,622) of net realized capital gains during the year ended August 31, 2018. Undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $(9,628,861).

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

Semi-Annual Report 2019  |  57

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued) (unaudited)

	Boston Partners Long/Short Research Fund						Boston Partners All-Cap Value Fund
	For the Six  Months Ended  February 28, 2019  (unaudited)			For the  Year Ended  August 31, 20181			For the Six  Months Ended  February 28, 2019  (unaudited)			For the  Year Ended  August 31, 20182
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	18,227,704		$	(11,588,999	)	$	13,587,153		$	16,073,569
Net realized gain/(loss) from investments and foreign currency		(106,961,249	)		397,873,928			(6,926,203	)		86,287,963
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(242,029,781	)		(240,490,868	)		(159,274,199	)		157,628,381
Net increase/(decrease) in net assets resulting from operations		(330,763,326	)		145,794,061			(152,613,249	)		259,989,913
Dividends and distributions to shareholders:
Institutional Class		(288,844,600	)		—			(94,784,961	)		(62,734,347	)
Investor Class		(5,365,883	)		—			(24,143,563	)		(18,907,620	)
Net decrease in net assets from dividends and distributions to shareholders		(294,210,483	)		—			(118,928,524	)		(81,641,967	)
Capital transactions:
Institutional Class
Proceeds from shares sold		683,150,322			1,725,502,798			262,225,822			566,133,074
Reinvestment of distributions		123,003,382			—			80,182,626			52,423,689
Shares redeemed		(2,333,711,394	)		(1,590,765,868	)		(319,389,349	)		(272,556,668	)
Investor Class
Proceeds from shares sold		14,829,343			41,658,580			31,634,992			167,523,956
Reinvestment of distributions		5,351,175			—			23,512,998			18,427,873
Shares redeemed		(42,382,075	)		(139,470,682	)		(139,022,683	)		(142,782,079	)
Net increase/(decrease) in net assets from capital transactions		(1,549,759,247	)		36,924,828			(60,855,594	)		389,169,845
Total increase/(decrease) in net assets		(2,174,733,056	)		182,718,889			(332,397,367	)		567,517,791
Net assets:
Beginning of period		6,755,802,146			6,573,083,257			2,364,712,524			1,797,194,733
End of period	$	4,581,069,090		$	6,755,802,146		$	2,032,315,157		$	2,364,712,524
Share transactions:
Institutional Class
Shares sold		44,339,943			102,372,358			10,728,664			21,023,815
Shares reinvested		8,361,889			—			3,484,686			2,009,340
Shares redeemed		(153,764,964	)		(94,541,695	)		(13,175,194	)		(10,090,987	)
Net increase/(decrease)		(101,063,132	)		7,830,663			1,038,156			12,942,168
Investor Class
Shares sold		937,253			2,523,186			1,244,380			6,274,736
Shares reinvested		371,609			—			1,026,320			709,583
Shares redeemed		(2,821,528	)		(8,459,226	)		(5,794,751	)		(5,334,043	)
Net increase/(decrease)		(1,512,666	)		(5,936,040	)		(3,524,051	)		1,650,276

(1)

The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $286,748.

(2)

The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Included in total dividends and distributions to shareholders were as follows: Institutional class had $(10,210,846) of net investment income and $(52,523,501) of net realized capital gains, and Investor class had $(2,182,624) of net investment income and $(16,724,996) of net realized capital gains during the year ended August 31, 2018. Undistributed/accumulated income net investment income/(loss) as of August 31, 2018 was $11,901,867.

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

58  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued) (unaudited)

	WPG Partners Small/Micro Cap Value Fund						Boston Partners Global Equity Fund
	For the Six  Months Ended  February 28, 2019  (unaudited)			For the  Year Ended  August 31, 20181			For the Six  Months Ended  February 28, 2019  (unaudited)			For the  Year Ended  August 31, 20182
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	75,042		$	74,602		$	3,531,751		$	5,648,895
Net realized gain/(loss) from investments and foreign currency		(1,495,994	)		2,038,801			(12,752,125	)		46,424,704
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(2,209,162	)		2,659,733			(36,231,276	)		7,281,436
Net increase/(decrease) in net assets resulting from operations		(3,630,114	)		4,773,136			(45,451,650	)		59,355,035
Dividends and distributions to shareholders:
Institutional Class		(1,821,699	)		(2,123,333	)		(51,164,406	)		(12,913,571	)
Investor Class		—			—			—			—
Net decrease in net assets from dividends and distributions to shareholders		(1,821,699	)		(2,123,333	)		(51,164,406	)		(12,913,571	)
Capital transactions:
Institutional Class
Proceeds from shares sold		113,448			504,946			144,032,785			46,439,179
Reinvestment of distributions		1,747,841			2,038,894			50,626,116			12,899,308
Shares redeemed		(2,888,671	)		(3,539,266	)		(68,797,479	)		(30,033,769	)
Investor Class
Proceeds from shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase/(decrease) in net assets from capital transactions		(1,027,382	)		(995,426	)		125,861,422			29,304,718
Total increase/(decrease) in net assets		(6,479,195	)		1,654,377			29,245,366			75,746,182
Net assets:
Beginning of period		32,435,748			30,781,371			666,270,901			590,524,719
End of period	$	25,956,553		$	32,435,748		$	695,516,267		$	666,270,901
Share transactions:
Institutional Class
Shares sold		8,644			29,909			8,433,719			2,527,611
Shares reinvested		132,714			123,869			3,304,577			711,097
Shares redeemed		(206,898	)		(210,808	)		(4,077,988	)		(1,624,118	)
Net increase/(decrease)		(65,540	)		(57,030	)		7,660,308			1,614,590
Investor Class
Shares sold		—			—			—			—
Shares reinvested		—			—			—			—
Shares redeemed		—			—			—			—
Net increase/(decrease)		—			—			—			—

(1)

The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Included in total dividends and distributions to shareholders were $(107,927) of net investment income and $(2,015,406) of net realized capital gains during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $84,436.

(2)

The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Included in total dividends and distributions to shareholders were $(4,011,353) of net investment income and $(8,902,218) of net realized capital gains during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $5,216,327.

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

Semi-Annual Report 2019  |  59

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued) (unaudited)

	Boston Partners Global Long/Short Fund						Boston Partners Emerging Markets Long/Short Fund
	For the Six Months Ended  February 28, 2019  (unaudited)			For the  Year Ended  August 31, 20181			For the Six  Months Ended  February 28, 2019  (unaudited)			For the  Year Ended  August 31, 20182
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	1,964,610		$	(996,353	)	$	(112,674	)	$	(308,213	)
Net realized gain/(loss) from investments and foreign currency		(7,495,476	)		35,621,213			(6,343,831	)		8,592
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(35,924,027	)		(17,081,700	)		4,936,942			(5,868,792	)
Net increase/(decrease) in net assets resulting from operations		(41,454,893	)		17,543,160			(1,519,563	)		(6,168,413	)
Dividends and distributions to shareholders:
Institutional Class		(16,137,470	)		—			(318,952	)		(3,359,798	)
Investor Class		(390,012	)		—			—			—
Net decrease in net assets from dividends and distributions to shareholders		(16,527,482	)		—			(318,952	)		(3,359,798	)
Capital transactions:
Institutional Class
Proceeds from shares sold		232,434,247			287,667,267			13,544,806			28,375,843
Reinvestment of distributions		14,614,857			—			312,795			3,358,724
Shares redeemed		(271,051,194	)		(399,562,572	)		(7,694,060	)		(20,790,252	)
Investor Class
Proceeds from shares sold		4,411,352			11,181,778			—			—
Reinvestment of distributions		384,274			—			—			—
Shares redeemed		(5,433,143	)		(21,869,620	)		—			—
Net increase/(decrease) in net assets from capital transactions		(24,639,607	)		(122,583,147	)		6,163,541			10,944,315
Total increase/(decrease) in net assets		(82,621,982	)		(105,039,987	)		4,325,026			1,416,104
Net assets:
Beginning of period		937,223,583			1,042,263,570			58,245,072			56,828,968
End of period	$	854,601,601		$	937,223,583		$	62,570,098		$	58,245,072
Share transactions:
Institutional Class
Shares sold		21,264,443			24,582,710			1,336,983			2,360,400
Shares reinvested		1,371,000			—			32,314			294,625
Shares redeemed		(24,748,545	)		(34,220,197	)		(774,917	)		(1,789,266	)
Net increase/(decrease)		(2,113,102	)		(9,637,487	)		594,380			865,759
Investor Class
Shares sold		416,275			967,934			—			—
Shares reinvested		36,459			—			—			—
Shares redeemed		(497,338	)		(1,888,526	)		—			—
Net increase/(decrease)		(44,604	)		(920,592	)		—			—

(1)

The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $334,771.

(2)

The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Included in total dividends and distributions to shareholders were $(1,225,534) of net investment income and $(2,134,264) of net realized capital gains during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $(645,034).

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

60  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (concluded) (unaudited)

	Boston Partners Emerging Markets Fund
	For the Six  Months Ended  February 28, 2019  (unaudited)			For the  Period Ended  August 31, 2018*1
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	17,274		$	42,575
Net realized gain/(loss) from investments and foreign currency		(843,687	)		(202,512	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		966,550			(816,489	)
Net increase/(decrease) in net assets resulting from operations		140,137			(976,426	)
Dividends and distributions to shareholders:
Institutional Class		—			(37,354	)
Net decrease in net assets from dividends and distributions to shareholders		—			(37,354	)
Capital transactions:
Institutional Class
Proceeds from shares sold		1,000,000			9,272,037
Reinvestment of distributions		—			37,354
Shares redeemed		—			—
Net increase/(decrease) in net assets from capital transactions		1,000,000			9,309,391
Total increase/(decrease) in net assets		1,140,137			8,295,611
Net assets:
Beginning of period		8,295,611			—
End of period	$	9,435,748		$	8,295,611
Share transactions:
Institutional Class
Shares sold		122,399			905,226
Shares reinvested		—			3,751
Shares redeemed		—			—
Net increase/(decrease)		122,399			908,977

*	The Fund commenced operations on October 17, 2017.
(1)	The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Included in total dividends and distributions to shareholders was $(37,354) of net investment income, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $(28,752).

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

Semi-Annual Report 2019  |  61

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
Boston Partners Small Cap Value Fund II
Institutional Class
9/1/18 through 2/28/19†		$27.74	$	0.10		$	(2.48	)	$	(2.38	)	$	(0.12	)	$	(1.31	)	$	(1.43	)
8/31/18		24.96		0.21			3.75			3.96			(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	)
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	)
Investor Class
9/1/18 through 2/28/19†		$26.53	$	0.07		$	(2.38	)	$	(2.31	)	$	(0.06	)	$	(1.31	)	$	(1.37	)
8/31/18		23.92		0.14			3.59			3.73			(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	)
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	)
Boston Partners Long/Short Equity Fund
Institutional Class
9/1/18 through 2/28/19†		$20.51	$	(0.10	)	$	(0.83	)	$	(0.93	)	$	—		$	(1.53	)	$	(1.53	)
8/31/18		20.96		(0.35	)		0.07			(0.28	)		—			(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	)
8/31/15		22.65		(0.84	)		(1.01	)		(1.85	)		—			(1.77	)		(1.77	)
8/31/14		20.94		(0.63	)		3.57			2.94			—			(1.24	)		(1.24	)
Investor Class
9/1/18 through 2/28/19†		$18.88	$	(0.11	)	$	(0.77	)	$	(0.88	)	$	—		$	(1.53	)	$	(1.53	)
8/31/18		19.36		(0.38	)		0.07			(0.31	)		—			(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	)
8/31/15		21.33		(0.84	)		(0.94	)		(1.78	)		—			(1.77	)		(1.77	)
8/31/14		19.84		(0.65	)		3.37			2.72			—			(1.24	)		(1.24	)
Boston Partners Long/Short Research Fund
Institutional Class
9/1/18 through 2/28/19†		$16.64	$	0.05		$	(0.80	)	$	(0.75	)	$	(0.01	)	$	(0.78	)	$	(0.79	)
8/31/18		16.27		(0.03	)		0.40			0.37			—			—			—
8/31/17		15.23		(0.12	)		1.16			1.04			—			—			—
8/31/16		15.20		(0.06	)6		0.67			0.61			—			(0.58	)		(0.58	)
8/31/15		15.14		(0.14	)		0.40			0.26			—			(0.20	)		(0.20	)
8/31/14		13.30		(0.12	)		2.02			1.90			—			(0.06	)		(0.06	)
Investor Class
9/1/18 through 2/28/19†		$16.31	$	0.03		$	(0.78	)	$	(0.75	)	$	—		$	(0.78	)	$	(0.78	)
8/31/18		15.99		(0.08	)		0.40			0.32			—			—			—
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	)
8/31/15		15.00		(0.18	)		0.39			0.21			—			(0.20	)		(0.20	)
8/31/14		13.21		(0.15	)		2.00			1.85			—			(0.06	)		(0.06	)

†	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 and BP Long/Short Research 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 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.

62  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

Redemption Fees*^			Net Asset Value, End of Period		Total Investment Return/(Loss)1,2			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
$	—			$23.93		(7.96	%)	$	446,526		1.10	%4		N/A			1.17	%4		0.86	%4		16	%5
	—			27.74		16.25			476,179		1.10			N/A			1.14			0.78			40
	—			24.96		10.92			362,674		1.10			N/A			1.18			0.53			24
	—	3		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
	—	3		22.65		19.33			102,112		1.21			N/A			1.23			0.68			16
$	—			$22.85		(8.11	%)	$	136,355		1.35	%4		N/A			1.42	%4		0.61	%4		16	%5
	—			26.53		15.94			144,315		1.35			N/A			1.39			0.53			40
	—			23.92		10.68			159,271		1.35			N/A			1.43			0.28			24
	—	3		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
	—	3		21.79		19.01			112,417		1.46			N/A			1.48			0.43			16
$	—			$18.05		(4.41	%)	$	317,039		2.69	%4		2.44	%4		2.69	%4		(1.02	%)4		38	%5
	—			20.51		(1.38	%)		651,325		3.01			2.37			3.01			(1.62	)		58
	—			20.96		4.33			858,821		2.80			2.39			2.80			(1.21	)		63
	—	3		20.09		15.36			731,894		3.57			2.46			3.57			(1.79	)		72
	0.01			19.04		(8.35	)		493,751		5.64			2.47			5.64			(4.22	)		75
	0.01			22.65		14.72			676,756		4.33			2.42			4.33			(2.93	)		65
$	—			$16.47		(4.53	%)	$	35,863		2.94	%4		2.69	%4		2.94	%4		(1.27	%)4		38	%5
	—			18.88		(1.65	%)		54,167		3.26			2.62			3.26			(1.87	)		58
	—			19.36		4.09			88,103		3.05			2.64			3.05			(1.46	)		63
	—	3		18.60		15.07			97,417		3.82			2.71			3.82			(2.04	)		72
	0.01			17.79		(8.55	)		94,459		5.89			2.72			5.89			(4.47	)		75
	0.01			21.33		14.41			211,372		4.57			2.66			4.57			(3.18	)		65
$	—			$15.10		(4.36	%)	$	4,495,702		1.98	%4		1.37	%4		1.98	%4		0.65	%4		33	%5
	—			16.64		2.27			6,636,897		2.09			1.34			2.09			(0.19	)		60
	—			16.27		6.83			6,361,628		2.23			1.37			2.23			(0.75	)		54
	—	3		15.23		4.10			6,403,404		2.51			1.41			2.51			(0.38	)6		53
	—	3		15.20		1.73			6,738,894		2.43			1.39			2.43			(0.92	)		62
	—	3		15.14		14.28			5,054,388		2.52			1.39			2.52			(0.81	)		57
$	—			$14.78		(4.47	%)	$	85,367		2.23	%4		1.62	%4		2.23	%4		0.40	%4		33	%5
	—			16.31		2.00			118,905		2.34			1.59			2.34			(0.44	)		60
	—			15.99		6.60			211,455		2.48			1.63			2.48			(1.00	)		54
	—	3		15.00		3.88			259,400		2.76			1.66			2.76			(0.63	)6		53
	—	3		15.01		1.41			300,586		2.68			1.64			2.68			(1.17	)		62
	—	3		15.00		13.99			294,249		2.77			1.64			2.77			(1.06	)		57

1	Total investment return/(loss) 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 2019  |  63

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

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

	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)*			Net Realized and Unrealized Gain/ (Loss) on Investments			Net Increase/ (Decrease) in Net Assets Resulting from Operations			Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders
Boston Partners All-Cap Value Fund
Institutional Class
9/1/18 through 2/28/19†		$27.86		$0.17			$(1.90	)		$(1.73	)		$(0.29	)		$(1.18	)		$(1.47	)
8/31/18		25.57		0.22			3.20			3.42			(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	)
Investor Class
9/1/18 through 2/28/19†		$27.69		$0.14			$(1.90	)		$(1.76	)		$(0.21	)		$(1.18	)		$(1.39	)
8/31/18		25.42		0.16			3.18			3.34			(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	)
WPG Partners Small/Micro Cap Value Fund
Institutional Class
9/1/18 through 2/28/19†		$17.52		$0.04			$(2.00	)		$(1.96	)		$(0.05	)		$(0.98	)		$(1.03	)
8/31/18		16.13		0.04			2.50			2.54			(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	)
8/31/14		19.06		0.07			3.16			3.23			(0.02	)		(1.85	)		(1.87	)
Boston Partners Global Equity Fund
Institutional Class
9/1/18 through 2/28/19†		$18.73		$0.09			$(1.45	)		$(1.36	)		$(0.18	)		$(1.10	)		$(1.28	)
8/31/18		17.39		0.16			1.56			1.72			(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	)

†	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 Global 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.

64  |  Semi-Annual Report 2019

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

Redemption Fees*^			Net Asset Value, End of Period		Total Investment Return/(Loss)1,2			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
	$—			$24.66		(5.84	%)	$	1,666,198		0.80	%5		N/A		0.81	%5		1.35	%5		22	%6
	—			27.86		13.70			1,853,976		0.80			N/A		0.80			0.83			33
	—			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			30	3
	—			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
	$—			$24.54		(5.97	%)	$	366,117		1.05	%5		N/A		1.06	%5		1.10	%5		22	%6
	—			27.69		13.44			510,737		1.05			N/A		1.05			0.58			33
	—			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			30	3
	—			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
	$—			$14.53		(10.61	%)	$	25,957		1.10	%5		N/A		1.22	%5		0.56	%5		41	%6
	—			17.52		16.16			32,436		1.09			N/A		1.11			0.23			80
	—			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
	—	4		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
	$—			$16.09		(6.87	%)	$	695,516		0.95	%5		N/A		1.03	%5		1.08	%5		39	%6
	—			18.73		9.93			666,271		0.95			N/A		1.03			0.88			80
	—			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

1	Total investment return/(loss) 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 2019  |  65

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

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

	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)*			Net Realized and Unrealized Gain/ (Loss) on Investments			Net Increase/ (Decrease) in Net Assets Resulting from Operations			Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders
Boston Partners Global Long/Short Fund
Institutional Class
9/1/18 through 2/28/19†	$	11.52	$	0.02		$	(0.55	)	$	(0.53	)	$	—		$	(0.20	)	$	(0.20	)
8/31/18		11.34		(0.01	)		0.19			0.18			—			—			—
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	)
8/31/15		10.30		(0.13	)		0.38			0.25			—			—			—
12/31/13** through 8/31/14		10.00		(0.14	)		0.44			0.30			—			—			—
Investor Class
9/1/18 through 2/28/19†	$	11.40	$	0.01		$	(0.74	)	$	(0.73	)	$	—		$	—		$	—
8/31/18		11.25		(0.04	)		0.19			0.15			—			—			—
8/31/17		10.85		(0.13	)		0.54			0.41			(0.01	)		—			(0.01	)
8/31/16		10.51		0.02	7		0.36			0.38			—			(0.04	)		(0.04	)
8/31/15		10.29		(0.16	)		0.38			0.22			—			—			—
4/11/14** through 8/31/14		9.86		(0.09	)		0.52			0.43			—			—			—
Boston Partners Emerging Markets Long/Short Fund
Institutional Class
9/1/18 through 2/28/19†	$	10.49	$	(0.02	)	$	(0.24	)	$	(0.26	)	$	—		$	(0.05	)	$	(0.05	)
8/31/18		12.12		(0.05	)		(0.87	)		(0.92	)		(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
9/1/18 through 2/28/19†	$	9.13	$	0.02		$	—		$	0.02		$	—		$	—		$	—
10/17/17** through 8/31/18		10.00		0.05			(0.86	)		(0.81	)		(0.06	)		—			(0.06	)

†	Unaudited.
*	Calculated based on average shares outstanding for the period.
**	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 Global Long/Short Fund. 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.

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FINANCIAL HIGHLIGHTS (concluded)	Per Share Operating Performance

Redemption Fees*^			Net Asset Value, End of Period		Total Investment Return/(Loss)1,2			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
	$—		$	10.79		(4.56	%)	$	832,640		2.17	%5		1.65	%5		2.17	%5		0.45	%5		53	%6
	—			11.52		1.59			913,237		2.34			1.65			2.34			(0.11	)		85
	—			11.34		4.26			1,008,234		2.63			1.70			2.63			(0.94	)		109
	—	4		10.90		3.74			853,621		2.99			1.74			2.99			0.47	7		137
	—	4		10.55		2.43			317,600		3.09			1.96			3.05			(1.27	)		132
	—	4		10.30		3.00			37,403		3.88	5		2.00	5		4.89	5		(2.04	)5		72	6
	$—		$	10.67		(4.60	%)	$	21,961		2.42	%5		1.90	%5		2.42	%5		0.20	%5		53	%6
	—			11.40		1.33			23,987		2.59			1.90			2.59			(0.36	)		85
	—			11.25		3.92			34,030		2.88			1.95			2.88			(1.17	)		109
	—	4		10.85		3.66			31,294		3.24			1.99			3.24			0.22	7		137
	—	4		10.51		2.14			59,919		3.34			2.21			3.30			(1.52	)		132
	—	4		10.29		4.36			2,841		4.12	5		2.25	5		4.44	5		(2.28	)5		72	6
	$—		$	10.18		(2.41	%)	$	62,570		1.97	%5		1.97	%5		2.51	%5		(0.38	%)5		100	%6
	—			10.49		(8.11	)		58,245		2.00			2.00			2.37			(0.47	)		222
	—			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
	$—		$	9.15		0.22	%	$	9,436		1.08	%5		N/A			3.28	%5		0.43	%5		81	%6
	—			9.13		(8.11	)		8,296		1.10	5		N/A			2.95	5		0.58	5		146	6

1	Total investment return/(loss) 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, 2019 (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 thirty-two separate 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”) and 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 87.223 billion shares are currently classified into one hundred and eighty-three 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 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, 2019, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2019 (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 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).

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BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2019 (unaudited)

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, 2 and 3 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. 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 Level 3 transfers are disclosed if a Fund had an amount of total Level 3 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 Level 3 transfers.

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 (including amortization of premiums and accretion of discounts) 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 qualify or 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

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BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2019 (unaudited)

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, the Funds expect the risk of material loss from such claims to be 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 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2019 (unaudited)

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

FUND	PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)
BP Long/Short Equity Fund	$	47,527	$	3,570,183
BP Global Long/Short Fund		—		4,160,558

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 $317,257, $17,287,792, $2,799,007 and $1,090 respectively, on borrowed securities. Such amounts are included in prime broker interest income and prime broker interest expense on the Statements of Operations.

As of the end of the reporting period, BP Long/Short Equity Fund, BP Long/Short Research Fund and BP Global Long/Short Fund had securities sold short valued at $180,086,335, $2,057,645,026 and $414,644,748, respectively, for which securities of $350,153,027, $4,543,439,743 and $826,774,788 and deposits of $183,711,730, $2,054,438,490 and $415,260,450, respectively, were pledged as collateral.

In accordance with Special Custody and Pledge Agreements with Goldman Sachs & Co. (“Goldman Sachs”) (the Funds’ prime broker), BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and 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, BP Long/Short Research Fund, BP Global Long/Short Fund and 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
	157		EUR 352,679		0.03	%		50		AUD 1,689,375		1.92	%
	177		USD 3,471,863		2.68	%		73		CAD 4,798,707		2.17	%
								99		CHF 1,634,540		0.36	%
								126		DKK 11,131,442		0.10	%
								101		EUR 2,775,362		0.03	%
								88		GBP 1,707,954		1.10	%
								98		HKD 12,075,217		1.24	%
								54		ILS 2,535,500		0.67	%
								64		JPY 453,506,565		0.36	%
								89		MXN 4,962,001		8.49	%
								118		NOK 25,924,912		1.14	%
								74		SEK 8,832,795		0.10	%
								180		SGD 1.76		0.00	%
								114		USD 41,254,560		2.61	%

SEMI-ANNUAL REPORT 2019  |  71

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2019 (unaudited)

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
	34		AUD 89,230	1.93	%		58	CAD 26,487	2.14	%
	79		CAD 42,136	2.16	%		34	EUR 2,617	0.01	%
	37		EUR 29,011	0.02	%		39	GBP 2,292	1.10	%
	83		GBP 41,159	1.10	%		26	HKD 247,228	1.15	%
	80		HKD 333,432	1.72	%		30	ILS 29,398	0.66	%
	112		JPY 5,309,136	0.36	%		24	JPY 862,972	0.37	%
	48		MXN 710,312	8.40	%		32	NOK 46,915	1.09	%
	17		NOK 433,199	1.03	%		19	SGD 250	1.44	%
	23		SGD 41,580	2.00	%		146	USD 78,249	2.65	%
	46		USD 572,737	2.74	%		89	ZAR 44,875	7.19	%

The BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Long/Short Fund incurred interest expense during the current fiscal period on such borrowings, in the amount of $45,781, $389,324, $3,088 and $948, respectively.

CONTRACTS FOR DIFFERENCE — The BP Global Long/Short Fund, BP Long/Short Research Fund, BP Emerging Markets Long/Short Fund and 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 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. As of the end of the reporting period, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Long/Short Fund had cash deposits for contracts for difference of $8,520,000, $3,340,000 and $3,459,844, respectively, which were pledged as collateral. 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	$	80,856,046	$	124,569,871
BP Global Long/Short Fund		—		20,931,930
BP Emerging Markets Long/Short Fund		18,458,242		20,500,523
BP Emerging Markets Fund		1,220,267		—

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2019 (unaudited)

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 NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES								GROSS AMOUNT NOT 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	$	2,788,566	$	1,571,578	$	—	$	1,216,988	$	1,571,578	$	1,571,578	$	—	$	—
Macquarie		156,700		156,700		—		—		1,341,934		156,700		1,185,234		—
Total	$	2,945,266	$	1,728,278	$	—	$	1,216,988	$	2,913,512	$	1,728,278	$	1,185,234	$	—
BP Global Long/Short Fund
Goldman Sachs	$	196,258	$	93,334	$	—	$	102,924	$	93,334	$	93,334	$	—	$	—
Macquarie		64,729		53,135		—		11,594		53,135		53,135		—		—
Morgan Stanley		64,788		24,203		—		40,585		24,203		24,203		—		—
Total	$	325,775	$	170,672	$	—	$	155,103	$	170,672	$	170,672	$	—	$	—
BP Emerging Markets Long/Short Fund
Citibank	$	—	$	—	$	—	$	—	$	23,026	$	—	$	—	$	23,026
Goldman Sachs		584,438		584,438		—		—		720,263		584,438		135,825		—
Macquarie		20,113		2,991		—		17,122		2,991		2,991		—		—
Morgan Stanley		26,268		26,268		—		—		62,489		26,268		36,221		—
Total	$	630,819	$	613,697	$	—	$	17,122	$	808,769	$	613,697	$	172,046	$	23,026
BP Emerging Markets Fund
Goldman Sachs	$	32,928	$	6,213	$	—	$	26,715	$	6,213	$	6,213	$	—	$	—
Total	$	32,928	$	6,213	$	—	$	26,715	$	6,213	$	6,213	$	—	$	—

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, short sale dividend expense, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until February 29, 2020 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after this date.

			EXPENSE CAPS
FUND	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.

The Adviser may recoup from each Fund (except BP Long/Short Equity Fund and BP All-Cap Value Fund) fees and expenses previously

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2019 (unaudited)

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, short sale dividend expense, 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.

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

FUND	GROSS ADVISORY FEES		WAIVERS AND/OR REIMBURSEMENTS		RECOUPMENTS		NET ADVISORY FEES
BP Small Cap Value Fund II	$	2,790,469	$	200,598	$	—	$	2,589,871
BP Long/Short Equity Fund		6,075,082		19,757		—		6,055,325
BP Long/Short Research Fund		35,801,748		2,535		—		35,799,213
BP All-Cap Value Fund		7,326,115		129,637		—		7,196,478
WPG Partners Small/Micro Cap Value Fund		107,312		16,273		—		91,039
BP Global Equity Fund		2,936,647		276,425		—		2,660,222
BP Global Long/Short Fund		6,641,708		3,617		—		6,638,091
BP Emerging Markets Long/Short Fund		547,496		159,075		—		388,421
BP Emerging Markets Fund		34,530		89,289		—		(54,759	)
	EXPIRATION
FUND	AUGUST 31, 2020		AUGUST 31, 2021		AUGUST 31, 2022		TOTAL
BP Small Cap Value Fund II		$374,241	$	242,966	$	194,949	$	812,156
WPG Partners Small/Micro Cap Value Fund		64,536		5,324		16,176		86,036
BP Global Equity Fund		407,721		523,243		271,926		1,202,890
BP Emerging Markets Long/Short Fund		220,693		245,314		156,272		622,279
BP Emerging Markets Fund		—		135,327		89,002		224,329

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

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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 paid to Fund Services, 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 AND OFFICER 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 Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation amounts, please refer to the Statement of Operations.

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2019 (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	$	92,196,507	$	87,479,726
BP Long/Short Equity Fund		201,982,134		464,825,648
BP Long/Short Research Fund		1,818,554,781		3,277,623,854
BP All-Cap Value Fund		454,690,817		632,575,885
WPG Partners Small/Micro Cap Value Fund		11,163,063		14,655,355
BP Global Equity Fund		326,302,361		248,600,685
BP Global Long/Short Fund		458,067,018		488,802,916
BP Emerging Markets Long/Short Fund		43,986,834		38,725,429
BP Emerging Markets Fund		6,185,884		5,470,817

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 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.

As of August 31, 2018, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund were as follows:

								NET UNREALIZED
	FEDERAL		UNREALIZED		UNREALIZED			APPRECIATION/
FUND	TAX COST		APPRECIATION		(DEPRECIATION)			(DEPRECIATION)
BP Small Cap Value Fund II	$	626,858,092	$	173,769,964	$	(26,816,444	)	$	146,953,520
BP Long/Short Equity Fund		612,710,757		205,685,159		(103,468,570	)		102,216,589
BP Long/Short Research Fund		5,453,989,806		1,575,171,648		(733,158,149	)		842,013,499
BP All-Cap Value Fund		2,092,707,225		580,503,030		(39,883,495	)		540,619,535
WPG Small/Micro Cap Value Fund		37,144,732		6,214,986		(2,789,689	)		3,425,297
BP Global Equity Fund		632,629,566		96,189,115		(19,980,609	)		76,208,506
BP Global Long/Short Fund		823,961,746		152,994,198		(76,229,099	)		76,765,099
BP Emerging Markets Long/Short Fund		58,478,537		2,282,339		(5,710,992	)		(3,428,653	)
BP Emerging Markets Fund		9,020,703		188,345		(1,093,160	)		(904,815	)

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

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2019 (unaudited)

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, 2018 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.

				ACCUMULATED
	UNDISTRIBUTED			NET REALIZED
	NET INVESTMENT			GAIN/(LOSS) ON			PAID-IN
FUND	INCOME/(LOSS)			INVESTMENTS			CAPITAL
BP Small Cap Value Fund II	$	13,421		$	6,009		$	(19,430	)
BP Long/Short Equity Fund		13,350,000			(2,678,350	)		(10,671,650	)
BP Long/Short Research Fund		32,677,886			(32,659,078	)		(18,808	)
BP All-Cap Value Fund		19,006			(696	)		(18,310	)
WPG Small/Micro Cap Value Fund		16,098			(20,224	)		4,126
BP Global Equity Fund		671,448			(646,266	)		(25,182	)
BP Global Long/Short Fund		8,827,381			(3,255,805	)		(5,571,576	)
BP Emerging Markets Long/Short Fund		(127,221	)		211,548			(84,327	)
BP Emerging Markets Fund		(33,973	)		33,973			—

As of August 31, 2018, the components of distributable earnings on a tax basis were as follows:

	UNDISTRIBUTED		UNDISTRIBUTED					QUALIFIED						UNREALIZED
	ORDINARY		LONG-TERM		CAPITAL LOSS			LATE-YEAR			OTHER			APPRECIATION/
FUND	INCOME		CAPITAL GAINS		CARRYFORWARDS			LOSS DEFERRAL			UNREALIZED			(DEPRECIATION)
BP Small Cap Value Fund II	$	10,264,510	$	20,286,557	$	—		$	—		$	—		$	146,953,494
BP Long/Short Equity Fund		—		43,198,509		—			(7,983,334	)		(155,425	)		102,280,097
BP Long/Short Research Fund		4,550,093		289,436,021		—			—			—			825,885,803
BP All-Cap Value Fund		12,186,352		71,942,347		—			—			—			540,619,653
WPG Small/Micro Cap Value Fund		1,613,852		207,833		—			—			—			3,425,297
BP Global Equity Fund		15,726,403		27,598,173		—			—			—			76,210,966
BP Global Long/Short Fund		—		16,526,690		—			—			—			76,783,496
BP Emerging Markets Long/Short Fund		—		318,894		—			(267,985	)		—			(3,451,859	)
BP Emerging Markets Fund		—		—		(101,624	)		(6,031	)		—			(906,125	)

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2018 was as follows:

	ORDINARY		LONG-TERM
FUND	INCOME		GAINS		TOTAL
BP Small Cap Value Fund II	$	8,031,025	$	16,669,970	$	24,700,995
BP Long/Short Equity Fund		—		7,509,053		7,509,053
BP Long/Short Research Fund		—		—		—
BP All-Cap Value Fund		25,614,028		56,027,939		81,641,967
WPG Small/Micro Cap Value Fund		1,314,493		808,840		2,123,333
BP Global Equity Fund		5,246,460		7,667,111		12,913,571
BP Global Long/Short Fund		—		—		—
BP Emerging Markets Long/Short Fund		3,252,965		106,833		3,359,798
BP Emerging Markets Fund		37,354		—		37,354

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, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2018.

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2019 (unaudited)

For the fiscal year ended August 31, 2018, the following Funds deferred to September 1, 2018, the following qualified late year losses.

	LATE-YEAR		POST-OCTOBER
	ORDINARY LOSS		CAPITAL LOSS
FUND	DEFERRAL		DEFERRAL
BP Small Cap Value Fund II	$	—	$	—
BP Long/Short Equity Fund		7,983,334		—
BP Long/Short Research Fund		—		—
BP All-Cap Value Fund		—		—
WPG Small/Micro Cap Value Fund		—		—
BP Global Equity Fund		—		—
BP Global Long/Short Fund		—		—
BP Emerging Markets Long/Short Fund		267,985		—
BP Emerging Markets Fund		6,031		—

Accumulated capital losses represent net capital loss carryforwards as of August 31, 2018 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, 2018, the BP Emerging Markets Fund had short-term post-enactment capital losses of $101,624. 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 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. Investments purchased with proceeds from securities lending are overnight and continuous. During the current fiscal period, the Funds participated in securities lending. The market value of securities on loan and cash 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:

	MARKET VALUE				INCOME RECEIVED
	OF SECURITIES		MARKET VALUE		FROM SECURITIES
FUND	LOANED		OF COLLATERAL		LENDING
BP Small Cap Value Fund II	$	164,342,194	$	170,373,006	$	136,174
BP Long/Short Equity Fund		52,788,759		54,729,523		102,266
BP All-Cap Value Fund		516,880,743		528,806,686		325,172
WPG Small/Micro Cap Value Fund		7,708,445		8,031,303		15,001
BP Global Equity Fund		34,932,768		35,967,290		65,129

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NOTES TO FINANCIAL STATEMENTS (concluded)

February 28, 2019 (unaudited)

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
					NET AMOUNT
			GROSS AMOUNTS		OF ASSETS
			OFFSET IN		PRESENTED IN
	GROSS AMOUNT		THE STATEMENT		THE STATEMENT					CASH
	OF RECOGNIZED		OF ASSETS		OF ASSETS		FINANCIAL			COLLATERAL
FUND	ASSETS		AND LIABILITIES		AND LIABILITIES		INSTRUMENTS1			RECEIVED		NET AMOUNT
BP Small Cap Value Fund II	$	164,342,194	$	—	$	164,342,194	$	(164,342,194	)	$	—	$	—
BP Long/Short Equity Fund		52,788,759		—		52,788,759		(52,788,759	)		—		—
BP All-Cap Value Fund		516,880,743		—		516,880,743		(516,880,743	)		—		—
WPG Small/Micro Cap Value Fund		7,708,445		—		7,708,445		(7,708,445	)		—		—
BP Global Equity Fund		34,932,768		—		34,932,768		(34,932,768	)		—		—

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.

9. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Funds’ financial statements and has elected to early adopt the modified disclosure effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund’s 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.

78  |  Semi-Annual Report 2019

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 Part F of Form N-PORT. The Company’s Form N-PORT is available on the SEC website at http://www.sec.gov.

Semi-Annual Report 2019  |  79

INVESTMENT ADVISER

Boston Partners Global Investors, Inc.
909 Third Avenue, 32nd Floor
New York, NY 10022

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
OneLogan Square, Ste. 2000
Philadelphia, PA 19103-6996

BOS-SAR19

 

Campbell Dynamic Trend Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 28, 2019

(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Campbell Dynamic Trend Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Campbell Dynamic Trend Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-844-261-6488.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Campbell Dynamic Trend Fund, you can call 1-844-261-6488 to inform the Campbell Dynamic Trend Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Campbell Dynamic Trend Fund.

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 DataFebruary 28, 2019 (Unaudited)

average annual total returns for the period ended february 28, 2019
	SIX MONTHS(1)	ONE YEAR	THREE YEAR	SINCE INCEPTION(2)
Campbell Dynamic Trend Fund	-6.71%	-5.98%	-3.46%	-3.32%
Barclay BTOP50 Index(3)	-3.20%	-3.15%	-5.32%	-2.90%

⁽¹⁾ Not annualized.

⁽²⁾ Inception date of the Fund is December 31, 2014.

⁽³⁾ 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, 2018, is 2.46% and the Fund’s net operating expense ratio after waivers is 1.25%. Campbell & Company Investment Adviser LLC has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.25% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2019 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, 2019 (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, 2018 through February 28, 2019, 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, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period *	Annualized Expense Ratio	Actual Six- Month Total Investment Return for the Fund
Actual	$1,000.00	$ 932.90	$5.99	1.25%	-6.71%
Hypothetical (5% return before expenses)	1,000.00	1,018.60	6.26	1.25	N/A

^* Expenses are equal to the Fund’s annualized six-month expense ratio for the period September 1, 2018 to February 28, 2019, 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.

2

Campbell Dynamic Trend Fund

Consolidated Portfolio Holdings Summary Table

February 28, 2019 (Unaudited)

The following table presents a consolidated summary of the portfolio holdings of the Fund:

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		82.4	%	$	18,381,536
OTHER ASSETS IN EXCESS OF LIABILITIES (including futures and forward foreign currency contracts)		17.6			3,919,770
NET ASSETS		100.0	%	$	22,301,306

The Fund seeks to achieve its investment objective by allocating its assets among derivatives and fixed income securities.

As a result of the Fund’s use of derivatives, the Fund may hold significant amounts of U.S. Treasuries or short-term investments.

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, 2019 (Unaudited)

	Coupon*	Maturity Date	Par		Value
SHORT-TERM INVESTMENTS — 82.4%
U.S. TREASURY OBLIGATIONS — 82.4%
United States Treasury Bill	2.319%	3/28/2019	$	3,495,000	$	3,488,807
United States Treasury Bill	2.410%	4/25/2019		2,835,000		2,824,670
United States Treasury Bill	2.470%	5/16/2019		3,000,000		2,984,895
United States Treasury Bill	2.474%	6/20/2019		2,915,000		2,893,508
United States Treasury Bill	2.429%	7/18/2019		2,570,000		2,546,110
United States Treasury Bill	2.439%	8/15/2019		3,685,000		3,643,546
						18,381,536
TOTAL SHORT-TERM INVESTMENTS
(Cost $18,382,407)						18,381,536
TOTAL INVESTMENTS — 82.4%
(Cost $18,382,407)						18,381,536
OTHER ASSETS IN EXCESS OF LIABILITIES — 17.6%						3,919,770
NET ASSETS — 100.0%					$	22,301,306

^* Short-term investments’ coupon reflects the annualized 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, 2019 (Unaudited)

Futures contracts outstanding as of February 28, 2019 were as follows:

Long Contracts	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
10 Year Mini Japanese Government Bond	Mar-19	74	$	6,638,855	$	46,401
3-Month Euro Euribor	Mar-20	284		80,758,906		28,765
90-Day Bank Bill	Jun-19	68		48,235,845		2,132
90-Day Euro	Mar-20	58		14,500,000		362
90-Day Sterling	Mar-20	145		24,040,056		(9,086	)
Amsterdam Index	Mar-19	2		246,153		358
Australian 10-Year Bond	Mar-19	39		2,766,468		66,665
Australian 3-Year Bond	Mar-19	153		10,853,065		67,514
Canadian 10-Year Bond	Jun-19	33		2,507,694		(13,607	)
DJIA Mini E-CBOT	Mar-19	1		129,565		(57	)
Euro BUXL 30-Year Bond Futures	Mar-19	11		1,251,194		36,499
Euro-Bobl	Mar-19	59		6,710,951		16,788
Euro-BTP	Mar-19	6		682,470		1,017
Euro-Bund	Mar-19	27		3,071,113		52,189
Euro-Oat	Mar-19	27		3,071,113		31,305
Euro-Schatz	Mar-19	74		8,417,125		(8,760	)
Gold 100 Oz	Apr-19	8		1,052,880		(839	)
Hang Seng Index	Mar-19	1		182,592		1,073
Live Cattle	Apr-19	22		1,142,680		17,605
London Metals Exchange Aluminum	Mar-19	22		1,042,113		9,420
London Metals Exchange Copper	Mar-19	4		653,050		39,375
London Metals Exchange Copper	Jun-19	2		325,650		1,663
London Metals Exchange Nickel	Mar-19	7		545,601		37,152
London Metals Exchange Nickel	Jun-19	2		156,876		(1,153	)
London Metals Exchange Zinc	Mar-19	7		490,963		24,140
London Metals Exchange Zinc	Jun-19	1		69,338		747
Long Gilt	Jun-19	10		1,326,348		(20,438	)
OMX Stockholm 30 Index	Mar-19	14		238,285		(1,262	)
Palladium	Jun-19	11		1,651,650		60,973
S&P/TSX 60 Index	Mar-19	3		434,241		(660	)
Silver	May-19	2		156,350		(3,590	)
SPI 200 Index	Mar-19	4		436,180		4,906
Sugar No. 11 (World)	May-19	1		14,314		(384	)
U.S. Treasury 10-Year Notes	Jun-19	21		2,102,121		(10,044	)
U.S. Treasury 2-Year Notes	Jun-19	29		5,788,133		(3,213	)
U.S. Treasury 5-Year Notes	Jun-19	31		3,131,305		(5,378	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Jun-19	8		975,800		(10,577	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Jun-19	4		402,243		(9,038	)
					$	448,963

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

Campbell Dynamic Trend Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2019 (Unaudited)

Short Contracts	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Brent Crude	Jun-19	3	$	(198,990	)	$	1,975
Cattle Feeder Futures	Apr-19	2		(146,150	)		544
Cocoa	May-19	3		(67,410	)		(219	)
Coffee	May-19	17		(627,619	)		38,367
Corn	May-19	21		(389,288	)		13,540
Cotton No.2	May-19	23		(837,430	)		(12,884	)
DAX Index	Mar-19	2		(655,171	)		(26,791	)
Euro Stoxx 50	Mar-19	3		(112,539	)		(4,406	)
FTSE 100 Index	Mar-19	1		(93,846	)		(127	)
FTSE/JSE Top 40	Mar-19	6		(211,042	)		(7,905	)
FTSE/MIB Index	Mar-19	1		(117,470	)		(4,723	)
Gasoline RBOB	Apr-19	6		(441,580	)		(32,359	)
IBEX 35 Index	Mar-19	1		(105,693	)		(3,643	)
Lean Hogs	Apr-19	17		(379,952	)		15,340
London Metals Exchange Aluminum	Mar-19	22		(1,042,113	)		26,002
London Metals Exchange Aluminum	Jun-19	14		(671,038	)		(15,562	)
London Metals Exchange Copper	Mar-19	4		(653,050	)		(51,084	)
London Metals Exchange Copper	Jun-19	2		(325,650	)		(20,056	)
London Metals Exchange Nickel	Mar-19	7		(545,601	)		(64,340	)
London Metals Exchange Nickel	Jun-19	2		(156,876	)		(7,998	)
London Metals Exchange Zinc	Mar-19	7		(490,963	)		(39,092	)
London Metals Exchange Zinc	Jun-19	1		(69,338	)		(3,640	)
Low Sulphur Gasoil G Futures	Apr-19	3		(186,225	)		(13,005	)
MSCI Singapore Exchange ETS	Mar-19	1		(26,612	)		273
MSCI Taiwan Index	Mar-19	4		(151,320	)		(388	)
Natural Gas	Apr-19	1		(28,100	)		(1,912	)
Nikkei 225 (Osaka Securities Exchange)	Mar-19	3		(287,175	)		(9,377	)
Platinum	Apr-19	9		(393,840	)		(36,692	)
Russell 2000 E-Mini	Mar-19	2		(157,550	)		(5,809	)
S&P Mid 400 E-Mini	Mar-19	1		(191,080	)		(5,062	)
Soybean	May-19	6		(273,075	)		4,545
Topix Index	Mar-19	3		(432,243	)		(8,093	)
Wheat	May-19	16		(367,600	)		25,154
WTI Crude	Apr-19	5		(286,100	)		(20,382	)
						$	(269,809	)
Total Futures Contracts						$	179,154

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

Campbell Dynamic Trend Fund

Consolidated Portfolio of Investments (Concluded)

February 28, 2019 (Unaudited)

Forward foreign currency contracts outstanding as of February 28, 2019 were as follows:

Currency Purchased		Currency Sold		Expiration Date	Counterparty	Unrealized Appreciation/ (Depreciation)
AUD	3,550,000	USD	2,552,611	Mar 20 2019	UBS	$	(33,500	)
CAD	7,000,000	USD	5,311,706	Mar 20 2019	UBS		10,300
CHF	350,000	USD	355,905	Mar 20 2019	UBS		(4,545	)
EUR	2,400,000	USD	2,739,473	Mar 20 2019	UBS		(4,877	)
GBP	2,500,000	USD	3,252,127	Mar 20 2019	UBS		67,271
JPY	543,000,000	USD	4,965,239	Mar 20 2019	UBS		(85,809	)
NOK	16,950,000	USD	1,974,193	Mar 20 2019	UBS		8,571
NZD	3,850,000	USD	2,651,474	Mar 20 2019	UBS		(28,480	)
SEK	28,800,000	USD	3,167,508	Mar 20 2019	UBS		(44,176	)
USD	3,652,825	AUD	5,050,000	Mar 20 2019	UBS		69,301
USD	6,313,567	CAD	8,350,000	Mar 20 2019	UBS		(34,826	)
USD	1,217,861	CHF	1,200,000	Mar 20 2019	UBS		13,199
USD	4,935,229	EUR	4,300,000	Mar 20 2019	UBS		35,745
USD	3,796,189	GBP	2,950,000	Mar 20 2019	UBS		(120,700	)
USD	5,371,469	JPY	597,000,000	Mar 20 2019	UBS		6,791
USD	3,838,780	NOK	32,550,000	Mar 20 2019	UBS		31,172
USD	2,556,065	NZD	3,750,000	Mar 20 2019	UBS		1,201
USD	5,617,172	SEK	50,400,000	Mar 20 2019	UBS		151,341
Total Forward Foreign Currency Contracts						$	37,979

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, 2019 (Unaudited)

ASSETS
Investments, at value (cost $18,382,407)	$	18,381,536
Cash		1,531,258
Deposits with brokers:
Futures contracts		1,286,567
Forward foreign currency contracts		945,000
Unrealized appreciation on futures contracts		672,790
Unrealized appreciation on forward foreign currency contracts		394,892
Prepaid expenses and other assets		19,576
Total assets		23,231,619
LIABILITIES
Due to broker		19,072
Payables for:
Advisory fees		5,269
Unrealized depreciation on futures contracts		493,636
Unrealized depreciation on forward foreign currency contracts		356,913
Other accrued expenses and liabilities		55,423
Total liabilities		930,313
Net assets	$	22,301,306
NET ASSETS CONSIST OF:
Par value	$	2,717
Paid-in capital		23,939,067
Total distributable earnings/(loss)		(1,640,478	)
Net assets	$	22,301,306
CAPITAL SHARES:
Net assets	$	22,301,306
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,716,733
Net asset value, offering and redemption price per share	$	8.21

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, 2019 (Unaudited)

INVESTMENT INCOME
Interest	$	211,091
Total investment income		211,091
EXPENSES
Advisory fees (Note 2)		119,039
Audit and tax service fees		26,805
Administration and accounting services fees (Note 2)		23,446
Registration and filing fees		15,813
Legal fees		11,454
Officer fees		8,303
Transfer agent fees (Note 2)		3,840
Director fees		3,820
Custodian fees (Note 2)		1,215
Other expenses		2,054
Total expenses before waivers and reimbursements		215,789
Less: waivers and reimbursements (Note 2)		(73,471	)
Net expenses after waivers and reimbursements		142,318
Net investment income/(loss)		68,773
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Futures contracts		(1,435,114	)
Foreign currency transactions		759
Forward foreign currency contracts		59,153
Net change in unrealized appreciation/(depreciation) on:
Investments		(388	)
Futures contracts		(155,373	)
Foreign currency translations		149
Forward foreign currency contracts		(138,161	)
Net realized and unrealized gain/(loss) from investments		(1,668,975	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,600,202	)

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, 2019 (unaudited)			For the Year Ended August 31, 2018(1)
Increase/(Decrease) in Net Assets From Operations:
Net investment income/(loss)	$	68,773		$	7,684
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		(1,375,202	)		26,542
Net change in unrealized appreciation/(depreciation) on investments, future contracts, foreign currency translation and forward foreign currency contracts		(293,773	)		382,034
Net increase/(decrease) in net assets resulting from operations		(1,600,202	)		416,260
Dividends and Distributions to Shareholders From:
Total distributable earnings		(476,308	)		(204,171	)
Net decrease in net assets from dividends and distributions to shareholders		(476,308	)		(204,171	)
Capital Share Transactions:
Proceeds from shares sold		8			14,357,238
Proceeds from reinvestment of distributions		476,308			204,171
Shares redeemed		(4,741	)		—
Net increase/(decrease) in net assets from capital share transactions		471,575			14,561,409
Total increase/(decrease) in net assets		(1,604,935	)		14,773,498
Net Assets:
Beginning of period		23,906,241			9,132,743
End of period	$	22,301,306		$	23,906,241
Share Transactions:
Shares sold		1			1,624,061
Shares reinvested		57,180			22,660
Shares redeemed		(574	)		—
Net increase/(decrease) in shares outstanding		56,607			1,646,721

(1) The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the Securities and Exchange Commission's (“SEC”) Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders from net realized capital gains were $(204,171) during the year ended August 31, 2018, and accumulated net investment income/(loss) as of August 31, 2018 was $(107,454).

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/(loss), 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, 2019 (unaudited)			For the Year Ended August 31, 2018			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	$	8.99		$	9.01		$	9.26		$	9.71		$	10.00
Net investment income/(loss)(2)		0.03			0.01			(0.07	)		(0.11	)		(0.08	)
Net realized and unrealized gain/(loss) from investments		(0.64	)		0.17			(0.18	)		(0.21	)		(0.21	)
Net increase/(decrease) in net assets resulting from operations		(0.61	)		0.18			(0.25	)		(0.32	)		(0.29	)
Dividends and distributions to shareholders from:
Net investment income		(0.03	)		—			—			—			—
Net realized capital gains		(0.14	)		(0.20	)		—			(0.13	)		—
Total dividends and distributions to shareholders		(0.17	)		(0.20	)		—			(0.13	)		—
Net asset value, end of period	$	8.21		$	8.99		$	9.01		$	9.26		$	9.71
Total investment return/(loss)(3)		(6.71	)%(6)		2.01	%		(2.70	)%		(3.36	)%		(2.90	)%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$	22,301		$	23,906		$	9,133		$	9,386		$	9,715
Ratio of expenses to average net assets with waivers and reimbursements		1.25	%(5)		1.25	%(4)		1.27	%(4)		1.25	%		1.26	%(4)(5)
Ratio of expenses to average net assets without waivers and reimbursements		1.90	%(5)		2.46	%		3.47	%		4.04	%		4.39	%(5)
Ratio of net investment income/(loss) to average net assets		0.61	%(5)		0.06	%		(0.80	)%		(1.13	)%		(1.25	)%(5)
Portfolio turnover rate		0	%(6)		0	%		0	%		0	%		0	%(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/(loss) 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, 2019 (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 thirty-two separate 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 87.223 billion shares are currently classified into one hundred and eighty-three 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, 2019, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 28, 2019 (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 $698,006, which represented 3.13% 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 currency 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, 2019 (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	$	18,381,536	$	18,381,536	$	—	$	—
Commodity Contracts
Futures Contracts		316,543		316,543		—		—
Equity Contracts
Futures Contracts		6,610		6,610		—		—
Interest Rate Contracts
Futures Contracts		349,637		349,637		—		—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		394,892		—		394,892		—
Total Assets	$	19,449,218	$	19,054,326	$	394,892	$	—

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(325,192	)	$	(325,192	)	$	—		$	—
Equity Contracts
Futures Contracts		(78,303	)		(78,303	)		—			—
Interest Rate Contracts
Futures Contracts		(90,141	)		(90,141	)		—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(356,913	)		—			(356,913	)		—
Total Liabilities	$	(850,549	)	$	(493,636	)	$	(356,913	)	$	—

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 Levels 1, 2 and 3 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. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end

13

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if 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 Level 3 transfers.

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	$	316,543	$	6,610	$	349,637	$	—	$	672,790
Forward Contracts (a)	Unrealized appreciation on forward foreign currency contracts		—		—		—		394,892		394,892
Total Value - Assets		$	316,543	$	6,610	$	349,637	$	394,892	$	1,067,682

Liability Derivatives
Futures Contracts (a)	Unrealized depreciation on futures contracts	$	(325,192	)	$	(78,303	)	$	(90,141	)	$	—		$	(493,636	)
Forward Contracts (a)	Unrealized depreciation on forward foreign currency contracts		—			—			—			(356,913	)		(356,913	)
Total Value - Liabilities		$	(325,192	)	$	(78,303	)	$	(90,141	)	$	(356,913	)	$	(850,549	)

(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, 2019 (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	$	(99,055	)	$	(1,260,036	)	$	(76,023	)	$	—	$	(1,435,114	)
Forward Contracts	Net realized gain/ (loss) from forward foreign currency contracts		—			—			—			59,153		59,153
Total Realized Gain/(Loss)		$	(99,055	)	$	(1,260,036	)	$	(76,023	)	$	59,153	$	(1,375,961	)

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	$	(169,844	)	$	(260,733	)	$	275,204	$	—		$	(155,373	)
Forward Contracts	Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—			—			—		(138,161	)		(138,161	)
Total Change in Unrealized Appreciation/(Depreciation)		$	(169,844	)	$	(260,733	)	$	275,204	$	(138,161	)	$	(293,534	)

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)
$	209,324,223	$	(50,950,373	)	$	(56,122,229	)	$	56,191,540

15

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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	$	394,892	$	(356,913	)	$	—	$	37,979	$	356,913	$	(356,913	)	$	—	$	—

(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 (including amortization of premiums and accretion of discounts) 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 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.

16

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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, 2019 (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 uses 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, the Fund expects the risk of material loss from such claims to be remote.

18

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (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, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue this arrangement at any time after December 31, 2019.

Advisory Fee	Expense Cap
1.05%	1.25%

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

Gross Advisory Fees		Waivers and/or Reimbursements			Net Advisory Fees
$	119,039	$	(73,471	)	$	45,568

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		August 31, 2022		Total
$	141,378	$	199,666	$	149,574	$	73,471	$	564,089

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

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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.

19

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2019 (Unaudited)

For compensation amounts paid to Fund Services and the Custodian, please refer to the Consolidated Statement of Operations.

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

4. Purchases and Sales of Investment Securities

During the current fiscal period, there were no purchases and sales of investment securities (excluding short-term investments and derivative transactions) or long-term U.S. Government securities of the Fund.

5. Federal Income Tax Information

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

As of August 31, 2018, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows^(a):

Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
$	20,683,243	$	15,197	$	(432,168	)	$	(416,971	)

(a) The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to non-1256 futures and timing difference related to taxable income from a wholly owned controlled foreign corporation.

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 (Continued)

February 28, 2019 (Unaudited)

The following permanent differences as of August 31, 2018, primarily attributable to 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
$	(87,436	)	$	117,699	$	(30,263	)

As of August 31, 2018, 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
$	297,385	$	178,895	$	(40,248	)	$	—	$	—	$	—

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, 2018, were as follows:

Ordinary Income		Long-Term Gains		Total
$	204,171	$	—	$	204,171

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, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2018. As of August 31, 2018, the Fund had no tax basis qualified late-year losses.

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, 2018, the Fund had no tax basis capital loss carryovers to offset future capital gains.

6. New Accounting Pronouncements and regulatory updates

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Fund’s consolidated financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

21

Campbell Dynamic Trend Fund

Notes To Consolidated Financial Statements (Concluded)

February 28, 2019 (Unaudited)

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

7. 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.

22

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 (or successor Form). The Company’s Form N-Q is available on the SEC website at http://www.sec.gov.

23

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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-SAR19

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, 2019
(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-866-780-0357 ext. 3863.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-866-780-0357 ext. 3863 to inform the Funds that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Funds.

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, 2019 (Unaudited)

February 28, 2019

Dear Shareholder,

The Free Market Funds (the “Funds”) have surpassed $8.1 billion in assets under management. 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, 2019, investors experienced some turbulence in the equity markets. U.S. stocks reached all-time highs back in September of 2018, but these highs were followed by a pullback to close out 2018. Large cap stocks fell to the tune of -3.04% as represented by the S&P 500^® Index over the past 6 months. Large cap value stocks did not retrace as much and ended the last six months down only -1.62% as measured by the Russell 1000^® Value Index. The hardest hit asset class in the funds were U.S. small cap stocks which fell -8.86% as measured by the Russell 2000^® Index. Internationally, emerging market stocks led the way eking out a return of 0.33% as measured by the MSCI Emerging Markets Index. Broad based international markets however experienced downward pressure, returning -3.41% as measured by the MSCI World ex USA Index. International large cap stocks for comparison fell -3.58% as measured by the MSCI EAFE Index. International small cap stocks were hit hardest abroad during the time period, falling -7.92% as measured by the MSCI EAFE Small Cap Index. The bond markets over the last six months notched higher, returning 1.97% as measured by the World Government Bond Index as interest rates retreated from their peaks in November.

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 endeavors to avoid 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.

Sean T. Babin
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 (continued)

February 28, 2019 (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 Russell 1000^® Value is a subset of the securities found in the Russell 1000^®. The stocks included in the value index are selected based on a “probability” of value as measured by their relative book-to-price (B/P) ratio.

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 EAFE Index captures large and mid-cap securities across 21 developed markets in Europe, Australasia, and Far East, excluding the U.S. and Canada. With 921 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI Emerging Markets Index captures large and mid-cap representation across 24 Emerging Markets (EM) countries. With 1,125 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 2,339 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 1,012 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. Diversification does not assure a profit nor protect against loss in a declining market. 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, 2019 (Unaudited)

Free Market U.S. Equity Fund

Total Returns for the Periods Ended February 28, 2019
		Average Annual
	Six Months(1)	1 Year	3 Year	5 Year	Since Inception(2)
Free Market U.S. Equity Fund	-7.67%	1.56%	13.60%	7.00%	8.65%
Russell 2500® Index	-6.25%	6.36%	15.92%	7.89%	8.71%
Composite Index(3)	-5.52%	4.58%	15.03%	8.25%	7.66%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on December 31, 2007.

⁽³⁾ 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 0.86% (included in the ratio is 0.31% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $17.75 per share on February 28, 2019.

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. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Fund. Information about DFA Underlying Fund risks may be found in such DFA Underlying Fund’s annual or semiannual report to shareholders which can be found at us.dimensional.com. Additional information about derivatives related risks, if applicable to the Fund, may also be found in each such DFA Underlying Fund’s annual or semiannual report to shareholders.

3

FREE MARKET FUNDS

PERFORMANCE DATA (CONtinued)

February 28, 2019 (Unaudited)

Free Market International Equity Fund

Total Returns for the Periods Ended February 28, 2019
		Average Annual
	Six Months(1)	1 Year	3 Year	5 Year	Since Inception(2)
Free Market International Equity Fund	-6.32%	-11.91%	9.93%	1.67%	2.61%
MSCI World (excluding U.S.) Index	-3.41%	-5.30%	9.48%	2.01%	1.15%
Composite Index(3)	-3.35%	-8.53%	11.09%	2.90%	1.78%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on December 31, 2007.

⁽³⁾ 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 1.03% (included in the ratio is 0.46% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $9.64 per share on February 28, 2019.

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. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Fund. Information about DFA Underlying Fund risks may be found in such DFA Underlying Fund’s annual or semiannual report to shareholders which can be found at us.dimensional.com. Additional information about derivatives related risks, if applicable to the Fund, may also be found in each such DFA Underlying Fund’s annual or semiannual report to shareholders.

4

FREE MARKET FUNDS

PERFORMANCE DATA (CONCLUDED)

February 28, 2019 (Unaudited)

Free Market Fixed Income Fund

Total Returns for the Periods Ended February 28, 2019
		Average Annual
	Six Months(1)	1 Year	3 Year	5 Year	Since Inception(2)
Free Market Fixed Income Fund	1.53%	2.46%	0.94%	0.92%	1.53%
FTSE World Government Bond Index 1-5 Years	1.97%	2.80%	1.39%	1.50%	2.14%
Composite Index(3)	1.71%	2.71%	1.18%	1.36%	2.17%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on December 31, 2007.

⁽³⁾ 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 0.73% (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, 2019.

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. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Fund. Information about DFA Underlying Fund risks may be found in such DFA Underlying Fund’s annual or semiannual report to shareholders which can be found at us.dimensional.com. Additional information about derivatives related risks, if applicable to the Fund, may also be found in each such DFA Underlying Fund’s annual or semiannual report to shareholders.

5

FREE MARKET FUNDS

Fund Expense Example

February 28, 2019 (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, 2018 through February 28, 2019, 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.

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.

	Beginning Account Value September 1, 2018	Ending Account Value February 28, 2019	Expenses Paid*	Annualized Expense Ratio*	Actual Six-Month Total Investment Return for the Portfolio
Actual
Free Market U.S. Equity Fund	$1,000.00	$923.30	$2.62	0.55%	-7.67%
Free Market International Equity Fund	1,000.00	936.80	2.74	0.57	-6.32
Free Market Fixed Income Fund	1,000.00	1,015.30	2.75	0.55	1.53
Hypothetical (5% return before expenses)
Free Market U.S. Equity Fund	$1,000.00	$1,022.07	$2.76	0.55%	N/A
Free Market International Equity Fund	1,000.00	1,021.97	2.86	0.57	N/A
Free Market Fixed Income Fund	1,000.00	1,022.07	2.76	0.55	N/A

^* Expenses are equal to each Fund’s annualized six-month expense ratio for the period September 1, 2018 to February 28, 2019, 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. Each Fund’s ending account values on the first line in the tables is based on the actual six-month total investment return for each Fund for the period September 1, 2018 through February 28, 2019. 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:

Fund	Range of Weighted Expense Ratios
Free Market U.S. Equity Fund	0.00%	0.13%
Free Market International Equity Fund	0.00%	0.27%
Free Maket Fixed income Fund	0.00%	0.07%

6

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

February 28, 2019 (Unaudited)

	Number of Shares		Value
DOMESTIC EQUITY FUNDS — 99.9%
iShares Core S&P 500 ETF		133,331	$	37,375,346
U.S. Large Cap Value Portfolio III (a)		35,008,000		851,394,558
U.S. Large Cap Value Series (b)		1,397,294		68,355,602
U.S. Large Company Portfolio (a)		19,963,216		429,808,037
U.S. Micro Cap Portfolio (c)		22,026,643		471,370,157
U.S. Small Cap Portfolio (c)		13,634,234		470,244,716
U.S. Small Cap Value Portfolio (c)		22,373,777		776,370,078
TOTAL DOMESTIC EQUITY FUNDS
(Cost $2,386,820,864)				3,104,918,494
SHORT-TERM INVESTMENTS — 0.1%
STIT-Government & Agency Portfolio, 2.30%*		2,966,194		2,966,194
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,966,194)				2,966,194
TOTAL INVESTMENTS — 100.0%
(Cost $2,389,787,058)				3,107,884,688
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(230,783	)
NET ASSETS — 100.0%			$	3,107,653,905

Portfolio Holdings Summary Table

	% of Net Assets			Value
Domestic Equity Funds		99.9	%	$	3,104,918,494
Short-Term Investments		0.1			2,966,194
Liabilities In Excess Of Other Assets		0.0			(230,783	)
NET ASSETS		100.0	%	$	3,107,653,905

^* Seven-day yield as of February 28, 2019.

(a) A portfolio of Dimensional Investment Group Inc.

(b) A portfolio of DFA Investment Trust Company.

(c) 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.
7

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

February 28, 2019 (Unaudited)

	Number of Shares/ Beneficial Interest		Value
INTERNATIONAL EQUITY FUNDS — 99.8%
Asia Pacific Small Company Portfolio (a)		1,389,144	$	30,088,857
Canadian Small Company Series (b)		2,838,031		28,841,410
Continental Small Company Portfolio (a)		1,281,675		30,632,028
Continental Small Company Series (b)		464,912		39,945,089
DFA International Small Cap Value Portfolio (a)		48,981,269		900,275,715
DFA International Value Portfolio III (c)		31,642,560		471,157,721
DFA International Value Series (b)		8,575,995		199,906,432
Emerging Markets Portfolio (a)		4,273,510		118,162,553
Emerging Markets Small Cap Portfolio (a)		5,361,923		108,203,613
Emerging Markets Value Portfolio, Class Institutional (a)		3,777,889		108,085,400
Japanese Small Company Portfolio (a)		2,150,726		50,262,474
Large Cap International Portfolio (a)		5,132,846		112,819,954
United Kingdom Small Company Portfolio (a)		139,396		3,749,750
United Kingdom Small Company Series (b)		579,194		39,367,291
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $2,152,626,577)				2,241,498,287
SHORT-TERM INVESTMENTS — 0.2%
STIT-Government & Agency Portfolio, 2.30%*		3,428,136		3,428,136
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,428,136)				3,428,136
TOTAL INVESTMENTS — 100.0%
(Cost $2,156,054,713)				2,244,926,423
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				336,153
NET ASSETS — 100.0%			$	2,245,262,576

Portfolio Holdings Summary Table

	% of Net Assets			Value
International Equity Funds		99.8	%	$	2,241,498,287
Short-Term Investments		0.2			3,428,136
Other Assets In Excess Of Liabilities		0.0			336,153
NET ASSETS		100.0	%	$	2,245,262,576

^* Seven-day yield as of February 28, 2019.

(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, 2019 (Unaudited)

	Number of Shares		Value
FIXED INCOME FUNDS — 99.4%
DFA Five-Year Global Fixed Income Portfolio (a)		65,282,088	$	694,601,412
DFA Inflation-Protected Securities Portfolio (a)		12,136,784		139,694,386
DFA Intermediate Government Fixed Income Portfolio (a)		13,613,748		166,496,137
DFA One-Year Fixed Income Portfolio (a)		39,285,050		403,850,312
DFA Short-Term Government Portfolio (a)		10,583,068		111,333,871
DFA Two-Year Global Fixed Income Portfolio (a)		42,246,585		418,241,191
iShares Intermediate-Term Corporate Bond ETF		3,116,551		168,137,926
iShares Short-Term Corporate Bond ETF		12,800,490		670,361,661
TOTAL FIXED INCOME FUNDS
(Cost $2,811,359,930)				2,772,716,896
SHORT-TERM INVESTMENTS — 0.5%
STIT-Government & Agency Portfolio, 2.30%*		14,625,576		14,625,576
TOTAL SHORT-TERM INVESTMENTS
(Cost $14,625,576)				14,625,576
TOTAL INVESTMENTS — 99.9%
(Cost $2,825,985,506)				2,787,342,472
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				1,712,165
NET ASSETS — 100.0%			$	2,789,054,637

Portfolio Holdings Summary Table

	% of Net Assets			Value
Fixed Income Funds		99.4	%	$	2,772,716,896
Short-Term Investments		0.5			14,625,576
Other Assets In Excess Of Liabilities		0.1			1,712,165
NET ASSETS		100.0	%	$	2,789,054,637

^* Seven-day yield as of February 28, 2019.

(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, 2019 (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 (cost $2,386,820,864, $2,152,626,577 and $2,811,359,930, respectively)	$	3,104,918,494	$	2,241,498,287	$	2,772,716,896
Short-term investments, at value (cost $2,966,194, $3,428,136 and $14,625,576, respectively)		2,966,194		3,428,136		14,625,576
Receivables for:
Receivable for capital shares sold		3,672,834		2,989,078		4,600,476
Dividends receivable		4,682		5,474		27,412
Prepaid expenses and other assets		106,428		72,504		93,877
Total assets		3,111,668,632		2,247,993,479		2,792,064,237
LIABILITIES
Payables for:
Capital shares redeemed		2,700,405		1,740,021		1,834,553
Advisory fees		1,162,426		837,063		1,057,129
Administration and accounting fees		130,853		107,850		103,387
Transfer agent fees		16,028		13,728		11,650
Other accrued expenses and liabilities		5,015		32,241		2,881
Total liabilities		4,014,727		2,730,903		3,009,600
Net assets	$	3,107,653,905	$	2,245,262,576	$	2,789,054,637
NET ASSETS CONSIST OF:
Par value	$	175,046	$	232,936	$	275,036
Paid-in capital		2,269,862,680		2,135,945,709		2,831,421,841
Total distributable earnings/(loss)		837,616,179		109,083,931		(42,642,240	)
Net assets	$	3,107,653,905	$	2,245,262,576	$	2,789,054,637
CAPITAL SHARES:
Net assets	$	3,107,653,905	$	2,245,262,576	$	2,789,054,637
Shares outstanding ($0.001 par value, 700,000,000 shares authorized)		175,046,299		232,936,240		275,035,820
Net asset value, offering and redemption price per share	$	17.75	$	9.64	$	10.14

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, 2019 (Unaudited)

	Free Market U.S. Equity Fund			Free Market International Equity Fund			Free Market Fixed Income Fund
INVESTMENT INCOME
Dividends from non-affiliated funds	$	23,609,170		$	31,668,933		$	64,126,481
Total investment income		23,609,170			31,668,933			64,126,481
EXPENSES
Advisory fees (Note 2)		7,523,951			5,333,414			6,950,100
Administration and accounting fees (Note 2)		398,253			285,410			347,260
Audit fees		87,069			69,587			74,188
Transfer agent fees (Note 2)		77,909			57,380			69,651
Registration expense		56,132			40,652			45,925
Legal fees		50,858			36,243			46,213
Director fees		42,221			32,386			36,486
Officer fees		27,724			34,548			30,514
Custodian fees (Note 2)		16,812			18,166			14,776
Printing and shareholder reporting fees		8,324			7,276			11,779
Other expenses		66,412			268,407			57,933
Total expenses		8,355,665			6,183,469			7,684,825
Net investment income/(loss)		15,253,505			25,485,464			56,441,656
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		(760,265	)		(7,814,558	)		(2,295,759	)
Capital gain distributions from non-affiliated fund investments		133,324,026			45,136,774			—
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		(409,433,046	)		(208,651,695	)		(11,057,935	)
Net realized and unrealized gain/(loss) on investments		(276,869,285	)		(171,329,479	)		(13,353,694	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(261,615,780	)	$	(145,844,015	)	$	43,087,962

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, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	15,253,505		$	23,676,276
Net realized gain/(loss) from investments		132,563,761			131,813,660
Net change in unrealized appreciation/(depreciation) on investments		(409,433,046	)		405,839,915
Net increase/(decrease) in net assets resulting from operations		(261,615,780	)		561,329,851
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets from dividends and distributions to shareholders		(152,180,367	)		(111,719,472	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		267,594,104			601,886,011
Reinvestment of distributions		152,020,397			111,642,406
Shares redeemed		(311,723,636	)		(474,574,738	)
Net increase/(decrease) in net assets from capital shares		107,890,865			238,953,679
Total increase/(decrease) in net assets		(305,905,282	)		688,564,058
NET ASSETS:
Beginning of period		3,413,559,187			2,724,995,129
End of period	$	3,107,653,905		$	3,413,559,187
SHARES TRANSACTIONS:
Shares sold		14,874,045			31,610,207
Dividends and distributions reinvested		9,871,454			5,913,263
Shares redeemed		(17,293,924	)		(24,797,240	)
Net increase/(decrease) in shares outstanding		7,451,575			12,726,230

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders were $(30,989,004) of net investment income and $(80,730,468) of net realized capital gains during the year ended August 31, 2018 and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $6,007,061.

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, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	25,485,464		$	44,957,757
Net realized gain/(loss) from investments		37,322,216			42,573,743
Net change in unrealized appreciation/(depreciation) on investments		(208,651,695	)		(67,682,280	)
Net increase/(decrease) in net assets resulting from operations		(145,844,015	)		19,849,220
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets from dividends and distributions to shareholders		(79,655,266	)		(75,446,630	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		260,059,743			490,778,322
Reinvestment of distributions		79,625,037			75,430,897
Shares redeemed		(181,785,807	)		(387,816,762	)
Net increase/(decrease) in net assets from capital shares		157,898,973			178,392,457
Total increase/(decrease) in net assets		(67,600,308	)		122,795,047
NET ASSETS:
Beginning of period		2,312,862,884			2,190,067,836
End of period	$	2,245,262,576		$	2,312,862,883
SHARES TRANSACTIONS:
Shares sold		26,784,031			43,547,885
Dividends and distributions reinvested		9,173,391			6,687,136
Shares redeemed		(18,823,068	)		(34,040,963	)
Net increase/(decrease) in shares outstanding		17,134,354			16,194,058

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders were $(52,597,992) of net investment income and $(22,848,638) of net realized capital gains during the year ended August 31, 2018 and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $8,072,040.

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, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	56,441,656		$	27,376,112
Net realized gain/(loss) from investments		(2,295,759	)		513,655
Net change in unrealized appreciation/(depreciation) on investments		(11,057,935	)		(36,113,722	)
Net increase/(decrease) in net assets resulting from operations		43,087,962			(8,223,955	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets from dividends and distributions to shareholders		(64,601,075	)		(26,506,192	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		239,959,482			738,587,984
Reinvestment of distributions		64,593,101			26,506,000
Shares redeemed		(361,606,176	)		(365,774,582	)
Net increase/(decrease) in net assets from capital shares		(57,053,593	)		399,319,402
Total increase/(decrease) in net assets		(78,566,706	)		364,589,255
NET ASSETS:
Beginning of period		2,867,621,343			2,503,032,088
End of period	$	2,789,054,637		$	2,867,621,343
SHARES TRANSACTIONS:
Shares sold		23,649,565			72,300,803
Dividends and distributions reinvested		6,442,081			2,596,009
Shares redeemed		(35,670,832	)		(35,849,154	)
Net increase/(decrease) in shares outstanding		(5,579,186	)		39,047,658

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders were $(23,965,853) of net investment income and $(2,540,339) of net realized capital gains during the year ended August 31, 2018 and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $6,289,498.

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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
Per Share Operating Performance
Net asset value, beginning of period	$	20.37		$	17.60		$	16.18		$	16.08		$	17.37		$	14.66
Net investment income/(loss)(1)		0.09			0.15			0.12			0.18			0.13			0.09
Net realized and unrealized gain/(loss) on investments		(1.80	)		3.34			2.13			1.18			(0.71	)		3.18
Net increase/(decrease) in net assets resulting from operations		(1.71	)		3.49			2.25			1.36			(0.58	)		3.27
Dividends and distributions to shareholders from:
Net investment income		(0.15	)		(0.20	)		(0.15	)		(0.15	)		(0.11	)		(0.10	)
Net realized capital gains		(0.76	)		(0.52	)		(0.68	)		(1.11	)		(0.60	)		(0.46	)
Total dividends and distributions to shareholders		(0.91	)		(0.72	)		(0.83	)		(1.26	)		(0.71	)		(0.56	)
Net asset value, end of period	$	17.75		$	20.37		$	17.60		$	16.18		$	16.08		$	17.37
Total investment return/(loss)(2)		(7.67	)%(4)		20.11	%		13.97	%		9.10	%		(3.55	)%		22.49	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,107,654		$	3,413,559		$	2,724,995		$	2,303,041		$	1,971,430		$	1,943,442
Ratio of expenses to average net assets(3)		0.55	%(5)		0.55	%		0.56	%		0.59	%		0.60	%		0.60	%
Ratio of net investment income/(loss) to average net assets(3)		1.00	%(5)		0.76	%		0.72	%		1.15	%		0.74	%		0.54	%
Portfolio turnover rate		3	%(4)		2	%		5	%		1	%		6	%		3	%

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

(2) Total investment return/(loss) 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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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
Per Share Operating Performance
Net asset value, beginning of period	$	10.72		$	10.97		$	9.24		$	9.28		$	10.92		$	9.36
Net investment income/(loss)(1)		0.11			0.22			0.14			0.23			0.17			0.19
Net realized and unrealized gain/(loss) on investments		(0.82	)		(0.10	)		1.89			0.05			(1.39	)		1.71
Net increase/(decrease) in net assets resulting from operations		(0.71	)		0.12			2.03			0.28			(1.22	)		1.90
Dividends and distributions to shareholders from:
Net investment income		(0.18	)		(0.26	)		(0.19	)		(0.16	)		(0.22	)		(0.19	)
Net realized capital gains		(0.19	)		(0.11	)		(0.11	)		(0.16	)		(0.20	)		(0.15	)
Total dividends and distributions to shareholders		(0.37	)		(0.37	)		(0.30	)		(0.32	)		(0.42	)		(0.34	)
Net asset value, end of period	$	9.64		$	10.72		$	10.97		$	9.24		$	9.28		$	10.92
Total investment return/(loss)(2)		(6.32	)%(4)		0.98	%		22.50	%		3.13	%		(11.25	)%		20.49	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,245,263		$	2,312,863		$	2,190,068		$	1,672,452		$	1,443,094		$	1,414,618
Ratio of expenses to average net assets(3)		0.57	%(5)		0.57	%		0.58	%		0.63	%		0.64	%		0.62	%
Ratio of net investment income/(loss) to average net assets(3)		2.36	%(5)		1.93	%		1.42	%		2.60	%		1.72	%		1.84	%
Portfolio turnover rate		2	%(4)		3	%		2	%		1	%		3	%		2	%

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

(2) Total investment return/(loss) 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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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
Per Share Operating Performance
Net asset value, beginning of period	$	10.22		$	10.36		$	10.43		$	10.25		$	10.31		$	10.24
Net investment income/(loss)(1)		0.20			0.10			0.10			0.06			0.06			0.04
Net realized and unrealized gain/(loss) on investments		(0.05	)		(0.14	)		(0.06	)		0.17			(0.02	)		0.09
Net increase/(decrease) in net assets resulting from operations		0.15			(0.04	)		0.04			0.23			0.04			0.13
Dividends and distributions to shareholders from:
Net investment income		(0.23	)		(0.09	)		(0.11	)		(0.03	)		(0.07	)		(0.04	)
Net realized capital gains		—			(0.01	)		—			(0.02	)		(0.03	)		(0.02	)
Total dividends and distributions to shareholders		(0.23	)		(0.10	)		(0.11	)		(0.05	)		(0.10	)		(0.06	)
Net asset value, end of period	$	10.14		$	10.22		$	10.36		$	10.43		$	10.25		$	10.31
Total investment return/(loss)(2)		1.53	%(4)		(0.35	)%		0.39	%		2.26	%		0.37	%		1.34	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,789,055		$	2,867,621		$	2,503,032		$	2,126,457		$	2,004,504		$	1,824,633
Ratio of expenses to average net assets(3)		0.55	%(5)		0.55	%		0.56	%		0.59	%		0.60	%		0.61	%
Ratio of net investment income/(loss) to average net assets(3)		4.01	%(5)		1.02	%		0.94	%		0.54	%		0.55	%		0.37	%
Portfolio turnover rate		2	%(4)		0	%		0	%		31	%		2	%		0	%

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

(2) Total investment return/(loss) 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, 2019 (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 thirty-two separate 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 87.223 billion shares are currently classified into one hundred and eighty-three 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, 2019, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2019 (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). Investments in Exchange-Traded Funds (“ETFs”) are valued at their last reported sale price. 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, 2019 (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		INVESTMENTS MEASURED AT NET ASSET VALUE*
Domestic Equity Funds	$	3,104,918,494	$	3,036,562,892	$	—	$	—	$	68,355,602
Short-Term Investments		2,966,194		2,966,194		—		—		—
Total Investments**	$	3,107,884,688	$	3,039,529,086	$	—	$	—	$	68,355,602

^* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

FREE MARKET INTERNATIONAL EQUITY FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
International Equity Funds	$	2,241,498,287	$	1,933,438,065	$	—	$	—	$	308,060,222
Short-Term Investments		3,428,136		3,428,136		—		—		—
Total Investments**	$	2,244,926,423	$	1,936,866,201	$	—	$	—	$	308,060,222

^* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

FREE MARKET FIXED INCOME FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Fixed Income Funds	$	2,772,716,896	$	2,772,716,896	$	—	$	—	$	—
Short-Term Investments		14,625,576		14,625,576		—		—		—
Total Investments**	$	2,787,342,472	$	2,787,342,472	$	—	$	—	$	—

^* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

^** 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 Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

19

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (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. 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 Level 3 transfers are disclosed if a Fund had an amount of total Level 3 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 Level 3 transfers.

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 (including amortization of premiums and accretion of discounts) 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. 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.

20

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

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, the Funds expect the risk of material loss for such claims is considered to be remote.

For additional information about the DFA Underlying Funds’ valuation policies, refer to the DFA Underlying Funds’ most recent annual or semiannual report which can be found at us.dimensional.com.

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 tables.

For the period September 1, 2017 through February 28, 2018:

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

For the period March 1, 2018 through the end of the reporting period:

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

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	$	7,523,951
Free Market International Equity Fund		5,333,414
Free Market Fixed Income Fund		6,950,100

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

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

21

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

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 paid to Fund Services and the Custodian, please refer to the Statements of Operations.

3. Director and Officer 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 Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer 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 Funds were as follows:

	Purchases		Sales
Free Market U.S. Equity Fund	$	209,049,612	$	104,600,311
Free Market International Equity Fund		192,505,000		44,465,290
Free Market Fixed Income Fund		68,880,014		132,256,737

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.

As of August 31, 2018, 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	$	2,292,056,658	$	1,127,546,706	$	(6,271,709	)	$	1,121,274,997
Free Market International Equity Fund		2,014,246,817		363,712,750		(65,680,108	)		298,032,642
Free Market Fixed Income Fund		2,893,959,472		3,290,124		(31,297,438	)		(28,007,314	)

22

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

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, 2018, 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	$	6,773,276	$	(6,773,276	)	$	—
Free Market International Equity Fund		2,297,064		(2,297,064	)		—
Free Market Fixed Income Fund		—		—			—

As of August 31, 2018, 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	$	6,056,454	$	124,080,874	$	1,121,274,997
Free Market International Equity Fund		4,133,163		32,417,408		298,032,642
Free Market Fixed Income Fund		6,289,498		588,688		(28,007,314	)

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, 2018, were as follows:

		Ordinary Income		Long-Term Gains		Total
Free Market U.S. Equity Fund	2018	$	30,989,004	$	80,730,468	$	111,719,472
Free Market International Equity Fund	2018		53,071,580		22,375,050		75,446,630
Free Market Fixed Income Fund	2018		23,965,853		2,540,339		26,506,192

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, 2018, the Funds did not have any capital loss carryforwards.

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15,

23

FREE MARKET FUNDS

Notes to Financial Statements (Concluded)

February 28, 2019 (Unaudited)

2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Funds’ financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

7. Subsequent Events

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

24

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 Part F of Form N-PORT. The Company’s Form N-PORT is available on the SEC website at http://www.sec.gov.

25

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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-SAR19

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, 2019
(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Portfolios’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Portfolios electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-866-780-0357 ext. 3863.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Portfolios, you can call 1-866-780-0357 ext. 3863 to inform the Portfolios that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all portfolios held in your account if you invest through your financial intermediary or all portfolios held with the portfolios complex if you invest directly with the Portfolios.

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, 2019 (Unaudited)

Dear Shareholder,

The Matson Money VI Funds (the “Funds”) have surpassed $70 million in assets under management. 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, 2019, investors experienced some turbulence in the equity markets. U.S. stocks reached all-time highs back in September of 2018, but these highs were followed by a pullback to close out 2018. Large cap stocks fell to the tune of -3.04% as represented by the S&P 500^® Index over the past 6 months. Large cap value stocks did not retrace as much and ended the last six months down only -1.62% as measured by the Russell 1000^® Value Index. The hardest hit asset class in the funds were U.S. small cap stocks which fell -8.86% as measured by the Russell 2000^® Index. Internationally, emerging market stocks led the way eking out a return of 0.33% as measured by the MSCI Emerging Markets Index. Broad based international markets however experienced downward pressure, returning -3.41% as measured by the MSCI World ex USA Index. International large cap stocks for comparison fell -3.58% as measured by the MSCI EAFE Index. International small cap stocks were hit hardest abroad during the time period, falling -7.92% as measured by the MSCI EAFE Small Cap Index. The bond markets over the last six months notched higher, returning 1.97% as measured by the World Government Bond Index as interest rates retreated from their peaks in November.

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 endeavors to avoid 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.

Sean T. Babin
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

February 28, 2019 (Unaudited) (CONCLUDED)

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 Russell 1000^® Value Index is a subset of the securities found in the Russell 1000^® Index. The stocks included in the value index are selected based on a “probability” of value as measured by their relative book-to-price (B/P) ratio.

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 EAFE Index captures large and mid-cap securities across 21 developed markets in Europe, Australasia, and Far East, excluding the U.S. and Canada. With 921 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI Emerging Markets Index captures large and mid-cap representation across 24 Emerging Markets (EM) countries. With 1,125 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 2,339 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 1,012 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. Diversification does not assure a profit nor protect against loss in a declining market. Investing in micro-cap or small cap companies involves additional risks such as limited liquidity and greater volatility than large companies. Certain Funds invest 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, 2019 (Unaudited)

Matson Money U.S. Equity VI Portfolio

Total Returns for the Periods Ended February 28, 2019
		Average Annual
	Six Months(1)	1 Year	3 Year	5 Year	Since Inception
Matson Money U.S. Equity VI Portfolio	-7.66%	1.10%	13.16%	6.67%	6.94%(2)
Russell 2500® Index	-6.25%	6.36%	15.92%	7.89%	7.89%(4)
Composite Index(3)	-5.52%	4.58%	15.03%	8.25%	8.25%(4)

⁽¹⁾ Not annualized.

⁽²⁾ The Portfolio commenced operations on February 18, 2014.

⁽³⁾ 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.

⁽⁴⁾ 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 6.72%.

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 1.03% (included in the ratio is 0.30% 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 $28.38 per share on February 28, 2019.

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. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Portfolio. Information about DFA Underlying Fund risks may be found in such DFA Underlying Fund’s annual or semiannual report to shareholders which can be found at us.dimensional.com. Additional information about derivatives related risks, if applicable to the Portfolio, may also be found in each such DFA Underlying Fund’s annual or semiannual report to shareholders.

3

MATSON MONEY VI PORTFOLIOS

Performance Data (Continued)

February 28, 2019 (Unaudited)

Matson Money International Equity VI Portfolio

Total Returns for the Periods Ended February 28, 2019
		Average Annual
	Six Months(1)	1 Year	3 Year	5 Year	Since Inception
Matson Money International Equity VI Portfolio	-6.27%	-11.77%	9.77%	1.27%	1.52%(2)
MSCI World (excluding U.S.) Index	-3.41%	-5.30%	9.48%	2.01%	2.01%(4)
Composite Index(3)	-3.35%	-8.53%	11.09%	2.90%	2.90%(4)

⁽¹⁾ Not annualized.

⁽²⁾ The Portfolio commenced operations on February 18, 2014.

⁽³⁾ 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.

⁽⁴⁾ 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 1.30%.

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 1.27% (included in the ratio is 0.48% 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 $23.62 per share on February 28, 2019.

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. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Portfolio. Information about DFA Underlying Fund risks may be found in such DFA Underlying Fund’s annual or semiannual report to shareholders which can be found at us.dimensional.com. Additional information about derivatives related risks, if applicable to the Portfolio, may also be found in each such DFA Underlying Fund’s annual or semiannual report to shareholders.

4

MATSON MONEY VI PORTFOLIOS

Performance Data (Concluded)

February 28, 2019 (Unaudited)

Matson Money Fixed Income VI Portfolio

Total Returns for the Periods Ended February 28, 2019
		Average Annual
	Six Months(1)	1 Year	3 Year	5 Year	Since Inception
Matson Money Fixed Income VI Portfolio	1.47%	2.38%	0.70%	0.59%	0.61%(2)
FTSE World Government Bond Index 1-5 Years	1.97%	2.80%	1.39%	1.50%	1.50%(4)
Composite Index(3)	1.71%	2.71%	1.18%	1.36%	1.36%(4)

⁽¹⁾ Not annualized.

⁽²⁾ The Portfolio commenced operations on February 18, 2014.

⁽³⁾ 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.

⁽⁴⁾ Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the FTSE World Government Bond Index 1-5 Years (formerly known as 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 0.56%.

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 0.88% (included in the ratio is 0.17% 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 $24.53 per share on February 28, 2019.

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. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Portfolio. Information about DFA Underlying Fund risks may be found in such DFA Underlying Fund’s annual or semiannual report to shareholders which can be found at us.dimensional.com. Additional information about derivatives related risks, if applicable to the Portfolio, may also be found in each such DFA Underlying Fund’s annual or semiannual report to shareholders.

5

MATSON MONEY VI PORTFOLIOS

Fund Expense ExampleS

February 28, 2019 (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, 2018 through February 28, 2019, 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.

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.

	Beginning Account Value September 1, 2018	Ending Account Value February 28, 2019	Expenses Paid *	Annualized Expense Ratio*	Actual Six-Month Total Investment Return for the Portfolio
Actual
Matson Money U.S. Equity VI Portfolio	$1,000.00	$923.40	$3.43	0.72%	-7.66%
Matson Money International Equity VI Portfolio	1,000.00	937.30	3.84	0.80%	-6.27%
Matson Money Fixed Income VI Portfolio	1,000.00	1,014.70	3.50	0.70%	1.47%
Hypothetical (5% return before expenses)
Matson Money U.S. Equity VI Portfolio	$1,000.00	$1021.22	$3.61	0.72%	N/A
Matson Money International Equity VI Portfolio	1,000.00	1020.83	4.01	0.80%	N/A
Matson Money Fixed Income VI Portfolio	1,000.00	1021.32	3.51	0.70%	N/A

^* Expenses are equal to each Portfolio’s annualized six-month expense ratio for the period September 1, 2018 to February 28, 2019, 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. Fees and expenses presented for a Portfolio do not reflect any fees and expenses imposed on shares of the Portfolio purchased through variable annuity contracts, variable life insurance policies, and certain qualified pension and retirement plans, which would increase overall fees and expenses. If such fees and expenses had been included, the expenses would have been higher. Each Portfolio’s ending account values on the first line in the tables is based on the actual six-month total investment return for each Portfolio. 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:

Portfolio	Range of Weighted Expense Ratios
Matson Money U.S. Equity VI Portfolio	0.01%	0.08%
Matson Money International Equity VI Portfolio	0.01%	0.19%
Matson Money Fixed Income VI Portfolio	0.00%	0.04%

6

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Portfolio of Investments

February 28, 2019 (Unaudited)

	Number of Shares		Value
DOMESTIC EQUITY FUNDS — 99.1%
U.S. Large Cap Value Portfolio III (a)		262,048	$	6,372,996
U.S. Large Company Portfolio (a)		160,293		3,451,107
U.S. Micro Cap Portfolio (b)		173,156		3,705,531
U.S. Small Cap Portfolio (b)		107,124		3,694,710
U.S. Small Cap Value Portfolio (b)		70,697		2,453,182
VA U.S. Large Value Portfolio (b)		38,999		978,867
VA U.S. Targeted Value Portfolio (b)		207,693		3,688,627
TOTAL DOMESTIC EQUITY FUNDS
(Cost $23,459,859)				24,345,020
SHORT-TERM INVESTMENTS — 1.0%
STIT-Government & Agency Portfolio, 2.30%*		256,837		256,837
TOTAL SHORT-TERM INVESTMENTS
(Cost $256,837)				256,837
TOTAL INVESTMENTS — 100.1%
(Cost $23,716,696)				24,601,857
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(25,939	)
NET ASSETS — 100.0%			$	24,575,918

Portfolio Holdings Summary Table
	% of Net Assets			Value
Domestic Equity Funds		99.1	%	$	24,345,020
Short-Term Investments		1.0			256,837
Liabilities In Excess Of Other Assets		(0.1	)		(25,939	)
NET ASSETS		100.0	%	$	24,575,918

^* Seven-day yield as of February 28, 2019.

(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

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Portfolio of Investments

February 28, 2019 (Unaudited)

	Number of Shares		Value
INTERNATIONAL EQUITY FUNDS — 99.1%
DFA International Small Cap Value Portfolio (a)		273,498	$	5,026,894
DFA International Value Portfolio III (b)		361,779		5,386,888
Emerging Markets Portfolio (a)		33,498		926,215
Emerging Markets Small Cap Portfolio (a)		42,741		862,512
Emerging Markets Value Portfolio, Class Institutional (a)		30,163		862,972
Large Cap International Portfolio (a)		32,560		715,679
VA International Small Portfolio (a)		263,125		3,049,613
VA International Value Portfolio (a)		74,320		891,838
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $18,192,144)				17,722,611
SHORT-TERM INVESTMENTS — 1.0%
STIT-Government & Agency Portfolio, 2.30%*		179,879		179,879
TOTAL SHORT-TERM INVESTMENTS
(Cost $179,879)				179,879
TOTAL INVESTMENTS — 100.1%
(Cost $18,372,023)				17,902,490
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(21,896	)
NET ASSETS — 100.0%			$	17,880,594

Portfolio Holdings Summary Table
	% of Net Assets			Value
International Equity Funds		99.1	%	$	17,722,611
Short-Term Investments		1.0			179,879
Liabilities In Excess Of Other Assets		(0.1	)		(21,896	)
NET ASSETS		100.0	%	$	17,880,594

^* Seven-day yield as of February 28, 2019.

(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 FIXED INCOME VI PORTFOLIO

Portfolio of Investments

February 28, 2019 (Unaudited)

	Number of Shares		Value
FIXED INCOME FUNDS — 98.6%
DFA Five-Year Global Fixed Income Portfolio (a)		265,328	$	2,823,088
DFA Inflation-Protected Securities Portfolio (a)		122,394		1,408,750
DFA Intermediate Government Fixed Income Portfolio (a)		138,387		1,692,479
DFA One-Year Fixed Income Portfolio (a)		315,411		3,242,421
DFA Short-Term Government Portfolio (a)		107,423		1,130,091
DFA Two-Year Global Fixed Income Portfolio (a)		428,138		4,238,565
iShares Short-Term Corporate Bond ETF		129,859		6,800,716
iShares Intermediate-Term Corporate Bond ETF		31,287		1,687,934
VA Global Bond Portfolio (a)		406,736		4,234,126
VA Short-Term Fixed Portfolio (a)		55,235		565,056
TOTAL FIXED INCOME FUNDS
(Cost $28,212,996)				27,823,226
SHORT-TERM INVESTMENTS — 1.5%
STIT-Government & Agency Portfolio, 2.30%*		427,729		427,729
TOTAL SHORT-TERM INVESTMENTS
(Cost $427,729)				427,729
TOTAL INVESTMENTS — 100.1%
(Cost $28,640,725)				28,250,955
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(26,825	)
NET ASSETS — 100.0%			$	28,224,130

Portfolio Holdings Summary Table
	% of Net Assets			Value
Fixed Income Funds		98.6	%	$	27,823,226
Short-Term Investments		1.5			427,729
Liabilities In Excess Of Other Assets		(0.1	)		(26,825	)
NET ASSETS		100.0	%	$	28,224,130

^* Seven-day yield as of February 28, 2019.

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

ETFExchange-Traded Fund

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

Statements of Assets and Liabilities

February 28, 2019 (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 (cost $23,459,859, $18,192,144 and $28,212,996 respectively)	$	24,345,020	$	17,722,611		$	27,823,226
Short-term investments, at value (cost $256,837, $179,879 and $427,729 respectively)		256,837		179,879			427,729
Receivables for:
Receivable for capital shares sold		3,336		1,107			2,795
Dividends receivable		401		301			752
Prepaid expenses and other assets		952		1,099			1,359
Total assets		24,606,546		17,904,997			28,255,861
LIABILITIES
Payables for:
Capital shares redeemed		448		397			53
Advisory fees		9,309		6,754			10,883
Administration and accounting fees		1,002		899			1,499
Transfer agent fees		3,109		78			134
Other accrued expenses and liabilities		16,760		16,275			19,162
Total liabilities		30,628		24,403			31,731
Net assets	$	24,575,918	$	17,880,594			28,224,130
NET ASSETS CONSIST OF:
Par Value	$	1,040	$	890		$	2,674
Paid-in capital		22,652,041		18,247,671			28,744,335
Total distributable earnings/(loss)		1,922,837		(367,967	)		(522,879	)
Net assets	$	24,575,918	$	17,880,594		$	28,224,130
CAPITAL SHARES:
Net assets	$	24,575,918	$	17,880,594		$	28,224,130
Shares outstanding ($0.001 par value, 300,000,000 shares authorized)		865,951		756,968			1,150,590
Net asset value, offering and redemption price per share	$	28.38	$	23.62		$	24.53

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

MATSON MONEY VI PORTFOLIOS

Statements of Operations

For the Six Months ended February 28, 2019 (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	$	265,133		$	298,769		$	658,347
Total investment income		265,133			298,769			658,347
EXPENSES:
Advisory fees (Note 2)		58,826			42,929			72,667
Audit fees		11,369			12,365			13,415
Administration and accounting fees (Note 2)		8,975			7,827			10,006
Custodian fees (Note 2)		2,272			3,039			2,242
Legal fees		458			331			485
Director fees		422			412			672
Officer fees		382			225			496
Printing and shareholder reporting fees		176			103			14
Transfer agent fees (Note 2)		14			266			465
Other expenses		1,423			1,247			1,222
Total expenses		84,317			68,744			101,684
Net investment income/(loss)		180,816			230,025			556,663
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		358,413			3,506			(100,505	)
Capital gain distributions from non-affiliated fund investments		949,993			426,049			—
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		(3,333,338	)		(1,748,271	)		(43,393	)
Net realized and unrealized gain/(loss) on investments		(2,024,932	)		(1,318,716	)		(143,898	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,844,116	)	$	(1,088,691	)	$	412,765

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

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	180,816		$	133,464
Net realized gain/(loss) on investments		1,308,406			1,321,912
Net change in unrealized appreciation/(depreciation) on investments		(3,333,338	)		2,620,038
Net increase/(decrease) in net assets resulting from operations		(1,844,116	)		4,075,414
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(1,492,480	)		(1,117,121	)
Net decrease in net assets from dividends and distributions to shareholders		(1,492,480	)		(1,117,121	)
CAPTIAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,889,065			5,389,578
Reinvestment of distributions		1,492,480			1,117,121
Shares redeemed		(2,649,697	)		(3,377,340	)
Net increase/(decrease) in net assets from capital shares		1,731,848			3,129,359
Total increase/(decrease) in net assets		(1,604,748	)		6,087,652
NET ASSETS:
Beginning of period		26,180,666			20,093,014
End of period	$	24,575,918		$	26,180,666
SHARES TRANSACTIONS:
Shares sold		101,636			173,254
Dividends and distributions reinvested		60,645			36,235
Shares redeemed		(86,820	)		(108,191	)
Net increase/(decrease) in shares outstanding		75,461			101,298

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders were $(231,177) of net investment income and $(885,944) of net realized capital gains during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $2,903.

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

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	230,025		$	279,674
Net realized gain/(loss) on investments		429,555			326,547
Net change in unrealized appreciation/(depreciation) on investments		(1,748,271	)		(522,361	)
Net increase/(decrease) in net assets resulting from operations		(1,088,691	)		83,860
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(583,676	)		(444,060	)
Net decrease in net assets from dividends and distributions to shareholders		(583,676	)		(444,060	)
CAPTIAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,622,571			4,595,893
Reinvestment of distributions		583,676			444,060
Shares redeemed		(1,603,659	)		(1,748,286	)
Net increase/(decrease) in net assets from capital shares		1,602,588			3,291,667
Total increase/(decrease) in net assets		(69,779	)		2,931,467
NET ASSETS:
Beginning of period		17,950,373			15,018,906
End of period	$	17,880,594		$	17,950,373
SHARES TRANSACTIONS:
Shares sold		109,668			168,646
Dividends and distributions reinvested		27,364			16,147
Shares redeemed		(66,313	)		(63,221	)
Net increase/(decrease) in shares outstanding		70,719			121,572

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders were $(308,131) of net investment income and $(135,929) of net realized capital gains during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $24,686.

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

MATSON MONEY FIXED INCOME VI PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	556,663		$	261,719
Net realized gain/(loss) on investments		(100,505	)		2,110
Net change in unrealized appreciation/(depreciation) on investments		(43,393	)		(387,918	)
Net increase/(decrease) in net assets resulting from operations		412,765			(124,089	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(655,301	)		(276,025	)
Net decrease in net assets from dividends and distributions to shareholders		(655,301	)		(276,025	)
CAPTIAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,323,767			6,535,549
Reinvestment of distributions		655,301			276,025
Shares redeemed		(4,917,608	)		(2,023,015	)
Net increase/(decrease) in net assets from capital shares		(1,938,540	)		4,788,559
Total increase/(decrease) in net assets		(2,181,076	)		4,388,445
NET ASSETS:
Beginning of period		30,405,206			26,016,761
End of period	$	28,224,130		$	30,405,206
SHARES TRANSACTIONS:
Shares sold		94,429			264,067
Dividends and distributions reinvested		27,045			11,180
Shares redeemed		(200,044	)		(81,618	)
Net increase/(decrease) in shares outstanding		(78,570	)		193,629

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 6 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders were $(240,545) of net investment income and $(35,480) of net realized capital gains during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $81,787.

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

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	33.12		$	29.15		$	26.80		$	25.65		$	26.79		$	25.00
Net investment income/(loss)(2)		0.15			0.18			0.14			0.19			0.03			(0.06	)
Net realized and unrealized gain/(loss) on investments		(2.98	)		5.40			3.44			1.96			(1.07	)		1.85
Net increase/(decrease) in net assets resulting from operations		(2.83	)		5.58			3.58			2.15			(1.04	)		1.79
Dividends and distributions to shareholders from:
Net investment income		(0.27	)		(0.33	)		(0.21	)		(0.15	)		(0.10	)		—
Net realized capital gains		(1.64	)		(1.28	)		(1.02	)		(0.85	)		—			—
Total dividends and distributions to shareholders		(1.91	)		(1.61	)		(1.23	)		(1.00	)		(0.10	)		—
Net asset value, end of period	$	28.38		$	33.12		$	29.15		$	26.80		$	25.65		$	26.79
Total investment return/(loss)(3)		(7.66	)%(4)		19.56	%		13.42	%		8.68	%		(3.92	)%		7.16	%(4)
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	24,576		$	26,181		$	20,093		$	17,491		$	13,598		$	7,816
Ratio of expenses to average net assets with waivers, if any(5)		0.72	%(6)		0.73	%		0.81	%		0.93	%		1.13	%		1.13	%(6)
Ratio of expenses to average net assets without waivers, if any(5)		0.72	%(6)		0.73	%		0.81	%		0.93	%		1.44	%		4.07	%(6)
Ratio of net investment income/(loss) to average net assets with waivers(5)		1.03	%(6)		0.58	%		0.49	%		0.74	%		0.12	%		(0.47	)%(6)
Portfolio turnover rate		10	%(4)		12	%		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/(loss) 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.
15

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	26.16		$	26.60		$	22.54		$	22.48		$	25.82		$	25.00
Net investment income/(loss)(2)		0.31			0.47			0.29			0.44			0.22			0.07
Net realized and unrealized gain/(loss) on investments		(2.04	)		(0.13	)		4.51			0.10			(3.26	)		0.75
Net increase/(decrease) in net assets resulting from operations		(1.73	)		0.34			4.80			0.54			(3.04	)		0.82
Dividends and distributions to shareholders from:
Net investment income		(0.39	)		(0.54	)		(0.44	)		(0.24	)		(0.30	)		—
Net realized capital gains		(0.42	)		(0.24	)		(0.30	)		(0.24	)		—	(3)		—
Total dividends and distributions to shareholders		(0.81	)		(0.78	)		(0.74	)		(0.48	)		(0.30	)		—
Net asset value, end of period	$	23.62		$	26.16		$	26.60		$	22.54		$	22.48		$	25.82
Total investment return/(loss)(4)		(6.27	)%(5)		1.13	%		21.90	%		2.47	%		(11.77	)%		3.28	%(5)
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	17,881		$	17,950		$	15,019		$	12,567		$	9,641		$	5,408
Ratio of expenses to average net assets with waivers, if any(6)		0.80	%(7)		0.79	%		0.88	%		1.02	%		1.35	%		1.35	%(7)
Ratio of expenses to average net assets without waivers, if any(6)		0.80	%(7)		0.79	%		0.88	%		1.02	%		1.67	%		5.07	%(7)
Ratio of net investment income to average net assets with waivers(6)		2.58	%(7)		1.70	%		1.22	%		2.03	%		0.91	%		0.49	%(7)
Portfolio turnover rate		7	%(5)		8	%		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/(loss) 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.
16

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	24.74		$	25.12		$	25.31		$	24.93		$	25.08		$	25.00
Net investment income/(loss)(2)		0.47			0.23			0.18			0.05			0.03			(0.05	)
Net realized and unrealized gain/(loss) on investments		(0.12	)		(0.36	)		(0.13	)		0.36			(0.04	)		0.13
Net increase/(decrease) in net assets resulting from operations		0.35			(0.13	)		0.05			0.41			(0.01	)		0.08
Dividends and distributions to shareholders from:
Net investment income		(0.56	)		(0.22	)		(0.12	)		—			(0.14	)		—
Net realized capital gains		—			(0.03	)		(0.12	)		(0.03	)		—			—
Total dividends and distributions to shareholders		(0.56	)		(0.25	)		(0.24	)		(0.03	)		(0.14	)		—
Net asset value, end of period	$	24.53		$	24.74		$	25.12		$	25.31		$	24.93		$	25.08
Total investment return/(loss)(3)		1.47	%(4)		(0.50	)%		0.19	%		1.66	%		(0.06	)%		0.32	%(4)
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,224		$	30,405		$	26,017		$	21,927		$	18,098		$	9,927
Ratio of expenses to average net assets with waivers, if any(5)		0.70	%(6)		0.71	%		0.77	%		0.85	%		1.00	%		1.00	%(6)
Ratio of expenses to average net assets without waivers, if any(5)		0.70	%(6)		0.71	%		0.77	%		0.85	%		1.37	%		3.40	%(6)
Ratio of net investment income/(loss) to average net assets with waivers(5)		3.83	%(6)		0.93	%		0.70	%		0.21	%		0.10	%		(0.40	)%(6)
Portfolio turnover rate		7	%(4)		2	%		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/(loss) 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.
17

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements

February 28, 2019 (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 thirty-two separate 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 87.223 billion shares are currently classified into one hundred and eighty-three 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, 2019, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2019 (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). Investments in Exchange-Traded Funds (“ETFs”) are valued at their last reported sale price. 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.

18

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2019 (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		INVESTMENTS MEASURED AT NET ASSET VALUE*
Domestic Equity Funds	$	24,345,020	$	19,677,526	$	—	$	—	$	4,667,494
Short-Term Investments		256,837		256,837		—		—		—
Total Investments**	$	24,601,857	$	19,934,363	$	—	$	—	$	4,667,494

^* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
International Equity Funds	$	17,722,611	$	13,781,160	$	—	$	—	$	3,941,451
Short-Term Investments		179,879		179,879		—		—		—
Total Investments**	$	17,902,490	$	13,961,039	$	—	$	—	$	3,941,451

^* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

MATSON MONEY FIXED INCOME VI PORTFOLIO

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Fixed Income Funds	$	27,823,226	$	23,024,044	$	—	$	—	$	4,799,182
Short-Term Investments		427,729		427,729		—		—		—
Total Investments**	$	28,250,955	$	23,451,773	$	—	$	—	$	4,799,182

^* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

^** 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 Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

19

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2019 (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 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. A reconciliation of Level 3 investments is presented only when a Portfolio had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if a Portfolio had an amount of total Level 3 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 Level 3 transfers.

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 (including amortization of premiums and accretion of discounts) 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. 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.

20

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

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, the Portfolios expect the risk of material loss for such claims to be remote.

For additional information about the DFA Underlying Funds’ valuation policies, refer to the DFA Underlying Funds’ most recent annual or semiannual report which can be found at us.dimensional.com.

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, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2019.

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	$	58,826
Matson Money International Equity VI Portfolio		42,929
Matson Money Fixed Income VI Portfolio		72,667

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

Fund Services serves as the Portfolios’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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.

21

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

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

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

3. Director and Officer 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 Fund Services serve as officers of the Company. They are not compensated by the Portfolios or the Company. For Director and Officer 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	$	3,800,500	$	2,481,475
Matson Money International Equity VI Portfolio		2,902,500		1,252,606
Matson Money Fixed Income VI Portfolio		2,055,648		4,215,336

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.

As of August 31, 2018, 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	$	22,086,913	$	4,219,049	$	(70,450	)	$	4,148,599
Matson Money International Equity VI Portfolio		17,003,555		1,488,286		(497,470	)		990,816
Matson Money Fixed Income VI Portfolio		30,829,706		30,964		(398,472	)		(367,508	)

22

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (CONTINUED)

February 28, 2019 (Unaudited)

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.

The following permanent differences as of August 31, 2018, 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	$	106,255	$	(106,255	)	$	—
Matson Money International Equity VI Portfolio		20,714		(20,714	)		—
Matson Money Fixed Income VI Portfolio		—		—			—

As of August 31, 2018, 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	$	2,903	$	1,107,931	$	4,148,599		$	—
Matson Money International Equity VI Portfolio		24,686		288,898		990,816			—
Matson Money Fixed Income VI Portfolio		81,787		5,379		(367,508	)		—

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, 2018 were as follows:

		ORDINARY INCOME		LONG-TERM GAINS		TOTAL
Matson Money U.S. Equity VI Portfolio	2018	$	231,177	$	885,944	$	1,117,121
Matson Money International Equity VI Portfolio	2018		308,131		135,929		444,060
Matson Money Fixed Income VI Portfolio	2018		240,545		35,480		276,025

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 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, 2018, the Portfolios did not have any capital loss carryforwards.

23

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (concluded)

February 28, 2019 (Unaudited)

6. New Accounting Pronouncements AND REGULATORY UPDATES

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Portfolios’ financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

7. 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 were no significant events requiring recognition or disclosure in the financial statements.

24

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 Part F of Form N-PORT. The Company’s Form N-PORT is available on the SEC website at http://www.sec.gov.

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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

MMFI-SAR19

 

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-888-863-8803.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-888-863-8803 to inform the Funds that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Funds.

MFAM Global Opportunities Fund (FOOLX) We focus on long-term investing, and this six-month period shows why... In the midst of a period in which we lost nearly 4%, the portfolio lost more than 11% just in the month of October but also gained 8% in January. We believe that the market is much more volatile than the underlying businesses we own. In the past six months we added 3 new positions to the Fund: Axon Enterprise, Everbridge, and Fastenal. We also sold a few things to bring our number of holdings from 50 down to 48. All that, and our reported portfolio turnover for the period was only 7%! 7 of our Top Ten holdings from the annual report remain, and the other three are still in the Fund, just a bit further down the list. Software provider Atlassian has become one of our top investments, and American Tower and Starbucks both triumphantly return to the Top Ten!
MFAM Small-Mid Cap Growth Fund (TMFGX) Keep reading to the end of the report! On one of the final pages, you’ll see a section titled Subsequent Events in which we change the Small-Mid Cap Growth Fund into the Mid-Cap Growth Fund. We’re shifting our focus to companies that are slightly larger, mainly because the companies we’ve invested in have become larger... on the spectrum of problems, this is a pretty nice problem to have. We own 37 companies in the Fund. The Top Ten largest positions account for about 42% of total assets, and nine of those ten are the same companies from six months prior (Paylocity is the new name in the Top Ten list). Our strategy is to hold high-quality businesses for the long run, and while our one-year returns don’t look good, we’re happy to continue to hold onto these companies. Reported portfolio turnover for the period was 0%! The actual number is slightly above zero but rounds down. We did have some purchases during the quarter but didn’t need to sell anything to fund those buys (reported portfolio turnover is the lower of purchases or sales divided by average assets).
MFAM Emerging Markets Fund (TMFEX) There was quite a bit of volatility over the past six months. Five of our investments returned more than 30%. Alas, we also had a few companies decline in value — NMC Health had been our largest holding at the beginning of the period, and it lost 30% of its value – but we continue to remain invested in high-quality long-term growth stories. The Emerging Markets Fund had 0% portfolio turnover for the period. We like the companies we hold, and while we’re always looking for new ideas, we were quite happy to let our prior decisions continue to play out for us. Four new companies worked their way into the Top Ten by increasing in value despite our low trading activity: Indian financial company HDFC Bank, Philippine port operator International Container Terminal Services, Indonesian retailer Mitra Adiperkasa, and Brazilian dental provider Odontoprev.

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Table of Contents  

Letter to Shareholders	1
Portfolio Characteristics	3
Fund Expense Examples	12
Schedules of Investments	14
Financial Statements	24
Notes to Financial Statements	36
Notice to Shareholders	49

MFAM FUNDS

Letter to Shareholders

FEBRUARY 28, 2019 (Unaudited)

The Great and Powerful Oz

Dorothy Gale: “How can you talk if you haven’t got a brain?”
The Scarecrow: “I don’t know, but some people without brains do an awful lot of talking, don’t they?”

— The Wizard of Oz

Dear Fellow Shareholder,

One of my favorite scenes in the 1939 classic movie The Wizard of Oz is when Dorothy, along with her motley but relatable crew, presents the broomstick of the Wicked Witch to the wizard. The wizard had a deal with Dorothy and her entourage: Present the broom, suggesting the witch had been killed, and the wizard would help Dorothy get home to Kansas. The wizard, however, dismisses the group and tries to scare them away.

Terrified, frustrated, and helpless, Dorothy doesn’t appear to have much choice but to listen to the demands of the great and powerful Oz. That is, of course, until her dog scurries a few yards over and pulls back an innocent-looking green curtain, revealing an older gent feverishly turning dials, pulling levers, and pressing buttons. “Pay no attention to that man behind the curtain,” shouts the strange man. But it’s too late. The identity of the Wizard of Oz is revealed: He’s just an ordinary guy behind a curtain, orchestrating an impressive pyrotechnic and holographic display. What a letdown.

You may feel as if the team you’ve hired is a bit like that wizard. We may seem inaccessible at times, but hopefully you find that we perform some good magic with your equity investments. Truth is, we are rather like a group of people working behind a curtain, cranking away feverishly on ideas and debate. But unlike the wizard, we aren’t pretending to be something we’re not. Although we don’t talk at you the way much of the financial world does, we have nothing to hide. We believe it’s important for you to understand what’s going on behind the curtain and how we continuously try to operate better on your behalf.

Our Process

As investment managers, we have a job of constructing portfolios that can deliver superior risk-adjusted returns over the long term. We’re simply trying to deliver outstanding bang for your buck — in this context, the best net return for the risk inherent in investing in stocks — so that your financial plan stays on track. It’s critical, then, that we’re doing a good job of assessing both risk and return, and in a repeatable fashion. What helps us do that is that we know exactly the type of investments we’re looking for, and it’s our goal to actively protect against mischaracterizing them. It’s not magic – but it is hard work. Here’s a brief look at our process:

● Quality growth: We describe the types of businesses we seek out as “quality growth.” Our definition of quality is unique and focuses on qualitative characteristics that often only reveal themselves with deep research and critical thinking. We assess quality across four pillars: management, culture, and incentives; the economics of the business; competitive advantage; and business trajectory. The elements of each pillar are different for every business we analyze, but strength across all four is often what constitutes, in our experience, an exceptional business capable of generating exceptional returns.

● Collaborative debate: It isn’t enough for one member of our team to declare that a business has strength across all four pillars. As humans, we’re inherently fallible. For a business to be investable, it must survive a group debate. In our case, usually five or six members of our team participate. The mechanics of this process are fun: The sponsor of the idea invites members of our team with relevant expertise, assigns each member a pillar of focus, provides a write-up of the assessment to be reviewed, and schedules a meeting for a week later. At the meeting, each member reveals a score for each pillar based on his own research, and we debate the specifics that went into the assessments. By the end, we’ve married the five or six independent viewpoints for each pillar, exposed weaknesses, revealed where additional research is needed, and determined whether the business is of high enough quality that we would ever consider investing.

Getting Stronger

The nature of this vetting process should reveal that having an array of cognitive approaches is critical. We thrive when each member of our investing team has unique insights that can be applied to a complex problem, which assessing business quality certainly is.

1

If you’re familiar with our “Meet the Manager” video series on www.mfamfunds.com/insights, you may know we recently expanded our investing team from six to eight, with the addition of Jeremy Myers, who was a biology teacher before pursuing his love of investing, and Mike Olsen, who’s one of the most critical second-level thinkers I’ve ever met. They immediately strengthened us and are great complements to the existing backgrounds on our investing team: pharmacology, mechanical engineering, computer science, law, banking, and finance. Just as important, Jeremy and Mike cherish debate and have an unrelenting desire to achieve stellar outcomes on your behalf. They make us better, they make us think harder, and they make us match their fiduciary intensity every day.

Business-Focused Investing

We haven’t yet touched on the last six months’ mediocre performance, or the fact that recession fears in the U.S. are on the rise, or even the fact that U.S. stocks fell more than 20% between September 21 and December 26, 2018. This data may elicit some strong responses, but we feel confident we still own a wonderful collection of businesses that are creating enduring value each day, with the same sort of intentional feverish dial-turning, lever-pulling, and button-pressing that our team engages in – the kind focused on solving problems.

We have built our investing careers on studying and patiently owning quality businesses that treat all their stakeholders respectfully. Naturally, we think about our own business in the same way. We need to strengthen our advantages amidst competition, so that we can hire incredible investing talent. We need to compete aggressively where we have advantages, so that we can focus our efforts on targeted areas. And through it all, we maintain our long-term perspective. We go about our business with less panache than the Wizard of Oz and with less talking than some of our industry peers. The fact that our way is different is precisely what gives us confidence in our ability to sustain long-term value creation and avoid the lions, tigers, and bears (oh, my!) along the way.

Thank you for your ongoing trust.

Onward,

Bryan Hinmon
Chief Investment Officer, MFAM Funds

2

MFAM Global Opportunities Fund

(formerly, Motley Fool Global Opportunities Fund)

Portfolio Characteristics

(Unaudited)

Average Annual Total Returns for the periods ended FEBRUARY 28, 2019
	Six MONTHS†	One Year	Five YearS	Since Inception	Inception Date
Investor Shares*	-3.98%	0.93%	9.33%	12.52%	6/16/2009
Institutional Shares*	-3.93%	1.05%	N/A	8.59%	6/17/2014
FTSE Global All Cap Net Tax Index**	-3.20%	-0.46%	6.58%	—(1)	—
Fund Expense Ratios(2): Investor Shares: Gross 1.26% and Net 1.15%; Institutional Shares: Gross 1.06% 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.mfamfunds.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 10.62% from the inception date of the Investor Shares and 6.01% from the inception date of the Institutional Shares.

⁽²⁾ The expense ratios of the Fund are set forth according to the December 31, 2018 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.

^* The MFAM 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. 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 7,900 securities from 49 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.

3

MFAM Global Opportunities Fund
Portfolio Characteristics (Continued)
(Unaudited)

The investment objective of the MFAM 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 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 trajectory. 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.

The following tables show the top ten holdings, sector allocations, and top ten countries in which the Fund was invested in as of February 28, 2019. Portfolio holdings are subject to change without notice.

Top Ten Holdings	% OF NET Assets
Amazon.com, Inc.	5.4%
Mastercard, Inc., Class A	4.9
Medtronic PLC	4.3
Paycom Software, Inc.	3.9
NMC Health PLC	3.6
SoftBank Group Corp.	3.4
Atlassian Corp., PLC, Class A	3.3
Starbucks Corp.	3.2
Splunk, Inc.	2.9
American Tower Corp.	2.6
	37.5%

4

MFAM Global Opportunities Fund
Portfolio Characteristics (Concluded)
(Unaudited)

The MFAM 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	25.5%
Consumer Discretionary	19.7
Health Care	13.7
Industrials	10.6
Communication Services	9.5
Financials	7.6
Real Estate	6.3
Consumer Staples	4.3
	97.2%

Top ten Countries	% OF Net Assets
United States*	53.3%
China	5.0
Ireland	4.3
Japan	4.0
United Arab Emirates	3.6
Australia	3.3
Indonesia	3.2
Argentina	2.5
India	2.3
Georgia	2.2
	83.7%

^* As of the date of this report, the Fund had a holding of 0.5% in the U.S. Bank Money Market Deposit Account.

5

MFAM SMALL-Mid Cap Growth Fund

(formerly, Motley Fool Small-Mid Cap Growth Fund)

Portfolio Characteristics

(Unaudited)

Average Annual Total Returns for the periods ended FEBRUARY 28, 2019
	Six MONTHS†	One Year	Five YearS	Since Inception	Inception Date
Investor Shares*	-9.72%	-2.21%	8.21%	12.47%	11/1/2010
Institutional Shares*	-9.66%	-2.04%	N/A	8.55%	6/17/2014
Russell Midcap® Growth Index**	-1.27%	9.85%	10.18%	—(1)	—
Russell 2500 Growth Index***	-6.06%	8.69%	9.30%	—(2)	—
Fund Expense Ratios(3): Investor Shares: Gross 1.26% 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.mfamfunds.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 13.47% from the inception date of the Investor Shares and 10.60% from the inception date of the Institutional Shares.

⁽²⁾ The index returned 13.66% from the inception date of the Investor Shares and 10.12% from the inception date of the Institutional Shares.

⁽³⁾ The expense ratios of the Fund are set forth according to the December 31, 2018 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.

^* The MFAM 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 the performance of the Predecessor Fund. These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower.

^** The Russell Midcap^® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.

^*** Effective December 31, 2018, the Fund discontinued the use of the Russell 2500 Growth Index and replaced it with the Russell MidCap^® Growth Index. The Adviser believes that the use of the Russell MidCap^® Growth Index provides a better comparative benchmark because it more appropriately reflects the securities in which the Fund may invest.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.

6

MFAM SMALL-Mid Cap Growth Fund
Portfolio Characteristics (continued)
(Unaudited)

The investment objective of the MFAM 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 seeks long-term growth by identifying and acquiring securities of companies that are, in the view of 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 trajectory. The Adviser’s approach prizes a long-term mindset and a balance of qualitative and quantitative factors.

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

The allocations to various sectors, or any other macro-economic designation, are the byproduct of rigorous bottom-up analysis rather than an intentional top-down opinion of asset classes. While market conditions are constantly changing, exposure to equity market risk is needed to consistently achieve equity-like returns. 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 MFAM Small-Mid Cap Growth 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 ten holdings, and sector allocations in which the Fund was invested in as of February 28, 2019. Portfolio holdings are subject to change without notice.

Top ten Holdings	% OF Net Assets
Paycom Software, Inc.	5.5%
Cooper Companies, Inc. (The)	4.7
Jones Lang LaSalle, Inc.	4.3
Splunk, Inc.	4.2
Texas Roadhouse, Inc.	4.2
Paylocity Holding Corp.	4.1
XPO Logistics, Inc.	3.9
Align Technology, Inc.	3.8
LCI Industries	3.6
ResMed, Inc.	3.6
	41.9%

7

MFAM SMALL-Mid Cap Growth Fund
Portfolio Characteristics (CONCLUDED)
(Unaudited)

The MFAM 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
Information Technology	25.7%
Health Care	21.1
Consumer Discretionary	18.9
Industrials	11.2
Real Estate	11.2
Financials	5.9
Consumer Staples	5.0
	99.0%

8

MFAM Emerging Markets Fund

(formerly, Motley Fool Emerging Markets Fund)

Portfolio Characteristics

(Unaudited)

Average Annual Total Returns for periods ended FEBRUARY 28, 2019
	Six MONTHS†	One Year	Five YearS	SINCE Inception	Inception Date
Investor Shares*	-0.73%	-9.69%	3.45%	5.53%	11/1/2011
FTSE Emerging Markets All Cap China A Inclusion Net Tax Index**	0.98%	-9.72%	4.31%	3.68%(1)	—
Fund Expense Ratios(2): Investor Shares: Gross 1.34% 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.mfamfunds.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 December 31, 2018 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.

^* The MFAM 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. 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 4,000 securities from 24 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.

9

MFAM Emerging Markets Fund
Portfolio Characteristics (CONTINUED)
(Unaudited)

The investment objective of the MFAM 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 August 31, 2017, the Fund has been focused on emerging economies.

The Fund seeks long-term growth by identifying and acquiring securities of companies that are, in the view of 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 trajectory. 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. 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 MFAM 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 MFAM 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 ten holdings, sector allocations, and top ten countries in which the Fund was invested in as of February 28, 2019. Portfolio holdings are subject to change without notice.

Top ten Holdings	% OF Net Assets
MercadoLibre, Inc.	6.7%
Tencent Holdings Ltd.	5.7
Yum China Holdings, Inc.	5.3
NMC Health PLC	5.3
Top Glove Corp., Bhd	5.2
Mitra Adiperkasa Tbk PT	5.2
Odontoprev SA	4.6
International Container Terminal Services, Inc.	4.2
Douzone Bizon Co., Ltd.	4.2
HDFC Bank Ltd., ADR	4.0
	50.4%

10

MFAM Emerging Markets Fund
Portfolio Characteristics (CONCLUDED)
(Unaudited)

The MFAM 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.

Sector Allocation	% OF Net Assets
Consumer Discretionary	25.8%
Financials	16.2
Health Care	15.0
Communication Services	13.5
Industrials	12.9
Information Technology	7.3
Consumer Staples	5.9
Real Estate	0.6
	97.2%

Top ten Countries	% OF Net Assets
China	20.3%
Mexico	8.5
Indonesia	8.3
United Arab Emirates	7.2
Argentina	6.7
Brazil	5.8
Malaysia	5.2
Philippines	4.2
South Korea	4.2
Georgia	2.0
	72.4%

11

mfam Funds
Fund Expense Examples
February 28, 2019 (Unaudited)

As a shareholder of the Fund(s), 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, 2018 to February 28, 2019, 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 accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second section of the accompanying tables are 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, 2018	Ending Account Value FEBRUARY 28, 2019	Expenses Paid During Period(1)	Annualized Expense Ratio(2)	Actual Six-Month Total Investment Returns for the Funds
MFAM Global Opportunities Fund
Actual
Investor Shares	$1,000.00	$ 960.20	$5.05	1.04%	-3.98%
Institutional Shares	1,000.00	960.70	4.62	0.95	-3.93
Hypothetical (5% return before expenses)
Investor Shares	$1,000.00	$ 1,019.64	$5.21	1.04%	N/A
Institutional Shares	1,000.00	1,020.08	4.76	0.95	N/A

12

mfam Funds
Fund Expense Examples (Concluded)
February 28, 2019 (Unaudited)

	Beginning Account Value SEPTEMBER 1, 2018	Ending Account Value FEBRUARY 28, 2019	Expenses Paid During Period(1)	Annualized Expense Ratio(2)	Actual Six-Month Total Investment Returns for the Funds
MFAM Small-Mid Cap Growth Fund
Actual
Investor Shares	$1,000.00	$ 902.80	$4.95	1.05%	-9.72%
Institutional Shares	1,000.00	903.40	4.48	0.95	-9.66
Hypothetical (5% return before expenses)
Investor Shares	$1,000.00	$ 1,019.59	$5.26	1.05%	N/A
Institutional Shares	1,000.00	1,020.08	4.76	0.95	N/A
MFAM Emerging Markets Fund
Actual
Investor Shares	$1,000.00	$ 992.70	$5.68	1.15%	-0.73%
Hypothetical (5% return before expenses)
Investor Shares	$1,000.00	$ 1,019.09	$5.76	1.15%	N/A

⁽¹⁾ Expenses are equal to each Fund’s annualized expense ratio for the period September 1, 2018 to February 28, 2019, 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. Each Fund’s ending account value in the first section of the tables are based on the actual six-month total investment return for the Fund.

⁽²⁾ 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.

13

MFAM Global Opportunities Fund
Schedule of Investments
February 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks — 97.2%
Aerospace & Defense — 1.9%
Axon Enterprise, Inc. (United States) (a)*		150,000	$	8,074,500
Air Freight & Logistics — 1.4%
XPO Logistics, Inc. (United States)*		124,000		6,243,400
Auto Components — 0.9%
Gentex Corp. (United States) (a)		200,000		4,068,000
Banks — 5.4%
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		343,129		7,178,259
Bank of Georgia Group PLC (Georgia)		263,132		5,854,460
HDFC Bank Ltd., ADR (India)		100,000		10,112,000
				23,144,719
Beverages — 1.3%
Anheuser-Busch InBev SA/NV, SP ADR (Belgium) (a)		70,500		5,510,280
Capital Markets — 0.9%
Georgia Capital PLC (Georgia)*		263,132		3,846,031
Commercial Services & Supplies — 0.8%
KAR Auction Services, Inc. (United States)		77,708		3,663,932
Consumer Finance — 1.4%
Gentera SAB de CV (Mexico)		7,200,000		5,963,467
Electronic Equipment, Instruments & Components — 2.7%
IPG Photonics Corp. (United States) (a)*		72,000		11,162,160
Lagercrantz Group AB, Class B (Sweden)		29,296		343,715
				11,505,875
Equity Real Estate Investment Trusts — 5.1%
American Tower Corp. (United States) (a)		64,000		11,273,600
SBA Communications Corp. (United States) (a)*		60,000		10,833,600
				22,107,200
Food & Staples Retailing — 2.0%
Costco Wholesale Corp. (United States)		40,000		8,749,600
Food Products — 1.0%
Nippon Indosari Corpindo Tbk PT (Indonesia)		54,234,800		4,493,177

See Notes to Financial Statements.

14

MFAM Global Opportunities Fund
Schedule of Investments (continued)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Health Care Equipment & Supplies — 9.2%
Align Technology, Inc. (United States)*		40,500	$	10,488,285
Medtronic PLC (Ireland)		205,272		18,577,116
ResMed, Inc. (United States)		102,000		10,447,860
				39,513,261
Health Care Providers & Services — 3.6%
NMC Health PLC (United Arab Emirates)		435,482		15,609,878
Hotels, Restaurants & Leisure — 4.8%
Starbucks Corp. (United States)		195,000		13,700,700
Yum China Holdings, Inc. (China)		171,251		7,144,592
				20,845,292
Internet & Direct Marketing Retail — 8.0%
Amazon.com, Inc. (United States)*		14,150		23,203,594
Ctrip.com International Ltd., ADR (China)*		200,752		6,851,666
Zooplus AG (Germany)*		33,200		4,382,075
				34,437,335
Internet Software & Services — 5.8%
Alphabet, Inc., Class C (United States)*		9,024		10,106,158
GrubHub, Inc. (United States) (a)*		50,000		4,079,000
MercadoLibre, Inc. (Argentina)*		23,287		10,683,843
				24,869,001
IT Services — 7.0%
Mastercard, Inc., Class A (United States)		93,300		20,971,041
PayPal Holdings, Inc. (United States)*		94,900		9,306,843
				30,277,884
Life Sciences Tools & Services — 0.9%
Horizon Discovery Group PLC (United Kingdom)*		2,135,499		4,090,814
Machinery — 0.6%
Fanuc Corp. (Japan)		16,000		2,650,714
Media — 4.2%
Multiplus SA (Brazil)		278,600		1,976,676
System1 Group PLC (United Kingdom)		700,000		1,949,731
Tencent Holdings Ltd. (China)		180,000		7,708,185

See Notes to Financial Statements.

15

MFAM Global Opportunities Fund
Schedule of Investments (continued)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Media (continued)
Vivendi SA (France)		225,000	$	6,570,515
				18,205,107
Multiline Retail — 2.1%
Mitra Adiperkasa Tbk PT (Indonesia)		123,010,000		9,268,925
Real Estate Management & Development — 1.1%
Jones Lang LaSalle, Inc. (United States)		30,000		4,953,600
Semiconductors & Semiconductor Equipment — 1.9%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan)		215,000		8,395,750
Software — 14.0%
Atlassian Corp., PLC, Class A (Australia)*		132,000		14,187,360
Douzone Bizon Co., Ltd. (South Korea)		149,798		5,651,310
Everbridge, Inc. (United States) (a)*		150,000		10,606,500
Paycom Software, Inc. (United States) (a)*		93,230		16,942,688
Splunk, Inc. (United States)*		93,300		12,677,604
				60,065,462
Trading Companies & Distributors — 3.9%
Fastenal Co. (United States) (a)		124,000		7,804,560
Watsco, Inc. (United States)		62,000		8,921,180
				16,725,740
Transportation Infrastructure — 1.9%
International Container Terminal Services, Inc. (Philippines)		3,750,000		8,410,673
Wireless Telecommunication Services — 3.4%
SoftBank Group Corp. (Japan)		160,000		14,847,085
Total Common Stocks (Cost $271,639,873)				420,536,702
Participatory Notes — 0.3%
Air Freight & Logistics — 0.3%
Aramex PJSC (United Kingdom) (b)		1,000,000		1,195,208
Total Participatory Notes (Cost $845,386)				1,195,208

See Notes to Financial Statements.

16

MFAM Global Opportunities Fund
Schedule of Investments (concluded)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Investments Purchased with Proceeds From Securities Lending Collateral — 15.5%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%		66,820,862	$	66,820,862
Total Investments Purchased with Proceeds From Securities Lending Collateral (Cost $66,820,862)				66,820,862
Short-Term Investments — 0.5%
U.S. Bank Money Market Deposit Account, 2.38% (United States) (c)		2,048,385		2,048,385
Total Short-Term Investments (Cost $2,048,385)				2,048,385
Total Investments (Cost $341,354,506) — 113.5%				490,601,157
Liabilities in Excess of Other Assets — (13.5)%				(58,212,804	)
NET ASSETS — 100.0%
(Applicable to 18,871,811 shares outstanding)			$	432,388,353

^* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored ADR

(a) All or a portion of the security is on loan. At February 28, 2019, the market value of securities on loan was $65,124,173.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of February 28, 2019, the total market value of Rule 144A securities was $1,195,208 and represents 0.3% of net assets.

(c) The rate shown is as of February 28, 2019.

See Notes to Financial Statements.

17

MFAM SMALL-Mid Cap Growth Fund
Schedule of Investments
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks — 99.0%
Air Freight & Logistics — 5.4%
CH Robinson Worldwide, Inc. (United States) (a)		46,000	$	4,157,480
XPO Logistics, Inc. (United States)*		215,000		10,825,250
				14,982,730
Auto Components — 5.8%
Gentex Corp. (United States) (a)		300,000		6,102,000
LCI Industries (United States) (a)		124,670		10,158,111
				16,260,111
Automobiles — 2.7%
Thor Industries, Inc. (United States)		115,000		7,425,550
Banks — 0.9%
SVB Financial Group (United States)*		10,000		2,471,600
Biotechnology — 2.3%
Ionis Pharmaceuticals, Inc. (United States) (a)*		89,100		6,325,209
Capital Markets — 2.2%
Diamond Hill Investment Group, Inc. (United States) (a)		43,959		6,240,420
Commercial Services & Supplies — 0.5%
KAR Auction Services, Inc. (United States)		27,493		1,296,295
Electronic Equipment, Instruments & Components — 4.5%
IPG Photonics Corp. (United States) (a)*		49,500		7,673,985
NLight, Inc. (United States) (a)*		235,000		5,026,650
				12,700,635
Equity Real Estate Investment Trusts — 5.5%
SBA Communications Corp. (United States) (a)*		55,000		9,930,800
STAG Industrial, Inc. (United States)		195,000		5,397,600
				15,328,400
Food Products — 1.7%
McCormick & Co., Inc. (United States)		34,000		4,623,320
Health Care Equipment & Supplies — 17.1%
Align Technology, Inc. (United States)*		41,000		10,617,770
Cooper Companies, Inc. (The) (United States)		46,400		13,269,936
NuVasive, Inc. (United States)*		81,549		4,803,236
ResMed, Inc. (United States)		99,000		10,140,570

See Notes to Financial Statements.

18

MFAM SMALL-Mid Cap Growth Fund
Schedule of Investments (continued)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Health Care Equipment & Supplies (continued)
Varian Medical Systems, Inc. (United States)*		67,000	$	9,002,120
				47,833,632
Health Care Technology — 1.7%
Teladoc, Inc. (United States) (a)*		75,000		4,827,000
Hotels, Restaurants & Leisure — 4.2%
Texas Roadhouse, Inc. (United States)		184,929		11,707,855
Household Products — 3.3%
Church & Dwight Co., Inc. (United States)		141,600		9,317,280
Insurance — 2.8%
Markel Corp. (United States) (a)*		7,900		7,938,552
Internet Software & Services — 2.6%
GrubHub, Inc. (United States) (a)*		90,000		7,342,200
IT Services — 1.4%
Broadridge Financial Solutions, Inc. (United States)		40,000		4,050,000
Leisure Products — 2.1%
Hasbro, Inc. (United States) (a)		68,615		5,825,413
Machinery — 1.6%
Proto Labs, Inc. (United States)*		40,000		4,519,600
Real Estate Management & Development — 5.7%
Jones Lang LaSalle, Inc. (United States)		72,500		11,971,200
Newmark Group, Inc., Class A (United States)		437,237		4,048,815
				16,020,015
Software — 19.7%
Alarm.com Holdings, Inc. (United States) (a)*		80,000		5,250,400
Everbridge, Inc. (United States) (a)*		60,000		4,242,600
Paycom Software, Inc. (United States) (a)*		85,000		15,447,050
Paylocity Holding Corp. (United States)*		131,000		11,471,670
Splunk, Inc. (United States)*		87,000		11,821,560
Ultimate Software Group, Inc. (The) (United States)*		21,000		6,961,500
				55,194,780

See Notes to Financial Statements.

19

MFAM SMALL-Mid Cap Growth Fund
Schedule of Investments (concluded)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Specialty Retail — 1.5%
Tractor Supply Co. (United States)		44,800	$	4,271,680
Trading Companies & Distributors — 3.8%
Fastenal Co. (United States) (a)		96,750		6,089,445
Watsco, Inc. (United States)		31,000		4,460,590
				10,550,035
Total Common Stocks (Cost $173,574,070)				277,052,312
Investments Purchased with Proceeds From Securities Lending Collateral — 26.5%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%		74,412,610		74,412,610
Total Investments Purchased with Proceeds From Securities Lending Collateral (Cost $74,412,610)				74,412,610
Short-Term Investments — 1.1%
U.S. Bank Money Market Deposit Account, 2.38% (United States) (b)		2,983,142		2,983,142
Total Short-Term Investments (Cost $2,983,142)				2,983,142
Total Investments (Cost $250,969,822) — 126.6%				354,448,064
Liabilities in Excess of Other Assets — (26.6)%				(74,563,918	)
NET ASSETS — 100.0%
(Applicable to 11,982,146 shares outstanding)			$	279,884,146

^* Non-income producing security.

(a) All or a portion of the security is on loan. At February 28, 2019, the market value of securities on loan was $72,360,446.

(b) The rate shown is as of February 28, 2019.

See Notes to Financial Statements.

20

MFAM Emerging Markets Fund
Schedule of Investments
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks — 97.2%
Banks — 11.7%
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		35,900	$	751,028
Bank of Georgia Group PLC (Georgia)		30,000		667,474
Credicorp Ltd. (Peru)		5,000		1,215,450
HDFC Bank Ltd., ADR (India)		13,350		1,349,952
				3,983,904
Beverages — 1.4%
Coca-Cola Icecek AS (Turkey)		75,000		471,493
Capital Markets — 1.3%
Georgia Capital PLC (Georgia)*		30,000		438,491
Consumer Finance — 3.3%
Gentera SAB de CV (Mexico)		1,350,000		1,118,150
Diversified Telecommunication Services — 1.5%
Telkom SA SOC Ltd. (South Africa)		100,000		495,385
Food & Staples Retailing — 2.1%
CP ALL PCL, NVDR (Thailand)		190,000		468,360
Georgia Healthcare Group PLC (Georgia) (a)*		90,000		245,905
				714,265
Food Products — 2.4%
Nippon Indosari Corpindo Tbk PT (Indonesia)		10,022,700		830,348
Health Care Equipment & Supplies — 5.2%
Top Glove Corp., Bhd (Malaysia)		1,600,000		1,785,529
Health Care Providers & Services — 9.8%
NMC Health PLC (United Arab Emirates)		50,000		1,792,253
Odontoprev SA (Brazil)		350,000		1,555,183
				3,347,436
Hotels, Restaurants & Leisure — 5.3%
Yum China Holdings, Inc. (China) (b)		43,500		1,814,820
Internet & Direct Marketing Retail — 3.3%
Ctrip.com International Ltd., ADR (China)*		33,300		1,136,529
Internet Software & Services — 12.6%
Alibaba Group Holding Ltd., SP ADR (China) (b)*		7,200		1,317,816
Baidu, Inc., SP ADR (China)*		4,250		690,795

See Notes to Financial Statements.

21

MFAM Emerging Markets Fund
Schedule of Investments (continued)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Internet Software & Services (continued)
MercadoLibre, Inc. (Argentina) (b)*		5,000	$	2,293,950
				4,302,561
Media — 7.0%
Multiplus SA (Brazil)		60,000		425,702
Tencent Holdings Ltd. (China)		45,600		1,952,740
				2,378,442
Multiline Retail — 5.2%
Mitra Adiperkasa Tbk PT (Indonesia)		23,420,000		1,764,720
Real Estate Management & Development — 0.6%
Lippo Karawaci Tbk PT (Indonesia)		10,000,000		221,471
Semiconductors & Semiconductor Equipment — 3.1%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan) (b)		27,500		1,073,875
Software — 4.2%
Douzone Bizon Co., Ltd. (South Korea)		38,000		1,433,596
Transportation Infrastructure — 13.0%
DP World Ltd. (United Arab Emirates)		42,000		672,420
Grupo Aeroportuario del Pacifico SAB de CV, ADR (Mexico)		9,500		885,875
Grupo Aeroportuario del Sureste SAB de CV, ADR (Mexico)		5,400		914,112
International Container Terminal Services, Inc. (Philippines)		645,000		1,446,636
TAV Havalimanlari Holding AS (Turkey)		95,000		494,543
				4,413,586
Wireless Telecommunication Services — 4.2%
Safaricom Ltd., PLC (Kenya)		4,000,000		1,038,961
Vodacom Group Ltd. (South Africa)		50,000		411,655
				1,450,616
Total Common Stocks (Cost $26,357,059)				33,175,217
Investments Purchased with Proceeds From Securities Lending Collateral — 11.8%
Mount Vernon Liquid Assets Portfolio, LLC 2.58%		4,027,876		4,027,876
Total Investments Purchased with Proceeds From Securities Lending Collateral (Cost $4,027,876)				4,027,876

See Notes to Financial Statements.

22

MFAM Emerging Markets Fund
Schedule of Investments (concluded)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Short-Term Investments — 2.6%
U.S. Bank Money Market Deposit Account, 2.38% (United States) (c)		898,907	$	898,907
Total Short-Term Investments (Cost $898,907)				898,907
Total Investments (Cost $31,283,842) — 111.6%				38,102,000
Liabilities in Excess of Other Assets — (11.6)%				(3,969,302	)
NET ASSETS — 100.0%
(Applicable to 2,469,847 shares outstanding)			$	34,132,698

^* Non-income producing security.

ADR — American Depositary Receipt

NVDR — Non-Voting Depository Receipt

PLC — Public Limited Company

SP — ADR Sponsored ADR

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of February 28, 2019, the total market value of Rule 144A securities was $245,905 and represents 0.7% of net assets.

(b) All or a portion of the security is on loan. At February 28, 2019, the market value of securities on loan was $3,973,636.

(c) The rate shown is as of February 28, 2019.

See Notes to Financial Statements.

23

MFAM Funds
STATEMENTS of Assets and Liabilities
FEBRUARY 28, 2019 (Unaudited)

	MFAM Global Opportunities Fund		MFAM Small-Mid Cap Growth Fund		MFAM Emerging Markets Fund
ASSETS
Investments in securities of unaffiliated issuers, at value^ (cost $272,485,259, $173,574,070 and $26,357,059 respectively)	$	421,731,910	$	277,052,312	$	33,175,217
Investments purchased with proceeds from securities lending collateral (cost $66,820,862, $74,412,610 and $4,027,876 respectively)		66,820,862		74,412,610		4,027,876
Short-term investments, at value (cost $2,048,385, $2,983,142 and $898,907, respectively)		2,048,385		2,983,142		898,907
Foreign currency, at value (cost $6,256,645, $0 and $32,172, respectively)		6,276,430		—		32,402
Receivables for:
Investments sold		2,529,217		—		—
Dividends and tax reclaims		316,185		182,835		42,183
Shares of beneficial interest sold		83,541		112,038		16,837
Prepaid expenses and other assets		34,829		38,790		13,641
Total assets		499,841,359		354,781,727		38,207,063
LIABILITIES
Payables for:
Securities lending collateral		66,820,862		74,412,610		4,027,876
Advisory fees		264,405		168,183		14,754
Shares of beneficial interest redeemed		170,258		164,068		—
Other accrued expenses and liabilities		197,481		152,720		31,735
Total liabilities		67,453,006		74,897,581		4,074,365
Net assets	$	432,388,353	$	279,884,146	$	34,132,698
NET ASSETS CONSIST OF:
Par value	$	18,872	$	11,982	$	2,470
Paid-in-capital		270,648,701		175,296,927		27,800,705
Total distributable earnings/(loss)		161,720,780		104,575,237		6,329,523
Net assets	$	432,388,353	$	279,884,146	$	34,132,698
NET ASSET VALUE:
Investor Shares:
Net assets applicable to capital shares outstanding	$	355,720,202	$	252,013,346	$	34,132,698
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		15,534,385		10,797,073		2,469,847
Net asset value, offering and redemption price per share	$	22.90	$	23.34	$	13.82
Institutional Shares:
Net assets applicable to capital shares outstanding	$	76,668,151	$	27,870,800	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		3,337,426		1,185,073		—
Net asset value, offering and redemption price per share	$	22.97	$	23.52	$	—
^ Includes market value of securities on loan	$	65,124,173	$	72,360,446	$	3,973,636

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

24

MFAM Funds
Statements of Operations
For the six months ended
FEBRUARY 28, 2019 (Unaudited)

	MFAM Global Opportunities Fund			MFAM SMALL-Mid Cap Growth Fund			MFAM Emerging Markets Fund
INVESTMENT INCOME
Dividends	$	1,805,860		$	1,652,025		$	201,287
Less foreign taxes withheld		(66,570	)		—			(13,189	)
Securities lending income		73,991			85,794			1,195
Total investment income		1,813,281			1,737,819			189,293
EXPENSES
Advisory fees		1,771,956			1,204,242			141,005
Transfer agent fees and shareholder account services		95,898			92,411			6,924
Administration and accounting services fees		77,610			50,790			9,812
Shareholder service fees		53,377			38,414			5,233
Legal fees		32,323			18,314			2,182
Custodian fees		27,524			3,217			13,446
Registration and filing fees		25,073			29,993			12,454
Printing and shareholder reporting fees		23,538			15,623			2,766
Officer fees		16,194			8,989			1,447
Director fees		11,421			5,569			1,516
Audit and tax service fees		10,432			10,432			10,432
Other expenses		19,576			13,859			10,159
Total expenses		2,164,922			1,491,853			217,376
Expense fees waived/reimbursed net of amount recaptured		(30,907	)		(17,055	)		(26,605	)
Net expenses after waivers/reimbursements		2,134,015			1,474,798			190,771
Net investment income/(loss)		(320,734	)		263,021			(1,478	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		18,505,725			3,832,556			(16,252	)
Foreign currency transactions		(2,862	)		—			(161	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(38,404,143	)		(38,031,697	)		(371,010	)
Foreign currency translation		15,394			—			(1,123	)
Net realized and unrealized gain/(loss)		(19,885,886	)		(34,199,141	)		(388,546	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(20,206,620	)	$	(33,936,120	)	$	(390,024	)

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

25

MFAM Global Opportunities Fund
Statements of Changes in Net Assets

	FOR THE SIX-MONTHS ENDED FEBRUARY 28, 2019 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2018(3)
OPERATIONS
Net investment income/(loss)	$	(320,734	)	$	(181,076	)
Net realized gain/(loss) from investments and foreign currency transactions		18,502,863			28,035,141
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation and assets and liabilities denominated in foreign currencies		(38,388,749	)		59,944,229
Net increase/(decrease) in net assets resulting from operations		(20,206,620	)		87,798,294
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		(25,506,618	)		(43,115,726	)
Institutional Shares		(5,479,614	)		(7,996,409	)
Total dividends and distributions to shareholders		(30,986,232	)		(51,112,135	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold		11,774,894			42,484,213
Reinvestment of dividends		24,943,644			42,328,884
Shares redeemed		(31,784,589	)		(60,158,888	)
Redemption fees (1)		—			8,008
Total from Investor Shares		4,933,949			24,662,217
Institutional Shares
Proceeds from shares sold		4,803,156			11,443,903
Reinvestment of dividends		5,390,526			7,910,044
Shares redeemed		(3,731,141	)		(6,961,572	)
Redemption fees (1)		—			262
Total from Institutional Shares		6,462,541			12,392,637
Net increase/(decrease) in net assets from capital share transactions		11,396,490			37,054,854
Total increase/(decrease) in net assets		(39,796,362	)		73,741,013
NET ASSETS:
Beginning of period	$	472,184,715		$	398,443,702
End of period (2)	$	432,388,353		$	472,184,715

⁽¹⁾ Effective December 31, 2017, the Fund eliminated the redemption fee.

⁽²⁾ Including undistributed/accumulated net investment income/(loss).

⁽³⁾ The following information was previously reported on the August 31, 2018 financial statements. See Note 7 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018, were as follows:

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income
Investor Shares	$	(740,296	)
Institutional Shares		(84,137	)
Total net investment income	$	(824,433	)
Net realized capital gains
Investor Shares	$	(42,375,430	)
Institutional Shares		(7,912,272	)
Total net realized capital gains	$	(50,287,702	)
Undistributed/accumulated net investment income/(loss)	$	—

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

26

MFAM Global Opportunities Fund
Statements of Changes in Net Assets (CONCLUDED)

	FOR THE SIX-MONTHS ENDED FEBRUARY 28, 2019 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2018
SHARE TRANSACTIONS:
Investor Shares
Shares sold		521,738			1,726,902
Shares reinvested		1,243,452			1,874,618
Shares redeemed		(1,409,202	)		(2,447,827	)
Net increase/(decrease) in shares		355,988			1,153,693
Institutional Shares
Shares sold		195,238			458,054
Shares reinvested		267,919			349,692
Shares redeemed		(167,177	)		(282,356	)
Net increase/(decrease) in shares		295,980			525,390

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

27

MFAM SMALL-Mid Cap Growth Fund
Statements of Changes in Net Assets

	FOR THE SIX-MONTHS ENDED FEBRUARY 28, 2019 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2018(3)
OPERATIONS
Net investment income/(loss)	$	263,021		$	(582,238	)
Net realized gain/(loss) from investments and foreign currency transactions		3,832,556			13,478,362
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies		(38,031,697	)		60,454,237
Net increase/(decrease) in net assets resulting from operations		(33,936,120	)		73,350,361
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		(12,316,953	)		(12,858,211	)
Institutional Shares		(1,326,095	)		(1,293,569	)
Total dividends and distributions to shareholders		(13,643,048	)		(14,151,780	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold		10,443,246			69,130,104
Reinvestment of dividends		12,059,665			12,578,509
Shares redeemed		(31,040,282	)		(42,324,699	)
Redemption fees (1)		—			3,475
Total from Investor Shares		(8,537,371	)		39,387,389
Institutional Shares
Proceeds from shares sold		2,376,189			5,927,695
Reinvestment of dividends		1,319,604			1,293,568
Shares redeemed		(1,925,872	)		(2,345,507	)
Redemption fees (1)		—			—
Total from Institutional Shares		1,769,921			4,875,756
Net increase/(decrease) in net assets from capital share transactions		(6,767,450	)		44,263,145
Total increase/(decrease) in net assets		(54,346,618	)		103,461,726
NET ASSETS:
Beginning of period	$	334,230,764		$	230,769,038
End of period (2)	$	279,884,146		$	334,230,764

⁽¹⁾ Effective December 31, 2017, the Fund eliminated the redemption fee.

⁽²⁾ Including undistributed/accumulated net investment income/(loss).

⁽³⁾ The following information was previously reported on the August 31, 2018 financial statements. See Note 7 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018, were as follows:

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income
Investor Shares	$	—
Institutional Shares		—
Total net investment income	$	—
Net realized capital gains
Investor Shares	$	(12,858,211	)
Institutional Shares		(1,293,569	)
Total net realized capital gains	$	(14,151,780	)
Undistributed/accumulated net investment income/(loss)	$	(438,175	)

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

28

MFAM SMALL-Mid Cap Growth Fund
Statements of Changes in Net Assets (CONCLUDED)

	FOR THE SIX-MONTHS ENDED FEBRUARY 28, 2019 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2018
SHARE TRANSACTIONS:
Investor Shares
Shares sold		432,325			2,730,967
Shares reinvested		591,450			520,849
Shares redeemed		(1,343,663	)		(1,683,331	)
Net increase/(decrease) in shares		(319,888	)		1,568,485
Institutional Shares
Shares sold		93,822			230,304
Shares reinvested		64,245			53,255
Shares redeemed		(84,387	)		(92,122	)
Net increase/(decrease) in shares		73,680			191,437

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

29

MFAM Emerging Markets Fund
Statements of Changes in Net Assets

	FOR THE SIX-MONTHS ENDED FEBRUARY 28, 2019 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2018(3)
OPERATIONS
Net investment income/(loss)	$	(1,478	)	$	203,685
Net realized gain/(loss) from investments and foreign currency transactions		(16,413	)		1,099,105
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies		(372,133	)		(2,150,430	)
Net increase/(decrease) in net assets resulting from operations		(390,024	)		(847,640	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		(196,246	)		(314,358	)
Total dividends and distributions to shareholders		(196,246	)		(314,358	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold		2,157,415			11,167,842
Reinvestment of dividends		194,455			313,688
Shares redeemed		(4,963,298	)		(7,446,112	)
Redemption fees (1)		—			1,145
Total from Investor Shares		(2,611,428	)		4,036,563
Net increase/(decrease) in net assets from capital share transactions		(2,611,428	)		4,036,563
Total increase/(decrease) in net assets		(3,197,698	)		2,874,565
SHARE TRANSACTIONS:
Investor Shares
Shares sold		165,612			756,831
Shares reinvested		15,861			22,185
Shares redeemed		(375,266	)		(514,436	)
Net increase/(decrease) in shares		(193,793	)		264,580
NET ASSETS:
Beginning of period	$	37,330,396		$	34,455,831
End of period (2)	$	34,132,698		$	37,330,396

⁽¹⁾ Effective December 31, 2017, the Fund eliminated the redemption fee.

⁽²⁾ Including undistributed/accumulated net investment income/(loss).

⁽³⁾ The following information was previously reported on the August 31, 2018 financial statements. See Note 7 for more details on the SEC’s Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders was $(314,358) of net investment income during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018, was $177,371.

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

30

MFAM Global Opportunities Fund
Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), 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, 2019			YEAR ENDED AUGUST 31,			Fiscal Period Ended August 31,			Years Ended October 31,
Investor Shares	(UNAUDITED)			2018			2017(1)(2)			2016			2015			2014			2013
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	25.91		$	24.09		$	20.36		$	20.32		$	21.00		$	19.24		$	15.48
Net investment income/(loss)(3)		(0.02	)		(0.02	)		0.03			0.04			0.05			0.11			0.07
Net realized and unrealized gain/(loss) from investments		(1.26	)		4.94			4.30			0.01			(0.29	)		1.87			3.79
Net increase/(decrease) in net assets resulting from operations		(1.28	)		4.92			4.33			0.05			(0.24	)		1.98			3.86
Dividends and distributions to shareholders from:
Net investment income		—			(0.05	)		(0.04	)		—	*		(0.11	)		(0.04	)		(0.11	)
Net realized capital gains		(1.73	)		(3.05	)		(0.56	)		(0.01	)		(0.33	)		(0.18	)		—
Total dividends and distributions to shareholders		(1.73	)		(3.10	)		(0.60	)		(0.01	)		(0.44	)		(0.22	)		(0.11	)
Redemption and small-balance account fees		—			—	*		—	*		—	*		—	*		—	*		0.01
Net asset value, end of period	$	22.90		$	25.91		$	24.09		$	20.36		$	20.32		$	21.00		$	19.24
Total investment return/(loss)(4)		(3.98	)%(5)		22.32	%		21.91	%(5)		0.25	%		(1.13	)%		10.43	%		25.14	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	355,720		$	393,197		$	337,821		$	353,118		$	393,611		$	413,624		$	354,081
Ratio of expenses to average net assets		1.04	%(6)		1.06	%		1.15	%(6)		1.14	%		1.15	%		1.26	%		1.36	%
Ratio of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		1.04	%(6)		1.06	%		1.15	%(6)		1.14	%		1.13	%		1.23	%		1.37	%
Ratio of net investment income/(loss) to average net assets		(0.17	)%(6)		(0.06	)%		0.18	%(6)		0.20	%		0.23	%		0.55	%		0.44	%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		(0.17	)%(6)		(0.06	)%		0.18	%(6)		0.20	%		0.25	%		0.59	%		0.43	%
Portfolio turnover rate		7	%(5)		15	%		38	%(5)		26	%		21	%		24	%		22	%

^* 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 MFAM 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/(loss) 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 year ended August 31, 2018, the fiscal period ended August 31, 2017 and the years ended October 31, 2016, October 31, 2015 and October 31, 2014, 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

MFAM Global Opportunities Fund
Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), 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, 2019			YEAR ENDED AUGUST 31,			Fiscal Period Ended August 31,			Years Ended October 31,						Period Ended October 31,
Institutional Shares	(UNAUDITED)			2018			2017(1)(2)			2016			2015			2014(3)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	25.97		$	24.09		$	20.40		$	20.35		$	21.01		$	20.36
Net investment income/(loss)(4)		(0.01	)		0.02			0.09			0.08			0.10			0.03
Net realized and unrealized gain/(loss) from investments		(1.26	)		4.94			4.25			0.02			(0.31	)		0.62
Net increase/(decrease) in net assets resulting from operations		(1.27	)		4.96			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		(1.73	)		(3.05	)		(0.56	)		(0.01	)		(0.33	)		—
Total dividends and distributions to shareholders		(1.73	)		(3.08	)		(0.65	)		(0.05	)		(0.45	)		—
Redemption and small-balance account fees		—			—	*		—	*		—	*		—	*		—	*
Net asset value, end of period	$	22.97		$	25.97		$	24.09		$	20.40		$	20.35		$	21.01
Total investment return/(loss)(5)		(3.93	)%(6)		22.48	%		21.97	%(6)		(0.47	)%		(0.97	)%		3.19	%(6)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	76,668		$	78,987		$	60,623		$	7,243		$	7,726		$	4,038
Ratio of expenses to average net assets		0.95	%(7)		0.95	%		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)		1.01	%(7)		1.06	%		1.17	%(7)		2.12	%		2.14	%		3.78	%(7)
Ratio of net investment income/(loss) to average net assets		(0.08	)%(7)		0.07	%		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)		(0.14	)%(7)		(0.04	)%		0.26	%(7)		(0.78	)%		0.73	%		(2.43	)%(7)
Portfolio turnover rate		7	%(6)		15	%		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 MFAM 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/(loss) 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

MFAM SMALL-Mid Cap Growth Fund
Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), 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, 2019			YEAR ENDED AUGUST 31,			Fiscal Period Ended August 31,			Years Ended October 31,
Investor Shares	(UNAUDITED)			2018			2017(1)(2)			2016			2015			2014			2013
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	27.32		$	22.04		$	18.29		$	18.72		$	18.59		$	17.25		$	12.58
Net investment income/ (loss)(3)		0.02			(0.06	)		(0.05	)		(0.05	)		0.03			0.07			—	*
Net realized and unrealized gain/(loss) from investments		(2.84	)		6.69			3.80			(0.35	)		0.14			1.51			4.69
Net increase/(decrease) in net assets resulting from operations		(2.82	)		6.63			3.75			(0.40	)		0.17			1.58			4.69
Dividends and distributions to shareholders from:
Net investment income		—			—			—			(0.03	)		(0.04	)		(0.03	)		(0.03	)
Net realized capital gains		(1.16	)		(1.35	)		—			—			—			(0.22	)		—
Total dividends and distributions to shareholders		(1.16	)		(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	$	23.34		$	27.32		$	22.04		$	18.29		$	18.72		$	18.59		$	17.25
Total investment return/(loss)(4)		(9.72	)%(5)		30.88	%		20.50	%(5)		(2.15	)%		0.91	%		9.35	%		37.44	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	252,013		$	303,669		$	210,404		$	205,149		$	238,482		$	231,600		$	162,336
Ratio of expenses to average net assets		1.05	%(6)		1.12	%		1.15	%(6)		1.15	%		1.15	%		1.27	%		1.38	%
Ratio of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		1.06	%(6)		1.06	%		1.16	%(6)		1.17	%		1.16	%		1.30	%		1.54	%
Ratio of net investment income/(loss) to average net assets		0.18	%(6)		(0.22	)%		(0.30	)%(6)		(0.29	)%		0.17	%		0.38	%		0.03	%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		0.17	%(6)		(0.16	)%		(0.31	)%(6)		(0.31	)%		0.17	%		0.36	%		(0.13	)%
Portfolio turnover rate		0	%(5)		19	%		24	%(5)		21	%		30	%		18	%		24	%

^* 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 MFAM 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/(loss) 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 year ended August 31, 2018, the fiscal period ended August 31, 2017 and years ended October 31, 2016 and October 31, 2015, 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

MFAM SMALL-Mid Cap Growth Fund
Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), 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, 2019			YEAR ENDED AUGUST 31,			Fiscal Period Ended August 31,			Years Ended October 31,						Period Ended October 31,
Institutional Shares	(UNAUDITED)			2018			2017(1)(2)			2016			2015			2014(3)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	27.50		$	22.14		$	18.34		$	18.75		$	18.61		$	17.94
Net investment income/(loss)(4)		0.03			(0.01	)		(0.03	)		(0.02	)		0.07			0.02
Net realized and unrealized gain/(loss) from investments		(2.85	)		6.72			3.83			(0.33	)		0.13			0.65
Net increase/(decrease) in net assets resulting from operations		(2.82	)		6.71			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		(1.16	)		(1.35	)		—			—			—			—
Total dividends and distributions to shareholders		(1.16	)		(1.35	)		—			(0.06	)		(0.06	)		—
Redemption and small-balance account fees		—			—	*		—	*		—	*		—	*		—	*
Net asset value, end of period	$	23.52		$	27.50		$	22.14		$	18.34		$	18.75		$	18.61
Total investment return/(loss)(5)		(9.66	)%(6)		31.10	%		20.72	%(6)		(1.89	)%		1.04	%		3.73	%(6)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	27,871		$	30,562		$	20,365		$	5,502		$	7,010		$	2,798
Ratio of expenses to average net assets		0.95	%(7)		0.95	%		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)		0.98	%(7)		1.17	%		1.47	%(7)		2.40	%		2.45	%		4.93	%(7)
Ratio of net investment income/(loss) to average net assets		0.28	%(7)		(0.05	)%		(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)		0.25	%(7)		(0.26	)%		(0.67	)%(7)		(1.53	)%		(1.15	)%		(3.71	)%(7)
Portfolio turnover rate		0	%(6)		19	%		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 MFAM 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/(loss) 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.

34

MFAM Emerging Markets Fund

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), 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, 2019			YEAR ENDED AUGUST 31,			Fiscal Period Ended August 31,			Years Ended October 31,
Investor Shares	(UNAUDITED)			2018			2017(1)(2)			2016			2015			2014			2013
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	14.01		$	14.36		$	11.93		$	10.88		$	12.61		$	12.66		$	10.94
Net investment income/ (loss)(3)		—	*		0.08			0.12			0.07			0.09			0.16			0.13
Net realized and unrealized gain/(loss) from investments		(0.11	)		(0.30	)		2.38			1.09			(1.63	)		(0.12	)		1.73
Net increase/(decrease) in net assets resulting from operations		(0.11	)		(0.22	)		2.50			1.16			(1.54	)		0.04			1.86
Dividends and distributions to shareholders from:
Net investment income		(0.08	)		(0.13	)		(0.07	)		(0.11	)		(0.19	)		(0.08	)		(0.15	)
Net realized capital gains		—			—			—			—			—			(0.02	)		—
Total dividends and distributions to shareholders		(0.08	)		(0.13	)		(0.07	)		(0.11	)		(0.19	)		(0.10	)		(0.15	)
Redemption and small-balance account fees		—			—	*		—	*		—	*		—	*		0.01			0.01
Net asset value, end of period	$	13.82		$	14.01		$	14.36		$	11.93		$	10.88		$	12.61		$	12.66
Total investment return/(loss)(4)		(0.73	)%(5)		(1.54	)%		21.06	%(5)		(10.76	)%		(12.33	)%		0.47	%		17.32	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	34,133		$	37,330		$	34,456		$	28,776		$	31,160		$	47,566		$	40,119
Ratio of expenses to average net assets		1.15	%(6)		1.15	%		1.15	%(6)		1.15	%		1.13	%		1.24	%		1.35	%
Ratio of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		1.31	%(6)		1.34	%		2.00	%(6)		2.09	%		1.84	%		1.88	%		2.60	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(6)		0.54	%		1.17	%(6)		0.64	%		0.80	%		1.29	%		1.15	%
Ratio of net investment income/ (loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		(0.17	)%(6)		0.35	%		0.32	%(6)		(0.30	)%		0.09	%		0.66	%		(0.10	)%
Portfolio turnover rate		0	%(5)		7	%		21	%(5)		54	%		20	%		25	%		26	%

^* 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 MFAM 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/(loss) 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 year ended August 31, 2018, the fiscal period ended August 31, 2017, years ended October 31, 2016 and October 31, 2015, 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.

35

MFAM FUNDS

Notes to Financial Statements

FEBRUARY 28, 2019 (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 thirty-two separate investment portfolios, including the MFAM Global Opportunities Fund (“Global Opportunities Fund”) (formerly known as Motley Fool Global Opportunities Fund), MFAM Small-Mid Cap Growth Fund (“Small-Mid Cap Growth Fund”) (formerly known as Motley Fool Small-Mid Cap Growth Fund) and MFAM Emerging Markets Fund (“Emerging Markets Fund”) (formerly known as Motley Fool Emerging Markets 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, 2019, the Global Opportunities Fund and Small-Mid Cap Growth Fund each offer two classes of shares, Investor and Institutional. The Emerging Markets Fund offered one class of shares, Investor.

RBB has authorized capital of one hundred billion shares of common stock of which 87.223 billion shares are currently classified into one hundred and eighty-three 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 Growth 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, 2019, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2019 (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. 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

36

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

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.

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		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	420,536,702	$	348,334,774	$	72,201,928	$	—	$	—
Participatory Notes		1,195,208		1,195,208		—		—		—
Investments Purchased with Proceeds From Securities Lending Collateral		66,820,862		—		—		—		66,820,862
Short-Term Investments		2,048,385		2,048,385		—		—		—
Total Investments*	$	490,601,157	$	351,578,367	$	72,201,928	$	—	$	66,820,862

37

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

SMALL-MID CAP GROWTH FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	277,052,312	$	277,052,312	$	—	$	—	$	—
Investments Purchased with Proceeds From Securities Lending Collateral		74,412,610		—		—		—		74,412,610
Short-Term Investments		2,983,142		2,983,142		—		—		—
Total Investments*	$	354,448,064	$	280,035,454	$	—	$	—	$	74,412,610

EMERGING MARKETS FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	33,175,217	$	22,150,370	$	11,024,847	$	—	$	—
Investments Purchased with Proceeds From Securities Lending Collateral		4,027,876		—		—		—		4,027,876
Short-Term Investments		898,907		898,907		—		—		—
Total Investments*	$	38,102,000	$	23,049,277	$	11,024,847	$	—	$	4,027,876

^* Please refer to the Schedule of Investments for further details.

^{^} Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

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 Levels 1, 2 and 3 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. A reconciliation of Level 3 investments is presented only if 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 Level 3 transfers in and out of each level disclosed when a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

The Funds did not have any Level 3 transfers during the current fiscal period.

38

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

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 (including amortization of premiums and accretion of discounts) 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.

39

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

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.

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, Emerging Markets Fund, 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.

40

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

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, -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.

41

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

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

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

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

3. INVESTMENT adviser and other services

Each Fund pays all of its expenses other than those expressly assumed by Motley Fool Asset Management (“MFAM” or 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 Motley Fool Investment Management, LLC, which 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.

42

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (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, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2019.

				EXPENSE CAPS
FUND	ADVISORY FEE			INVESTOR SHARES			INSTITUTIONAL SHARES
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	$	1,771,956	$	(30,907	)	$	1,741,049
Small-Mid Cap Growth Fund		1,204,242		(17,055	)		1,187,187
Emerging Markets Fund		141,005		(26,605	)		114,400

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. The Global Opportunities Fund Investor Class and Institutional Class had expense fees waived in the amount of $8,834 and $22,073 respectively. The Small-Mid Cap Growth Fund Investor Class and Institutional Class had expense fees waived in the amount of $12,859 and $4,196 respectively. Previously waived fees subject to future recovery by the Adviser are as follows:

	EXPIRATION
FUND	OCTOBER 31, 2019		AUGUST 31, 2020		AUGUST 31, 2021		AUGUST 31, 2022		TOTAL
Global Opportunities Fund - Investor Class	$	—	$	—	$	—	$	8,834	$	8,834
Global Opportunities Fund - Institutional Class		60,916		83,548		80,089		22,073		246,626
Small-Mid Cap Growth Fund - Investor Class		—		—		—		12,859		12,859
Small-Mid Cap Growth Fund - Institutional Class		64,901		73,109		56,058		4,196		198,264
Emerging Markets Fund - Investor Class		181,507		202,227		72,562		26,605		482,901

43

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

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

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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.

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

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

DIRECTOR AND OFFICER 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 these services provided to the Company. An employee of RBB serves as Treasurer and Secretary, and is compensated for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. An employee of Vigilant Compliance, LLC serves as the Chief Compliance Officer of the Adviser. Neither the Funds nor the Company compensate this individual or Vigilant Compliance, LLC for services provided to Motley Fool Asset Management. For Director and Officer compensation amounts, please refer to the Statement of Operations.

SHAREHOLDER SERVICING FEE — Effective February 1, 2019, the Funds have entered into a shareholder servicing agreement (the “Agreement”) with the Adviser, under which the Adviser provides, or arranges for others to provide, certain specified shareholder services. As compensation for the provision of shareholder services, the Funds may pay servicing fees at an annual rate of 0.20% of the average daily net assets of the Investor 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 Funds. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds 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 Funds and include establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. During the current fiscal period, the Funds incurred shareholder servicing fees as follows:

FUND	SHAREHOLDER SERVICING FEES
Global Opportunities Fund – Investor Shares	$	53,377
Small-Mid Cap Growth Fund – Investor Shares		38,414
Emerging Markets Fund – Investor Shares		5,233

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.

44

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

TRANSACTIONS WITH AFFILIATES — Advisers to investment companies, including MFAM 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	$	29,227,189	$	48,775,640
Small-Mid Cap Growth Fund		1,164,174		16,617,648
Emerging Markets Fund		—		1,613,855

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.

As of August 31, 2018, 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	$	291,350,893	$	199,808,596	$	(12,315,665	)	$	187,492,931
Small-Mid Cap Growth Fund		216,223,692		142,977,535		(1,467,596	)		141,509,939
Emerging Markets Fund		28,900,392		10,898,044		(3,708,876	)		7,189,168

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.

45

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

The following permanent differences as of August 31, 2018, 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	$	190,980	$	13,219		$	(204,199	)
Small-Mid Cap Growth Fund		688,674		(144,613	)		(544,061	)
Emerging Markets Fund		3,937		(3,937	)		—

As of August 31, 2018, the components of distributable earnings on a tax basis were as follows:

FUND	UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM CAPITAL GAINS		CAPITAL LOSS CARRYOVER		QUALIFIED LATE-YEAR LOSS DEFERRAL			UNREALIZED APPRECIATION/ (DEPRECIATION)
Global Opportunities Fund	$	—	$	25,420,701	$	—	$	—		$	187,492,931
Small-Mid Cap Growth Fund		—		11,082,641		—		(438,175	)		141,509,939
Emerging Markets Fund		177,371		—		450,746		—			7,189,168

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, 2018 was as follows:

FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		TOTAL
Global Opportunities Fund	$	2,302,285	$	48,809,850	$	51,112,135
Small-Mid Cap Growth Fund		—		14,151,780		14,151,780
Emerging Markets Fund		314,358		—		314,358

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, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2018. The Small-Mid Cap Growth Fund deferred qualified late-year losses of $438,175 which will be treated as arising on the first business day of the following fiscal year.

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, 2018, the Emerging Markets Fund had unexpiring short-term losses of $450,746.

46

MFAM FUNDS

Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

6. SECURITIES LENDING

The Funds 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 100% of the current market value of the loaned securities, as marked to market each day that the NAV of the Funds are determined. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Investments purchased with proceeds from securities lending are overnight and continuous. Securities lending will expose the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash 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:

FUND	MARKET VALUE OF SECURITIES LOANED		MARKET VALUE OF COLLATERAL		INCOME RECEIVED FROM SECURITIES LENDING
Global Opportunities Fund	$	65,124,173	$	66,820,862	$	73,991
Small-Mid Cap Growth Fund		72,360,446		74,412,610		85,794
Emerging Markets Fund		3,973,636		4,027,876		1,195

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 AMOUNTS OFFSET IN THE		NET AMOUNT OF ASSETS PRESENTED IN THE		GROSS AMOUNT NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES
	GROSS AMOUNTS OF RECOGNIZED ASSETS		STATEMENT OF ASSETS AND LIABILITIES		STATEMENT OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENTS1			CASH COLLATERAL RECEIVED		NET AMOUNT2
Global Opportunities Fund	$	65,124,173	$	—	$	65,124,173	$	(65,124,173	)	$	—	$	—
Small-Mid Cap Growth Fund		72,360,446		—		72,360,446		(72,360,446	)		—		—
Emerging Markets Fund		3,973,636		—		3,973,636		(3,973,636	)		—		—

1 Amount disclosed is limited to the amount of assets presented in the Statements 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.

47

MFAM FUNDS

Notes to Financial Statements (CONCLUDED)

FEBRUARY 28, 2019 (Unaudited)

7. NEW ACCOUNTING PRONOUNCEMENTS and regulatory updates

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Funds’ financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components thereof, of distributable earnings on the Statements of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

8. 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:

FUND MERGER

On February 7, 2019, based on the recommendation of the Adviser, the Board approved: (1) a plan of reorganization pursuant to which the Emerging Markets Fund will be reorganized into the Global Opportunities Fund; and (2) the subsequent liquidation and dissolution of the Emerging Markets Fund, following the close of business on or about July 12, 2019. The reorganization, which is expected to be tax free to the shareholders of the Emerging Markets Fund and is subject to customary closing conditions, will be effected by transferring of all of the assets and liabilities of the Emerging Markets Fund to the Global Opportunities Fund in exchange for shares of the Global Opportunities Fund, with the shares being distributed pro rata by the Emerging Markets Fund to its shareholders. The Emerging Markets Fund will then be liquidated and dissolved. The reorganization is expected to occur following the close of business on or about July 12, 2019. In accordance with applicable regulatory requirements, shareholder approval is not required for the reorganization, and shareholders are not being asked to approve the reorganization.

More information about the Global Opportunities Fund and the terms of the reorganization will be included in an information statement and prospectus that will be sent to shareholders of the Emerging Markets Fund at a later date. Shareholders are urged to read the definitive information statement and prospectus because it will contain important information about the reorganization, including the Board’s reasons for approving the reorganization. When available, the information statement and prospectus may be obtained free of charge from the SEC’s website at www.sec.gov or by calling 1-888-863-8803 (toll free).

Name Change

Effective March 1, 2019, the Small-Mid Cap Growth Fund was re-named the MFAM Mid-Cap Growth Fund (“Mid-Cap Growth Fund”) in order to more clearly reflect the Fund’s new investment policy.

Change in Investment Policy

Effective March 1, 2019, the Mid-Cap Growth Fund modified its 80% policy to read as follows: Under normal market conditions, the 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 mid-market capitalizations.

48

MFAM 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. SEC’s 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 (or successor Form). 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.mfamfunds.com.

49

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

Distributor

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

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
Two Liberty Place
50 S 16^th St. Suite 2900
Philadelphia, PA 19102-2529

Legal Counsel

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

50

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Questions for the MFAM
funds team?

Stay informed about your investment!

Shareholders like you are very important to us, and we’re committed to communicating with you about important matters. The best way to stay “in the know” is to sign up for our free email newsletter. You’ll get quarterly performance updates, insights about the stock market and investing, and more.

Simply send an email to help@mfamfunds.com today to sign up!

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-888-863-8803.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-888-863-8803 to inform the Funds that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Funds.

This report contains information for two ETFs that are very different. The Motley Fool 100 Index ETF -- as you’d expect from its name — is designed to track the returns of the Motley Fool 100 Index. Our other ETF, the MFAM Small-Cap Growth ETF, is an actively managed fund that isn’t designed to track much of anything. Motley Fool 100 Index ETF (TMFC) The Fool 100 Index still contains 100 companies. And since it is market-cap weighted, the top ten largest positions make up more than 50% of the ETF’s net assets. The Motley Fool’s investing style tends to emphasize companies in certain sectors where competitive advantages and brand power are recognizable. The five largest sectors represented in the ETF (Information Technology, Communication Services, Consumer Discretionary, Health Care, and Financials) account for 88% of assets. We’ve seen a sizeable amount of volatility over the last six months. This led to six of our 100 investments gaining more than 25% and another eight declining by at least 25%. This volatility is why we recommend investing in equity markets for the long term — the short-term movements can be scary if you’re watching too closely.

MFAM Small-Cap Growth ETF (MFMS) This is the first Semi-Annual Report for the MFAM Small-Cap Growth ETF. The report covers the period from the Fund’s inception on October 29, 2018 through the period ended February 28, 2019. We hope you enjoy this report, but encourage you not to place too much importance in four months of results... then again, it isn’t much different from the six months typically included in a semi-annual report. This ETF is actively managed, and your portfolio managers invest its assets just like an actively managed mutual fund. The ETF structure doesn’t alter MFAM’s focus on investing for the long term in high quality growth companies. There are only 31 companies in this portfolio, while our benchmark (the Russell 2000 Growth Index) has around 1200 holdings. We like to stay focused on our best ideas. That was helpful this period when one of our investments — Spark Therapeutics — increased by more than 150% since we launched the fund. In the future, this focus on a relatively smaller number of companies could help or hurt in any given period. Speaking of focus, all the Fund’s investments are concentrated in five sectors. The top two, Health Care and Information Technology, make up 64% of assets.

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Details are on the back inside cover.

Table of Contents

Letter to Shareholders	1
Portfolio Characteristics	4
Fund Expense Examples	8
Schedules of Investments	10
Financial Statements	19
Notes to Financial Statements	25
Notice to Shareholders	34

Motley Fool ETFs
Letter to Shareholders
FEBRUARY 28, 2019 (Unaudited)

The Great and Powerful Oz

Dorothy Gale: “How can you talk if you haven’t got a brain?”

The Scarecrow: “I don’t know, but some people without brains do an awful lot of talking, don’t they?”

— The Wizard of Oz

Dear Fellow Shareholder,

One of my favorite scenes in the 1939 classic movie The Wizard of Oz is when Dorothy, along with her motley but relatable crew, presents the broomstick of the Wicked Witch to the wizard. The wizard had a deal with Dorothy and her entourage: Present the broom, suggesting the witch had been killed, and the wizard would help Dorothy get home to Kansas. The wizard, however, dismisses the group and tries to scare them away.

Terrified, frustrated, and helpless, Dorothy doesn’t appear to have much choice but to listen to the demands of the great and powerful Oz. That is, of course, until her dog scurries a few yards over and pulls back an innocent-looking green curtain, revealing an older gent feverishly turning dials, pulling levers, and pressing buttons. “Pay no attention to that man behind the curtain,” shouts the strange man. But it’s too late. The identity of the Wizard of Oz is revealed: He’s just an ordinary guy behind a curtain, orchestrating an impressive pyrotechnic and holographic display. What a letdown.

You may feel as if the team you’ve hired is a bit like that wizard. We may seem inaccessible at times, but hopefully you find that we perform some good magic with your equity investments. Truth is, we are rather like a group of people working behind a curtain, cranking away feverishly on ideas and debate. But unlike the wizard, we aren’t pretending to be something we’re not. Although we don’t talk at you the way much of the financial world does, we have nothing to hide. We believe it’s important for you to understand what’s going on behind the curtain and how we continuously try to operate better on your behalf.

Our Process

As investment managers, we have a job of constructing portfolios that can deliver superior risk-adjusted returns over the long term. We’re simply trying to deliver outstanding bang for your buck — in this context, the best net return for the risk inherent in investing in stocks — so that your financial plan stays on track. It’s critical, then, that we’re doing a good job of assessing both risk and return, and in a repeatable fashion. What helps us do that is that we know exactly the type of investments we’re looking for, and it’s our goal to actively protect against mischaracterizing them. It’s not magic – but it is hard work. Here’s a brief look at our process:

● Quality growth: We describe the types of businesses we seek out as “quality growth.” Our definition of quality is unique and focuses on qualitative characteristics that often only reveal themselves with deep research and critical thinking. We assess quality across four pillars: management, culture, and incentives; the economics of the business; competitive advantage; and business trajectory. The elements of each pillar are different for every business we analyze, but strength across all four is often what constitutes, in our experience, an exceptional business capable of generating exceptional returns.

● Collaborative debate: It isn’t enough for one member of our team to declare that a business has strength across all four pillars. As humans, we’re inherently fallible. For a business to be investable, it must survive a group debate. In our case, usually five or six members of our team participate. The mechanics of this process are fun: The sponsor of the idea invites members of our team with relevant expertise, assigns each member a pillar of focus, provides a write-up of the assessment to be reviewed, and schedules a meeting for a week later. At the meeting, each member reveals a score for each pillar based on his own research, and we debate the specifics that went into the assessments. By the end, we’ve married the five or six independent viewpoints for each pillar, exposed weaknesses, revealed where additional research is needed, and determined whether the business is of high enough quality that we would ever consider investing.

Getting Stronger

The nature of this vetting process should reveal that having an array of cognitive approaches is critical. We thrive when each member of our investing team has unique insights that can be applied to a complex problem, which assessing business quality certainly is.

1

Motley Fool ETFs
Letter to Shareholders (continued)
FEBRUARY 28, 2019 (Unaudited)

If you’re familiar with our “Meet the Manager” video series on www.mfamfunds.com/insights, you may know we recently expanded our investing team from six to eight, with the addition of Jeremy Myers, who was a biology teacher before pursuing his love of investing, and Mike Olsen, who’s one of the most critical second-level thinkers I’ve ever met. They immediately strengthened us and are great complements to the existing backgrounds on our investing team: pharmacology, mechanical engineering, computer science, law, banking, and finance. Just as important, Jeremy and Mike cherish debate and have an unrelenting desire to achieve stellar outcomes on your behalf. They make us better, they make us think harder, and they make us match their fiduciary intensity every day.

Business-Focused Investing

We haven’t yet touched on the last six months’ mediocre performance, or the fact that recession fears in the U.S. are on the rise, or even the fact that U.S. stocks fell more than 20% between September 21 and December 26, 2018. This data may elicit some strong responses, but we feel confident we still own a wonderful collection of businesses that are creating enduring value each day, with the same sort of intentional feverish dial-turning, lever-pulling, and button-pressing that our team engages in – the kind focused on solving problems.

We have built our investing careers on studying and patiently owning quality businesses that treat all their stakeholders respectfully. Naturally, we think about our own business in the same way. We need to strengthen our advantages amidst competition, so that we can hire incredible investing talent. We need to compete aggressively where we have advantages, so that we can focus our efforts on targeted areas. And through it all, we maintain our long-term perspective. We go about our business with less panache than the Wizard of Oz and with less talking than some of our industry peers. The fact that our way is different is precisely what gives us confidence in our ability to sustain long-term value creation and avoid the lions, tigers, and bears (oh, my!) along the way.

Thank you for your ongoing trust.

Onward,

Bryan Hinmon
Chief Investment Officer, MFAM Funds

2

Motley Fool ETFs
Letter to Shareholders (concluded)
FEBRUARY 28, 2019 (Unaudited)

Past performance does not guarantee future results.

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

The value of the Funds’ investments may decrease, which will cause the value of the Funds’ shares to decrease. As a result, you may lose money on your investment in the Funds, and there can be no assurance that the Funds will achieve its investment objective. Investing involves risk. Principal loss is possible. The Funds are non-diversified, which means the 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 Funds. The MFAM Small-Cap Growth ETF is actively managed. The Motley Fool 100 Index ETF is not actively managed and the Adviser does not attempt to take defensive positions in any market conditions, including adverse markets. The Motley Fool 100 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 Funds. Factors that affect a security’s value can change over time, and these changes may not be reflected in the Index methodology. The MFAM Small-Cap Growth ETF 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. This Fund invests primarily in particular market capitalizations, including small-cap stocks, thus its performance will be especially sensitive to market conditions that particularly affect smaller capitalization companies. The stocks of quality growth companies can continue to be undervalued by the market for long periods of time. As a consequence of its investing style the Fund may underperform the market and its peers over short timeframes.

As with all ETFs, shares of the Funds may be bought and sold in the secondary market at market prices. Although it is expected that the market price of shares will approximate the Funds’ NAV, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or during periods of market volatility. Shares are not individually redeeming from the Funds and brokerage commissions will reduce returns.

Funds holdings and/or security allocations are subject to change at any time and are not recommendations to buy or sell any security. Please see the schedule of investments in this report for a full list of Funds holdings.

Diversification does not assure a profit nor protect against loss in a declining market.

The Russell 2000 Growth Total Return^® Index measures the performance of those companies included in the Russell 2000 Index with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell 2000 Index measures the performance of approximately 2,000 companies with small-market capitalizations. It is not possible to invest directly in an index.

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 Motley Fool 100 Index ETF and MFAM Small-Cap Growth ETF are distributed by Quasar Distributors, LLC.

Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

3

Motley Fool 100 Index ETF
Portfolio Characteristics
(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 28, 2019
	SIX MONTHS†	Since Inception	Inception Date
Motley Fool 100 Index ETF	-5.48%	4.09%	1/29/18
Motley Fool 100 Index*	-5.21%	4.57%(1)
S&P 500® Total Return Index**	-3.04%	-0.20%(1)
Fund Expense Ratio(2)	0.50%	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 or sold, may be worth more or less than their original cost.

^† Not annualized.

⁽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 December 31, 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 (“Fool 100 Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“Adviser”), 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 or the highest-rated stocks in Fool IQ, the company’s analyst opinion database. Every company included in the Fool 100 Index is incorporated and listed in the U.S. The Fool 100 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 Fool 100 Index, including its value, is available on the websites of the Fund at www.mfamfunds.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an 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. 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.

The following tables show the top ten holdings and sector allocations, in which the Motley Fool 100 Index ETF was invested in as of February 28, 2019. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% of Net Assets
Microsoft Corp.	8.0%
Apple, Inc.	7.7
Alphabet, Inc., Class C	7.4
Amazon.com, Inc.	7.2
Berkshire Hathaway, Inc., Class B	4.6
Facebook, Inc., Class A	4.4
Johnson & Johnson	3.5
JPMorgan Chase & Co.	3.3
Visa, Inc., Class A	3.0
Boeing Co., (The)	2.3
	51.4%

4

Motley Fool 100 Index ETF
Portfolio Characteristics (Continued)
(Unaudited)

The Motley Fool 100 Index ETF 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	29.8%
Communication Services	18.3
Consumer Discretionary	15.6
Health Care	13.3
Financials	11.2
Industrials	7.1
Real Estate	1.7
Consumer Staples	1.4
Materials	1.0
Energy	0.4
	99.8%

5

MFAM Small-Cap Growth ETF

(formerly, Motley Fool Small-Cap Growth ETF)

Portfolio Characteristics
(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED February 28, 2019
	Since Inception	Inception Date
MFAM Small-Cap Growth ETF	18.34%	10/29/18
Russell 2000 Growth Total Return® Index*	9.85%(1)
Fund Expense Ratio(2)	0.85%

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 or sold, 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 December 31, 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 Russell 2000 Growth Index Total Return^® measures the performance of those companies included in the Russell 2000 Index with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell 2000 Index measures the performance of approximately 2,000 companies with small-market capitalizations.

The following tables show the top ten holdings and sector allocations, in which the MFAM Small-Cap Growth ETF was invested in as of February 28, 2019. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% of Net Assets
Spark Therapeutics, Inc.	5.7%
Paylocity Holding Corp.	5.5
NLight, Inc.	5.3
Everbridge, Inc.	4.8
Jones Lang LaSalle, Inc.	4.2
Smartsheet, Inc., Class A	4.1
Teladoc, Inc.	3.9
Ionis Pharmaceuticals, Inc.	3.8
Newmark Group, Inc., Class A	3.8
Trex Co, Inc.	3.7
	44.8%

6

MFAM Small-Cap Growth ETF
Portfolio Characteristics (CONTINUED)
(Unaudited)

The MFAM Small-Cap Growth ETF uses GICS^SM as the basis for the classification of securities on the Schedule of Investments. We believe that this makes the SOI classifications more standard with the rest of the industry.

Sector Allocation	% of Net Assets
Health Care	35.4%
Information Technology	28.6
Industrials	17.0
Real Estate	10.7
Consumer Discretionary	5.7
	97.4%

7

Motley Fool ETFs
fund expense examples
FEBRUARY 28, 2019 (Unaudited)

As a shareholder of the Fund(s), 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. 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 ETFs.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2018 through February 28, 2019, and held for the entire period. For the MFAM Small-Cap Growth ETF, the actual values and expenses are based on the 122-day period from inception on October 29, 2018 through February 28, 2019.

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 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 a 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.

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.

8

Motley Fool ETFs
fund expense examples (CONCLUDED)
FEBRUARY 28, 2019 (Unaudited)

	Beginning Account Value SEPTEMBER 1, 2018	Ending Account Value FEBRUARY 28, 2019	Expenses Paid During Period*	Annualized Expense Ratio	ACTUAL SIX-MONTH/SINCE INCEPTION TOTAL INVESTMENT RETURNs FOR THE FUNDS
Motley Fool 100 Index ETF
Actual	$ 1,000.00	$ 945.20	$2.41	0.50%	-5.48%
Hypothetical (5% return before expenses)	1,000.00	1,022.32	2.51	0.50	N/A
MFAM Small-Cap Growth ETF
Actual	$ 1,000.00	$ 1,183.40	$3.10	0.85%	18.34%
Hypothetical (5% return before expenses)	1,000.00	1,020.58	4.26	0.85	N/A

^* Expenses are equal to each Fund’s annualized expense ratio for the period September 1, 2018 through February 28, 2019, 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. For the MFAM Small-Cap Growth ETF, the actual dollar amounts shown are expenses paid by the Fund during the period from the Fund’s inception on October 29, 2018 through February 28, 2019 multiplied by 122 days, which is the number of days from the Fund’s inception through February 28, 2019. Each Fund’s ending account value in the first section in the table is based on the actual six-month/since inception total investment return for the Fund.

9

Motley Fool 100 Index ETF
Schedule of Investments
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks — 99.8%
Aerospace & Defense — 2.5%
Boeing Co., (The) (United States)		8,757	$	3,852,730
TransDigm Group, Inc. (United States)*		812		352,481
				4,205,211
Air Freight & Logistics — 0.4%
FedEx Corp. (United States)		4,129		747,349
Airlines — 1.0%
American Airlines Group, Inc. (United States)		6,973		248,448
Delta Air Lines, Inc. (United States) (a)		11,057		548,206
Southwest Airlines Co. (United States)		9,032		506,153
United Continental Holdings, Inc. (United States)*		4,330		380,218
				1,683,025
Automobiles — 0.8%
Ford Motor Co. (United States)		66,807		585,897
Tesla, Inc. (United States) (a)*		2,563		819,853
				1,405,750
Banks — 3.3%
JPMorgan Chase & Co. (United States)		53,309		5,563,327
Beverages — 0.3%
Monster Beverage Corp. (United States)*		9,057		578,108
Biotechnology — 3.7%
Amgen, Inc. (United States)		9,906		1,882,932
Biogen, Inc. (United States)*		3,110		1,020,111
BioMarin Pharmaceutical, Inc. (United States)*		2,819		262,900
Celgene Corp. (United States)*		10,871		903,598
Gilead Sciences, Inc. (United States)		21,054		1,368,931
Vertex Pharmaceuticals, Inc. (United States)*		3,941		743,864
				6,182,336

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

10

Motley Fool 100 Index ETF
Schedule of Investments (continued)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Capital Markets — 2.0%
Charles Schwab Corp. (The) (United States) (a)		21,125	$	971,961
CME Group, Inc. (United States)		5,640		1,025,972
Intercontinental Exchange, Inc. (United States)		8,992		693,733
Moody's Corp. (United States)		2,974		514,859
Nasdaq, Inc. (United States)		2,522		230,940
				3,437,465
Chemicals — 0.8%
Ecolab, Inc. (United States)		4,553		769,047
Sherwin-Williams Co. (The) (United States)		1,450		628,140
				1,397,187
Commercial Services & Supplies — 0.2%
Cintas Corp. (United States)		1,642		339,237
Communications Equipment — 0.2%
Arista Networks, Inc. (United States)*		1,134		323,474
Consumer Finance — 0.9%
American Express Co. (United States)		13,557		1,460,631
Diversified Financial Services — 4.6%
Berkshire Hathaway, Inc., Class B (United States)*		38,189		7,687,446
Electronic Equipment, Instruments & Components — 0.3%
Corning, Inc. (United States)		12,265		426,945
Entertainment — 3.6%
Activision Blizzard, Inc. (United States)		12,127		511,032
Electronic Arts, Inc. (United States)*		4,781		457,924
Netflix, Inc. (United States)*		6,384		2,286,110
Take-Two Interactive Software, Inc. (United States)*		1,758		153,403
Walt Disney Co. (The) (United States)		22,925		2,586,857
				5,995,326

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

11

Motley Fool 100 Index ETF
Schedule of Investments (continued)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Equity Real Estate Investment Trusts (REITs) — 1.7%
Alexandria Real Estate Equities, Inc. (United States)		1,674	$	227,480
American Tower Corp. (United States)		7,198		1,267,928
Crown Castle International Corp. (United States)		6,659		790,756
Equinix, Inc. (United States)		1,302		551,397
				2,837,561
Food & Staples Retailing — 0.9%
Costco Wholesale Corp. (United States)		6,908		1,511,056
Food Products — 0.2%
McCormick & Co., Inc. (United States)		2,135		290,317
Health Care Equipment & Supplies — 1.8%
ABIOMED, Inc. (United States)*		655		219,098
Align Technology, Inc. (United States)*		1,238		320,605
Becton Dickinson and Co. (United States) (a)		4,227		1,051,635
IDEXX Laboratories, Inc. (United States)*		1,373		289,744
Intuitive Surgical, Inc. (United States)*		1,740		952,841
ResMed, Inc. (United States)		2,128		217,971
				3,051,894
Health Care Providers & Services — 3.6%
CVS Health Corp. (United States)		20,907		1,209,052
HCA Healthcare, Inc. (United States)		5,380		748,035
McKesson Corp. (United States) (a)		3,187		405,259
UnitedHealth Group, Inc. (United States)		15,128		3,664,304
				6,026,650
Health Care Technology — 0.3%
Cerner Corp. (United States)*		5,048		282,435
Veeva Systems, Inc., Class A (United States)*		2,225		262,350
				544,785
Hotels, Restaurants & Leisure — 1.2%
Marriott International, Inc., Class A (United States) (a)		5,262		659,171
Starbucks Corp. (United States)		19,633		1,379,414
				2,038,585

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

12

Motley Fool 100 Index ETF
Schedule of Investments (continued)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Industrial Conglomerates — 1.4%
3M Co. (United States)		9,252	$	1,918,772
Roper Technologies, Inc. (United States)		1,600		517,840
				2,436,612
Insurance — 0.5%
Aflac, Inc. (United States)		11,904		584,963
Markel Corp. (United States)*		204		204,995
				789,958
Interactive Media & Services — 11.9%
Alphabet, Inc., Class C (United States)*		11,088		12,417,673
Facebook, Inc., Class A (United States)*		45,828		7,398,931
Twitter, Inc. (United States)*		11,809		363,481
				20,180,085
Internet & Direct Marketing Retail — 8.8%
Altaba, Inc. (United States)*		9,761		728,073
Amazon.com, Inc. (United States)*		7,364		12,075,708
Booking Holdings, Inc. (United States)*		730		1,238,839
eBay, Inc. (United States)		15,085		560,408
Expedia, Inc. (United States)		2,422		298,657
				14,901,685
IT Services — 6.9%
Cognizant Technology Solutions Corp., Class A (United States)		9,213		653,939
Mastercard, Inc., Class A (United States)		16,078		3,613,852
PayPal Holdings, Inc. (United States)*		18,151		1,780,068
Square, Inc., Class A (United States)*		6,282		510,350
Visa, Inc., Class A (United States) (a)		34,240		5,071,629
				11,629,838
Life Sciences Tools & Services — 0.4%
Illumina, Inc. (United States)*		2,211		691,534
Machinery — 0.2%
Cummins, Inc. (United States)		2,528		389,540

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

13

Motley Fool 100 Index ETF
Schedule of Investments (continued)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Media — 2.2%
Comcast Corp., Class A (United States)		74,319	$	2,873,916
Discovery, Inc., Class A (United States) (a)*		11,445		330,760
Sirius XM Holdings, Inc. (United States) (a)		71,113		421,700
				3,626,376
Metals & Mining — 0.2%
Nucor Corp. (United States)		5,093		308,483
Oil, Gas & Consumable Fuels — 0.4%
Kinder Morgan, Inc. (United States)		35,936		688,534
Pharmaceuticals — 3.5%
Johnson & Johnson (United States)		43,001		5,875,657
Professional Services — 0.2%
CoStar Group, Inc. (United States)*		575		263,080
Road & Rail — 1.1%
Union Pacific Corp. (United States) (a)		11,503		1,929,053
Semiconductors & Semiconductor Equipment — 2.5%
Applied Materials, Inc. (United States)		14,258		546,652
Broadcom, Inc. (United States)		6,303		1,735,594
Lam Research Corp. (United States) (a)		2,373		417,861
NVIDIA Corp. (United States)		9,780		1,508,663
				4,208,770
Software — 12.3%
Adobe Systems, Inc. (United States)*		7,439		1,952,738
Intuit, Inc. (United States)		4,047		1,000,135
Microsoft Corp. (United States)		120,298		13,476,985
Palo Alto Networks, Inc. (United States) (a)*		1,464		360,539
Salesforce.com, Inc. (United States)*		11,412		1,867,574
Splunk, Inc. (United States)*		2,181		296,354
VMware, Inc., Class A (United States)		7,262		1,247,684
Workday, Inc., Class A (United States)*		3,289		650,992
				20,853,001

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

14

Motley Fool 100 Index ETF
Schedule of Investments (concluded)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Specialty Retail — 3.5%
Home Depot, Inc. (The) (United States)		17,474	$	3,235,137
Lowe's Cos, Inc. (United States)		12,633		1,327,602
TJX Cos, Inc. (The) (United States)		19,311		990,461
Ulta Beauty, Inc. (United States)*		931		290,928
				5,844,128
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc. (United States) (a)		74,689		12,932,400
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B (United States)		24,556		2,105,186
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. (United States)*		13,662		986,533
Total Common Stocks (Cost $159,802,957)				168,374,118
Investments Purchased with Proceeds From Securities Lending Collateral — 14.7%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%		24,724,436		24,724,436
Total Investments Purchased with Proceeds From Securities Lending Collateral (Cost $24,724,436)				24,724,436
Short-Term Investments — 0.1%
First American Treasury Obligations Fund Class X, 2.31% (United States) (b)		150,060		150,060
Total Short-Term Investments (Cost $150,060)				150,060
Total Investments (Cost $184,677,453) — 114.6%				193,248,614
Liabilities in Excess of Other Assets — (14.6)%				(24,584,240	)
NET ASSETS — 100.0%
(Applicable to 8,125,000 shares outstanding)			$	168,664,374

^* Non-income producing security.

(a) All or a portion of the security is on loan. At February 28, 2019, the market value of securities on loan was $24,068,184.

(b) The rate shown is as of February 28, 2019.

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

15

MFAM Small-Cap Growth ETF
Schedule of Investments
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks — 97.4%
Aerospace & Defense — 2.2%
Axon Enterprise, Inc. (United States)*		28,368	$	1,527,050
Auto Components — 2.5%
Fox Factory Holding Corp. (United States)*		27,260		1,727,739
Biotechnology — 11.2%
Editas Medicine, Inc. (United States)*		34,223		706,021
Ionis Pharmaceuticals, Inc. (United States)*		37,406		2,655,452
Miragen Therapeutics, Inc. (United States) (a)*		169,684		475,115
Spark Therapeutics, Inc. (United States)*		35,164		3,984,081
				7,820,669
Building Products — 3.7%
Trex Co, Inc. (United States)*		34,700		2,600,765
Electronic Equipment, Instruments & Components — 5.3%
NLight, Inc. (United States)*		172,634		3,692,641
Equity Real Estate Investment Trusts — 2.7%
STAG Industrial, Inc. (United States)		67,496		1,868,289
Health Care Equipment & Supplies — 12.0%
Globus Medical, Inc., Class A (United States)*		35,996		1,752,645
Inogen, Inc. (United States)*		10,186		1,094,588
iRhythm Technologies, Inc. (United States)*		21,987		2,106,135
NuVasive, Inc. (United States)*		29,509		1,738,080
Penumbra, Inc. (United States)*		12,626		1,687,717
				8,379,165
Health Care Providers & Services — 5.4%
BioTelemetry, Inc. (United States)*		28,810		2,152,683
HealthEquity, Inc. (United States)*		19,942		1,604,932
				3,757,615
Health Care Technology — 3.9%
Teladoc, Inc. (United States) (a)*		41,890		2,696,041
Hotels, Restaurants & Leisure — 3.2%
Shake Shack, Inc., Class A (United States) (a)*		40,828		2,251,256

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

16

MFAM Small-Cap Growth ETF
Schedule of Investments (continued)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Machinery — 4.7%
John Bean Technologies Corp. (United States)		16,992	$	1,592,150
Proto Labs, Inc. (United States)*		14,914		1,685,133
				3,277,283
Pharmaceuticals — 3.0%
Akcea Therapeutics, Inc. (United States) (a)*		61,006		2,076,034
Real Estate Management & Development — 8.0%
Jones Lang LaSalle, Inc. (United States)		17,818		2,942,108
Newmark Group, Inc., Class A (United States)		285,715		2,645,721
				5,587,829
Road & Rail — 2.7%
Landstar System, Inc. (United States)		17,110		1,859,515
Software — 23.2%
Alarm.com Holdings, Inc. (United States)*		28,732		1,885,681
Everbridge, Inc. (United States) (a)*		47,206		3,337,936
Paylocity Holding Corp. (United States)*		44,250		3,874,973
Q2 Holdings, Inc. (United States)*		33,748		2,322,537
Smartsheet, Inc., Class A (United States)*		74,578		2,851,863
Zuora, Inc., Class A (United States)*		85,432		2,029,864
				16,302,854
Trading Companies & Distributors — 3.7%
Watsco, Inc. (United States)		17,936		2,580,811
Total Common Stocks (Cost $60,069,326)				68,005,556
Investments Purchased with Proceeds From Securities Lending Collateral — 9.7%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%		6,806,576		6,806,576
Total Investments Purchased with Proceeds From Securities Lending Collateral (Cost $6,806,576)				6,806,576
Short-Term Investments — 2.6%
First American Treasury Obligations Fund Class X, 2.31% (United States) (b)		1,804,241		1,804,241
Total Short-Term Investments (Cost $1,804,241)				1,804,241

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

17

MFAM Small-Cap Growth ETF
Schedule of Investments (concluded)
FEBRUARY 28, 2019 (Unaudited)

	Number of Shares	Value (Note 2)
Total Investments (Cost $68,680,143) — 109.7%		$	76,616,373
Liabilities in Excess of Other Assets — (9.7)%			(6,795,104	)
NET ASSETS — 100.0%
(Applicable to 2,950,000 shares outstanding)		$	69,821,269

^* Non-income producing security.

(a) All or a portion of the security is on loan. At February 28, 2019, the market value of securities on loan was $6,689,510.

(b) The rate shown is as of February 28, 2019.

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

18

Motley Fool ETFs
Statements of Assets and Liabilities
FEBRUARY 28, 2019 (Unaudited)

	Motley Fool 100 Index ETF		MFAM Small-Cap Growth ETF
ASSETS
Investments in securities, at value (cost $159,802,957 and $60,069,326, respectively)^	$	168,374,118	$	68,005,556
Investments purchased with proceeds from securities lending collateral, at value (cost $24,724,436 and $6,806,576, respectively)		24,724,436		6,806,576
Short-term investments, at value (cost $150,060 and $1,804,241, respectively)		150,060		1,804,241
Receivables for:
Dividends		202,287		52,120
Total assets		193,450,901		76,668,493
LIABILITIES
Payables for:
Securities lending collateral		24,724,436		6,806,576
Advisory fees		62,091		40,648
Total liabilities		24,786,527		6,847,224
Net assets	$	168,664,374	$	69,821,269
NET ASSETS CONSIST OF:
Par value	$	8,125	$	2,950
Paid-in capital		161,411,060		62,023,890
Total distributable earnings/(loss)		7,245,189		7,794,429
Net assets	$	168,664,374	$	69,821,269
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		8,125,000		2,950,000
Net asset value, price per share		20.76		23.67
^ Includes market value of securities on loan	$	24,068,184	$	6,689,510

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

19

Motley Fool ETFs
Statements of Operations
for the SIX MONTHS ended FEBRUARY 28, 2019 (Unaudited)

	Motley Fool 100 Index ETF			MFAM Small-Cap Growth ETF*
INVESTMENT INCOME
Dividends	$	949,870		$	112,605
Securities lending income		17,962			29,146
Total investment income		967,832			141,751
EXPENSES
Advisory fees (Note 3)		355,232			138,621
Total expenses		355,232			138,621
Net investment income/(loss)		612,600			3,130
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(1,401,655	)		(137,006	)
Net realized gain from redemption in-kind		204,003			(7,925	)
Net change in unrealized appreciation/(depreciation) on investments		(7,371,942	)		7,936,230
Net realized and unrealized gain/(loss) on investments		(8,569,594	)		7,791,299
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,956,994	)	$	7,794,429

^* Inception date of the Fund was October 29, 2018.

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

20

Motley Fool 100 Index ETF
Statements of Changes in Net Assets

	FOR THE SIX-MONTHS ENDED FEBRUARY 28, 2019 (UNAUDITED)			For the PERIOD Ended august 31, 2018(1)(2)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	612,600		$	411,326
Net realized gain/(loss) from investments		(1,197,652	)		197,085
Net change in unrealized appreciation/(depreciation) on investments		(7,371,942	)		15,943,103
Net increase/(decrease) in net assets resulting from operations		(7,956,994	)		16,551,514
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(793,681	)		—
Net decrease in net assets from dividends and distributions to shareholders		(793,681	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		39,851,600			131,864,333
Shares redeemed		(3,315,948	)		(7,536,450	)
Net increase/(decrease) in net assets from capital share transactions		36,535,652			124,327,883
Total increase/(decrease) in net assets		27,784,977			140,879,397
NET ASSETS:
Beginning of period		140,879,397			—
End of period	$	168,664,374		$	140,879,397
SHARES TRANSACTIONS:
Shares sold		1,925,000			6,750,000
Shares redeemed		(175,000	)		(375,000	)
Net increase/(decrease) in shares outstanding		1,750,000			6,375,000

⁽¹⁾ Inception date of the Fund was January 29, 2018.

⁽²⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 8 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $408,899.

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

21

MFAM Small-Cap Growth ETF
Statement of Changes in Net Assets

	FOR THE PERIOD ENDED FEBRUARY 28, 2019 (UNAUDITED)*
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	3,130
Net realized gain/(loss) from investments		(144,931	)
Net change in unrealized appreciation/(depreciation) on investments		7,936,230
Net increase/(decrease) in net assets resulting from operations		7,794,429
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		63,408,080
Shares redeemed		(1,381,240	)
Net increase/(decrease) in net assets from capital share transactions		62,026,840
Total increase/(decrease) in net assets		69,821,269
NET ASSETS:
Beginning of period		—
End of period	$	69,821,269
SHARES TRANSACTIONS:
Shares sold		3,025,000
Shares redeemed		(75,000	)
Net increase/(decrease) in shares outstanding		2,950,000

^* Inception date of the Fund was October 29, 2018.

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

22

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.

	SIX MONTHS ENDED FEBRUARY 28, 2019			For the Period Ended august 31,
	(Unaudited)			2018(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	22.10		$	20.00
Net investment income/(loss) (2)		0.09			0.08
Net realized and unrealized gain/(loss) from investments		(1.32	)		2.02
Net increase/(decrease) in net assets resulting from operations		(1.23	)		2.10
Dividends and distributions to shareholders from:
Net investment income		(0.11	)		—
Total dividends and distributions to shareholders		(0.11	)		—
Net asset value, end of period	$	20.76		$	22.10
Market value, end of period	$	20.75		$	22.13
Total investment return on net asset value(3)		(5.48	)%(5)		10.49	%(5)
Total investment return on market price (4)		(5.66	)%(5)		10.65	%(5)
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted)	$	168,664		$	140,879
Ratio of expenses to average net assets		0.50	%(6)		0.50	%(6)
Ratio of net investment income/(loss) to average net assets		0.86	%(6)		0.68	%(6)
Portfolio turnover rate		12	%(5)		10	%(5)

⁽¹⁾ Inception date of the Fund was January 29, 2018.

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

⁽³⁾ Total investment return on net asset value 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⁾ Total investment return on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

23

MFAM Small-Cap Growth ETF
Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) 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, 2019
	(Unaudited)(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	20.00
Net investment income/(loss) (2)		—	(3)
Net realized and unrealized gain/(loss) from investments		3.67
Net increase/(decrease) in net assets resulting from operations		3.67
Net asset value, end of period	$	23.67
Market value, end of period	$	23.72
Total investment return on net asset value(4)		18.34	%(6)
Total investment return on market price return/(loss)(5)		18.60	%(6)
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted)	$	69,821
Ratio of expenses to average net assets		0.85	%(7)
Ratio of net investment income/(loss) to average net assets		0.02	%(7)
Portfolio turnover rate		2	%(6)

⁽¹⁾ Inception date of the Fund was October 29, 2018.

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

⁽³⁾ Amount rounds to less than 0.01 per share.

⁽⁴⁾ Total investment return/(loss) on net asset value 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⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁶⁾ Not annualized.

⁽⁷⁾ Annualized.

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

24

Motley Fool ETFs
Notes to Financial Statements

FEBRUARY 28, 2019 (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 thirty-two separate investment portfolios, including the Motley Fool 100 Index ETF (the “Fool 100 Fund”) and the MFAM Small-Cap Growth ETF (“Small-Cap Growth Fund”) (formerly known as the Motley Fool Small-Cap Growth ETF) (each a “Fund” and together the “Funds”). The Fool 100 Fund and Small-Cap Growth Fund commenced investment operations on January 29, 2018 and October 29, 2018, respectively.

RBB has authorized capital of one hundred billion shares of common stock of which 87.223 billion shares are currently classified into one hundred and eighty-three classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of the Fool 100 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 “Fool 100 Index”). The Fool 100 Index was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of the Adviser, 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 or the highest-rated stocks in Fool IQ, the company’s analyst opinion database. Every company include in the Fool 100 Index is incorporated and listed in the U.S. The investment objective of the Small-Cap Growth Fund is to achieve 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, 2019, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2019, for the Fool 100 Fund and since inception period from October 29, 2018 through February 28, 2019 for the Small-Cap Growth Fund (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. 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 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.).

25

Motley Fool ETFs
Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

● 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:

fool 100 FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	168,374,118	$	168,374,118	$	—	$	—	$	—
Investments Purchased with Proceeds from Securities Lending Collateral		24,724,436		—		—		—		24,724,436
Short-Term Investments		150,060		150,060		—		—		—
Total Investments*	$	193,248,614	$	168,524,178	$	—	$	—	$	24,724,436

SMALL-CAP GROWTH FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	68,005,556	$	68,005,556	$	—	$	—	$	—
Investments Purchased with Proceeds from Securities Lending Collateral		6,806,576		—		—		—		6,806,576
Short-Term Investments		1,804,241		1,804,241		—		—		—
Total Investments*	$	76,616,373	$	69,809,797	$	—	$	—	$	6,806,576

^* Please refer to the Schedule of Investments for further details.

^{^} Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

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 Levels 1, 2 and 3 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.

26

Motley Fool ETFs
Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

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. 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 Level 3 transfers are disclosed if a Fund had an amount of total Level 3 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 Level 3 transfers.

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 (including amortization of premiums and accretion of discounts) 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 each Fund.

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. Additionally, each Fund reports details of distribution-related transactions on quarterly account statements. You may not receive a separate confirmation statement for these transactions.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Funds’ 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, the Funds expect the risk of material loss from such claims to be remote.

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.

TYPES OF FIXED-INCOME SECURITIES — Each 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, -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 S&P Global Ratings (“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

27

Motley Fool ETFs
Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

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.

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

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

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

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

3. INVESTMENT adviser and other services

Each Fund pays all of its expenses other than those expressly assumed by Motley Fool Asset Management, LLC (the “Adviser”). Expenses of each 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 each Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the Investment Advisory Agreements between the Adviser and the Company on behalf of each Fund. The Adviser is a wholly-owned subsidiary of Motley Fool Investment Management, LLC, which is a wholly owned subsidiary of The Motley Fool Holdings Inc. (“TMF

28

Motley Fool ETFs
Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

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 Funds compensate the Adviser with a unitary management fee for its services at an annual rate of 0.50% for the Fool 100 Fund and 0.85% for the Small-Cap Growth Fund; based on each 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 each 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 independent directors and their independent 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:

FUND	ADVISORY FEES
Fool 100 Fund	$	355,232
Small-Cap Growth Fund		138,621

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

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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.

Under the Fund’s unitary fee, the Adviser compensates Fund Services and the Custodian for its services provided.

DIRECTOR AND OFFICER 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 these services provided to the Company. An employee of RBB serves as Treasurer and Secretary, and is compensated for services provided. Under the Funds’ unitary fee, the Adviser compensates the Directors and Officers for their services. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Adviser. Neither the Funds nor the Company compensate this individual or Vigilant Compliance, LLC for the services provided to Motley Fool Asset Management.

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 Funds were as follows:

FUND	PURCHASES		SALES
Fool 100 Fund	$	18,871,029	$	18,174,821
Small-Cap Growth Fund		1,258,401		846,440

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

29

Motley Fool ETFs
Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

During the current fiscal period, aggregate purchases and sales and maturities of in-kind transactions of the Funds were as follows:

FUND	PURCHASES		SALES
Fool 100 Fund	$	38,830,546	$	3,259,505
Small-Cap Growth Fund		61,154,869		1,352,572

5. Federal Income tax information

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

As of August 31, 2018, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:

FUND

FEDERAL TAX COST

UNREALIZED APPRECIATION

UNREALIZED (DEPRECIATION)

NET UNREALIZED APPRECIATION/ (DEPRECIATION)

Fool 100 Fund

$

137,030,382

$

17,486,173

$

(1,744,766

)

$

15,741,427

Small-Cap Growth Fund

N/A

*

N/A

*

N/A

*

N/A

*

^* The Small-Cap Growth Fund had not commenced operations as of August 31, 2018.

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, 2018, primarily attributable to foreign currency transactions and in-kind redemptions gains, were reclassified among the following accounts:

FUND	UNDISTRIBUTED NET INVESTMENT INCOME/(LOSS)			ACCUMULATED NET REALIZED GAIN/(LOSS)			PAID-IN CAPITAL
Fool 100 Fund	$	(2,427	)	$	(553,223	)	$	555,650
Small-Cap Growth Fund		N/A	*		N/A	*		N/A	*

^* The Small-Cap Growth Fund had not commenced operations as of August 31, 2018.

30

Motley Fool ETFs
Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

As of August 31, 2018, 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)

Fool 100 Fund

$

408,899

$

—

$

(154,462

)

$

—

$

15,741,427

Small-Cap Growth Fund

N/A

*

N/A

*

N/A

*

N/A

*

N/A

*

^* The Small-Cap Growth Fund had not commenced operations as of August 31, 2018.

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, 2018, was as follows:

FUND	ORDINARY INCOME			LONG-TERM CAPITAL GAIN			TOTAL
Fool 100 Fund	$	—		$	—		$	—
Small-Cap Growth Fund		N/A	*		N/A	*		N/A	*

^* The Small-Cap Growth Fund had not commenced operations as of August 31, 2018.

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, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2018.

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, 2018, the Fool 100 Fund had unexpiring short-term losses of $154,462.

6. SHARE TRANSACTIONS

Shares of the Funds are listed and trade on the Cboe BZX Exchange, Inc. (the “Exchange”). Market prices for the shares may be different from their NAV. Each 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 each 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 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 each 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.

31

Motley Fool ETFs
Notes to Financial Statements (continued)

FEBRUARY 28, 2019 (Unaudited)

Each 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 each 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 each Fund for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with $0.001 par value per share. Shares of each Fund have equal rights and privileges.

7. SECURITIES LENDING

The Funds 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 100% of the current market value of the loaned securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Investments purchased with proceeds from securities lending are overnight and continuous. Securities lending will expose the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash 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:

FUND	MARKET VALUE OF SECURITIES LOANED		MARKET VALUE OF COLLATERAL		INCOME RECEIVED FROM SECURITIES LENDING
Fool 100 Fund	$	24,068,184	$	24,724,436	$	17,962
Small-Cap Growth Fund		6,689,510		6,806,576		29,146

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 AMOUNTs NOT OFFSET IN THE STATEMENTs OF ASSETS AND LIABILITIES
FUND	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTs OF ASSETS AND LIABILITIES		NET AMOUNTs OF ASSETS PRESENTED IN THE STATEMENTs OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENTS1			CASH COLLATERAL RECEIVED		NET AMOUNT2
Fool 100 Fund	$	24,068,184	$	—	$	24,068,184	$	(24,068,184	)	$	—	$	—
Small-Cap Growth Fund		6,689,510		—		6,689,510		(6,689,510	)		—		—

¹ Amount disclosed is limited to the amount of assets presented in the Statements 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.

32

Motley Fool ETFs
Notes to Financial Statements (concluded)

FEBRUARY 28, 2019 (Unaudited)

8. New accounting pronouncements and regulatory updates

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Funds’ financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

9. Subsequent Events

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

33

Motley Fool ETFs
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 SEC’s 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 (or successor Form). 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.

Approval of Investment advisory agreement

MFAM Small-Cap Growth ETF

As required by the 1940 Act, the Board, 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 Small-Cap Growth Fund (the “Fund”), at a meeting of the Board held on May 9-10, 2018 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an initial period ending August 16, 2019. The Board’s decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment. 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 proposed 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 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 the Adviser’s proposed services 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 arrangement with the Company and other similarly managed clients; (vii) the Adviser’s compliance policies and procedures; (viii) the Adviser’s financial information, insurance coverage and profitability analysis related to providing advisory services to the Fund; (ix) the extent to which economies of scale are relevant to the Fund; and (x) a report prepared by Broadridge/Lipper comparing the Fund’s management fees and total expense ratio to those of its Lipper peer 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 provided by the Adviser. The Directors concluded that the Adviser had substantial resources to provide services to the Fund and that the Adviser’s services were acceptable.

The Board also considered the proposed advisory fee rate to be 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 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.

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 fee proposed to be paid by the Fund was fair and reasonable and that the proposed Investment Advisory Agreement for the Fund should be approved for an initial term ending August 16, 2019.

34

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

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
Two Liberty Place
50 S 16^th St. Suite 2900
Philadelphia, PA 19102-2529

Legal Counsel

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

35

(This Page Intentionally Left Blank.)

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ORINDA FUNDS

SEMI-Annual Report

FEBRUARY 28, 2019

(UNAUDITED)

Orinda Income Opportunities Fund

of

the RBB Fund, Inc.

Class I Shares – OIOIX

Class A Shares – OIOAX

Class D Shares – OIODX

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-855-467-4632.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-855-467-4632 to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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
Financial Statements	12
Statement of Assets and Liabilities	12
Statement of Operations	14
Statements of Changes in Net Assets	15
Statement of Cash Flows	17
Financial Highlights	19
Notes to the Financial Statements	22
Notice to Shareholders	34

Orinda Income Opportunities Fund

Performance Data

february 28, 2019 (Unaudited)

Average Annual Total Returns for the Periods ended February 28, 2019
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class I Shares (No Load)	-0.30%	6.64%	8.01%	3.61%	3.97%
Bloomberg Barclays U.S. Aggregate Bond Index	1.99%	3.17%	1.69%	2.32%	2.48%

† Not annualized.

†† Inception date of Class I Shares of the Fund was June 28, 2013.

Until December 31, 2019, 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, 2019. The Fund’s expense ratio for the Class I Shares, as stated in the current prospectus, is 1.95%.

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 1-855-467-4632.

The Bloomberg Barclays 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, 2019 (Unaudited)

Average Annual Total Returns for the Periods ended February 28, 2019
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class A Shares (No Load)	-0.50%	6.29%	7.67%	3.30%	3.65%
Class A Shares (Load)	-5.47%	0.96%	5.85%	2.24%	2.72%
Bloomberg Barclays U.S. Aggregate Bond Index	1.99%	3.17%	1.69%	2.32%	2.48%

† Not annualized.

†† Inception date of Class A Shares of the Fund was June 28, 2013.

Until December 31, 2019, 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, 2019. The Fund’s expense ratio for the Class A Shares, as stated in the current prospectus, is 2.10%.

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 1-855-467-4632.

The Bloomberg Barclays 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, 2019 (Unaudited)

Average Annual Total Returns for the Periods ended February 28, 2019
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class D Shares (No Load)	-0.85%	5.55%	6.93%	2.60%	3.11%
Bloomberg Barclays U.S. Aggregate Bond Index	1.99%	3.17%	1.69%	2.32%	2.48%

† Not annualized.

†† Inception date of Class D Shares of the Fund was September 27, 2013.

Until December 31, 2019, 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, 2019. The Fund’s expense ratio for the Class D Shares, as stated in the current prospectus, is 2.95%.

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 1-855-467-4632.

The Bloomberg Barclays 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, 2019 (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, 2018 to February 28, 2019.

ACTUAL EXPENSES

The first section in the accompanying table provides information about actual account values and actual expenses. You may use the information in this section together with the amount you invested, to estimate the expenses that you 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 section 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 section 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 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.

	Beginning Account Value September 1, 2018		Ending Account VALUE February 28, 2019		Expenses Paid During Period*		ANNUALIZED EXPENSE RATIO			ACTUAL SIX-MONTH TOTAL INVESTMENT RETURN FOR THE FUND
Actual
Class I Shares	$	1,000.00	$	997.00	$	10.10		2.04	%		(0.30	)%
Class A Shares		1,000.00		995.00		11.48		2.32			(0.50	)
Class D Shares		1,000.00		976.38		12.72		3.05			(0.85	)
Hypothetical (5% return before expenses)
Class I Shares	$	1,000.00	$	1,014.68	$	10.19		2.04	%		N/A
Class A Shares		1,000.00		1,013.29		11.58		2.32			N/A
Class D Shares		1,000.00		1,009.67		15.20		3.05			N/A

^* Expenses are equal to the Funds’ Class I Shares, Class A Shares and Class D Shares annualized six-month expense ratios for the period September 1, 2018 to February 28, 2019, 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 Funds’ ending account values in the first section in the table is based on the actual six-month total investment return for the Funds’ respective share classes.

4

Orinda Income Opportunities Fund

Allocation Of Portfolio AssetS

february 28, 2019 (Unaudited)

Percentages represent market value as a percentage of net assets.

5

Orinda Income Opportunities Fund

Schedule Of Investments

February 28, 2019 (Unaudited)

COMMON STOCKS - 2.1%	number of Shares		Value
Energy - 1.2%
Energy Transfer Equity LP (a)		201,200	$	2,975,748
Real Estate - 0.9%
Brookfield Property Partners LP		95,800		1,877,680
Summit Industrial Income REIT (b)		50,000		426,308
				2,303,988
TOTAL COMMON STOCKS
(Cost $4,868,022)				5,279,736
REITS - 70.2%
Financials - 26.7%
AGNC Investment Corp. - Series C, 7.00% (3 Month LIBOR USD + 5.11%) (a)(c)		58,526		1,496,510
AGNC Investment Corp. - Series D, 6.88% (3 Month LIBOR USD + 4.33%) (c)		75,000		1,863,000
Annaly Capital Management, Inc. - Series F, 6.95% (3 Month LIBOR USD + 4.99%) (a)(c)		164,481		4,131,763
Annaly Capital Management, Inc. - Series G, 6.50% (3 Month LIBOR USD + 4.17%) (c)		34,270		821,452
Apollo Commercial Real Estate Finance, Inc.		100,000		1,816,000
Arbor Realty Trust, Inc. (a)		111,685		1,445,204
ARMOUR Residential REIT, Inc. - Series B, 7.88%		102,036		2,550,900
Blackstone Mortgage Trust, Inc. - Class A		40,000		1,379,200
Chimera Investment Corp. - Series A, 8.00% (a)		124,825		3,170,555
Chimera Investment Corp. - Series B, 8.00% (3 Month LIBOR USD + 5.79%) (a)(c)		214,385		5,447,523
Chimera Investment Corp. - Series C, 7.75% (3 Month LIBOR USD + 4.74%) (c)		132,000		3,257,760
Chimera Investment Corp. - Series D, 8.00% (3 Month LIBOR USD + 5.38%) (a)(c)		139,000		3,488,900
Exantas Capital Corp., 8.63% (3 Month LIBOR USD + 5.93%) (a)(c)		182,773		4,563,842
Granite Point Mortgage Trust, Inc.		181,100		3,444,522
Great Ajax Corp., 7.25%		24,350		609,237
Invesco Mortgage Capital, Inc. - Series C, 7.50% (3 Month LIBOR USD + 5.29%) (a)(c)		239,228		5,861,086
KKR Real Estate Finance Trust, Inc.		50,000		1,018,500
New Residential Investment Corp.		186,500		3,084,710
New York Mortgage Trust, Inc. - Series D, 8.00% (3 Month LIBOR USD + 5.70%) (c)		13,819		310,927
PennyMac Mortgage Investment Trust - Series A, 8.13% (3 Month LIBOR USD + 5.83%) (a)(c)		88,379		2,256,316
PennyMac Mortgage Investment Trust - Series B, 8.00% (3 Month LIBOR USD + 5.99%) (a)(c)		162,406		4,052,030
Redwood Trust, Inc.		101,300		1,549,890
Starwood Property Trust, Inc.		90,000		2,018,700
TPG RE Finance Trust, Inc.		111,200		2,226,224
Two Harbors Investment Corp. - Series A, 8.13% (3 Month LIBOR USD + 5.66%) (a)(c)		86,400		2,268,000
Two Harbors Investment Corp. - Series B, 7.63% (3 Month LIBOR USD + 5.35%) (c)		2,700		65,799
Two Harbors Investment Corp. - Series C, 7.25% (3 Month LIBOR USD + 5.01%) (a)(c)		77,619		1,876,051
Two Harbors Investment Corp. - Series E, 7.50% (a)		93,366		2,259,457
				68,334,058
Real Estate - 43.5%
American Homes 4 Rent - Series D, 6.50%		20,681		535,638
American Homes 4 Rent - Series E, 6.35%		16,181		414,719
American Homes 4 Rent - Series F, 5.88%		2,000		49,100
American Homes 4 Rent - Series G, 5.88%		2,891		71,812
American Homes 4 Rent - Series H, 6.25%		3,759		94,013

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

6

Orinda Income Opportunities Fund

Schedule Of Investments (Continued)

February 28, 2019 (Unaudited)

REITS - 70.2% (CONTINUED)	number of Shares		Value
Real Estate - 43.5% (Continued)
Ashford Hospitality Trust, Inc. - Series D, 8.45% (a)		145,495	$	3,701,393
Ashford Hospitality Trust, Inc. - Series F, 7.38% (a)		156,734		3,493,601
Ashford Hospitality Trust, Inc. - Series H, 7.50%		180,000		4,046,400
Ashford Hospitality Trust, Inc. - Series I, 7.50% (a)		232,210		5,199,182
Bluerock Residential Growth REIT, Inc. (a)		125,000		1,325,000
Bluerock Residential Growth REIT, Inc. - Series C, 7.63%		149,553		3,737,673
Bluerock Residential Growth REIT, Inc. - Series D, 7.13% (a)		77,899		1,869,576
Braemar Hotels & Resorts, Inc. - Series D, 8.25%		37,355		926,367
CBL & Associates Properties, Inc. - Series D, 7.38% (a)		207,263		2,706,855
City Office REIT, Inc. (a)		150,000		1,650,000
City Office REIT, Inc. - Series A, 6.63%		79,238		1,909,636
Colony Capital, Inc. - Series B, 8.25%		74,983		1,841,582
Colony Capital, Inc. - Series E, 8.75% (a)		411,404		10,367,381
Colony Capital, Inc. - Series G, 7.50%		78,247		1,799,681
Colony Capital, Inc. - Series H, 7.13% (a)		337,093		7,136,259
Colony Capital, Inc. - Series I, 7.15% (a)		288,680		6,215,280
Colony Capital, Inc. - Series J, 7.13%		245,900		5,257,342
Global Medical REIT, Inc. - Series A, 7.50% (a)		10,920		275,184
Global Net Lease, Inc.		189,503		3,380,733
Global Net Lease, Inc. - Series A, 7.25% (a)		122,780		3,149,307
Hersha Hospitality Trust - Series E, 6.50% (a)		183,123		4,274,091
Independence Realty Trust, Inc. (a)		60,000		621,600
Investors Real Estate Trust - Series C, 6.63% (a)		78,047		1,912,151
iStar, Inc. - Series D, 8.00% (a)		140,036		3,598,925
iStar, Inc. - Series I, 7.50% (a)		131,951		3,319,887
Jernigan Capital, Inc. - Series B, 7.00%		94,333		2,306,442
Kimco Realty Corp. - Series L, 5.125%		5,000		113,100
Monmouth Real Estate Investment Corp. - Series C, 6.13%		21,613		519,577
Pebblebrook Hotel Trust - Series D, 6.38%		19,623		499,013
Pennsylvania Real Estate Investment Trust - Series B, 7.38%		2,548		54,196
Pennsylvania Real Estate Investment Trust - Series C, 7.20%		9,986		202,216
QTS Realty Trust, Inc. - Series A, 7.13%		100,956		2,574,378
QTS Realty Trust, Inc. - Series B, 6.50%		10,085		1,057,816
RLJ Lodging Trust - Series A, 1.95% (a)(d)		409,129		10,256,864
Seritage Growth Properties - Series A, 7.00% (a)		80,732		1,986,815
Summit Hotel Properties, Inc. - Series E, 6.25%		20,125		448,787
UMH Properties, Inc. - Series C, 6.75%		50,000		1,276,500
UMH Properties, Inc. - Series D, 6.38% (a)		75,664		1,766,754
Washington Prime Group, Inc. - Series H, 7.50% (a)		102,021		2,253,644
Welltower, Inc.		15,296		1,136,646
WPT Industrial Real Estate Investment Trust (b)		12,300		165,189
				111,498,305
TOTAL REITS
(Cost $178,186,901)				179,832,363

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

7

Orinda Income Opportunities Fund

Schedule Of Investments (Continued)

February 28, 2019 (Unaudited)

PREFERRED STOCKS - 29.7%	number of Shares		Value
Energy - 8.5%
DCP Midstream LP - Series B, 7.88% (3 Month LIBOR USD + 4.92%) (a)(c)		95,000	$	2,301,850
DCP Midstream LP - Series C, 7.95% (3 Month LIBOR USD + 4.88%) (c)		2,000		49,580
Energy Transfer Partners LP - Series C, 7.38% (3 Month LIBOR USD + 4.53%) (a)(c)		155,905		3,783,815
Energy Transfer Partners LP - Series D, 7.63% (3 Month LIBOR USD + 4.74%) (a)(c)		115,906		2,839,697
GasLog Partners LP - Series A, 8.63% (3 Month LIBOR USD + 6.31%) (a)(b)(c)		41,500		1,043,725
GasLog Partners LP - Series B, 8.20% (3 Month LIBOR USD + 5.84%) (a)(b)(c)		46,000		1,118,260
GasLog Partners LP - Series C, 8.50% (3 Month LIBOR USD + 5.32%) (c)		25,000		611,750
NGL Energy Partners LP - Series B, 9.00% (3 Month LIBOR USD + 7.21%) (c)		99,760		2,362,317
NuStar Energy LP - Series A, 8.50% (3 Month LIBOR USD + 6.77%) (a)(c)		60,000		1,428,600
NuStar Energy LP - Series B, 7.63% (3 Month LIBOR USD + 5.64%) (a)(c)		25,000		536,500
NuStar Energy LP - Series C, 9.00% (3 Month LIBOR USD + 6.88%) (a)(c)		50,000		1,227,500
Teekay LNG Partners LP - Series B, 8.50% (3 Month LIBOR USD + 6.24%) (a)(b)(c)		105,673		2,546,719
Tsakos Energy Navigation Ltd. - Series E, 9.25% (3 Month LIBOR USD + 6.88%) (c)		26,300		582,545
Tsakos Energy Navigation Ltd. - Series F, 9.50% (3 Month LIBOR USD + 6.54%) (c)		59,256		1,333,260
				21,766,118
Financials - 12.2%
AG Mortgage Investment Trust, Inc. - Series A, 8.25%		11,000		279,070
AG Mortgage Investment Trust, Inc. - Series B, 8.00%		40,819		1,054,763
AGNC Investment Corp. - Series B, 7.75% (a)		90,783		2,319,506
Annaly Capital Management, Inc. - Series C, 7.63%		17,082		432,516
Annaly Capital Management, Inc. - Series D, 7.50% (a)		37,684		950,767
Apollo Commercial Real Estate Finance, Inc. - Series C, 8.00% (a)		276,336		7,184,736
Arbor Realty Trust, Inc. - Series A, 8.25%		27,800		706,120
Arbor Realty Trust, Inc. - Series B, 7.75%		18,323		463,022
Arbor Realty Trust, Inc. - Series C, 8.50% (a)		28,000		717,780
Capstead Mortgage Corp. - Series E, 7.50%		45,293		1,117,378
Cowen, Inc., 7.35% (a)		60,680		1,540,665
GMAC Capital Trust I - Series 2, 8.13% (3 Month LIBOR USD + 5.79%) (c)		110,000		2,858,900
Invesco Mortgage Capital, Inc. - Series A, 7.75% (a)		77,700		1,993,005
Invesco Mortgage Capital, Inc. - Series B, 7.75% (3 Month LIBOR USD + 5.18%) (a)(c)		165,097		4,376,722
MFA Financial, Inc. - Series B, 7.50% (a)		59,000		1,453,170
Oaktree Capital Group LLC - Series A, 6.63%		29,323		730,436
Oaktree Capital Group LLC - Series B, 6.55%		73,210		1,817,804
Ready Capital Corp., 7.00%		49,941		1,311,451
Virtus Investment Partners, Inc. - Series D, 7.25%		963		88,076
				31,395,887
Industrials - 0.7%
Seaspan Corp. - Series H, 7.88% (b)		44,575		1,067,571
Seaspan Corp. - Series I, 8.00% (3 Month LIBOR USD + 5.01%) (c)		30,000		741,300
				1,808,871
Real Estate - 8.1%
Ashford Hospitality Trust, Inc. - Series G, 7.38% (a)		246,668		5,303,362
Bluerock Residential Growth REIT, Inc. - Series A, 8.25% (a)		149,371		3,938,913
Hersha Hospitality Trust - Series D, 6.50% (a)		144,450		3,296,349
iStar, Inc. - Series G, 7.65%		98,831		2,444,091
Landmark Infrastructure Partners LP - Series B, 7.90%		51,884		1,268,045

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

8

Orinda Income Opportunities Fund

Schedule Of Investments (Continued)

February 28, 2019 (Unaudited)

PREFERRED STOCKS - 29.7% (CONTINUED)	number of Shares		Value
Real Estate - 8.1% (Continued)
Summit Hotel Properties, Inc. - Series D, 6.45%		11,879	$	281,889
UMH Properties, Inc. - Series B, 8.00% (a)		24,990		646,491
VEREIT, Inc. - Series F, 6.70% (a)		139,407		3,468,446
				20,647,586
Utilities - 0.2%
CMS Energy Corp., 5.88%		25,000		630,000
TOTAL PREFERRED STOCKS
(Cost $73,468,660)				76,248,462

CONVERTIBLE PREFERRED STOCKS - 2.9%
Real Estate - 2.9%
CorEnergy Infrastructure Trust, Inc. - Series A, 7.38%	161,865	4,023,964
Wheeler Real Estate Investment Trust, Inc. - Series D, 8.75% (a)	241,463	3,356,336
		7,380,300
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $9,659,970)		7,380,300

CONVERTIBLE BONDS - 1.3%	Principal Amount
Financials - 1.3%
Western Asset Mortgage Capital Corp. 6.75%, 10/01/2022 (a)	$	3,500,000	3,325,749
TOTAL CONVERTIBLE BONDS
(Cost $3,500,000)			3,325,749

CORPORATE BONDS - 0.3%
Real Estate - 0.3%
CBL & Associates Properties, Inc. 5.25%, 12/01/2023	1,000,000	820,000
TOTAL CORPORATE BONDS
(Cost $883,808)		820,000

EXCHANGE TRADED FUNDS - 0.7%
Alerian MLP ETF	90,000	872,100
Direxion Daily 20+ Year Treasury Bear 3x Shares	50,000	944,000
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,791,080)		1,816,100

MUTUAL FUNDS - 3.4%
Brookfield Real Assets Income Fund, Inc.	42,500	907,375
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.	45,243	1,065,473

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

9

Orinda Income Opportunities Fund

Schedule Of Investments (Continued)

February 28, 2019 (Unaudited)

MUTUAL FUNDS - 3.4% (CONTINUED)	Principal Amount		Value
Cohen & Steers Quality Income Realty Fund, Inc.	$	96,050	$	1,173,731
Cohen & Steers Select Preferred and Income Fund, Inc.		30,425		816,607
Nuveen Preferred Income Opportunities Fund		343,416		3,204,071
Oaktree Specialty Lending Corp.		314,027		1,632,940
TOTAL MUTUAL FUNDS
(Cost $8,075,067)				8,800,197

SHORT-TERM INVESTMENTS - 3.3%	Number of Shares
First American Treasury Obligations Fund, 2.33% (e)		8,340,598		8,340,598
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,340,598)				8,340,598
TOTAL INVESTMENTS
(Cost $288,774,106) - 113.9%				291,843,505
LIABILITIES IN EXCESS OF OTHER ASSETS - (13.9)%				(35,580,400	)
TOTAL NET ASSETS - 100.0%			$	256,263,105

Percentages are stated as a percent of net assets.

^(a) All or a portion of the security has been segregated for open short positions.

^(b) U.S. traded security of a foreign issuer or corporation.

^(c) Variable Rate Security. The rate shown represents the rate at February 28, 2019.

^(d) Non-income producing security.

^(e) Seven-day yield as of February 28, 2019.

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

10

Orinda Income Opportunities Fund

Schedule Of Securities Sold Short

February 28, 2019 (Unaudited)

EXCHANGE TRADED FUNDS - (1.6%)	number of Shares			Value
Vanguard REIT ETF		(50,000	)	$	(4,199,500	)
TOTAL EXCHANGE TRADED FUNDS
(Proceeds $4,183,298)					(4,199,500	)

REITS - (1.9%)
Real Estate - (1.9%)
Clipper Realty, Inc.	(24,208	)		(318,577	)
Colony Capital, Inc.	(500,886	)		(2,784,926	)
Omega Healthcare Investors, Inc.	(30,000	)		(1,077,000	)
Washington Prime Group, Inc.	(110,000	)		(635,800	)
				(4,816,303	)
TOTAL REITS
(Proceeds $5,010,101)				(4,816,303	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $9,193,399) - (3.5%)			$	(9,015,803	)

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

11

Orinda Income Opportunities Fund

Statement Of Assets And Liabilities

February 28, 2019 (Unaudited)

ASSETS
Investments in securities, at value (cost $280,433,508)	$	283,502,907
Short-term investments, at value (cost $8,340,598)		8,340,598
Receivables for:
Deposit at brokers		17,649,778
Dividends and interest		920,286
Capital shares sold		730,857
Investments sold		2,599,394
Return of capital		110,248
Prepaid expenses and other assets		33,679
Total assets		313,887,747
LIABILITIES
Securities sold short, at fair value (proceeds $9,193,399)		9,015,803
Payables for:
Loans payable		45,785,832
Investments purchased		1,988,271
Capital shares redeemed		237,673
Advisory fees		198,298
Distribution and service fees		172,038
Other accrued expenses and liabilities		226,727
Total liabilities		57,624,642
Net assets		256,263,105
NET ASSETS CONSIST OF:
Par value	$	11,869
Paid-in capital		277,133,928
Total distributable earnings/(loss)		(20,882,692	)
Net assets	$	256,263,105

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

12

Orinda Income Opportunities Fund

Statement Of Assets And Liabilities (Continued)

February 28, 2019 (Unaudited)

CLASS I SHARES:
Net assets	$	178,376,864
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		8,248,073
Net asset value and redemption price per share	$	21.63
CLASS A SHARES:
Net assets	$	58,700,160
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,721,064
Net asset value and redemption price per share	$	21.57
Maximum offering price per share (net asset value divided by 95.00%)	$	22.71
CLASS D SHARES:
Net assets	$	19,186,081
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		899,714
Net asset value and redemption price per share	$	21.32

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

13

Orinda Income Opportunities Fund

Statement Of Operations

For the six months Ended

February 28, 2019 (Unaudited)

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $10,199)	$	11,365,748
Interest income		241,145
Total investment income		11,606,893
EXPENSES
Advisory fees (Note 2)	$	1,212,542
Interest expense		780,636
Dividend expense on securities sold-short		180,051
Distribution fees - Class D Shares		96,143
Distribution fees - Class A Shares		55,452
Transfer agent fees (Note 2)		73,948
Shareholder service fees - Class I Shares		60,490
Shareholder service fees - Class A Shares		20,404
Shareholder services fee - Class D Shares		6,567
Administration and accounting fees (Note 2)		48,184
Registration and filing fees		31,863
Printing and shareholder reporting fees		19,755
Custodian fees (Note 2)		14,838
Audit and tax service fees		12,073
Director fees		7,134
Legal fees		6,483
Officer fees		5,474
Other expenses		5,439
Total expenses		2,637,476
Net investment income/(loss)	$	8,969,417
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments	$	(4,069,506	)
Foreign currency		15
Securities sold short		696,898
Written options		291,704
Net change in unrealized appreciation/(depreciation) on:
Investments		(7,247,868	)
Securities sold short		747,062
Written options		8,802
Net realized and unrealized gain/(loss) from investments		(9,572,893	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(603,476	)

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

14

Orinda Income Opportunities Fund

Statements Of Changes In Net Assets

	Six months ended february 28, 2019 (unaudited)			year ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	8,969,417		$	10,257,218
Net realized gain/(loss) from investments		(3,080,889	)		366,380
Net change in unrealized appreciation/(depreciation) on investments		(6,492,004	)		(6,832,121	)
Net increase/(decrease) in net assets resulting from operations		(603,476	)		3,791,477
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings
Class I Shares		(6,323,140	)		(9,743,270	)
Class A Shares		(1,398,344	)		(3,521,733	)
Class D Shares		(628,516	)		(901,477	)
Return of Capital
Class I Shares		—			(3,841,630	)
Class A Shares		—			(1,512,445	)
Class D Shares		—			(429,227	)
Net decrease in net assets from dividends and distributions to shareholders		(8,350,000	)		(19,949,782	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		48,723,308			87,993,743
Reinvestment of distributions		5,597,092			11,829,623
Shares redeemed		(61,893,318	)		(91,103,369	)
Total from Class I Shares		(7,572,918	)		8,719,997
Class A Shares
Proceeds from shares sold		34,480,358			38,525,832
Reinvestment of distributions		1,027,224			4,713,495
Shares redeemed		(21,736,382	)		(103,727,248	)
Total from Class A Shares		13,771,200			(60,487,921	)
Class D Shares
Proceeds from shares sold		1,708,721			2,988,921
Reinvestment of distributions		424,855			1,049,718
Shares redeemed		(2,578,876	)		(4,832,896	)
Total from Class D Shares		(445,300	)		(794,257	)
Net increase/(decrease) in net assets from capital share transactions		5,752,982			(52,562,181	)
Total increase/(decrease) in net assets		(3,200,494	)		(68,720,486	)
NET ASSETS:
Beginning of period		259,463,599			328,184,085
End of period	$	256,263,105		$	259,463,599

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 9 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Included in total dividends and distributions to shareholders were $(14,166,480) of net investment income and $ (5,783,302) of net return of capital during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $(68,353).

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

15

Orinda Income Opportunities Fund

Statements Of Changes In Net Assets (Continued)

	Six months ended february 28, 2019 (unaudited)			year ended August 31, 2018
SHARES TRANSACTIONS:
Class I Shares
Shares sold		2,326,735			3,923,521
Dividends and distributions reinvested		274,704			531,446
Shares redeemed		(2,938,742	)		(4,124,638	)
Net increase/(decrease)		(337,303	)		330,329
Class A Shares
Shares sold		1,671,553			1,709,837
Dividends and distributions reinvested		50,340			209,201
Shares redeemed		(1,039,236	)		(4,704,402	)
Net increase/(decrease)		682,657			(2,785,364	)
Class D Shares
Shares sold		80,781			135,346
Dividends and distributions reinvested		21,035			47,747
Shares redeemed		(124,190	)		(221,741	)
Net increase/(decrease)		(22,374	)		(38,648	)
Net increase/(decrease) in shares outstanding		322,980			(2,493,683	)

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

16

Orinda Income Opportunities Fund

Statement Of Cash Flows

	Six months ended february 28, 2019 (unaudited)			year ended August 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets resulting from operations	$	(603,476	)	$	3,791,477
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments		(184,797,176	)		(321,370,461	)
Purchases to cover securities sold short		(117,964,982	)		(650,366,400	)
Written options closed or exercised		(8,801	)		(18,408	)
Proceeds from sales of long-term investments		168,972,216			383,122,964
Proceeds from securities sold short		111,127,146			631,793,102
Premiums received on written options		300,506			510,947
Purchases of short-term investments, net		649,700			11,032,876
Return of capital and capital gain distributions received from underlying investments		458,020			11,438,744
Amortization and accretion of premium and discount		(12,267	)		(67,288	)
Net realized gain/(loss) on investments		4,069,506			(238,930	)
Net realized gain/(loss) on short transactions		(696,898	)		305,849
Net realized gain/(loss) on written options		(291,704	)		(433,286	)
Net realized gain/(loss) on foreign currency translation		(15	)		(13	)
Change in unrealized appreciation/(depreciation) on investments		7,247,868			6,210,189
Change in unrealized appreciation/(depreciation) on short transactions		(747,062	)		595,668
Change in unrealized appreciation/(depreciation) on written options		(8,802	)		26,264
Increases/(decreases) in operating assets:
Increase/(decrease) in dividends and interest receivable		4,200			504,171
Increase/(decrease) in deposits at broker for short sales		6,124,042			17,830,752
Increase/(decrease) in receivable for investment securities sold		(2,437,372	)		1,873,215
Increase/(decrease) in prepaid expenses and other assets		4,094			10,727
Increases/(decreases) in operating liabilities:
Increase/(decrease) in payable for investment securities purchased		1,929,087			(4,588,439	)
Increase/(decrease) in payable to advisor		(19,987	)		(59,698	)
Increase/(decrease) in payable for distribution and service fees		13,359			(132,392	)
Increase/(decrease) in other accrued expenses		103,823			65,896
Net cash used in operating activities		(6,584,975	)		91,837,526
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		84,931,766			129,515,596
Payment on shares redeemed		(86,162,226	)		(200,118,485	)
Cash distributions paid to shareholders		(1,300,829	)		(2,356,946	)
Increase/(decrease) in loan payable		9,116,264			(18,877,691	)
Net cash provided by financing activities		6,584,975			(91,837,526	)
Net change in cash		—			—
CASH:
Beginning balance		—			—
Ending balance	$	—		$	—

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

17

Orinda Income Opportunities Fund

Statement Of Cash Flows (continued)

	Six months ended february 28, 2019 (unaudited)			year ended August 31, 2018
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	$	780,636		$	1,374,465
Non-cash financing activities - distributions reinvested		7,049,171			17,592,836
Non-cash financing activities - increase/(decrease) in receivable for Fund shares sold		(19,379	)		(7,100	)
Non-cash financing activities - increase/(decrease) in payable for Fund shares redeemed		46,350			(454,972	)

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

18

Orinda Income Opportunities Fund

Financial Highlights

For a capital share outstanding throughout the period

	CLASS I SHARES
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			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	$	22.50		$	23.42		$	23.66		$	21.36		$	25.29		$	25.60		$	25.00
Income from Investment Operations:
Net investment income/(loss)1		0.80			0.86			0.63			1.10			0.99			1.15			0.59
Net realized and unrealized gain/(loss) on investments		(0.92	)		(0.17	)		(0.02	)		2.90			(3.36	)		0.12			0.50
Total from investment operations		(0.12	)		0.69			0.61			4.00			(2.37	)		1.27			1.09
Less Distributions:
Dividends from net investment income		(0.75	)		(1.15	)		(0.63	)		(1.10	)		(1.02	)		(1.39	)		(0.45	)
Distributions from net realized gains		—			—			—			—			—			(0.01	)		(0.04	)
Return of capital		—			(0.46	)		(0.22	)		(0.60	)		(0.54	)		(0.18	)		—
Total distributions		(0.75	)		(1.61	)		(0.85	)		(1.70	)		(1.56	)		(1.58	)		(0.49	)
Net asset value – End of period	$	21.63		$	22.50		$	23.42		$	23.66		$	21.36		$	25.29		$	25.60
Total return/(loss)		(0.30	)%5		3.24	%		2.62	%5		19.29	%		(9.81	)%		5.08	%		4.44	%5
Ratios and Supplemental Data:
Net assets, end of period (thousands)	$	178,377		$	193,184		$	193,361		$	180,360		$	121,400		$	151,017		$	72,370
Ratio of operating expenses to average net assets:
Before Recoupments/Reimbursements		2.04	%6		1.92	%		1.82	%6		2.01	%		1.85	%		1.64	%		1.96	%6
After Recoupments/Reimbursements		2.04	%6		1.92	%		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		0.80	%6		0.63	%		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		7.58	%6		3.83	%		5.33	%6		4.68	%		4.21	%		4.71	%		6.75	%6
After Recoupments/Reimbursements		7.58	%6		3.83	%		5.33	%6		4.68	%		4.22	%		4.65	%		7.09	%6
Portfolio turnover rate		61	%5		102	%		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.

19

Orinda Income Opportunities Fund

Financial Highlights (Continued)

For a capital share outstanding throughout the period

	CLASS A SHARES
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			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	$	22.46		$	23.33		$	23.58		$	21.31		$	25.25		$	25.57		$	25.00
Income from Investment Operations:
Net investment income/(loss)1		0.73			0.77			0.59			1.03			0.93			0.97			0.65
Net realized and unrealized gain/(loss) on investments		(0.89	)		(0.14	)		(0.02	)		2.88			(3.37	)		0.22			0.39
Total from investment operations		(0.16	)		0.63			0.57			3.91			(2.44	)		1.19			1.04
Less Distributions:
Dividends from net investment income		(0.73	)		(1.04	)		(0.60	)		(1.04	)		(0.96	)		(1.32	)		(0.43	)
Distributions from net realized gains		—			—			—			—			—			(0.01	)		(0.04	)
Return of capital		—			(0.46	)		(0.22	)		(0.60	)		(0.54	)		(0.18	)		—
Total distributions		(0.73	)		(1.50	)		(0.82	)		(1.64	)		(1.50	)		(1.51	)		(0.47	)
Net asset value – End of period	$	21.57		$	22.46		$	23.33		$	23.58		$	21.31		$	25.25		$	25.57
Total return/(loss)		(0.50	)%5		2.94	%		2.49	%5		18.90	%		(10.09	)%		4.79	%		4.22	%5
Ratios and Supplemental Data:
Net assets, end of period (thousands)	$	58,700		$	45,783		$	112,549		$	101,270		$	66,375		$	74,834		$	14,421
Ratio of operating expenses to average net assets:
Before Recoupments/Reimbursements		2.32	%6		2.07	%		2.12	%6		2.29	%		2.15	%		1.96	%		2.55	%6
After Recoupments/Reimbursements		2.32	%6		2.07	%		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		0.77	%6		0.51	%		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		6.97	%6		3.37	%		5.03	%6		4.34	%		3.97	%		4.53	%		5.45	%6
After Recoupments/Reimbursements		6.97	%6		3.37	%		5.03	%6		4.34	%		3.97	%		4.49	%		6.08	%6
Portfolio turnover rate		61	%5		102	%		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.

20

Orinda Income Opportunities Fund

Financial Highlights (Continued)

For a capital share outstanding throughout the period

	CLASS D SHARES
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			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	$	22.23		$	23.18		$	23.49		$	21.25		$	25.17		$	25.51		$	25.01
Income from Investment Operations:
Net investment income/(loss)1		0.69			0.63			0.51			0.87			0.82			0.92			0.53
Net realized and unrealized gain/(loss) on investments		(0.92	)		(0.16	)		(0.02	)		2.88			(3.37	)		0.07			0.44
Total from investment operations		(0.23	)		0.47			0.49			3.75			(2.55	)		0.99			0.97
Less Distributions:
Dividends from net investment income		(0.68	)		(0.96	)		(0.58	)		(0.90	)		(0.83	)		(1.14	)		(0.43	)
Distributions from net realized gains		—			—			—			—			—			(0.01	)		(0.04	)
Return of capital		—			(0.46	)		(0.22	)		(0.61	)		(0.54	)		(0.18	)		—
Total distributions		(0.68	)		(1.42	)		(0.80	)		(1.51	)		(1.37	)		(1.33	)		(0.47	)
Net asset value – End of period	$	21.32		$	22.23		$	23.18		$	23.49		$	21.25		$	25.17		$	25.51
Total return/(loss)		(0.85	)%5		2.23	%		2.13	%5		18.10	%		(10.56	)%		3.97	%		3.95	%5
Ratios and Supplemental Data:
Net assets, end of period (thousands)	$	19,186		$	20,497		$	22,274		$	23,963		$	21,405		$	23,336		$	12,450
Ratio of operating expenses to average net assets:
Before Recoupments/Reimbursements		3.05	%6		2.93	%		2.79	%6		2.98	%		2.81	%		2.70	%		2.77	%6
After Recoupments/Reimbursements		3.05	%6		2.93	%		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		0.80	%6		0.64	%		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		6.64	%6		2.90	%		4.36	%6		3.76	%		3.32	%		3.75	%		7.62	%6
After Recoupments/Reimbursements		6.64	%6		2.90	%		4.36	%6		3.76	%		3.46	%		3.69	%		7.72	%6
Portfolio turnover rate		61	%5		102	%		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.

21

Orinda Income Opportunities Fund

Notes To Financial Statements

February 28, 2019 (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 thirty-two separate 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 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 87.223 billion shares are currently classified into one hundred and eighty-three 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, 2019 and the period covered by these Notes to Financial Statements is the six months ended February 28, 2019 (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 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

22

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

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.

The following is a summary of 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
Assets
Common Stocks
Energy	$	2,975,748	$	2,975,748	$	—	$	—
Real Estate		2,303,988		2,303,988		—		—
Total Common Stocks		5,279,736		5,279,736		—		—
REITs
Financials		68,334,058		68,334,058		—		—
Real Estate		111,498,305		109,511,490		1,986,815		—
Total REITs		179,832,363		177,845,548		1,986,815		—
Preferred Stocks
Energy		21,766,118		21,766,118		—		—
Financials		31,395,887		30,678,107		717,780		—
Industrials		1,808,871		1,808,871		—		—
Real Estate		20,647,586		19,379,541		1,268,045		—
Utilities		630,000		630,000		—		—
Total Preferred Stocks		76,248,462		74,262,637		1,985,825		—
Convertible Preferred Stocks
Real Estate		7,380,300		7,380,300		—		—
Total Convertible Preferred Stocks		7,380,300		7,380,300		—		—
Convertible Bonds
Financials		3,325,749		—		3,325,749		—
Total Convertible Bonds		3,325,749		—		3,325,749		—
Corporate Bonds
Real Estate		820,000		—		820,000		—
Total Corporate Bonds		820,000		—		820,000		—
Exchange Traded Funds		1,816,100		1,816,100		—		—
Mutual Funds		8,800,197		8,800,197		—		—
Short-Term Investments		8,340,598		8,340,598		—		—
Total Investments in Securities	$	291,843,505	$	283,725,116	$	8,118,389	$	—
Total Assets	$	291,843,505	$	283,725,116	$	8,118,389	$	—

23

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

FAIR VALUE MEASUREMENTS (continued)

	Total		Level 1		Level 2		Level 3
Liabilities
Securities Sold Short	$	9,015,803	$	9,015,803	$	—	$	—
Total Liabilities	$	9,015,803	$	9,015,803	$	—	$	—

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 Levels 1, 2 and 3 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 Level 3 transfers are disclosed if the Fund had an amount of Level 3 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 Fund had no Level 3 transfers.

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 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.

24

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

The following tables provide quantitative disclosures about gains and losses on the Fund’s derivative instruments for the current fiscal period.

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	$	(375,616	)
Written Options	Net realized gain/(loss) from written options		291,704
Total Realized Gain/(Loss)		$	(83,912	)

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	$	—
Written Options	Net change in unrealized appreciation/(depreciation) on written options		8,802
Total Change in Unrealized Appreciation/(Depreciation)		$	8,802

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)
$ 320,452	$ (99,375)

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.

25

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

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 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.

26

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

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 (including amortization of premiums and accretion of discounts) 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 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.

27

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

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. 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

28

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

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, the Fund expects the risk of material loss from such claims to be remote.

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, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2019.

Advisory	Expense Caps
Fee	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

$ 1,212,542

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, 2019, the Adviser had no fees left to recoup. During the periods ended August 31, 2018, 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.

29

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

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

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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 paid to Fund Services and the Custodian, 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 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

Prior to January 1, 2019, Class I, Class A, and Class D Shares of the Fund paid the Adviser a monthly fee of up to 0.10%, 0.15% and 0.10% respectively of the Fund’s average daily net assets pursuant to a Shareholder Servicing agreement (the “Agreement”). Payments to the Adviser under the Agreement could reimburse the Adviser for payments it made 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. From September 1, 2018 until January 1, 2019, the Fund incurred shareholder servicing fees as follows:

	Shareholder servicing fees
Class I	$	60,490
Class A		20,404
Class D		6,567

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

30

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

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
$ 184,797,176	$ 168,972,216

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.

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 $163,640,220. The Fund had an outstanding average daily balance and a weighted average interest rate of $43.3 million and 3.59%, respectively. The maximum amount outstanding for the Fund during the reporting period was $72,279,730.

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.

As of August 31, 2018, 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)
$ 263,758,368	$ 15,154,017	$ (7,787,429)	$ 7,366,588

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.

31

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

The following permanent differences as of August 31, 2018, were reclassified to the following accounts:

Undistributed Net Investment Income/(Loss)	accumulated net realized gain/(loss)	paid-in capital
$ 3,869,143	$ (441,589)	$ (3,427,554)

As of August 31, 2018, 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	Other Differences	Total
$ —	$ —	$ 7,366,588	$ (19,262,005)	$ (33,799)	$ (11,929,216)

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, 2018, were as follows:

ordinary income	Long-term capital gains	return of capital
$ 14,166,480	$ —	$ 5,783,302

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

8. OTHER TAX INFORMATION (UNAUDITED)

For the fiscal period ended August 31, 2018, 50.48% 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, 56.23% of the dividend income distributed for the period ended August 31, 2018 is designated as qualified dividend income under the Jobs and Growth Relief Act of 2003.

9. NEW ACCOUNTING PRONOUNCEMENTS and regulatory updates

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Fund’s financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on

32

Orinda Income Opportunities Fund

Notes To Financial Statements (Continued)

February 28, 2019 (Unaudited)

the Statements of Changes in Net Assets and removes the requirement for disclosure of undistributed/accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

10. 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.

33

Orinda Income Opportunities Fund

Notice To Shareholders

february 28, 2019 (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 SEC’s 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, 2018

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 (or successor Form). The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov. 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.

34

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Investment Adviser

Orinda Asset Management LLC

3390 Mt. Diablo Boulevard, Suite 250

Lafayette, CA 94549

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

Two Liberty Place

50 S 16th St Suite 2900

Philadelphia, PA 19102-2529

Legal Counsel

Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

OR-SAR19

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, 2019
(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-888-520-3277.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-888-520-3277 to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Performance Data
February 28, 2019 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2019
	Six Months†	1 Year	5 Years	10 Years	Since Inception*
Schneider Small Cap Value Fund	-24.38%	-10.97%	-0.16%	14.18%	11.50%
Russell 2000® Value Index	-8.59%	4.42%	6.48%	15.43%	9.38%**

† 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, 2019, to the extent that total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) exceed 1.15%. Total returns shown include fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waiver or reimbursement of fees and expenses in excess of expense limitations. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-888-520-3277. The Fund’s gross and net annual operating expenses, as stated in the current prospectus, are 1.52% and 1.16%, 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 Example

February 28, 2019 (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, 2018 through February 28, 2019, 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, 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, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual	$1,000.00	$756.20	$5.01	1.15%	-24.38%
Hypothetical (5% return before expenses)	1,000.00	1,019.09	5.76	1.15	N/A

^* Expenses are equal to the Fund’s annualized six-month expense ratio for the period September 1, 2018 to February 28, 2019, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account values on the first line in the table is based on the actual six-month total investment return for the Fund.

2

SCHNEIDER SMALL CAP VALUE FUND

Portfolio Holdings Summary Table

February 28, 2019 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Oil & Gas		15.8	%	$	5,449,642
Mining		10.6			3,671,481
Insurance		8.3			2,861,642
Machinery - Diversified		8.2			2,825,921
Telecommunications		7.5			2,592,596
Banks		7.4			2,544,081
Commercial Services		7.4			2,539,012
Real Estate Investment Trust		6.5			2,259,006
Chemicals		5.5			1,889,302
Auto Parts & Equipment		5.0			1,744,720
Transportation		4.8			1,671,422
Manufacturing		3.4			1,180,095
Plastics Product Manufacturing		2.8			954,210
Oil & Gas Services		2.5			852,273
Retail		1.4			488,815
Pharmaceuticals		1.2			422,723
Building Materials		1.2			402,981
Depository Credit Intermediation		0.2			56,941
Grain and Oilseed Milling		0.0			5,308
Investments Purchased with Proceeds from Securities Lending Collateral		13.6			4,688,513
Short-Term Investments		0.3			104,686
Liabilities In Excess Of Other Assets		(13.6	)		(4,681,219	)
NET ASSETS		100.0	%	$	34,524,151

Portfolio holdings are subject to change at any time.

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

SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.7%
Auto Parts & Equipment — 5.0%
Adient PLC		89,749	$	1,744,720
Banks — 7.4%
HomeStreet, Inc.*		60,510		1,688,229
KeyCorp		26,983		476,523
MidWestOne Financial Group, Inc.		12,201		379,329
				2,544,081
Building Materials — 1.2%
Builders FirstSource, Inc.*		28,929		402,981
Chemicals — 5.5%
Koppers Holdings, Inc.*		35,862		881,847
Venator Materials PLC*		171,045		1,007,455
				1,889,302
Commercial Services — 7.4%
Herc Holdings, Inc.*		47,167		2,075,348
Hudson Global, Inc.*		299,138		463,664
				2,539,012
Depository Credit Intermediation — 0.2%
Synovus Financial Corp.		1,435		56,941
Grain and Oilseed Milling — 0.0%
Bunge Ltd.		100		5,308
Insurance — 8.3%
Assured Guaranty Ltd.		28,926		1,207,950
Brighthouse Financial, Inc.*		42,709		1,653,692
				2,861,642
Machinery - Diversified — 8.2%
Intevac, Inc.*		446,433		2,825,921
Manufacturing — 3.4%
Arconic, Inc.		7,443		137,621
Intrepid Potash, Inc.*		111,380		423,244
Manitowoc Company, Inc., (The)*		33,438		601,550
REV Group, Inc.		2,000		17,680
				1,180,095
Mining — 10.6%
C&J Energy Services, Inc.*		88,664		1,531,227
Transocean Ltd.*		261,965		2,140,254
				3,671,481
Oil & Gas — 15.8%
Chesapeake Energy Corp.*(a)		832,345		2,463,741
Halcon Resources Corp.*(a)		1,111,401		1,667,101
MRC Global, Inc.*		20,331		342,781
Whiting Petroleum Corp.*		40,050		976,019
				5,449,642
Oil & Gas Services — 2.5%
Weatherford International PLC*		1,320,125		852,273
Pharmaceuticals — 1.2%
Mallinckrodt PLC*		16,936		422,723
Plastics Product Manufacturing — 2.8%
Newell Brands, Inc.		58,793		954,210
Real Estate Investment Trust — 6.5%
Alexander & Baldwin, Inc.		30,562		700,787
Boardwalk Real Estate Investment Trust		49,991		1,558,219
				2,259,006
Retail — 1.4%
Tuesday Morning Corp.*(a)		177,751		488,815
Telecommunications — 7.5%
Aviat Networks, Inc.*		183,442		2,481,966
UTStarcom Holdings Corp.*		28,222		110,630
				2,592,596
Transportation — 4.8%
Ardmore Shipping Corp.*		73,135		411,750
Scorpio Tankers, Inc.		59,045		1,087,018
Stolt-Nielsen Ltd.		12,875		172,654
				1,671,422
TOTAL COMMON STOCKS
(Cost $45,215,265)				34,412,171
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL — 13.6%
Mount Vernon Liquid Assets Portfolio, LLC, 2.58%		4,688,513		4,688,513
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $4,688,513)				4,688,513

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

SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments (concluded)

February 28, 2019 (Unaudited)

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 0.3%
First American Government Obligations Fund, Class X, 2.33%(b)		104,686	$	104,686
TOTAL SHORT-TERM INVESTMENTS (Cost $104,686)				104,686
TOTAL INVESTMENTS — 113.6%
(Cost $50,008,464)				39,205,370
LIABILITIES IN EXCESS OF OTHER ASSETS — (13.6)%				(4,681,219	)
NET ASSETS — 100.0%			$	34,524,151

^* Non-income producing security.

PLC Public Limited Company

(a) All or a portion of the security is on loan. At February 28, 2019, the market value of securities on loan was $4,359,858.

(b) Seven day yield as of February 28, 2019.

Industry classifications may be different than those used for compliance monitoring purposes.

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

SCHNEIDER SMALL CAP VALUE FUND

Statement of Assets and Liabilities

February 28, 2019 (Unaudited)

ASSETS
Investments, at value^ (cost $45,215,265)	$	34,412,171
Investments purchased with proceeds from securities lending collateral, at value (cost $4,688,513)		4,688,513
Short-term investments, at value (cost $104,686)		104,686
Receivables for:
Investments sold		56,337
Dividends		25,952
Prepaid expenses		20,929
Total assets		39,308,588
LIABILITIES
Payables for:
Securities lending collateral		4,688,513
Investments purchased		45,470
Advisory fees		10,034
Other accrued expenses and liabilities		40,420
Total liabilities		4,784,437
Net assets	$	34,524,151
NET ASSETS CONSIST OF:
Par value	$	3,753
Paid-in capital		46,725,666
Total distributable earnings/(loss)		(12,205,268	)
Net assets	$	34,524,151
CAPITAL SHARES:
Net assets	$	34,524,151
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		3,753,285
Net asset value, offering and redemption price per share)	$	9.20
^Includes market value of securities on loan	$	4,359,858

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

SCHNEIDER SMALL CAP VALUE FUND

Statement of Operations

For the SIX MONTHS Ended February 28, 2019 (Unaudited)

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $3,106)	$	104,841
Securities lending income (Note 6)		39,212
Total investment income		144,053
EXPENSES
Advisory fees (Note 2)		186,507
Administration and accounting services fees (Note 2)		23,068
Audit and tax services fees		18,749
Transfer agent fees (Note 2)		16,557
Registration and filing fees		13,877
Legal fees		13,356
Printing and shareholder reporting fees		9,430
Custodian fees (Note 2)		7,723
Officer fees		7,178
Director fees		5,892
Other expenses		5,705
Total expenses		308,042
Less: waivers (Note 2)		(93,558	)
Net expenses after waivers		214,484
Net investment income/(loss)		(70,431	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		1,452,094
Net change in unrealized appreciation (depreciation) on investments		(12,906,926	)
Net realized and unrealized gain/(loss) on investments		(11,454,832	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,525,263	)

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

SCHNEIDER SMALL CAP VALUE FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	(70,431	)	$	89,209
Net realized gain/(loss) from investments		1,452,094			6,075,346
Net change in unrealized appreciation/(depreciation) on investments		(12,906,926	)		3,706,524
Net increase/(decrease) in net assets resulting from operations		(11,525,263	)		9,871,079
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(6,754,748	)		(8,975,989	)
Net decrease in net assets from dividends and distributions to shareholders		(6,754,748	)		(8,975,989	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		207,613			620,859
Reinvestment of distributions		6,588,373			7,194,872
Redemption fees*		—			6,043
Shares redeemed		(1,253,494	)		(3,126,057	)
Net increase/(decrease) in net assets from capital shares		5,542,492			4,695,717
Total increase/(decrease) in net assets		(12,737,519	)		5,590,807
NET ASSETS:
Beginning of period		47,261,670			41,670,863
End of period	$	34,524,151		$	47,261,670
SHARES TRANSACTIONS:
Shares sold		20,043			40,988
Dividends and distributions reinvested		697,182			497,227
Shares redeemed		118,349			(204,987	)
Net increase/(decrease) in shares outstanding		835,574			333,228

^* 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 fee 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.

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 7 for more details on the Securities and Exchange Commission’s (“SEC”) Final Rule on Disclosure Update and Simplification. Included in total dividends and distributions to shareholders was $(188,429) of net investment income/(loss) and $(8,787,560) of net realized capital gains during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $0.

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

SCHNEIDER SMALL CAP VALUE FUND

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), 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, 2019			For the Years Ended August 31,
	(Unaudited)			2018			2017			2016			2015			2014
Per Share Operating Performance
Net asset value, beginning of period	$	16.20		$	16.12		$	13.26		$	11.00		$	20.16		$	21.07
Net investment income/(loss) (1)		(0.02	)		0.03			(0.06	)		0.03			(0.01	)		(0.09	)
Net realized and unrealized gain/(loss) on investments		(4.64	)		3.55			2.89			2.29			(4.53	)		2.63
Net increase/(decrease) in net assets resulting from operations		(4.66	)		3.58			2.83			2.32			(4.54	)		2.54
Dividends and distributions to shareholders from:
Net investment income		—			(0.07	)		—			(0.03	)		—			—
Net realized capital gain		(2.34	)		(3.43	)		—			(0.03	)		(4.58	)		(3.45	)
Tax return of capital		—			—			—			—			(0.04	)		—
Total dividends and distributions to shareholders		(2.34	)		(3.50	)		—			(0.06	)		(4.62	)		(3.45	)
Redemption fees		—			—	(2)		0.03			—	(2)		—	(2)		—	(2)
Net asset value, end of period	$	9.20		$	16.20		$	16.12		$	13.26		$	11.00		$	20.16
Total investment return/(loss) (3)		(24.38	)%(5)		24.86	%		21.57	%		21.15	%		(25.88	)%		12.59	%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$	34,524		$	47,262		$	41,671		$	36,874		$	30,387		$	61,240
Ratios 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 reimbursements		1.65	%(6)		1.51	%		1.57	%		2.13	%		1.82	%		1.52	%
Ratio of net investment income/(loss) to average net assets (4)		(0.38	)%(6)		0.22	%		(0.37	)%		0.23	%		(0.05	)%		(0.44	)%
Portfolio turnover rate		44	%(5)		84	%		138	%		114	%		89	%		72	%

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

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

(3) Total investment return/(loss) 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.
9

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements

February 28, 2019 (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 thirty-two separate 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 87.223 billion shares are currently classified into one hundred and eighty-three 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, 2019, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2019 (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.

10

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2019 (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		Investments Measured at Net Asset Value*
Common Stocks	$	34,412,171	$	34,412,171	$	—	$	—	$	—
Investments Purchased with Proceeds from Securities Lending Collateral		4,688,513		—		—		—		4,688,513
Short-Term Investments		104,686		104,686		—		—		—
Total**	$	39,205,370	$	34,516,857	$	—	$	—	$	4,688,513

^* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

^** 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 Levels 1, 2 and 3 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. 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 Level 3 transfers are disclosed if the Fund had an amount of total Level 3 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 Level 3 transfers.

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 (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded

11

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

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 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 fee 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.

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 a 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.

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, the Fund expects the risk of material loss from such claims to be 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.

12

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

This contractual limitation is in effect until December 31, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2019. 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%

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

Gross Advisory Fees	Waivers	Net Advisory Fees
$186,507	$(93,558)	$92,949

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

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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 paid to Fund Services and the Custodian, please refer to the Statement of Operations.

3. Director and Officer 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 Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer 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
$18,866,657	$16,296,319

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

13

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

5. Federal Income Tax Information

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

As of August 31, 2018, 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)
$49,781,265	$6,889,101	$(5,675,541)	$1,213,560

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, 2018, 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
$99,220	$(99,220)	$—

As of August 31, 2018, 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
$4,141,093	$720,090	$1,213,560	$—

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, 2018 was as follows:

Ordinary Income		Long-Term Gains		Return of Capital		Total
$	7,656,035	$	1,319,954	$	—	$	8,975,989

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

14

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

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. As of August 31, 2018, the Fund had no tax basis capital loss carryovers to offset future capital gains.

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. Investments purchased with proceeds from securities lending are overnight and continuous. 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 cash 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
$4,359,858	$4,688,513	$39,212

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	FAIR VALUE CASH COLLATERAL RECEIVED	NET AMOUNT2
$4,359,858	$—	$4,359,858	$(4,359,858)	$—	$—

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.

7. NEW ACCOUNTING PRONOUNCEMENTS and regulatory updates

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13

15

SCHNEIDER SMALL CAP VALUE FUND

Notes to Financial Statements (Concluded)

February 28, 2019 (Unaudited)

are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Fund’s financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

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.

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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 SEC’s 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 or successor Form. The Company’s Form N-Q is available on the SEC website at http://www.sec.gov.

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-SAR19

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, 2019
(Unaudited)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-855-744-8500.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-855-744-8500 to inform the Funds that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Funds.

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, 2019 (Unaudited)

Dear Shareholders:

We are grateful for the trust you’ve placed in Summit Global Investments (SGI). We know that it’s because of your trust we are able to do what we love and what we enjoy. Not too long ago my son came home with an assignment to interview me. The question went something like this, “Dad, if you could do anything in this world what would it be?” I realized I had a great opportunity and I said, “If I could be anything in the world, full time, I’d just be your dad and not work at all.” He quickly corrected me and said, “Come on be serious, as a job dad!” I was then able to explain to him that I already have the best job in the world. I love what I do every day. And I sincerely thank you again for your trust and the opportunity to manage your assets.

Our equity strategies focus on managing equity risk and hopefully providing strong returns too. We do not bat a thousand. Surely the market can make a quick fool out of anyone professing such perfection. This is not the design of SGI. We cannot control return. All we can control is how closely we follow our processes and how well our processes are designed. Do they account for the various market environments? Are they adhered to throughout all environments?

In speaking about the markets, I often say that equity markets are like the tide raising all boats in an up market. The difference, I profess, is in the boats, especially those with gaping holes in them. This is why I feel it is so vital to understand the downside risk of each company we invest in. Downside analysis is critical. Again, you can’t eliminate all idiosyncratic risk and you will not walk between the rain drops, but if you look at our record, though you may not appreciate such philosophy or processes, you can understand we adhere to such investment principles and philosophy.

SGI funds are managed using both quantitative and fundamental disciplines. Our multi-factor quantitative process seeks to identify stocks with excellent risk/reward characteristics while our fundamental process allows us to identify and analyze risks that a purely quantitative process may miss, such as idiosyncratic risks that are not priced in to a stock. For example, CEO turnover, aggressive accounting, labor disputes, litigation, investigations, dishonesty, lack of integrity, etc.

During the past twelve months the top sectors for Large Cap were Health Care and Communications whereas the bottom sectors were Consumer Discretionary and Energy. For Small Cap the top sectors were Information Technology and Consumer Discretionary whereas the bottom sectors were Communications and Energy. And finally, for Global the top sectors were Consumer Staples and Information Technology whereas the bottom sectors were Industrials and Communications.

MARKET UPDATE

During the past twelve months, equity markets were mixed. Returns and volatility had three distinct regimes over the last year. During the spring and summer volatility was low and returns were consistently positive. Once the leaves changed volatility returned with a vengeance and took havoc on the market. This steep decline in the fourth quarter was then followed by an equally impressive recovery through the first two months of 2019.

These distinct regimes can be visibly seen through analysis of stock market volatility, as defined by the VIX Index^®* (some may call the VIX index the “Index of Fear” due to the fact that it rises when markets tend to fall). The summer months saw record low VIX Index^® levels with the benchmark level range bound between 10 and 20 for nearly 6 months. October saw a spike of volatility that persisted through the fourth quarter, resulting in an average value of about 25. At its apex, VIX spiked to over 36 on Christmas Eve. After that jolt, volatility began to steadily decline into the third different regime. In this regime the VIX Index^® has begun to oscillate again between the low volatility values of 10 and 20.

The stories in the summer were accommodative monetary policy and a relatively healthy U.S. economy, strong corporate earnings growth, and a strong dollar. Once the fall arrived, the Federal Reserve (the “Fed”) policy became the main driver of the market with the trade war and declining economic growth expectations also playing a role. In October, the Fed came out with a very hawkish tone by saying the rates were nowhere near normal and that the economy was

1

SUMMIT GLOBAL INVESTMENTS

Semi-Annual Investment Adviser’s Report (CONTINUED)
February 28, 2019 (Unaudited)

strong. This hawkish tone sent waves of fear and created spiked volatility and a drop in the equity markets. As we approached the end of the year it was becoming clear that the economy was just going to grow at a “disappointing” rate of approximately 3% for 2018 and even lower 2% to 3% rate for 2019.

The Fed, despite the pleading of many investment professionals and maybe in spitefulness to a pleading President, decided to raise rates again in December. This increased the benchmark funds rate from 2.25 percent to 2.5 percent. This increase was the fourth in 2018 and ninth over the last few years. This increase also jolted the markets and culminated with the worst Christmas Eve ever on record. At this point the Fed was signaling for 2 rate hikes in 2019, though the market was predicting zero.

Leading into the new year the Fed has become more dovish and data dependent. This helped create the tailwind behind a tremendous January and February as the market recaptured most of its losses from the fourth quarter.

Oil prices, defined by the WTI Cushing Crude Oil Index^**, followed a similar pattern as the market over the last year. A slow consistently positive performance reached its maximum in early October at a price of over $76, but then collapsed in the face of economic and interest rate uncertainty. The price dropped dramatically through the end of December with a low of about $42.50. Oil recovered as the market bounced back resulting in a price of $55.80 at the end of February.

OUTLOOK

Our optimistic outlook in our previous letter has shifted to be more cautiously optimistic at this time. We remain optimistic that the current US economic expansion grows at 2% to 3% GDP, and we expect the Fed to be more accommodating. However, there are many signs that volatility increases and even a recession may be in the horizon over the next few years.

In the meantime, we will continue to adhere to our disciplined, managed-risk, multi-factor investment processes. Over a full market cycle, this approach (by design) has historically limited downside risks and allowed for participation in market rallies. We believe it is time for investors to be proactively prudent lowering equity market risk by using our risk managed approach. We are grateful for the opportunity to help steward your investments.

Sincerely,

David Harden
President and Chief Investment Officer
Summit Global Investments, LLC

DISCLAIMERS

This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

Mutual Fund investing involves risk. Principal loss is possible.

^* The CBOE Volatility Index (“VIX Index^®”), is an index constructed using the implied volatilities on S&P 500 index options. The VIX Index^® shows the market's expectation of 30-day volatility, and is a widely used measure of market risk.

^** WTI Cushing Crude Oil Index – WTI is an abbreviation for West Texas Intermediate crude oil which is used as a benchmark for oil prices. Cushing, Oklahoma is a major trading hub for crude oil and has been the delivery point for crude futures contracts and therefore the price settlement point for contracts on the New York Mercantile Exchange for over three decades. It is not possible to invest directly in an index.

2

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND - CLASS I SHARES

Performance Data

February 28, 2019 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2019
	Six Months(1)	One Year	Three Year	Five Year	Since Inception(2)
Class I Shares	-2.70%	10.04%	12.57%	11.01%	12.10%
S&P 500® Index(3)	-7.97%	2.60%	12.95%	8.41%	10.71%(3)

⁽¹⁾ Not Annualized.

⁽²⁾ Class I Shares of the Fund commenced operations on February 29, 2012.

⁽³⁾ 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, 2018, are 0.94% 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, 2019 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, 2019 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.

3

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND - CLASS A SHARES

Performance Data (continued)

February 28, 2019 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2019
	Six Months(1)	One Year	Three Year	Since Inception(2)
Class A Shares (without sales charge)	-2.77%	9.81%	12.32%	10.40%
Class A Shares (with sales charge)	-7.89%	4.06%	10.31%	8.64%
S&P 500® Index(3)	-7.97%	2.60%	12.95%	8.99%(3)

⁽¹⁾ Not Annualized.

⁽²⁾ Class A Shares of the Fund commenced operations on October 29, 2015.

⁽³⁾ 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, 2018, are 1.27% 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, 2019 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, 2019 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.

4

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND - CLASS C SHARES

Performance Data (Continued)

February 28, 2019 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2019
	Six Months(1)	One Year	Three Year	Since Inception(2)
Class C Shares	-3.17%	8.98%	11.32%	10.42%
S&P 500® Index(3)	-7.97%	2.60%	12.95%	10.27%(3)

⁽¹⁾ Not Annualized.

⁽²⁾ Class C Shares of the Fund commenced operations on December 31, 2015.

⁽³⁾ 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, 2018, are 2.00% 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, 2019 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, 2019 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.

5

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND - CLASS I SHARES

Performance Data (Continued)

February 28, 2019 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2019
	Six Months(1)	One Year	Since Inception(2)
Class I Shares	-10.99%	5.96%	10.95%
Russell 2000® Index(3)	-17.05%	5.58%	14.15%(3)

⁽¹⁾ Not Annualized.

⁽²⁾ Class I Shares of the Fund commenced operations on March 31, 2016.

⁽³⁾ 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, 2018, are 1.81% and 1.44%, 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, 2019 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, 2019 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.

6

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND - CLASS A SHARES (FORMERLY RETAIL CLASS SHARES)

Performance Data (Continued)

February 28, 2019 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2019
	Six Months(1)	One Year	Since Inception(2)
Class A Shares (without sales charge)	-11.09%	5.68%	10.72%
Class A Shares (with sales charge)	-15.73%	0.16%	8.70%
Russell 2000® Index(3)	-17.05%	5.58%	14.15%(3)

⁽¹⁾ Not Annualized.

⁽²⁾ Class A Shares of the Fund commenced operations on March 31, 2016.

⁽³⁾ 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, 2018, are 2.07% and 1.69%, 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, 2019 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, 2019 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.

7

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND - CLASS C SHARES

Performance Data (Continued)

February 28, 2019 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2019
	Six Months(1)	One Year	Since Inception(2)
Class C Shares	-11.37%	5.01%	9.90%
Russell 2000® Index(3)	-17.05%	5.58%	14.15%(3)

⁽¹⁾ Not Annualized.

⁽²⁾ Class C Shares of the Fund commenced operations on March 31, 2016.

⁽³⁾ 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, 2018, are 2.82% and 2.44%, 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, 2019 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, 2019 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.

8

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND - CLASS I SHARES

Performance Data (CONcluded)

February 28, 2019 (Unaudited)

Average Annual Total Returns for the periods ended February 28, 2019(2)
	Six Months(1)	One Year	Three Year	Five Year	Since Inception
Class I Shares(3)	1.35%	6.44%	12.29%	4.37%	16.69%
MSCI ACWI Index(4)	-4.66%	-6.00%	11.25%	2.97%	9.36%(4)

⁽¹⁾ Not Annualized.

⁽²⁾ Returns for periods prior to January 3, 2017 were generated under the management of the Fund’s former investment adviser and reflect a previous investment strategy.

⁽³⁾ 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”).

⁽⁴⁾ 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 Decemeber 31, 2018, are 1.25% 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, 2019 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, 2019, 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 2,700 constituents, the index covers approximately 85% of the global investable equity opportunity set. It is not possible to invest directly with an index.

9

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples

February 28, 2019 (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, 2018 through February 28, 2019 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 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. 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.

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 section 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, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period *	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 973.00	$ 4.79	0.98%	-2.70%
Class A Shares	1,000.00	972.30	6.01	1.23	-2.77
Class C Shares	1,000.00	968.30	9.66	1.98	-3.17
Hypothetical (5% return before expenses)
Class I Shares	$1,000.00	$1,019.93	$4.91	0.98%	N/A
Class A Shares	1,000.00	1,018.70	6.16	1.23	N/A
Class C Shares	1,000.00	1,014.98	9.89	1.98	N/A

10

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples (Concluded)

February 28, 2019 (Unaudited)

	Summit Global Investments Small Cap Low Volatility Fund
	Beginning Account Value September 1, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period *	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 890.10	$ 5.76	1.23%	-10.99%
Class A Shares	1,000.00	889.10	6.93	1.48	-11.09
Class C Shares	1,000.00	886.30	10.43	2.23	-11.37
Hypothetical (5% return before expenses)
Class I Shares	$1,000.00	$1,018.70	$6.16	1.23%	N/A
Class A Shares	1,000.00	1,017.46	7.40	1.48	N/A
Class C Shares	1,000.00	1,013.74	11.13	2.23	N/A

	Summit Global Investments Global Low Volatility
	Beginning Account Value September 1, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period *	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,013.50	$ 4.19	0.84%	1.35%
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,020.63	$ 4.21	0.84%	N/A

^* Expenses are equal to each Fund's annualized six-month expense ratio for the period September 1, 2018 to February 28, 2019, 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. Each Fund's ending account values on the first line in the tables is based on the actual six-month total investment return for each Fund.

11

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Portfolio Holdings Summary Table

February 28, 2019 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Retail		11.3	%	$	50,918,038
Commercial Services		8.7			39,113,010
Software		7.4			33,167,407
Pharmaceuticals		6.8			30,443,383
Electric		5.4			24,309,079
Food		5.2			23,510,356
Banks		4.8			21,474,074
Oil & Gas		4.2			18,939,925
Gas		3.3			14,905,716
Computers		3.1			14,065,219
REITS		2.8			12,442,455
Machinery Diversified		2.6			11,826,484
Home Builders		2.6			11,790,000
Housewares		2.5			11,144,250
Cosmetics & Personal Care		2.4			10,861,763
Insurance		2.4			10,676,148
Healthcare Products		2.2			9,994,926
Electronics		2.2			9,922,463
Internet		2.1			9,617,608
Beverages		2.0			8,973,664
Healthcare Services		1.7			7,419,282
Diversifed Financial Services		1.6			7,060,599
Distribution & Wholesale		1.5			6,881,199
Environmental Control		1.3			5,829,741
Water		1.2			5,480,942
Media		1.1			4,848,171
Lodging		1.0			4,686,608
Telecommunications		0.7			3,312,252
Hand & Machine Tools		0.7			3,200,000
Chemicals		0.7			3,152,532
Iron & Steel		0.5			2,283,489
Apparel		0.5			2,201,472
Mining		0.5			2,201,409
Building Materials		0.3			1,344,648
Transportation		0.2			1,021,294
Airlines		0.2			924,660
SHORT-TERM INVESTMENT		2.0			8,923,039
OTHER ASSETS IN EXCESS OF LIABILITIES		0.3			1,248,011
NET ASSETS		100	%	$	450,115,316

Portfolio holdings are subject to change at any time.

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

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS - 97.7%
Airlines — 0.2%
Southwest Airlines Co.		16,500	$	924,660
Apparel — 0.5%
VF Corp.		25,200		2,201,472
Banks — 4.8%
Comerica, Inc.		86,100		7,500,171
Commerce Bancshares, Inc.		54,040		3,400,737
East West Bancorp, Inc.		57,000		3,112,770
Northern Trust Corp.		44,700		4,166,040
Popular, Inc.		42,200		2,379,236
Regions Financial Corp.		55,800		915,120
				21,474,074
Beverages — 2.0%
PepsiCo, Inc.		77,600		8,973,664
Building Materials — 0.3%
Masco Corp.		35,800		1,344,648
Chemicals — 0.7%
Air Products & Chemicals, Inc.		17,400		3,152,532
Commercial Services — 8.7%
Ecolab, Inc.		21,000		3,547,110
Grand Canyon Education, Inc.*		16,800		1,943,424
Quanta Services, Inc.		115,300		4,109,292
Robert Half International, Inc.		204,200		13,924,398
S&P Global, Inc.		77,800		15,588,786
				39,113,010
Computers — 3.1%
Accenture PLC, Class A, (Ireland)		18,400		2,969,392
Apple, Inc.		21,900		3,791,985
Cognizant Technology Solutions Corp.		102,900		7,303,842
				14,065,219
Cosmetics & Personal Care — 2.4%
Estee Lauder Cos, Inc., (The), Class A		27,200		4,268,768
Procter & Gamble Co., (The)		66,900		6,592,995
				10,861,763
Distribution & Wholesale — 1.5%
Fastenal Co.		66,000		4,154,040
HD Supply Holdings, Inc.*		21,600		929,016
WW Grainger, Inc.		5,900		1,798,143
				6,881,199
Diversifed Financial Services — 1.6%
Cboe Global Markets, Inc.		63,700		6,109,467
MarketAxess Holdings, Inc.		3,900		951,132
				7,060,599
Electric — 5.4%
Consolidated Edison, Inc.		13,100		1,080,095
Evergy, Inc.		157,000		8,777,870
OGE Energy Corp.		159,700		6,790,444
Pinnacle West Capital Corp.		18,400		1,724,816
Sempra Energy		8,700		1,047,828
Xcel Energy, Inc.		89,100		4,888,026
				24,309,079
Electronics — 2.2%
Garmin Ltd., (Switzerland)		15,900		1,335,123
Mettler-Toledo International, Inc.*		3,600		2,451,276
National Instruments Corp.		108,800		5,085,312
TE Connectivity Ltd., (Switzerland)		12,800		1,050,752
				9,922,463
Environmental Control — 1.3%
Republic Services, Inc.		38,700		3,035,241
Waste Management, Inc.		27,600		2,794,500
				5,829,741
Food — 5.2%
Flowers Foods, Inc.		216,800		4,437,896
Hershey Co., (The)		81,000		8,965,080
Ingredion, Inc.		9,300		859,785
Sysco Corp.		136,900		9,247,595
				23,510,356
Gas — 3.3%
National Fuel Gas Co.		146,400		8,811,816
UGI Corp.		111,000		6,093,900
				14,905,716
Hand & Machine Tools — 0.7%
Snap-on, Inc.		20,000		3,200,000
Healthcare Products — 2.2%
Baxter International, Inc.		88,000		6,576,240
IDEXX Laboratories, Inc.*		16,200		3,418,686
				9,994,926
Healthcare Services — 1.7%
Humana, Inc.		3,000		855,120
UnitedHealth Group, Inc.		27,100		6,564,162
				7,419,282
Home Builders — 2.6%
NVR, Inc.*		4,500		11,790,000
Housewares — 2.5%
Toro Co., (The)		162,500		11,144,250

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

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments (CONTINUED)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Insurance — 2.4%
Allstate Corp., (The)		28,600	$	2,699,268
American International Group, Inc.		110,400		4,769,280
Progressive Corp., (The)		44,000		3,207,600
				10,676,148
Internet — 2.1%
F5 Networks, Inc.*		57,200		9,617,608
Iron & Steel — 0.5%
Nucor Corp.		37,700		2,283,489
Lodging — 1.0%
Choice Hotels International, Inc.		58,700		4,686,608
Machinery Diversified — 2.6%
Cummins, Inc.		45,400		6,995,686
Graco, Inc.		84,300		3,958,728
Pentair PLC, (Ireland)		20,500		872,070
				11,826,484
Media — 1.1%
John Wiley & Sons, Inc., Class A		61,900		3,211,991
Walt Disney Co., (The)		14,500		1,636,180
				4,848,171
Mining — 0.5%
Royal Gold, Inc.		24,900		2,201,409
Oil & Gas — 4.2%
Exxon Mobil Corp.		64,300		5,081,629
Phillips 66		84,400		8,132,784
Valero Energy Corp.		70,200		5,725,512
				18,939,925
Pharmaceuticals — 6.8%
Bristol-Myers Squibb Co.		166,200		8,585,892
Eli Lilly & Co.		97,000		12,250,130
Jazz Pharmaceuticals PLC, (Ireland)*		6,700		938,201
Zoetis, Inc.		92,000		8,669,160
				30,443,383
REITS — 2.8%
American Tower Corp.		11,300		1,990,495
Liberty Property Trust		18,500		875,605
Public Storage		18,900		3,997,161
UDR, Inc.		20,500		910,610
WP Carey, Inc.		63,200		4,668,584
				12,442,455
Retail — 11.3%
Best Buy Co., Inc.		93,000		6,402,120
Costco Wholesale Corp.		3,900		853,086
Darden Restaurants, Inc.		7,700		863,247
Dollar General Corp.		24,800		2,937,808
Home Depot, Inc., (The)		26,700		4,943,238
Lowe's Cos, Inc.		10,600		1,113,954
Ross Stores, Inc.		10,600		1,005,198
Starbucks Corp.		43,100		3,028,206
Tapestry, Inc.		94,300		3,294,842
Target Corp.		12,000		871,680
TJX Cos, Inc., (The)		200,900		10,304,161
Tractor Supply Co.		11,800		1,125,130
Wal-Mart Stores, Inc.		143,200		14,175,368
				50,918,038
Software — 7.4%
Aspen Technology, Inc.*		8,800		886,248
Cadence Design Systems, Inc.*		58,500		3,349,125
CDK Global, Inc.		59,400		3,445,794
Citrix Systems, Inc.		84,200		8,883,100
Fiserv, Inc.*		20,500		1,736,145
Intuit, Inc.		20,300		5,016,739
Paychex, Inc.		36,800		2,834,336
Synopsys, Inc.*		69,000		7,015,920
				33,167,407
Telecommunications — 0.7%
Cisco Systems, Inc.		43,200		2,236,464
Verizon Communications, Inc.		18,900		1,075,788
				3,312,252
Transportation — 0.2%
CH Robinson Worldwide, Inc.		11,300		1,021,294
Water — 1.2%
American Water Works Co., Inc.		45,200		4,593,224
Aqua America, Inc.		24,700		887,718
				5,480,942
TOTAL COMMON STOCKS
(Cost $397,982,077)				439,944,266

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

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments (Concluded)

February 28, 2019 (Unaudited)

	Number of Shares		Value
SHORT-TERM INVESTMENTS - 2.0%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 2.29% (a)		8,923,039	$	8,923,039
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,923,039)				8,923,039
TOTAL INVESTMENTS - 99.7%
(Cost $406,905,116)				448,867,305
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%				1,248,011
NET ASSETS - 100.0%			$	450,115,316

^* Non-income producing security.

^(a) Seven-day yield as of February 28, 2019.

PLC Public Limited Company.

REIT Real Estate Investment Trust

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

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Portfolio Holdings Summary Table

February 28, 2019 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
REITS		19.6	%	$	6,899,950
Retail		9.3			3,276,035
Banks		7.9			2,775,264
Investment Companies		6.8			2,388,258
Electric		5.6			1,981,659
Healthcare Services		5.2			1,840,856
Commercial Services		5.0			1,774,835
Gas		2.7			952,518
Communications Equipment		2.1			739,242
Internet		2.1			736,444
Apparel		2.0			714,822
Insurance		2.0			712,248
Machinery Diversified		2.0			706,555
Lodging		1.9			684,268
Telecommunications		1.9			682,804
Mining		1.2			440,284
Software		1.1			395,920
Electronics		1.1			380,646
Professional Services		1.1			369,189
Engineering & Construction		1.1			359,254
Oil & Gas Services		1.0			340,219
Energy Alternate Sources		1.0			334,017
Cosmetics & Personal Care		1.0			332,700
Energy Equipment & Services		0.9			326,550
Paper & Forest Products		0.9			324,384
Chemicals		0.9			323,500
Agriculture		0.9			322,920
Water		0.9			321,952
Airlines		0.9			318,836
Real Estate		0.9			316,684
Textiles		0.9			316,404
Diversified Financial Services		0.9			315,675
Utilites		0.9			311,157
Aerospace & Defense		0.9			310,505
Food		0.9			310,156
EXCHANGE TRADED FUNDS		1.5			530,916
SHORT-TERM INVESTMENT		1.6			575,029
OTHER ASSETS IN EXCESS OF LIABILITIES		1.4			491,823
NET ASSETS		100	%	$	35,234,478

Portfolio holdings are subject to change at any time.

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

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Portfolio of Investments

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS - 95.5%
Aerospace & Defense — 0.9%
AAR Corp.		8,500	$	310,505
Agriculture — 0.9%
Limoneira Co.		13,800		322,920
Airlines — 0.9%
SkyWest, Inc.		5,900		318,836
Apparel — 2.0%
Movado Group, Inc.		10,800		378,324
Steven Madden Ltd.		10,200		336,498
				714,822
Banks — 7.9%
Bryn Mawr Bank Corp.		8,700		354,612
Carolina Financial Corp.		9,100		333,242
First Bancshares, Inc., (The)		10,000		327,600
Great Southern Bancorp, Inc.		6,500		368,095
Heritage Commerce Corp.		23,800		332,486
Opus Bank		15,700		357,489
Preferred Bank		7,000		358,540
QCR Holdings, Inc.		9,600		343,200
				2,775,264
Chemicals — 0.9%
Sensient Technologies Corp.		5,000		323,500
Commercial Services — 5.0%
Carriage Services, Inc.		18,304		384,567
Forrester Research, Inc.		7,000		351,400
ICF International, Inc.		4,500		339,840
SP Plus Corp.*		10,300		354,320
Willdan Group, Inc.*		9,100		344,708
				1,774,835
Communications Equipment — 2.1%
Comtech Telecommunications Corp.		13,122		347,733
Ituran Location and Control Ltd., (Israel)		10,610		391,509
				739,242
Cosmetics & Personal Care — 1.0%
Edgewell Personal Care Co.*		7,500		332,700
Diversified Financial Services — 0.9%
Provident Financial Services, Inc.		11,500		315,675
				315,675
Electric — 5.6%
ALLETE, Inc.		4,100		332,305
El Paso Electric Co.		5,900		317,420
NorthWestern Corp.		4,900		335,846
PNM Resources, Inc.		7,300		318,864
Portland General Electric Co.		6,500		325,910
Electric — 5.6% (Continued)
Unitil Corp.		6,398		351,314
				1,981,659
Electronics — 1.1%
Universal Electronics, Inc.*		11,400		380,646
Energy Equipment & Services — 0.9%
Unit Corp.*		21,000		326,550
Energy Alternate Sources — 1.0%
TerraForm Power, Inc.		26,700		334,017
Engineering & Construction — 1.1%
Comfort Systems USA, Inc.		6,700		359,254
Food — 0.9%
Sprouts Farmers Market, Inc.*		13,300		310,156
Gas — 2.7%
AmeriGas Partners LP		10,600		300,722
Chesapeake Utilities Corp.		3,600		324,036
Southwest Gas Holdings, Inc.		4,000		327,760
				952,518
Healthcare Services — 5.2%
Addus HomeCare Corp.*		5,537		372,142
HealthStream, Inc.		13,800		383,640
MEDNAX, Inc.*		9,900		325,809
Tivity Health, Inc.*		14,500		310,300
Triple-S Management Corp.*		17,648		448,965
				1,840,856
Insurance — 2.0%
Essent Group Ltd.*		7,800		336,492
White Mountains Insurance Group Ltd.		400		375,756
				712,248
Internet — 2.1%
Despegar.com Corp.*		21,000		377,790
ePlus, Inc.*		4,010		358,654
				736,444
Investment Companies — 6.8%
Apollo Investment Corp.		21,100		323,252
Fidus Investment Corp.		24,648		369,967
Gladstone Capital Corp.		35,195		319,219
Golub Capital BDC, Inc.		17,300		319,185
Hercules Capital, Inc.		24,500		343,000
PennantPark Investment Corp.		49,477		352,771
Solar Capital Ltd.		16,800		360,864
				2,388,258
Lodging — 1.9%
Marcus Corp., (The)		8,000		339,120
Playa Hotels & Resorts NV, (Netherlands)*		45,295		345,148
				684,268

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

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Portfolio of Investments (Concluded)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Machinery Diversified — 2.0%
Applied Industrial Technologies, Inc.		5,500	$	319,770
Manitowoc Co. Inc., (The)*		21,500		386,785
				706,555
Mining — 1.2%
Materion Corp.		7,620		440,284
Oil & Gas Services — 1.0%
C&J Energy Services, Inc.*		19,700		340,219
Paper & Forest Products — 0.9%
Neenah Paper, Inc.		4,800		324,384
Professional Services — 1.1%
Kelly Services, Inc.		15,300		369,189
Real Estate — 0.9%
Marcus & Millichap, Inc.*		8,200		316,684
REITS — 19.6%
American Assets Trust, Inc.		7,120		309,293
Apple Hospitality REIT, Inc.		22,000		362,560
Ares Commercial Real Estate Corp.		24,477		373,519
CatchMark Timber Trust, Inc.		34,400		328,520
Cherry Hill Mortgage Investment Corp.		18,600		344,844
Chimera Investment Corp.		16,800		310,632
CoreCivic, Inc.		16,300		345,234
CorEnergy Infrastructure Trust, Inc.		9,225		336,343
EastGroup Properties, Inc.		2,900		306,414
Exantas Capital Corp.		32,670		354,470
First Industrial Realty Trust, Inc.		9,500		318,440
Franklin Street Properties Corp.		43,900		317,836
Investors Real Estate Trust		5,300		320,014
iStar, Inc.		36,500		319,375
National Health Investors, Inc.		4,200		327,726
Office Properties Income Trust		10,329		315,138
PennyMac Mortgage Investment Trust		16,400		334,232
Redwood Trust, Inc.		19,800		302,940
Saul Centers, Inc.		5,382		304,998
TPG RE Finance Trust, Inc.		16,364		327,607
Two Harbors Investment Corp.		24,500		339,815
				6,899,950
Retail — 9.3%
America's Car-Mart Inc.*		4,300		350,880
B&G Foods, Inc.		12,300		302,826
Carrols Restaurant Group, Inc.*		38,300		409,427
Foundation Building Materials, Inc.*		36,200		402,544
Genesco, Inc.*		7,900		381,333
Ingles Markets, Inc., Class A		11,469		356,915
Retail — 9.3% (Continued)
Potbelly Corp.*		42,425		357,218
Ruth's Hospitality Group, Inc.		14,800		376,216
Suburban Propane Partners LP		15,600		338,676
				3,276,035
Software — 1.1%
Monotype Imaging Holdings, Inc.		20,200		395,920
Telecommunications — 1.9%
InterDigital, Inc.		4,300		299,839
Quantenna Communications, Inc.*		21,100		382,965
				682,804
Textiles — 0.9%
UniFirst Corp.		2,200		316,404
Utilities — 0.9%
Avista Corp.		7,700		311,157
Water — 0.9%
California Water Service Group		6,189		321,952
TOTAL COMMON STOCKS
(Cost $32,953,631)				33,636,710
EXCHANGE TRADED FUNDS - 1.5%
iShares Russell 2000 ETF		1,700		266,526
Vanguard Russell 2000 ETF		2,100		264,390
				530,916
TOTAL EXCHANGE TRADED FUNDS
(Cost $533,106)				530,916
SHORT-TERM INVESTMENTS - 1.6%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 2.29% (a)		575,029		575,029
TOTAL SHORT-TERM INVESTMENTS
(Cost $575,029)				575,029
TOTAL INVESTMENTS - 98.6%
(Cost $34,061,766)				34,742,655
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.4%				491,823
NET ASSETS - 100.0%			$	35,234,478

^* Non-income producing security.

^(a) Seven-day yield as of February 28, 2019.

BDC Business Development Company

REIT Real Estate Investment Trust

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

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Portfolio Holdings Summary Table

February 28, 2019 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Telecommunications		13.8	%	$	2,642,538
Retail		8.6			1,651,327
Banks		7.1			1,334,306
Software		6.9			1,327,119
Pharmaceuticals		6.9			1,326,749
Cosmetics & Personal Care		6.8			1,295,942
Transportation		5.4			1,023,238
Diversified Financial Services		5.3			1,006,288
Oil & Gas		5.1			984,241
Electric		3.6			680,936
Computers		3.5			670,202
Healthcare Products		3.4			656,541
Aerospace & Defense		3.4			656,202
Chemicals		3.4			655,796
Beverages		3.3			634,600
Pipelines		1.8			348,816
REITS		1.8			338,800
Media		1.8			338,520
Food		1.7			332,040
Household Products & Wares		1.7			331,863
Leisure Time		1.7			329,556
Insurance		1.7			324,038
SHORT-TERM INVESTMENT		1.2			219,830
OTHER ASSETS IN EXCESS OF LIABILITIES		0.1			13,571
NET ASSETS		100	%	$	19,123,059

Portfolio holdings are subject to change at any time.

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

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Portfolio of Investments

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS - 98.7%
Aerospace & Defense — 3.4%
General Dynamics Corp.		1,850	$	314,907
Raytheon Co.		1,830		341,295
				656,202
Banks — 7.1%
Bank of Montreal, (Canada)		4,400		342,936
Canadian Imperial Bank of Commerce, (Canada)		3,800		322,392
Royal Bank of Canada, (Canada)		4,300		336,174
Toronto-Dominion Bank, (The), (Canada)		5,800		332,804
				1,334,306
Beverages — 3.3%
Coca-Cola Co., (The)		6,600		299,244
PepsiCo, Inc.		2,900		335,356
				634,600
Chemicals — 3.4%
Linde PLC, (Ireland)		1,900		329,156
Nutrien Ltd., (Canada)		6,000		326,640
				655,796
Computers — 3.5%
Apple, Inc.		1,900		328,985
Check Point Software Technologies Ltd., (Israel)*		2,790		341,217
				670,202
Cosmetics & Personal Care — 6.8%
Colgate-Palmolive Co.		5,000		329,350
Estee Lauder Cos, Inc., (The), Class A		2,070		324,866
Procter & Gamble Co., (The)		3,280		323,244
Unilever, (Netherlands)		5,900		318,482
				1,295,942
Diversified Financial Services — 5.3%
Mastercard, Inc.		1,500		337,155
T Rowe Price Group, Inc.		3,300		331,419
Visa, Inc., Class A		2,280		337,714
				1,006,288
Electric — 3.6%
Fortis Inc., (Canada)		9,200		331,660
Sempra Energy		2,900		349,276
				680,936
Food — 1.7%
Hershey Co., (The)		3,000		332,040
Healthcare Products — 3.4%
Smith & Nephew PLC, (United Kingdom), SP ADR		8,600		332,304
Stryker Corp.		1,720		324,237
				656,541
Household Products & Wares — 1.7%
Clorox Co., (The), Class A		2,100		331,863
Insurance — 1.7%
Chubb Ltd.		2,420		324,038
Leisure Time — 1.7%
Carnival PLC, (United Kingdom), ADR		5,800		329,556
Media — 1.8%
Walt Disney Co., (The)		3,000		338,520
Oil & Gas — 5.1%
BP PLC, (United Kingodm), SP ADR		7,600		324,140
Enbridge, Inc., (Canada)		9,100		336,609
Royal Dutch Shell PLC, (Netherlands), SP ADR		5,200		323,492
				984,241
Pharmaceuticals — 6.9%
Bristol-Myers Squibb Co.		6,400		330,624
Eli Lilly & Co.		2,770		349,823
Novo Nordisk, (Denmark), SP ADR		6,600		323,070
Sanofi, (France), ADR		7,770		323,232
				1,326,749
Pipelines — 1.8%
TransCanada Corp., (Canada)		7,800		348,816
REITS — 1.8%
Equinix, Inc.		800		338,800
Retail — 8.6%
McDonald's Corp.		1,820		334,589
Ross Stores, Inc.		3,400		322,422
Starbucks Corp.		4,600		323,196
TJX Cos, Inc., (The)		6,600		338,514
Wal-Mart Stores, Inc.		3,360		332,606
				1,651,327
Software — 6.9%
Adobe Systems, Inc.*		1,210		317,625
Microsoft Corp.		3,000		336,090
Nice Ltd., (Isreal), SP ADR*		2,900		341,301
SAP SE, (Germany), SP ADR		3,100		332,103
				1,327,119

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

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Portfolio of Investments (Concluded)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Telecommunications — 13.8%
BCE, Inc., (Canada)		7,580	$	337,310
BT Group PLC, (United Kingdom), SP ADR		22,000		317,900
China Mobile Ltd., (China), ADR		6,200		326,678
China Telecom Corp., Ltd., (China), ADR		5,800		315,404
Orange SA, (France), SP ADR		21,800		332,232
Telefonica SA, (Spain), SP ADR		39,000		337,350
TELUS Corp.		9,200		334,144
Verizon Communications, Inc.		6,000		341,520
				2,642,538
Transportation — 5.4%
Canadian National Railway Co., (Canada)		4,000		343,520
CH Robinson Worldwide, Inc.		3,600		325,368
Grupo Aeroportuario del Pacifico SAB de CV, (Mexico), ADR		3,800		354,350
				1,023,238
TOTAL COMMON STOCKS
(Cost $16,975,443)				18,889,658
SHORT-TERM INVESTMENTS - 1.2%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 2.29% (a)		219,830		219,830
TOTAL SHORT-TERM INVESTMENTS
(Cost $219,830)				219,830
TOTAL INVESTMENTS - 99.9%
(Cost $17,195,273)				19,109,488
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				13,571
NET ASSETS - 100.0%			$	19,123,059

^* Non-income producing security.

^(a) Seven-day yield as of February 28, 2019.

ADR American Depository Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SP ADR Sponsored ADR

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

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities

February 28, 2019 (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 $397,982,077, $33,486,737 and $16,975,443, respectively)	$	439,944,266	$	34,167,626		$	18,889,658
Short-term investments, at value (cost $8,923,039, $575,029 and $219,830, respectively)		8,923,039		575,029			219,830
Receivables for:
Capital shares sold		1,333,149		216,863			—
Dividends		838,610		22,625			50,062
Prepaid expenses and other assets		90,786		359,729			6,435
Total assets	$	451,129,850	$	35,341,872		$	19,165,985
LIABILITIES
Payables for:
Advisory fees	$	379,594	$	57,880		$	6,143
Capital shares redeemed		391,805		20,626			12,135
Investments purchased		845		—			—
Other accrued expenses and liabilities		242,290		28,888			24,648
Total liabilities		1,014,534		107,394			42,926
Net assets	$	450,115,316	$	35,234,478		$	19,123,059
NET ASSETS CONSIST OF:
Par value	$	26,836	$	3,017		$	632
Paid-in capital		407,159,201		35,266,684			18,276,240
Total distributable earnings/(loss)		42,929,279		(35,223	)		846,187
Net assets	$	450,115,316	$	35,234,478		$	19,123,059

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

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities (Concluded)

February 28, 2019 (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	$	435,562,682	$	31,534,297	$	19,123,059
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		25,968,186		2,699,882		631,555
Net asset value, offering and redemption price per share	$	16.77	$	11.68	$	30.28
CLASS A SHARES:
Net assets applicable to Class A Shares	$	12,490,672	$	3,546,017	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		741,911		304,054		—
Net asset value and redemption price per share	$	16.84	$	11.66	$	—
Maximum offering price per share (100/94.75 of $16.84 and $11.66 respectively)	$	17.77	$	12.31	$	—
CLASS C SHARES:
Net assets applicable to Class C Shares	$	2,061,962	$	154,164	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		125,430		13,446		—
Net asset value, offering and redemption price per share	$	16.44	$	11.47	$	—

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

SUMMIT GLOBAL INVESTMENTS

Statements of Operations

FOR THE SIX MONTHS ENDED February 28, 2019 (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 withholdings taxes of $3,312, $7,385 and $11,829, respectively)	$	4,200,947		$	363,626		$	202,341
Total investment income		4,200,947			363,626			202,341
EXPENSES
Advisory fees (Note 2)		1,504,827			160,623			64,721
Administration and accounting fees (Note 2)		78,830			9,303			4,685
Transfer agent fees (Note 2)		69,306			11,305			984
Legal fees		40,182			5,440			5,057
Registration and filing fees		24,887			23,043			11,608
Custodian fees (Note 2)		23,784			4,226			149
Officer fees		22,336			2,571			2,532
Audit and tax service fees		16,428			15,544			9,849
Director fees		14,783			2,109			467
Distribution fees - Class A Shares		13,402			4,024			—
Printing and shareholder reporting fees		9,466			2,902			1,701
Distribution fees - Class C Shares		9,149			799			—
Other expenses		45,504			2,188			2,220
Total expenses before waivers and/or reimbursements		1,872,884			244,077			103,973
(Waivers and/or reimbursements) net of amounts recouped (Note 2)		256,427			(31,287	)		(26,308	)
Net expenses after waivers and/or reimbursements net of amounts recouped		2,129,311			212,790			77,665
Net investment income/(loss)		2,071,636			150,836			124,676
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		6,086,634			(159,052	)		793,903
Net change in unrealized appreciation/(depreciation) on investments		(21,683,909	)		(4,126,928	)		(667,106	)
Net realized and unrealized gain/(loss) on investments		(15,597,275	)		(4,285,980	)		126,797
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,525,639	)	$	(4,135,144	)	$	251,473

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

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	2,071,636		$	1,807,015
Net realized gain/(loss) from investments		6,086,634			14,021,158
Net change in unrealized appreciation/(depreciation) on investments		(21,683,909	)		44,648,194
Net increase/(decrease) in net assets resulting from operations		(13,525,639	)		60,476,367
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(17,517,674	)		(7,097,851	)
Net decrease in net assets from dividends and distributions to shareholders		(17,517,674	)		(7,097,851	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		95,171,987			331,945,492
Reinvestment of distributions		5,036,367			6,276,150
Shares redeemed		(71,752,240	)		(44,108,500	)
Redemption fees*		—			1,616
Total from Class I Shares		28,456,114			294,114,758
Class A Shares
Proceeds from shares sold		4,752,254			3,830,562
Reinvestment of distributions		403,709			571,954
Shares redeemed		(1,585,225	)		(18,872,102	)
Redemption fees*		—			3,451
Total from Class A Shares		3,570,738			(14,466,135	)
Class C Shares
Proceeds from shares sold		362,774			593,933
Reinvestment of distributions		62,829			90,900
Shares redeemed		(163,571	)		(239,527	)
Redemption fees*		—			162
Total from Class C Shares		262,032			445,468
Net increase/(decrease) in net assets from capital share transactions		32,288,884			280,094,091
Total increase/(decrease) in net assets		1,245,571			333,472,607
NET ASSETS:
Beginning of period		448,869,745			115,397,138
End of period	$	450,115,316		$	448,869,745

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

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
SHARES TRANSACTIONS:
Class I Shares
Shares sold		5,776,388			20,675,668
Shares reinvested		323,051			400,265
Shares redeemed		(4,478,239	)		(2,688,563	)
Total Class I Shares		1,621,200			18,387,370
Class A Shares
Shares sold		281,250			235,589
Shares reinvested		25,780			36,384
Shares redeemed		(94,865	)		(1,183,389	)
Total Class A Shares		212,165			(911,416	)
Class C Shares
Shares sold		22,587			37,316
Shares reinvested		4,105			5,883
Shares redeemed		(10,220	)		(15,118	)
Total Class C Shares		16,472			28,081
Net increase/(decrease) in shares outstanding		1,849,837			17,504,035

^* 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.

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 7 for more details on the Securities and Exchange Commission's ("SEC") Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018, were as follows:

Dividends and distributions to shareholders from:
Net investment income
Class I Shares	$	(1,036,799	)
Class A Shares		(51,814	)
Class C Shares		(5,498	)
Total net investment income		(1,094,111	)
Net realized capital gains
Class I Shares		(5,396,669	)
Class A Shares		(521,669	)
Class C Shares		(85,402	)
Total net realized capital gains		(6,003,740	)
Undistributed/accumulated net investment income/(loss)		1,541,322

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

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	150,836		$	(20,563	)
Net realized gain/(loss) from investments		(159,052	)		1,553,299
Net change in unrealized appreciation/(depreciation) on investments		(4,126,928	)		3,523,659
Net increase/(decrease) in net assets resulting from operations		(4,135,144	)		5,056,395
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(1,658,610	)		(1,849,918	)
Net decrease in net assets from dividends and distributions to shareholders		(1,658,610	)		(1,849,918	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		11,671,588			20,187,254
Reinvestment of distributions		838,394			1,175,459
Shares redeemed		(7,299,273	)		(5,501,102	)
Redemption fees**		—			197
Total from Class I Shares.		5,210,709			15,861,808
Class A Shares*
Proceeds from shares sold		894,305			1,101,638
Reinvestment of distributions		151,458			278,576
Shares redeemed		(531,391	)		(1,365,801	)
Redemption fees**		—			101
Total from Class A Shares		514,372			14,514
Class C Shares
Proceeds from shares sold		7,800			64,169
Reinvestment of distributions		7,326			19,328
Shares redeemed		(30,154	)		(67,513	)
Redemption fees**		—			2
Total from Class C Shares		(15,028	)		15,986
Net increase/(decrease) in net assets from capital share transactions		5,710,053			15,892,308
Total increase/(decrease) in net assets		(83,702	)		19,098,785
NET ASSETS:
Beginning of period		35,318,179			16,219,394
End of period	$	35,234,478		$	35,318,179

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

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
SHARES TRANSACTIONS:
Class I Shares
Shares sold		979,263			1,580,236
Shares reinvested		76,496			96,507
Shares redeemed		(639,275	)		(436,132	)
Total Class I Shares		416,484			1,240,611
Class A Shares*
Shares sold		76,166			345,519
Shares reinvested		13,832			22,853
Shares redeemed		(43,796	)		(363,573	)
Total Class A Shares		46,202			4,799
Class C Shares
Shares sold		689			5,058
Shares reinvested		680			1,601
Shares redeemed		(2,622	)		(5,634	)
Total Class C Shares		(1,253	)		1,025
Net increase/(decrease) in shares outstanding		461,433			1,246,435

^* Formerly Retail Class Shares.

^** 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.

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 7 for more details on the SEC's Final Rule on Disclosure Update and Simplification. Dividends and distributions to shareholders during the year ended August 31, 2018, and undistributed/accumulated net investment income/(loss) as of August 31, 2018, were as follows:

Dividends and distributions to shareholders from:
Net investment income
Class I Shares	$	(65,165	)
Class A Shares		(4,708	)
Class C Shares		—
Total net investment income		(69,873	)
Net realized capital gains
Class I Shares		(1,486,849	)
Class A Shares		(273,868	)
Class C Shares		(19,328	)
Total net realized capital gains		(1,780,045	)
Undistributed/accumulated net investment income/(loss)		—

The accompanying notes are an integral part of the financial statements.
28

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	124,676		$	258,584
Net realized gain/(loss) from investments		793,903			1,074,746
Net change in unrealized appreciation/(depreciation) on investments		(667,106	)		960,140
Net increase/(decrease) in net assets resulting from operations		251,473			2,293,470
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(258,784	)		—
Net decrease in net assets from dividends and distributions to shareholders		(258,784	)		—
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		557,744			896,436
Reinvestment of distributions		254,839			—
Shares redeemed		(1,212,071	)		(6,424,982	)
Redemption fees*		—			6
Net increase/(decrease) in net assets from capital share transactions		(399,488	)		(5,528,540	)
Total increase/(decrease) in net assets		(406,799	)		(3,235,070	)
NET ASSETS:
Beginning of period		19,529,858			22,764,928
End of period	$	19,123,059		$	19,529,858
SHARE TRANSACTIONS:
Class I Shares
Shares sold		18,962			30,761
Shares reinvested		8,846			—
Shares redeemed		(40,900	)		(223,043	)
Net increase/(decrease) in shares outstanding		(13,092	)		(192,282	)

^* 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.

⁽¹⁾ The following information was previously reported in the August 31, 2018 financial statements. See Note 7 for more details on the SEC's Final Rule on Disclosure Update and Simplification. Undistributed/accumulated net investment income/(loss) as of August 31, 2018 was $258,784.

The accompanying notes are an integral part of the financial statements.
29

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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
Per Share Operating Performance
Net asset value, beginning of period	$	17.97		$	15.43		$	14.69		$	13.78		$	13.72		$	11.85
Net investment income/(loss)(1)		0.08			0.16			0.22			0.21			0.21			0.16
Net realized and unrealized gain/(loss) on investments(2)		(0.62	)		3.52			0.90			1.66			0.44			2.01
Net increase/(decrease) in net assets resulting from operations		(0.54	)		3.68			1.12			1.87			0.65			2.17
Dividends and distributions to shareholders from:
Net investment income		(0.11	)		(0.18	)		(0.16	)		(0.21	)		(0.16	)		(0.08	)
Net realized capital gains		(0.55	)		(0.96	)		(0.22	)		(0.75	)		(0.43	)		(0.22	)
Total dividends and distributions to shareholders		(0.66	)		(1.14	)		(0.38	)		(0.96	)		(0.59	)		(0.30	)
Net asset value, end of period	$	16.77		$	17.97		$	15.43		$	14.69		$	13.78		$	13.72
Total investment return/(loss)(3)		(2.70	)%(4)		24.98	%		7.73	%		13.99	%		4.82	%		18.57	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	435,563		$	437,424		$	91,977		$	106,110		$	72,850		$	60,266
Ratio of expenses to average net assets with waivers and/or reimbursements net of amounts recouped		0.98	%(5)		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of expenses to average net assets without waivers and/or reimbursements net of amounts recouped		0.86	%(5)		0.94	%		1.14	%		1.14	%		1.20	%		1.35	%
Ratio of net investment income/(loss) to average net assets		0.97	%(5)		0.87	%		1.32	%		1.49	%		1.47	%		1.25	%
Portfolio turnover rate(6)		60	%(4)		85	%		31	%		41	%		42	%		110	%

(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/(loss) 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.
30

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	17.99		$	15.40		$	14.67		$	14.69
Net investment income/(loss)(2)		0.06			0.10			0.16			0.14
Net realized and unrealized gain/(loss) on investments(3)		(0.61	)		3.55			0.92			0.79
Net increase/(decrease) in net assets resulting from operations		(0.55	)		3.65			1.08			0.93
Dividends and distributions to shareholders from:
Net investment income		(0.05	)		(0.10	)		(0.13	)		(0.20	)
Net realized capital gains		(0.55	)		(0.96	)		(0.22	)		(0.75	)
Total dividends and distributions to shareholders		(0.60	)		(1.06	)		(0.35	)		(0.95	)
Net asset value, end of period	$	16.84		$	17.99		$	15.40		$	14.67
Total investment return/(loss)(4)		(2.77	)%(5)		24.68	%		7.48	%		6.74	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	12,491		$	9,530		$	22,195		$	19,288
Ratio of expenses to average net assets with waivers and/or reimbursements net of amounts recouped		1.23	%(6)		1.23	%		1.23	%		1.23	%(6)
Ratio of expenses to average net assets without waivers and/or reimbursements net of amounts recouped		1.11	%(6)		1.27	%		1.39	%		1.38	%(6)
Ratio of net investment income/(loss) to average net assets		0.75	%(6)		0.62	%		1.07	%		1.15	%(6)
Portfolio turnover rate(7)		60	%(5)		85	%		31	%		41	%(7)

(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/(loss) 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 any applicable 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.
31

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	17.59		$	15.15		$	14.51		$	13.57
Net investment income/(loss)(3)		0.00	(2)		(0.02	)		0.04			0.03
Net realized and unrealized gain/(loss) on investments(4)		(0.60	)		3.48			0.93			0.91
Net increase/(decrease) in net assets resulting from operations		(0.60	)		3.46			0.97			0.94
Dividends and distributions to shareholders from:
Net investment income		—			(0.06	)		(0.11	)		—
Net realized capital gains		(0.55	)		(0.96	)		(0.22	)		—
Total dividends and distributions to shareholders		(0.55	)		(1.02	)		(0.33	)		—
Net asset value, end of period	$	16.44		$	17.59		$	15.15		$	14.51
Total investment return/(loss)(5)		(3.17	)%(6)		23.80	%		6.74	%		6.93	%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,062		$	1,916		$	1,226		$	373
Ratio of expenses to average net assets with waivers and/or reimbursements net of amounts recouped		1.98	%(7)		1.98	%		1.98	%		1.99	%(7)
Ratio of expenses to average net assets without waivers and/or reimbursements net of amounts recouped		1.86	%(7)		2.00	%		2.15	%		2.16	%(7)
Ratio of net investment income/(loss) to average net assets		(0.02	)%(7)		(0.11	)%		0.30	%		0.32	%(7)
Portfolio turnover rate(8)		60	%(6)		85	%		31	%		41	%(6)

(1) Commencement of operations.

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

(3) The selected per share data is calculated based on the average shares outstanding method for the period.

(4) 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.

(5) Total investment return/(loss) 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) 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.
32

SUMMIT GLOBAL INVESTMENTS

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Financial Highlights

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	13.82		$	12.39		$	10.83		$	10.00
Net investment income/(loss)(2)		0.05			(0.01	)		0.04			0.02
Net realized and unrealized gain/(loss) on investments(3)		(1.61	)		2.61			1.57			0.81
Net increase/(decrease) in net assets resulting from operations		(1.56	)		2.60			1.61			0.83
Dividends and distributions to shareholders from:
Net investment income		(0.04	)		(0.05	)		(0.05	)		—
Net realized capital gains		(0.54	)		(1.12	)		—	(7)		—
Total dividends and distributions to shareholders		(0.58	)		(1.17	)		(0.05	)		—
Net asset value, end of period	$	11.68		$	13.82		$	12.39		$	10.83
Total investment return/(loss)(4)		(10.99	)%(5)		22.26	%		14.86	%		8.30	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	31,534		$	31,559		$	12,919		$	10,095
Ratio of expenses to average net assets with waivers and reimbursements		1.23	%(6)		1.23	%		1.23	%		1.23	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		1.41	%(6)		1.60	%		2.21	%		4.43	%(6)
Ratio of net investment income/(loss) to average net assets		0.92	%(6)		(0.05	)%		0.31	%		0.53	%(6)
Portfolio turnover rate(8)		88	%(5)		122	%		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/(loss) 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.
33

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/(loss), 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 (Formerly Retail Class Shares)
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	13.80		$	12.38		$	10.83		$	10.00
Net investment income/(loss)(2)		0.04			(0.03	)		0.01			0.01
Net realized and unrealized gain/(loss) on investments(3)		(1.61	)		2.59			1.57			0.82
Net increase/(decrease) in net assets resulting from operations		(1.57	)		2.56			1.58			0.83
Dividends and distributions to shareholders from:
Net investment income		(0.03	)		(0.02	)		(0.03	)		—
Net realized capital gains		(0.54	)		(1.12	)		—	(7)		—
Total dividends and distributions to shareholders		(0.57	)		(1.14	)		(0.03	)		—
Net asset value, end of period	$	11.66		$	13.80		$	12.38		$	10.83
Total investment return/(loss)(4)		(11.09	)%(5)		21.90	%		14.63	%		8.30	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,546		$	3,560		$	3,132		$	2,010
Ratio of expenses to average net assets with waivers and reimbursements		1.48	%(6)		1.48	%		1.48	%		1.48	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		1.66	%(6)		1.86	%		2.44	%		4.68	%(6)
Ratio of net investment income/(loss) to average net assets		0.66	%(6)		(0.23	)%		0.06	%		0.28	%(6)
Portfolio turnover rate(8)		88	%(5)		122	%		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/(loss) 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 any applicable sales charge.

(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.
34

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/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			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	$	13.59		$	12.27		$	10.80		$	10.00
Net investment income/(loss)(2)		(0.01	)		(0.12	)		(0.08	)		(0.02	)
Net realized and unrealized gain/(loss) on investments(3)		(1.57	)		2.56			1.55			0.82
Net increase/(decrease) in net assets resulting from operations		(1.58	)		2.44			1.47			0.80
Dividends and distributions to shareholders from:
Net realized capital gains		(0.54	)		(1.12	)		—	(7)		—
Total dividends and distributions to shareholders		(0.54	)
Net asset value, end of period	$	11.47		$	13.59		$	12.27		$	10.80
Total investment return/(loss)(4)		(11.37	)%(5)		21.05	%		13.63	%		8.00	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	154		$	200		$	168		$	26
Ratio of expenses to average net assets with waivers and reimbursements		2.23	%(6)		2.23	%		2.23	%		2.23	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		2.41	%(6)		2.61	%		2.89	%		5.43	%(6)
Ratio of net investment income/(loss) to average net assets		(0.12	)%(6)		(0.95	)%		(0.67	)%		(0.47	)%(6)
Portfolio turnover rate(8)		88	%(5)		122	%		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/(loss) 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.
35

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

Financial Highlights

Contained below is per share operating performance data for Class I shares outstanding, total investment return/(loss), 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, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Year Ended August 31, 2017(1)			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015			For the Eleven Months Ended August 31, 2014(2)(3)
Per Share Operating Performance
Net asset value, beginning of period	$	30.30		$	27.20		$	24.93		$	28.29		$	27.64		$	27.45
Net investment income/(loss)(4)		0.20			0.35			0.06			(0.19	)		(0.21	)		(0.20	)
Net realized and unrealized gain/(loss) on investments		0.19			2.75			2.21			(1.25	)		3.04			2.96
Net increase/(decrease) in net assets resulting from operations		0.39			3.10			2.27			(1.44	)		2.83			2.76
Dividends and distributions to shareholders from:
Net investment income		(0.41	)		—			—			—			—			—
Net realized capital gains		—			—			—			(1.93	)		(2.18	)		(2.57	)
Total dividends and distributions to shareholders		(0.41	)		—			—			(1.93	)		(2.18	)		(2.57	)
Redemption fees added to paid-in capital(4)		—			—	(5)		—	(5)		0.01			—	(5)		—
Net asset value, end of period	$	30.28		$	30.30		$	27.20		$	24.93		$	28.29		$	27.64
Total investment return/(loss)(6)		1.35	%(7)		11.36	%		9.15	%		(5.44	)%		11.49	%		10.62	%(7)(9)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	19,123		$	19,530		$	22,765		$	64,378		$	71,523		$	59,924
Ratio of expenses to average net assets with waivers and reimbursements		0.84	%(8)		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%(8)(9)
Ratio of expenses to average net assets without waivers and reimbursements		1.12	%(8)		1.25	%		1.32	%		1.13	%		1.20	%		1.13	%(8)(9)
Ratio of net investment income/(loss) to average net assets		1.35	%(8)		1.19	%		0.26	%		(0.76	)%		(0.77	)%		(0.80	)%(8)(9)
Portfolio turnover rate		38	%(7)		44	%		247	%		375	%		297	%		277	%(7)

(1) Returns for periods prior to January 3, 2017 were generated under the management of the Fund’s former investment adviser and reflect a previous investment strategy.

(2) The Fund changed its fiscal year end to August 31.

(3) 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.

(4) The selected per share data was calculated based on average shares outstanding method for the period.

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

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

(7) Not annualized.

(8) Annualized.

(9) Includes adjustments in accordance with U.S. generally accepted accounting principles 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.

The accompanying notes are an integral part of the financial statements.
36

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements

February 28, 2019 (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 thirty-two separate 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 Summit Global Investments Global Low Volatility Fund (formerly, the Scotia Dynamic U.S. Growth 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 Class 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 and Class C 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 87.223 billion shares are currently classified into one hundred and eighty-three 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, 2019, and the period covered by these Notes to Financial Statements is the six-months period ended February 28, 2019 (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

37

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

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 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	$	439,944,266	$	439,944,266	$	—	$	—
Short-Term Investments		8,923,039		8,923,039		—		—
Total Investments*	$	448,867,305	$	448,867,305	$	—	$	—
Summit Global Investments Small Cap Low Volatility Fund
Common Stocks	$	33,636,710	$	33,636,710	$	—	$	—
Exchange Traded Funds		530,916		530,916
Short-Term Investments		575,029		575,029		—		—
Total Investments*	$	34,742,655	$	34,742,655	$	—	$	—
Summit Global Investments global Low Volatility Fund
Common Stocks	$	18,889,658	$	18,889,658	$	—	$	—
Short-Term Investments		219,830		219,830		—		—
Total Investments*	$	19,109,488	$	19,109,488	$	—	$	—

^* 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 Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

38

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (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. A reconciliation of Level 3 investments is presented only if 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 Level 3 transfers are disclosed when a Fund had an amount of total Level 3 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 Level 3 transfers.

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 (including amortization of premiums and accretion of discounts) 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.

39

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (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, the Funds expect the risk of material loss from such claims to be remote.

2. Investment Adviser and Other Services

Summit 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, 2019 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2019.

FUND	ADVISORY FEE			EXPENSE CAPS
				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

If at any time a Fund’s total annual Fund operating expenses for a year are less than the relevant share class’ Expense Cap, the Adviser is entitled to recoup from the Fund 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 recoupment does not cause the Fund to exceed the relevant share class' Expense Cap that was in effect at the time of the waiver or reimbursement.

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

FUND	Gross Advisory Fees		Waivers AND/OR Reimbursements			RECOUPMENTS		Net Advisory Fees
Summit Global Investments U.S. Low Volatility Equity Fund	$	1,504,827	$	—		$	256,427	$	1,761,254
Summit Global Investments Small Cap Low Volatility Fund		160,623		(31,287	)		—		129,336
Summit Global Investments Global Low Volatility Fund		64,721		(26,308	)		—		38,413

40

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

As of the end of the reporting period, the Funds had amounts available for recoupment by the Adviser as follows:

	EXPIRATION
FUND	August 31, 2019		August 31, 2020		August 31, 2021		August 31, 2022
Summit Global Investments U.S. Low Volatility Equity Fund	$	—	$	—	$	48,170	$	—
Summit Global Investments Small Cap Low Volatility Fund		108,075		140,932		87,054		31,287
Summit Global Investments Global Low Volatility Fund		—		98,278		87,592		26,308

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

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services 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 (the "Distributor") serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, 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 AND OFFICER 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

41

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

and Secretary and is compensated for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation amounts, please refer to the Statements 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	$	275,414,488	$	256,956,098
Summit Global Investments Small Cap Low Volatility Fund		33,096,766		29,326,019
Summit Global Investments Global Low Volatility Fund		7,086,365		7,511,787

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.

As of August 31, 2018, 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	$	384,117,131	$	65,860,021	$	(2,593,681	)	$	63,266,340
Summit Global Investments Small Cap Low Volatility Fund		30,923,575		5,679,578		(894,479	)		4,785,099
Summit Global Investments Global Low Volatility Fund		16,934,690		3,033,544		(452,223	)		2,581,321

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.

42

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (Continued)

February 28, 2019 (Unaudited)

The following permanent differences as of August 31, 2018, were reclassified among the following accounts. They are primarily attributable to gains and losses on foreign currency transactions, tax reclassification of distributions received and investments in publicly traded partnerships.

FUND	Undistributed Net Investments Income/(LOSS)			Accumulated Net Realized Gain/(Loss)			Paid-In Capital
Summit Global Investments U.S. Low Volatility Equity Fund	$	(2,293	)	$	2,293		$	—
Summit Global Investments Small Cap Low Volatility Fund		75,624			(75,624	)		—
Summit Global Investments Global Low Volatility Fund		200			102			(302	)

As of August 31, 2018, the components of distributable earnings on a tax basis were as follows:

FUND	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital loss carry forwards		Unrealized Appreciation/ (Depreciation)
Summit Global Investments U.S. Low Volatility Equity Fund	$	4,024,581	$	6,681,671	$	—	$	63,266,340
Summit Global Investments Small Cap Low Volatility Fund		23,727		949,705		—		4,785,099
Summit Global Investments Global Low Volatility Fund		258,784		—		1,986,607		2,581,321

The differences between the book and tax basis components of distributable earnings relate primarily to wash sales.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2018 was as follows:

FUND		Ordinary Income		Long-Term Gains		Total
Summit Global Investments U.S. Low Volatility Equity Fund	2018	$	1,094,111	$	6,003,740	$	7,097,851
Summit Global Investments Small Cap Low Volatility Fund	2018		1,276,795		573,123		1,849,918
Summit Global Investments Global Low Volatility Fund	2018		—		—		—

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.

During the period ended August 31, 2018 the Summit Global Investments Global Low Volatility Fund utilized $1,074,158 of total capital loss carryforwards. As of August 31, 2018, the Summit Global Investments Global Low Volatility Fund had short-term post-enactment capital losses of $1,986,607. The capital losses can be carried forward for an unlimited period.

43

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Financial Statements (concluded)

February 28, 2019 (Unaudited)

7. NEW ACCOUNTING PRONOUNCEMENTS and regulatory updates

In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all affected entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of additional disclosures, which are required for public companies only, until their effective date. Management evaluated the impact of these changes on the Funds' financial statements and has elected to early adopt the modified disclosures effective February 28, 2019. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of February 28, 2019, management has adopted this amendment. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities. The amendment also requires presentation of the total distributions, rather than the components thereof, on the Statements of Changes in Net Assets and removes the requirement for disclosure of accumulated net investment income/(loss) on a book basis. These changes generally simplify the disclosure of information without significantly altering the information provided to investors.

8. 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 there was the following subsequent event:

Effective as of May 1, 2019, each Fund will be re-named as indicated in the table below:

Current Fund Name	Name of Fund as of May 1, 2019
Summit Global Investment U.S. Low Volatility Equity Fund	SGI U.S. Large Cap Equity Fund
Summit Global Investment Small Cap Low Volatility Fund	SGI U.S. Small Cap Equity Fund
Summit Global Investment Global Low Volatility Fund	SGI Global Equity Fund

44

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 SEC's 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 (or successor Form). The Company’s Form N-Q is available on the SEC website at http://www.sec.gov.

45

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-SAR19

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 no change in the registrant’s independent public accountant for the period covered by this report.

(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	4/30/19

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	4/30/19
By (Signature and Title)*	/s/ James Shaw
	James Shaw, Treasurer
	(principal financial officer)
Date	4/30/19

* Print the name and title of each signing officer under his or her signature.