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Bogle Investment Management

Small Cap Growth Fund

of THE RBB FUND, INC.

Semi-Annual Report

February 28, 2017 (Unaudited)

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

fp0024697_RBB-Bogle_SAR_2017_Final.indd 1 4/28/2017 6:31:27 PM

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Bogle Investment Management Small Cap Growth Fund

Semi-Annual Report for the Six-Month Period Ended February 28, 2017(Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2017(1)

Six Months(2)

One Year

Five Year

Ten Year

Since Inception(3)

Institutional Class Shares 13.52% 34.90% 13.58% 6.56% 11.36%Investor Class Shares 13.43% 34.76% 13.46% 6.46% 11.26%Russell 2000® Index 12.61% 36.11% 12.89% 7.22% 8.42%

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 annual operating expense ratio of each class, as stated in the current prospectus dated December 31, 2016, is 1.42% for both the Institutional and Investor Class prior to fee waivers.

(1) Bogle Investment Management, L.P. (the “Adviser” or “Bogle”) waived a portion of its advisory fee and agreed to reimburse a portion of the Bogle Investment Management Small Cap Growth Fund (the “Fund”)’s operating expenses, if necessary, to maintain the expense limitation as set forth in the notes to the financial statements. Total returns shown include fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waivers and reimbursements of fees and expenses in excess of expense limitations. Returns shown include the reinvestment of all dividends and other distributions. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost.

(2) Not annualized.

(3) For the period October 1, 1999 (commencement of operations) through February 28, 2017.


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

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2016 through February 28, 2017, and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Institutional Class

Beginning Account Value

September 1, 2016

Ending Account Value

February 28, 2017Expenses Paid

During Period*

Actual $1,000.00 $1,135.20 $6.62Hypothetical

(5% return before expenses) 1,000.00 1,018.60 6.26Investor Class**

Beginning Account Value

September 1, 2016

Ending Account Value

February 28, 2017Expenses Paid

During Period*

Actual $1,000.00 $1,134.30 $6.99Hypothetical

(5% return before expenses) 1,000.00 1,018.25 6.61

* Expenses are equal to the Fund’s annualized six-month expense ratio of 1.25% for the Institutional Class and 1.32% for the Investor Class, which includes waived fees or reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account values on the first line in each table are based on the actual six-month total investment return for each class of 13.52% for the Institutional Class and 13.43% for the Investor Class.

** Effective December 31, 2016, the shareholder servicing plan was terminated.


Fund Expense Examples(Unaudited)

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Bogle Investment Management Small Cap Growth FundPortfolio Holdings Summary Table

February 28, 2017(Unaudited)

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

Security Type & Sector CLASSIFICATION% of Net

Assets Value

Common Stocks:Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2% $ 27,512,870Electronic Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6 13,167,240Technology Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8 11,150,457Health Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 10,640,095Producer Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4 7,242,218Process Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 6,234,979Consumer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 5,870,104Non-Energy Minerals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 3,673,835Retail Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 3,490,147Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 3,308,619Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 3,078,636Energy Minerals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 2,987,463Distribution Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 2,788,521Consumer Non-Durables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 2,501,474Health Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 2,224,424Consumer Durables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 2,123,043Communications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1,802,065Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 1,036,891Industrial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 712,197

Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 1,806,581Other Assets in Excess of Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 200,757

Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $ 113,552,616

Portfolio holdings are subject to change at any time.

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Portfolio of InvestmentsFebruary 28, 2017 (Unaudited)

Number of Shares Value

Common Stocks—98.2%Commercial Services—2.9%

Bankrate, Inc.* . . . . . . . . . . . . . . 8,158 $ 88,922Brinks Co., (The) . . . . . . . . . . . . 1,257 67,186Civeo Corp.* . . . . . . . . . . . . . . . 83,520 293,155Realogy Holdings Corp. . . . . . 37,213 1,030,800Travelport Worldwide Ltd. . . . 63,332 804,316Viad Corp. . . . . . . . . . . . . . . . . . 21,700 1,024,240

3,308,619Communications—1.5%

ShoreTel, Inc.* . . . . . . . . . . . . . . 109,861 714,097Telephone & Data Systems,

Inc. . . . . . . . . . . . . . . . . . . . . . 13,892 375,501TIM Participacoes SA, ADR . . 45,936 712,467

1,802,065Consumer Durables—1.9%

Scientific Games Corp., Class A* . . . . . . . . . . . . . . . . . 645 13,319

Taylor Morrison Home Corp., Class A* . . . . . . . . . . . . . . . . . 55,781 1,122,872

Thor Industries, Inc. . . . . . . . . . 8,905 986,8522,123,043

Consumer Non-Durables—2.2%Caleres, Inc. . . . . . . . . . . . . . . . . 2,093 62,518Central Garden & Pet Co.* . . . 3,407 114,986Central Garden & Pet Co.,

Class A* . . . . . . . . . . . . . . . . . 11,345 362,473Universal Corp/VA . . . . . . . . . . 14,803 1,002,163Vector Group Ltd. . . . . . . . . . . 42,113 959,334

2,501,474Consumer Services—5.2%

Ascent Capital Group, Inc., Class A* . . . . . . . . . . . . . . . . . 2,970 47,668

Capella Education Co. . . . . . . . 3,395 258,360Career Education Corp.* . . . . . 4,351 36,244Grand Canyon Education,

Inc.* . . . . . . . . . . . . . . . . . . . . . 12,717 780,569Houghton Mifflin Harcourt

Co.* . . . . . . . . . . . . . . . . . . . . . 42,098 465,183International Game

Technology PLC . . . . . . . . . . 13,980 377,460K12, Inc.* . . . . . . . . . . . . . . . . . . 52,598 939,400La Quinta Holdings, Inc.* . . . . 92,237 1,278,405Liberty TripAdvisor Holdings,

Inc., Class A* . . . . . . . . . . . . . 49,711 668,613Tribune Media Co., Class A . . 29,496 1,018,202

5,870,104Distribution Services—2.5%

Applied Industrial Technologies, Inc. . . . . . . . . . 13,243 834,971


Distribution Services—(continued)MRC Global, Inc.* . . . . . . . . . . 51,080 $ 1,032,327WESCO International, Inc.* . . 13,255 921,223

2,788,521Electronic Technology—11.6%

Alpha & Omega Semiconductor Ltd.* . . . . . . 3,889 74,902

Benchmark Electronics, Inc.* . 31,622 983,444Brooks Automation, Inc. . . . . . 55,698 1,161,860Cirrus Logic, Inc.* . . . . . . . . . . 4,568 247,037CyberOptics Corp.* . . . . . . . . . 3,335 114,724EMCORE Corp. . . . . . . . . . . . . 1,622 14,517Entegris, Inc.* . . . . . . . . . . . . . . 62,086 1,316,223Fabrinet* . . . . . . . . . . . . . . . . . . 24,822 1,031,354Finisar Corp.* . . . . . . . . . . . . . . 50,515 1,691,242II-VI, Inc.* . . . . . . . . . . . . . . . . . . 26,178 931,937Kemet Corp.* . . . . . . . . . . . . . . 8,849 95,835Keysight Technologies, Inc.* . . 20,620 775,312Kulicke & Soffa Industries,

Inc.* . . . . . . . . . . . . . . . . . . . . . 56,802 1,162,737Nanometrics, Inc.* . . . . . . . . . . 40,189 1,093,543Orbotech Ltd.* . . . . . . . . . . . . . 6,711 202,337Plexus Corp.* . . . . . . . . . . . . . . 12,856 720,836Rudolph Technologies, Inc.* . . 8,412 180,858TTM Technologies, Inc.* . . . . . 70,089 1,132,638Ultra Clean Holdings, Inc.* . . . 1,231 17,049Veeco Instruments, Inc.* . . . . . 8,002 218,855

13,167,240Energy Minerals—2.6%

Resolute Energy Corp.* . . . . . . 45,318 2,109,553Sanchez Energy Corp.* . . . . . . 76,340 877,910

2,987,463Finance—24.2%

Ambac Financial Group, Inc.* 8,334 184,182Assured Guaranty Ltd. . . . . . . 21,700 892,087Avis Budget Group, Inc.* . . . . 13,250 458,185Bank of NT Butterfield & Son

Ltd., (The) . . . . . . . . . . . . . . . 2,995 97,637Berkshire Hills Bancorp, Inc. . 6,544 231,330Central Pacific Financial

Corp. . . . . . . . . . . . . . . . . . . . . 25,754 813,311CNO Financial Group, Inc. . . . 26,380 551,606East West Bancorp, Inc. . . . . . . 27,552 1,491,114Enova International, Inc.* . . . . 29,584 424,530Enterprise Financial Services

Corp. . . . . . . . . . . . . . . . . . . . . 27,495 1,208,405ePlus, Inc.* . . . . . . . . . . . . . . . . . 9,268 1,176,573Essent Group Ltd.* . . . . . . . . . . 28,279 984,392EZCORP, Inc., Class A* . . . . . . 24,321 214,025First BanCorp Puerto Rico* . . . 268,089 1,710,408



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Portfolio of Investments (Continued)February 28, 2017 (Unaudited)


Finance—(continued)Genworth Financial, Inc.,

Class A* . . . . . . . . . . . . . . . . . 245,199 $ 1,002,864Green Dot Corp., Class A* . . . 42,088 1,233,599Health Insurance Innovations,

Inc., Class A* . . . . . . . . . . . . . 14,591 261,908Heartland Financial USA, Inc. 10,999 545,000Herc Holdings, Inc.* . . . . . . . . 23,742 1,227,224Hertz Global Holdings, Inc.* . 48,970 1,112,598HFF, Inc., Class A . . . . . . . . . . . 33,286 986,930Independent Bank

Group, Inc. . . . . . . . . . . . . . . 5,125 324,413International Bancshares

Corp. . . . . . . . . . . . . . . . . . . . . 11,447 435,558LPL Financial Holdings, Inc. . 26,444 1,045,596McGrath RentCorp . . . . . . . . . 21,022 791,058National Bank Holdings

Corp., Class A . . . . . . . . . . . . 16,243 535,857Nelnet, Inc. . . . . . . . . . . . . . . . . 19,112 856,027Ocwen Financial Corp.* . . . . . 25,264 111,414OFG Bancorp . . . . . . . . . . . . . . 114,361 1,475,257PennyMac Financial Services,

Inc., Class A* . . . . . . . . . . . . . 26,562 474,132PHH Corp.* . . . . . . . . . . . . . . . . 18,667 235,578Popular, Inc. . . . . . . . . . . . . . . . 33,508 1,476,362Reinsurance Group of

America, Inc. . . . . . . . . . . . . . 5,910 768,655Union Bankshares Corp. . . . . . 13,207 478,886United Community Banks,

Inc. . . . . . . . . . . . . . . . . . . . . . 33,127 957,039Voya Financial, Inc. . . . . . . . . . 17,927 739,130

27,512,870Health Services—2.0%

INC Research Holdings, Inc., Class A* . . . . . . . . . . . . . . . . . 7,562 330,081

LHC Group, Inc.* . . . . . . . . . . . 8,643 415,037Quorum Health Corp.* . . . . . . 75,582 646,226WellCare Health Plans, Inc.* . . 5,900 833,080

2,224,424Health Technology—9.4%

Achillion Pharmaceuticals, Inc.* . . . . . . . . . . . . . . . . . . . . . 67,984 272,616

AngioDynamics, Inc.* . . . . . . . 32,909 538,062Array BioPharma, Inc.* . . . . . . 166,290 1,912,335Cardiovascular Systems, Inc.* 2,411 68,472Chimerix, Inc.* . . . . . . . . . . . . . 21,717 123,353Clovis Oncology, Inc.* . . . . . . . 17,200 994,332Emergent BioSolutions, Inc.* . 9,900 310,662Exelixis, Inc.* . . . . . . . . . . . . . . . 74,227 1,598,107Genomic Health, Inc.* . . . . . . . 36,204 1,092,999Glaukos Corp.* . . . . . . . . . . . . . 25,876 1,177,358Infinity Pharmaceuticals, Inc.* 332 923


Health Technology—(continued)Intra-Cellular Therapies, Inc.* 15,238 $ 198,856Lantheus Holdings, Inc.* . . . . . 9,027 115,546Ophthotech Corp.* . . . . . . . . . . 78,488 280,987OraSure Technologies, Inc.* . . 65,743 736,979Orthofix International N.V.* . . 3,386 120,914Supernus Pharmaceuticals,

Inc.* . . . . . . . . . . . . . . . . . . . . . 20,087 516,236Syneron Medical Ltd.* . . . . . . . 11,338 105,443Vanda Pharmaceuticals, Inc.* 2,805 39,971Xencor, Inc.* . . . . . . . . . . . . . . . 17,543 435,944

10,640,095Industrial Services—0.6%

Advanced Disposal Services, Inc.* . . . . . . . . . . . . . . . . . . . . . 30,111 658,829

Casella Waste Systems, Inc., Class A* . . . . . . . . . . . . . . . . . 3,203 37,411

Goldfield Corp., (The)* . . . . . . 2,201 15,957712,197

Non-Energy Minerals—3.2%Coeur Mining, Inc.* . . . . . . . . . 124,782 1,071,877Gerdau SA, SP ADR . . . . . . . . . 219,746 894,366Hudbay Minerals, Inc. . . . . . . . 13,260 102,765Louisiana-Pacific Corp.* . . . . . 39,525 932,000Mechel PJSC, SP ADR* . . . . . . 73,502 357,955Ternium SA, SP ADR . . . . . . . . 11,873 314,872

3,673,835Process Industries—5.5%

Chemours Co., (The) . . . . . . . . 49,495 1,666,002Koppers Holdings, Inc.* . . . . . 31,018 1,360,139Trinseo SA . . . . . . . . . . . . . . . . . 24,986 1,727,782Tronox Ltd., Class A . . . . . . . . . 85,462 1,481,056

6,234,979Producer Manufacturing—6.4%

Allison Transmission Holdings, Inc. . . . . . . . . . . . . 25,274 909,359

CECO Environmental Corp. . . 1,263 14,272Chart Industries, Inc.* . . . . . . . 29,983 1,067,095Cooper-Standard Holdings,

Inc.* . . . . . . . . . . . . . . . . . . . . . 5,793 648,816EnerSys . . . . . . . . . . . . . . . . . . . 2,751 211,084Harsco Corp.* . . . . . . . . . . . . . . 4,037 56,922Oshkosh Corp. . . . . . . . . . . . . . 13,290 902,258Spartan Motors, Inc. . . . . . . . . . 5,633 37,459Stoneridge, Inc.* . . . . . . . . . . . . 36,214 611,654Tenneco, Inc.* . . . . . . . . . . . . . . 15,796 1,015,841Tower International, Inc. . . . . . 38,910 1,075,862Visteon Corp.* . . . . . . . . . . . . . . 7,463 691,596

7,242,218



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Portfolio of Investments (Concluded)February 28, 2017 (Unaudited)


Retail Trade—3.1%Asbury Automotive Group,

Inc.* . . . . . . . . . . . . . . . . . . . . . 15,621 $ 1,017,708Group 1 Automotive, Inc. . . . . 12,340 958,695Office Depot, Inc. . . . . . . . . . . . 101,294 422,396PCM, Inc.* . . . . . . . . . . . . . . . . . 9,680 260,392Penske Automotive Group,

Inc. . . . . . . . . . . . . . . . . . . . . . 16,520 830,9563,490,147

Technology Services—9.8%A10 Networks, Inc.* . . . . . . . . . 76 719Barracuda Networks, Inc.* . . . 4,357 103,087Brightcove, Inc.* . . . . . . . . . . . . 5,389 45,268Carbonite, Inc.* . . . . . . . . . . . . . 13,738 267,204ChannelAdvisor Corp.* . . . . . . 11,283 121,292EVERTEC, Inc. . . . . . . . . . . . . . 68,129 1,147,974FireEye, Inc.* . . . . . . . . . . . . . . . 95,868 1,079,474Instructure, Inc.* . . . . . . . . . . . . 9,107 208,550Jack Henry & Associates, Inc. 5,873 550,711MeetMe, Inc.* . . . . . . . . . . . . . . 23,244 112,268MicroStrategy, Inc., Class A* . 5,016 962,470Mimecast Ltd.* . . . . . . . . . . . . . 8,216 161,691Progress Software Corp. . . . . . 36,355 1,042,661Proofpoint, Inc.* . . . . . . . . . . . . 12,515 985,807RealPage, Inc.* . . . . . . . . . . . . . 27,833 939,364Rubicon Project, Inc., (The)* . . 57,595 503,380Splunk, Inc.* . . . . . . . . . . . . . . . 11,289 696,870Square, Inc., Class A* . . . . . . . . 68,222 1,181,605Varonis Systems, Inc.* . . . . . . . 8,793 240,928Veeva Systems, Inc., Class A* 18,291 799,134

11,150,457Transportation—0.9%

Swift Transportation Co.* . . . . 47,739 1,036,891


Utilities—2.7%Cia de Saneamento Basico do

Estado de Sao Paulo, ADR . 72,965 $ 772,699CPFL Energia SA, ADR . . . . . . 44,088 717,312NRG Energy, Inc. . . . . . . . . . . . 53,550 886,788Pampa Energia SA, SP ADR* . 15,334 701,837

3,078,636TOTAL COMMON STOCKS

(Cost $100,584,197) . . . . . . . . . . . . . . . . . . . . . 111,545,278Short-Term Investments—1.6%

Fidelity Investments Money Market Funds - Government Portfolio, 0.45% . . . . . . . . . . . . 1,806,581

TOTAL SHORT-TERM INVESTMENTS (Cost $1,806,581) . . . . . . . . . . . . . . . . . . . . . . . 1,806,581

Total Investments—99.8%(Cost $102,390,778) . . . . . . . . . . . . . . . . . . . . . 113,351,859

Other Assets in Excess of Liabilities—0.2% . . . . . . . . . . . . . . . . . . . . . 200,757

Net Assets—100.0% . . . . . . . . . . . . . . . . . . . . . $ 113,552,616

* Non-income producing.

ADR—American Depositary Receipt.

PLC—Public Limited Company.

SP ADR—Sponsored American Depositary Receipt.



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Bogle Investment Management Small Cap Growth FundStatement Of Assets And Liabilities

February 28, 2017(Unaudited)

AssetsInvestments, at value (cost $100,584,197) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 111,545,278Short-term investments, at value (cost $1,806,581) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,806,581Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,446Receivables for:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,493,477Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,825Dividends and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,325

Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,258Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,029,190

LiabilitiesPayables for:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,990,803Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331,809Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,159

Other accrued expenses and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,803Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,476,574

Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 113,552,616

Net Assets Consist of:Capital stock, $0.001 par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,227Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,282,837Accumulated net investment income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (841,631)Accumulated net realized gain/(loss) from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,149,102Net unrealized appreciation/(depreciation) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,961,081

Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 113,552,616

Institutional ClassNet assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,611,912Shares outstanding ($0.001 par value, 100,000,000 shares authorized) . . . . . . . . . . . . . . . . . . . . . . . . 1,227,393Net asset value, offering and redemption price per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30.64

Investor ClassNet assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 75,940,704Shares outstanding ($0.001 par value, 100,000,000 shares authorized) . . . . . . . . . . . . . . . . . . . . . . . . 2,540,435Net asset value, offering and redemption price per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29.89



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8


Statement Of OperationsFor the Six Months Ended February 28, 2017

(Unaudited)

Investment IncomeDividends and interest (net of foreign taxes withheld of $3,806) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 351,826

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,826

ExpensesAdvisory fees (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 599,781Transfer agent fees (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,538Administration and accounting services fees (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,924Shareholder servicing fees (Investor Class) (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,814Directors and officers fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,041Custodian fees (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,054Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,857Printing and shareholder reporting fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,035Registration and filing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,084Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,558Insurance fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,292Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,872

Total expenses before waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 824,850Less: waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50,310)

Net expenses after waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774,540Net investment income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (422,714)

Net Realized and Unrealized Gain/(Loss) from InvestmentsNet realized gain/(loss) from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,724,173Net change in unrealized appreciation/(depreciation) on investments . . . . . . . . . . . . . . . . . . . . . . . . 6,205,752

Net realized and unrealized gain/(loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,929,925Net Increase/(Decrease) in Net Assets Resulting from Operations . . . . . . . . . . . $ 15,507,211



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8

Bogle Investment Management Small Cap Growth FundStatements of Changes in Net Assets

For the Six Months Ended February 28, 2017

(Unaudited)

For the Year Ended

August 31, 2016

Increase/(Decrease) in Net Asset From Operations:Net investment income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (422,714) $ (804,119)Net realized gain/(loss) from investments . . . . . . . . . . . . . . . . . . . . . . . . 9,724,173 (7,938,156)Net change in unrealized appreciation/(depreciation) on investments . . . 6,205,752 12,424,986Net increase/(decrease) in net assets resulting from operations . . . . . . 15,507,211 3,682,711

Dividends and Distributions to Shareholders From:

Net realized capital gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Institutional Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (10,939,694)Investor Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (11,919,482)

Net decrease in net assets from dividends and distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (22,859,176)

Increase/(Decrease) in Net Assets Derived

From Capital Share Transactions:Institutional Class

Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,547,969 6,165,268Reinvestment of distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 10,728,856Distributions for shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,164,541) (38,278,961)Total from Institutional Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25,616,572) (21,384,837)

Investor Class Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,437,439 3,273,217Reinvestment of distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 11,325,577Distributions for shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,186,583) (24,893,410)Total from Investor Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,749,144) (10,294,616)

Net increase/(decrease) in net assets from capital share transactions . . . (31,365,716) (31,679,453)Total increase/(decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,858,505) (50,855,918)

Net Assets:Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,411,121 180,267,039End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 113,552,616 $ 129,411,121

Accumulated net investment income/(loss), end of period . . . . . . . . . . . . $ (841,631) $ (418,917)



10


11

For the Six Months Ended February 28, 2017

(Unaudited)

For the Year Ended

August 31, 2016

Increase/(Decrease) in Shares Outstanding Derived From Share Transactions:Institutional Class

Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,304 245,541Shares reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 419,916Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (942,772) (1,484,001)Total from Institutional Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (890,468) (818,544)

Investor Class Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,873 134,056Shares reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 453,931Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (251,833) (981,899)Total from Investor Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (200,960) (393,912)

Net increase/(decrease) in shares outstanding derived from share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,091,428) (1,212,456)


Statements of Changes in Net Assets (Concluded)



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11


Financial Highlights

Institutional Class

For the Six Months

Ended 2/28/17

(Unaudited)

For the Year

Ended 8/31/16

For the Year

Ended 8/31/15

For the Year

Ended 8/31/14

For the Year

Ended 8/31/13

For the Year

Ended 8/31/12

Per Share Operating Performance

Net asset value, beginning of period $ 27.00 $ 30.00 $ 38.07 $ 29.49 $ 21.76 $ 19.38Net investment income/(loss)* . . . . . . (0.09) (0.13) (0.18) (0.23) 0.10 (0.04)Net realized and unrealized gain/

(loss) from investments . . . . . . . . . . 3.73 1.21 (3.09) 8.87 7.63 2.42Net increase/(decrease) in net assets

resulting from operations . . . . . . . . 3.64 1.08 (3.27) 8.64 7.73 2.38Dividends and distributions

to shareholders from:Net investment income . . . . . . . . . . — — — (0.06) — —Net realized capital gains . . . . . . . . — (4.08) (4.80) — — —

Total dividends and distributions to shareholders . . . . . . . . . . . . . . . . . . . — (4.08) (4.80) (0.06) — —

Net asset value, end of period . . . . . . $ 30.64 $ 27.00 $ 30.00 $ 38.07 $ 29.49 $ 21.76Total investment return(1) . . . . . . . . . . 13.52%(4) 4.37% (8.99)% 29.34% 35.52% 12.28%

Ratios/Supplemental DataNet assets, end of period

(000’s omitted) . . . . . . . . . . . . . . . . . . $ 37,612 $ 57,180 $ 88,086 $ 117,923 $ 98,898 $ 48,526Ratio of expenses to average

net assets with waivers and reimbursements . . . . . . . . . . . . . . . . 1.25%(3) 1.25% 1.25% 1.25% 1.25% 1.25%

Ratio of expenses to average net assets without waivers and reimbursements(2) . . . . . . . . . . . . . . . 1.33%(3) 1.42% 1.35% 1.32% 1.39% 1.51%

Ratio of net investment income/(loss) to average net assets . . . . . . . . . . . . . (0.65)%(3) (0.50)% (0.53)% (0.66)% 0.37% (0.21)%

Portfolio turnover rate . . . . . . . . . . . . . 185.46%(4) 380.45% 196.15% 175.06% 237.59% 288.88%

* Calculated based on average shares outstanding for the period. (1) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each

period reported and includes reinvestments of dividends and distributions, if any. (2) During the 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). (3) Annualized.(4) Not annualized.

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.


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12


Financial Highlights

Investor Class

For the Six Months

Ended 2/28/17

(Unaudited)

For the Year

Ended 8/31/16

For the Year

Ended 8/31/15

For the Year

Ended 8/31/14

For the Year

Ended 8/31/13

For the Year

Ended 8/31/12

Per Share Operating Performance

Net asset value, beginning of period $ 26.35 $ 29.40 $ 37.45 $ 29.00 $ 21.42 $ 19.10Net investment income/(loss)* . . . . . . (0.10) (0.15) (0.21) (0.26) 0.07 (0.07)Net realized and unrealized gain/

(loss) from investments . . . . . . . . . . 3.64 1.18 (3.04) 8.74 7.51 2.39Net increase/(decrease) in net assets

resulting from operations . . . . . . . . 3.54 1.03 (3.25) 8.48 7.58 2.32Dividends and distributions

to shareholders from:Net investment income . . . . . . . . . . — — — (0.03) — —Net realized capital gains . . . . . . . . — (4.08) (4.80) — — —

Total dividends and distributions to shareholders . . . . . . . . . . . . . . . . . . . — (4.08) (4.80) (0.03) — —

Net asset value, end of period . . . . . . $ 29.89 $ 26.35 $ 29.40 $ 37.45 $ 29.00 $ 21.42Total investment return(1) . . . . . . . . . . 13.43%(4) 4.29% (9.09)% 29.28% 35.39% 12.15%

Ratios/Supplemental DataNet assets, end of period

(000’s omitted) . . . . . . . . . . . . . . . . . . $ 75,941 $ 72,231 $ 92,181 116,669 $ 77,584 $ 58,011Ratio of expenses to average

net assets with waivers and reimbursements . . . . . . . . . . . . . . . . 1.32%(3) 1.35% 1.35% 1.35% 1.35% 1.35%

Ratio of expenses to average net assets without waivers and reimbursements(2) . . . . . . . . . . . . . . . 1.40%(3) 1.52% 1.45% 1.43% 1.49% 1.60%

Ratio of net investment income/(loss) to average net assets . . . . . . . . . . . . . (0.74)%(3) (0.60)% (0.63)% (0.76)% 0.27% (0.36)%

Portfolio turnover rate . . . . . . . . . . . . . 185.46%(4) 380.45% 196.15% 175.06% 237.59% 288.88%

* Calculated based on average shares outstanding for the period. (1) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each

period reported and includes reinvestments of dividends and distributions, if any. (2) During the 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). (3) Annualized.(4) Not annualized.

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.


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12


Notes To Financial StatementsFebruary 28, 2017 (Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has twenty-six active investment portfolios, including the Bogle Investment Management Small Cap Growth Fund (the “Fund”), which commenced investment operations on October 1, 1999. As of February 28, 2017, the Fund offers two classes of shares, Institutional Class and Investor Class.

RBB has authorized capital of one hundred billion shares of common stock of which 84.423 billion shares are currently classified into one hundred and seventy-one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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

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

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

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

The inputs or 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 February 28, 2017, in valuing the Fund’s investments carried at fair value:

Total Value at

February 28, 2017

Level 1 Quoted

Price

Level 2 Other Significant

Observable Inputs

Level 3 Significant

Unobservable Inputs

Common Stocks $ 111,545,278 $ 111,545,278 $ — $ —Short-Term Investments 1,806,581 1,806,581 — —Total Investments* $ 113,351,859 $ 113,351,859 $ — $ —

* See Portfolio of Investments for detail on portfolio holdings.


14 15

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

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

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

For the six months ended February 28, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund that require disclosure.

Use of Estimates — The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be significant.

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


Notes To Financial Statements (Continued)February 28, 2017 (Unaudited)


14 15



U.S. Tax Status — No provision is made for U.S. income taxes as it is the 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.

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

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

2. Investment Adviser and Other Services

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

The Adviser has contractually agreed to waive management fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding certain items discussed below) exceed 1.25% for both the Institutional Class and Investor Class. Prior to December 31, 2016, the Adviser had contractually agreed to waive management fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding certain items discussed below) exceed 1.35% for the Investor Class. 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 exceeded 1.25% as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2017 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2017.

The contractual fee waiver does not provide for recoupment of fees that were waived or expenses that were reimbursed. For the six months ended February 28, 2017, investment advisory fees and waivers of the Fund were as follows:

Gross Advisory Fees Waivers

Net Advisory Fees

$599,781 $50,310 $549,471

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

In addition to serving as the Fund’s investment adviser, Bogle provided certain shareholder services to the Investor Class of the Fund from September 1, 2016 to December 31, 2016. As compensation for such services, the Adviser received a monthly fee equal to an annual rate of 0.10% of the average daily net assets of the Fund’s Investor Class. Effective December 31, 2016, the shareholder servicing plan was terminated. As a result, the Adviser no longer receives compensation for such services.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) served as administrator for the Fund through September 30, 2016. Effective October 1, 2016, U.S. Bancorp Fund Services, LLC (“USBFS”) serves as administrator for the Fund. For providing administrative and accounting services, USBFS is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

In addition, BNY Mellon served as the Fund’s transfer and dividend disbursing agent through November 18, 2016. Effective November 19, 2016, USBFS serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, USBFS is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.


16 17

The Bank of New York Mellon provided certain custodial services to the Fund through November 18, 2016. Effective November 19, 2016, 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.

Foreside Funds Distributors, LLC served as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB through November 18, 2016. Effective November 19, 2016, Quasar Distributors, LLC serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

3. Director’s and Officer’s Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. The aggregate remuneration paid to the Directors by the Fund during the period ended February 28, 2017 was $13,133. Employees of Vigilant Compliance, LLC serve as President, Chief Compliance Officer and Assistant Treasurer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. An employee of RBB serves as Treasurer and Secretary, and is compensated for services provided. Certain employees of USBFS serve as officers of the Company. They are not compensated by the Fund or the Company. For the six month period ended February 28, 2017, the Fund paid $9,908 in officer fees.

4. Purchases and Sales of Investment Securities

For the six months ended February 28, 2017, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

Purchases Sales

$218,120,570 $249,056,313

5. Federal Income Tax Information

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

As of February 28, 2017, the federal tax cost and aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows*:

Federal Tax Cost

Unrealized Appreciation

Unrealized (Depreciation)

Net Unrealized

Appreciation/(Depreciation)

$102,390,778 $14,944,711 $(3,983,630) $10,961,081

* Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.

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




16 17



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, 2016, primarily attributable to short-term capital gains netted against net operating loss, were reclassified among the following accounts:

Undistributed Net Investment

Income

Accumulated Net Realized Gain/(Loss)

Paid-In Capital

$796,483 $(29,367) $(767,116)

As of August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Capital Loss Carryforward

Undistributed Ordinary Income

Undistributed Long-Term Gains

Unrealized Appreciation/

(DEPRECIATION)

Qualified Late-Year Loss

Deferral

$(3,655,064) $— $— $(3,375,937) $(3,959,532)

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, 2016 was as follows:

Ordinary Income

Long-Term Gains

$3,127 $22,856,049

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August 31, 2016, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2016.

For the fiscal year ended August 31, 2016, the Fund deferred to September 1, 2016, the following losses:

Late-Year Ordinary

Loss Deferral

Short-Term Capital

Loss Deferral

Long-Term Capital

Loss Deferral

$418,917 $1,570,778 $1,969,837

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, 2016, the Fund had capital losses of $3,655,064 of which $288,004 are long-term capital losses and $3,367,060 are short-term capital losses. The capital losses can be carried forward for an unlimited period.


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Notes To Financial Statements (Concluded)February 28, 2017 (Unaudited)

6. Subsequent Events

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

Based on the recommendation of the Adviser, the Board has approved closing the Investor Class Shares of the Fund and converting Investor Class Shares of the Fund to Institutional Class Shares of the Fund.

Effective at the close of the New York Stock Exchange on April 28, 2017 (the “Conversion Date”), the outstanding Investor Class Shares of the Fund will be converted into full and/or fractional Institutional Class Shares of the Fund (the “Conversion”). Immediately after and as a result of the Conversion, each holder of Investor Class Shares of the Fund shall be the owner of Institutional Class Shares of the Fund with an aggregate NAV equal to the aggregate NAV of the Investor Class Shares held by such holder immediately prior to the Conversion. The Conversion will be effected without the imposition of any sales charge or any other charge.

After the Conversion has been completed, Investor Class Shares will no longer be available for sale. The Conversion is expected to be tax-free, meaning that the Fund’s Investor Class shareholders will become Institutional Class shareholders without realizing any gain or loss for federal tax purposes.


18 19


Other Information(Unaudited)

Proxy Voting

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

Quarterly Portfolio Schedules

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


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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 Ste. 2000

Philadelphia, PA 19103-6996


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