Semi-annual report 2018

[Pages:28]Semi-annual report 2018

Motley Fool 100 Index ETF A Series of The RBB Fund Inc.

2/28/18 (UNAUDITED)

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Motley Fool 100 Index ETF (TMFC)

Nearly 79% of the assets of the ETF are invested in just three sectors (technology, consumer discretionary, and healthcare). The S&P 500?, by contrast, has 52% allotted to those same sectors. Interestingly, these sectors have

grown in prominence (primarily technology) over time. Back in 2013, they represented 44% of the S&P 500?.

In February, one company in the ETF changed its name. , the well-known online travel agency business, changed its name to Booking Holdings. is the company's primary non-U.S. website and is responsible for generating the bulk of sales and profits. This may come as a surprise to some, but has long been

the crown jewel in the business. If you are looking to book accommodations and activities for any upcoming fun, give a shot and see what you've been missing out on.

The three largest holdings all begin with the letter A (Apple, Alphabet, and ). As far as we know, the index our ETF aims to track (the Motley Fool 100 Index) shows no preference to the front of the alphabet. There are lots of V

and W companies in the portfolio, but nothing in the land of X, Y, or Z.

Letter to Shareholders Portfolio Characteristics Fund Expense Example Schedule of Investments Financial Statements Notes to Financial Statements Notice to Shareholders Board Approval of Advisory Agreement

Table of Contents

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MOTLEY FOOL 100 INDEX ETF LETTER TO SHAREHOLDERS

FEBRUARY 28, 2018 (UNAUDITED)

Dear Fellow Fool 100 ETF Shareholders,

Welcome, and from everyone at Motley Fool Asset Management, we sincerely thank you for being in the very first wave of investors in our very first exchange-traded fund (ETF). We are delighted and humbled by the excitement and support from you, our investors, and from our many partners for the Motley Fool 100 ETF.

The launch of a new product is always exhilarating, intense, and more than a little nerve-wracking. And with the Motley Fool 100 ETF, we were not only introducing a new product, we were stepping out of our known and comfortable world of mutual funds into the unknown (to us): exchangetraded funds. That meant learning a whole new set of rules, creating new partnerships, building a new website, and filing lots of very long documents with the Securities and Exchange Commission?. I definitely had a few sleepless nights leading up to our opening day.

All of that was well worth it, though, because it allowed us to deliver exactly the product so many of

you have been asking for ? what we believe to be an easy, less expensive way to invest in The Motley

President

Fool's top investment ideas.

Denise H. Coursey

ETFs seem ubiquitous now, but I was surprised how many times over the past few months I was

asked to explain how they work and their history. The first exchange-traded fund was introduced in

1993, and now, 25 years later, ETFs are a more than $3 trillion market. It's not difficult to understand why these investment vehicles

have taken off. They're generally less expensive, tax-efficient?, offer low or no minimum investment requirement, and if you have

a brokerage account, you can buy any ETF on the market for the same trading cost as buying any stock. Easy, cheap, tax-efficient?.

And with the right investment strategy, a very Foolish solution.

We believe the Motley Fool 100 Index is just that investment strategy ? the 100 largest stocks in the Motley Fool universe, weighted by market cap and vetted by the Fool's analysts. It aims to be a simple, less expensive way to build the core of any portfolio.

We're delighted so many of you agreed and have been early adopters in investing with us. (By the way, I was right there with you, investing on the first day.) More than that, we hope you will continue to embrace the Foolish long-term, buy-and-hold investing philosophy. We're only a month into this adventure, and we want to have you with us for many years to come.

Foolish best,

Denise Coursey

? The SEC does not endorse, indemnify, approve, nor disapprove of any security. ? Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax

regulations and it is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice. ? Mutual funds, ETFs, hedge funds, equities, bonds, and other asset classes have different risk profiles, which should be considered when investing. All investments contain risk and may lose value.

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Must be preceded or accompanied by a prospectus. Shares of any ETF are bought and sold at market price, not net asset value ("NAV"), and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Motley Fool 100 Index is a new market-cap weighted index that measures the performance of The Motley Fool's 100 largest active buy recommendations or highest-rated stocks in Fool IQ, the company's analyst opinion database. Every company included in the Index is incorporated and listed in the U.S. You cannot invest directly in an index. Investing involves risk. Principal loss is possible. The Fund is non-diversified, which means its NAV, market price and total returns may fluctuate or fall more than a diversified fund. Gains or losses on a single stock may have a greater impact on the Fund. The Fund is not actively managed and the Adviser does not attempt to take defensive positions in any market conditions, including adverse markets. The Index is comprised of the 100 largest U.S. companies that are either active recommendations of The Motley Fool LLC's newsletter or are among the 150 highest rated U.S. companies in The Motley Fool LLC's analyst opinion database, and are weighted based on their market value relative to the total market value of other companies in the Index. Changes in The Motley Fool LLC's recommendations or rankings methodologies may have an adverse effect on the Fund. Factors that affect a security's value can change over time, and these changes may not be reflected in the Index methodology. The Fund is recently organized, with no operating history. As a result, prospective investors have a limited track record on which to base their investment decision. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size. The Motley Fool 100 ETF is distributed by Quasar Distributors, LLC.

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MOTLEY FOOL 100 INDEX ETF PORTFOLIO CHARACTERISTICS

(UNAUDITED)

At February 28, 2018, the Fund had an unaudited net asset value of $19.49 per share attributed to 4,625,000 shares outstanding. This compares with an unaudited net asset value as of January 29, 2018 of $20.00 per share attributed to 100,000 shares outstanding. From the Fund launch on January 29, 2018 to February 28, 2018, the Fund had an average annual total return of -2.55% versus a return of -2.62% over the same period for its benchmark, the Motley Fool 100 Index.

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

Motley Fool 100 Index ETF Motley Fool 100 Index* S&P 500? Total Return Index** Fund Expense Ratio(2)

SINCE INCEPTION

-2.55% -2.62%(1) -4.68%(1)

0.50%

INCEPTION DATE

1/29/18

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

(1) Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. (2) The expense ratios of the Fund are set forth according to the 1/22/2018 Prospectus for the Fund and may differ from the expense ratio disclosed in

the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Motley Fool 100 Index was established by The Motley Fool in 2017 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool's analysts and newsletters. The Index is calculated and administered by Solactive AG (the "Index Calculation Agent"), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Index, including its value, is available on the websites of the Fund at and the Index Calculation Agent, at .

** The S&P 500? Total Return Index is the total return version of the S&P 500? Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date. The S&P 500? Index is a market-capitalization-weighted index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500? Index is designed to be a leading indicator of U.S. equities and is meant to refl ect the risk/return characteristics of the large cap universe. The S&P 500? Index was fi rst introduced on the 1st of January, 1923, though expanded to 500 stocks on March 4, 1957.

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool 100 Index.

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MOTLEY FOOL 100 INDEX ETF PORTFOLIO CHARACTERISTICS (CONTINUED)

(UNAUDITED)

The following tables show the top eleven holdings and sector allocations, in which the Fund was invested in as of February 28, 2018. Portfolio holdings are subject to change without notice.

TOP ELEVEN HOLDINGS

% OF NET ASSETS

Apple, Inc. Alphabet, Inc., Class C , Inc. Microsoft Corp. Facebook, Inc., Class A Berkshire Hathaway, Inc., Class B Johnson & Johnson Visa, Inc., Class A Intel Corp. Cisco Systems, Inc. UnitedHealth Group, Inc.

8.95% 7.41 6.93 6.86 4.96 4.81 3.33 2.60 2.18 2.09 2.07

52.19%

The Fund uses the Global Industry Classification StandardSM ("GICSSM") 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 Consumer Discretionary Health Care Financials Industrials Telecommunication Services Consumer Staples Real Estate Energy Materials Utilities

48.11% 19.46 11.39 8.25 4.45 2.32 1.79 1.45 1.18 0.89 0.45

99.74%

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MOTLEY FOOL 100 INDEX ETF FUND EXPENSE EXAMPLE

FEBRUARY 28, 2018 (UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other ETFs.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2017 through February 28, 2018, and held for the entire period. The actual values and expenses are based on the 30 day period from inception January 29, 2018 through February 28, 2018.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

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

BEGINNING ENDING

ACCOUNT ACCOUNT

VALUE

VALUE ANNUALIZED EXPENSES

SEPTEMBER 1, FEBRUARY 28, EXPENSE PAID DURING

2017

2018

RATIO

PERIOD*

Actual Hypothetical (5% return before expenses)

$ 1,000.00 1,000.00

$ 974.50 1,022.32

0.50% 0.50

$0.41 2.51

* Expenses are equal to the Fund's annualized six-month expense ratio, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The actual dollar amounts shown as expenses paid during the period for the Fund are multiplied by 30 days, which is based on the date of inception (January 29, 2018). The Fund's ending account value on the first line in the table is based on the actual since inception total return for the Fund as of February 28, 2018 of -2.55%.

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MOTLEY FOOL 100 INDEX ETF SCHEDULE OF INVESTMENTS

FEBRUARY 28, 2018 (UNAUDITED)

NUMBER OF SHARES

VALUE (NOTE 2)

Common Stocks -- 99.74% Aerospace & Defense -- 0.28% Textron, Inc. (United States) TransDigm Group, Inc. (United States)

Air Freight & Logistics -- 0.60% FedEx Corp. (United States) Airlines -- 0.54% Delta Air Lines, Inc. (United States) United Continental Holdings, Inc. (United States)*

Automobiles -- 0.99% Ford Motor Co. (United States) Tesla, Inc. (United States)*

Beverages -- 0.34% Monster Beverage Corp. (United States)* Biotechnology -- 2.77% Biogen, Inc. (United States)* BioMarin Pharmaceutical, Inc. (United States)* Celgene Corp. (United States)* Gilead Sciences, Inc. (United States) Vertex Pharmaceuticals, Inc. (United States)*

Capital Markets -- 1.92% Charles Schwab Corp. (The) (United States) CME Group, Inc. (United States) Intercontinental Exchange, Inc. (United States) Moody's Corp. (United States)

Chemicals -- 0.70% Ecolab, Inc. (United States) Sherwin-Williams Co. (The) (United States)

2,182 $ 130,592

438

126,280

256,872

2,188

539,145

6,023 2,364

34,666 1,541

4,779

324,640 160,255 484,895

367,806 528,656 896,462

302,845

1,821 1,480 6,860 11,522 2,068

11,399 2,965 4,950 1,629

2,462 776

526,251 120,132 597,643 907,127 343,350 2,494,503

604,375 492,664 361,746 271,848 1,730,633

321,168 311,626 632,794

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

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