N-Q 1 d341105dnq.htm N-Q N-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05518

 

 

The RBB Fund, Inc.

(Exact name of registrant as specified in charter)

 

 

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

 

 

Salvatore Faia

c/o U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 414-765-5145

Date of fiscal year end: October 31

Date of reporting period: January 31, 2017

 

 

Explanatory Note: This filing covers the Motley Fool Independence Fund, the Motley Fool Great America Fund and the Motley Fool Emerging Markets Fund (formerly, the Motley Fool Epic Voyage Fund), each of which has declared October 31 as its fiscal year end.

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

Motley Fool Independence Fund

Schedule of Investments

at January 31, 2017 (Unaudited)

 

Issues

    Shares      Value
(Note 1)		  

Equity Securities — 94.11%

      

Airlines — 0.85%

      

Air Arabia PJSC (United Arab Emirates)

      8,000,000      $ 3,006,459  
     

 

 

  

Auto Components — 2.72%

      

Gentex Corp. (United States)

      200,000        4,178,000  

Horizon Global Corp. (United States)*

      278,917        5,458,410  
     

 

 

  
        9,636,410  
     

 

 

  

Banks — 9.32%

      

Banco Latinoamericano de Comercio Exterior SA (Panama)

      343,129        9,333,109  

BGEO Group PLC (Georgia)

      183,132        6,818,121  

HDFC Bank Ltd. (India)(a)

      145,000        9,994,850  

Sberbank of Russia PJSC (Russia)

      2,400,000        6,860,018  
     

 

 

  
        33,006,098  
     

 

 

  

Biotechnology — 1.76%

      

Ionis Pharmaceuticals, Inc. (United States)*

      140,000        6,230,000  
     

 

 

  

Building Products — 1.33%

      

American Woodmark Corp. (United States)*

      66,271        4,718,495  
     

 

 

  

Capital Markets — 0.98%

      

Oaktree Capital Group LLC (United States)

      82,562        3,484,116  
     

 

 

  

Chemicals — 1.85%

      

Syngenta AG (Switzerland)(a)

      77,101        6,556,669  
     

 

 

  

Commercial Services & Supplies — 2.05%

      

Depa Ltd. (United Arab Emirates)*

      5,815,390        1,919,079  

KAR Auction Services, Inc. (United States)

      117,708        5,361,599  
     

 

 

  
        7,280,678  
     

 

 

  

Communications Equipment — 1.68%

      

Infinera Corp. (United States)*

      661,100        5,956,511  
     

 

 

  

Diversified Financial Services — 2.08%

      

Berkshire Hathaway, Inc. Class A (United States)*

      30        7,379,410  
     

 

 

  

Diversified Telecommunication Services — 3.17%

      

Level 3 Communications, Inc. (United States)*

      82,500        4,905,450  

 

See Notes to Schedules of Investments.
Motley Fool Independence Fund    1

Issues

    Shares      Value
(Note 1)		  

Equity Securities (continued)

      

Diversified Telecommunication Services (continued)

      

SBA Communications Corp. (United States)*

      60,000      $ 6,315,600  
     

 

 

  
        11,221,050  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.97%

      

IPG Photonics Corp. (United States)*

      30,000        3,449,700  
     

 

 

  

Equity Real Estate Investment Trusts — 1.87%

      

American Tower Corp. (United States)

      64,000        6,624,000  
     

 

 

  

Food & Staples Retailing — 1.85%

      

Costco Wholesale Corp. (United States)

      40,000        6,558,000  
     

 

 

  

Food Products — 4.12%

      

BRF—Brasil Foods SA (Brazil)(a)

      223,704        3,160,938  

Nestle SA (Switzerland)

      68,694        5,032,834  

PT Nippon Indosari Corpindo Tbk (Indonesia)

      54,234,800        6,418,816  
     

 

 

  
        14,612,588  
     

 

 

  

Health Care Equipment & Supplies — 6.64%

      

Align Technology, Inc. (United States)*

      38,000        3,484,220  

Medtronic PLC (Ireland)

      89,272        6,786,458  

Natus Medical, Inc. (United States)*

      186,900        7,298,445  

Top Glove Corp. BHD (Malaysia)

      1,040,000        1,220,905  

Zimmer Biomet Holdings, Inc. (United States)

      40,000        4,733,200  
     

 

 

  
        23,523,228  
     

 

 

  

Health Care Providers & Services — 4.93%

      

Anthem, Inc. (United States)

      55,000        8,477,700  

NMC Health PLC (United Arab Emirates)

      435,482        8,998,299  
     

 

 

  
        17,475,999  
     

 

 

  

Hotels, Restaurants & Leisure — 2.96%

      

Starbucks Corp. (United States)

      80,000        4,417,600  

Texas Roadhouse, Inc. (United States)

      130,500        6,086,520  
     

 

 

  
        10,504,120  
     

 

 

  

Insurance — 3.22%

      

Loews Corp. (United States)

      90,000        4,192,200  

Markel Corp. (United States)*

      7,800        7,215,000  
     

 

 

  
        11,407,200  
     

 

 

  

 

See Notes to Schedules of Investments.
2    Motley Fool Independence Fund

Issues

    Shares      Value
(Note 1)		  

Equity Securities (continued)

      

Internet & Catalog Retail — 5.99%

      

Amazon.com, Inc. (United States)*

      12,500      $ 10,293,500  

CJ O Shopping Co., Ltd. (South Korea)

      28,949        4,003,348  

TripAdvisor, Inc. (United States)*

      50,000        2,645,000  

zooplus AG (Germany)*

      30,000        4,271,811  
     

 

 

  
        21,213,659  
     

 

 

  

Internet Software & Services — 5.33%

      

Alphabet, Inc. Class C (United States)*

      9,024        7,190,233  

Baidu, Inc. (China)*(a)

      26,500        4,639,355  

Tencent Holdings Ltd. (China)

      270,000        7,059,253  
     

 

 

  
        18,888,841  
     

 

 

  

Leisure Products — 1.87%

      

Shimano, Inc. (Japan)

      42,000        6,622,884  
     

 

 

  

Life Sciences Tools & Services — 1.33%

      

Horizon Discovery Group PLC (United Kingdom)*

      2,135,499        4,701,316  
     

 

 

  

Machinery — 2.36%

      

FANUC Corp. (Japan)

      42,600        8,363,522  
     

 

 

  

Media — 2.75%

      

BrainJuicer Group PLC (United Kingdom)

      700,000        6,604,521  

Multiplus SA (Brazil)

      278,600        3,145,755  
     

 

 

  
        9,750,276  
     

 

 

  

Multiline Retail — 1.44%

      

PT Mitra Adiperkasa Tbk (Indonesia)*

      12,301,000        5,089,463  
     

 

 

  

Oil, Gas & Consumable Fuels — 1.77%

      

Kinder Morgan, Inc. (United States)

      280,000        6,255,200  
     

 

 

  

Real Estate Management & Development — 1.07%

      

Henderson Land Development Co., Ltd. (Hong Kong)

      689,039        3,803,460  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.54%

      

Intel Corp. (United States)

      163,000        6,001,660  

NXP Semiconductors NV (Netherlands)*

      35,000        3,424,750  

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)

      215,000        6,645,650  
     

 

 

  
        16,072,060  
     

 

 

  

Software — 5.26%

      

DuzonBizon Co., Ltd. (South Korea)

      401,680        7,959,100  

Splunk, Inc. (United States)*

      97,500        5,641,350  

 

See Notes to Schedules of Investments.
Motley Fool Independence Fund    3

Issues

    Shares      Value
(Note 1)		  

Equity Securities (continued)

      

Software (continued)

      

Ultimate Software Group, Inc. (United States)*

      26,000      $ 5,035,160  
     

 

 

  
        18,635,610  
     

 

 

  

Technology Hardware, Storage & Peripherals — 1.54%

      

Apple, Inc. (United States)

      45,000        5,460,750  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.76%

      

Under Armour, Inc. Class C (United States)*

      323,903        6,225,425  
     

 

 

  

Transportation Infrastructure — 2.75%

      

DP World Ltd. (United Arab Emirates)

      145,000        2,740,500  

International Container Terminal Services, Inc. (Philippines)

      4,500,000        6,999,234  
     

 

 

  
        9,739,734  
     

 

 

  

Total Equity Securities (Cost $ 234,090,367)

         333,452,931  
     

 

 

  

Participatory Notes — 4.12%

      

Air Freight & Logistics — 1.06%

      

Aramex PJSC (United Arab Emirates)(b)

      3,134,000        3,737,358  
     

 

 

  

Food Products — 3.06%

      

Almarai Co. (Saudi Arabia)(b)

      583,678        10,855,687  
     

 

 

  

Total Participatory Notes (Cost $ 8,612,941)

         14,593,045  
     

 

 

  

Other Investments — 1.57%

      

Temporary Cash Investment — 1.57%

      

BNY Mellon Cash Reserve

      5,567,349        5,567,349  
     

 

 

  

Total Other Investments (Cost $ 5,567,349)

         5,567,349  
     

 

 

  

Total Investments Portfolio (Cost $ 248,270,657) — 99.80%

       $ 353,613,325  

Assets in Excess of Other Liabilities — 0.20%

         692,779  
     

 

 

  

NET ASSETS — 100.00%

(Applicable to 17,192,453 shares outstanding)

       $ 354,306,104  
     

 

 

  

 

See Notes to Schedules of Investments.
4    Motley Fool Independence Fund

* Non-income producing security.
(a) ADR — American Depositary Receipts
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is $14,593,053 and represents 4.12% of net assets as of January 31, 2017.

PLC — Public Limited Company

 

See Notes to Schedules of Investments.
Motley Fool Independence Fund    5

The following tables show the top 11 holdings, sector allocation and top 11 countries in which the Fund was invested at January 31, 2017. Portfolio holdings are subject to change without notice.

 

Top Eleven Holdings*

    % of Net
Assets		  

Almarai Co.

      3.06 % 

Amazon.com, Inc.

      2.91  

HDFC Bank Ltd.

      2.82  

Banco Latinoamericano de Comercio Exterior SA

      2.63  

NMC Health PLC

      2.54  

Anthem, Inc.

      2.39  

FANUC Corp.

      2.36  

DuzonBizon Co., Ltd.

      2.25  

Berkshire Hathaway, Inc. Class A

      2.08  

Natus Medical, Inc.

      2.06  

Markel Corp.

      2.04  
  

 

 

  
     27.14 % 
  

 

 

  

 

* As of the date of the report, the fund had a holding of 1.57% in the BNY Mellon Cash Reserve.

 

Sector Allocation

    % of Net
Assets		  

Consumer Discretionary

      19.49 % 

Information Technology

      19.32  

Financials

      15.60  

Health Care

      14.66  

Industrials

      10.40  

Consumer Staples

      9.04  

Telecommunication Services

      3.17  

Real Estate

      2.94  

Materials

      1.85  

Energy

      1.76  
  

 

 

  
     98.23 % 
  

 

 

  

 

See Notes to Schedules of Investments.
6    Motley Fool Independence Fund

Top Eleven Countries

    % of Net
Assets		  

United States*

      48.34 % 

United Arab Emirates

      5.76  

Japan

      4.23  

South Korea

      3.38  

China

      3.30  

Switzerland

      3.27  

Indonesia

      3.25  

United Kingdom

      3.19  

Saudi Arabia

      3.06  

India

      2.82  

Panama

      2.63  
  

 

 

  
     83.23 % 
  

 

 

  

 

* As of the date of the report, the fund had a holding of 1.57% in the BNY Mellon Cash Reserve.

 

See Notes to Schedules of Investments.
Motley Fool Independence Fund    7

Motley Fool Great America Fund

Schedule of Investments

at January 31, 2017

(Unaudited)

 

Issues

    Shares      Value
(Note 1)		  

Equity Securities — 94.38%

      

Air Freight & Logistics — 5.37%

      

CH Robinson Worldwide, Inc. (United States)

      46,000      $ 3,498,760  

XPO Logistics, Inc. (United States)*

      190,000        8,500,600  
     

 

 

  
        11,999,360  
     

 

 

  

Airlines — 1.23%

      

Spirit Airlines, Inc. (United States)*

      51,000        2,756,040  
     

 

 

  

Auto Components — 9.80%

      

Gentex Corp. (United States)

      340,000        7,102,600  

Horizon Global Corp. (United States)*

      197,589        3,866,828  

LCI Industries (United States)

      99,670        10,938,783  
     

 

 

  
        21,908,211  
     

 

 

  

Automobiles — 5.33%

      

Thor Industries, Inc. (United States)

      115,000        11,902,500  
     

 

 

  

Banks — 3.34%

      

Access National Corp. (United States)

      90,529        2,415,314  

Huntington Bancshares, Inc. (United States)

      100,000        1,353,000  

Towne Bank (United States)

      115,068        3,705,182  
     

 

 

  
        7,473,496  
     

 

 

  

Biotechnology — 3.99%

      

Genomic Health, Inc. (United States)*

      131,935        3,625,574  

Ionis Pharmaceuticals, Inc. (United States)*

      119,000        5,295,500  
     

 

 

  
        8,921,074  
     

 

 

  

Building Products — 1.61%

      

American Woodmark Corp. (United States)*

      50,636        3,605,283  
     

 

 

  

Capital Markets — 5.10%

      

Diamond Hill Investment Group, Inc. (United States)*

      29,023        5,868,451  

Oaktree Capital Group LLC (United States)

      131,072        5,531,238  
     

 

 

  
        11,399,689  
     

 

 

  

Commercial Services & Supplies — 1.73%

      

KAR Auction Services, Inc. (United States)

      85,000        3,871,750  
     

 

 

  

Communications Equipment — 1.53%

      

Infinera Corp. (United States)*

      379,500        3,419,295  
     

 

 

  

 

See Notes to Schedules of Investments.
8    Motley Fool Great America Fund

Issues

    Shares      Value
(Note 1)		  

Equity Securities (continued)

      

Diversified Telecommunication Services — 3.99%

      

Level 3 Communications, Inc. (United States)*

      52,418      $ 3,116,774  

SBA Communications Corp. (United States)*

      55,000        5,789,300  
     

 

 

  
        8,906,074  
     

 

 

  

Electronic Equipment, Instruments & Components — 3.32%

      

IPG Photonics Corp. (United States)*

      64,500        7,416,855  
     

 

 

  

Equity Real Estate Investment Trusts — 2.11%

      

Pebblebrook Hotel Trust (United States)

      30,000        897,300  

STAG Industrial, Inc. (United States)

      165,000        3,818,100  
     

 

 

  
        4,715,400  
     

 

 

  

Health Care Equipment & Supplies — 11.69%

      

Align Technology, Inc. (United States)*

      52,000        4,767,880  

Cooper Companies, Inc. (United States)

      26,000        4,799,860  

Natus Medical, Inc. (United States)*

      132,841        5,187,441  

ResMed, Inc. (United States)

      80,000        5,403,200  

Varex Imaging Corp. (United States)*

      26,800        770,500  

Varian Medical Systems, Inc. (United States)*

      67,000        5,202,550  
     

 

 

  
        26,131,431  
     

 

 

  

Health Care Providers & Services — 1.75%

      

Aceto Corp. (United States)

      205,000        3,913,450  
     

 

 

  

Hotels, Restaurants & Leisure — 5.54%

      

Panera Bread Co. (United States)*

      18,000        3,763,080  

Texas Roadhouse, Inc. (United States)

      184,929        8,625,089  
     

 

 

  
        12,388,169  
     

 

 

  

Household Durables — 1.10%

      

TRI Pointe Group, Inc. (United States)*

      200,000        2,454,000  
     

 

 

  

Household Products — 0.62%

      

Church & Dwight, Co., Inc. (United States)

      30,600        1,383,732  
     

 

 

  

Insurance — 4.10%

      

Loews Corp. (United States)

      40,000        1,863,200  

Markel Corp. (United States)*

      7,900        7,307,500  
     

 

 

  
        9,170,700  
     

 

 

  

Internet & Catalog Retail — 0.76%

      

Liberty Interactive Corp. (United States)*

      89,000        1,707,020  
     

 

 

  

Leisure Products — 0.57%

      

Polaris Industries, Inc. (United States)

      15,000        1,261,050  
     

 

 

  

 

See Notes to Schedules of Investments.
Motley Fool Great America Fund    9

Issues

    Shares      Value
(Note 1)		  

Equity Securities (continued)

      

Machinery — 0.94%

      

Proto Labs, Inc. (United States)*

      40,000      $ 2,100,000  
     

 

 

  

Paper & Forest Products — 1.19%

      

KapStone Paper and Packaging Corp. (United States)

      110,400        2,647,392  
     

 

 

  

Real Estate Management & Development — 1.68%

      

Jones Lang LaSalle, Inc. (United States)

      36,500        3,760,595  
     

 

 

  

Road & Rail — 1.69%

      

Genesee & Wyoming, Inc. (United States)*

      50,000        3,768,000  
     

 

 

  

Software — 3.30%

      

Splunk, Inc. (United States)*

      57,000        3,298,020  

Ultimate Software Group, Inc. (United States)*

      21,000        4,066,860  
     

 

 

  
        7,364,880  
     

 

 

  

Specialty Retail — 7.55%

      

AutoZone, Inc. (United States)*

      7,300        5,292,354  

Cabela’s, Inc. (United States)*

      89,000        4,974,210  

Tractor Supply Co. (United States)

      89,500        6,593,465  
     

 

 

  
        16,860,029  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.48%

      

Under Armour, Inc. Class C (United States)*

      171,614        3,298,434  
     

 

 

  

Trading Companies & Distributors — 1.97%

      

Fastenal Co. (United States)

      31,750        1,577,340  

Watsco, Inc. (United States)

      18,500        2,825,690  
     

 

 

  
        4,403,030  
     

 

 

  

Total Equity Securities (Cost $ 143,028,272)

         210,906,939  
     

 

 

  

Other Investments — 3.98%

      

Temporary Cash Investment — 3.98%

      

BNY Mellon Cash Reserve

      8,889,543        8,889,543  
     

 

 

  

Total Other Investments (Cost $ 8,889,543)

         8,889,543  
     

 

 

  

Total Investment Portfolio (Cost $ 151,917,815) — 98.36%

         219,796,482  

Assets in Excess of Other Liabilities — 1.64%

         3,674,594  
     

 

 

  

NET ASSETS — 100.00%

      

(Applicable to 11,155,238 shares outstanding)

       $ 223,471,076  
     

 

 

  

 

* Non-income producing security.

 

See Notes to Schedules of Investments.
10    Motley Fool Great America Fund

The following tables show the top 11 holdings and sectors in which the Fund was invested at January 31, 2017. Portfolio holdings are subject to change without notice.

 

Top Eleven Holdings*

    % of Net
Assets		  

Thor Industries, Inc.

      5.33 % 

LCI Industries

      4.89  

Texas Roadhouse, Inc.

      3.86  

XPO Logistics, Inc.

      3.80  

IPG Photonics Corp.

      3.32  

Markel Corp.

      3.27  

Gentex Corp.

      3.18  

Tractor Supply Co.

      2.95  

Diamond Hill Investment Group, Inc.

      2.63  

SBA Communications Corp.

      2.59  

Oaktree Capital Group LLC

      2.48  
  

 

 

  
     38.30 % 
  

 

 

  

 

* As of the date of the report, the fund had a holding of 3.98% in the BNY Mellon Cash Reserve.

 

Sector Allocation

    % of Net
Assets		  

Consumer Discretionary

      32.12 % 

Health Care

      17.44  

Industrials

      14.55  

Financials

      12.55  

Information Technology

      8.14  

Telecommunication Services

      3.99  

Real Estate

      3.79  

Materials

      1.18  

Consumer Staples

      0.62  
  

 

 

  
     94.38 % 
  

 

 

  

 

See Notes to Schedules of Investments.
Motley Fool Great America Fund    11

Motley Fool Epic Voyage Fund

Schedule of Investments

at January 31, 2017

(Unaudited)

 

Issues

    Shares      Value
(Note 1)		  

Equity Securities — 92.23%

      

Airlines — 1.26%

      

Air Arabia PJSC (United Arab Emirates)

      1,000,000      $ 375,807  
     

 

 

  

Banks — 18.44%

      

Banco Latinoamericano de Comercio Exterior SA (Panama)

      45,000        1,224,000  

BGEO Group PLC (Georgia)

      17,500        651,536  

Credicorp Ltd. (Peru)

      6,000        982,080  

Gronlandsbanken AB (Denmark)

      9,287        842,624  

HDFC Bank Ltd. (India)(a)

      13,350        920,216  

Sberbank of Russia PJSC (Russia)

      300,000        857,502  
     

 

 

  
        5,477,958  
     

 

 

  

Beverages — 2.59%

      

Coca-Cola Icecek AS (Turkey)

      75,000        768,820  
     

 

 

  

Capital Markets — 3.12%

      

Tarpon Investimentos SA (Brazil)

      553,500        927,448  
     

 

 

  

Chemicals — 1.72%

      

Syngenta AG (Switzerland)(a)

      6,000        510,240  
     

 

 

  

Equity Real Estate Investment Trusts — 1.79%

      

Lippo Malls Indonesia Retail Trust (Singapore)

      1,925,000        532,692  
     

 

 

  

Food Products — 8.31%

      

BRF—Brasil Foods SA (Brazil)(a)

      55,000        777,150  

Nestle SA (Switzerland)

      6,885        504,427  

PT Nippon Indosari Corpindo Tbk (Indonesia)

      10,022,700        1,186,210  
     

 

 

  
        2,467,787  
     

 

 

  

Health Care Equipment & Supplies — 3.16%

      

Top Glove Corp. BHD (Malaysia)

      800,000        939,158  
     

 

 

  

Health Care Providers & Services — 7.61%

      

Georgia Healthcare Group PLC (Georgia)*(b)

      90,000        384,949  

NMC Health PLC (United Arab Emirates)

      50,000        1,033,142  

Odontoprev SA (Brazil)

      237,000        843,125  
     

 

 

  
        2,261,216  
     

 

 

  

Internet & Catalog Retail — 4.63%

      

CJ O Shopping Co., Ltd. (South Korea)

      4,002        553,435  

 

See Notes to Schedules of Investments.
12    Motley Fool Epic Voyage Fund

Issues

    Shares      Value
(Note 1)		  

Equity Securities (continued)

      

Internet & Catalog Retail (continued)

      

Ctrip.com International Ltd. (China)*(a)

      19,000      $ 820,990  
     

 

 

  
        1,374,425  
     

 

 

  

Internet Software & Services — 8.16%

      

Baidu, Inc. (China)*(a)

      1,750        306,373  

MercadoLibre, Inc. (Argentina)

      5,000        926,950  

Tencent Holdings Ltd. (China)

      45,600        1,192,229  
     

 

 

  
        2,425,552  
     

 

 

  

Media — 2.28%

      

Multiplus SA (Brazil)

      60,000        677,478  
     

 

 

  

Multiline Retail — 5.14%

      

PT Mitra Adiperkasa Tbk (Indonesia)*

      3,692,000        1,527,542  
     

 

 

  

Real Estate Management & Development — 1.89%

      

Henderson Land Development Co., Ltd. (Hong Kong)

      101,721        561,494  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.38%

      

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)

      32,500        1,004,575  
     

 

 

  

Software — 3.53%

      

DuzonBizon Co., Ltd. (South Korea)

      52,900        1,048,189  
     

 

 

  

Transportation Infrastructure — 12.82%

      

DP World Ltd. (United Arab Emirates)

      12,000        226,800  

Grupo Aeroportuario del Pacifico SAB de CV (Mexico)(a)

      11,500        889,180  

Grupo Aeroportuario del Sureste SAB de CV (Mexico)(a)

      6,400        927,168  

International Container Terminal Services, Inc. (Philippines)

      645,000        1,003,224  

TAV Havalimanlari Holding AS (Turkey)

      185,000        761,403  
     

 

 

  
        3,807,775  
     

 

 

  

Wireless Telecommunication Services — 2.40%

      

Safaricom Ltd. (Kenya)

      4,000,000        712,909  
     

 

 

  

Total Equity Securities (Cost $ 26,797,458)

         27,401,065  
     

 

 

  

Participatory Notes — 4.96%

      

Food Products — 4.25%

      

Almarai Co. (Saudi Arabia)(b)

      67,915        1,263,135  
     

 

 

  

Metals & Mining — 0.71%

      

Aluminium Bahrain BSC (Bahrain)(b)

      289,488        210,397  
     

 

 

  

Total Participatory Notes (Cost $ 1,004,399)

         1,473,532  
     

 

 

  

 

See Notes to Schedules of Investments.
Motley Fool Epic Voyage Fund    13

Issues

    Shares      Value
(Note 1)		  

Other Investments — 4.75%

      

Temporary Cash Investment — 4.75%

      

BNY Mellon Cash Reserve

      1,412,317      $ 1,412,317  
     

 

 

  

Total Other Investments (Cost $ 1,412,317)

         1,412,317  
     

 

 

  

Total Investment Portfolio (Cost $ 29,214,174) — 101.94%

         30,286,914  

Liabilities in Excess of Other Assets — (1.94)%

         (575,419 ) 
     

 

 

  

NET ASSETS — 100.00%

      

(Applicable to 2,532,547 shares outstanding)

       $ 29,711,495  
     

 

 

  

 

* Non-income producing security.
(a) ADR — American Depositary Receipts
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is $1,858,485 and represents 6.26% of net assets as of January 31, 2017.

PLC — Public Limited Company

 

See Notes to Schedules of Investments.
14    Motley Fool Epic Voyage Fund

The following tables show the top 11 holdings, sector allocation and top 11 countries in which the Fund was invested at January 31, 2017. Portfolio holdings are subject to change without notice.

 

Top Eleven Holdings*

    % of Net
Assets		  

PT Mitra Adiperkasa Tbk

      5.14 % 

Almarai Co.

      4.25  

Banco Latinoamericano de Comercio Exterior SA

      4.12  

Tencent Holdings Ltd.

      4.01  

PT Nippon Indosari Corpindo Tbk

      3.99  

DuzonBizon Co., Ltd.

      3.53  

NMC Health PLC

      3.48  

Taiwan Semiconductor Manufacturing Co., Ltd.

      3.38  

International Container Terminal Services, Inc.

      3.38  

Credicorp Ltd.

      3.31  

Top Glove Corp Bhd

      3.16  
  

 

 

  
     41.75 % 
  

 

 

  

 

* As of the date of the report, the fund had a holding of 4.75% in the BNY Mellon Cash Reserve.

 

Sector Allocation

    % of Net
Assets		  

Financials

      21.56 % 

Consumer Staples

      15.15  

Information Technology

      15.07  

Industrials

      14.08  

Consumer Discretionary

      12.05  

Health Care

      10.77  

Real Estate

      3.68  

Materials

      2.43  

Telecommunication Services

      2.40  
  

 

 

  
     97.19 % 
  

 

 

  

 

See Notes to Schedules of Investments.
Motley Fool Epic Voyage Fund    15

Top Eleven Countries

    % of Net
Assets		  

Brazil

      10.86 % 

Indonesia

      9.13  

China

      7.81  

Mexico

      6.11  

United Arab Emirates

      5.51  

South Korea

      5.39  

Turkey

      5.15  

Saudi Arabia

      4.25  

Panama

      4.12  

Georgia

      3.49  

Switzerland

      3.42  
  

 

 

  
     65.24 % 
  

 

 

  

 

See Notes to Schedules of Investments.
16    Motley Fool Epic Voyage Fund

Notes to Schedules of Investments (Unaudited)

1. Portfolio Valuation:

Securities held by the Trust are generally valued at fair value as of the close of regular trading on each business day (generally 4 pm Eastern time) that the New York Stock Exchange (“NYSE”) is open. Securities, other than stock options, listed on the NYSE or other exchanges are valued on the basis of the last quoted sale price on the exchange on which they are primarily traded. However, if the last sale price on the NYSE is different from the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, then the securities are valued at the bid price on the NYSE or other primary exchange for that day. Securities traded in the OTC market are valued on the basis of the last sales price as reported by NASDAQ. If there are no sales on that day, then the securities are valued at the mean between the closing bid and ask prices as reported by NASDAQ. Stock options and stock index options traded on national securities exchanges or on NASDAQ are valued at the mean between the latest bid and asked prices for such options. Securities for which market quotations are not readily available or whose values have been affected by events occurring before the Funds’ pricing time but after the close of the securities markets, and other assets are valued at fair value as determined pursuant to procedures adopted in good faith by the Board of Trustees (the “Board”). Debt securities that mature in fewer than 60 days are valued at amortized cost (unless the Board determines that this method does not represent fair value), if their original maturity was 60 days or less or by amortizing the value as of the 61st day before maturity, if their original term to maturity exceeded 60 days.

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

The values of securities held by the Funds and other assets used in computing NAV are generally determined as of the time trading in such securities is completed each day, which, in the case of foreign securities, generally occurs at various times before the close of the NYSE. Trading in securities listed on foreign securities exchanges are valued at the last sale or, if no sales are reported, at the bid price as of the close of the exchange, subject to possible adjustment as described in the Prospectus. Foreign currency exchange rates are also generally determined before the close of the NYSE. On occasion, the values of such securities and exchange rates may be affected by events occurring between the time as of which determinations of such values or exchange rates are made and the close of the NYSE. When such events materially affect the value of securities held by the Funds or their liabilities, such securities and liabilities will be valued at fair value in accordance with procedures adopted in good faith by the Board. In this regard, the Trust has retained a third party fair value pricing service to quantitatively analyze the price movement of the Funds’ holdings on foreign exchanges and to automatically determine fair value if the variation from the prior day’s closing price exceeds specified parameters. As of January 31, 2017, such price movements for certain securities had exceeded specified parameters and the third party fair value service quantitatively fair valued the affected securities. The Board will review and monitor the methods used by the service to assure itself that securities are valued at their fair values. The values of any assets and liabilities initially expressed in foreign currencies will be converted to U.S. dollars based on exchange rates supplied by a quotation service.

 

A series of The RBB Fund, Inc.    17

Fair Value Measurements

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

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

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

Level 1 — quoted prices in active markets for identical securities

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

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

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

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

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

 

18    A series of The RBB Fund, Inc.

The Independence Fund and the Epic Voyage Fund had significant transfers between Level 1 to Level 2 of $13,762,557 and $1,527,314 respectively, and between Level 2 to Level 1 of $3,827,958 and $1,547,785 respectively, during the period ended January 31, 2017.

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

 

     Independence
Fund		  

Valuation Inputs

    Value  

Level 1 — Quoted Prices

   

U.S. Common Stocks

    $ 171,272,455  

Foreign Common Stocks

   

Banks

      19,327,959  

Chemicals

      6,556,669  

Commercial Services & Supplies

      1,919,078  

Food Products

      3,160,938  

Health Care Equipment & Supplies

      8,007,362  

Internet Software & Services

      4,639,355  

Life Sciences Tools & Services

      4,701,316  

Media

      9,750,276  

Semiconductors & Semiconductor Equipment

      10,070,400  

Transportation Infrastructure

      2,740,500  

Temporary Cash Investment

      5,567,349  
  

 

 

  

Total Level 1

      247,713,657  
  

 

 

  

Level 2 — Other Significant Observable Inputs

   

Foreign Common Stocks

   

Airlines

      3,006,459  

Banks

      13,678,139  

Food Products

      11,451,650  

Health Care Providers & Services

      8,998,299  

Internet & Catalog Retail

      8,275,159  

Internet Software & Services

      7,059,254  

Leisure Products

      6,622,884  

Machinery

      8,363,522  

Multiline Retail

      5,089,463  

Real Estate Management & Development

      3,803,460  

Software

      7,959,100  

Transportation Infrastructure

      6,999,234  

 

A series of The RBB Fund, Inc.    19

     Independence
Fund		  

Valuation Inputs

    Value  

Participatory Notes

    $ 14,593,045  
  

 

 

  

Total Level 2

      105,899,668  
  

 

 

  

Level 3 — Significant Unobservable Inputs

      —    
  

 

 

  

Total Value of Investments

    $ 353,613,325  
  

 

 

  
     Great America
Fund		  

Valuation Inputs

    Value  

Level 1 — Quoted Prices

   

U.S. Common Stocks

    $ 210,906,939  

Temporary Cash Investment

      8,889,543  

Level 2 — Other Significant Observable Inputs

      —    

Level 3 — Significant Unobservable Inputs

      —    
  

 

 

  

Total Value of Investments

    $ 219,796,482  
  

 

 

  
     Epic Voyage
Fund		  

Valuation Inputs

    Value  

Level 1 — Quoted Prices

   

Foreign Common Stocks

   

Banks

    $ 3,968,920  

Capital Markets

      927,448  

Chemicals

      510,240  

Food Products

      777,150  

Health Care Equipment & Supplies

      939,158  

Health Care Providers & Services

      1,228,074  

Internet & Catalog Retail

      820,990  

Internet Software & Services

      1,233,323  

Media

      677,478  

Equity Real Estate Investment Trusts

      532,692  

Semiconductors & Semiconductor Equipment

      1,004,575  

Transportation Infrastructure

      2,043,148  

Wireless Telecommunication Services

      712,909  

 

20    A series of The RBB Fund, Inc.

     Epic Voyage
Fund		  

Valuation Inputs

    Value  

Temporary Cash Investment

    $ 1,412,317  
  

 

 

  

Total Level 1

      16,788,422  
  

 

 

  

Level 2 — Other Significant Observable Inputs

   

Foreign Common Stocks

   

Airlines

      375,807  

Banks

      1,509,038  

Beverages

      768,820  

Food Products

      1,690,636  

Health Care Providers & Services

      1,033,142  

Internet & Catalog Retail

      553,435  

Internet Software & Services

      1,192,229  

Multiline Retail

      1,527,542  

Real Estate Management & Development

      561,494  

Software

      1,048,189  

Transportation Infrastructure

      1,764,628  

Participatory Notes

      1,473,532  
  

 

 

  

Total Level 2

      13,498,492  
  

 

 

  

Level 3 — Significant Unobservable Inputs

      —    
  

 

 

  

Total Value of Investments

    $ 30,286,914  
  

 

 

  

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

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.

Foreign Securities

The Independence Fund and the Epic Voyage Fund invest, and the Great America Fund may invest, in equity and fixed-income securities of foreign companies, including companies located in both developed and emerging-market countries. Investment in foreign securities may include the purchase of American Depositary Receipts (“ADRs”) and other depositary receipts (European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”)) that represent indirect interests in securities of foreign issuers. A significant portion of a Fund’s exposure to foreign investments may be composed of such investments. Investments in foreign securities are affected by risk

 

A series of The RBB Fund, Inc.    21

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.

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

Types of Fixed-Income Securities

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

 

22    A series of The RBB Fund, Inc.

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. A Fund that holds a participatory note 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.

 

A series of The RBB Fund, Inc.    23

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

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

Real Estate Investment Trusts

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

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

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

 

24    A series of The RBB Fund, Inc.

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 period ended January 31, 2017, the Independence, the Great America and the Epic Voyage 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 U.S. 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. Federal Income Taxes:

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

Independence Fund

 

Federal Tax Cost

    Net Unrealized
Appreciation
(Depreciation)		      Appreciated
Securities		      Depreciated
Securities		  

$248,428,521

    $ 105,184,804      $ 118,985,502      $ (13,800,698 ) 

 

A series of The RBB Fund, Inc.    25

Great America Fund

 

Federal Tax Cost

    Net Unrealized
Appreciation
(Depreciation)		      Appreciated
Securities		      Depreciated
Securities		  

$151,917,815

    $ 67,878,667      $ 71,088,713      $ (3,210,046 ) 

Epic Voyage Fund

 

Federal Tax Cost

    Net Unrealized
Appreciation
(Depreciation)		      Appreciated
Securities		      Depreciated
Securities		  

$29,214,174

    $ 1,072,740      $ 5,385,499      $ (4,312,759 ) 

4. Subsequent Events:

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

Effective February 28, 2017, the Epic Voyage Fund will be changing its name to the Emerging Markets Fund.

 

26    A series of The RBB Fund, Inc.

Item 2. Controls and Procedures.

 

  (a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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 3/29/2017   

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*   

/s/ Salvatore Faia

   
   Salvatore Faia, President   
   (principal executive officer)   
Date 3/29/2017   
By (Signature and Title)*   

/s/ James Shaw

   
   James Shaw, Treasurer   
   (principal financial officer)   
Date 3/29/2017   

 

* Print the name and title of each signing officer under his or her signature.