RBB Fund N-CSRCertified annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on 11/08/2023

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

811-05518

Investment Company Act file number

The RBB FUND, INC.
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Steven Plump, President

c/o U.S. Bank Global Fund Services

615 East Michigan Street

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

(609) 731-6256

Registrant's telephone number, including area code

Date of fiscal year end: August 31

Date of reporting period: August 31, 2023

Item 1. Reports to Stockholders.

Abbey Capital Futures Strategy Fund

of

THE RBB FUND, INC.

Annual Report

August 31, 2023

Abbey Capital Futures Strategy Fund

Annual Investment Adviser’s Report

August 31, 2023 (Unaudited)

Abbey Capital Futures Strategy Fund Annual Report, August 31, 2023

Dear Shareholder,

The Abbey Capital Futures Strategy Fund (the “Fund”) Class I Shares returned -2.83% net of fees for the 12-month fiscal year ended August 31, 2023.

Negative performance was driven by trading in metals, energy and major currencies. Emerging market currencies was the main positive contributor to Fund performance during the 12-month period. The Fund’s core allocation to Diversified Trendfollowing (“Trendfollowing”) strategies generated most of the negative performance, while the performance of the Fund’s non- Trendfollowing allocation was modestly positive in aggregate during the period. The Fund may invest up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited (“ACMOF”), a wholly- owned subsidiary of the Fund that invests substantially all of its assets in Abbey Capital Offshore Fund SPC (“ACOF”), which is a wholly-owned and controlled segregated portfolio company and a multi- adviser fund that invests in managed futures and foreign exchange contracts. The Fund may also invest a portion of its assets into Abbey Capital Onshore Series LLC (“ACOS”), a wholly-owned subsidiary of the Fund which is a multi-adviser fund that invests in managed futures and foreign exchange contracts.

Average Total Returns for the Periods Ended August 31, 2023 (unless otherwise noted)

Barclay CTA numbers are based on the estimates available on the BarclayHedge website as of September 13, 2023

Source: Abbey Capital, Bloomberg and BarclayHedge.

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

Please note the above is shown for illustrative purposes only.

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Abbey Capital Futures Strategy Fund

Annual Investment Adviser’s Report (Continued)

August 31, 2023 (Unaudited)

Abbey Capital Limited (the “Adviser”) has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79%, 2.04% and 2.79% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares, and Class C Shares, respectively. This contractual limitation is in effect until December 31, 2023, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. In addition, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Adviser, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. Without the expense limitation agreement, the expense ratios are 1.85%, 2.10% and 2.85% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares, and Class C Shares, respectively, as stated in the Fund’s current prospectus dated December 31, 2022 (and which may differ from the actual expense ratios for the period covered by this report). The quoted performance would have been lower without the expense limitation.

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

Performance Analysis

The 12-month period ended August 31, 2023 was negative overall for Fund performance. The Fund’s Trendfollowing sub-advisers drove losses for the period, while the non-Trendfollowing trading styles were modestly positive in aggregate.

Central bank monetary policy was an important driver of market moves throughout the 12- month period. Most central banks began aggressive interest rate hiking policies during the first half of 2022, and this hawkish shift in policy continued in the second half of the year and into 2023.

Inflation slowed from multi-decade highs during the period, with US inflation falling significantly from its peak in June 2022. The pace at which inflation slowed became a key focus for investors as markets tried to anticipate central bank policy responses to falling, albeit elevated, inflation. As we moved into 2023, central banks continued to raise rates, but in smaller increments. Investor focus shifted away from forecasting how high interest rates could go, and instead moved towards assessing when the peak in global central bank rates may occur and when central banks may begin to start cutting rates.

This slowdown in inflation supported equity returns. Stock markets steadied over the second half of 2022, though this period did see some notable negative and positive months as investors digested both hawkish and dovish central bank guidance. Equities then rallied strongly over the first eight months of 2023 alongside slowing inflation, generally strong corporate earnings, solid US economic data and hopes that we were approaching the end of the global rate hiking cycle.

Commodity markets were challenging for much of the period. Demand uncertainty amid a mixed global growth backdrop was a feature of several markets, with the outlook for the Chinese economy a factor within growth-sensitive markets like energy and base metals. Economic data from China was subdued for much of the period, while the reopening of the Chinese economy post-lockdowns in early 2023 ultimately stuttered and the anticipated rebound in economic activity proved weaker than expected. Offsetting this uncertain demand backdrop were supply concerns in some markets, for example in crude oil where OPEC+ production cuts were a feature, as well as in several agricultural markets like cocoa and sugar. This combination of supply and demand considerations contributed to a lack of clear trends and frequent price reversals across many commodity markets.

Fund performance from September to December 2022 was negative, with choppy price moves in commodity markets, most notably energy, proving particularly challenging for the Fund’s Trendfollowing sub-advisers. Notable losses in financial contracts occurred in November 2022, when the release of weaker-than-expected US inflation data prompted a dovish revision to market expectations for Federal Reserve monetary policy going forward. This contributed to a notable deviation from year-to-date uptrends in yields and the US Dollar, and supported equity prices.

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Abbey Capital Futures Strategy Fund

Annual Investment Adviser’s Report (Continued)

August 31, 2023 (Unaudited)

Fund performance was also negative in Q1 2023. Concerns for the global banking sector in March 2023 following the collapse of Silicon Valley Bank caused a sharp move lower in yields and interest rate expectations. This was, in part, due to concerns about the impact of higher interest rates on the broader economy, and as uncertainty about whether the Federal Reserve could maintain a hawkish monetary policy stance intensified. This sharp reversal in yields was negative for many of the Fund’s sub-advisers which held short positions across several fixed income contracts.

The performance backdrop for the Fund improved from April to August 2023 with longer-term price trends re-emerging in currencies and fixed income as expectations for central bank monetary policy turned more hawkish and concerns about the health of the banking sector eased. This proved profitable for the Fund. While Trendfollowing sub-advisers were the primary source of negative Fund performance from September 2022 to March 2023, this trading style led gains through the last five months of the 12-month period.

For the 12-month period overall, the Fund’s allocation to Trendfollowing sub-advisers saw the largest losses at the trading style level. The non-Trendfollowing trading styles were modestly positive in aggregate, with gains for the Short-term and Global Macro sub-advisers outweighing losses for the Value sub-adviser.

The Fund’s largest losses over the 12-month period occurred in metals. Trendfollowing sub-advisers led losses in the sector as price moves were often range-bound and resulted in sharp price reversals at times. In precious metals, positioning in silver and gold transitioned between long and short as sustained price trends failed to emerge, leading to steady losses throughout the period. Prices of both metals responded to the fluctuating value of the US Dollar and choppiness in global yields. Negative performance in copper was more concentrated in March and April 2023 when long positions incurred losses as prices fell in response to weak Chinese economic data, risk-off sentiment in markets amid banking sector concerns and US-China tensions.

Negative performance in energy was concentrated in crude oil futures contracts. Prices proved choppy over the period owing to a lack of clear trends and frequent price reversals occurring. Demand-side factors behind these price moves included global demand uncertainty and the subdued economic performance in China following the reopening of the nation’s economy, while OPEC+ policy changes impacted global supplies at different times.

The Fund’s losses in major currencies were driven by the Short-term trading advisers, with Value and Trendfollowing also negative. The clear and steady trends in major currency pair contracts evident for most of 2022 unwound in the latter part of 2022 and trends were choppy for much of 2023. Trendfollowing and Short-term sub-advisers led losses in EUR/ USD contracts while negative performance from the Value sub-adviser was concentrated in USD/ CHF contracts. The US Dollar weakened against peers in the final quarter of 2022, marking a reversal to the uptrends seen during the first nine months of 2022. 2023 has so far seen the US Dollar strengthen and weaken against peers at different times as shifts in expectations for US monetary policy occurred, with prices trends lacking persistency.

Equities was another negative sector for the Fund during the year ended August 31, 2023, as losses from Trendfollowing and Value sub-advisers more than offset gains from the Fund’s Short-term sub-adviser. Losses were concentrated in the last four months of 2022, with choppy prices moves amid shifting expectations around the outlook for central bank policy proving challenging for Trendfollowing sub-advisers. In contrast, above-average volatility in the equities sector provided opportunities for the Fund’s Short-term sub-adviser which reported notable gains from trading in S&P 500 futures contracts.

Agricultural commodities was also a negative sector for the Fund. Losses in soybean, corn and coffee futures contracts were partially offset by gains in sugar and cocoa. Soybean losses stemmed from long positions held by Trendfollowing sub-advisers while mixed positioning in response to range-bound price moves in corn and coffee also incurred losses for the Fund. Long positions in sugar and cocoa generated positive performance as prices in both commodities rose to multi-year highs in 2023 owing to weather-related supply concerns.

Positively, the Fund’s largest gains over the 12-month period occurred in emerging market currencies. Gains were concentrated in long positions in the Mexican Peso and Polish Zloty against the US Dollar. The Mexican Peso rallied over the period owing to strong Mexican economic data and rate increases by the Bank of Mexico which led to an

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Abbey Capital Futures Strategy Fund

Annual Investment Adviser’s Report (Concluded)

August 31, 2023 (Unaudited)

attractive carry relative to US yields. In addition, robust US economic data was a further tailwind given the close links between the Mexican and US economies. Meanwhile, gains in long Polish Zloty positions relative to the US Dollar were led by the Fund’s Value sub-adviser.

Fixed income was also a modestly positive sector for the Fund during the 12-month period. Gains were concentrated in short-term interest rates and more than offset losses in bonds. Despite several shifts for expectations around central bank policy, expectations for US rates turned more hawkish over the 12-month period. Meanwhile, United Kingdom (“UK”) rate expectations also rose as inflation proved higher and more entrenched in the UK than in some other developed economies.

An investment in the Fund is speculative and involves substantial risk. It is possible that an investor may lose some or all of their investment. The Fund may invest up to 25% of its total assets in ACMOF, which invests substantially all of its assets in ACOF, which is a multi-adviser fund that invests in managed futures and foreign exchange. The Fund may also invest a portion of its assets into ACOS, which is a multi-adviser fund that invests in managed futures and foreign exchange. All investments in securities involve risk of the loss of capital. An investment in the Fund includes the risks inherent in an investment in securities, as well as specific risks associated with this open-ended investment product. Among the risks associated with investing in this Fund are Commodity Sector Risk, Counter-Party Risk, Credit Risk, Currency Risk, Manager and Management Risks, Subsidiary Risk, Tax Risk, Emerging Markets Risk, Leveraging Risk, Foreign Investment Risk, Fixed Income Securities Risks, Short Sale Risk and Portfolio Turnover Risks. The Fund may invest in or utilize derivative investments, futures contracts, and hedging strategies. One or more Trading Advisers, from time to time, may invest a substantial portion of the assets managed in a specific industry sector. As a result, the Fund’s investment portfolio may be subject to greater risk and volatility than if investments had been made in the securities of a broader range of issuers. There can be no assurance that the Fund’s strategy (hedging or otherwise) will be successful or that it will employ such strategies with respect to all or any portion of its portfolio. The value of the Fund’s portfolio investments should be expected to fluctuate. Investing in managed futures is not suitable for all investors given its speculative nature and the high level of risk involved. The Fund is appropriate only for investors who can bear the risks associated with the product. This brief statement cannot disclose all of the risks and other factors necessary to evaluate an investment in the Fund. Investors are urged to take appropriate investment advice and to carefully consider their investment objectives, personal situation, and factors such as net worth, income, age, risk tolerance and liquidity needs before investing in the Fund. Before investing, investors should carefully consider the Fund’s investment objectives, risks, tax considerations, sales charges and expenses.

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

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

This report is submitted for general information to the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund. Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

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Abbey Capital Futures Strategy Fund

Performance Data

August 31, 2023 (Unaudited)

Comparison of Change in Value of $10,000 Investment in Abbey Capital Futures Strategy Fund - Class A Shares
vs. ICE BofA 3-Month U.S. Treasury Bill Index, S&P 500^® Total Return Index and Barclay CTA Index

The chart illustrates the performance of a hypothetical $10,000 initial investment in the Fund made on July 1, 2014 and reflects Fund expenses and reinvestment of dividends and distributions (performance shown prior to August 29, 2014 is Class I Shares performance adjusted for Class A shares expense ratio). Class A Shares growth of a hypothetical investment of $10,000 is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425. Performance does not reflect the deduction of taxes a shareholder may pay on dividends, distributions or redemptions.

The Fund charges a 5.75% maximum sales charge on purchases (as a percentage of offering price) of Class A Shares. The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes)

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Abbey Capital Futures Strategy Fund

Performance Data (Continued)

August 31, 2023 (Unaudited)

to 2.04% of the Fund’s average daily net assets attributable to Class A Shares. Without the limitation arrangement, the gross expense ratio is 2.10% for Class A Shares as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratio for the period covered by this report). This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

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Abbey Capital Futures Strategy Fund

Performance Data (Continued)

August 31, 2023 (Unaudited)

Comparison of Change in Value of $1,000,000 Investment in Abbey Capital Futures Strategy Fund – Class I Shares
vs. ICE BofA 3-Month U.S. Treasury Bill Index, S&P 500^® Total Return Index and Barclay CTA Index

The chart illustrates the performance of a hypothetical $1,000,000 minimum initial investment in the Fund made on July 1, 2014 and reflects Fund expenses and reinvestment of dividends and distributions. Performance does not reflect the deduction of taxes a shareholder may pay on dividends, distributions or redemptions.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79% of the Fund’s average daily net assets attributable to Class I Shares. Without the limitation arrangement, the gross expense ratio is 1.85% for Class I Shares, as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

7

Abbey Capital Futures Strategy Fund

Performance Data (Continued)

August 31, 2023 (Unaudited)

Comparison of Change in Value of $10,000 Investment in Abbey Capital Futures Strategy Fund – Class C Shares
vs. ICE BofA 3-Month U.S. Treasury Bill Index, S&P 500^® Total Return Index and Barclay CTA Index

The chart illustrates the performance of a hypothetical $10,000 minimum initial investment in the Fund made on July 1, 2014 and reflects Fund expenses and reinvestment of dividends and distributions (performance shown prior to October 6, 2015 is Class I Shares performance adjusted for Class C Shares expense ratio). Performance does not reflect the deduction of taxes a shareholder may pay on dividends, distributions or redemptions.

The Fund charges a contingent deferred sales charge (“CDSC”) of 1.00% on certain redemptions of Class C Shares made within 12 months of purchase. The CDSC is assessed on an amount equal to the lesser of the offering price at the time of purchase of the Class C Shares redeemed and the net asset value of the Class C Shares redeemed at the time of redemption.

8

Abbey Capital Futures Strategy Fund

Performance Data (Concluded)

August 31, 2023 (Unaudited)

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.79% of the Fund’s average daily net assets attributable to Class C Shares. Without the limitation arrangement, the gross expense ratio is 2.85% for Class C Shares, as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

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

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

Barclay CTA Index

The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors. There are currently 412 programs included in the calculation of the Barclay CTA Index for 2023. The Barclay CTA Index is equally weighted and rebalanced at the beginning of each year.

ICE BofA 3-Month U.S. Treasury Bill Index

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

The S&P 500^® Total Return Index

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

A basis point is one hundredth of one percent.

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

9

Abbey Capital Futures Strategy Fund

Fund Expense Examples

August 31, 2023 (Unaudited)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from March 1, 2023 through August 31, 2023, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

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Abbey Capital Futures Strategy Fund

Consolidated Portfolio Holdings Summary Table

August 31, 2023 (Unaudited)

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

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

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

Portfolio holdings are subject to change at any time.

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

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

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Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments

August 31, 2023

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

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Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2023

Futures contracts outstanding as of August 31, 2023 were as follows:

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

13

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2023

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

14

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2023

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

15

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2023

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

16

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2023

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

17

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2023