0001145549-21-025997.txt : 20210511 0001145549-21-025997.hdr.sgml : 20210511 20210511112413 ACCESSION NUMBER: 0001145549-21-025997 CONFORMED SUBMISSION TYPE: N-CEN/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20200831 FILED AS OF DATE: 20210511 DATE AS OF CHANGE: 20210511 EFFECTIVENESS DATE: 20210511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND, INC. CENTRAL INDEX KEY: 0000831114 IRS NUMBER: 510312196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CEN/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-05518 FILM NUMBER: 21910216 BUSINESS ADDRESS: STREET 1: 615 E. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 609-731-6256 MAIL ADDRESS: STREET 1: 615 E. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: RBB FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 0000831114 S000001094 Boston Partners Small Cap Value Fund II C000002982 INSTITUTIONAL BPSIX C000002983 INVESTOR BPSCX 0000831114 S000001097 WPG Partners Small/Micro Cap Value Fund C000002987 INSTITUTIONAL WPGTX 0000831114 S000001099 SCHNEIDER SMALL CAP VALUE FUND C000002989 SCHNEIDER SMALL CAP VALUE FUND SCMVX 0000831114 S000001101 SGI Small Cap Growth Fund (formerly Bogle Investment Management Small Cap Growth Fund) C000002991 SGI Small Cap Growth Fund BOGIX 0000831114 S000001106 Boston Partners All-Cap Value Fund C000002997 INSTITUTIONAL BPAIX C000002998 INVESTOR BPAVX 0000831114 S000001108 Boston Partners Long/Short Equity Fund C000003001 INSTITUTIONAL BPLSX C000003002 INVESTOR BPLEX 0000831114 S000018555 Free Market U.S. Equity Fund C000051460 Institutional Class FMUEX 0000831114 S000018556 Free Market International Equity Fund C000051461 Institutional Class FMNEX 0000831114 S000018557 Free Market Fixed Income Fund C000051462 Institutional Class FMFIX 0000831114 S000030191 Boston Partners Long/Short Research Fund C000092912 Investor Class BPRRX C000092913 Institutional Class BPIRX 0000831114 S000035438 Boston Partners Global Equity Fund C000108833 Investor Class BPGRX C000108834 Institutional Class BPGIX 0000831114 S000036223 SGI U.S. Large Cap Equity Fund C000110907 Class I SILVX C000110908 Class A LVOLX C000110909 Retail Class SGLVX C000164938 Class C SGICX 0000831114 S000040982 Boston Partners Global Long/Short Fund C000127173 Institutional Class BGLSX C000127174 Investor Class BGRSX 0000831114 S000043102 Matson Money U.S. Equity VI Portfolio C000133410 Institutional Class FMVUX 0000831114 S000043103 Matson Money International Equity VI Portfolio C000133411 Institutional Class FMVIX 0000831114 S000043104 Matson Money Fixed Income VI Portfolio C000133412 Institutional Class FMVFX 0000831114 S000044491 SGI Global Equity Fund C000138402 Class I Shares SGLIX C000138403 Class A Shares SGLAX C000138404 Class C Shares SGLOX 0000831114 S000045894 Abbey Capital Futures Strategy Fund C000142999 Class A Shares ABYAX C000143000 Class C Shares ABYCX C000143001 Class I Shares ABYIX C000183090 Class T Shares 0000831114 S000047045 Adara Smaller Companies Fund C000147051 Adara Smaller Companies Fund 0000831114 S000047873 Campbell Dynamic Trend Fund C000150342 Institutional Shares CDRTX 0000831114 S000051361 Boston Partners Emerging Markets Dynamic Equity Fund C000161908 Institutional Class BELSX 0000831114 S000052073 Campbell Multi-Asset Carry Fund C000163858 Institutional Shares CCRYX 0000831114 S000053386 SGI U.S. Small Cap Equity Fund C000167912 Class A Shares LVSMX C000167913 Class I Shares SCLVX C000167914 Class C Shares SMLVX 0000831114 S000055869 MFAM Global Opportunities Fund C000175993 Investor Shares FOOLX C000175994 Institutional Shares FOIIX 0000831114 S000055870 MFAM Mid-Cap Growth Fund C000175995 Investor Shares TMFGX C000175996 Institutional Shares FOGIX 0000831114 S000055871 MFAM Emerging Markets Fund C000175997 Investor Shares TMFEX 0000831114 S000057227 Orinda Income Opportunities Fund C000182370 Class A OIOAX C000182371 Class I OIOIX C000182372 Class D OIODX 0000831114 S000058213 Campbell Systematic Macro Fund C000190885 Class A Shares EBSAX C000190886 Class I Shares EBSIX C000190887 Class P Shares EBSPX C000190888 Class C Shares EBSCX 0000831114 S000058610 Boston Partners Emerging Markets Fund C000192521 Institutional Class BPEMX 0000831114 S000061203 Motley Fool 100 Index ETF C000198183 Motley Fool 100 Index ETF TMFC 0000831114 S000061328 Aquarius International Fund C000198553 Aquarius International Fund 0000831114 S000061608 ABBEY CAPITAL MULTI ASSET FUND C000199559 CLASS A SHARES MAFAX C000199560 CLASS C SHARES MAFCX C000199561 CLASS I SHARES MAFIX 0000831114 S000063392 MFAM Small-Cap Growth ETF C000205459 MFAM Small-Cap Growth ETF MFMS 0000831114 S000065552 Boston Partners Global Equity Advantage Fund C000212053 Institutional Class BPCIX 0000831114 S000066120 Campbell Advantage Fund C000213669 Campbell Advantage Fund 0000831114 S000068528 SGI U.S. Large Cap Equity VI Portfolio C000219151 SGI U.S. Large Cap Equity VI Portfolio SGIVX 0000831114 S000068714 SGI Conservative Fund C000219684 Class I Shares SGCIX 0000831114 S000068715 SGI Peak Growth Fund C000219685 Class I Shares SGPKX 0000831114 S000068716 SGI Prudent Growth Fund C000219686 Class I Shares SGPGX 0000831114 S000070925 Stance Equity ESG Large Cap Core ETF C000225219 Stance Equity ESG Large Cap Core ETF STNC 0000831114 S000072035 YieldX Diversified Income ETF C000227724 YieldX Diversified Income ETF 0000831114 S000072036 YieldX High Income ETF C000227725 YieldX High Income ETF 0000831114 S000072037 YieldX Short-Term Income ETF C000227726 YieldX Short-Term Income ETF N-CEN/A 1 primary_doc.xml X0303 N-CEN/A 0001145549-20-065531 LIVE 0000831114 XXXXXXXX false false false N-1A true RBB Fund, Inc. 811-05518 0000831114 5493005KKD0GVHSW0D29 615 East Michigan Street Milwaukee 53202 US-WI US 414-765-5366 Boston Partners Global Investors, Inc. 60 East 42nd Street Suite 1550 New York 10165 2129089500 records relating to its function as investment adviser Quasar Distributors, LLC 111 East Kilbourn Avenue Suite 2200 Milwaukee 53202 8336121912 records relating to its function as underwriter Foreside Funds Distibutors 899 Cassatt Road 400 Berwyn Park, Suite 110 Berwyn 19312 4843204198 records relating to its function as underwriter Abbey Capital Limited 1-2 Cavendish Row Dublin IE 0 8442616484 records relating to its function as investment adviser Altair Advisers LLC 303 West Madison Street Suite 600 Chicago 60606 3124293000 records relating to its function as investment adviser Bogle Investment Management, L.P. 2310 Washington Street Suite 310 Newton 02462 8772645346 records relating to its function as investment adviser Campbell & Company Investment Adviser LLC 2850 Quarry Lake Drive Baltimore 21209 8006987235 records relating to its function as investment adviser Matson Money, Inc. 5955 Deerfi eld Blvd. Mason 45040 8665732152 records relating to its function as investment adviser Motley Fool Asset Management 2000 Duke Street Suite 275 Alexandria 22314 8888638803 records relating to its function as investment adviser Orinda Asset Management LLC 3390 Mt. Diablo Boulevard Suite 250 Lafayette 94549 8554674632 records relating to its function as investment adviser Schneider Capital Management 1000 Westlakes Drive Suite 150 Berwyn 19312 8885203277 records relating to its function as investment adviser Summit Global Investments, LLC 620 South Main Street Bountiful 84010 8882514847 records relating to its function as investment adviser U.S. Bancorp Fund Services, LLC 615 East Michigan Streeet Milwaukee 53202 8336121912 records relating to its function as administrator, transfer agent and dividend disbursing agent U.S. Bank, N.A. 1555 North RiverCenter Drive Suite 302 Milwaukee 53212 8336121912 records relating to its function as custodian N N N N-1A 36 Y Julian A. Brodsky N/A N J. Richard Carnall N/A N Gregory P. Chandler N/A N Nicholas A. Giordano N/A N Arnold M. Reichman N/A N Robert A. Straniere N/A N Robert Sablowsky 000408620 Y Brian T. 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(Banamex) 2SFFM4FUIE05S37WFU55 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Svenska Handelsbanken AB (publ), Norway Branch NHBDILHZTYCNBV5UYZ31 NO N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank del Peru S.A MYTK5NHHP1G8TVFGT193 PE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited 558600MV09XWUB38H245 SA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Svenska Handelsbanken AB (publ) NHBDILHZTYCNBV5UYZ31 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N U.S. Bancorp Investments, Inc. 8-35359 000017868 H85Z6XZP8B10ES0M2G89 0.000000000000 JEFFERIES & COMPANY INC. 8-15074 000002347 58PU97L1C0WSRCWADL48 63663.500000000000 DAIWA SECURITIES AMERICA 8-12242 000001576 M67H5PRC0NQKM73ZAS82 47979.010000000000 RAYMOND JAMES & ASSOCIATES INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 22345.050000000000 HSBC SECURITIES (USA) INC. 8-41562 000019585 CYYGQCGNHMHPSMRL3R97 2057.600000000000 CITIBANK NA 8-8177 000007059 MBNUM2BPBDO7JBLYG310 1059.950000000000 CITIGROUP GLOBAL MARKETS INC. 8-8177 000007059 MBNUM2BPBDO7JBLYG310 71.670000000000 WACHOVIA BANK N.A. 8-65876 000126292 VYVVCKR63DVZZN70PB21 43.730000000000 137220.510000000000 BANK OF NEW YORK 8-35255 000017454 VJW2DOOHGDT6PR0ZRO63 1.000000000000 165294964.000000000000 N 487696759.198115000000 N N N N MFAM Mid-Cap Growth Fund S000055870 5493007HIOSTTT2TOX83 N 2 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Cash collateral reinvestment fee 51609625.19 121254.78 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y Y Motley Fool Asset Management 801-69975 000149688 N/A N U.S. Bancorp Fund Services, LLC 085-11357 N1GZ7BBF3NP8GI976H15 Y N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N U.S. Bancorp Investments, Inc. 8-35359 000017868 H85Z6XZP8B10ES0M2G89 0.000000000000 RAYMOND JAMES & ASSOCIATES INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 37046.990000000000 JEFFERIES & COMPANY INC. 8-15074 000002347 58PU97L1C0WSRCWADL48 25654.400000000000 62701.390000000000 0.000000000000 N 266866402.530027000000 N N N N Motley Fool 100 Index ETF S000061203 5493003423LLQBGZAX24 N 1 0 0 Exchange-Traded Fund Y N -0.005461154340 -0.750252614340 0.093256828792 0.093650472483 Y N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Cash collateral reinvestment fee 21745405.9 96216.16 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Y N N N Motley Fool Asset Management 801-69975 000149688 N/A N U.S. Bancorp Fund Services, LLC 085-11357 N1GZ7BBF3NP8GI976H15 Y N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N U.S. Bancorp Investments, Inc. 8-35359 000017868 H85Z6XZP8B10ES0M2G89 0.000000000000 KNIGHT EQUITY MARKETS 8-68193 000149823 549300RA02N3BNSWBV74 12677.060000000000 RAYMOND JAMES & ASSOCIATES INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 4827.500000000000 17504.560000000000 0.000000000000 N 223539697.599535000000 N N N MFAM Small-Cap Growth ETF S000063392 5493004DNMPH673GZ455 N 1 0 0 Exchange-Traded Managed Fund Y N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Cash collateral reinvestment fee 18191889.57 75710.6 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Y N N N Motley Fool Asset Management 801-69975 000149688 N/A N U.S. Bancorp Fund Services, LLC 085-11357 N1GZ7BBF3NP8GI976H15 Y N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N U.S. Bancorp Investments, Inc. 8-35359 000017868 H85Z6XZP8B10ES0M2G89 0.000000000000 RAYMOND JAMES & ASSOCIATES INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 44476.410000000000 JEFFERIES & COMPANY INC. 8-15074 000002347 58PU97L1C0WSRCWADL48 8453.100000000000 52929.510000000000 0.000000000000 N 77842686.544207600000 N N N Motley Fool 100 Index ETF S000061203 N 25000.000000000000 3.704580000000 0.713418062267 96.295320000000 0.713418062267 4.704115384615 0.319708394462 95.295784615385 0.319708394462 N/A 250 N/A N/A 250 N/A N/A 250 N/A N/A 250 N/A Y MFAM Small-Cap Growth ETF S000063392 N 25000.000000000000 1.356093750000 0.198583711375 98.643812500000 0.198583711375 6.791458823529 2.970461612235 93.208441176471 2.970454698706 N/A 250 N/A N/A 250 N/A N/A 250 N/A N/A 250 N/A true INTERNAL CONTROL RPT 2 ey_internalcontrol.htm EY INTERNAL CONTROL 8/31/20

  

Report of Independent Registered Public Accounting Firm 

  

To the Shareholders and Board of Directors of 

The RBB Fund, Inc. 

  

In planning and performing our audits of the financial statements of Boston Partners Small Cap Value Fund II, Boston Partners Long/Short Equity Fund, Boston Partners Long/Short Research Fund, Boston Partners All-Cap Value Fund, WPG Partners Small/Micro Cap Value Fund, Boston Partners Global Equity Fund, Boston Partners Global Long/Short Fund, Boston Partners Emerging Markets Dynamic Equity Fund, Boston Partners Emerging Markets Fund, Boston Partners Global Equity Advantage Fund, SGI U.S. Large Cap Equity Fund, SGI U.S. Small Cap Equity Fund, SGI Global Equity Fund, SGI Conservative Fund, SGI Prudent Growth Fund, SGI Peak Growth Fund, Abbey Capital Futures Strategy Fund, Abbey Capital Multi Asset Fund,  Campbell Advantage Fund and Campbell Systematic Macro Fund (twenty of the series constituting The RBB Fund, Inc.) (the “Funds”) as of and for the year/period ended August 31, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we express no such opinion.   

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.  A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of August 31, 2020. 

This report is intended solely for the information and use of management and the Board of Directors of The RBB Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. 

  

/s/ Ernst & Young LLP 

  

Philadelphia, Pennsylvania 

October 30, 2020 

  

  

INTERNAL CONTROL RPT 3 pwc_internalcontrol.htm PWC INTERNAL CONTROL 8/31/20

  

  

Report of Independent Registered Public Accounting Firm 

  

  

To the Board of Directors of The RBB Fund, Inc. and Shareholders of the Adara Smaller Companies Fund, 

Aquarius International Fund, 

Bogle Investment Management Small Cap Growth Fund, Free Market Fixed Income Fund, 

Free Market International Equity Fund, Free Market U.S. Equity Fund, 

Matson Money Fixed Income VI Portfolio, Matson Money International Equity VI Portfolio and Matson Money U.S. Equity VI Portfolio 

  

In planning and performing our audits of the financial statements of the Adara Smaller Companies Fund, Aquarius International Fund, Bogle Investment Management Small Cap Growth Fund, Free Market Fixed Income Fund, Free Market International Equity Fund, Free Market U.S. Equity Fund, Matson Money Fixed Income VI Portfolio, Matson Money International Equity VI Portfolio and Matson Money U.S. Equity Portfolio, nine separately managed portfolios of The RBB Fund, Inc. (hereafter collectively referred to as the “Funds”) as of and for the year ended August 31, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N- CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting. 

  

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements. 

  

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

  

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis. 

  

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of August 31, 2020. 

  

This report is intended solely for the information and use of management and the Board of Directors of The RBB Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. 

  

/s/ PricewaterhouseCoopers LLP 

Philadelphia, Pennsylvania October 27, 2020 

  

PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800,  2001 Market Street, Philadelphia, PA 19103-7042 T: (267) 330-3000, F: (267) 330-3300,  www.pwc.com/us  

  

INTERNAL CONTROL RPT 4 tait_internalcontrol.htm TAIT INTERNAL CONTROL 8/31/20

taitweller.com  

  

  

  

  

  

  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

  

  

  

Shareholders and Board of Directors 

The RBB Fund, Inc. 

Milwaukee, Wisconsin 

  

  

In planning and performing our audit of the financial statements of the MFAM Global Opportunities Fund, MFAM Mid-Cap Growth Fund, Motley Fool 100 Index ETF, MFAM Small-Cap Growth ETF, and Orinda Income Opportunities Fund, each a series of The RBB Fund, Inc., as of and for the year ended August 31, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of Funds’ internal control over financial reporting. Accordingly, we express no such opinion. 

  

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements. 

  

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

  

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. 

  

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of August 31, 2020. 

  

This report is intended solely for the information and use of management, Shareholders and Board of Directors of The RBB Fund, Inc. and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties. 

  

/s/ TAIT, WELLER & BAKER LLP 

  

TAIT, WELLER & BAKER LLP 

  

Philadelphia, Pennsylvania 

October 29, 2020