Faegre Drinker Biddle & Reath LLP
One Logan Square
Suite 2000
Philadelphia, PA 19103-6996
Telephone: (215) 988-2700
December 30, 2024
The RBB Fund, Inc.
615 East Michigan Street
Milwaukee, WI 53202
| Re: | Shares Registered by Post-Effective Amendment No. 336 to |
| Registration Statement on Form N-1A (File No. 033-20827) |
Ladies and Gentlemen:
We have acted as counsel to The RBB Fund, Inc. (the “Company”) in connection with the preparation and filing with the Securities and Exchange Commission of Post-Effective Amendment No. 336 (the “Amendment”) to the Company’s Registration Statement on Form N-1A under the Securities Act of 1933, as amended. The Board of Directors of the Company has authorized the issuance and sale by the Company of the following classes and numbers of shares of common stock, $0.001 par value per share (collectively, the “Shares”), with respect to the Company’s Abbey Capital Futures Strategy Fund, Abbey Capital Multi Asset Fund, Adara Smaller Companies Fund, Aquarius International Fund, Boston Partners All-Cap Value Fund, Boston Partners Emerging Markets Dynamic Equity Fund, Boston Partners Global Equity Fund, Boston Partners Global Sustainability Fund, Boston Partners Long/Short Equity Fund, Boston Partners Long/Short Research Fund, Boston Partners Small Cap Value Fund II, WPG Partners Select Small Cap Value Fund, WPG Partners Small Cap Value Diversified Fund, WPG Partners Select Hedged Fund, Campbell Systematic Macro 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, Matson Money U.S. Equity VI Portfolio, Motley Fool 100 Index ETF, Motley Fool Capital Efficiency 100 Index ETF, Motley Fool Global Opportunities ETF, Motley Fool Mid-Cap Growth ETF, Motley Fool Next Index ETF, Motley Fool Small-Cap Growth ETF, Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, Oakhurst Short Duration High Yield Credit Fund, Optima Strategic Credit Fund, SGI Dynamic Tactical ETF, SGI U.S. Large Cap Core ETF, SGI Peak Growth Fund, SGI Prudent Growth Fund, SGI U.S. Large Cap Equity Fund, SGI Global Equity Fund, SGI U.S. Large Cap Equity VI Portfolio, SGI Small Cap Core Fund, SGI Enhanced Global Income ETF, SGI Enhanced Core ETF, SGI Enhanced Nasdaq-100 ETF, US Treasury 30 Year Bond ETF, US Treasury 20 Year Bond ETF, US Treasury 10 Year Note ETF, US Treasury 7 Year Note ETF, US Treasury 5 Year Note ETF, US Treasury 3 Year Note ETF, US Treasury 2 Year Note ETF, US Treasury 12 Month Bill ETF, US Treasury 6 Month Bill ETF, US Treasury 3 Month Bill ETF, F/m 6-Month Investment Grade Corporate Bond ETF, F/m 9-18-Month Investment Grade Corporate Bond ETF, F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, F/m 5-Year Investment Grade Corporate Bond ET, F/m 7-Year Investment Grade Corporate Bond ETF, F/m 10-Year Investment Grade Corporate Bond ETF, F/m 20-Year Investment Grade Corporate Bond ETF, F/m 30-Year Investment Grade Corporate Bond ETF, F/m 15+ Year Investment Grade Corporate Bond ETF, F/m Opportunistic Income ETF and F/m Investments Large Cap Focused Fund:
| PORTFOLIO | CLASS | AUTHORIZED SHARES |
| Abbey Capital Futures Strategy Fund |
RRRRR SSSSS TTTTT NNNNNN |
100 million 100 million 500 million 100 million |
| Abbey Capital Multi Asset Fund |
VVVVVV WWWWWW XXXXXX |
100 million 100 million 100 million |
| Adara Smaller Companies Fund | UUUUU | 100 million |
| Aquarius International Fund | UUUUUU | 100 million |
| Boston Partners All-Cap Value Fund |
VV WW |
100 million 100 million |
| Boston Partners Emerging Markets Dynamic Equity Fund | WWWWW | 100 million |
| Boston Partners Emerging Markets Fund | SSSSSS | 100 million |
| Boston Partners Global Equity Fund |
CCCCC DDDDD |
100 million 100 million |
| Boston Partners Global Long/Short Fund |
JJJJJ KKKKK |
100 million 300 million |
| Boston Partners Global Sustainability Fund | PPPPPPP | 100 million |
| Boston Partners Long/Short Equity Fund |
III JJJ |
100 million 100 million |
| Boston Partners Long/Short Research Fund |
AAAAA BBBBB |
100 million 750 million |
| Boston Partners Small Cap Value Fund II |
DDD EEE |
100 million 100 million |
| WPG Partners Select Small Cap Value Fund | OOOOOOO | 100 million |
| PORTFOLIO | CLASS | AUTHORIZED SHARES |
| WPG Partners Small Cap Value Diversified Fund (formerly, WPG Partners Small/Micro Cap Value Fund) | UUU | 50 million |
| WPG Partners Select Hedged Fund | ZZZZZZZZ | 100 million |
| Campbell Systematic Macro Fund |
OOOOOO PPPPPP RRRRRR |
100 million 300 million 100 million |
| Free Market Fixed Income Fund | DDDD | 700 million |
| Free Market International Equity Fund | CCCC | 700 million |
| Free Market U.S. Equity Fund | BBBB | 700 million |
| Matson Money Fixed Income VI Portfolio | NNNNN | 100 million |
| Matson Money International Equity VI Portfolio | MMMMM | 100 million |
| Matson Money U.S. Equity VI Portfolio | LLLLL | 100 million |
| Motley Fool 100 Index ETF | TTTTTT | 100 million |
| Motley Fool Capital Efficiency 100 Index ETF | NNNNNNN | 100 million |
| Motley Fool Global Opportunities ETF | KKKKKKK | 100 million |
| Motley Fool Mid-Cap Growth ETF | LLLLLLL | 100 million |
| Motley Fool Next Index ETF | MMMMMMM | 100 million |
| Motley Fool Small-Cap Growth ETF | YYYYYY | 100 million |
| Oakhurst Fixed Income Fund |
EEEEEEEE FFFFFFFF |
100 million 100 million |
| Oakhurst Short Duration Bond Fund |
GGGGGGGG HHHHHHHH |
100 million 100 million |
| Oakhurst Short Duration High Yield Credit Fund |
IIIIIIII JJJJJJJJ |
100 million 100 million |
| PORTFOLIO | CLASS | AUTHORIZED SHARES |
| Optima Strategic Credit Fund |
QQQQQQQ RRRRRRR |
100 million 100 million |
| SGI Dynamic Tactical ETF | CCCCCCCC | 100 million |
| SGI U.S. Large Cap Core ETF | DDDDDDDD | 100 million |
| SGI Peak Growth Fund | DDDDDDD | 100 million |
| SGI Prudent Growth Fund | EEEEEEE | 100 million |
| SGI U.S. Large Cap Equity Fund |
GGGGG HHHHH ZZZZZ |
100 million 100 million 100 million |
| SGI Global Equity Fund |
OOOOO PPPPP QQQQQ |
100 million 100 million 100 million |
| SGI U.S. Large Cap Equity VI Portfolio | CCCCCCC | 100 million |
| SGI Small Cap Core Fund | NNN | 100 million |
| SGI Enhanced Global Income ETF | XXXXXXXX | 100 million |
| SGI Enhanced Core ETF | YYYYYYYY | 100 million |
| SGI Enhanced Nasdaq-100 ETF | AAAAAAAAA | 100 million |
| US Treasury 30 Year Bond ETF | SSSSSSS | 100 million |
| US Treasury 20 Year Bond ETF | TTTTTTT | 100 million |
| US Treasury 10 Year Note ETF | UUUUUUU | 100 million |
| US Treasury 7 Year Note ETF | VVVVVVV | 100 million |
| US Treasury 5 Year Note ETF | WWWWWWW | 100 million |
| US Treasury 3 Year Note ETF | XXXXXXX | 100 million |
| US Treasury 2 Year Note ETF | YYYYYYY | 100 million |
| PORTFOLIO | CLASS | AUTHORIZED SHARES |
| US Treasury 12 Month Bill ETF | ZZZZZZZ | 100 million |
| US Treasury 6 Month Bill ETF | AAAAAAAA | 100 million |
| US Treasury 3 Month Bill ETF | BBBBBBBB | 100 million |
| F/m Investments Large Cap Focused Fund | KKKKKKKK | 100 million |
| LLLLLLLL | 100 million | |
| F/m Opportunistic Income ETF | MMMMMMMM | 100 million |
| F/m 15+ Year Investment Grade Corporate Bond ETF | NNNNNNNN | 100 million |
| F/m 30-Year Investment Grade Corporate Bond ETF | OOOOOOOO | 100 million |
| F/m 20-Year Investment Grade Corporate Bond ETF | PPPPPPPP | 100 million |
| F/m 10-Year Investment Grade Corporate Bond ETF | QQQQQQQQ | 100 million |
| F/m 7-Year Investment Grade Corporate Bond ETF | RRRRRRRR | 100 million |
| F/m 5-Year Investment Grade Corporate Bond ETF | SSSSSSSS | 100 million |
| F/m 3-Year Investment Grade Corporate Bond ETF | TTTTTTTT | 100 million |
| F/m 2-Year Investment Grade Corporate Bond ETF | UUUUUUUU | 100 million |
| F/m 9-18-Month Investment Grade Corporate Bond ETF | VVVVVVVV | 100 million |
| F/m 6-Month Investment Grade Corporate Bond ETF | WWWWWWWW | 100 million |
The Amendment seeks to register an indefinite number of the Shares.
We have reviewed the Company’s Articles of Incorporation, By-Laws, resolutions of its Board of Directors, and such other legal and factual matters as we have deemed appropriate. This opinion is based exclusively on the Maryland General Corporation Law and the federal law of the United States of America.
Based upon and subject to the foregoing, it is our opinion that the Shares, when issued for payment as described in the Company’s Prospectuses offering the Shares and in accordance with the Company’s Articles of Incorporation for not less than $0.001 per share, will be legally issued, fully paid and non-assessable by the Company.
We consent to the filing of this opinion as an exhibit to the Amendment to the Company’s Registration Statement.
| Very truly yours, | ||
| /s/ Faegre Drinker Biddle & Reath LLP | ||
| Faegre Drinker Biddle & Reath LLP |