Faegre Drinker Biddle & Reath LLP
One Logan Square
Suite 2000
Philadelphia, PA 19103-6996
Telephone: (215) 988-2700
December 30, 2025
The RBB Fund, Inc.
615 East Michigan Street
Milwaukee, WI 53202
| Re: | Shares Registered by Post-Effective Amendment No. 381 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. 381 (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 Small Cap Value Fund II, Boston Partners All-Cap Value Fund, Boston Partners Long/Short Equity Fund, Boston Partners Long/Short Research Fund, Boston Partners Global Equity Fund, Boston Partners Global Sustainability Fund, WPG Partners Small Cap Value Diversified Fund, WPG Partners Select Small Cap Value Fund, Campbell Systematic Macro Fund, 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, F/m Investments Large Cap Focused Fund, Oakhurst Fixed Income Fund, F/m Emerald Life Sciences Innovation ETF, F/m Compoundr U.S. Aggregate Bond ETF, F/m Compoundr High Yield Bond ETF, F/m Compoundr U.S. Treasury 10-Year Note ETF, F/m High Yield 100 ETF, F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF, F/m Opportunistic Income ETF, F/m SMID Equity ETF, F/m Small Cap Core ETF, F/m Small Cap Growth ETF, F/m Ultrashort Treasury Inflation-Protected Security ETF, F/m Yield Curve Flattening Strategy ETF, F/m Yield Curve Steepening Strategy ETF, F/m Falling Interest Rates Strategy ETF, F/m Rising Interest Rates Strategy ETF, Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed Income Fund, Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio, Matson Money Fixed Income VI Fund, Motley Fool Mid-Cap Growth ETF, Motley Fool Global Opportunities ETF, Motley Fool 100 Index ETF, Motley Small-Cap Growth ETF, Motley Fool Capital Efficiency 100 Index ETF, Motley Fool Next Index ETF, Optima Strategic Credit Fund, SGI U.S. Large Cap Equity Fund, SGI U.S. Large Cap Equity VI Portfolio, SGI Global Equity Fund, SGI Prudent Fund, SGI Peak Fund, SGI Small Cap Core Fund, SGI U.S. Large Cap Core ETF, SGI Dynamic Tactical ETF, SGI Enhanced Core ETF, SGI Enhanced Global Income ETF, SGI Enhanced Market Leaders ETF, SGI Enhanced Nasdaq-100 ETF:
| 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 Small Cap Value Fund II |
DDD EEE |
100 million 100 million |
| Boston Partners All-Cap Value Fund |
VV WW |
100 million 100 million |
| Boston Partners Long/Short Equity Fund |
III JJJ |
100vvv million 100 million |
| Boston Partners Long/Short Research Fund |
AAAAA BBBBB |
100 million 750 million |
| Boston Partners Global Equity Fund | DDDDD | 100 million |
| Boston Partners Global Sustainability Fund | PPPPPPP | 100 million |
| WPG Partners Select Small Cap Value Fund | OOOOOOO | 100 million |
| WPG Partners Small Cap Value Diversified Fund | UUU | 50 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 |
| F/m US Treasury 30 Year Bond ETF | SSSSSSS | 100 million |
| F/m US Treasury 20 Year Bond ETF | TTTTTTT | 100 million |
| F/m US Treasury 10 Year Note ETF | UUUUUUU | 100 million |
| F/m US Treasury 7 Year Note ETF | VVVVVVV | 100 million |
| F/m US Treasury 5 Year Note ETF | WWWWWWW | 100 million |
| F/m US Treasury 3 Year Note ETF | XXXXXXX | 100 million |
| F/m US Treasury 2 Year Note ETF | YYYYYYY | 100 million |
| F/m US Treasury 12 Month Bill ETF | ZZZZZZZ | 100 million |
| F/m US Treasury 6 Month Bill ETF | AAAAAAAA | 100 million |
| F/m US Treasury 3 Month Bill ETF | BBBBBBBB | 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 |
| PORTFOLIO | CLASS | AUTHORIZED SHARES |
| 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 |
| F/m Opportunistic Income ETF | MMMMMMMM | 100 million |
| F/m Investments Large Cap Focused Fund | KKKKKKKK LLLLLLLL |
100 million 100 million |
| Oakhurst Fixed Income Fund |
EEEEEEEE FFFFFFFF |
100 million 100 million |
| F/m Emerald Life Sciences Innovation ETF | BBBBBBBBB | 100 million |
| F/m Compoundr U.S. Aggregate Bond ETF | IIIIIIIIII | 100 million |
| F/m Compoundr High Yield Bond ETF | DDDDDDDDDD | 100 million |
| F/m Compoundr U.S. Treasury 10-Year Note ETF | GGGGGGGGGG | 100 million |
| F/m High Yield 100 ETF | PPPPPPPPP | 100 million |
| F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF | JJJJJJJJJ | 100 million |
| F/m SMID Equity ETF | OOOOOOOOO | 100 million |
| F/m Small Cap Core ETF | MMMMMMMMM | 100 million |
| F/m Small Cap Growth ETF | NNNNNNNNN | 100 million |
| F/m Ultrashort Treasury Inflation-Protected Security ETF | DDDDDDDDD | 100 million |
| F/m Yield Curve Flattening Strategy ETF | FFFFFFFFF | 100 million |
| F/m Yield Curve Steepening Strategy ETF | EEEEEEEEE | 100 million |
| F/m Falling Interest Rates Strategy ETF | HHHHHHHHH | 100 million |
| F/m Rising Interest Rates Strategy ETF | GGGGGGGGG | 100 million |
| Matson Money U.S. Equity VI Portfolio | LLLLL | 100 million |
| Matson Money International Equity VI Portfolio | MMMMM | 100 million |
| Matson Money Fixed Income VI Portfolio | NNNNN | 100 million |
| Motley Fool Mid-Cap Growth ETF | LLLLLLL | 100 million |
| Motley Fool Global Opportunities ETF | KKKKKKK | 100 million |
| Motley Fool 100 Index ETF | TTTTTT | 100 million |
| Motley Fool Small-Cap Growth ETF | YYYYYY | 100 million |
| Motley Fool Capital Efficiency 100 Index ETF | NNNNNNN | 100 million |
| Motley Fool Next Index ETF | MMMMMMM | 100 million |
| Optima Strategic Credit Fund |
QQQQQQQ RRRRRRR |
100 million 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 Prudent Fund | EEEEEEE | 100 million |
| PORTFOLIO | CLASS | AUTHORIZED SHARES |
| SGI Peak Fund | DDDDDDD | 100 million |
| SGI Small Cap Core Fund | NNN | 100 million |
| SGI U.S. Large Cap Core ETF | DDDDDDDD | 100 million |
| SGI U.S. Large Cap Equity VI Portfolio | CCCCCCC | 100 million |
| SGI Dynamic Tactical ETF | CCCCCCCC | 100 million |
| SGI Enhanced Core ETF | YYYYYYYY | 100 million |
| SGI Enhanced Global Income ETF | XXXXXXXX | 100 million |
| SGI Enhanced Market Leaders ETF | CCCCCCCCC | 100 million |
| SGI Enhanced Nasdaq-100 ETF | AAAAAAAAA | 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 |