# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001680359-23-000057
**Filing Date:** 2023-2
**Character Count:** 21991
**Document Hash:** 542265d1c9d530107b17c4d3e58708e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001680359-23-000057.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001680359-23-000057

**CONFORMED SUBMISSION TYPE**: 40-APP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**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:** 40-APP

**SEC ACT:**
- **SEC FILE NUMBER:** 812-15440
- **FILM NUMBER:** 23687158

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB Fund Trust
- **CENTRAL INDEX KEY:** 0001618627
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 40-APP

**SEC ACT:**
- **SEC FILE NUMBER:** 812-15440-03
- **FILM NUMBER:** 23687161

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 609-731-6256

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN Capital Funds Trust
- **DATE OF NAME CHANGE:** 20140904
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** F/M Investments LLC
- **CENTRAL INDEX KEY:** 0001834499
- **IRS NUMBER:** 841772859
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-APP

**SEC ACT:**
- **SEC FILE NUMBER:** 812-15440-02
- **FILM NUMBER:** 23687160

**BUSINESS ADDRESS:**
- **STREET 1:** 3050 K ST
- **STREET 2:** SUITE 201
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20007
- **BUSINESS PHONE:** 2028394910

**MAIL ADDRESS:**
- **STREET 1:** 3050 K ST
- **STREET 2:** SUITE 201
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20007
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** QUASAR DISTRIBUTORS, LLC
- **CENTRAL INDEX KEY:** 0001104979
- **IRS NUMBER:** 391982827
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 40-APP

**SEC ACT:**
- **SEC FILE NUMBER:** 812-15440-01
- **FILM NUMBER:** 23687159

**BUSINESS ADDRESS:**
- **STREET 1:** 111 EAST KILBOURN AVE, SUITE 2200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-710-3030

**MAIL ADDRESS:**
- **STREET 1:** 111 EAST KILBOURN AVE, SUITE 2200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** QUASAR DISTRIBUTORS LLC                                 /BD
- **DATE OF NAME CHANGE:** 20020315

#### EXPEDITED REVIEW REQUESTED UNDER 17 CFR 270.0-5(d)

#### UNITED STATES OF AMERICA

#### BEFORE THE

#### U.S. SECURITIES AND EXCHANGE COMMISSION

#### File No. 812-[ ]

**

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Application for an Order under Section 6(c) of the Investment Company Act of 1940 ("Act") for an exemption from Sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and Rule 22c-1 under the Act, and under Sections 6(c) and 17(b) of the Act for exemptions from Sections 17(a)(1) and 17(a)(2) of the Act**

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#### In the Matter of:

#### The RBB Fund, Inc.

#### The RBB Fund Trust

#### 615 East Michigan Street

#### Milwaukee, WI 53202

#### F/m Investments, LLC, DBA North Slope Capital LLC

#### 3050 K Street, NW, Ste. 201

#### Washington, DC 20007

#### Quasar Distributors, LLC

#### 111 E. Kilbourn Ave., Suite 2200

#### Milwaukee, WI 53202

#### Please send all communications regarding this Application to:

#### Steven Plump

#### The RBB Fund, Inc.

#### 615 East Michigan Street

#### Milwaukee, WI 53202

#### splump@rbbfund.com

#### With a copy to:

#### Michael W. Mundt

#### Stradley Ronon Stevens & Young, LLP

#### 2000 K Street, NW, Ste. 700

#### Washington, DC 20006

#### mmundt@stradley.com

#### Page 1 of 47 sequentially numbered pages (including appendix)

#### As filed with the U.S. Securities and Exchange Commission on February 28, 2023

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

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| | |
|:---|:---|
| In the Matter of<br> The RBB Fund, Inc.<br> The RBB Fund Trust<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br>F/m Investments, LLC, DBA North Slope Capital LLC<br> 3050 K Street, NW, Ste. 201<br> Washington, DC 20007<br> Quasar Distributors, LLC<br> 111 E. Kilbourn Ave., Suite 2200<br> Milwaukee, WI 53202<br> File No. 812-[ ] | Application for an Order under Section 6(c) of the Investment Company Act of 1940 ("Act") for an exemption from Sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and Rule 22c-1 under the Act, and under Sections 6(c) and 17(b) of the Act for exemptions from Section 17(a)(1) and 17(a)(2) of the Act |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **SUMMARY OF APPLICATION** 

In this application, The RBB Fund, Inc. (the "<u>Company</u>"), The RBB Fund Trust (the "<u>Trust</u>"), F/m Investments, LLC, DBA North Slope Capital LLC (the "<u>Initial</u> <u>Adviser</u>"), and Quasar Distributors, LLC (the "<u>Distributor</u>") (together, "<u>A</u>p<u>plicants</u>") apply for and request an order under Section 6(c) of the Investment Company Act of 1940, as amended (the "<u>Act</u>"), for an exemption from Sections 2(a)(32), 5(a) (1), 22(d) and 22(e) of the Act and Rule 22c-1 under the Act, and under Sections 6(c) and 17(b) of the Act for exemptions from Section 17(a)(1) and 17(a)(2) of the Act (the "<u>Order</u>"). Except as noted herein, the Order would be subject to the same terms and conditions contained in a previous order, as may be amended from time to time ("<u>Reference Order</u>"), issued by the U.S. Securities and Exchange Commission ("<u>Commission</u>"), which terms and conditions are hereby incorporated by reference into this Order.<sup>1</sup>

Applicants request that the relief apply to the series of the Company and the Trust (the "<u>Initial Funds</u>") and to any other existing or future registered open-end management investment company or series thereof that (a) is advised by the Initial Adviser or any entity controlling, controlled by, or under common control with the Initial Adviser (any such entity included in the term "<u>Adviser</u>"), (b) offers exchange-traded shares utilizing active management investment strategies as contemplated by the Reference Order, and (c) complies with the terms and conditions

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<sup>1</sup> Blue Tractor ETF Trust and Blue Tractor Group, LLC, Investment Company Act Rel. Nos. 33682 (Nov. 14, 2019) (notice) and 33710 (Dec. 10, 2019) (order). Applicants are not seeking relief under Section 12(d)(1)(J) of the Act for an exemption from Sections 12(d)(1)(A) and 12(d)(1)(B) of the Act (the "Section 12(d)(1) Relief"), or relief under Sections 6(c) and 17(b) of the Act for an exemption from Sections 17(a)(1) and 17(a)(2) of the Act relating to the Section 12(d)(1) Relief, as granted in Reference Order. Accordingly, to the extent the terms and conditions of the Reference Order relate to such relief, they are not incorporated by reference herein.

Page 2 of 47 sequentially numbered pages

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of the Order and the terms and conditions of the Reference Order that are incorporated by reference herein (each such company or series and any Initial Fund, a "<u>Fund</u>").<sup>2</sup>

No form having been specifically prescribed for this application, Applicants proceed under Rule 0-2 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **APPLICANTS** 

**A.** **The Company and the Trust**

The Company is a corporation organized under the laws of the State of Maryland and will consist of one or more series operating as a Fund. The Trust is a statutory trust organized under the laws of the State of Delaware and will consist of one or more series operating as a Fund. Each of the Company and the Trust is registered with the Commission as an open-end management investment company under the Act.

**B.** **The Adviser**

The Initial Adviser will be the investment adviser to the Funds. The Initial Adviser is a Delaware limited liability company with its principal place of business located at 3050 K Street, NW, Ste. 201, Washington, DC 20007. The Initial Adviser is, and any other Adviser will be, registered as an "investment adviser" under Section 203 of the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"). The Initial Adviser has entered into a licensing agreement with Blue Tractor Group LLC, or an affiliate thereof, in order to offer Funds that utilize the methodology for Shielded Alpha® ETFs.<sup>3</sup>

Subject to approval by the Funds' board of directors or board of trustees, the Adviser will serve as investment adviser to the Funds. The Adviser may enter into subadvisory agreements with other investment advisers to act as sub-advisers with respect to the Funds ("<u>Sub-Advisers</u>"). Any Sub-Adviser to a Fund will be registered with the Commission as an investment adviser under Section 203 of the Advisers Act.

**C.** **The Distributor**

The Distributor is a Delaware limited liability company and a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and will act as the distributor and principal underwriter of shares of the Funds ("<u>Shares</u>"). Applicants request that the relief requested in this application apply to any distributor of Shares, whether affiliated or unaffiliated with the Adviser or a Sub-Adviser. Any distributor will comply with the terms and conditions of this application and be registered under the Exchange Act as a broker-dealer. The Distributor will distribute Shares on an agency basis. <br>

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<sup>2</sup> All entities that currently intend to rely on the Order are named as applicants. Any other entity that relies on the Order in the future will comply with the terms and conditions of the Order and the terms and conditions of the Reference Order that are incorporated by reference herein.

<sup>3</sup> Various aspects of the Shielded Alpha® ETFs are the subject of pending patent applications.

Page 3 of 47 sequentially numbered pages

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**III.** **REQUEST FOR RELIEF**

Applicants agree that the relief requested under the Order will be subject to the same terms and conditions of the same relief under the Reference Order. For the reasons stated in the Reference Order, Applicants believe that:

<br> • With respect to the relief requested pursuant to Section 6(c), the relief is appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act; and

• With respect to the relief requested pursuant to Section 17(b), the proposed transactions are reasonable and fair and do not involve overreaching on the part of any person concerned, and are consistent with the policies of each registered investment company concerned and with the general purposes of the Act.

**IV.** **NAMES AND ADDRESSES**

Pursuant to Rule 0-2(f) under the Act, Applicants state that their addresses are as indicated on the first page of this application. Applicants further state that all written or oral communications concerning this application should be directed to the persons listed on the first page.

**V.** **PROCEDURAL MATTERS, CONCLUSION AND SIGNATURES**

Applicants file this application in accordance with Rule 0-2 under the Act. Applicants have attached the required verifications to the application. In accordance with Rule 0-2(c) under the Act, Applicants state that all actions necessary to authorize the execution and filing of this application have been taken, and the persons signing and filing this document are authorized to do so on behalf of the Applicants. In the case of the Company and the Trust, the relevant resolutions authorizing the filing are attached as <u>A</u>p<u>pendix A</u>. In accordance with Rule 0-5 under the Act, Applicants request that the Commission issue the Order without holding a hearing.

Page 4 of 47 sequentially numbered pages

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Based on the facts, analysis and conditions in the application, Applicants respectfully request that the Commission issue the Order under Sections 6(c) and 17(b) of the Act granting the relief requested by this application.

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| | |
|:---|:---|
| The RBB Fund, Inc. | The RBB Fund, Inc. |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title: | Chief Financial Officer and Secretary |

---

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| | |
|:---|:---|
| The RBB Fund Trust | The RBB Fund Trust |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title: | Chief Financial Officer and Secretary |

---

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| | |
|:---|:---|
| **F/m Investments, LLC, DBA North Slope Capital LLC** | **F/m Investments, LLC, DBA North Slope Capital LLC** |
| By: | /s/ David L. Littleton |
| Name: | David L. Littleton |
| Title: | Managing Member |

---

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| | |
|:---|:---|
| Quasar Distributors, LLC | Quasar Distributors, LLC |
| By: | /s/ Teresa Cowan |
| Name: | Teresa Cowan |
| Title: | President |

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Page 5 of 47 sequentially numbered pages

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#### Authorization of

#### The RBB Fund, Inc.

In accordance with Rule 0-2(c), the undersigned states that all actions necessary to authorize the execution and filing of this application by The RBB Fund, Inc. have been taken, and that as Chief Financial Officer and Secretary thereof, he is authorized to execute and file the same on behalf of The RBB Fund, Inc., and all actions necessary to execute and file such instrument have been taken. The undersigned further states that he is familiar with such instrument and its contents, and that the facts therein set forth are true to the best of his knowledge, information, and belief.

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| | |
|:---|:---|
| The RBB Fund, Inc. | The RBB Fund, Inc. |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title: | Chief Financial Officer and Secretary |

---

Page 6 of 47 sequentially numbered pages

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#### Authorization of

#### The RBB Fund Trust

In accordance with Rule 0-2(c), the undersigned states that all actions necessary to authorize the execution and filing of this application by The RBB Fund Trust have been taken, and that as Chief Financial Officer and Secretary thereof, he is authorized to execute and file the same on behalf of The RBB Fund Trust, and all actions necessary to execute and file such instrument have been taken. The undersigned further states that he is familiar with such instrument and its contents, and that the facts therein set forth are true to the best of his knowledge, information, and belief.

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| | |
|:---|:---|
| The RBB Fund Trust | The RBB Fund Trust |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title: | Chief Financial Officer and Secretary |

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Page 7 of 47 sequentially numbered pages

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#### Authorization of

#### F/m Investments, LLC, DBA North Slope Capital LLC

In accordance with Rule 0-2(c), the undersigned states that all actions necessary to authorize the execution and filing of this application by F/m Investments, LLC, DBA North Slope Capital LLC have been taken, and that as Managing Member thereof, he is authorized to execute and file the same on behalf of F/m Investments, LLC, DBA North Slope Capital LLC and all actions necessary to execute and file such instrument have been taken. The undersigned further states that he is familiar with such instrument and its contents, and that the facts therein set forth are true to the best of his knowledge, information, and belief.

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| | |
|:---|:---|
| **F/m Investments, LLC, DBA North Slope Capital LLC** | **F/m Investments, LLC, DBA North Slope Capital LLC** |
| By: | /s/ David L. Littleton |
| Name: | David L. Littleton |
| Title: | Managing Member |

---

Page 8 of 47 sequentially numbered pages

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#### Authorization of

#### Quasar Distributors, LLC

In accordance with Rule 0-2(c), the undersigned states that all actions necessary to authorize the execution and filing of this application by Quasar Distributors, LLC have been taken, and that as President thereof, she is authorized to execute and file the same on behalf of Quasar Distributors, LLC and all actions necessary to execute and file such instrument have been taken. The undersigned further states that she is familiar with such instrument and its contents, and that the facts therein set forth are true to the best of her knowledge, information, and belief.

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| | |
|:---|:---|
| Quasar Distributors, LLC | Quasar Distributors, LLC |
| By: | /s/ Teresa Cowan |
| Name: | Teresa Cowan |
| Title: | President |

---

Page 9 of 47 sequentially numbered pages

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#### Verification of<br> The RBB Fund, Inc.

In accordance with Rule 0-2(d) under the Act, the undersigned states that he has duly executed the attached application dated February 28, 2023 for, and on behalf of, The RBB Fund, Inc.; that he is Chief Financial Officer and Secretary of such entity; and that all actions necessary to authorize the undersigned to execute and file such instrument have been taken. The undersigned further states that he is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information, and belief.

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| | |
|:---|:---|
| The RBB Fund, Inc. | The RBB Fund, Inc. |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title: | Chief Financial Officer and Secretary |

---

Page 10 of 47 sequentially numbered pages

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#### Verification of<br> The RBB Fund Trust

In accordance with Rule 0-2(d) under the Act, the undersigned states that he has duly executed the attached application dated February 28, 2023 for, and on behalf of, The RBB Fund Trust; that he is Chief Financial Officer and Secretary of such entity; and that all actions necessary to authorize the undersigned to execute and file such instrument have been taken. The undersigned further states that he is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information, and belief.

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| | |
|:---|:---|
| The RBB Fund Trust | The RBB Fund Trust |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title: | Chief Financial Officer and Secretary |

---

Page 11 of 47 sequentially numbered pages

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#### Verification of <br> F/m Investments, LLC, DBA North Slope Capital LLC

In accordance with Rule 0-2(d) under the Act, the undersigned states that he has duly executed the attached application dated February 28, 2023 for, and on behalf of, F/m Investments, LLC, DBA North Slope Capital LLC; that he is Managing Member of such entity; and that all actions necessary to authorize the undersigned to execute and file such instrument have been taken. The undersigned further states that he is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information, and belief.

---

| | |
|:---|:---|
| **F/m Investments, LLC, DBA North Slope Capital LLC** | **F/m Investments, LLC, DBA North Slope Capital LLC** |
| By: | /s/ David L. Littleton |
| Name: | David L. Littleton |
| Title: | Managing Member |

---

Page 12 of 47 sequentially numbered pages

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#### Verification of<br> Quasar Distributors, LLC

In accordance with Rule 0-2(d) under the Act, the undersigned states that she has duly executed the attached application dated February 28, 2023 for, and on behalf of, Quasar Distributors, LLC; that she is President of such entity; and that all actions necessary to authorize the undersigned to execute and file such instrument have been taken. The undersigned further states that she is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of her knowledge, information, and belief.

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| | |
|:---|:---|
| **QUASAR DISTRIBUTORS, LLC** | **QUASAR DISTRIBUTORS, LLC** |
| By: | /s/ Teresa Cowan |
| Name: | Teresa Cowan |
| Title: | President |

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Page 13 of 47 sequentially numbered pages

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#### APPENDIX A

#### Resolutions of the Boards of The RBB Fund, Inc. and The RBB Fund Trust

**RESOLVED,** that the officers of the Company/Trust be, and each of them hereby is, authorized and empowered, in the name of, for and on behalf of the Company/Trust, to file with the U.S. Securities and Exchange Commission an application for an order under Section 6(c) of the 1940 Act for an exemption from Sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and Rule 22c-1 under the Act, and under Sections 6(c) and 17(b) of the Act for exemptions from Section 17(a) of the Act (the "Order"); and further

**RESOLVED,** that the officers of the Company/Trust be, and each of them hereby is, authorized and empowered to take any and all actions in accordance with the respective duties of each, including without limitation, making, executing, acknowledging and delivering all documents, and paying all necessary fees and expenses, as in any such officer's judgment may be necessary or advisable in order to carry out the purposes of the foregoing resolutions, the authority granted hereby to be conclusively evidenced by the taking of such action or the execution and delivery of any such document.

Page 14 of 47 sequentially numbered pages

### Attached PDF Documents

**Attachment 1:** `40app.pdf`

_No text found in this document._