THE RBB FUND, INC.
Free Market U.S. Equity Fund
Free Market International Equity Fund
Free Market Fixed Income Fund
Supplement dated April 30, 2020
to the Prospectus dated February 28, 2020
The following replaces the information in
the Prospectus section entitled “More About Each Fund’s Investments and Risks – Investment Risks – Stock
Market Risk”:
Stock Market Risk. Underlying
investment companies in which the Funds may invest are subject to fluctuations in the stock markets, which have periods of increasing
and decreasing values. Equity securities typically have greater volatility than fixed income securities. The market value of a
Fund’s holdings is based upon the market’s perception of value and is not necessarily an objective measure of an investment’s
value. There is no assurance that a Fund will realize its investment objective, and an investment in a Fund is not, by itself,
a complete or balanced investment program. You could lose money on your investment in a Fund, or a Fund could underperform other
investments.
Periods of unusually high financial market
volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the
past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist
trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate
taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations
of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations.
The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental
and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected
global economies and financial markets, the value and liquidity of a Fund’s investments may be negatively affected by events
impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such
country or region.
A recent outbreak of respiratory disease caused
by a novel coronavirus was first detected in China in December 2019 and has spread internationally. The outbreak has resulted in
closing borders and quarantines, enhanced health screenings, cancellations, disrupted supply chains and customer activity, and
has produced general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise
in the future, could affect national and global economies, individual companies and the market in general in a manner that cannot
be foreseen at the present time. Health crises caused by the recent outbreak may heighten other pre-existing political, social
and economic risks in a country or region. In the event of a pandemic or an outbreak, there can be no assurance that the Funds
and their service providers will be able to maintain normal business operations for an extended period of time or will not lose
the services of key personnel on a temporary or long-term basis due to illness or other reasons. The full impacts of a pandemic
or disease outbreaks are unknown, resulting in a high degree of uncertainty for potentially extended periods of time.
* * * * *
Please retain this supplement for your reference.
THE RBB FUND, INC.
Matson Money U.S. Equity VI Portfolio
Matson Money International Equity VI Portfolio
Matson Money Fixed Income VI Portfolio
Supplement dated April 30, 2020
to the Prospectus dated February 28, 2020
The following replaces the information in
the Prospectus section entitled “More About Each Portfolio’s Investments and Risks – Investment Risks –
Stock Market Risk”:
Stock Market Risk. Underlying
investment companies in which the Portfolios may invest are subject to fluctuations in the stock markets, which have periods of
increasing and decreasing values. Equity securities typically have greater volatility than fixed income securities. The market
value of a Portfolio’s holdings is based upon the market’s perception of value and is not necessarily an objective
measure of an investment’s value. There is no assurance that a Portfolio will realize its investment objective, and an investment
in a Portfolio is not, by itself, a complete or balanced investment program. You could lose money on your investment in a Portfolio,
or a Portfolio could underperform other investments.
Periods of unusually high financial market
volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the
past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist
trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate
taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations
of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations.
The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental
and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected
global economies and financial markets, the value and liquidity of a Portfolio’s investments may be negatively affected by
events impacting a country or region, regardless of whether the Portfolio invests in issuers located in or with significant exposure
to such country or region.
A recent outbreak of respiratory disease caused
by a novel coronavirus was first detected in China in December 2019 and has spread internationally. The outbreak has resulted in
closing borders and quarantines, enhanced health screenings, cancellations, disrupted supply chains and customer activity, and
has produced general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise
in the future, could affect national and global economies, individual companies and the market in general in a manner that cannot
be foreseen at the present time. Health crises caused by the recent outbreak may heighten other pre-existing political, social
and economic risks in a country or region. In the event of a pandemic or an outbreak, there can be no assurance that the Portfolios
and their service providers will be able to maintain normal business operations for an extended period of time or will not lose
the services of key personnel on a temporary or long-term basis due to illness or other reasons. The full impacts of a pandemic
or disease outbreaks are unknown, resulting in a high degree of uncertainty for potentially extended periods of time.
* * * * *
Please retain this supplement for your reference.
THE RBB FUND, INC.
Free Market U.S. Equity Fund
Free Market International Equity Fund
Free Market Fixed Income Fund
Supplement dated April 30, 2020
to the Statement of Additional Information
(“SAI”) dated February 28, 2020
The following supplements the information
in the SAI section entitled “Investment Policies and Practices of Underlying Investment Companies and Related Risks”:
Pandemic Risk
Disease outbreaks that affect local economies
or the global economy may materially and adversely impact the Funds and/or the Adviser’s business. For example, uncertainties
regarding the novel Coronavirus (“COVID-19”) outbreak have resulted in serious economic disruptions across the globe.
These types of outbreaks can be expected to cause severe decreases in core business activities such as manufacturing, purchasing,
tourism, business conferences and workplace participation, among others. These disruptions lead to instability in the market place,
including stock market losses and overall volatility, as has occurred in connection with COVID-19. In the face of such instability,
governments may take extreme and unpredictable measures to combat the spread of disease and mitigate the resulting market disruptions
and losses. The Adviser has in place business continuity plans reasonably designed to ensure that it maintains normal business
operations, and it periodically tests those plans. However, in the event of a pandemic or an outbreak, there can be no assurance
that the Adviser or the Funds’ service providers will be able to maintain normal business operations for an extended period
of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. The full
impacts of a pandemic or disease outbreaks are unknown, resulting in a high degree of uncertainty for potentially extended periods
of time.
* * * * *
Please retain this supplement for your reference.
THE RBB FUND, INC.
Matson Money U.S. Equity VI Portfolio
Matson Money International Equity VI Portfolio
Matson Money Fixed Income VI Portfolio
Supplement dated April 30, 2020
to the Statement of Additional Information
(“SAI”) dated February 28, 2020
The following supplements the information
in the SAI section entitled “Investment Policies and Practices of Underlying Investment Companies and Related Risks”:
Pandemic Risk
Disease outbreaks that affect local economies
or the global economy may materially and adversely impact the Portfolios and/or the Adviser’s business. For example,
uncertainties regarding the novel Coronavirus (“COVID-19”) outbreak have resulted in serious economic disruptions across
the globe. These types of outbreaks can be expected to cause severe decreases in core business activities such as manufacturing,
purchasing, tourism, business conferences and workplace participation, among others. These disruptions lead to instability in the
market place, including stock market losses and overall volatility, as has occurred in connection with COVID-19. In the face of
such instability, governments may take extreme and unpredictable measures to combat the spread of disease and mitigate the resulting
market disruptions and losses. The Adviser has in place business continuity plans reasonably designed to ensure that it maintains
normal business operations, and it periodically tests those plans. However, in the event of a pandemic or an outbreak, there can
be no assurance that the Adviser or the Portfolios’ service providers will be able to maintain normal business operations
for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness
or other reasons. The full impacts of a pandemic or disease outbreaks are unknown, resulting in a high degree of uncertainty for
potentially extended periods of time.
* * * * *
Please retain this supplement for your reference.
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