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Schneider Value Fund to liquidate

TheShadowTheShadow
in Fund Discussions
https://www.sec.gov/Archives/edgar/data/831114/000110465916134137/a16-15296_1497.htm

497 1 a16-15296_1497.htm 497

THE RBB FUND, INC.

Schneider Value Fund

Ticker Symbol: SCMLX

Supplement dated July 25, 2016 to the Schneider Value Fund’s Prospectus
and Statement of Additional Information, each dated December 31, 2015

THIS SUPPLEMENT CONTAINS NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION.

On July 21, 2016, the Board of Directors of The RBB Fund, Inc. (the “Board”) approved a plan of liquidation and termination for the Schneider Value Fund (the “Fund”). Effective July 29, 2016, purchases into the Fund will no longer be permissible, and all redemption fees will be waived.

On or about August 30, 2016 (the “Liquidation Date”), the Fund will redeem all investors’ shares at net asset value, and the Fund will terminate. Investors holding shares of the Fund on the Liquidation Date will receive cash representing proceeds from the redemption. Absent other instructions, the cash proceeds will be distributed by mailing a check to each investor of record at such investor’s address of record. The Fund is in the process of liquidating securities and the Fund may invest all or part of the proceeds from the liquidation of portfolio securities in cash equivalent instruments or hold the proceeds in cash. As disclosed in the Prospectus, the Fund is permitted to depart from its principal investment strategy by taking temporary defensive positions (up to 100% of its assets) in cash and eligible U.S. dollar-denominated of money market instruments. During this time, the Fund may not achieve its investment objective.

Until the Liquidation Date, investors may redeem their shares in the manner set forth in the Fund’s current Prospectus. The redemption of your shares will generally be considered a taxable event.

For federal income tax purposes, the tax treatment to investors of the receipt of the liquidating distribution on the Liquidation Date will be the same as would be the tax treatment of a redemption of shares on that date. You may also be subject to state, local or foreign taxes on redemptions or liquidations of Fund shares. The foregoing is only a summary of certain tax considerations under current law, which may change in the future. You should consult your tax adviser for information regarding all tax consequences applicable to your investment in the Fund.


Please retain this Supplement for future reference.

Comments

  • joe74
    Concentrated fund that hasn't held up during drawdowns.
  • VintageFreakVintageFreak
    edited July 2016
    unbelievable...this was such a high flyer. I will admit if minimum investment was not so steep I would have bought into this fund and probably forgot to sell. Good for me.
  • BenWPBenWP
    I guy would have to wonder if SCMVX, one star and only $24M AUM, will also soon be gone. What an incredibly poor record compared to the small value benchmark.
  • expatsp
    Yet for years, as VF pointed out, it knocked the ball out of the park, was an M* analyst pick etc. For me, another piece of evidence that it is damned hard (not impossible, but damned hard) to pick a fund that's going to outperform.
  • VintageFreakVintageFreak
    expatsp said:

    Yet for years, as VF pointed out, it knocked the ball out of the park, was an M* analyst pick etc. For me, another piece of evidence that it is damned hard (not impossible, but damned hard) to pick a fund that's going to outperform.

    That's why I keep selling in round robin fashion and keep rebuying the same funds. I know I'm never going to land that 10-bagger fund. Anytime my investment yields 50% I sell and buy another fund. Over time I decide which one to keep. I don't want to be caught napping.
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