https://www.sec.gov/Archives/edgar/data/831114/000139834425009997/fp0093676-1_497.htm
497 1 fp0093676-1_497.htm
THE RBB FUND, INC.
Oakhurst Short Duration Bond Fund
Oakhurst Short Duration High Yield Credit Fund
(each, a “Fund” and together, the “Funds”)
______________________________________________________________________________
Supplement dated May 21, 2025
to the Prospectus and Statement of Additional Information (“SAI”)
dated December 31, 2024, as supplemented
______________________________________________________________________________
At a meeting of the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) held on May 13-14, 2025, based upon the recommendation of F/m Investments LLC (the “Adviser”), the investment adviser to the Funds, the Board approved a Plan of Liquidation and Termination for each Fund (collectively, the “Plan”). The Board determined that it is in the best interests of each Fund and its shareholders that each Fund be closed and liquidated as a series of the Company effective as of the close of business on or about July 30, 2025 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Company’s officers.
Effective as of May 30, 2025, in anticipation of the liquidation, each Fund will no longer accept purchases into the Fund. In addition, the Adviser is in the process of transitioning each Fund’s portfolio securities to cash and/or cash equivalents and each Fund will no longer be pursuing its stated investment objective.
Shareholders of the Funds may redeem their investments as described in the Funds’ Prospectus. The redemption of shares will generally be considered a taxable event.
Pursuant to the Plan, if a Fund has not received your redemption request or other instruction prior to the Liquidation Date, your shares will be automatically redeemed on or about the Liquidation Date at the closing net asset value per share, and you will receive your proceeds (the “Proceeds”) from the Fund, subject to any required withholding. These Proceeds will generally be subject to federal and possibly state and local income taxes if the redeemed Fund shares are held in a taxable account, and the Proceeds exceed your adjusted basis in the Fund shares redeemed.
If you hold shares of a Fund in an IRA account, you have 60 days from the date you receive your Proceeds from the liquidation of the Fund to reinvest or “rollover” your Proceeds into another IRA and maintain their tax-deferred status. You must notify the Funds’ transfer agent by telephone at 1-800-292-6775 (toll free) prior to the Liquidation Date of your intent to rollover your IRA account to avoid withholding deductions from your Proceeds.
If the redeemed Fund shares are held in a qualified retirement account, such as an IRA, the redemption Proceeds may not be subject to current income taxation. You should consult with your tax advisor on the consequences of this redemption to you.
Shareholder inquiries should be directed to the Funds at 1-800-292-6775 (toll free).
Please retain this supplement for your reference.

Hi hank, I don't know how I could use the calculator to do the math on fluctuating annual investment returns, and that isn't the intention. It's CPI based data only.
This calculator is very good and simple. I posted this a few years ago. However, this is for forward assumptions and returns. It is set with default numbers that one can replace for their own numbers. It's fun to play with.
Side note: I traveled round trip from NYC to Luxembourg for $400 in 1973. I don't how that compares to prices today; but that was a hell of a lot of money at the time. And as you note, market places vary a lot depending on the product or service.

Bloomberg news ran an article yesterday ( which of course I can't find now) pointing out the fact that this push for PE in Retirement funds comes just as PE returns have crashed, it has become enormously "popular" with consequent lower returns as many PE funds don't know what they are doing, and many University endowments are selling PE because either they need liquidity or it has not preformed

Jason Zweig believes alternative assets do not belong in 401(k)s.
"Whether we’re talking about a smaller firm like Redwood or the giants of alternative investing,
the same rule applies: Assets that don’t trade every day aren’t low risk just because they don’t trade every day.
And, until costs come down and conflicts of interest are ironed out, stuffing private assets inside a fund
that does trade every day is a rotten idea for retirement savers."
https://www.msn.com/en-us/money/savingandinvesting/this-new-investing-idea-isn-t-right-for-your-retirement-plan/ar-AA1EUSqV

Other than TIAA RE, which has proven itself over the years, I think Jason is spot-on correct, as I mentioned earlier. The average person is not in a position to research (or understand) the nuances and intracasies of illiquid investments ... heck, most people have no idea about things like 'fundamentals' or 'moats' or whatnot when it comes to just buying *stocks*.

Jason Zweig believes alternative assets do not belong in 401(k)s.
"Whether we’re talking about a smaller firm like Redwood or the giants of alternative investing,
the same rule applies: Assets that don’t trade every day aren’t low risk just because they don’t trade every day.
And, until costs come down and conflicts of interest are ironed out, stuffing private assets inside a fund
that does trade every day is a rotten idea for retirement savers."
https://www.msn.com/en-us/money/savingandinvesting/this-new-investing-idea-isn-t-right-for-your-retirement-plan/ar-AA1EUSqV

This post belongs in Other Investing as much as some other posts I have followed in recent months. Politics and investing (at least short term trading) seem to be fairly highly intertwined these days. I suspect it will take at least a few more months to get a reasonable sense for the intermediate term extent and impact of Trump's evolving tariff policies. Federal budget parameters should also become clearer during that time period. I have not touched my portfolio since early January and am not inclined to change that approach based on what I have observed so far this year. (YTD my portfolio is up 0.9% with 72% invested in stocks (per Fido).)

Haven't touched the taxable account. It's doing pretty well since the largest positions are funds like DODGX, VWIGX, and DIVO. SEQUX has been the real star. Things should work out OK by the time all that is left to the kids. I'ld have to log in, and do some math to figure it all out since I'm at least 30% cash there, and I don't track that portion at M*. What I do track is up 2.84.
I can't be that sanguine with the retirement fund since it's purpose is to keep me from funding retirement from selling off the taxable. I wouldn't have been happy watching it lurch from pillar to post with all of the Tariff Theater churn coming out of DC.
The IRA is mostly in SPAXX now, so call it up 1.50 YTD, to save me from another login, and more math. M* tells me that SPY is up 1.69 YTD. Do I feel stupid missing out on that extra .0014? Oooh boy. I'll just have to grin and bear it. :)
I won't even try to predict when I might feel safe getting a little riskier with the IRA. I am eying some bond funds with standard deviations below 1. Can't say that I have been tempted to spend any of the dry powder in the taxable either. Like Chairman Powell, I feel reasonably well postioned to watch things develop.

Whether it's an asset allocation fund (TDF with glide path or traditional fixed target allocation fund), or a pure robo advisor, they seem to all pretty much build cookie cutter portfolios and rebalance. So I agree that:
Most buyers of robo-advisors may be fine with traditional allocation funds or TDFs (with glide-paths).
Some robo advisors can do tax loss harvesting, so that's an advantage they may provide over allocation funds.
I know someone using Vanguard's hybrid robo advisor. But with little interest in investing, they aren't asking for any tweaks. Rather, the robo advisor is essentially replicating VSMGX. For that, one doesn't need the human part of the hybrid; the pure robo advisor would do the same job for lower cost.
They could also replace the robo advisor with VSMGX and cut the cost even further. However, an advantage of mimicking the fund with multiple underlying funds is that one can have a more flexible drawdown strategy. If the stock market swoons, one can sell off bonds until the market recovers. You can't do that with an all-in-one allocation fund.
Morningstar's current piece on robo advisors gives these drawbacks:

Investors with larger, more complex portfolios could also benefit from the support of a traditional financial advisor. That’s especially true for complex matters like insurance and risk management, estate planning, and retirement drawdown strategies.

https://www.morningstar.com/personal-finance/are-robo-advisors-still-worth-it

Here comes Empower (a large 401k provider) with private-equity within its advisor-managed 401k - several private-equity/credit/real-estate CITs will offered through advisors.
https://www.empower.com/press-center/empower-offer-private-markets-investments-retirement-plans

I don't do podcasts, but the genera idea here deserves a bump.
They don't want my money because they are friendly stewards concerned for the security of my retirement, whatever Larry Fink says.

So, the question is, should the gates be removed or just lowered for retail investors?

I have no problem with lowering/removing the gates to retail investors* but DO have a concern with PE infecting pension/retirement accounts in ways that might not offer investors any recourse. My sense is that this is just the latest case of Wall Street whizkids salivating at the chance to get their claws on the trillions in assets locked up in retirement accounts.
* hell folks can buy crypto or 0DTE options to play with, so why not speculate in PE? Information is much more available now than in the 1960-2010s.

The year of 2022 was one the rare moment both stocks and bonds to fall due to rapid rise of interest rates. The asset correlation failed despite the broader diversification on stocks and bonds. The magnitude of loss was in double digits in the teens. For those who are approaching retirement, there may not be enough time to fully recover.
529 college saving plans use similar asset allocation funds that have their glide path. As parents it is crucial to keep track of the withdrawal time horizon and interest rates. Most if not all the funds should be in money market before the tuition bills showing up.

Sellers are getting uo to 50% haircuts in exiting private-credits, LinkedIn.

I'm sure folks will plow into these things b/c it makes them feel like a 'sophisticated' investor....
... and why companies are trying to push this stuff into user-selected options for retirement/pension plans, too.

Barron's online has a caution on the target-date funds (TDFs; AUM $4 trillion) that are popular in retirement plans. Many TDFs have gotten riskier. They lowered fixed-income allocations during the low-rate environment to increase equity allocations, but this may backfire in a market downturn.
https://www.barrons.com/articles/target-date-funds-risk-rise-e9f22391?refsec=retirement&mod=topics_retirement

Most trades - 70 to 80% - are made by bot programs. The programs are looking for the best return for the next day or month or maybe YTD. The programs do not care about or consider your retirement plans or what your portfolio is going to look like in five or 10 years.

This thread has veered off track.
I'd suggest that those who wish to discuss/debate T/A use the following thread.
https://www.mutualfundobserver.com/discuss/discussion/63742/timely-t-a-for-stock-investors#latest

I guess I would say that I don't follow market forecasters because, until recently, I haven't been interested in jumping in and out of the market. That is, most of my IRA is out of the market. I haven't touched the taxable.
Considering the circumstances that led me to sell out the IRA, I don't think anyone can predict for me when I will feel comfortable putting retirement money back in the market.
Or is there another point to market forecasts that I am missing?

"condescension unnecessary."
Yeah, well, you did call T/A "the dismal astrology of technical analysis." I routinely support T/A so I take your comment as condescending. Perception is reality as they say.
I'm not sure what most of the rest of your post has to do with the discussion, but here's my FWIW story that may show we ain't in galaxies very far away from each other.
I hail from near dirt poor, that is, we did have real floors.
I was a bean counter for 35+ years doing major audit work in federal programs.
Been investing since 1980.Early on, our strategy was paint-by-numbers, driven by my investing mentor's guidance; investing exclusively in Magellan and then Low-Priced Stock when it was born, set the stage for a likely early retirement.
We retired financially independent at age 56.
In recent years our investment strategy has been driven by T/A.
Our market exposure is ~40% Passive/~60% Active, and primarily OEFs.
Our radar has been squarely on taxes since starting employment. We have not paid a dime in FIT/SIT since retiring in 2012 and plan to not pay a dime until RMDs in 2029.
There are three stages to investing: Accumulation, Maintenance and Disbursement. We are still in the Accumulation phase at age 69 and don't project to to even sniff the Maintenance phase until age 90. Our liquid net worth is expected to increase through the end of our projections at age 100. So drawdowns are nothing we concern ourselves with.
I have a coupla advanced, graduate level certifications in accounting and auditing.
Also...
We've been to a Super Bowl that our team came back to win in the last minute and a World Series that our team won in the bottom of the ninth of Game 7 against arguably the greatest reliever of all-time.
Unfortunately, we've never stayed at a Holiday Inn Express but hope to one day.

stillers,
we are probably in different galaxies, so will keep it 'what works' short.
am in yr 6 of FIRE (financially independent, retire early) and well past wealth accumulation mode.
my target was avg -3%/yr net worth drawdown, and have beat that by +5%.
my priority is risk , my tool is asset allocation, and my radar is on taxes.
i shifted from ~75% equity pre-retirement to ~25%, with the largest shift away from equity (40%->25%) after the 2024 election. this also included a internal shift to more intnl.
have never held a mkt-cap index fund, and for the majority of my equity :
growth : i have long allocated to GARP managers, mostly giroux and primecap.
value : i mix active mostly via wellington, and systematic via avantis\dimensional.
i have aside ~10% discretionary where i experiment with niche funds and individual stocks.
it is primarily fundamental, but sometimes i have set order limits at yearly lows.
this bucket has huge dispersion but net has been a wash.
i would never buy stocks such as tesla nor djt (nor hundreds of others) no matter what technicals spout.
finally, i have a math minor and graduate-level STEM degree , read mandelbrot's view during the GFC, keep track of academic trend-following, and have passed on technical trading since then. condescension unnecessary.

Does FD1k use T/A or just magic?

You can read what I do on my page.
I use big picture analysis with only 2 possible outcomes. I get a signal to stay in/out at 99+%.
Then, the charts(simple T/A) + other indicators must verify it, and then I trade.
The main idea is not to lose more than 3% from any last top because I have plenty. I own mostly bond OEFs. The performance must be better than 50/50. Since retirement in 2018, I easily beat it.
I don't care to beat any index or anyone. I only care about my goals.
I always sell too early; when I'm wrong, if my indicators improve, I'm back within days.
When I'm right, I hardly lose and can be out from weeks to months (in 2022, I was out 9-10 months).
My conclusions
* T/A is an art, and you must practice it and create your own system.
* I only use it on the extreme, to verify going from buy to sell. That mechanic helps me a lot.
* Over many years, my T/A works pretty well with slow bond funds, not so much with stock funds because volatility creates uncertainty.

Stable-Value (SV) Rates, 5/1/25
TIAA Traditional Annuity (Accumulation) Rates
Rates up by +25 bps (1st increase since 12/2023)
Restricted RC 5.50%, RA 5.25%
Flexible RCP 4.75%, SRA 4.50%, IRA-101110+ 4.75%
TSP G Fund pending (previous 4.250%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#StableValue #401k #403b #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/1967/thread

Thanks.
It's good to hear Bengen.
His 4% initial w/COLA is a good start, or a good benchmark.
But there are many approaches - variations of Bengen's, dynamic approaches, increasing equity gradually in retirement, % withdrawals with or without residual values.
I have explored my own that is a bit more flexible - start with 5% initial and review every 5 yrs and reset if portfolio balance is higher. Another is modification of SWR to SWRM.
All this means that the retirement withdrawal problem is still searching for a satisfactory solution decades after Bengen's pioneering work.

Yeah my parents are taking a very flexible approach to this as they ease into retirement. they are working part time because their hobby/passion even in retirement is their work. But beyond that they are W/D 5% of the portfolio and taking trips, annoying their children by spoiling their grandchildren and just paying attention to the balance while holding a 2 year cash bucket (will go to 3 when fully retire).
I took their 8 fund capital group portfolio and turned it into a single fund capital group portfolio. its a 65/35 portfolio its a single balanced fund and very easy to manage.
I read about 5 books FOR them on the subject and in the end I was like this isn't that difficult at least as it appears.