THE RBB FUND, INC.
SGI Peak Growth Fund
SGI Prudent Growth Fund
SGI Conservative Fund
(collectively, the “Funds”)
Supplement dated July 7, 2021
to the Prospectus dated December 31, 2020, as amended
1. The Prospectus section entitled “Summary Section – SGI Peak Growth Fund – Principal Investment Strategies” is deleted and replaced with the following:
The Fund invests in securities
of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”).
The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets
securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade
and high yield bonds, and money market funds.
Under normal circumstances, the
Fund will invest primarily in Underlying Funds focusing on domestic equities and large capitalization foreign equities, a lesser amount
in Underlying Funds focused on small and mid-capitalization foreign equities and emerging markets, and a small amount in Underlying Funds
focused on domestic investment-grade bonds, domestic high yield bonds, foreign investment-grade and high yield bonds, and money market
funds.
Summit Global Investments, LLC
(the “Adviser”) attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall
volatility of the Fund’s portfolio as compared to the S&P 500® Index. Volatility is a statistical measurement
of the magnitude of up and down fluctuations in the value of a financial instrument or index. In addition, the Adviser reviews the idiosyncratic
risks associated with each Underlying Fund and if these risks are deemed elevated with increased downside risks the Adviser may make changes
to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that it anticipates will produce a portfolio with less volatility
with more capital protection and consistent returns. While the Adviser attempts to manage the Fund’s volatility, there is no guarantee
that the strategy will be successful or that the Fund’s portfolio will not experience periods of volatility.
Some Underlying Funds may have
processes that include environmental, social, and/or governance (“ESG”) considerations as part of their investment strategy.
Not all Underlying Funds will include ESG as part of their investment strategy.
The Adviser may evaluate how an
Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s
management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying
Funds use may vary.
The Fund may focus its investments
in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant
changes in market conditions or geopolitical conditions.
The Fund may sell an Underlying
Fund if the Adviser identifies fundamental, ESG, legal or other risks and/or if the risk/return ranking declines due to increasing risk
and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes.
2. The Prospectus section entitled “Summary Section – SGI Prudent Growth Fund – Principal Investment Strategies” is deleted and replaced with the following:
The Fund invests in securities
of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”).
The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets
securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade
and high yield bonds, and money market funds.
Under normal circumstances, the
Fund will invest primarily in Underlying Funds focused on domestic equities, a lesser amount in Underlying Funds focused on large capitalization
foreign equities, mid-capitalization foreign equities, emerging markets and domestic investment-grade bonds, and a small amount in Underlying
Funds focused on small-capitalization foreign equities, domestic high yield bonds, foreign investment-grade and high yield bonds, and
money market funds.
Summit Global Investments, LLC
(the “Adviser”) attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall
volatility of the Fund’s portfolio. The Fund seeks volatility between 60%-80% as compared to the S&P 500® Index. Volatility
is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. In addition,
the Adviser reviews the idiosyncratic risks associated with each Underlying Fund and if these risks are deemed elevated with increased
downside risks the Adviser may make changes to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that it anticipates
will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts to manage
the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will not experience
periods of higher volatility.
Some Underlying Funds may have
processes that include environmental, social, and/or governance (“ESG”) considerations as part of their investment strategy.
Not all Underlying Funds will include ESG as part of their investment strategy.
The Adviser may evaluate how an
Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s
management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying
Funds use may vary.
The Fund may focus its investments
in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant
changes in market conditions or geopolitical conditions.
The Fund may sell an Underlying
Fund if the Adviser identifies fundamental, ESG, legal or other risks and/or if the risk/return ranking declines due to increasing risk
and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes.
3. The Prospectus section entitled “Summary Section – SGI Conservative Fund – Principal Investment Strategies” is deleted and replaced with the following:
The Fund invests in securities
of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”).
The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets
securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade
and high yield bonds, and money market funds.
Under normal circumstances, the
Fund will invest primarily in Underlying Funds focused on domestic investment-grade bonds, a lesser amount in Underlying Funds focused
on large capitalization domestic equities, domestic high yield bonds, and money market funds, and a small amount in Underlying Funds focused
on domestic small-capitalization equities, foreign equities and emerging markets, and in foreign investment-grade and high yield bonds.
Summit Global Investments, LLC
(the “Adviser”) attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall
volatility of the Fund’s portfolio. The Fund seeks volatility between 20%-40% as compared to the S&P 500® Index.
Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index.
In addition, the Adviser reviews the idiosyncratic risks associated with each Underlying Fund and if these risks are deemed elevated with
increased downside risks the Adviser may make changes to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that
it anticipates will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts
to manage the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will
not experience periods of higher volatility.
Some Underlying Funds may have
processes that include environmental, social, and/or governance (“ESG”) considerations as part of their investment strategy.
Not all Underlying Funds will include ESG as part of their investment strategy.
The Adviser may evaluate how an
Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s
management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying
Funds use may vary.
The Fund may focus its investments
in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant
changes in market conditions or geopolitical conditions.
The Fund may sell an Underlying
Fund if the Adviser identifies fundamental, ESG, legal or other risks and/or if the risk/return ranking declines due to increasing risk
and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes.
4. The Prospectus
sections entitled “Summary Section – SGI Peak Growth Fund – Principal Risks – Environmental, Social and Governance
Investing Risk,” “Summary Section – SGI Prudent Growth Fund – Principal Risks – Environmental, Social and
Governance Investing Risk,” “Summary Section – SGI Conservative Fund – Principal Risks – Environmental,
Social and Governance Investing Risk,” and “Additional Information About Each Fund’s Investments and Risks – Additional
Information About Each Fund’s Principal Investments and Risks – ESG Investing Risk” are deleted and replaced with the
following:
Environmental, Social and Governance
Investing Risk. ESG investing risk is the risk stemming from the ESG factors that some Underlying Funds may apply in selecting securities.
Some Underlying Funds may screen out particular companies that do not meet their ESG criteria. This may affect the Underlying Funds’
and the Fund’s exposure to certain companies or industries and cause the Underlying Funds to forego certain investment opportunities.
The Underlying Funds’ results may be lower than other funds that do not use ESG ratings and/or screen out certain companies or industries.
Certain Underlying Funds may screen out companies that they believe may have higher downside risk and lower ESG ratings, but investors
may differ in their views of ESG characteristics. As a result, the Underlying Funds may invest in companies that do not reflect the beliefs
and values of any particular investor.
Please keep this Supplement with your records.
THE RBB FUND, INC.
SGI Peak Growth Fund
SGI Prudent Growth Fund
SGI Conservative Fund
(collectively, the “Funds”)
Supplement dated July 7, 2021
to the Prospectus dated December 31, 2020, as amended
1. The Prospectus section entitled “Summary Section – SGI Peak Growth Fund – Principal Investment Strategies” is deleted and replaced with the following:
The Fund invests in securities
of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”).
The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets
securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade
and high yield bonds, and money market funds.
Under normal circumstances, the
Fund will invest primarily in Underlying Funds focusing on domestic equities and large capitalization foreign equities, a lesser amount
in Underlying Funds focused on small and mid-capitalization foreign equities and emerging markets, and a small amount in Underlying Funds
focused on domestic investment-grade bonds, domestic high yield bonds, foreign investment-grade and high yield bonds, and money market
funds.
Summit Global Investments, LLC
(the “Adviser”) attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall
volatility of the Fund’s portfolio as compared to the S&P 500® Index. Volatility is a statistical measurement
of the magnitude of up and down fluctuations in the value of a financial instrument or index. In addition, the Adviser reviews the idiosyncratic
risks associated with each Underlying Fund and if these risks are deemed elevated with increased downside risks the Adviser may make changes
to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that it anticipates will produce a portfolio with less volatility
with more capital protection and consistent returns. While the Adviser attempts to manage the Fund’s volatility, there is no guarantee
that the strategy will be successful or that the Fund’s portfolio will not experience periods of volatility.
Some Underlying Funds may have
processes that include environmental, social, and/or governance (“ESG”) considerations as part of their investment strategy.
Not all Underlying Funds will include ESG as part of their investment strategy.
The Adviser may evaluate how an
Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s
management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying
Funds use may vary.
The Fund may focus its investments
in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant
changes in market conditions or geopolitical conditions.
The Fund may sell an Underlying
Fund if the Adviser identifies fundamental, ESG, legal or other risks and/or if the risk/return ranking declines due to increasing risk
and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes.
2. The Prospectus section entitled “Summary Section – SGI Prudent Growth Fund – Principal Investment Strategies” is deleted and replaced with the following:
The Fund invests in securities
of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”).
The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets
securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade
and high yield bonds, and money market funds.
Under normal circumstances, the
Fund will invest primarily in Underlying Funds focused on domestic equities, a lesser amount in Underlying Funds focused on large capitalization
foreign equities, mid-capitalization foreign equities, emerging markets and domestic investment-grade bonds, and a small amount in Underlying
Funds focused on small-capitalization foreign equities, domestic high yield bonds, foreign investment-grade and high yield bonds, and
money market funds.
Summit Global Investments, LLC
(the “Adviser”) attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall
volatility of the Fund’s portfolio. The Fund seeks volatility between 60%-80% as compared to the S&P 500® Index. Volatility
is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. In addition,
the Adviser reviews the idiosyncratic risks associated with each Underlying Fund and if these risks are deemed elevated with increased
downside risks the Adviser may make changes to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that it anticipates
will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts to manage
the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will not experience
periods of higher volatility.
Some Underlying Funds may have
processes that include environmental, social, and/or governance (“ESG”) considerations as part of their investment strategy.
Not all Underlying Funds will include ESG as part of their investment strategy.
The Adviser may evaluate how an
Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s
management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying
Funds use may vary.
The Fund may focus its investments
in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant
changes in market conditions or geopolitical conditions.
The Fund may sell an Underlying
Fund if the Adviser identifies fundamental, ESG, legal or other risks and/or if the risk/return ranking declines due to increasing risk
and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes.
3. The Prospectus section entitled “Summary Section – SGI Conservative Fund – Principal Investment Strategies” is deleted and replaced with the following:
The Fund invests in securities
of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”).
The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets
securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade
and high yield bonds, and money market funds.
Under normal circumstances, the
Fund will invest primarily in Underlying Funds focused on domestic investment-grade bonds, a lesser amount in Underlying Funds focused
on large capitalization domestic equities, domestic high yield bonds, and money market funds, and a small amount in Underlying Funds focused
on domestic small-capitalization equities, foreign equities and emerging markets, and in foreign investment-grade and high yield bonds.
Summit Global Investments, LLC
(the “Adviser”) attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall
volatility of the Fund’s portfolio. The Fund seeks volatility between 20%-40% as compared to the S&P 500® Index.
Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index.
In addition, the Adviser reviews the idiosyncratic risks associated with each Underlying Fund and if these risks are deemed elevated with
increased downside risks the Adviser may make changes to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that
it anticipates will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts
to manage the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will
not experience periods of higher volatility.
Some Underlying Funds may have
processes that include environmental, social, and/or governance (“ESG”) considerations as part of their investment strategy.
Not all Underlying Funds will include ESG as part of their investment strategy.
The Adviser may evaluate how an
Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s
management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying
Funds use may vary.
The Fund may focus its investments
in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant
changes in market conditions or geopolitical conditions.
The Fund may sell an Underlying
Fund if the Adviser identifies fundamental, ESG, legal or other risks and/or if the risk/return ranking declines due to increasing risk
and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes.
4. The Prospectus
sections entitled “Summary Section – SGI Peak Growth Fund – Principal Risks – Environmental, Social and Governance
Investing Risk,” “Summary Section – SGI Prudent Growth Fund – Principal Risks – Environmental, Social and
Governance Investing Risk,” “Summary Section – SGI Conservative Fund – Principal Risks – Environmental,
Social and Governance Investing Risk,” and “Additional Information About Each Fund’s Investments and Risks – Additional
Information About Each Fund’s Principal Investments and Risks – ESG Investing Risk” are deleted and replaced with the
following:
Environmental, Social and Governance
Investing Risk. ESG investing risk is the risk stemming from the ESG factors that some Underlying Funds may apply in selecting securities.
Some Underlying Funds may screen out particular companies that do not meet their ESG criteria. This may affect the Underlying Funds’
and the Fund’s exposure to certain companies or industries and cause the Underlying Funds to forego certain investment opportunities.
The Underlying Funds’ results may be lower than other funds that do not use ESG ratings and/or screen out certain companies or industries.
Certain Underlying Funds may screen out companies that they believe may have higher downside risk and lower ESG ratings, but investors
may differ in their views of ESG characteristics. As a result, the Underlying Funds may invest in companies that do not reflect the beliefs
and values of any particular investor.
Please keep this Supplement with your records.
THE RBB FUND, INC.
SGI Peak Growth Fund
SGI Prudent Growth Fund
SGI Conservative Fund
(collectively, the “Funds”)
Supplement dated July 7, 2021
to the Prospectus dated December 31, 2020, as amended
1. The Prospectus section entitled “Summary Section – SGI Peak Growth Fund – Principal Investment Strategies” is deleted and replaced with the following:
The Fund invests in securities
of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”).
The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets
securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade
and high yield bonds, and money market funds.
Under normal circumstances, the
Fund will invest primarily in Underlying Funds focusing on domestic equities and large capitalization foreign equities, a lesser amount
in Underlying Funds focused on small and mid-capitalization foreign equities and emerging markets, and a small amount in Underlying Funds
focused on domestic investment-grade bonds, domestic high yield bonds, foreign investment-grade and high yield bonds, and money market
funds.
Summit Global Investments, LLC
(the “Adviser”) attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall
volatility of the Fund’s portfolio as compared to the S&P 500® Index. Volatility is a statistical measurement
of the magnitude of up and down fluctuations in the value of a financial instrument or index. In addition, the Adviser reviews the idiosyncratic
risks associated with each Underlying Fund and if these risks are deemed elevated with increased downside risks the Adviser may make changes
to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that it anticipates will produce a portfolio with less volatility
with more capital protection and consistent returns. While the Adviser attempts to manage the Fund’s volatility, there is no guarantee
that the strategy will be successful or that the Fund’s portfolio will not experience periods of volatility.
Some Underlying Funds may have
processes that include environmental, social, and/or governance (“ESG”) considerations as part of their investment strategy.
Not all Underlying Funds will include ESG as part of their investment strategy.
The Adviser may evaluate how an
Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s
management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying
Funds use may vary.
The Fund may focus its investments
in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant
changes in market conditions or geopolitical conditions.
The Fund may sell an Underlying
Fund if the Adviser identifies fundamental, ESG, legal or other risks and/or if the risk/return ranking declines due to increasing risk
and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes.
2. The Prospectus section entitled “Summary Section – SGI Prudent Growth Fund – Principal Investment Strategies” is deleted and replaced with the following:
The Fund invests in securities
of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”).
The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets
securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade
and high yield bonds, and money market funds.
Under normal circumstances, the
Fund will invest primarily in Underlying Funds focused on domestic equities, a lesser amount in Underlying Funds focused on large capitalization
foreign equities, mid-capitalization foreign equities, emerging markets and domestic investment-grade bonds, and a small amount in Underlying
Funds focused on small-capitalization foreign equities, domestic high yield bonds, foreign investment-grade and high yield bonds, and
money market funds.
Summit Global Investments, LLC
(the “Adviser”) attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall
volatility of the Fund’s portfolio. The Fund seeks volatility between 60%-80% as compared to the S&P 500® Index. Volatility
is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. In addition,
the Adviser reviews the idiosyncratic risks associated with each Underlying Fund and if these risks are deemed elevated with increased
downside risks the Adviser may make changes to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that it anticipates
will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts to manage
the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will not experience
periods of higher volatility.
Some Underlying Funds may have
processes that include environmental, social, and/or governance (“ESG”) considerations as part of their investment strategy.
Not all Underlying Funds will include ESG as part of their investment strategy.
The Adviser may evaluate how an
Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s
management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying
Funds use may vary.
The Fund may focus its investments
in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant
changes in market conditions or geopolitical conditions.
The Fund may sell an Underlying
Fund if the Adviser identifies fundamental, ESG, legal or other risks and/or if the risk/return ranking declines due to increasing risk
and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes.
3. The Prospectus section entitled “Summary Section – SGI Conservative Fund – Principal Investment Strategies” is deleted and replaced with the following:
The Fund invests in securities
of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”).
The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets
securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade
and high yield bonds, and money market funds.
Under normal circumstances, the
Fund will invest primarily in Underlying Funds focused on domestic investment-grade bonds, a lesser amount in Underlying Funds focused
on large capitalization domestic equities, domestic high yield bonds, and money market funds, and a small amount in Underlying Funds focused
on domestic small-capitalization equities, foreign equities and emerging markets, and in foreign investment-grade and high yield bonds.
Summit Global Investments, LLC
(the “Adviser”) attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall
volatility of the Fund’s portfolio. The Fund seeks volatility between 20%-40% as compared to the S&P 500® Index.
Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index.
In addition, the Adviser reviews the idiosyncratic risks associated with each Underlying Fund and if these risks are deemed elevated with
increased downside risks the Adviser may make changes to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that
it anticipates will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts
to manage the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will
not experience periods of higher volatility.
Some Underlying Funds may have
processes that include environmental, social, and/or governance (“ESG”) considerations as part of their investment strategy.
Not all Underlying Funds will include ESG as part of their investment strategy.
The Adviser may evaluate how an
Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s
management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying
Funds use may vary.
The Fund may focus its investments
in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant
changes in market conditions or geopolitical conditions.
The Fund may sell an Underlying
Fund if the Adviser identifies fundamental, ESG, legal or other risks and/or if the risk/return ranking declines due to increasing risk
and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes.
4. The Prospectus
sections entitled “Summary Section – SGI Peak Growth Fund – Principal Risks – Environmental, Social and Governance
Investing Risk,” “Summary Section – SGI Prudent Growth Fund – Principal Risks – Environmental, Social and
Governance Investing Risk,” “Summary Section – SGI Conservative Fund – Principal Risks – Environmental,
Social and Governance Investing Risk,” and “Additional Information About Each Fund’s Investments and Risks – Additional
Information About Each Fund’s Principal Investments and Risks – ESG Investing Risk” are deleted and replaced with the
following:
Environmental, Social and Governance
Investing Risk. ESG investing risk is the risk stemming from the ESG factors that some Underlying Funds may apply in selecting securities.
Some Underlying Funds may screen out particular companies that do not meet their ESG criteria. This may affect the Underlying Funds’
and the Fund’s exposure to certain companies or industries and cause the Underlying Funds to forego certain investment opportunities.
The Underlying Funds’ results may be lower than other funds that do not use ESG ratings and/or screen out certain companies or industries.
Certain Underlying Funds may screen out companies that they believe may have higher downside risk and lower ESG ratings, but investors
may differ in their views of ESG characteristics. As a result, the Underlying Funds may invest in companies that do not reflect the beliefs
and values of any particular investor.
Please keep this Supplement with your records.