This letter is being provided to shareholders
of the Abbey Capital Futures Strategy Fund (the “Fund”), a portfolio of The RBB Fund, Inc. (the “Company”),
to notify shareholders of a new trading advisory agreement with a new trading adviser.
Abbey Capital Limited (“Abbey Capital”
or the “Adviser”) and the Company are required to furnish shareholders with information about new trading advisers
and trading advisory agreements. This notification is a condition of an exemptive order that Abbey Capital and the Company received
from the Securities and Exchange Commission permitting Abbey Capital, as the Fund’s investment adviser, to hire new trading
advisers or make changes to existing trading advisory agreements with the approval of the Company’s board of directors, but
without obtaining approval of the Fund’s shareholders.
The enclosed “Information Statement”
provides information relating to the approval of a new trading advisory agreement with a new trading adviser of the Fund. The approval
of the new trading advisory agreement as described in the Information Statement does not require shareholder approval.
Please take a few minutes to review the attached
materials. Thank you for your investment in the Abbey Capital Futures Strategy Fund.
INFORMATION STATEMENT
February 14, 2020
This Information Statement is being provided
to the shareholders of the Abbey Capital Futures Strategy Fund (the “Fund”), a portfolio of The RBB Fund, Inc. (the
“Company”), to provide information regarding a new trading advisory agreement among Abbey Capital Limited (“Abbey
Capital” or the “Adviser”), Crabel Capital Management, LLC (“Crabel”), Abbey Capital Offshore Fund
SPC, a wholly-owned and controlled subsidiary of the Fund organized as a segregated portfolio company under the laws of the Cayman
Islands (the “SPC”), and Abbey Capital Onshore Series LLC, another wholly-owned subsidiary of the Fund organized as
a Delaware series limited liability company (the “Onshore Subsidiary” and, together with the SPC, the “Subsidiaries”).
THIS INFORMATION STATEMENT DOES NOT RELATE TO A MEETING OF THE FUND’S SHAREHOLDERS OR TO ANY ACTION BY SHAREHOLDERS. WE
ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
Background
The Company is an open-end management investment
company organized as a corporation under the laws of the State of Maryland. The Company currently consists of 33 separate portfolio
series, including the Fund.
The Fund seeks to provide long-term capital
appreciation; with current income as a secondary objective. The Fund seeks to achieve its investment objective by allocating its
assets between a "Managed Futures" strategy and a "Fixed Income" strategy. The Managed Futures strategy is
achieved by the Fund investing a portion of its assets in the Onshore Subsidiary and up to 25% of its total assets in Abbey Capital
Master Offshore Fund Limited, a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands
(the “Cayman Subsidiary”). The Cayman Subsidiary, in turn, invests all or substantially all of its assets in segregated
portfolios of the SPC. The Cayman Subsidiary serves solely as an intermediate entity through which the Fund invests in the SPC.
The Cayman Subsidiary makes no independent investment decisions and has no investment or other discretion over the Fund’s
investable assets. The Managed Futures strategy investments are designed to achieve capital appreciation in the financial and commodities
futures markets. The Adviser allocates the assets of the Subsidiaries to one or more trading advisers (“Trading Advisers”)
to manage in percentages determined at the discretion of the Adviser.
In addition to Crabel, the Fund’s Trading
Advisers consist of the following existing Trading Advisers: Aspect Capital Limited; Cantab Capital Partners LLP; Eclipse Capital
Management, Inc.; Episteme Capital Partners (UK), LLP; Graham Capital Management, LP; P/E Global, LLC; Revolution Capital Management,
LLC; Trigon Investment Advisors LLC; Tudor Investment Corporation; and Welton Investment Partners LLC.
The Adviser will allocate assets of the Subsidiaries
to multiple Managed Futures portfolios (the “Segregated Portfolios”) that include investment styles or sub-strategies
such as (i) trend following, (ii) discretionary, fundamentals-based investing with a focus on macroeconomic analysis, (iii) strategies
that pursue both fundamental and technical trading approaches, (iv) other specialized approaches to specific or individual market
sectors such as equities, interest rates, metals, agricultural and soft commodities and (v) systematic trading strategies which
incorporate technical and fundamental variables.
Each Trading Adviser invests according to a
Managed Futures strategy in one or a combination of (i) options, (ii) futures, (iii) forwards, (iv) spot contracts or (v) swaps,
including total return swaps, each of which may be tied to (i) commodities, (ii) financial indices and instruments, (iii) foreign
currencies, or (iv) equity indices. All commodities futures and commodities-related investments are made in the Segregated Portfolios
of the SPC. Each current Trading Adviser is registered with the U.S. Commodity Futures Trading Commission (the "CFTC")
as a Commodity Trading Advisor (“CTA”). Trading Advisers that are not registered with the Securities and Exchange Commission
(“SEC”) as investment advisers provide advice only regarding matters that do not involve securities.
The Fixed Income strategy invests the Fund's
assets primarily in investment grade fixed income securities (of all durations and maturities) in order to generate interest income
and capital appreciation, which may add diversification to the returns generated by the Fund's Managed Futures strategy. The Fund
must set aside liquid assets, or engage in other SEC or staff-approved measures, to "cover" open positions with respect
to certain kinds of derivative instruments. The Fixed Income strategy investments may be used to help cover the Fund's derivative
positions.
The Adviser has entered into a trading advisory
agreement with each Trading Adviser to manage a portion of one or both of the Subsidiaries’ assets. Each Trading Adviser
makes investment decisions for the assets it has been allocated to manage. The Adviser oversees the Trading Advisers for compliance
with the Fund's investment objective, policies, strategies and restrictions, and monitors each Trading Adviser's adherence to its
investment style. The Board of Directors of the Company (the “Board”) supervises the Adviser and the Trading Advisers,
establishes policies that they must follow in their management activities, and oversees the hiring, termination and replacement
of Trading Advisers recommended by the Adviser.
Not all of the Trading Advisers listed for the
Subsidiaries may be actively managing assets for one or both of the Subsidiaries at all times. Subject to the oversight of the
Board, the Adviser may temporarily allocate the assets of one or both of the Subsidiaries away from a Trading Adviser. Situations
in which the Adviser may make such a determination include changes in the level of assets in the Fund, changes to the Adviser's
view of the Trading Adviser's current opportunities, changes in a Trading Adviser's personnel or a Trading Adviser's adherence
to an investment strategy.
The Fund is managed by the Adviser and one or
more Trading Advisers unaffiliated with the Adviser. The Adviser also has the ultimate responsibility to oversee the Trading Advisers,
and to recommend their hiring, termination and replacement, subject to approval by the Board. The Fund compensates the Adviser
for its services at the annual rate of 1.77% of the Fund’s average annual net assets, payable on a monthly basis in arrears.
The Adviser compensates the Trading Advisers out of the advisory fee that it receives from the Fund.
The Fund has registered four classes of shares:
Class I Shares, Class A Shares, Class C Shares and Class T Shares. Class T Shares are not currently available for sale. The Adviser
has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual fund operating expenses
(excluding certain items discussed below) to 1.79%, 2.04%, 2.79% and 2.04% of the Fund's average daily net assets attributable
to Class I Shares, Class A Shares, Class C Shares and Class T Shares, respectively. In determining the Adviser's obligation to
waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual
fund operating expenses to exceed 1.79%, 2.04%, 2.79% or 2.04%, as applicable: acquired fund fees and expenses, brokerage commissions,
extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2020 and may not be terminated
without the approval of the Board. If at any time the Fund's total annual fund operating expenses for a year are less than 1.79%,
2.04%, 2.79% or 2.04%, as applicable, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years
from the date on which such waiver or reimbursement was made by the Adviser, provided such reimbursement does not cause the Fund
to exceed expense limitations that were in effect at the time of the waiver or reimbursement.
Crabel Capital Management, LLC and the Crabel Agreement
At a regular meeting of the Board held on September
10, 2019 (the “Meeting”), the directors, including a majority of those directors who are not “interested persons”
of the Company (as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) voting
separately, approved a new trading advisory agreement among the Adviser, Crabel, and the Subsidiaries (the “Crabel Agreement”).
The initial allocation of Fund assets to Crabel occurred on November 19, 2019.
The terms and conditions of the Crabel Agreement
are substantially the same as those of the existing trading advisory agreements with the Fund's other Trading Advisers, except
that the fee rate to be paid to Crabel under the Crabel Agreement may differ from the fee rate charged by the Fund's other Trading
Advisers pursuant to their respective trading advisory agreements with the Adviser. Under the Crabel Agreement, Crabel receives
a fee from the Adviser to manage a portion of the assets of one or both of the Subsidiaries allocated to Crabel by the Adviser
(the “Allocated Assets”). Such fee is paid by the Adviser and not by the Fund or the Subsidiaries out of the advisory
fee paid by the Fund to the Adviser pursuant to the Advisory Agreement. The Fund would have paid the same amount of advisory fees
had the Crabel Agreement been in effect during the last fiscal year.
The Crabel Agreement provides that Crabel shall,
subject to the supervision and oversight of the Adviser, trade the Allocated Assets on behalf of the Subsidiaries in accordance
with the terms of the Crabel Agreement and the Supplemental Trading Agreement entered into by the Adviser and Crabel in relation
to the Allocated Assets and in accordance with (i) the investment objective, policies and restrictions of the Subsidiaries and
the Fund in relation to the Subsidiaries set forth in the Fund’s prospectus and statement of additional information, as they
may be amended from time to time, any additional policies or guidelines, including without limitation compliance policies and procedures,
established by the Adviser, the Fund’s Chief Compliance Officer, or by the Board, all of which have been furnished in writing
to Crabel, (ii) the written instructions and directions received from the Adviser and the Fund as delivered; and (iii) all laws
applicable to the Subsidiaries and Crabel’s duties under this Agreement, all as may be in effect from time to time.
The Crabel Agreement provides that Crabel may,
on occasions when it deems the purchase or sale of a commodity interest to be in the best interests of a Subsidiary as well as
other fiduciary or agency accounts managed by Crabel, aggregate, to the extent permitted by applicable laws and regulations, the
commodity interests to be sold or purchased in order to obtain the best overall terms available. Crabel agrees to be aware of the
position limits imposed on certain commodity interest contracts by the CFTC or applicable contract market. Crabel currently believes
and represents that such speculative limits will not materially affect its trading recommendations or strategy for the Subsidiaries
given Crabel’s current accounts and all proposed accounts for which Crabel has a contract to act as a CTA.
The Crabel Agreement provides that it will continue
in effect for an initial term ending August 16, 2020, and from year to year thereafter so long as such continuance is specifically
approved at least annually (i) by the Board or by vote of a majority of the outstanding voting securities of the Fund, and (ii)
by vote of a majority of the Directors of the Fund who are not interested persons of the Fund, the Adviser or Crabel, cast in person
at a meeting called for the purpose of voting on such approval. The Crabel Agreement may be terminated without penalty by vote
of the Board or by vote of a majority of the outstanding voting securities of the Fund upon 60 days' written notice to Crabel,
by Crabel upon 60 days' written notice to the Fund and the Adviser, or by the Adviser immediately upon notice to Crabel, and each
such agreement terminates automatically in the event of an assignment (as defined in the 1940 Act). The Crabel Agreement also automatically
terminates upon termination of the Advisory Agreement.
The Crabel Agreement provides that Crabel shall
not be liable for any loss arising out of any portfolio investment or disposition thereunder, except a loss resulting from Crabel’s
willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its
obligations and duties thereunder. Under no circumstances shall Crabel be liable for any loss arising out of any act or omission
taken by another trading adviser, or any other third party, in respect of any portion of the Fund’s assets not managed by
Crabel.
The Crabel Agreement provides that Crabel shall
indemnify the Adviser, the Company, the Fund and the Subsidiaries, and their respective affiliates and controlling persons (the
“Adviser Indemnified Persons”) for any liability and expenses, including reasonable attorneys' fees, which the Adviser
Indemnified Persons may sustain as a result of Crabel’s breach of the Crabel Agreement or its representations and warranties
therein or as a result of Crabel’s willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties
thereunder or violation of applicable law; provided, however, that the Adviser Indemnified Persons shall not be indemnified for
any liability or expenses that may be sustained as a result of the Adviser’s willful misfeasance, bad faith, gross negligence,
or reckless disregard of its duties thereunder.
The Crabel Agreement provides that the Adviser
shall indemnify Crabel, its affiliates and their respective controlling persons (the “Crabel Indemnified Persons”)
for any liability and expenses, including reasonable attorneys' fees, arising from, or in connection with, the Adviser's breach
of the Crabel Agreement or its representations and warranties therein or as a result of the Adviser's willful misfeasance, bad
faith, gross negligence, reckless disregard of its duties thereunder or violation of applicable law; provided, however, that Crabel
Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result of Crabel’s
willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties thereunder.
Information About Crabel. Crabel manages
a portion of the Fund’s assets using the Crabel Advanced Trend Program. Crabel is organized as a Wisconsin limited liability
company and its main office is located at 10250 Constellation Blvd, Suite 2650, Los Angeles, CA 90067, United States. Crabel is
registered as a CTA and CPO with the CFTC and is a member of the National Futures Association (the “NFA”). Crabel is
also registered as an investment adviser with the SEC. Crabel is a global alternative investment firm that specializes in systematic,
automated trading of worldwide futures and currencies. The Crabel Advanced Trend Program is a portfolio of systematic trading strategies
designed to efficiently capture long-term trend following returns across a diverse set of global futures and foreign exchange instruments.
Crabel is controlled by William Harrison (Toby) Crabel.
Michael Pomada is the President and Chief Executive
Officer of Crabel and is a member of the firm’s Executive Committee. He began his career in the interactive entertainment
industry in sales and business development. After completing his MBA, Mr. Pomada went to UBS before managing portfolios for Manchester
Trading (Niederhoffer) & Coast Asset Management. Upon joining Crabel in 2008, Mr. Pomada managed an equity portfolio while
assisting in the oversight of Crabel’s equity strategies. Starting in late 2009, Mr. Pomada and a colleague led the effort
to revamp the firm’s execution processes, infrastructure and algorithmic trading/microstructure research. Mr. Pomada joined
the firm’s Executive Committee in 2010 and became Chief Operating Officer in June 2011. In July 2016 he was promoted to Chief
Executive Officer and President. In this role, Mr. Pomada focuses on research and product development and continues to oversee
the front office teams. Mr. Pomada has been registered as an NFA associate member and an associated person of Crabel since May
of 2012 and listed as a principal of Crabel since January of 2013.
Grant Jaffarian is a Portfolio Manager at Crabel
and is a member of the firm’s Executive Committee. He began his career at Belgium-based Analytic Investment Management, a
high turnover futures manager acquired by Robeco Bank. Upon leaving Analytic Investment, Mr. Jaffarian founded Petra Intraday,
a short-term systematic emerging manager. In 2004, Mr. Jaffarian joined Efficient Capital Management, LLC where he served as Chief
Investment Officer before departing in December 2012. Mr. Jaffarian founded AlphaTerra, LLC in April 2013 to work with promising
quant systematic trading strategies. In March 2014, AlphaTerra was acquired by Crabel and Mr. Jaffarian assumed the role of Portfolio
Manager for the Crabel Advanced Trend Program. Mr. Jaffarian joined the firm’s Executive Committee in April 2016. Mr. Jaffarian
has been listed as a principal and associated person of Crabel since January 2017.
Principal Executive Officers and Directors.
Set forth below is a list of each executive officer and director of Crabel indicating position(s) held with Crabel. The address
of each individual is c/o Crabel at the address noted above.
Name
|
Position(s) Held with Crabel
|
William Harrison (Toby) Crabel
|
Chairman and Chief Investment Officer
|
Michael Pomada
|
President and Chief Executive Officer
|
Richard Rusin
|
Chief Operating Officer
|
Constance Wick
|
Chief Compliance Officer and General Counsel
|
Other Advisory Clients. Crabel also acts
as investment sub-adviser to another mutual fund listed below, which has a similar investment objective to that of the Fund. The
table below sets forth certain information with respect to that mutual fund.
Name of Fund*
|
Net Assets
of Fund
|
Annual Rate of
Sub-Advisory Fees
|
Net Expense Limits
|
Goldman Sachs Multi-Manager Alternatives Fund
|
$254.20MM as of December 31, 2019
|
Confidential
|
2.13% with respect to Class A shares, 2.88% with respect to Class C shares, 1.80% with respect to Institutional class shares, 1.88% with respect to Investor class shares, 2.38% with respect to Class R shares, and 1.79% with respect to Class R6 shares of the fund’s average daily net assets (excluding acquired fund fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses)**
|
|
*
|
At February 1, 2020, the Goldman Sachs Multi-Manager Alternatives Fund had allocated $0 to the Crabel Advanced Trend Program.
|
|
**
|
This expense limitation agreement is made by the fund’s adviser and not by Crabel.
|
Board’s Considerations in Approving the Crabel Agreement
The Board, including a majority of those directors
who are not “interested persons” of the Company (as such term is defined in the 1940 Act), approved the Crabel Agreement
at the Meeting. In considering the Crabel Agreement, the Board took into account all materials provided prior to and during the
Meeting and at other meetings throughout the past year, the presentations made during the Meeting, and the discussions held during
the Meeting. Among other things, the Board considered (i) the nature, extent, and quality of services to be provided to the Fund
by Crabel; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Crabel’s
investment philosophies and processes; (iv) Crabel’s assets under management and client descriptions; (v) Crabel’s
soft dollar commission and trade allocation policies; (vi) Crabel’s advisory fee arrangements with the Company and other
similarly managed clients, as applicable; (vii) Crabel’s compliance procedures; and (viii) Crabel’s financial information
and insurance coverage.
The Board considered the nature, extent, and
quality of services to be provided by Crabel. The Board also considered the fees payable to Crabel under the proposed Crabel Agreement
and the services to be provided by Crabel. In this regard, the Board noted that the fees for Crabel were payable by the Adviser.
After reviewing the information regarding the
Adviser’s and Crabel’s costs, profitability and economies of scale, and after considering the services to be provided
by Crabel, the Board concluded that the trading advisory fees to be paid by the Adviser to Crabel were fair and reasonable and
that the Crabel Agreement should be approved for an initial period ending August 16, 2020.
Additional Information
Advisory and Trading Advisory Fees. For
the fiscal year ended August 31, 2019, after waivers, the Fund paid advisory fees to the Adviser of $12,225,681, and the Adviser
paid trading advisory fees to the Trading Advisers in the aggregate amount of $4,348,379.
As of January 31, 2020 (the “Record Date”),
the Company’s directors and officers as a group owned beneficially less than 1% of the outstanding shares of the Fund. For
the fiscal year ended August 31, 2019, the Fund made no brokerage commission payments to affiliated persons.
Information about the Adviser and the Advisory
Agreement. Abbey Capital, an Irish limited company founded in 2000, serves as the investment adviser to the Fund. The Adviser's
principal place of business is located at 1-2 Cavendish Row, Dublin 1, Ireland. Cavendish Capital Limited owns 100% of Abbey Capital.
As of November 30, 2019, the Adviser had over $2.7 billion in assets under management. The Adviser is registered as an Investment
Adviser with the SEC and as a CTA and a CPO with the CFTC (September 2000), and is a member of the NFA. Abbey Capital serves as
the Fund's and Subsidiaries' investment manager pursuant to the Advisory Agreement.
The list below shows each executive officer
and manager of the Adviser indicating position(s) held with the Adviser and other business, profession, vocation or employment
of a substantial nature. The address of each individual is c/o the Adviser at the address noted above.
Name
|
Position(s) Held with Abbey Capital Limited
|
Tim Brosnan
|
Director and Non-Executive Chairman
|
Peter G. Carney
|
Chief Operating Officer
|
Anthony Gannon
|
Director and Chief Investment Officer
|
Claire Gately
|
Non-Executive Director
|
David McCarthy
|
Non-Executive Director
|
Louise Harris
|
Chief Compliance Officer
|
David McInerney
|
Chief Financial Officer
|
Patrick Ryan
|
Chief Risk Officer
|
Mick Swift
|
Director and Chief Executive Officer
|
The Fund compensates the Adviser for its services
at an annual rate of 1.77% of the average daily net assets of the Fund. The Adviser will continue to manage, supervise and conduct
the affairs and business of the Fund and the Subsidiaries and matters incidental thereto. The Advisory Agreement shall automatically
terminate, without the payment of any penalty, in the event of its assignment. The Advisory Agreement may be terminated at any
time, on 60 days' written notice by the Adviser or by the Company (by vote of a majority of the outstanding voting securities of
the Fund or by vote of the Board). The Advisory Agreement will continue in effect only if approved annually by a majority of the
Board, including a majority of non-interested Directors, or by the vote of the shareholders of a majority of the outstanding voting
securities of the Fund.
Information About Distributor and Administrator.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin,
53202, serves as the Fund’s administrator and Quasar Distributors, LLC, 777 East Wisconsin Avenue, 6th Floor, Milwaukee,
Wisconsin 53202, serves as the Fund’s principal underwriter.
Shareholder Reports. The Fund will furnish,
without charge, copies of its August 31, 2019 annual report and February 28, 2019 semi-annual report to any shareholder upon request
addressed to: Abbey Capital Futures Strategy Fund, c/o U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global
Fund Services, 615 East Michigan Street, Milwaukee, WI 53202. The Fund's annual and semi-annual reports may also be obtained, without
charge, by calling 1-844-261-6484.
Share Ownership Information. This Information
Statement is being provided to shareholders of record of the Fund as of the Record Date specified above. On such date, following
shares of each class of the Fund were outstanding.
Fund
|
Shares Outstanding
|
Abbey Capital Futures Strategy Fund
|
|
Class I
|
67,746,348
|
Class A
|
1,326,870
|
Class C
|
384,654
|
Class T
|
None
|
As of the Record Date, to the Company’s
knowledge, the following named persons at the addresses shown below were owners of record of approximately 5% or more of the total
outstanding shares of the Fund as indicated below:
Name of Fund
|
Shareholder Name and Address
|
Number and Percentage of
Shares Owned as of
Record Date
|
Abbey Capital Futures Strategy Fund — Class I
|
Merrill Lynch Pierce Fenner & Smith,
For The Sole Benefit Of Its Customers
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
|
19,686,824
|
29.06%
|
Abbey Capital Futures Strategy Fund — Class I
|
Morgan Stanley Smith Barney LLC
For The Exclusive Benefit Of Its Customers
1 New York Plz, FL 12
New York, NY 10004-1901
|
9,749,544
|
14.39%
|
Abbey Capital Futures Strategy Fund — Class I
|
Wells Fargo Clearing Services LLC
Special Custody Acct for the Exclusive Benefit of Customer
2801 Market St
Saint Louis, MO 63103-2523
|
7,511,678
|
11.09%
|
Abbey Capital Futures Strategy Fund — Class I
|
UBS WM USA
SPEC CDY A/C EBOC UBSFSI
1000 Harbor Blvd
Weehawken, NJ 07086-6761
|
6,221,675
|
9.18%
|
Abbey Capital Futures Strategy Fund — Class I
|
Wells Fargo Bank NA
FBO Omnibus Account
P.O. Box 1533
Minneapolis, MN 55480-1533
|
5,136,940
|
7.58%
|
Abbey Capital Futures Strategy Fund — Class A
|
Morgan Stanley Smith Barney LLC
For The Exclusive Benefit Of Its Customers
1 New York Plz, FL 12
New York, NY 10004-1901
|
784,511
|
59.12%
|
Abbey Capital Futures Strategy Fund — Class A
|
Merrill Lynch Pierce Fenner & Smith,
For The Sole Benefit Of Its Customers
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
|
229,498
|
17.30%
|
Abbey Capital Futures Strategy Fund — Class A
|
UBS WM USA
SPEC CDY A/C EBOC UBSFSI
1000 Harbor Blvd
Weehawken, NJ 07086-6761
|
117,839
|
8.88%
|
Abbey Capital Futures Strategy Fund — Class A
|
National Financial Services LLC
499 Washington Blvd, FL 4
Jersey City, NJ 07310-1995
|
101,610
|
7.66%
|
Abbey Capital Futures Strategy Fund — Class C
|
Morgan Stanley Smith Barney LLC
For The Exclusive Benefit Of Its Customers
1 New York Plz, FL 12
New York, NY 10004-1901
|
198,772
|
51.68%
|
Abbey Capital Futures Strategy Fund — Class C
|
UBS WM USA
SPEC CDY A/C EBOC UBSFSI
1000 Harbor Blvd
Weehawken, NJ 07086-6761
|
124,340
|
32.33%
|
Abbey Capital Futures Strategy Fund — Class C
|
U.S. Bank
For the Benefit of its Customers
1555 N. Rivercenter Dr., Ste. 302
Milwaukee, WI 53212-3958
|
31,975
|
8.31%
|
Procedures for Shareholder Communications
with the Board. The Board will receive and review written correspondence from shareholders. Shareholders may address correspondence
to individual directors or to the full Board at the Company’s principal business address. The Board or an individual director
will respond to shareholder correspondence in a manner that the Board or director deems appropriate given the subject matter of
the particular correspondence.
The Company maintains copies of all correspondence
addressed to individual directors or the Board. Copies of all such correspondence are forwarded promptly to an individual director
or the Board, as applicable. The Company responds to any correspondence in the nature of routine operational matters, such as routine
account inquiries, on a timely basis, notwithstanding that the correspondence is addressed to an individual director or the Board,
and communicates such response to the Board or director to whom the correspondence was addressed.
Shareholder Proposals.
The Company does not intend to hold meetings of shareholders except to the extent that such meetings may be required under the
1940 Act or state law. Under the Company’s By-Laws, shareholders owning in the aggregate 10% of the outstanding shares of
all classes of the Company have the right to call a meeting of shareholders to consider the removal of one or more directors. Shareholders
who wish to submit proposals for inclusion in a proxy statement for a subsequent shareholder meeting should submit their written
proposals to the Company at its principal office within a reasonable time before such meeting. The timely submission of a proposal
does not guarantee its consideration at the meeting.
Householding Information.
If possible, depending on shareholder registration and address information, and unless you have otherwise opted out, only one copy
of this Information Statement will be sent to shareholders at the same address. If you would like to receive a separate copy of
this Information Statement, please call toll-free at 1-844-261-6484 or write to the Fund c/o U.S. Bancorp Fund Services, LLC, P.O.
Box 701, Milwaukee, Wisconsin 53201-0701. If you currently receive multiple copies of Information Statements or shareholder reports
and would like to request to receive a single copy of documents in the future, please call the toll-free number or write to the
address above.