0001752724-20-225542.txt : 20201112 0001752724-20-225542.hdr.sgml : 20201112 20201112121709 ACCESSION NUMBER: 0001752724-20-225542 CONFORMED SUBMISSION TYPE: N-CEN/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200831 FILED AS OF DATE: 20201112 DATE AS OF CHANGE: 20201112 EFFECTIVENESS DATE: 20201112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FSI Low Beta Absolute Return Fund CENTRAL INDEX KEY: 0001527413 IRS NUMBER: 461212166 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CEN/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-22595 FILM NUMBER: 201305050 BUSINESS ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 513-587-3400 MAIL ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 FORMER COMPANY: FORMER CONFORMED NAME: FSI Low Beta Absolute Return Fund, TEI DATE OF NAME CHANGE: 20110804 N-CEN/A 1 primary_doc.xml X0303 N-CEN/A 0001752724-20-225466 LIVE 0001527413 XXXXXXXX 811-22595 false false false N-2 FSI Low Beta Absolute Return Fund 811-22595 0001527413 5493003T3862U1DTKE89 320 South Boston, Suite 1130 Tulsa 74103-4700 US-OK US (918) 585-5858 Financial Solutions, Inc. 320 South Boston, Suite 1130 Tulsa 74103 (918) 585-5858 Books and records related to investment advisory services and fund Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450 Cincinnati 45246 513-587-3400 Books and records related to fund accounting, financial reporting, and transfer agency services Ultimus Fund Distributors, LLC 225 Pictoria Drive, Suite 450 Cincinnati 45246 513-587-3400 Books and records related to distribution services MUFG Union Bank, N.A. 400 California Street San Francisco 94104 415-765-3434 Books and records related to Custody services N N N N-2 Y Carol Befanis O' Donnell N/A N William S. Reeser 000713229 N Gary W. Gould 001058012 Y Martin Robert Dean 002500364 2 Easton Oval Suite 300 Columbus 43219 XXXXXX N N N N N N Ultimus Fund Distributors, LLC 008-52643 000104177 N/A N N BBD, LLP 552 N/A N N N N N N N FSI Low Beta Absolute Return Fund 5493003T3862U1DTKE89 N 0 0 0 N/A Y N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) N N N N Financial Solutions, Inc. 801-62917 000123760 N/A N Pluscios Management LLC 801-69256 000146761 N/A N N Meritage Capital, LLC 801-65011 000129257 549300NDOJ6OIDEKVL70 N N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N MUFG Union Bank, National Association OX3PU53ZLPQKJ4700D47 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Electronic Brokerage Systems, Inc. N/A N/A N/A 916.55000000 916.55000000 0 N 25623438.75382513 25623438.75382513 N N Other Units N N N 1.11000000 1.92000000 92.48000000 INTERNAL CONTROL RPT 2 fp0059007_g1aiii.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Unitholders and Board of Trustees of FSI Low Beta Absolute Return Fund

In planning and performing our audit of the financial statements of FSI Low Beta Absolute Return Fund (the “Fund”), as of August 31, 2020, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of August 31, 2020.

This report is intended solely for the information and use of management, the unitholders of FSI Low Beta Absolute Return Fund, the Board of Trustees of FSI Low Beta Absolute Return Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP

Philadelphia, Pennsylvania

October 30, 2020