0001104659-16-088875.txt : 20160108 0001104659-16-088875.hdr.sgml : 20160108 20160108155037 ACCESSION NUMBER: 0001104659-16-088875 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 15 FILED AS OF DATE: 20160108 DATE AS OF CHANGE: 20160108 EFFECTIVENESS DATE: 20160108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND INC CENTRAL INDEX KEY: 0000831114 IRS NUMBER: 510312196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-20827 FILM NUMBER: 161333136 BUSINESS ADDRESS: STREET 1: 103 BELLEVUE PKWY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: 103 BELLEVUE PKWY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND INC CENTRAL INDEX KEY: 0000831114 IRS NUMBER: 510312196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05518 FILM NUMBER: 161333137 BUSINESS ADDRESS: STREET 1: 103 BELLEVUE PKWY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: 103 BELLEVUE PKWY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 0000831114 S000052073 Campbell Core Carry Fund C000163858 Institutional Shares CCCFX 485BPOS 1 a15-24067_5485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission January 8, 2016

 

Securities Act File No. 33-20827

Investment Company Act File No. 811-5518

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

x

Pre-Effective Amendment No.       

 

o

Post-Effective Amendment No. 188

 

x

 

and

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

x

Amendment No. 190

 

x

 


 

THE RBB FUND, INC.

(Exact Name of Registrant as Specified in Charter)

 

Bellevue Park Corporate Center

103 Bellevue Parkway

Wilmington, DE 19809

(Address of Principal Executive Offices)

 

Registrant’s Telephone Number: (302) 791-1851

 

Copies to:

 

SALVATORE FAIA
BNY Mellon Investment Servicing (US) Inc.
103 Bellevue Parkway
Wilmington, DE 19809
(Name and Address of Agent for Service)

 

MICHAEL P. MALLOY, ESQUIRE
Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996

 

It is proposed that this filing will become effective (check appropriate box)

 

x immediately upon filing pursuant to paragraph (b)

o on [date] pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on [date] pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on [date] pursuant to paragraph (a)(2) of Rule 485

 

If appropriate, check the following box:

 

o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

Title of Securities Being Registered                       Shares of Common Stock

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the 1933 Act and that it has duly caused this Post-Effective Amendment No. 188 to its  Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Wilmington, and State of Delaware on the 8th day of January, 2016.

 

 

THE RBB FUND, INC.

 

 

 

 

By:

/s/ Salvatore Faia

 

Salvatore Faia

 

President

 

Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment to Registrant’s Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

SIGNATURE

 

TITLE

 

DATE

 

 

 

 

 

/s/ Salvatore Faia

 

President (Principal Executive Officer) and Chief Compliance Officer

 

January 8, 2016

Salvatore Faia

 

 

 

 

 

 

 

 

/s/ Robert Amweg

 

Treasurer (Chief Financial Officer)

 

January 8, 2016

Robert Amweg

 

 

 

 

 

 

 

 

 

*J. Richard Carnall

 

Director

 

January 8, 2016

J. Richard Carnall

 

 

 

 

 

 

 

 

 

*Julian A. Brodsky

 

Director

 

January 8, 2016

Julian A. Brodsky

 

 

 

 

 

 

 

 

 

*Arnold M. Reichman

 

Director

 

January 8, 2016

Arnold M. Reichman

 

 

 

 

 

 

 

 

 

*Robert Sablowsky

 

Director

 

January 8, 2016

Robert Sablowsky

 

 

 

 

 

 

 

 

 

*Robert Straniere

 

Director

 

January 8, 2016

Robert Straniere

 

 

 

 

 

 

 

 

 

*Nicholas A. Giordano

 

Director

 

January 8, 2016

Nicholas A. Giordano

 

 

 

 

 

 

 

 

 

*Gregory P. Chandler

 

Director

 

January 8, 2016

Gregory P. Chandler

 

 

 

 

 

 

 

 

 

*By:

/s/ Salvatore Faia

 

 

 

January 8, 2016

Salvatore Faia

 

 

 

 

Attorney-in-Fact

 

 

 

 

 

2



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Julian A. Brodsky, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Julian A. Brodsky

 

 

Julian A. Brodsky

 

 

3



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, J. Richard Carnall, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ J. Richard Carnall

 

 

J. Richard Carnall

 

 

4



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Nicholas A. Giordano, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Nicholas A. Giordano

 

 

Nicholas A. Giordano

 

 

5



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Arnold M. Reichman, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Arnold M. Reichman

 

 

Arnold M. Reichman

 

 

6



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Robert Sablowsky, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Robert Sablowsky

 

 

Robert Sablowsky

 

 

7



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Robert Straniere, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Robert Straniere

 

 

Robert Straniere

 

 

8



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Gregory P. Chandler, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

October 15, 2012

 

 

 

 

 

 

 

 

/s/ Gregory P. Chandler

 

 

Gregory P. Chandler

 

 

9



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

101.INS

 

XBRL Instance Document

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

101.SCH

 

XBRL Taxonomy Extension Schema Document

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

10


EX-101.INS 2 ck0000831114-20151216.xml XBRL INSTANCE DOCUMENT 0000831114 2015-12-16 2015-12-16 0000831114 ck0000831114:S000052073Member 2015-12-16 2015-12-16 0000831114 ck0000831114:S000052073Member ck0000831114:C000163858Member 2015-12-16 2015-12-16 iso4217:USD xbrli:pure Other expenses are based on estimated amounts for the current fiscal year. Other expenses include audit, administration, custody, legal, registration, transfer agency, and miscellaneous other charges. Campbell & Company Investment Adviser LLC ("Campbell" or the "Manager") 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 1.25% of the Fund's average daily net assets. In determining the Manager'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 1.25%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2016 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund's Total Annual Fund Operating Expenses for a year are less than 1.25%, the Manager may recoup from the Fund any waived amount or other payments remitted by the Manager within three years from the date on which such waiver or reimbursement was made if such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. RBB FUND INC 485BPOS false 0000831114 2015-12-16 2015-12-16 2015-12-16 2015-12-16 Campbell Core Carry Fund CCCFX <p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $1,000,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> 12734 58627 ~ http://rbbfund.com/20151216/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000831114_S000052073Member row primary compact * ~ Portfolio Turnover <p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pursues its investment objective by (i) investing its assets pursuant to the Campbell Core Carry Program; (ii) allocating up to 25% of its assets in its wholly-owned subsidiary, Campbell Core Carry Offshore Limited (the "Subsidiary"), which is organized under the laws of the Cayman Islands and employs the Manager's Campbell Core Carry Program (as described below), and (iii) allocating the remainder of its assets directly in a portfolio of investment grade securities (including government securities) for cash management purposes. Securities rated in the four highest categories by the ratings agencies are considered investment grade. </font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests pursuant to the Manager's Campbell Core Carry Program, which uses quantitative modeling to develop and maintain systematic trading strategies driven by scientific analysis of financial data across global financial and commodity markets. The Campbell Core Carry strategy seeks to generate attractive risk-adjusted returns by evaluating "carry premium" in different asset classes. Carry premium is the economic benefit that one can achieve by holding or "carrying" a particular investment, less the costs associated with holding that asset. The type of economic benefit varies by asset type; for example stocks may pay dividends and bonds may pay a coupon. Certain investments may actually have a negative carry premium, meaning that the economic benefit is exceeded by the costs of holding the investment (financing costs, storage costs, etc.). </font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">At its most basic level, a strategy that seeks to benefit from the carry premium would hold long positions on investments/markets that pay a carry premium and hold short positions on investments/markets that have a negative carry premium. The Campbell Core Carry strategy will determine whether to go long or short each investment/market by evaluating that investment/market's carry premium and other factors, including risk management as discussed below, and will gain exposure to any of the various asset types (equities, fixed income, etc.) by using derivatives rather than holding those assets directly. The Fund is generally intended to have a low correlation to the equity, bond and credit markets. There is no assurance, however, that the Fund will achieve its investment objective.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund intends to trade in a broad range of instruments, including but not limited to, futures (including commodity futures, index futures, equity futures, bond futures and interest rate futures), currency forwards, options and swaps (including commodity swaps, swaps on commodity futures, equity swaps, swaps on index futures, total return swaps and interest rate swaps), either by investing directly in the instruments or, indirectly, by investing in the Subsidiary which invests in the instruments. From time to time, the Fund can have significant exposure to non-U.S. dollar denominated currencies, including emerging markets currencies.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Manager will attempt to mitigate risk through diversification of holdings and through active monitoring of portfolio volatility, counterparties and other risk measures. Individual market positions are constrained to ensure that no one market or asset class represents an outsized portion of the Fund's portfolio risk. The Manager evaluates changes </font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">in signals daily, and execution is controlled by its intraday risk management and execution platform. The Fund may utilize proprietary or third party trading algorithms in order to minimize market impact and reduce trading costs.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, (the "1940 Act") which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid securities.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in the Subsidiary, which has the same investment objective as the Fund, are intended to provide the Fund with indirect exposure to futures contracts and commodities in a manner consistent with the limitations and requirements of the Internal Revenue Code of 1986, as amended (the "Code") that apply to the Fund, which limit the amount of income the Fund may receive from certain sources. Applicable federal tax requirements generally limit the degree to which the Fund may invest in the Subsidiary to an amount not exceeding 25% of its total assets. To the extent they are applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.</font></p> Investment Objective <p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The investment objective of the Campbell Core Carry Fund (the "Fund") is to seek positive absolute returns. A positive 'absolute return' seeks to earn a positive total return over a reasonable period of time regardless of market conditions or general market direction.</font></p> Expenses and Fees <p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (the "Shares").</font></p> 0.0000 0.0000 0.0000 0.0000 0.0105 0.0000 0.0110 0.0215 -0.0090 0.0125 ~ http://rbbfund.com/20151216/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000831114_S000052073Member row primary compact * ~ ~ http://rbbfund.com/20151216/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000831114_S000052073Member row primary compact * ~ 2016-12-31 Other expenses are based on estimated amounts for the current fiscal year. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Performance Information <p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Because the Fund has less than one full calendar year of performance, no performance information has been included.</font></p> Because the Fund has less than one full calendar year of performance, no performance information has been included. Principal Investment Risks <p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. </font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>You may lose part or all of your investment in the Fund</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> or your investment may not perform as well as other similar investments.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal risk factors affecting shareholders' investments in the Fund (and, indirectly, in the Subsidiary) are set forth below.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Strategy Risk:</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The profitability of any Fund investment depends primarily on the ability of the Manager to anticipate price movements in the relevant markets and underlying derivative instruments and futures contracts. Such price movements may be influenced by, among other things:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;changes in interest rates;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;weather and climate conditions;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;natural disasters, such as hurricanes;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;changing supply and demand relationships;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;changes in balances of payments and trade;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;U.S. and international rates of inflation and deflation;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;currency devaluations and revaluations;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;U.S. and international political and economic events; and</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;changes in philosophies and emotions of various market participants.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may not take all of these factors into account.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The successful use of forward and futures contracts draws upon the Manager's skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures and forward contracts are:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;Futures and forward contracts have a high degree of price variability and are subject to occasional rapid and substantial changes;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;the imperfect correlation between the change in market value of the forward or futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;possible market disruption or other extraordinary events, including but not limited to, governmental intervention;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;potentially unlimited losses caused by unanticipated market movements;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;the Fund's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;the possibility that the counterparty will default in the performance of its obligations; and</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;if the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its derivative instruments or close certain positions at a time when it may be disadvantageous to do so.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund's exposure to an asset class and may cause the value of the Fund's securities or related derivatives instruments to be volatile. Accordingly, the Fund's NAV may be volatile because of its investment exposure to the Fund.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There is no assurance that the Fund's investment in a derivative instrument with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Commodities Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Exposure to the commodities markets (including financial futures markets) may subject the Fund through its investment in the Subsidiary to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including changes in interest rates, supply and demand relationships and balances of payments and trade; weather and natural disasters; and governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies. The commodity markets are subject to temporary distortions and other disruptions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Counterparty Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Credit Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the </font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">value of the Fund's investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Currency Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Derivatives Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures, options, swap agreements and forward contracts. Derivatives typically have economic leverage inherent in their terms. Such leverage will magnify any losses. See "Leverage/Volatility Risk" below. The primary types of derivatives in which the Fund or its Subsidiary invest in are futures contracts and forward contracts. Futures contracts and forward contracts can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held directly or indirectly by the Fund may not correlate with the underlying instrument or reference assets, or the Fund's other investments. Although the value of futures contracts and forward contracts depends largely upon price movements in the underlying instrument or reference asset, there are additional risks associated with futures contracts and forward contracts that are possibly greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk, leveraging risk and counterparty credit risk. A small position in futures contracts or forward contracts could have a potentially large impact on the Fund's performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts and options and forward contracts.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Emerging Market Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund intends to have exposure to emerging markets due to the Fund's investments in certain stock index futures and foreign exchange instruments. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Securities Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Fixed-Income Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fixed income securities, such as U.S. Treasuries, or derivatives based on fixed income securities, are subject to credit risk and interest rate risk. Credit risk, as described more fully below, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Prices of fixed income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed income security prices and, accordingly, the Fund's returns and share price. In addition, the Fund may be subject to "call" risk, which is the risk that during a period of falling interest rates the issuer may redeem a security by repaying it early (which may reduce the Fund's income if the proceeds are reinvested at lower interest rates), and "extension" risk, which occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated (causing the value of those securities held by the Fund to fall).</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Market Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As a general rule, there is less legal and regulatory protection for investors in foreign markets than that available domestically. Additionally, trading on foreign exchanges is subject to the risks presented by exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability. Some foreign derivative markets are so-called principals' markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. International trading activities are subject to foreign exchange risk.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>General Market Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, or the Fund could underperform other investments.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Government Agency Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Direct obligations of the U.S. Government such as Treasury bills, notes and bonds are supported by its full faith and credit. Indirect obligations issued by Federal agencies and government-sponsored entities generally are not backed by the full faith and credit of the U.S. Treasury. Accordingly, while U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Some of these indirect obligations may be supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; still others are supported only by the credit of the instrumentality.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Government Intervention and Regulatory Changes: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The recent instability in financial markets has led the government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that are exposed to extreme volatility and in some cases lack of liquidity. For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") (which was passed into law in July 2010) significantly revises and expands the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. It is unclear how these regulators will exercise these revised and expanded powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely affect the Fund or investments made by the Fund. There can be no assurance that future regulatory actions authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from the Dodd-Frank Act or other legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In addition, the Dodd-Frank Act established a new regulatory structure for derivatives. If more restrictive position limits are imposed on investors in the commodity futures and other derivative markets, the Fund may be adversely affected. Similarly, changes in the regulation of foreign currency-related trading arising from the Dodd-Frank Act may make such trading more expensive for the Fund, and otherwise limit the Fund's ability to engage in such trading, which could adversely affect the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Interest Rate Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Manager. It is likely there will be less governmental action in the near future to maintain low interest rates. The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Leverage/Volatility Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Although the Fund will not borrow funds for trading, the Fund should be considered highly leveraged and is suitable only for investors with high tolerance for investment risk. Leverage embedded in the various derivative instruments traded may result in the Fund or its Subsidiary holding positions whose face or notional value may be many times the Fund's net asset value. For example, the amount of margin funds necessary to be deposited in order to enter into a futures, forward or option </font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">contract position is typically from 2% to 10% of the total face or notional value of the contract. As a result of this leveraging, even a small movement in the price of a commodity can cause a correspondingly large profit or loss. Losses incurred on leveraged investments increase in direct proportion to the degree of leverage employed.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations. Consequently, you could lose all or substantially all of your investment in the Fund should the Fund's trading positions suddenly turn unprofitable.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's NAV is expected over short-term periods to be volatile because of the significant use of direct and indirect investments that have a leveraging effect. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. Rapid and dramatic price swings will result in high volatility. The Fund's returns are expected to be volatile; however, the actual or realized volatility level for longer or shorter periods may be materially higher or lower depending on market conditions and investors may suffer a significant and possibly a complete loss on their investment in the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Management Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Manager employs systematic modeling to make investment decisions about the attractiveness, value and potential positive or negative performance of the Fund. The models employed by the Manager may prove to be inaccurate and may not produce the desired results.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited Operating History Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund has a limited operating history upon which prospective investors can evaluate its performance.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>New Fund Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As a new Fund, there can be no assurance that the Fund will grow to or maintain economically viable size.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Non-Diversification Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>OTC Trading Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the "over-the-counter" or "OTC" market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Portfolio Turnover Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund's exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Regulatory Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or its Subsidiary or that could adversely impact the Fund's performance.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Short Sales Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may take a short position in a derivative instrument, such as a future, or forward, or swap or a security. A short position on a derivative instrument or security involves the risk of a theoretically unlimited increase in the value of the underlying instrument. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Subsidiary Risk:</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund.</font></p> <br/><p style="margin:0pt 0pt 10pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tax Risk: </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In order to qualify as a regulated investment company ("RIC"), the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. The Internal Revenue Service ("IRS") has issued a ruling that income realized from certain types of commodity-linked derivatives would not be qualifying income. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the Code for qualification as a RIC, but there is a risk that the IRS could assert that the income derived from the Fund's investment in the Subsidiary and certain commodity-linked structured notes will not be considered qualifying income for purposes of the Fund remaining qualified as a RIC for U.S. federal income tax purposes. If the Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Fund would be subject to diminished returns. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiary to operate as described in this Prospectus and the Statement of Additional Information ("SAI") and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.</font></p> You could lose money on your investment in the Fund, or the Fund could underperform other investments. The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. 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Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Dec. 16, 2015
Registrant Name RBB FUND INC
Central Index Key 0000831114
Amendment Flag false
Document Creation Date Dec. 16, 2015
Document Effective Date Dec. 16, 2015
Prospectus Date Dec. 16, 2015
Campbell Core Carry Fund | Institutional Shares  
Prospectus:  
Trading Symbol CCCFX
XML 10 R2.htm IDEA: XBRL DOCUMENT v3.3.1.900
Campbell Core Carry Fund
Campbell Core Carry Fund
Investment Objective

The investment objective of the Campbell Core Carry Fund (the "Fund") is to seek positive absolute returns. A positive 'absolute return' seeks to earn a positive total return over a reasonable period of time regardless of market conditions or general market direction.

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (the "Shares").

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
Campbell Core Carry Fund
Institutional Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none
Maximum Deferred Sales Charge (Load) none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee (as a percentage of amount redeemed, if applicable) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Campbell Core Carry Fund
Institutional Shares
Management Fees 1.05%
Distribution and/or Service (12b-1) Fee none
Other Expenses 1.10% [1]
Total Annual Fund Operating Expenses 2.15%
Fee Waivers and/or Expense Reimbursements (0.90%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.25%
[1] Other expenses are based on estimated amounts for the current fiscal year. Other expenses include audit, administration, custody, legal, registration, transfer agency, and miscellaneous other charges.
[2] Campbell & Company Investment Adviser LLC ("Campbell" or the "Manager") 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 1.25% of the Fund's average daily net assets. In determining the Manager'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 1.25%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2016 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund's Total Annual Fund Operating Expenses for a year are less than 1.25%, the Manager may recoup from the Fund any waived amount or other payments remitted by the Manager within three years from the date on which such waiver or reimbursement was made if such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $1,000,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
1 Year
3 Years
Campbell Core Carry Fund | Institutional Shares | USD ($) 12,734 58,627
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance.

Principal Investment Strategies

The Fund pursues its investment objective by (i) investing its assets pursuant to the Campbell Core Carry Program; (ii) allocating up to 25% of its assets in its wholly-owned subsidiary, Campbell Core Carry Offshore Limited (the "Subsidiary"), which is organized under the laws of the Cayman Islands and employs the Manager's Campbell Core Carry Program (as described below), and (iii) allocating the remainder of its assets directly in a portfolio of investment grade securities (including government securities) for cash management purposes. Securities rated in the four highest categories by the ratings agencies are considered investment grade.


The Fund invests pursuant to the Manager's Campbell Core Carry Program, which uses quantitative modeling to develop and maintain systematic trading strategies driven by scientific analysis of financial data across global financial and commodity markets. The Campbell Core Carry strategy seeks to generate attractive risk-adjusted returns by evaluating "carry premium" in different asset classes. Carry premium is the economic benefit that one can achieve by holding or "carrying" a particular investment, less the costs associated with holding that asset. The type of economic benefit varies by asset type; for example stocks may pay dividends and bonds may pay a coupon. Certain investments may actually have a negative carry premium, meaning that the economic benefit is exceeded by the costs of holding the investment (financing costs, storage costs, etc.).


At its most basic level, a strategy that seeks to benefit from the carry premium would hold long positions on investments/markets that pay a carry premium and hold short positions on investments/markets that have a negative carry premium. The Campbell Core Carry strategy will determine whether to go long or short each investment/market by evaluating that investment/market's carry premium and other factors, including risk management as discussed below, and will gain exposure to any of the various asset types (equities, fixed income, etc.) by using derivatives rather than holding those assets directly. The Fund is generally intended to have a low correlation to the equity, bond and credit markets. There is no assurance, however, that the Fund will achieve its investment objective.


The Fund intends to trade in a broad range of instruments, including but not limited to, futures (including commodity futures, index futures, equity futures, bond futures and interest rate futures), currency forwards, options and swaps (including commodity swaps, swaps on commodity futures, equity swaps, swaps on index futures, total return swaps and interest rate swaps), either by investing directly in the instruments or, indirectly, by investing in the Subsidiary which invests in the instruments. From time to time, the Fund can have significant exposure to non-U.S. dollar denominated currencies, including emerging markets currencies.


The Manager will attempt to mitigate risk through diversification of holdings and through active monitoring of portfolio volatility, counterparties and other risk measures. Individual market positions are constrained to ensure that no one market or asset class represents an outsized portion of the Fund's portfolio risk. The Manager evaluates changes in signals daily, and execution is controlled by its intraday risk management and execution platform. The Fund may utilize proprietary or third party trading algorithms in order to minimize market impact and reduce trading costs.


The Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, (the "1940 Act") which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid securities.


Investments in the Subsidiary, which has the same investment objective as the Fund, are intended to provide the Fund with indirect exposure to futures contracts and commodities in a manner consistent with the limitations and requirements of the Internal Revenue Code of 1986, as amended (the "Code") that apply to the Fund, which limit the amount of income the Fund may receive from certain sources. Applicable federal tax requirements generally limit the degree to which the Fund may invest in the Subsidiary to an amount not exceeding 25% of its total assets. To the extent they are applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.

Principal Investment Risks

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.


The principal risk factors affecting shareholders' investments in the Fund (and, indirectly, in the Subsidiary) are set forth below.


•  Strategy Risk: The profitability of any Fund investment depends primarily on the ability of the Manager to anticipate price movements in the relevant markets and underlying derivative instruments and futures contracts. Such price movements may be influenced by, among other things:


•  changes in interest rates;


•  governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies;


•  weather and climate conditions;


•  natural disasters, such as hurricanes;


•  changing supply and demand relationships;


•  changes in balances of payments and trade;


•  U.S. and international rates of inflation and deflation;


•  currency devaluations and revaluations;


•  U.S. and international political and economic events; and


•  changes in philosophies and emotions of various market participants.


The Fund may not take all of these factors into account.


The successful use of forward and futures contracts draws upon the Manager's skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures and forward contracts are:


•  Futures and forward contracts have a high degree of price variability and are subject to occasional rapid and substantial changes;


•  the imperfect correlation between the change in market value of the forward or futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts;


•  possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired;


•  possible market disruption or other extraordinary events, including but not limited to, governmental intervention;


•  potentially unlimited losses caused by unanticipated market movements;


•  the Fund's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors;


•  the possibility that the counterparty will default in the performance of its obligations; and


•  if the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its derivative instruments or close certain positions at a time when it may be disadvantageous to do so.


The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund's exposure to an asset class and may cause the value of the Fund's securities or related derivatives instruments to be volatile. Accordingly, the Fund's NAV may be volatile because of its investment exposure to the Fund.


There is no assurance that the Fund's investment in a derivative instrument with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.


•  Commodities Risk: Exposure to the commodities markets (including financial futures markets) may subject the Fund through its investment in the Subsidiary to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including changes in interest rates, supply and demand relationships and balances of payments and trade; weather and natural disasters; and governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies. The commodity markets are subject to temporary distortions and other disruptions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.


•  Counterparty Risk: The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.


•  Credit Risk: Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes.


•  Currency Risk: The Fund's exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.


•  Derivatives Risk: Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures, options, swap agreements and forward contracts. Derivatives typically have economic leverage inherent in their terms. Such leverage will magnify any losses. See "Leverage/Volatility Risk" below. The primary types of derivatives in which the Fund or its Subsidiary invest in are futures contracts and forward contracts. Futures contracts and forward contracts can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held directly or indirectly by the Fund may not correlate with the underlying instrument or reference assets, or the Fund's other investments. Although the value of futures contracts and forward contracts depends largely upon price movements in the underlying instrument or reference asset, there are additional risks associated with futures contracts and forward contracts that are possibly greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk, leveraging risk and counterparty credit risk. A small position in futures contracts or forward contracts could have a potentially large impact on the Fund's performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts and options and forward contracts.


•  Emerging Market Risk: The Fund intends to have exposure to emerging markets due to the Fund's investments in certain stock index futures and foreign exchange instruments. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.


•  Equity Securities Risk: The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.


•  Fixed-Income Risk: Fixed income securities, such as U.S. Treasuries, or derivatives based on fixed income securities, are subject to credit risk and interest rate risk. Credit risk, as described more fully below, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Prices of fixed income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed income security prices and, accordingly, the Fund's returns and share price. In addition, the Fund may be subject to "call" risk, which is the risk that during a period of falling interest rates the issuer may redeem a security by repaying it early (which may reduce the Fund's income if the proceeds are reinvested at lower interest rates), and "extension" risk, which occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated (causing the value of those securities held by the Fund to fall).


•  Foreign Market Risk: As a general rule, there is less legal and regulatory protection for investors in foreign markets than that available domestically. Additionally, trading on foreign exchanges is subject to the risks presented by exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability. Some foreign derivative markets are so-called principals' markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. International trading activities are subject to foreign exchange risk.


•  General Market Risk: The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, or the Fund could underperform other investments.


•  Government Agency Risk: Direct obligations of the U.S. Government such as Treasury bills, notes and bonds are supported by its full faith and credit. Indirect obligations issued by Federal agencies and government-sponsored entities generally are not backed by the full faith and credit of the U.S. Treasury. Accordingly, while U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Some of these indirect obligations may be supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; still others are supported only by the credit of the instrumentality.


•  Government Intervention and Regulatory Changes: The recent instability in financial markets has led the government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that are exposed to extreme volatility and in some cases lack of liquidity. For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") (which was passed into law in July 2010) significantly revises and expands the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. It is unclear how these regulators will exercise these revised and expanded powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely affect the Fund or investments made by the Fund. There can be no assurance that future regulatory actions authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from the Dodd-Frank Act or other legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk.


In addition, the Dodd-Frank Act established a new regulatory structure for derivatives. If more restrictive position limits are imposed on investors in the commodity futures and other derivative markets, the Fund may be adversely affected. Similarly, changes in the regulation of foreign currency-related trading arising from the Dodd-Frank Act may make such trading more expensive for the Fund, and otherwise limit the Fund's ability to engage in such trading, which could adversely affect the Fund.


•  Interest Rate Risk: Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Manager. It is likely there will be less governmental action in the near future to maintain low interest rates. The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant.


•  Leverage/Volatility Risk: Although the Fund will not borrow funds for trading, the Fund should be considered highly leveraged and is suitable only for investors with high tolerance for investment risk. Leverage embedded in the various derivative instruments traded may result in the Fund or its Subsidiary holding positions whose face or notional value may be many times the Fund's net asset value. For example, the amount of margin funds necessary to be deposited in order to enter into a futures, forward or option contract position is typically from 2% to 10% of the total face or notional value of the contract. As a result of this leveraging, even a small movement in the price of a commodity can cause a correspondingly large profit or loss. Losses incurred on leveraged investments increase in direct proportion to the degree of leverage employed.


Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations. Consequently, you could lose all or substantially all of your investment in the Fund should the Fund's trading positions suddenly turn unprofitable.


The Fund's NAV is expected over short-term periods to be volatile because of the significant use of direct and indirect investments that have a leveraging effect. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. Rapid and dramatic price swings will result in high volatility. The Fund's returns are expected to be volatile; however, the actual or realized volatility level for longer or shorter periods may be materially higher or lower depending on market conditions and investors may suffer a significant and possibly a complete loss on their investment in the Fund.


•  Liquidity Risk: The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price.


•  Management Risk: The Manager employs systematic modeling to make investment decisions about the attractiveness, value and potential positive or negative performance of the Fund. The models employed by the Manager may prove to be inaccurate and may not produce the desired results.


•  Limited Operating History Risk: The Fund has a limited operating history upon which prospective investors can evaluate its performance.


•  New Fund Risk: As a new Fund, there can be no assurance that the Fund will grow to or maintain economically viable size.


•  Non-Diversification Risk: The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.


•  OTC Trading Risk: Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the "over-the-counter" or "OTC" market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts.


•  Portfolio Turnover Risk: The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund's exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect.


•  Regulatory Risk: Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or its Subsidiary or that could adversely impact the Fund's performance.


•  Short Sales Risk: The Fund may take a short position in a derivative instrument, such as a future, or forward, or swap or a security. A short position on a derivative instrument or security involves the risk of a theoretically unlimited increase in the value of the underlying instrument. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses.


•  Subsidiary Risk: By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund.


•  Tax Risk: In order to qualify as a regulated investment company ("RIC"), the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. The Internal Revenue Service ("IRS") has issued a ruling that income realized from certain types of commodity-linked derivatives would not be qualifying income. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the Code for qualification as a RIC, but there is a risk that the IRS could assert that the income derived from the Fund's investment in the Subsidiary and certain commodity-linked structured notes will not be considered qualifying income for purposes of the Fund remaining qualified as a RIC for U.S. federal income tax purposes. If the Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Fund would be subject to diminished returns. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiary to operate as described in this Prospectus and the Statement of Additional Information ("SAI") and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

Performance Information

Because the Fund has less than one full calendar year of performance, no performance information has been included.

XML 11 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
Label Element Value
Campbell Core Carry Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Campbell Core Carry Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The investment objective of the Campbell Core Carry Fund (the "Fund") is to seek positive absolute returns. A positive 'absolute return' seeks to earn a positive total return over a reasonable period of time regardless of market conditions or general market direction.

Expense [Heading] rr_ExpenseHeading Expenses and Fees
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (the "Shares").

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Dec. 31, 2016
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based on estimated amounts for the current fiscal year.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $1,000,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund pursues its investment objective by (i) investing its assets pursuant to the Campbell Core Carry Program; (ii) allocating up to 25% of its assets in its wholly-owned subsidiary, Campbell Core Carry Offshore Limited (the "Subsidiary"), which is organized under the laws of the Cayman Islands and employs the Manager's Campbell Core Carry Program (as described below), and (iii) allocating the remainder of its assets directly in a portfolio of investment grade securities (including government securities) for cash management purposes. Securities rated in the four highest categories by the ratings agencies are considered investment grade.


The Fund invests pursuant to the Manager's Campbell Core Carry Program, which uses quantitative modeling to develop and maintain systematic trading strategies driven by scientific analysis of financial data across global financial and commodity markets. The Campbell Core Carry strategy seeks to generate attractive risk-adjusted returns by evaluating "carry premium" in different asset classes. Carry premium is the economic benefit that one can achieve by holding or "carrying" a particular investment, less the costs associated with holding that asset. The type of economic benefit varies by asset type; for example stocks may pay dividends and bonds may pay a coupon. Certain investments may actually have a negative carry premium, meaning that the economic benefit is exceeded by the costs of holding the investment (financing costs, storage costs, etc.).


At its most basic level, a strategy that seeks to benefit from the carry premium would hold long positions on investments/markets that pay a carry premium and hold short positions on investments/markets that have a negative carry premium. The Campbell Core Carry strategy will determine whether to go long or short each investment/market by evaluating that investment/market's carry premium and other factors, including risk management as discussed below, and will gain exposure to any of the various asset types (equities, fixed income, etc.) by using derivatives rather than holding those assets directly. The Fund is generally intended to have a low correlation to the equity, bond and credit markets. There is no assurance, however, that the Fund will achieve its investment objective.


The Fund intends to trade in a broad range of instruments, including but not limited to, futures (including commodity futures, index futures, equity futures, bond futures and interest rate futures), currency forwards, options and swaps (including commodity swaps, swaps on commodity futures, equity swaps, swaps on index futures, total return swaps and interest rate swaps), either by investing directly in the instruments or, indirectly, by investing in the Subsidiary which invests in the instruments. From time to time, the Fund can have significant exposure to non-U.S. dollar denominated currencies, including emerging markets currencies.


The Manager will attempt to mitigate risk through diversification of holdings and through active monitoring of portfolio volatility, counterparties and other risk measures. Individual market positions are constrained to ensure that no one market or asset class represents an outsized portion of the Fund's portfolio risk. The Manager evaluates changes in signals daily, and execution is controlled by its intraday risk management and execution platform. The Fund may utilize proprietary or third party trading algorithms in order to minimize market impact and reduce trading costs.


The Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, (the "1940 Act") which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid securities.


Investments in the Subsidiary, which has the same investment objective as the Fund, are intended to provide the Fund with indirect exposure to futures contracts and commodities in a manner consistent with the limitations and requirements of the Internal Revenue Code of 1986, as amended (the "Code") that apply to the Fund, which limit the amount of income the Fund may receive from certain sources. Applicable federal tax requirements generally limit the degree to which the Fund may invest in the Subsidiary to an amount not exceeding 25% of its total assets. To the extent they are applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.

Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.


The principal risk factors affecting shareholders' investments in the Fund (and, indirectly, in the Subsidiary) are set forth below.


•  Strategy Risk: The profitability of any Fund investment depends primarily on the ability of the Manager to anticipate price movements in the relevant markets and underlying derivative instruments and futures contracts. Such price movements may be influenced by, among other things:


•  changes in interest rates;


•  governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies;


•  weather and climate conditions;


•  natural disasters, such as hurricanes;


•  changing supply and demand relationships;


•  changes in balances of payments and trade;


•  U.S. and international rates of inflation and deflation;


•  currency devaluations and revaluations;


•  U.S. and international political and economic events; and


•  changes in philosophies and emotions of various market participants.


The Fund may not take all of these factors into account.


The successful use of forward and futures contracts draws upon the Manager's skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures and forward contracts are:


•  Futures and forward contracts have a high degree of price variability and are subject to occasional rapid and substantial changes;


•  the imperfect correlation between the change in market value of the forward or futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts;


•  possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired;


•  possible market disruption or other extraordinary events, including but not limited to, governmental intervention;


•  potentially unlimited losses caused by unanticipated market movements;


•  the Fund's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors;


•  the possibility that the counterparty will default in the performance of its obligations; and


•  if the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its derivative instruments or close certain positions at a time when it may be disadvantageous to do so.


The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund's exposure to an asset class and may cause the value of the Fund's securities or related derivatives instruments to be volatile. Accordingly, the Fund's NAV may be volatile because of its investment exposure to the Fund.


There is no assurance that the Fund's investment in a derivative instrument with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.


•  Commodities Risk: Exposure to the commodities markets (including financial futures markets) may subject the Fund through its investment in the Subsidiary to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including changes in interest rates, supply and demand relationships and balances of payments and trade; weather and natural disasters; and governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies. The commodity markets are subject to temporary distortions and other disruptions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.


•  Counterparty Risk: The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.


•  Credit Risk: Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes.


•  Currency Risk: The Fund's exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.


•  Derivatives Risk: Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures, options, swap agreements and forward contracts. Derivatives typically have economic leverage inherent in their terms. Such leverage will magnify any losses. See "Leverage/Volatility Risk" below. The primary types of derivatives in which the Fund or its Subsidiary invest in are futures contracts and forward contracts. Futures contracts and forward contracts can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held directly or indirectly by the Fund may not correlate with the underlying instrument or reference assets, or the Fund's other investments. Although the value of futures contracts and forward contracts depends largely upon price movements in the underlying instrument or reference asset, there are additional risks associated with futures contracts and forward contracts that are possibly greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk, leveraging risk and counterparty credit risk. A small position in futures contracts or forward contracts could have a potentially large impact on the Fund's performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts and options and forward contracts.


•  Emerging Market Risk: The Fund intends to have exposure to emerging markets due to the Fund's investments in certain stock index futures and foreign exchange instruments. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.


•  Equity Securities Risk: The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.


•  Fixed-Income Risk: Fixed income securities, such as U.S. Treasuries, or derivatives based on fixed income securities, are subject to credit risk and interest rate risk. Credit risk, as described more fully below, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Prices of fixed income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed income security prices and, accordingly, the Fund's returns and share price. In addition, the Fund may be subject to "call" risk, which is the risk that during a period of falling interest rates the issuer may redeem a security by repaying it early (which may reduce the Fund's income if the proceeds are reinvested at lower interest rates), and "extension" risk, which occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated (causing the value of those securities held by the Fund to fall).


•  Foreign Market Risk: As a general rule, there is less legal and regulatory protection for investors in foreign markets than that available domestically. Additionally, trading on foreign exchanges is subject to the risks presented by exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability. Some foreign derivative markets are so-called principals' markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. International trading activities are subject to foreign exchange risk.


•  General Market Risk: The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, or the Fund could underperform other investments.


•  Government Agency Risk: Direct obligations of the U.S. Government such as Treasury bills, notes and bonds are supported by its full faith and credit. Indirect obligations issued by Federal agencies and government-sponsored entities generally are not backed by the full faith and credit of the U.S. Treasury. Accordingly, while U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Some of these indirect obligations may be supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; still others are supported only by the credit of the instrumentality.


•  Government Intervention and Regulatory Changes: The recent instability in financial markets has led the government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that are exposed to extreme volatility and in some cases lack of liquidity. For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") (which was passed into law in July 2010) significantly revises and expands the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. It is unclear how these regulators will exercise these revised and expanded powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely affect the Fund or investments made by the Fund. There can be no assurance that future regulatory actions authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from the Dodd-Frank Act or other legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk.


In addition, the Dodd-Frank Act established a new regulatory structure for derivatives. If more restrictive position limits are imposed on investors in the commodity futures and other derivative markets, the Fund may be adversely affected. Similarly, changes in the regulation of foreign currency-related trading arising from the Dodd-Frank Act may make such trading more expensive for the Fund, and otherwise limit the Fund's ability to engage in such trading, which could adversely affect the Fund.


•  Interest Rate Risk: Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Manager. It is likely there will be less governmental action in the near future to maintain low interest rates. The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant.


•  Leverage/Volatility Risk: Although the Fund will not borrow funds for trading, the Fund should be considered highly leveraged and is suitable only for investors with high tolerance for investment risk. Leverage embedded in the various derivative instruments traded may result in the Fund or its Subsidiary holding positions whose face or notional value may be many times the Fund's net asset value. For example, the amount of margin funds necessary to be deposited in order to enter into a futures, forward or option contract position is typically from 2% to 10% of the total face or notional value of the contract. As a result of this leveraging, even a small movement in the price of a commodity can cause a correspondingly large profit or loss. Losses incurred on leveraged investments increase in direct proportion to the degree of leverage employed.


Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations. Consequently, you could lose all or substantially all of your investment in the Fund should the Fund's trading positions suddenly turn unprofitable.


The Fund's NAV is expected over short-term periods to be volatile because of the significant use of direct and indirect investments that have a leveraging effect. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. Rapid and dramatic price swings will result in high volatility. The Fund's returns are expected to be volatile; however, the actual or realized volatility level for longer or shorter periods may be materially higher or lower depending on market conditions and investors may suffer a significant and possibly a complete loss on their investment in the Fund.


•  Liquidity Risk: The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price.


•  Management Risk: The Manager employs systematic modeling to make investment decisions about the attractiveness, value and potential positive or negative performance of the Fund. The models employed by the Manager may prove to be inaccurate and may not produce the desired results.


•  Limited Operating History Risk: The Fund has a limited operating history upon which prospective investors can evaluate its performance.


•  New Fund Risk: As a new Fund, there can be no assurance that the Fund will grow to or maintain economically viable size.


•  Non-Diversification Risk: The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.


•  OTC Trading Risk: Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the "over-the-counter" or "OTC" market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts.


•  Portfolio Turnover Risk: The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund's exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect.


•  Regulatory Risk: Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or its Subsidiary or that could adversely impact the Fund's performance.


•  Short Sales Risk: The Fund may take a short position in a derivative instrument, such as a future, or forward, or swap or a security. A short position on a derivative instrument or security involves the risk of a theoretically unlimited increase in the value of the underlying instrument. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses.


•  Subsidiary Risk: By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund.


•  Tax Risk: In order to qualify as a regulated investment company ("RIC"), the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. The Internal Revenue Service ("IRS") has issued a ruling that income realized from certain types of commodity-linked derivatives would not be qualifying income. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the Code for qualification as a RIC, but there is a risk that the IRS could assert that the income derived from the Fund's investment in the Subsidiary and certain commodity-linked structured notes will not be considered qualifying income for purposes of the Fund remaining qualified as a RIC for U.S. federal income tax purposes. If the Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Fund would be subject to diminished returns. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiary to operate as described in this Prospectus and the Statement of Additional Information ("SAI") and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

Risk Lose Money [Text] rr_RiskLoseMoney You could lose money on your investment in the Fund, or the Fund could underperform other investments.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Because the Fund has less than one full calendar year of performance, no performance information has been included.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Fund has less than one full calendar year of performance, no performance information has been included.
Campbell Core Carry Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution and/or Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.10% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.15%
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.90%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 12,734
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 58,627
[1] Other expenses are based on estimated amounts for the current fiscal year. Other expenses include audit, administration, custody, legal, registration, transfer agency, and miscellaneous other charges.
[2] Campbell & Company Investment Adviser LLC ("Campbell" or the "Manager") 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 1.25% of the Fund's average daily net assets. In determining the Manager'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 1.25%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2016 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund's Total Annual Fund Operating Expenses for a year are less than 1.25%, the Manager may recoup from the Fund any waived amount or other payments remitted by the Manager within three years from the date on which such waiver or reimbursement was made if such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Dec. 16, 2015
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