As filed with the Securities and Exchange Commission on October 8, 2009
Registration No. ___________
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-14
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
¨ Pre-Effective Amendment No. ___
¨ Post-Effective Amendment No. ___
(Check appropriate Box or Boxes)
THE RBB FUND, INC.
(Exact Name of Registrant as Specified in Charter)
(856)-478-4330
(Area Code and Telephone Number)
Bellevue Park Corporate Center
103 Bellevue Parkway
Wilmington, DE 19809
(Address of Principal Executive Offices)
SALVATORE FAIA
103 Bellevue Parkway
Wilmington, DE 19809
(Name and address of Agent for Service)
Copies to:
MICHAEL P. MALLOY, ESQUIRE
Drinker Biddle & Reath LLP
One Logan Square
18th & Cherry Streets
Philadelphia, PA 19103-6996
Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933.
Title of Securities Being Registered: Shares of Beneficial Interest, $.001 value
It is proposed that this filing will become effective on November 8, 2009 pursuant to Rule 488.
An indefinite amount of the Registrants securities has been registered under the Securities Act of 1933 pursuant to Rule 24f-2 under the Investment Company Act of 1940. In reliance upon such Rule, no filing fee is being paid at this time.
PERIMETER SMALL CAP GROWTH FUND
A Series of
The Advisors Inner Circle Fund II
One Freedom Valley Drive
Oaks, Pennsylvania 19456
1-888-968-4964
, 2009
Dear Shareholder:
On behalf of the Board of Trustees of The Advisors Inner Circle Fund II (the Trust), we are pleased to invite you to a special meeting of shareholders of the Perimeter Small Cap Growth Fund (the Fund) to be held at [ a.m.] (Eastern time) on [December 11, 2009] at the offices of SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456 (the Special Meeting). At the Special Meeting, you will be asked to approve an Agreement and Plan of Reorganization, dated as of , 2009 (the Reorganization Agreement), by and among the Trust, The RBB Fund, Inc. (RBB) and Perimeter Capital Management LLC (the Adviser), which contemplates the reorganization of the Fund into a corresponding fund and share classes (as listed below) of RBB (the RBB Fund).
Perimeter Small Cap Growth Fund (a series of The Advisors Inner Circle Fund II)
Investor Class Shares I Shares |
Perimeter Small Cap Growth Fund (a series of The RBB Fund, Inc.)
Investor Class Shares I Shares |
The Trustees of the Trust unanimously recommend that you vote to approve the proposed reorganization.
In considering these matters, you should note:
| Same Investment Objectives and Policies |
The RBB Fund is a newly-organized portfolio that has been created for purposes of the reorganization and has the same investment objectives and policies as those of the Fund. The Adviser will continue to serve as the investment adviser to the RBB Fund.
| Same Aggregate Value of Shares |
The RBB Fund shares you receive in the reorganization will have the same total dollar value as the total dollar value of the Fund shares that you held immediately prior to the reorganization. The exchange of Fund shares for RBB Fund shares is intended to be tax-free under federal income tax laws (although there can be no assurances that the Internal Revenue Service will take a similar position).
| Similar Fund Operating Expenses |
The Adviser is currently waiving fees and/or reimbursing expenses in order to limit the Funds total annual fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) to 1.35% and 1.10% of the Funds average daily net assets for the Investor Class Shares and I Shares, respectively. The Adviser has contractually agreed to continue to waive its advisory fee and/or reimburse expenses in order to limit total annual fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) to 1.35% and 1.10% of the RBB Funds average daily net assets for the Investor Class Shares and I Shares, respectively, through December 31, 2011.
| Similar Shareholder Services |
As a shareholder of the RBB Fund, you will have access to a wide range of shareholder services, including telephone redemption services and toll-free shareholder service support similar to the services currently available to you as a shareholder of the Fund.
| Reasons for the Reorganization |
In July 2009, the Adviser notified the Trustees of the Trust that, after exploring various alternatives for the Fund, it was recommending that the Trustees approve the reorganization of the Fund into the RBB Fund. Based on estimated expenses, the Adviser expects shareholders to benefit from the lower expenses of the RBB Fund. The Adviser has agreed to waive fees and reimburse expenses as necessary to limit the RBB Funds total annual fund operating expenses as described above through December 31, 2011. In addition, the RBB Fund will implement a securities lending program which the Adviser believes will provide the opportunity for greater return to shareholders. The Adviser also expects the RBB Fund to realize greater efficiency due to the fact that most of RBBs service providers are affiliated entities.
After reviewing and considering, with the assistance of independent legal counsel, a number of factors relating to RBB and the RBB Fund, the Trustees of the Trust determined that the reorganization of the Fund into the RBB Fund is in the best interest of the shareholders of the Fund.
To see how the reorganization will affect the Fund, please carefully review the enclosed materials where you will find information on the expenses, investment policies and services relating to the RBB Fund.
* * * * *
2
The formal Notice of Special Meeting, a Combined Proxy Statement/Prospectus, a Proxy Ballot and the applicable RBB Fund prospectus(es) are enclosed. Please be sure to vote and return the Proxy Ballot.
Whether or not you plan to attend the Special Meeting, you may vote by proxy in any of the following ways:
1. | InternetInstructions for casting your vote via the Internet can be found in the enclosed proxy voting materials. The required control number is printed on your enclosed Proxy Ballot. If this feature is used, you are giving authorization for another person to execute your proxy and there is no need to mail the Proxy Ballot. |
2. | TelephoneInstructions for casting your vote via telephone can be found in the enclosed proxy voting materials. The toll-free telephone number and required control number are printed on your enclosed Proxy Ballot. If this feature is used, you are giving authorization for another person to execute your proxy and there is no need to mail the Proxy Ballot. |
3. | By mailIf you vote by mail, please indicate your voting instructions on the enclosed Proxy Ballot, date and sign the Proxy Ballot, and return it in the envelope provided, which is addressed for your convenience and needs no postage if mailed in the United States. |
Please return your Proxy Ballot or follow the instructions in the enclosed materials to vote on-line or by telephone so that your vote will be counted.
Your vote is important to us regardless of the number of shares that you own. Please vote by returning your Proxy Ballot today in the enclosed postage-paid envelope. You also may vote your proxy by a toll-free phone call or by voting on-line, as indicated in the enclosed materials.
The proposed reorganization and the reasons for the Trustees unanimous recommendation are discussed in detail in the enclosed materials, which you should read carefully. If you have any questions about the reorganization, please do not hesitate to contact the Trust toll free at [1-888-968-4964].
We look forward to your attendance at the Special Meeting or receiving your Proxy Ballot or your on-line or telephone instructions so that your shares may be voted at the Special Meeting.
Sincerely, |
Philip T. Masterson President |
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THE ADVISORS INNER CIRCLE FUND II
THE RBB FUND, INC.
, 2009
Questions & Answers
For Shareholders of the Perimeter Small Cap Growth Fund:
The following questions and answers provide an overview of the proposal to reorganize your portfolio of The Advisors Inner Circle Fund II (the Trust) into a corresponding portfolio of The RBB Fund, Inc. (RBB) We also encourage you to read the full text of the combined proxy statement/prospectus (the Proxy/Prospectus) that follows.
Q: | What are shareholders being asked to vote upon? |
A: Shareholders are being asked in the attached Proxy/Prospectus to consider and approve a proposal to reorganize the Perimeter Small Cap Growth Fund (the Fund) offered by the Trust into a corresponding portfolio offered by RBB (the RBB Fund). Shareholders of the Fund will vote on the proposal together as a single class.
Q: | Why has the reorganization of the Fund into the RBB Fund been recommended? |
A: The Trustees of the Trust have determined that the reorganization of the Fund into the RBB Fund is in the best interest of the shareholders of the Fund. In July 2009, Perimeter Capital Management LLC (the Adviser) notified the Trustees of the Trust that, after exploring alternatives for the Fund, it was recommending that the Trustees approve the reorganization of the Fund into the RBB Fund.
After reviewing and considering, with the assistance of independent legal counsel, a number of factors relating to RBB and the RBB Fund, the Trustees of the Trust determined that the reorganization of the Fund into the RBB Fund is in the best interest of the shareholders of the Fund.
All of the expenses of the proposed reorganization of the Fund into the RBB Fund will be paid by the Adviser or RBB, except for the fees paid to governmental authorities for registering or qualifying the shares of the RBB Fund to be issued in connection with the reorganization, which fees will be paid by the RBB Fund.
Q: | What is the anticipated timing of the reorganization? |
A: The Special Meeting of shareholders to consider the proposal is scheduled to occur on [December 11, 2009]. If all necessary approvals are obtained, the proposed reorganization will likely take place on [December 14, 2009].
Q: | Who will receive the Proxy/Prospectus material? |
A: The Proxy/Prospectus has been mailed to all persons and entities that held shares of record in the Fund on [October 22, 2009]. Please note that in some cases record ownership of and/or voting authority over Fund shares may reside with a fiduciary or other agent. In these cases, the fiduciary or other agent may receive the combined Proxy/Prospectus.
Q: | How is the Fund proposed to be reorganized? |
A: The Agreement and Plan of Reorganization (Reorganization Agreement) for the Fund, approved by the Trustees of the Trust, contemplates the reorganization of the Fund into a corresponding fund and share classes of RBB having the same investment objectives and policies as the Fund. The Perimeter Small Cap Growth Fund is a newly organized portfolio of RBB that has been created for purposes of the reorganization and will not commence operations until the date of the reorganization.
Q: | Which class of shares of the RBB Fund will I receive in the reorganization? |
A: Holders of Investor Class Shares of the Fund will receive Investor Class Shares of the RBB Fund and holders of I Shares of the Fund will receive I Shares of the RBB Fund.
If the reorganization is approved by shareholders, Fund shareholders who do not wish to have their shares exchanged for shares of the RBB Fund as part of the reorganization should redeem their shares prior to the consummation of the reorganization. If you redeem your shares, you will recognize a taxable gain or loss based on the difference between your tax basis in the shares and the amount you receive for them.
Q: | What are the federal tax implications to shareholders in connection with the proposed reorganization? |
A: Shareholders of the Fund are not expected to recognize gain or loss for federal income tax purposes on the exchange of their shares for the shares of the RBB Fund in the reorganization. The cost basis and holding period of the Funds shares are expected to carry over to your new shares in the RBB Fund.
You should consult your own tax advisor regarding other federal, state or local tax consequences of the reorganization.
PERIMETER SMALL CAP GROWTH FUND
A Series of
The Advisors Inner Circle Fund II
One Freedom Valley Drive
Oaks, Pennsylvania 19456
1-888-968-4964
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
To Be Held On [December 11, 2009]
To Shareholders of the Perimeter Small Cap Growth Fund:
NOTICE IS GIVEN THAT a special meeting of the shareholders (the Special Meeting) of the Perimeter Small Cap Growth Fund (the Fund) of The Advisors Inner Circle Fund II (the Trust), will be held at [ a.m.] (Eastern time) on [December 11, 2009] at the offices of SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456 for the purpose of considering and voting upon:
ITEM 1. A proposal to approve an Agreement and Plan of Reorganization by and among the Trust, The RBB Fund, Inc. (RBB) and Perimeter Capital Management LLC, which provides for and contemplates: (1) the transfer of all of the assets and liabilities of the Fund to a corresponding investment portfolio of RBB (the RBB Fund) in exchange for shares of the designated classes of the RBB Fund; (2) the distribution of the shares of designated classes of the RBB Fund to the shareholders of the Fund; and (3) the subsequent liquidation and termination of the Fund.
Item 1 is described in the attached Combined Proxy Statement/Prospectus. Your Trustees unanimously recommend that you vote in favor of the proposal.
Shareholders of record as of the close of business on [October 22, 2009] are entitled to notice of, and to vote at, the Special Meeting or any adjournment(s) thereof.
You are requested to mark, date, sign and return promptly in the enclosed envelope the accompanying proxy ballot(s) that is/are being solicited by the Trustees of the Trust. This is important to ensure a quorum at the Special Meeting. You also may return proxies by: 1) touch-tone telephone voting or 2) voting on-line. Proxies may be revoked at any time before they are exercised by submitting to the Trust a written notice of revocation or a subsequently executed proxy or by attending the Special Meeting and voting in person.
IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIALS FOR THE SPECIAL MEETING OF SHAREHOLDERS TO
BE HELD ON [DECEMBER 11, 2009]
[The proxy statement and prospectus are available at .]
By Order of the Board of Trustees, |
Joseph Gallo Secretary |
We need your proxy vote immediately. You may think that your vote is not important, but it is. By law, the Special Meeting will have to be adjourned without conducting any business if a majority of the shares of the Fund entitled to vote in person or by proxy at the meeting are not represented at the meeting. In that event, the Trust would continue to solicit votes for a certain period of time in an attempt to achieve a quorum. Your vote could be critical in allowing the Trust to hold the Special Meeting as scheduled, so please return your proxy ballot(s) immediately or vote on-line or by telephone.
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COMBINED PROXY STATEMENT/PROSPECTUS
, 2009
PERIMETER SMALL CAP GROWTH FUND
A Series of
The Advisors Inner Circle Fund II
One Freedom Valley Drive
Oaks, Pennsylvania 19456
PERIMETER SMALL CAP GROWTH FUND
A Series of
The RBB Fund, Inc.
Bellevue Park Corporate Center
301 Bellevue Parkway
Wilmington, Delaware 19809
1-888-968-4964
This combined proxy statement/prospectus (Proxy/Prospectus) is being sent to shareholders of the Perimeter Small Cap Growth Fund (the Fund), a series of The Advisors Inner Circle Fund II, a Massachusetts business trust (the Trust). The Trustees of the Trust (the Trustees) have called a Special Meeting of Shareholders of the Fund (the Special Meeting) to be held at the offices of SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456 on [December 11, 2009] at [ a.m.] Eastern time.
At the Special Meeting, shareholders of the Fund will be asked:
| To approve an Agreement and Plan of Reorganization (the Reorganization Agreement) by and between the Trust, The RBB Fund, Inc. (RBB) and Perimeter Capital Management LLC (Perimeter or the Adviser), which provides for and contemplates: (1) the transfer of all of the assets and liabilities of the Fund to a corresponding investment portfolio of RBB (the RBB Fund) in exchange for shares of the designated classes of the RBB Fund; (2) the distribution of the shares of designated classes of the RBB Fund to the shareholders of the Fund; and (3) the subsequent liquidation and termination of the Fund. |
Reorganization Agreement. The Reorganization Agreement, which is attached as Appendix A, provides for the transfer of all of the assets and liabilities of the Fund to the RBB Fund in exchange for Investor Class Shares or I Shares of the RBB Fund, as applicable (as listed below).
Perimeter Small Cap Growth Fund (a series of The Advisors Inner Circle Fund II)
Investor Class Shares I Shares |
Perimeter Small Cap Growth Fund (a series of The RBB Fund, Inc.)
Investor Class Shares I Shares |
The Trust and RBB are both registered, open-end management investment companies (mutual funds). As a result of the reorganization, shareholders of the Fund will become shareholders of the RBB Fund (the Fund and the RBB Fund are sometimes referred to as Funds). The transactions contemplated by the Reorganization Agreement are referred to collectively as the Reorganization.
The Perimeter Small Cap Growth Fund is a newly organized portfolio of RBB that has been created for purposes of the Reorganization and will not commence operations until the date of the Reorganization. The RBB Fund has the same investment objectives and policies as those of the Fund. Perimeter will continue to serve as the investment adviser to the RBB Fund.
This Proxy/Prospectus sets forth concisely the information that a Fund shareholder should know before voting on the Reorganization and investing in the RBB Fund, and should be retained for future reference. It is both the Funds proxy statement for the Special Meeting and a prospectus for the RBB Fund.
Additional information about the Fund is set forth in the Statement of Additional Information dated , 2009 relating to this Proxy/Prospectus and in the Funds prospectuses dated November 28, 2008, which you have previously been given or sent, and are incorporated herein by reference. Each of these documents is on file with the U.S. Securities and Exchange Commission (the SEC), and is available without charge by calling 1-888-968-4964 or by writing the Trust at the following address: The Advisors Inner Circle Fund II, One Freedom Valley Drive, Oaks, Pennsylvania 19456.
The information contained in the current prospectuses for the Investor Class Shares and I Shares of the RBB Fund dated , 2009 is also incorporated by reference into this Proxy/Prospectus. Each of these documents is on file with the SEC, and is available without charge by calling or writing RBB at the telephone number stated above or by writing RBB at the following address: Perimeter Small Cap Growth Fund, c/o PNC Global Investment Servicing (U.S.) Inc., PO Box 9809, Providence, RI 02940. In addition, a current prospectus for the RBB Fund accompanies this Proxy/Prospectus.
The Annual Report for the Fund for the year ended July 31, 2009 can be obtained without charge by calling the Trust at the telephone number stated above or by writing the Trust at the following address: The Advisors Inner Circle Fund II, One Freedom Valley Drive, Oaks, Pennsylvania 19456. This document, together with other information about the Fund and the RBB Fund, is also available on the SECs website at www.sec.gov.
This Proxy/Prospectus is expected to be first sent to shareholders on or about [November 10, 2009].
An investment in the Fund or the RBB Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An investment in either Fund involves investment risk, including the possible loss of principal.
The SEC has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Proxy/Prospectus. Any representation to the contrary is a criminal offense.
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PROXY STATEMENT/PROSPECTUS
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14 | ||
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20 | ||
Shareholder Transactions and Services of the Fund and the RBB Fund |
21 | |
24 | ||
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25 | ||
27 | ||
28 | ||
A-1 |
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The following is a summary of certain information contained in this Proxy/Prospectus and the Reorganization Agreement. The Reorganization Agreement governs the terms of the Reorganization and is attached as Appendix A.
Boards Consideration of the Reorganization
At a meeting held on August 12, 2009, the Trustees of the Trust considered the Reorganization Agreement and the Reorganization of the Fund into the RBB Fund. Based upon their evaluation of the information presented to them, and in light of their fiduciary duties under federal and state law, the Trustees of the Trust, including all of the non-interested Trustees (as defined in the Investment Company Act of 1940, as amended (the 1940 Act)), who were represented by independent legal counsel, determined that participation in the Reorganization, as contemplated by the Reorganization Agreement, was in the best interests of the shareholders of the Fund and that the interests of the existing shareholders of the Fund will not be diluted as a result of the Reorganization. For additional information, see Information About the ReorganizationTrustees Considerations.
The Trustees of the Trust unanimously recommend that shareholders of the Fund approve the Reorganization Agreement.
At a meeting held on August 17, 2009, the Board of Directors of RBB similarly found that participation in the Reorganization is in the best interests of the RBB Fund and that the interests of the shareholders of the RBB Fund will not be diluted as a result of the Reorganization.
The Reorganization Agreement provides for a Reorganization involving the Fund and the RBB Fund. The RBB Fund is a newly organized series of RBB that has been created for purposes of the Reorganization and will not commence operations until the date of the Reorganization. The RBB Fund has the same investment objectives and policies as those of the Fund.
As set forth in the Reorganization Agreement, the Reorganization between the Fund and the RBB Fund would involve:
| The transfer of all assets and liabilities of the Fund to the RBB Fund in exchange for shares of the RBB Fund having aggregate values equal to the net asset values of the corresponding shares of the Fund as of the close of business on the business day immediately preceding the closing date; |
| The distribution of the RBB Fund shares to each holder of the corresponding shares of the Fund as of the closing date; and |
| The liquidation and termination of the Fund. |
As a result of the Reorganization, each Fund shareholder will become a shareholder of the RBB Fund and will hold, immediately after the Reorganization, RBB Fund shares having a total dollar value equal to the total dollar value of the shares such shareholder held in the Fund immediately prior to the effectiveness of the Reorganization. The exchange of shares in the Reorganization is intended to be tax-free under federal income tax laws (although there can be no assurances that the Internal Revenue Service will take a similar position) and shareholders of the Fund will not pay any sales charge as a result of the exchange of the shares in the Reorganization.
If approved, the Reorganization will occur as of the opening of business on or about [December 14, 2009], or another date selected by the Trust and RBB. Approval of the Reorganization requires the approval of the holders of the lesser of (1) more than 50% of the outstanding shares of the Fund or (2) 67% or more of the shares
4
of the Fund present at the Special Meeting if more than 50% of the outstanding shares of the Fund are represented at the Special Meeting in person or by proxy. See Information about the Reorganization and Voting Information below.
In July 2009, the Adviser notified the Trustees of the Trust that, after exploring various alternatives for the Fund, it was recommending that the Trustees approve the Reorganization of the Fund into the RBB Fund. Based on estimated expenses, the Adviser expects shareholders to benefit from the lower expenses of the RBB Fund. The Adviser has agreed to waive fees and reimburse expenses as necessary to limit the RBB Funds total annual fund operating expenses to 1.35% and 1.10% of the RBB Funds average daily net assets for the Investor Class Shares and I Shares, respectively, through December 31, 2011. In addition, the RBB Fund will implement a securities lending program which the Adviser believes will provide the opportunity for greater return to shareholders. The Adviser also expects the RBB Fund to realize greater efficiency due to the fact that most of RBBs service providers are affiliated entities.
The Trustees reviewed and considered, with the assistance of independent legal counsel, a number of factors relating to RBB and the RBB Fund. For these reasons and additional reasons set forth below under Information About the Reorganization Considerations of the Trustees of the Trust the Trustees of the Trust unanimously recommend the approval of the proposed Reorganization by the Funds shareholders.
Federal Income Tax Consequences of the Reorganization
It is contemplated that the Reorganization will not result in the recognition, for federal income tax purposes, of gain or loss by the Fund, the RBB Fund or their respective shareholders.
As a condition to the closing of the Reorganization, the Trust and RBB will receive an opinion from RBBs counsel, Drinker Biddle & Reath LLP (based on certain facts, qualifications, assumptions and representations) to the effect that the Reorganization, for federal income tax purposes, will qualify as a tax-free reorganization within the meaning of Section 368(a)(1)(F) of the Internal Revenue Code of 1986, as amended (the Code). See Information About the ReorganizationFederal Income Tax Consequences, below.
Comparison of Fees and Expenses
The Fund and RBB Fund Expenses
Expense Ratio Tables. Expenses of mutual funds are often measured by their expense ratios (i.e., the ratio of their total expenses for a year divided by their average daily net asset value over the same year). The total expenses of the Fund differ from the expenses of the RBB Fund.
The following tables: (1) compare the fees and expenses for the Fund and the RBB Fund based on actual expenses for a recent twelve month period and (2) show the estimated fees and expenses for the RBB Fund on a pro forma basis after giving effect to the Reorganization. The purpose of these tables is to assist shareholders in understanding the various costs and expenses that investors in the Fund will bear as shareholders of the RBB Fund. The tables enable you to compare and contrast the recent expense levels for the Fund and the RBB Fund and obtain a general idea of what the expense levels would be if the Reorganization occurs. The tables do not reflect any charges that may be imposed by institutions directly on their customer accounts in connection with investments in the Fund or the RBB Fund. Pro forma expense levels shown should not be considered an actual representation of future expenses or performance. Such pro forma expense levels project anticipated levels but actual expenses may be greater or less than those shown.
The Funds annual operating expenses are based on actual expenses for the twelve months ended July 31, 2009. The RBB Fund and Combined Fund pro forma expense ratios are constructed by assuming that the Reorganization occurred on August 1, 2008 and represent the estimated hypothetical expenses of the RBB Fund for the twelve months ended July 31, 2009.
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For financial statement purposes the Fund will be the accounting survivor of the Reorganization. As the accounting survivor, the Funds operating history will be used for financial reporting purposes.
Example Tables. Following the expense ratio tables are expense examples intended to help you compare and contrast the cost of investing in: (1) the Fund as it currently exists, (2) the RBB Fund as it currently exists, and (3) the RBB Fund if it acquires the Fund (i.e., the pro forma figure).
The examples depict the dollar amount of expenses on a hypothetical investment in the Fund, the RBB Fund and the Combined Fund for the periods shown. In the pro forma line, the dollar figures shown are computed based on the total operating expense figures from the corresponding expense ratio table and do not reflect any voluntary expense waivers or reimbursement.
PERIMETER SMALL CAP GROWTH FUNDINVESTOR CLASS SHARES AND CLASS I SHARES
The Fund | The RBB Fund | Combined Fund Pro Forma | ||||||||||||||||
Investor Class Shares |
I Shares | Investor Class Shares |
I Shares | Investor Class Shares |
I Shares | |||||||||||||
Shareholder Fees (fees paid directly from your investment): |
||||||||||||||||||
Maximum Sales Charge Imposed on Purchases |
None | None | None | None | None | None | ||||||||||||
Maximum Deferred Sales Charge |
None | None | None | 1 | None | None | None | |||||||||||
Maximum Sales Charge Imposed on Reinvested Dividends |
None | None | None | None | None | None | ||||||||||||
Redemption Fee |
2.00 | %(1) | 2.00 | %(1) | 2.00 | %(2) | 2.00 | %(2) | 2.00 | %(2) | 2.00 | %(2) | ||||||
Exchange Fee |
None | None | None | None | None | None | ||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): |
||||||||||||||||||
Management Fees |
0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||
Distribution (12b-1) Fees |
None | None | 0.25 | % | None | 0.25 | % | None | ||||||||||
Other Expenses |
0.51 | %(3)(4) | 0.46 | %(4) | 0.25 | %(4) | 0.25 | %(4) | 0.25 | %(4) | 0.25 | %(4) | ||||||
Total Annual Fund Operating Expenses |
1.41 | %(5) | 1.36 | %(6) | 1.40 | %* | 1.15 | %* | 1.40 | %* | 1.15 | %* | ||||||
Fee Waivers and Expense Reimbursements |
| (5) | | (6) | (0.05 | )%(7) | (0.05 | )%(7) | (0.05 | )%(7) | (0.05 | )%(7) | ||||||
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements |
1.41 | % | 1.36 | % | 1.35 | % | 1.10 | % | 1.35 | % | 1.10 | % |
| Proceeds wired to your bank account may be subject to a $10 fee. |
* | Shareholders requesting redemptions by wire are charged a transaction fee of $7.50. A $15.00 custodial maintenance fee is charged per IRA account per year. |
(1) | This redemption fee will be imposed on shares of the Fund redeemed within seven days of purchase unless the redemption is excluded under the Funds Redemption Fee Policy. This fee is not a sales charge and is payable directly to the Fund. |
(2) | To prevent the RBB Fund from being adversely affected by the transaction costs associated with short-term shareholder transactions, the RBB Fund will redeem shares at a price equal to the net asset value of the shares, less an additional transaction fee equal to 2.00% of the net asset value of all such shares redeemed within seven days of purchase. |
(3) | Other expenses include shareholder servicing fees of up to 0.25% of the Investor Class Shares average daily net assets. |
(4) | Other expenses include audit, administration, custody, legal, registration, transfer agency and miscellaneous other charges for the Investor Class Shares and I Shares, respectively. Other expenses for the RBB Fund and Combined Fund Pro Forma reflect the estimated expenses assuming the Reorganization occurred on August 1, 2008. |
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(5) | Effective June 1, 2009, the Adviser has voluntarily agreed to reduce its fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding, as a percentage of the Funds Investor Class Shares average daily net assets, 1.10% plus the amount of any shareholder servicing fees paid by the Fund up to 0.25%. The Adviser may discontinue all or part of its fee reductions or expense reimbursements at any time. If at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and 1.10% plus the amount of any shareholder servicing fees paid by the Fund up to 0.25% to recapture all or a portion of its reductions and reimbursements made during the preceding three-year period. |
(6) | Effective June 1, 2009, the Adviser has voluntarily agreed to reduce its fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and expenses) from exceeding 1.10% of the Funds I Shares average daily net assets. The Adviser may discontinue all or part of its fee reductions or expense reimbursements at any time. If at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and 1.10% to recapture all or a portion of its reductions and reimbursements made during the preceding three-year period. |
(7) | The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (other than acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) to 1.35% and 1.10% of the RBB Funds average daily net assets for the Investor Class Shares and I Shares, respectively, through December 31, 2011. If at any time during the first three years the advisory agreement between the Adviser and RBB on behalf of the RBB Fund is in effect, the RBB Funds Total Annual Fund Operating Expenses for that year are less than 1.35% or 1.10% for the Investor Class Shares and I Shares, respectively, the Adviser is entitled to reimbursement by the RBB Fund of the advisory fees waived and other payments remitted by the Adviser to the Fund. |
Examples
The following examples are intended to help you compare the cost of investing in: (1) the Fund as it currently exists; (2) the RBB Fund as it currently exists; and (3) the RBB Fund if it acquires the Fund (i.e., the Combined Fund Pro Forma) with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in Investor Class Shares or I Shares of the Fund, the RBB Fund or the Combined Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5% return each year, that the Funds, RBB Funds or Combined Funds operating expenses remain the same and that all dividends and other distributions are reinvested. The examples reflect contractual waivers for the stated period, but do not reflect any voluntary fee waivers and/or reimbursements. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 year | 3 years | 5 years | 10 years | |||||||||
The Fund |
||||||||||||
Investor Class Shares |
$ | 144 | $ | 446 | $ | 771 | $ | 1,691 | ||||
I Shares |
$ | 138 | $ | 431 | $ | 745 | $ | 1,635 | ||||
The RBB Fund |
||||||||||||
Investor Class Shares |
$ | 137 | $ | 433 | $ | 756 | $ | 1,671 | ||||
I Shares |
$ | 112 | $ | 355 | $ | 623 | $ | 1,388 | ||||
Combined Fund Pro Forma |
||||||||||||
Investor Class Shares |
$ | 137 | $ | 433 | $ | 756 | $ | 1,671 | ||||
I Shares |
$ | 112 | $ | 355 | $ | 623 | $ | 1,388 |
The examples should not be considered a representation of future expenses which may be more or less than those shown. The assumed 5% annual return is hypothetical and should not be considered a representation of past or future annual return. Actual return may be greater or less than the assumed amount. In addition, while the projected post-Reorganization pro forma Annual Fund Operating Expenses and Example Expenses presented
7
above represent good faith estimates, there can be no assurance that any particular level of expenses or expense savings will be achieved because expenses depend on a variety of factors, including the future level of the RBB Funds assets, many of which are beyond the control of RBB and the Adviser.
Overview of the Fund and the RBB Fund
Comparison of Investment Objectives
The investment objective of the Fund is identical to that of the RBB Fund, that is to seek long-term capital appreciation. The investment objective, policies and restrictions of the Fund are the same as those of the RBB Fund. For additional information, see Comparison of the Fund and the RBB FundInvestment Objectives and Principal StrategiesInvestment Restrictions.
Service Providers
Perimeter Capital Management LLC (Perimeter or the Adviser) currently serves as the investment adviser to the Fund and will serve as the investment adviser to the RBB Fund.
The Fund and the RBB Fund have different administrators, distributors, transfer agents and other service providers. For a detailed description of the management of the RBB Fund, including the investment adviser and other service providers to the RBB Fund, see Comparison of the Fund and the RBB Fund The Investment Adviser and Advisory Fee Information, Comparison of the Fund and the RBB Fund Other Service Providers, and the RBB Funds prospectus(es) which accompany this Proxy/Prospectus.
Share Class Characteristics and Shareholder Transactions and Services
Sales Load, Distribution and Shareholder Servicing Arrangements for the Fund
Investor Class Shares. Investor Class Shares of the Fund are offered at net asset value with no front-end or contingent deferred sales charges. The Fund has adopted a shareholder servicing plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.25% based on the average daily net assets of Investor Class Shares. The Fund does not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Fund, Perimeter or its affiliates may, at their own expense, pay financial intermediaries for these and other services to Fund shareholders.
Investor Class Shares of the Fund are subject to a 2.00% redemption fee on the redemption of shares within seven days of purchase unless the redemption is excluded under the Funds Redemption Fee Policy.
I Shares. I Shares of the Fund are offered at net asset value with no front-end or contingent deferred sales charges. I Shares are not subject to fees payable under a distribution plan or shareholder servicing plan.
I Shares of the Fund are subject to a 2.00% redemption fee on the redemption of shares within seven days of purchase unless the redemption is excluded under the Funds Redemption Fee Policy.
Sales Load, Distribution and Shareholder Servicing Arrangements for the RBB Fund
Investor Class Shares. Investor Class Shares of the RBB Fund are offered at net asset value with no front-end or contingent deferred sales charges. The RBB Fund has adopted a distribution and service plan (the RBB Investor Class Plan) under which Investor Class Shares of the RBB Fund bear distribution and service fees paid to authorized dealers and PFPC Distributors, Inc. (PFPC), the RBB Funds principal underwriter. Under the RBB Investor Class Plan, PFPC is entitled to a monthly fee from the RBB Fund for distribution services equal, on an annual basis, to 0.25% of the average daily net assets of the RBB Fund attributable to Investor Class Shares. The distribution fees are subject to the requirements of Rule 12b-1 under the 1940 Act,
8
and may be used (among other things) for: (1) compensation for PFPCs services in connection with Investor Class distribution assistance; or (2) a source of payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and PFPCs affiliates and subsidiaries as compensation for services or reimbursement of expenses incurred in connection with Investor Class distribution assistance.
Investor Class Shares of the RBB Fund are subject to a 2.00% redemption fee on the redemption of shares within seven days of purchase unless the redemption is excluded under the RBB Funds Redemption Fee Policy. Investor Class Shares of the RBB Fund issued on the closing date of the Reorganization to Fund shareholders in connection with the Reorganization will not be subject to the redemption fee. However, new purchases of Investor Class Shares of the RBB Fund made by former Fund shareholders on or after the closing date of the Reorganization will be subject to the redemption fee unless the redemption fee is excluded under the RBB Funds Redemption Fee Policy.
I Shares. I Shares of the RBB Fund are offered at net asset value with no front-end or contingent deferred sales charges. I Shares are not subject to a distribution plan or shareholder servicing plan.
I Shares of the RBB Fund are subject to a 2.00% redemption fee on the redemption of shares within seven days of purchase unless the redemption is excluded under the RBB Funds Redemption Fee Policy. I Shares of the RBB Fund issued on the closing date of the Reorganization to Fund shareholders in connection with the Reorganization will not be subject to the redemption fee. However, new purchases of I Shares of the RBB Fund made by former Fund shareholders on or after the closing date of the Reorganization will be subject to the redemption fee unless the redemption fee is excluded under the RBB Funds Redemption Fee Policy.
The Trustees of the Trust are furnishing this Proxy/Prospectus in connection with the solicitation of proxies. Only shareholders of record at the close of business on [October 22, 2009], will be entitled to vote at the Special Meeting. Shares represented by a properly executed proxy will be voted in accordance with the instructions thereon. If no instruction is made, the named proxies will vote in favor of the proposal set forth in the Notice of Meeting. Proxies may be revoked at any time before they are exercised by submitting to the Trust a written notice of revocation or a subsequently executed proxy or by attending the Special Meeting and voting in person. For additional information, see Voting Information below.
Comparison of Risks of Investing
An investment in the Fund or the RBB Fund is subject to specific risks arising from the types of securities in which the Fund or the RBB Fund invests and general risks arising from investing in any mutual fund. There is no assurance that the Fund or the RBB Fund will meet its investment objective, and investors could lose money by investing in the Fund or the RBB Fund. As with all mutual funds, an investment in the Fund or the RBB Fund is not insured or guaranteed by the U.S. Government, FDIC, Federal Reserve Board or any other government agency.
Since the Fund and the RBB Fund (collectively, the Funds) purchase equity securities, the Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Funds.
9
The Funds are also subject to the risk that small capitalization (small-cap) stocks may underperform other segments of the equity market or the equity market as a whole. The small-cap companies that the Funds invest in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small-cap companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. Because the Funds may invest in American Depository Receipts, they are subject to some of the same risks as direct investments in foreign companies. These include the risk that political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States.
More information about certain types of portfolio securities and investment techniques, and their associated risks, is provided in the prospectuses of the RBB Fund. You should consider the investment risks discussed in the prospectuses of the RBB Fund which are important to your investment choice.
INFORMATION ABOUT THE REORGANIZATION
Significant features of the Reorganization are summarized below. This summary is qualified in its entirety by reference to the Reorganization Agreement which is attached as Appendix A.
The Trustees of the Trust have determined that the Reorganization is in the best interest of the shareholders of the Fund, and that the interests of the existing shareholders of the Fund will not be diluted as a result of the Reorganization. The Trustees have also considered and unanimously approved the terms and conditions of the Reorganization Agreement. The following sets forth in greater detail the steps taken by the Trustees in arriving at these conclusions.
In July 2009, the Adviser notified the Trustees of the Trust that, after exploring alternatives for the Fund, it was recommending that the Trustees approve the Reorganization of the Fund into the RBB Fund. Based on estimated expenses, the Adviser expects shareholders to benefit from the lower expenses of the RBB Fund. The Adviser has agreed to waive fees and reimburse expenses as necessary to limit the RBB Funds total annual fund operating expenses to 1.35% and 1.10% of the RBB Funds average daily net assets for the Investor Class Shares and I Shares, respectively, through December 31, 2011. In addition, the RBB Fund will implement a securities lending program which the Adviser believes provides the opportunity for greater return to shareholders. The Adviser also expects the RBB Fund to realize greater efficiency due to the fact that most of RBBs service providers are affiliated entities.
At a meeting of the Board of Trustees held on August 12, 2009, the Trustees of the Trust discussed the Reorganization with representatives of the Adviser who participated by telephone. In advance of the meeting, materials were provided to the Trustees by the Adviser and independent legal counsel.
The Board of Trustees considered (with the advice and assistance of independent legal counsel) the following matters, among others and in no order of priority, in approving the proposal.
| The investment objective and investment strategies and policies of the RBB Fund are the same as those of the Fund. |
| Shareholders of the Fund will experience continuity in portfolio management because Perimeter, the investment adviser to the Fund, will continue to manage the RBB Funds assets on a day-to-day basis as the investment adviser to the RBB Fund. |
10
| The Adviser has contractually agreed to continue to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (other than acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.35% and 1.10% of the RBB Funds average daily net assets for the Investor Class Shares and I Shares, respectively, through December 31, 2011. |
| The Reorganization is intended to be tax-free for federal income tax purposes for the Fund and its shareholders (although no assurances can be given that the Internal Revenue Service will take a similar position). |
| The costs of the Reorganization (except for fees paid to governmental authorities for registering or qualifying shares of the RBB Fund to be issued in connection with the Reorganization, which fees will be paid by the RBB Fund) will not be borne by the Fund. |
| Because the RBB Fund will be the accounting successor to the Fund and will assume the Funds performance record, the Adviser expects to be able to increase the RBB Funds assets at a faster rate than would otherwise be possible if it began offering a fund with similar objectives with no historical performance record. That expected asset growth benefits the Adviser by increasing its management fees and accelerating the point at which management of the RBB Fund is profitable to the Adviser. It is anticipated that, if Fund assets increase, shareholders might also benefit from certain economies of scale that the Fund may not otherwise realize at its current asset levels. |
| The expected post-Reorganization expenses of the RBB Fund are expected to be substantially similar to the expenses of the Fund. In this regard, the Trustees noted that the fee waivers and expense reimbursement arrangement currently in place for the Fund will continue for a period of at least two (2) years from the date of the Reorganization. Whereas Investor Class Shares of the Fund currently pay a shareholder servicing fee at a rate of up to 0.25% per year of the average daily net assets of Investor Class Shares of the Fund, Investor Class Shares of the RBB Fund would pay a distribution (12b-1) fee at a rate of 0.25% per year of the average daily net assets of Investor Class Shares of the Fund. |
The Trustees determined that the Reorganization is in the best interest of the shareholders of the Fund, and that the interests of the existing shareholders of the Fund would not be diluted as a result of the Reorganization. The Trustees also considered and unanimously approved the terms and conditions of the Reorganization Agreement.
The following summary of the Reorganization Agreement is qualified in its entirety by reference to the Reorganization Agreement attached to this Proxy/Prospectus as Appendix A.
The Reorganization Agreement provides that with respect to the Fund: (1) all of the Funds assets will be acquired, and all of the liabilities of the Fund will be assumed, by the RBB Fund in exchange for Investor Class Shares and I Shares of the RBB Fund (collectively, Acquisition Shares), (2) Acquisition Shares received will be distributed to the shareholders of the Fund, and (3) the Fund will liquidate.
Subject to the satisfaction of the conditions described below, the Reorganization is scheduled to occur immediately prior to the opening of business on [December 14, 2009] or on such later date as the parties may agree (the Closing Date).
With respect to the Reorganization, each shareholder of the Fund will receive the number of full and fractional (to the third decimal place) Acquisition Shares (Investor Class Shares in the case of the holders of Investor Class Shares of the Fund and I Shares in the case of the holders of I Shares of the Fund) equal in value to the value of the Investor Class Shares and I Shares of the Fund held as of the close of regularly scheduled trading on the New York Stock Exchange (NYSE) on the business day next preceding the Closing Date. Immediately upon receipt of the Acquisition Shares, the Fund will liquidate and distribute pro-rata to its shareholders of record as of the Closing Date the Acquisition Shares received by the Fund in the Reorganization.
11
The liquidation and distribution of the Funds shares will be accomplished by the transfer of the Acquisition Shares then credited to the account of the Fund on the books of the RBB Fund to open accounts on the share records of the RBB Fund in the names of the shareholders of the Fund. The aggregate net asset values of the Acquisition Shares to be credited to the shareholders of the Fund will be equal to the aggregate net asset values of the Investor Class Shares and I Shares of the Fund owned by such shareholders at the close of business on the business day immediately preceding the Closing Date. All issued and outstanding shares of the Fund will simultaneously be canceled on the books of the Fund.
Under the Reorganization Agreement, all of the expenses in connection with entering into and carrying out the transactions contemplated by the Reorganization Agreement will be paid by the Adviser or RBB, except for the fees paid to governmental authorities for registering or qualifying the Acquisition Shares to be issued in connection with the Reorganization, which fees will be paid by the RBB Fund.
The Reorganization Agreement contains a number of representations and warranties made by the Trust to RBB related to, among other things, its legal status, compliance with laws and regulations and financial position (section 5.1) and similar representations and warranties made by RBB to the Trust (section 5.2). The Reorganization Agreement contains a number of conditions precedent that must occur before either the Trust or RBB are obligated to proceed with the Reorganization (sections 7, 8 and 9). These include, among others, that: (1) the shareholders of the Fund approve the Reorganization; (2) the Trust receives from RBBs legal counsel and RBB receives from the Trusts legal counsel, certain opinions supporting the representations and warranties made by each party regarding legal status and compliance with laws and regulations (including an opinion from RBBs counsel that the Acquisition Shares issued in the Reorganization will be validly issued, fully paid and non assessable); (3) both the Trust and RBB receive from RBBs counsel the tax opinion discussed below under Federal Income Tax Consequences; and (4) the receipt of certain certificates from the Trust and RBB officers concerning the continuing accuracy of representations and warranties in the Reorganization Agreement.
The Reorganization Agreement may be terminated and the Reorganization abandoned at any time prior to the Closing Date by: (1) the mutual agreement of the Trust and RBB; (2) the Trust following a material breach by RBB of any representation, warranty, covenant or agreement contained in the Reorganization Agreement to be performed by RBB at or prior to the Closing Date; (3) RBB upon a material breach by the Trust of its representation, warranty, covenant or agreement contained in the Reorganization Agreement to be performed by the Trust at or prior to the Closing Date; (4) the Trust, if a condition precedent to its obligations under the Reorganization Agreement has not been met and it reasonably appears that it will not or cannot be met; (5) by RBB, if a condition precedent to its obligations under the Reorganization Agreement has not been met and it reasonably appears that it will not or cannot be met; (6) by the Trust or RBB, if any governmental authority of competent jurisdiction shall have issued a judgment, order, ruling or decree or taken any other action restraining, enjoining or otherwise prohibiting the Reorganization Agreement or the consummation of the Reorganization and such judgment, injunction, order, ruling, decree or other action becomes non-appealable, provided the terminating party has made reasonable best efforts to have such judgment, injunction, order, ruling, decree or other action lifted, vacated or denied; or (7) either the Trust or RBB if the closing does not occur by , 2010.
Approval of the Reorganization requires the approval of the holders of the lesser of (1) more than 50% of the outstanding shares of the Fund or (2) 67% or more of the shares of the Fund present at the Special Meeting if more than 50% of the outstanding shares of the Fund are represented at the Special Meeting in person of by proxy. See Voting Information below for more information.
If the Reorganization is approved, Fund shareholders who do not wish to have their shares exchanged for shares of the RBB Fund as part of the Reorganization should redeem their shares prior to the consummation of the Reorganization. If you redeem your shares, you may recognize a taxable gain or loss based on the difference between your tax basis in the shares and the amount you receive for them.
12
Description of the Securities to be Issued
Shareholders of the Fund as of the Closing Date will receive full and/or fractional Acquisition Shares in accordance with the procedures provided for in the Reorganization Agreement, as described above. The Acquisition Shares to be issued in connection with the Reorganization will be fully paid and non-assessable when issued, and will have no pre-emptive or conversion rights. The rights of shareholders of the Trust and RBB are comparable. For more information see Comparison of the Fund and the RBB Fund Comparison of the Trusts and RBBs Charter Documents andShareholder Transactions and Services of the Fund and the RBB Fund.
Federal Income Tax Consequences
The exchange of the Funds assets for the Acquisition Shares and the assumption of the liabilities of the Fund pursuant to the Reorganization Agreement is intended to qualify for federal income tax purposes as a tax-free reorganization under Section 368(a)(1)(F) of the Code. As a condition to the closing of the Reorganization, the Trust and RBB will receive the opinion of Drinker Biddle & Reath LLP, counsel to RBB, to the effect that on the basis of the existing provisions of the Code, Treasury regulations thereunder, current administrative rulings and pronouncements and court decisions, and certain facts, qualifications, assumptions and representations, with respect to the Reorganization, for federal income tax purposes:
(1) | the Reorganization will constitute a reorganization within the meaning of Section 368(a)(1)(F) of the Code, and the RBB Fund and the Fund will be a party to a reorganization within the meaning of Section 368(b) of the Code; |
(2) | the Fund will recognize no gain or loss (a) upon the transfer of its assets to the RBB Fund in exchange for RBB Fund shares and the assumption of the liabilities of the Fund, and (b) upon the distribution of the RBB Fund shares to the shareholders of the Fund; |
(3) | the RBB Fund will recognize no gain or loss upon the receipt of the assets of the Fund in exchange for the Acquisition Shares and the assumption of the liabilities of the Fund; |
(4) | the tax basis in the hands of the RBB Fund of each asset of the Fund transferred to the RBB Fund in the Reorganization will be the same as the basis of that asset in the hands of the Fund immediately before the transfer; |
(5) | the holding period of each asset of the Fund in the hands of the RBB Fund will include the period during which that asset was held by the Fund; |
(6) | the shareholders of the Fund will recognize no gain or loss upon their receipt of the Acquisition Shares; |
(7) | the aggregate tax basis of the Acquisition Shares received by each shareholder of the Fund will equal the aggregate tax basis of the Fund shares surrendered in exchange therefor; |
(8) | the holding periods of the Acquisition Shares received by each Fund shareholder will include the holding periods of the Fund shares surrendered in exchange therefor, provided that the Fund shares are held by that shareholder as capital assets on the date of the exchange; |
(9) | the RBB Fund will succeed to and take into account the tax attributes of the Fund described in Section 381(c) of the Code; and |
(10) | The taxable year of the Fund shall not end on the Closing Date but shall instead continue as the taxable year of the RBB Fund. |
Shares held for the purpose of investment are generally considered to be capital assets.
Neither the Trust nor RBB has sought a tax ruling from the Internal Revenue Service (IRS). The opinion of counsel is not binding on the IRS nor does it preclude the IRS from adopting a contrary position.
13
Shareholders should consult their own tax advisers concerning the potential tax consequences of the Reorganization to them, including foreign, state and local tax consequences.
The following tables show the capitalization of the Fund and the RBB Fund as of July 31, 2009, and the capitalization of the RBB Fund on a pro-forma basis as of that date after giving effect to the Reorganization. The following are examples of the number of Investor Class Shares and I of the RBB Fund that would be exchanged for the shares of the Fund if the Reorganization shown had been consummated on July 31, 2009, and do not reflect the number of such shares or the value of such shares that would actually be received if the Reorganization depicted occurs. Amounts in the tables are in thousands, except for net asset value per share. The RBB Fund is a new investment portfolio with no assets and liabilities that will commence operations upon completion of the Reorganization.
The Fund* |
The RBB Fund** |
Pro Forma Adjustments |
Combined Fund Pro Forma | ||||||
Net Assets: |
$138,928,966 (Investor Class Shares)
$154,905,117 (I Shares) |
$0.00 (Investor Class Shares)
$0.00 (I Shares) |
$
$ |
0.00
0.00 |
$138,928,966 (Investor Class Shares)
$154,905,117 (I Shares) | ||||
Net Asset Value Per Share: |
$8.45 (Investor Class Shares)
$8.48 (I Shares) |
$0.00 (Investor Class Shares)
$0.00 (I Shares) |
$
$ |
0.00
0.00 |
$8.45 (Investor Class Shares)
$8.48 (I Shares) | ||||
Shares Outstanding: |
16,438,182 (Investor Class Shares)
18,270,473 (I Shares) |
0 (Investor Class Shares)
0 (I Shares) |
|
0
0 |
16,438,182 (Investor Class Shares)
18,270,473 (I Shares) |
* | The Fund will be the accounting survivor for financial statement purposes. |
** | The RBB Fund is a newly-organized fund that has been created for purposes of the Reorganization and therefore no estimated capitalization is available. |
14
COMPARISON OF THE FUND AND THE RBB FUND
Investment Objectives and Principal Investment Strategies
The Fund and the RBB Funds investment objective and principal investment strategies are the same. This section briefly describes the investment objective and principal investment strategies of the Fund and the RBB Fund. More complete information may be found in the respective prospectuses for the Fund and the RBB Fund.
Investment Objective: Seek long-term capital appreciation.
Principal Investment Strategies: Under normal circumstances, the Fund and the RBB Fund each invests at least 80% of its net assets in small-cap equity securities. This investment policy may be changed by the Fund or the RBB Fund upon 60 days prior notice to shareholders. Each Fund currently defines small-cap equity securities as those of companies with market capitalizations between $50 million and $3 billion at the time of purchase. Each Funds investments will generally consist of U.S. traded securities, which may include American Depositary Receipts, among other types of securities.
The investment philosophy of the Fund and the RBB Fund is based on the premise that a portfolio of small cap stocks with positive earning trends, reasonable valuation, and strong fundamentals will provide superior returns over time. The Adviser selects companies with strong current earnings growth, improving profitability, strong balance sheets, and strong current and projected business fundamentals which are priced at reasonable valuations. The Adviser believes in executing a very disciplined and objective investment process and in controlling risk through a broadly diversified portfolio. Because companies tend to shift in relative attractiveness, each Fund may buy and sell securities frequently, which may result in higher transaction costs, additional capital gains tax liabilities and may adversely impact performance. In addition, in order to implement its investment strategy, the Adviser may buy or sell, to a limited extent, derivative instruments (such as futures, options, and swaps) to use as a substitute for a purchase or sale of a position in the underlying assets and/or as part of a strategy designed to reduce exposure to other risks, such as market risk. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the stated market capitalization range defined above.
The fundamental and non-fundamental investment restrictions of the Fund and the RBB Fund are the same. This section briefly describes the investment restrictions of the Funds. More complete information may be found in the respective statements of additional information for the Fund and the RBB Fund.
Unless otherwise indicated, the restrictions discussed below are fundamental policies of the Fund and the RBB Fund. This means that they cannot be changed without approval of shareholders. Investment restrictions that are non-fundamental may be changed for the Fund and the RBB Fund by the Board of Trustees of the Trust and the Board of Directors of RBB, respectively.
Maintenance of Status as a Diversified Company. Each Fund is a diversified company as defined by the 1940 Act. A diversified company is one that, with respect to at least 75% of the value of its total assets, is invested in cash, cash items, government securities and other securities. As to other securities, these are limited as to any one issuer to: (1) an amount no greater than 5% of the value of the total assets of a Fund; and (2) not more than 10% of the outstanding voting securities of the issuer. The test applies at the end of each quarter of the taxable year and are subject to certain conditions and limitations under the Code. These tests do not apply to investments in U.S. government securities and regulated investment companies.
Issuance of Senior Securities. Both the Fund and the RBB Fund are prohibited from issuing senior securities except to the extent permitted under the 1940 Act , the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.
15
Borrowings. The Funds may not borrow money except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. Each Fund has a non-fundamental policy not to borrow money in an amount exceeding 33 1/3% of the value its total assets, provided that for the purposes of this limitation, investment strategies that either obligate a Fund to purchase securities or require the Fund to segregate assets are not considered to be borrowing. Asset coverage of at least 300% is required for all borrowings, except where a Fund has borrowed money for temporary purposes in an amount not exceeding 5% of its total net assets. This non-fundamental policy may be changed by each Funds Board without shareholder approval.
Loans. Each Fund may not make loans except to the extent permitted under the 1940 Act , the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. Each Fund has a non-fundamental policy not to make loans if, as a result, more than 33 1/3% of a Funds total net assets would be lent to other parties, except that each Fund may (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; and (iii) lend its securities. This non-fundamental policy may be changed by each Funds Board without shareholder approval.
Securities Underwriting. The Funds may not underwrite securities issued by other persons, except to the extent permitted under the 1940 Act , the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. Under the 1940 Act, each of the Funds may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.
Concentration in Industries. Each Fund may not concentrate investments in a particular industry or group of industries. The SEC has defined concentration as investing 25% or more of an investment companys total assets in an industry or group of industries, with certain exceptions. Each Fund has a non-fundamental policy not to purchase any securities which would cause 25% or more of the total net assets of a Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities. For purposes of this limitation, (i) utility companies will be classified according to their services, for example, gas distribution, gas transmission, electric and telephone will each be considered a separate industry; and (ii) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry. This non-fundamental policy may be changed by each Funds Board without shareholder approval.
Commodities and Real Estate. Each Fund has a fundamental policy that permits direct investment in commodities or real estate. However, each Fund has a non-fundamental policy not to purchase or sell real estate, physical commodities, or commodities contracts, except that such Fund may purchase: (i) marketable securities issued by companies which own or invest in real estate (including REITs), commodities, or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts. This non-fundamental policy may be changed by each Funds Board without shareholder approval.
Investments in Illiquid Securities. As a non-fundamental limitation, each Fund may not hold illiquid securities in amounts exceeding, in the aggregate, 15% of the Funds net assets. This non-fundamental policy may be changed by each Funds Board without shareholder approval.
80% Policy. Each Fund has a non-fundamental policy to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes, under normal circumstances, in securities of small companies. This non-fundamental investment policy may be changed by each Fund upon 60 days prior notice to shareholders.
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Comparison of the Trusts and RBBs Charter Documents
The Trust is organized as a Massachusetts business trust. RBB is organized as a Maryland corporation. The operations of the Trust are governed by the Trusts Amended and Restated Agreement and Declaration of Trust (the Trust Charter), Amended and Restated By-laws and applicable Massachusetts law. The operations of RBB are governed by RBBs Articles of Incorporation, as amended and supplemented to date (the RBB Charter), By-laws and applicable Maryland law. The operations of both the Trust and RBB are also subject to the provisions of the 1940 Act, the rules and regulations of the SEC thereunder and applicable state securities laws. In general, the charter documents governing the Trust are similar to those documents governing RBB. The attributes of a share of beneficial interest of the Trust and a share of common stock of RBB are also comparable. The following is only a summary of certain of the differences between the Trust and the Trust Charter, on the one hand, and RBB and the RBB Charter, on the other. It is not a complete list of differences.
Trustees of the Trust and Directors of RBB
Subject to the provisions of the RBB Charter, the operations of the RBB Fund are supervised by RBBs Directors and, subject to the provisions of the Trust Charter, the operations of the Trust are supervised by the Trusts Trustees. The responsibilities, powers and fiduciary duties of the RBB Directors are substantially the same as those of the Trust Trustees.
Any Director of RBB may be removed by the shareholders by a vote of a majority of the votes entitled to be cast for the election of directors. Each Director may continue to serve as a Director until the last day of the calendar year in which the applicable Director attains age seventy-five or until the last day of year 2011, whichever is later. The Board of Directors may waive the retirement policy with respect to an individual Director.
By vote of the shareholders holding a majority of the shares entitled to vote, the shareholders of the Trust may remove a Trustee with or without cause. By vote of a majority of the Trustees then in office, the Trustees may remove a Trustee. Each Trustee shall resign at the end of the calendar year in which such person first attains the age of seventy-five years, unless the Trustees unanimously approve an exemption from the Trusts policy.
Liability and Indemnification of the Trust Trustees and RBB Directors
To protect the RBB Directors against certain liabilities, the RBB Charter provides that, to the fullest extent permitted by the Maryland General Corporation Law, (1) no director or officer of RBB shall have any liability to RBB or its shareholders for damages and (2) RBB shall indemnify and advance expenses to its current and former directors and officers, except that directors and officers shall not be protected by RBB for any liability to RBB or its shareholders by reason of his/her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his/her office.
The Trust Charter provides that a Trustee shall be liable only for his or her own willful defaults and, if reasonable care has been exercised in the selection of officers, agents, employees or investment advisers, shall not be liable for any neglect or wrongdoing of any such person. The Trust Charter also provides that the Trust will indemnify its Trustees and officers against liabilities and expenses incurred in connection with actual or threatened litigation in which they may be involved because of their offices with the Trust unless it is determined in the manner provided in the Trust Charter that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Trust. However, nothing in the Trust Charter shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Nothing contained in this section attempts to disclaim a Trustees individual liability in any manner inconsistent with the federal securities laws.
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Shareholder Liability
With respect to the RBB Fund, Maryland law provides that a shareholder does not have liability for the obligations of the corporation.
The Trust is an entity of the type commonly known as a Massachusetts business trust. Under Massachusetts law, shareholders of such a trust could, under certain circumstances, be held personally liable as partners for the obligations of the trust. Even if, however, the Trust were held to be a partnership, the possibility of the shareholders incurring financial loss for that reason appears remote because the Trust Charter contains an express disclaimer of shareholder liability for obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by or on behalf of the Trust or the Trustees, and because the Trust Charter provides for indemnification out of the Fund property for any shareholder held personally liable for the obligations of the Trust.
Voting Rights of Shareholders of the Trust and RBB
Holders of shares of each class of the RBB Fund will vote in the aggregate and not by class on all matters, except where otherwise required by law. Further, shareholders of RBB will vote in the aggregate and not by portfolio except as otherwise required by law or when the Board of Directors determines that the matter to be voted upon affects only the interests of the shareholders of a particular portfolio. Shareholders of RBB are entitled to one vote for each full share held (irrespective of class or portfolio) and fractional votes for fractional shares held. Voting rights for RBB are not cumulative and, accordingly, the holders of more than 50% of the aggregate shares of common stock of RBB may elect all of the Directors. Notwithstanding any provision of Maryland law requiring a greater vote of shares of RBBs common stock (or of any class voting as a class) in connection with any corporate action, unless otherwise provided by law or by the RBB Charter and By-laws, RBB may take or authorize such action upon the favorable vote of the holders of more than 50% of all of the outstanding shares of common stock voting without regard to class (or portfolio).
Each shareholder of record of the Trust is entitled to one vote for each share held on the record date for the meeting. Each Trust portfolio will vote separately on matters relating solely to it. Except when a larger vote is required by any provisions of the Trust Charter, a majority of the shares voted on any matter shall decide such matter and a plurality shall elect a Trustee, provided that where any provision of law or of the Trust Charter permits or requires that the holders of any series or class shall vote a series or class, then a majority of the shares of that series or class voted on the matter shall decide that matter insofar as that series or class is concerned.
Termination of the Trust/RBB and its Series or Classes
The Board of Directors of RBB has the authority, without shareholder approval (unless otherwise required by applicable law), to (a) sell and convey a class of shares to another management investment company for consideration which may include securities issued by the purchaser and, in connection therewith, to cause all outstanding shares of such class of shares to be redeemed at a price equal to their net asset value which may be paid in cash or by distribution of the securities or other consideration received from the sale and conveyance; (b) sell and convert the assets of a class of shares into money and, in connection therewith, to cause all outstanding shares of such class of shares to be redeemed at their net asset value; (c) combine the assets of a class of shares with the assets belonging to one or more other classes of RBB if the Board of Directors reasonably determines that such combination will not have a material adverse effect on the shareholders of any class participating in such combination and, in connection therewith, to cause all outstanding shares of any such class of shares to be redeemed or converted into shares of another class at their net asset value; and (d) redeem shares of any of class of shares for any other reason if the Board of Directors has determined that it is in the best interest of RBB to do so, provided that such redemption is at the net asset value of such class of shares. The exercise of this authority by the Board of Directors of RBB may be subject to certain restrictions under the 1940 Act, and other federal or state laws.
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The Trust Charter provides that the Trust or any series of the Trust may be terminated at any time by vote of shareholders holding at least a majority of the shares entitled to vote, or by the Trustees by written notice to the Shareholders.
The Investment Adviser and Advisory Fee Information
The Fund is managed on a day-to-day basis by Perimeter. Perimeter will continue to serve as the investment adviser to the RBB Fund following the Reorganization. As of July 31, 2009, Perimeter had assets under management of approximately $934.9 million.
The following table shows the contractual investment advisory fee ratios after any fee waivers for the Fund and the RBB Fund. The fees for the Fund are based on actual expenses for the fiscal year ended July 31, 2009. The fees for the RBB Fund represent the pro forma annualized advisory fees before and after waivers based upon fee arrangements that will be in place upon consummation of the Reorganization.
The Funds Advisory Fees Before/After Waivers |
RBB Funds Advisory Fees Before/After Waivers | |
0.90%/0.59%1 | 0.90%/0.85%2 |
1 | Effective June 1, 2009, the Adviser has voluntarily agreed to reduce its fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding, as a percentage of the Funds Investor Class Shares average daily net assets, 1.10% plus the amount of any shareholder servicing fees paid by the Fund up to 0.25%. The Adviser may discontinue all or part of its fee reductions or expense reimbursements at any time. If at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and 1.10% plus the amount of any shareholder servicing fees paid by the Fund up to 0.25% to recapture all or a portion of its reductions and reimbursements made during the preceding three-year period. |
Effective June 1, 2009, the Adviser has voluntarily agreed to reduce its fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding 1.10% of the Funds I Shares average daily net assets. The Adviser may discontinue all or part of its fee reductions or expense reimbursements at any time. If at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and 1.10% to recapture all or a portion of its reductions and reimbursements made during the preceding three-year period.
2 | The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (other than acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) to 1.35% and 1.10% of the RBB Funds average daily net assets for the Investor Class Shares and I Shares, respectively, through December 31, 2011. If at any time during the first three years the advisory agreement between the Adviser and RBB on behalf of the RBB Fund is in effect, the RBB Funds Total Annual Fund Operating Expenses for that year are less than 1.35% or 1.10% for the Investor Class Shares and I Shares, respectively, the Adviser is entitled to reimbursement by the RBB Fund of the advisory fees waived and other payments remitted by the Adviser to the Fund. |
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The Trust and RBB have different service providers. Upon completion of the Reorganization, RBB will continue to engage its existing service providers. In all cases, the types of services provided to the Trust and RBB under the service arrangements are substantially similar.
The Trust |
RBB | |||
Principal Underwriter | SEI Investments Distribution Co. | PFPC Distributors, Inc. | ||
Administrator | SEI Investments Global Funds Services | PNC Global Investment Servicing (U.S.) Inc. | ||
Transfer Agent | DST Systems, Inc. | PNC Global Investment Servicing (U.S.) Inc. | ||
Custodian | Union Bank of California, N.A | PFPC Trust Company | ||
Independent Registered Public Accounting Firm | Ernst & Young LLP | Ernst & Young LLP |
The Trust. SEI Investments Global Funds Services (the Administrator) serves as the Administrator to the Trust. Under the Administration Agreement, the Administrator provides the Trust with administrative services, including regulatory reporting and all necessary office space, equipment, personnel and facilities. Pursuant to a schedule to the Administration Agreement, the Administrator also serves as the shareholder servicing agent for the Fund whereby the Administrator provides certain shareholder services to the Fund.
The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its duties or from reckless disregard by it of its duties and obligations thereunder. The Administration Agreement shall remain in effect for a period of one year after the effective date of the Agreement and shall continue in effect for successive periods of two years unless terminated by either party on not less than 90 days prior written notice to the other party.
The Administrator provides the Trust with administrative services, including regulatory reporting and all necessary office space, equipment, personnel and facilities. For these administrative services, the Administrator is entitled to a fee, which is detailed below in the following schedule:
Fee (as a percentage of aggregate average annual assets) |
Funds Average Daily Net Assets | |
0.10% |
First $250 million | |
0.08% |
Next $250 million | |
0.06% |
Balance over $500 million |
The foregoing fee is subject to a minimum annual fee of $100,000 for the Fund, and is applicable to each portfolio within the Trust. For each additional class (after the initial class) of shares of each portfolio, the minimum annual fee will be increased by $15,000.
RBB. PNC Global Investment Servicing (U.S.) Inc. (PNC) serves as administrator to the RBB Fund pursuant to an Administration and Accounting Services Agreement (the Administration Agreement). PNC has agreed to furnish the RBB Fund with statistical and research data, clerical, accounting and bookkeeping services, and certain other services required by the RBB Fund. In addition, PNC has agreed to prepare and file various reports with the appropriate regulatory agencies and prepare materials required by the SEC or any state securities
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commission having jurisdiction over the RBB Fund. The Administration Agreement provides that PNC shall be obligated to exercise care and diligence in the performance of its duties, to act in good faith and to use its best efforts, within reasonable limits, in performing services thereunder. PNC shall be responsible for failure to perform its duties under the Administration Agreement arising out of its willful misfeasance, bad faith, gross negligence or reckless disregard. For these administrative services to the RBB Fund, PNC is entitled to a fee, which is detailed below in the following schedule:
Fee (as a percentage of aggregate average annual assets) |
Funds Average Daily Net Assets | |
0.08% |
First $250 million | |
0.07% |
Next $250 million | |
0.06% |
Next $250 million | |
0.04% |
Balance over $750 million |
The minimum monthly fee will be $5,833 per month, exclusive of Rule 38a-1 base compliance support services fees, costs of obtaining independent security market quotes, data repository and analytics suite access fees and out-of-pocket expenses.
The Administration Agreement provides that PNC shall not be liable for any error of judgment or mistake of law or any loss suffered by RBB or the RBB Fund in connection with the performance of the agreement, except a loss resulting from willful misfeasance, gross negligence or reckless disregard by it of its duties and obligations thereunder.
Shareholder Transactions and Services of Perimeter Small Cap Growth Fund and RBB Fund
This section compares the shareholder transactions and services of the Trust and the RBB Fund. The following is qualified in its entirety by the more detailed information in the prospectuses for the Fund and the RBB Fund, which are incorporated by reference into this Proxy/Prospectus. Unless otherwise indicated, terms used herein and not otherwise defined have the same meanings as are given to them in such prospectuses.
Distribution and Shareholder Servicing Arrangements
Investor Class Shares of the Fund. Investor Class Shares of the Fund are offered at net asset value with no front-end or contingent deferred sales charges. The Fund has adopted a shareholder servicing plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.25% based on the average daily net assets of Investor Class Shares. The Fund does not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Fund, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to Fund shareholders.
Investor Class Shares of the RBB Fund. Investor Class Shares of the RBB Fund are offered at net asset value with no front-end or contingent deferred sales charges. The RBB Fund has adopted a distribution and service plan (the RBB Investor Class Plan) under which Investor Class Shares of the RBB Fund bear distribution and service fees paid to authorized dealers and PFPC Distributors, Inc. (PFPC). Under the RBB Investor Class Plan, PFPC is entitled to a monthly fee from the RBB Fund for distribution services equal, on an annual basis, to 0.25% of the average daily net assets of the RBB Fund attributable to Investor Class Shares. The distribution fees are subject to the requirements of Rule 12b-1 under the 1940 Act, and may be used (among other things) for: (1) compensation for PFPCs services in connection with Investor Class distribution assistance; or (2) a source of payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and PFPCs affiliates and subsidiaries as compensation for services or reimbursement of expenses incurred in connection with Investor Class distribution assistance.
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I Shares of the Fund. I Shares of the Fund are offered at net asset value with no front-end or contingent deferred sales charges. I Shares are not subject to fees payable under a distribution plan or shareholder servicing plan.
I Shares of the RBB Fund. I Shares of the RBB Fund are offered at net asset value with no front-end or contingent deferred sales charges. I Shares are not subject to fees payable under a distribution plan or shareholder servicing plan.
Purchases, Redemptions and Exchanges of Shares
Purchase Policies.
The following chart compares existing purchase policies of the Trust and the RBB Fund:
The Fund: Investor Class Shares |
The RBB Fund: Investor Class Shares | |||
Minimum Initial Investment |
$100,000 | $100,000 | ||
Minimum Subsequent Investments | None | None | ||
Purchase Methods | Purchases are generally made through a securities broker or other financial intermediary. Purchases are also permitted to be made directly from the Fund by mail (including express delivery) or by wire or Automated Clearing House. | |||
The Fund: I Shares |
The RBB Fund: I Shares | |||
Minimum Initial Investment |
$1,000,000 | $1,000,000 | ||
Minimum Subsequent Investments | None | None | ||
Purchase Methods | Purchases are generally made through a securities broker or other financial intermediary. Purchases are also permitted to be made directly from the Fund by mail (including express delivery) or by wire or Automated Clearing House. |
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Redemption Procedures.
The following chart compares existing redemption procedures of the Fund and the RBB Fund.
The Fund: Investor Class Shares |
The RBB Fund: Investor Class Shares | |||
Request made through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes | ||
Request Made by Mail | Yes | Yes | ||
Request made by Telephone | Yes | Yes | ||
Proceeds paid by Wire | Yes (may be subject to $10 fee) | Yes (may be subject to a $7.50 fee) | ||
Proceeds paid by Check | Yes | Yes | ||
Check Writing Privileges | No | No | ||
Involuntary Redemptions | If your account balance drops below $10,000 because of redemptions, you may be required to sell your shares (30 days written notice provided). | If your account balance drops below $500 for any reason, you may be required to sell your shares (30 days written notice provided). | ||
The Fund: I Shares |
The RBB Fund: I Shares | |||
Request made through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes | ||
Request Made by Mail | Yes | Yes | ||
Request made by Telephone | Yes | Yes | ||
Proceeds paid by Wire | Yes (may be subject to $10 fee) | Yes (may be subject to a $7.50 fee) | ||
Proceeds paid by Check | Yes | Yes |
Check Writing Privileges | No | No | ||
Involuntary Redemptions | If your account balance drops below $10,000 because of redemptions, you may be required to sell your shares (30 days written notice provided). | If your account balance drops below $500 as a result of a redemption or an exchange request, you may be required to sell your shares (30 days written notice provided). |
Pricing of Shares for the Fund and the RBB Fund
The price per share (offering price) will be the net asset value per share next determined after the Fund or the RBB Fund receives your purchase order.
For processing purchase and redemption orders, the net asset value per share of each of the Fund and the RBB Fund is calculated each business day at the close of regular trading hours on the NYSE (generally, 4:00 p.m. Eastern time). The net asset value per share of each of the Fund and the RBB Fund is determined on any day that the NYSE is open.
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Dividends and Other Distributions
Both the Fund and the RBB Fund declare and pay dividends from net investment income annually. Net realized capital gains (including net short-term capital gains), if any, are distributed by the Fund and the RBB Fund at least annually.
MATERIALS INCORPORATED BY REFERENCE
Information about the Fund is included in the Prospectuses for the Fund (as supplemented) dated November 28, 2008, which are incorporated herein by reference.
Information about the RBB Fund is included in the Prospectuses for the RBB Fund (as supplemented) dated , 2009, copies of which accompany this Proxy/Prospectus and are incorporated herein by reference.
General Information
The Trustees of the Trust are furnishing this Proxy/Prospectus in connection with the solicitation of proxies for the Special Meeting. It is expected that the solicitation of proxies will be primarily by mail. Officers and service contractors of the Trust and RBB may also solicit proxies by telephone or otherwise. Shareholders may vote: (1) by mail, by marking, signing, dating and returning the enclosed proxy ballot(s) in the enclosed postage-paid envelope, (2) by touch-tone voting, or (3) by on-line voting. Any shareholder giving a proxy may revoke it at any time before it is exercised by submitting to the Trust a written notice of revocation or a subsequently executed proxy or by attending the Special Meeting and voting in person.
Only shareholders of record at the close of business on [October 22, 2009] will be entitled to vote at the Special Meeting. On that date, Fund shares ( Investor Class Shares and I Shares) were outstanding and entitled to be voted. Each whole and fractional share of the Fund is entitled to a whole or fractional vote, as the case may be.
The votes of the shareholders of RBB Fund are not being solicited since their approval or consent is not necessary for the Reorganization to take place.
If an accompanying proxy is executed and returned in time for the Special Meeting, the shares covered thereby will be voted in accordance with the proxy on all matters that may properly come before the Special Meeting.
Shareholder and Board Approvals
The Reorganization Agreement is being submitted for approval by the Funds shareholders at the Special Meeting pursuant to the Trusts Amended and Restated Agreement and Declaration of Trust and By-Laws, and was unanimously approved by the Trustees of the Trust at a meeting held on August 12, 2009. Fund shareholders will vote on the Reorganization Agreement together as a single class. A majority of shares of the Fund entitled to vote constitutes a quorum at the Special Meeting. Approval of the Reorganization requires the approval of the holders of the lesser of (1) more than 50% of the outstanding shares of the Fund or (2) 67% or more of the shares of the Fund present at the Special Meeting if more than 50% of the outstanding shares of the Fund are represented at the Special Meeting in person or by proxy. A vote for the Reorganization Agreement includes a vote for the Reorganization of the Fund; conversely, a vote against the Reorganization Agreement is a vote against the Reorganization of the Fund.
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Quorum and Adjournment
In the event that a quorum is not present at the Special Meeting, one or more adjournment(s) may be proposed to permit further solicitation of proxies. In determining whether to adjourn the Special Meeting with respect to a proposal, the following factors may be considered: the percentage of votes actually cast, the percentage of negative votes cast, the nature of any further solicitation and the information to be provided to owners with respect to the reasons for the solicitation. Generally, votes cast in favor of a proposal will be voted in favor of adjournment while votes cast against a proposal will be voted against adjournment.
Any adjourned session or sessions may be held after the date set for the original Special Meeting without notice except announcement at the Special Meeting. Any such adjournment(s) will require the affirmative vote of a plurality of those shares affected by the adjournment(s) that are represented at the Special Meeting in person or by proxy and entitled to vote.
A quorum is constituted by the presence in person or by proxy of the holders of a majority of the shares of the Fund entitled to vote at the Special Meeting. For purposes of determining the presence of a quorum for transacting business at the Special Meeting, abstentions will be treated as shares that are present at the Special Meeting but which have not been voted. Abstentions will have the effect of a no vote for purposes of obtaining the requisite approvals of the Reorganization Agreement. Broker non-votes (that is, proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial owners or other persons entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary power) will have the same effect as abstentions.
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
As of the Record Date, the officers and the Trustees of the Trust as a group owned or controlled less than 1% of the Funds outstanding shares in the aggregate.
Control Persons. To the best knowledge of the Trust, as of the Record Date, the following are the only persons who owned of record or beneficially, more than 25% of the outstanding shares of the Fund.
I Shares
Name and Address |
Amount of Shares Owned |
Percentage of Class Owned |
Percentage of Fund Owned | |||
Principal Shareholders. To the best knowledge of the Trust, as of the Record Date, no person except as set forth in the following table owned of record 5% or more of the outstanding shares of the Fund. The following table sets forth the name, address and share ownership of each person known to the Trust to have ownership with respect to 5% or more of the Investor Shares and I shares, respectively. The type of ownership of each entry listed on the table is record ownership. The percentage of the RBB Fund that would be owned by the below named shareholders upon consummation of the Reorganization is not expected to change.
As of the Record Date, the RBB Fund has not yet commenced operations and has no outstanding shares.
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Investor Shares
Name and Address |
Amount of Shares Owned |
Percentage of Class Owned |
Percentage of Fund Owned | |||
I Shares
Name and Address |
Amount of Shares Owned |
Percentage of Class Owned |
Percentage of Fund Owned | |||
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Shareholder Proposals
The Trust is organized as a business trust under the laws of the Commonwealth of Massachusetts. As such, the Trust is not required to, and does not, have annual meetings. Nonetheless, the Board of Trustees may call a special meeting of shareholders for action by shareholder vote as may be required by the 1940 Act or as required or permitted by the Amended and Restated Agreement and Declaration of Trust and By-Laws of the Trust. Shareholders of the Fund who wish to present a proposal for action at a future meeting should submit a written proposal to the Trust for inclusion in a future proxy statement. Shareholders retain the right to request that a meeting of the shareholders be held for the purpose of considering matters requiring shareholder approval.
Other Business
The Adviser and the Trust know of no business to be presented to the Special Meeting other than the matters set forth in this Proxy/Prospectus.
Available Information
The Trust and RBB are each subject to the information requirements of the Securities Exchange Act of 1934 and the 1940 Act and in accordance therewith, each files reports and other information with the SEC. Reports, proxy statements, registration statements and other information filed by the Trust and RBB may be inspected without charge and copied at the public reference facilities maintained by the SEC at 100 F Street, NE, Washington, DC 20549, and at certain of the following regional offices of the SEC listed below: Northeast Regional Office, 3 World Financial Center, New York, New York 10281; Southeast Regional Office, 801 Brickell Avenue, Suite 1800, Miami, Florida 33131; Midwest Regional Office, 175 West Jackson Boulevard, Suite 900, Chicago, Illinois 60604; Central Regional Office, 1801 California Street, Suite 1500, Denver, Colorado 80202; and Pacific Regional Office, 5670 Wilshire Boulevard, Suite 1100, Los Angeles, California 90036. Copies of such materials may also be obtained from the Public Reference Branch, Office of Consumer Affairs and Information Services, Securities and Exchange Commission, Washington, DC 20549 at prescribed rates. Information included in the Proxy/Prospectus concerning the Trust was provided by the Trust and information included in the Proxy/Prospectus concerning RBB was provided by RBB.
Experts
The audited financial statements for the Fund, appearing in the Funds 2009 Annual Report, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report therein and incorporated by reference into the Statement of Additional Information relating to this Proxy/Prospectus. Such financial statements are incorporated therein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.
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Shareholder inquiries may be addressed to the Trust or to RBB in writing at the address(es), or by phone at the phone number(s), on the cover page of this Proxy/Prospectus.
* * *
Shareholders who do not expect to be present at the Special Meeting are requested to mark, sign and date the enclosed proxy and return it in the enclosed envelope. No postage is required if mailed in the United States. Shareholders also may vote on-line or by telephone.
The Trust will furnish, without charge, copies of the Funds Annual Report to any shareholder upon request by calling the Trust at the telephone number stated above or by writing the Trust at the following address: The Advisors Inner Circle Fund II, One Freedom Valley Drive, Oaks, Pennsylvania 19456.
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AGREEMENT AND PLAN OF REORGANIZATION
THIS AGREEMENT AND PLAN OF REORGANIZATION dated as of , 2009, is by and among: The Advisors Inner Circle Fund II, a Massachusetts business trust, for itself and on behalf of its series Perimeter Small Cap Growth Fund; The RBB Fund, Inc., a Maryland corporation, for itself and on behalf of its series Perimeter Small Cap Growth Fund; and Perimeter Capital Management LLC, a Delaware limited liability company, solely for purposes of paragraphs 6.9, 9.8 and 10.2 hereof.
This Agreement is intended to be and is adopted as a plan of reorganization and liquidation within the meaning of Sections 361(a) and Section 368(a) of the United States Internal Revenue Code of 1986, as amended. The reorganization will consist of the transfer of all of the assets of the Acquired Fund (as hereinafter defined) to, and the assumption of the Acquired Funds liabilities (other than certain expenses of the reorganization contemplated hereby) by, the Acquiring Fund (as hereinafter defined), in exchange for shares of equal U.S. dollar value of the Acquiring Fund, which shall thereafter promptly be distributed to the shareholders of the Acquired Fund in connection with its liquidation as described in this Agreement and set forth in Appendix A attached hereto.
In consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:
1. | DEFINITIONS |
Acquired Fund |
Perimeter Small Cap Growth Fund, a series of The Advisors Inner Circle Fund II |
Acquired Fund Custodian |
Union Bank of California, N.A. |
Acquired Fund Prospectus |
The current prospectuses and statement of additional information for the Acquired Fund |
Acquired Fund Shareholders |
The record holders of Acquired Fund shares as of the close of business on the Valuation Date |
Acquiring Fund |
Perimeter Small Cap Growth Fund, a series of The RBB Fund, Inc. |
Acquiring Fund Custodian |
PFPC Trust Company |
Acquiring Fund Prospectus |
The current prospectuses and statement of additional information for the Acquiring Fund |
Acquisition Shares |
The shares of the designated class of the Acquiring Fund to be issued and distributed to the corresponding Acquired Fund class shareholders as part of the Reorganization of the Acquired Fund as shown on Appendix A |
Board(s) |
The Board of Trustees of The Advisors Inner Circle Fund II and/or the Board of Directors of The RBB Fund, Inc. |
Board Members |
The trustees of The Advisors Inner Circle Fund II |
Charter Documents |
The Amended and Restated Agreement and Declaration of Trust and Amended and Restated By-laws, and any amendments thereto, of The Advisors Inner Circle Fund II and/or the Articles of Incorporation and By-Laws of The RBB Fund, Inc., and any articles supplementary and amendments thereto. |
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Closing |
The closing of the Reorganization described in Section 4 |
Closing Date |
December , 2009 |
Code |
United States Internal Revenue Code of 1986, as amended, |
Company |
The RBB Fund, Inc. |
Investments |
The Acquired Funds investments shown on the schedule of its investments as of , 2009, referred to in subparagraph 5.1(f) hereof, as supplemented with such changes in the portfolio as the Acquired Fund shall make, and changes resulting from stock dividends, stock split-ups, mergers and similar corporate actions through the Closing Date |
Liquidation Date |
Immediately following the Closing on the Closing Date |
Obligations |
All of the Acquired Funds liabilities and obligations of any kind whatsoever, whether absolute, accrued, contingent or otherwise, in existence on the Closing Date |
Perimeter |
Perimeter Capital Management, LLC |
Reorganization |
The reorganization of the Acquired Fund by the Acquiring Fund as described in Section 2 |
SEC |
U.S. Securities and Exchange Commission |
Trust |
The Advisors Inner Circle Fund II |
Valuation Date |
The time and date when the value of the Acquired Funds assets to be acquired by the Acquiring Fund hereunder shall be computed, which shall be as of the close of regular trading on the New York Stock Exchange on the business day next preceding the Closing |
1933 Act |
The Securities Act of 1933, as amended |
1934 Act |
The Securities Exchange Act of 1934, as amended |
1940 Act |
The Investment Company Act of 1940, as amended |
2. | TRANSFER OF ASSETS OF ACQUIRED FUND IN EXCHANGE FOR ASSUMPTION OF LIABILITIES. |
2.1. | Subject to the terms and conditions herein set forth and on the basis of the representations and warranties contained herein, |
(a) | The Acquired Fund will transfer and deliver to the Acquiring Fund, and the Acquiring Fund will acquire, all of the assets described in paragraph 2.2; |
(b) | The Acquiring Fund will assume all of the Obligations of the Acquired Fund; except that the expenses of the Reorganization contemplated hereby to be allocated to Perimeter pursuant to paragraph 10.2 shall not be assumed or paid by the Acquiring Fund; and |
(c) | The Acquiring Fund will issue and deliver to the Acquired Fund in exchange for such assets a number of Acquisition Shares equal in U.S. dollar value to the assets exchanged therefor. Such transactions shall take place at the Closing provided for in Section 4. |
2.2. | The assets of the Acquired Fund to be acquired by the Acquiring Fund shall consist of all cash, securities, commodities and future interests, dividends and interest receivable, receivables for shares sold and all other assets which are owned by the Acquired Fund on the Closing Date and any deferred or prepaid expenses shown as an asset on the books of the Acquired Fund on the Closing Date. |
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2.3. | On the Liquidation Date, the Acquired Fund will liquidate and distribute pro rata to the Acquired Fund Shareholders, determined as of the close of business on the Valuation Date, Acquisition Shares received by the Acquired Fund pursuant to paragraph 2.1. Such liquidation and distribution will be accomplished by the transfer of the Acquisition Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders and representing the respective pro rata number of Acquisition Shares due such Acquired Fund Shareholders. |
2.4. | With respect to Acquisition Shares distributable to an Acquired Fund Shareholder holding a certificate or certificates for shares of the Acquired Fund, if any, on the Valuation Date, the Company will not distribute a certificate representing Acquisition Shares exchanged therefor, exchange such Acquisition Shares for shares of other investment companies, effect an account transfer of such Acquisition Shares, or pledge or redeem such Acquisition Shares until the Company has been notified by the Trust, on behalf of the Acquired Fund, or its agent that such Acquired Fund Shareholder has surrendered all of its, his or her outstanding certificates for Acquired Fund shares or, in the event of lost certificates, posted adequate bond. |
2.5. | After the Closing Date, the Acquired Fund shall not conduct any business except in connection with its liquidation. |
3. | VALUATION. |
3.1. | For the purposes of Section 2, the value of the Acquired Funds assets to be acquired by the Acquiring Fund hereunder shall be the net asset value computed by the Acquired Fund, subject to review by the Acquiring Fund, as of the close of regular trading on the Valuation Date using the Acquiring Funds valuation procedures set forth in the Acquiring Funds Charter Documents and the Acquiring Fund Prospectus and shall be certified by such Acquired Fund. The Trust and the Company agree to use all reasonable commercial efforts to resolve prior to the Valuation Date any material differences between the valuation of the Acquired Funds assets determined using the Acquiring Funds valuation procedures and those determined using the Acquired Funds valuation procedures. |
3.2. | For the purposes of Section 2, the net asset value of the Acquisition Shares shall be the net asset value per share computed by the Acquiring Fund as of the close of regular trading on the Valuation Date using the valuation procedures set forth in the Acquiring Funds Charter Documents and the Acquiring Fund Prospectus. |
4. | CLOSING AND CLOSING DATE. |
4.1. | The Closing Date shall be , 2009, or such other date as the parties may agree. All acts taking place at the Closing shall be deemed to take place immediately prior to the opening of business on the Closing Date unless otherwise provided herein. The Closing shall be held at the Companys offices, Bellevue Park Corporate Center, 103 Bellevue Parkway, Wilmington, Delaware 19809, or at such other or place as the parties may agree. |
4.2. | The portfolio securities of the Acquired Fund shall be made available by the Acquired Fund to the Acquiring Fund Custodian for examination no later than five business days preceding the Valuation Date. On the Closing Date, such portfolio securities and all cash of the Acquired Fund shall be delivered by the Acquired Fund to the Acquiring Fund Custodian for the account of the Acquiring Fund, such portfolio securities to be duly endorsed in proper form for transfer in such manner and condition as to constitute good delivery thereof in accordance with the custom of brokers or, in the case of portfolio securities held in the U.S. Treasury Departments book-entry system or by the Depository Trust Company, Participants Trust Company or other third party depositories, by transfer to the account of the Acquiring Fund Custodian in accordance with Rule 17f-4, Rule 17f-5 or Rule |
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17f-7, as the case may be, under the 1940 Act and accompanied by all necessary federal and state stock transfer stamps or a check for the appropriate purchase price thereof. The cash delivered shall be in the form of currency or certified or official bank checks, payable to the order of PFPC Trust Company, custodian for Perimeter Small Cap Growth Fund. |
4.3. | In the event that on the Valuation Date (a) the New York Stock Exchange shall be closed to trading or trading thereon shall be restricted, or (b) trading or the reporting of trading on said Exchange or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of the Acquired Fund or the Acquiring Fund is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully resumed and reporting shall have been restored; provided that if trading shall not be fully resumed and reporting restored within three business days of the Valuation Date, this Agreement may be terminated by either the Trust, with regard to the Acquired Fund, or the Company, with regard to the Acquiring Fund, upon the giving of written notice to the other party. |
4.4. | At the Closing, the Acquired Fund or its transfer agent shall deliver to the Acquiring Fund or its designated agent a list of the names and addresses of the Acquired Fund Shareholders and the number of outstanding shares of beneficial interest of the Acquired Fund owned by each Acquired Fund Shareholder, all as of the close of business on the Valuation Date, certified by an officer of the Trust, on behalf of the Acquired Fund. The Company, on behalf of the Acquiring Fund, will provide to the Acquired Fund evidence satisfactory to the Acquired Fund that the Acquisition Shares to be issued pursuant to paragraph 2.1 have been credited to the Acquired Funds account on the books of the Acquiring Fund. On the Liquidation Date, the Company will provide to the Acquired Fund evidence satisfactory to the Acquired Fund that such Acquisition Shares have been credited pro rata to open accounts in the names of the Acquired Fund Shareholders. |
4.5. | At the Closing, each party shall deliver to the other such bills of sale, instruments of assumption of liabilities, checks, assignments, stock certificates, receipts or other documents as such other party or its counsel may reasonably request in connection with the transfer of assets, assumption of liabilities and liquidation contemplated by this Agreement. |
5. | REPRESENTATIONS AND WARRANTIES. |
5.1. | The Trust, for itself and on behalf of the Acquired Fund, represents and warrants the following to the Company, on behalf of itself and the Acquiring Fund, as of the date hereof and agrees to confirm the continuing accuracy and completeness in all material respects of the following on the Closing Date: |
(a) | The Trust is a business trust duly organized and validly existing under the laws of the Commonwealth of Massachusetts; |
(b) | The Trust is a duly registered investment company classified as a management company of the open-end type and its registration with the SEC as an investment company under the 1940 Act is in full force and effect, and the Acquired Fund is a separate series thereof, duly designated in accordance with the applicable provisions of the Trusts Charter Documents and the 1940 Act, and the registration of each class of shares of the Acquired Fund under the 1933 Act is in full force and effect; |
(c) | The Trust is not in violation in any material respect of any provision of the Trusts Charter Documents or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Trust is a party or by which the Acquired Fund, is bound, and the execution, delivery and performance of this Agreement will not result in any such violation; |
(d) | The Trust has no material contracts or other commitments (other than this Agreement and such other contracts as may be entered into in the ordinary course of its business) which if terminated may result in material liability to the Acquired Fund or under which (whether or not terminated) any material payments for periods subsequent to the Closing Date will be due from the Acquired Fund; |
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(e) | No litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or threatened as to the Acquired Fund, any of the properties or assets of the Acquired Fund, or any person whom the Acquired Fund may be obligated to indemnify in connection with such litigation, proceeding or investigation, and neither the Trust nor the Acquired Fund is a party to or subject to the provisions of any order, decree or judgment of any court or governmental body, which materially and adversely affects its business or its ability to consummate the transactions contemplated hereby; |
(f) | The most recent statement of assets and liabilities, the statement of operations, the statement of changes in net assets, and the schedule of investments of the Acquired Fund, audited by Ernst & Young LLP, copies of which have been furnished to the Acquiring Fund, fairly reflect the financial condition and results of operations of the Acquired Fund as of such date and for the periods then ended in accordance with generally accepted accounting principles consistently applied, and the Acquired Fund has no known liabilities of a material amount, contingent or otherwise, other than those shown on the statement of assets referred to above or those incurred in the ordinary course of its business since the end of its most recent fiscal year or fiscal six-month period, whichever is more recent; |
(g) | Since the end of its most recent fiscal year or fiscal six-month period, whichever is more recent, there has not been any material adverse change in the Acquired Funds financial condition, assets, liabilities or business (other than changes occurring in the ordinary course of business), or any incurrence by the Acquired Fund of indebtedness, except as disclosed in writing to the Acquiring Fund. For the purposes of this subparagraph (g), distributions of net investment income and net realized capital gains, changes in portfolio securities, changes in the market value of portfolio securities or net redemptions shall be deemed to be in the ordinary course of business; |
(h) | The Acquired Fund meets the requirements of subchapter M of the Code for treatment as a regulated investment company within the meaning of Section 851 of the Code, and will continue meeting such requirements at all times through the Closing Date. The Acquired Fund has not at any time since its inception been liable for, nor is it now liable for, any material income or excise tax pursuant to Section 852 or 4982 of the Code. The Acquired Fund has duly filed all federal, state, local and foreign tax returns which are required to have been filed, and all taxes of the Acquired Fund which are due and payable have been paid except for amounts that alone or in the aggregate would not reasonably be expected to have a material adverse effect. The Acquired Fund is in compliance in all material respects with applicable regulations of the Internal Revenue Service pertaining to the reporting of dividends and other distributions on and redemptions of its capital stock and to withholding in respect of dividends and other distributions to shareholders, and is not liable for any material penalties which could be imposed thereunder; |
(i) | All issued and outstanding shares of the Acquired Fund are, and at the Closing Date will be, duly and validly issued and outstanding, fully paid and non-assessable by the Trust and will have been issued in compliance with all applicable registration or qualification requirements of federal and state securities laws. No options, warrants or other rights to subscribe for or purchase, or securities convertible into, any shares of beneficial interest of the Acquired Fund are outstanding and none will be outstanding on the Closing Date; |
(j) | The Acquired Funds investment operations from inception to the date hereof have been in compliance in all material respects with the investment policies and investment restrictions set forth in the Acquired Fund Prospectus as in effect from time to time; |
(k) | The execution, delivery and performance of this Agreement has been duly authorized by the Board of the Trust, and, upon approval thereof by shareholders of the Acquired Fund, this Agreement will constitute the valid and binding obligation of the Acquired Fund enforceable |
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in accordance with its terms except as the same may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors rights generally and other equitable principles; |
(l) | The Acquisition Shares to be issued to the Acquired Fund pursuant to Section 2 will not be acquired for the purpose of making any distribution thereof other than to the Acquired Fund Shareholders as provided in paragraph 2.3; |
(m) | The information provided by the Acquired Fund for use in the Prospectus/Proxy Statement referred to in paragraph 6.3 shall be accurate and complete in all material respects and shall comply with federal securities and other laws and regulations as applicable thereto; |
(n) | No consent, approval, authorization or order of any court or governmental authority is required for the consummation by the Acquired Fund of the transactions contemplated by this Agreement, except such as may be required under the 1933 Act, 1934 Act, 1940 Act and state securities or Blue Sky laws (which term as used herein shall include the laws of the District of Columbia and of Puerto Rico); |
(o) | At the Closing Date, the Acquired Fund will have good and marketable title to its assets to be transferred to the Acquiring Fund pursuant to paragraph 2.1 and will have full right, power and authority to sell, assign, transfer and deliver the Investments and any other assets and liabilities of the Acquired Fund to be transferred to the Acquiring Fund pursuant to this Agreement. At the Closing Date, subject only to the delivery of the Investments and any such other assets and liabilities and payment therefor as contemplated by this Agreement, the Acquiring Fund will acquire good and marketable title thereto and will acquire the Investments and any such other assets and liabilities subject to no encumbrances, liens or security interests whatsoever and without any restrictions upon the transfer thereof, except as previously disclosed to the Acquiring Fund; |
(p) | At the Closing Date, the Acquired Fund will have sold such of its assets, if any, as are necessary to assure that, after giving effect to the acquisition of the assets of the Acquired Fund pursuant to this Agreement, the Acquiring Fund will remain a diversified company within the meaning of Section 5(b)(1) of the 1940 Act and in compliance with such other mandatory investment restrictions as are set forth in the Acquiring Fund Prospectus, as amended through the Closing Date; |
(q) | No registration of any of the Investments would be required if they were, as of the time of such transfer, the subject of a public distribution by either the Acquiring Fund or the Acquired Fund; |
(r) | To the Trusts knowledge, there have been no material miscalculations of the net asset value of the Acquired Fund or the net asset value per share of any class or series of shares during the twelve-month period preceding the date hereof which would have a material adverse effect on the Acquired Fund or the Acquired Funds Assets, and all such calculations have been made in accordance with the applicable provisions of the 1940 Act; |
(s) | The Acquired Fund has adopted and implemented written policies and procedures in accordance with Rule 38a-1 under the 1940 Act; and |
(t) | The Acquired Fund has no unamortized or unpaid organizational fees or expenses. |
5.2. | The Company, for itself and on behalf of the Acquiring Fund, represents and warrants the following to the Acquired Fund as of the date hereof and agrees to confirm the continuing accuracy and completeness in all material respects of the following on the Closing Date: |
(a) | The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland; |
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(b) | The Company is a duly registered investment company classified as a management company of the open-end type and its registration with the SEC as an investment company under the 1940 Act is in full force and effect, and the Acquiring Fund is a separate series thereof duly designated in accordance with the applicable provisions of the Companys Charter Documents and the 1940 Act; |
(c) | At the Closing Date, the Acquiring Fund Prospectus will conform in all material respects to the applicable requirements of the 1933 Act and the rules and regulations of the SEC thereunder and will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and there are no material contracts to which the Acquiring Fund is a party that are not referred to in such Prospectus or in the registration statement of which it is a part; |
(d) | The Company is not in violation in any material respect of any provisions of its Charter Documents or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Company is a party or by which the Acquiring Fund is bound, and the execution, delivery and performance of this Agreement will not result in any such violation; |
(e) | No litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or threatened as to the Company or the Acquiring Fund, any of the properties or assets of the Acquiring Fund, or any person whom any Acquiring Fund may be obligated to indemnify in connection with such litigation, proceeding or investigation, and neither the Company nor the Acquiring Fund is a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions contemplated hereby; |
(f) | The authorized capital of the Company consists of 100 billion shares of common stock, par value $.001 per share, classified into such number of different series as the Board may authorize from time to time. All issued and outstanding shares of the Acquiring Fund, at the Closing Date, will be duly and validly issued and outstanding, fully paid and non-assessable by the Company, and will have been issued in compliance with all applicable registration or qualification requirements of federal and state securities laws. No options, warrants or other rights to subscribe for or purchase, or securities convertible into, any shares of common stock of the Acquiring Fund are outstanding and none will be outstanding on the Closing Date; |
(g) | The execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of the Company, and this Agreement constitutes the valid and binding obligation of the Company and the Acquiring Fund enforceable in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors rights generally and other equitable principles; |
(h) | The Acquisition Shares to be issued and delivered to the Acquired Fund pursuant to the terms of this Agreement will at the Closing Date have been duly authorized and, when so issued and delivered, will be duly and validly issued, and will be fully paid and non-assessable by the Company, and no shareholder of the Company will have any preemptive right of subscription or purchase in respect thereof; |
(i) | The information furnished by the Acquiring Fund for use in the Prospectus/Proxy Statement referred to in paragraph 6.3 shall be accurate and complete in all material respects and shall comply with federal securities and other laws and regulations applicable thereto; |
(j) | No consent, approval, authorization or order of any court or governmental authority is required for the consummation by the Acquiring Fund of the transactions contemplated by this |
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Agreement, except such as may be required under the 1933 Act, the 1934 Act, the 1940 Act and state securities or Blue Sky laws (which term as used herein shall include the laws of the District of Columbia and of Puerto Rico); |
(k) | The Acquiring Fund has adopted and implemented written policies and procedures in accordance with Rule 38a-1 under the 1940 Act; and |
(l) | The Acquiring Fund (1) has had no significant operations other than in connection with its organization and the transactions contemplated by this Agreement, and (2) during its first fiscal year of operation and all applicable quarters of such year, intends to meet the requirements of Subchapter M of the Code for qualification as a registered investment company. |
6. | COVENANTS OF THE ACQUIRED FUND AND THE ACQUIRING FUND. |
The Trust, on behalf of itself and where appropriate, on behalf of the Acquired Fund, and the Company, on behalf of itself and where appropriate, on behalf of the Acquiring Fund, each hereby covenants and agrees with the other as follows:
6.1. | Each of the Acquiring Fund and the Acquired Fund will operate its business in the ordinary course between the date hereof and the Closing Date, it being understood that such ordinary course of business will include regular and customary periodic dividends and distributions. |
Notwithstanding the foregoing, each of the Acquiring Fund and the Acquired Fund shall take all actions necessary to obtain the opinion described in paragraph 9.6.
6.2. | The Trust will call a meeting of its shareholders of the Acquired Fund to be held prior to the Closing Date to consider and act upon this Agreement and take all other reasonable action necessary to obtain the required shareholder approval of the transactions contemplated hereby. |
6.3. | In connection with the Acquired Funds shareholders meeting referred to in paragraph 6.2, the Company, on behalf of the Acquired Fund, will prepare and file a Prospectus/Proxy Statement for such meeting, to be included in a Registration Statement on Form N-14 (the Registration Statement) which the Company will prepare and file for registration under the 1933 Act of the Acquisition Shares to be distributed to the Acquired Fund Shareholders pursuant hereto, all in compliance with the applicable requirements of the 1933 Act, the 1934 Act, and the 1940 Act. |
6.4. | The information to be furnished by the Acquired Fund for use in the Registration Statement and the information to be furnished by the Acquiring Fund for use in the Prospectus/Proxy Statement, each as referred to in paragraph 6.3, shall be accurate and complete in all material respects and shall comply with federal securities and other laws and regulations thereunder applicable thereto. |
6.5. | The Acquiring Fund will advise the Acquired Fund promptly if at any time prior to the Closing Date the assets of such Acquired Fund include any securities which the Acquiring Fund is not permitted to acquire. |
6.6. | Subject to the provisions of this Agreement, each of the Acquired Fund and the Acquiring Fund will take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to cause the conditions to the other partys obligations to consummate the transactions contemplated hereby to be met or fulfilled and otherwise to consummate and make effective such transactions. |
6.7. | The Company shall file a post-effective amendment to its Registration Statement on Form N-1A with the SEC as promptly as practicable registering the Acquiring Fund and its shares under the 1933 Act and 1940 Act, and any supplements and amendments as may be required (the Company Post-Effective Amendment). |
6.8. | The Acquiring Fund will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state securities or Blue Sky laws as it may deem appropriate in order to commence operations on the Closing Date. |
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6.9. | With respect to any agreement between the Trust, on behalf of the Acquired Fund, and each of its service providers (Acquired Fund Service Provider Agreements), the Company and Perimeter agree that any fees, costs or other amounts that become due or payable under any such Acquired Fund Service Provider Agreement in accordance with its terms (or as otherwise may be mutually agreed upon by the Trust, the Company and Perimeter) as a result of its termination: (i) shall not constitute a material liability or material payment for purposes of paragraph 5.1(d) of this Agreement; and (ii) shall not constitute the acceleration of any obligation or the imposition of any penalty for purposes of paragraph 8.2(d) of this Agreement. |
6.10. | The Company, on behalf of the Acquiring Fund, agrees that, for the period beginning at the Closing Date and ending six years thereafter, all rights to indemnification and all limitations of liability existing in favor of the Acquired Funds current and former Trustees and officers, acting in their capacities as such, under the Charter Documents of the Trust as in effect as of the date of this Agreement shall survive the Reorganization as obligations of Acquiring Fund and shall continue in full force and effect, without any amendment thereto, and shall constitute rights which may be asserted against Acquiring Fund, its successors or assigns. |
7. | CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRED FUND. |
The obligations of the Trust, on behalf of the Acquired Fund, to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Company and the Acquiring Fund of all the obligations to be performed by them hereunder on or before the Closing Date and, in addition thereto, to the following further conditions:
7.1. | The Company, on behalf of the Acquiring Fund, shall have delivered to the Trust, on behalf of the Acquired Fund, a certificate executed in its name by its President or Vice President and its Treasurer or Assistant Treasurer, in form and substance satisfactory to the Trust and dated as of the Closing Date, to the effect that the representations and warranties of the Company on behalf of the Acquiring Fund made in this Agreement are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement, and that the Company and the Acquiring Fund have complied with all the covenants and agreements and satisfied all of the conditions on their parts to be performed or satisfied under this Agreement at or prior to the Closing Date. |
7.2. | The Acquired Fund shall have received a favorable opinion of Drinker Biddle & Reath LLP, counsel to the Company, dated the Closing Date and, in a form satisfactory to the Trust, to the following effect: |
(a) | The Company is a corporation duly organized and validly existing under the laws of the State of Maryland and has power to own all of its properties and assets and to carry on its business as presently conducted, and the Acquiring Fund is a separate series thereof duly constituted in accordance with the applicable provisions of the 1940 Act and the Companys Charter Documents; |
(b) | This Agreement has been duly authorized, executed and delivered on behalf of the Acquiring Fund and, assuming the due authorization, execution and delivery of this Agreement by the Trust on behalf of the Acquired Fund, is the valid and binding obligation of the Acquiring Fund enforceable against the Acquiring Fund in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors rights generally and other equitable principles; |
(c) | The Acquiring Fund has the power to assume the liabilities to be assumed by it hereunder and upon consummation of the transactions contemplated hereby the Acquiring Fund will have duly assumed such liabilities; |
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(d) | The Acquisition Shares to be issued for transfer to Acquired Fund Shareholders as provided by this Agreement are duly authorized and upon such transfer and delivery will be validly issued and outstanding and fully paid and nonassessable shares of common stock of the Acquiring Fund, and no shareholder of the Acquiring Fund has any preemptive right of subscription or purchase in respect thereof; |
(e) | The execution and delivery of this Agreement did not, and the performance by the Company and the Acquiring Fund of their respective obligations hereunder will not, violate the Companys Charter Documents, or any provision of any agreement known to such counsel to which the Company or the Acquiring Fund is a party or by which it is bound or, to the knowledge of such counsel, result in the acceleration of any obligation or the imposition of any penalty under any agreement, judgment, or decree to which the Company or the Acquiring Fund is a party or by which either of them is bound; |
(f) | No consent, approval, authorization or order of any court or governmental authority is required for the consummation by the Company or the Acquiring Fund of the transactions contemplated by this Agreement except such as may be required under state securities or Blue Sky laws or such as have been obtained; |
(g) | Such counsel does not know of any legal or governmental proceedings relating to the Company or the Acquiring Fund existing on or before the date of mailing of the Prospectus/Proxy Statement referred to in paragraph 6.3 or the Closing Date required to be described in the Prospectus/Proxy Statement which are not described as required; |
(h) | The Company is registered with the SEC as an investment company under the 1940 Act; and |
(i) | No litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or threatened as to the Company or the Acquiring Fund or any of their properties or assets or any person whom the Acquiring Fund may be obligated to indemnify in connection with such litigation, proceeding or investigation, and neither the Company nor the Acquiring Fund is a party to or subject to the provisions of any order, decree or judgment of any court or governmental body, which materially and adversely affects its business or its ability to consummate the transactions contemplated hereby. |
Such opinion (i) may assume, without any independent investigation, that the laws of the State of Maryland are identical in all respects to the laws of the Commonwealth of Pennsylvania; (ii) shall state that such opinion is solely for the benefit of the Trust and the Acquired Fund and its Trustees and officers; and (iii) may rely upon officers certificates and certificates of public officials in rendering their opinion.
8. | CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND. |
The obligations of the Company, on behalf of the Acquiring Fund, to complete the transactions provided for herein shall be subject, at its election, to the performance by the Trust, on behalf of the Acquired Fund, of all the obligations to be performed by it hereunder on or before the Closing Date and, in addition thereto, to the following further conditions:
8.1. | The Trust, on behalf of the Acquired Fund, shall have delivered to the Company, on behalf of the corresponding Acquiring Fund, a certificate executed in its name by its President or Vice President and its Treasurer or Assistant Treasurer, in form and substance satisfactory to the Company and dated as of the Closing Date, to the effect that the representations and warranties of the Trust, on behalf of the Acquired Fund, made in this Agreement are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement, and that the Trust and the Acquired Fund have complied with all the covenants and agreements and satisfied all of the conditions on their parts to be performed or satisfied under this Agreement at or prior to the Closing Date; |
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8.2. | The Company shall have received a favorable opinion of Morgan, Lewis & Bockius LLP, counsel to the Trust, dated the Closing Date and in a form satisfactory to the Company, to the following effect: |
(a) | The Trust is a business trust duly organized and validly existing under the laws of the Commonwealth of Massachusetts and has power to own all of its properties and assets and to carry on its business as presently conducted; |
(b) | This Agreement has been duly authorized, executed and delivered on behalf of the Acquired Fund and, assuming the due authorization, execution and delivery of this Agreement by the Company on behalf of the Acquiring Fund, is the valid and binding obligation of the Acquired Fund enforceable against the Acquired Fund in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors rights generally and other equitable principles; |
(c) | The Acquired Fund has the power to sell, assign, transfer and deliver the assets to be transferred by it hereunder, and, upon consummation of the transactions contemplated hereby, the Acquired Fund will have duly transferred such assets to the Acquiring Fund; |
(d) | The execution and delivery of this Agreement did not, and the performance by the Trust and the Acquired Fund of their respective obligations hereunder will not, violate the Trusts Charter Documents, or any provision of any agreement to which the Trust or the Acquired Fund is a party or by which it is bound or, to the knowledge of such counsel, result in the acceleration of any obligation or the imposition of any penalty under any agreement, judgment, or decree to which the Trust or the Acquired Fund is a party or by which it is bound; |
(e) | No consent, approval, authorization or order of any court or governmental authority is required for the consummation by the Trust or the Acquired Fund of the transactions contemplated by this Agreement, except such as have been obtained; |
(f) | Such counsel does not know of any legal or governmental proceedings relating to the Trust or the Acquired Fund existing on or before the date of mailing of the Prospectus/Proxy Statement referred to in paragraph 6.3 or the Closing Date required to be described in the Prospectus/Proxy Statement which are not described as required; |
(g) | The Trust is registered with the SEC as an investment company under the 1940 Act; and |
(h) | No litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or threatened as to the Trust or the Acquired Fund or any of their properties or assets or any person whom any Acquiring Fund may be obligated to indemnify in connection with such litigation, proceeding or investigation, and neither the Trust nor the Acquired Fund is a party to or subject to the provisions of any order, decree or judgment of any court or governmental body, which materially and adversely affects its business or its ability to consummate the transactions contemplated hereby. |
Such opinion (i) may rely on the opinion of other counsel to the extent set forth in such opinion, provided such other counsel is reasonably acceptable to the Company; (ii) shall state that such opinion is solely for the benefit of the Company and the Acquiring Fund and its Directors and officers; and (iii) may rely upon officers certificates and certificates of public officials in rendering their opinion.
8.3. | The Acquired Fund shall have furnished to the Acquiring Fund a certificate, signed by the President (or any Vice President) and the Treasurer of the Trust, as to the adjusted tax basis in the hands of the Acquired Fund of the securities delivered to the Acquiring Fund pursuant to this Agreement. |
8.4. | The Acquired Fund Custodian shall have delivered to the Acquiring Fund a certificate identifying all of the assets of the Acquired Fund held by the Acquired Fund Custodian as of the Valuation Date. |
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9. | FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND AND ACQUIRED FUND. |
The respective obligations of the Acquired Fund and the Acquiring Fund hereunder are each subject to the further conditions that on or before the Closing Date:
9.1. | This Agreement and the transactions contemplated herein shall have received all necessary shareholder approvals at the meeting of shareholders of the Acquired Fund referred to in paragraph 6.2. |
9.2. | On the Closing Date, no action, suit or other proceeding shall be pending before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated hereby. |
9.3. | All consents of other parties and all other consents, orders and permits of federal, state and local regulatory authorities (including those of the SEC and of state Blue Sky and securities authorities) deemed necessary by the Acquired Fund or the Acquiring Fund to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a risk of a material adverse effect on the assets or properties of the Acquiring Fund or the Acquired Fund. |
9.4. | The Registration Statement shall become effective under the 1933 Act and no stop order suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act. |
9.5. | The Company Post-Effective Amendment referred to in paragraph 6.7 shall have become effective under the 1933 Act and no stop order suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act. |
9.6. | The Trust, for itself and on behalf of the Acquired Fund, and the Company, for itself and on behalf of the Acquiring Fund, shall have received a favorable opinion of Drinker Biddle & Reath LLP satisfactory to each of the Trust and the Company, substantially to the effect that, for federal income tax purposes: |
(a) | The acquisition by the Acquiring Fund of the assets of the Acquired Fund in exchange for the Acquiring Funds assumption of the liabilities and Obligations of the Acquired Fund and issuance of the Acquisition Shares, followed by the distribution by the Acquired Fund of such Acquisition Shares to the Acquired Fund Shareholders in exchange for their shares of the Acquired Fund, all as provided in Section 2 hereof, will constitute a reorganization within the meaning of Section 368(a)(1)(F) of the Code, and the Acquired Fund and the Acquiring Fund will each be a party to a reorganization within the meaning of Section 368(b) of the Code; |
(b) | No gain or loss will be recognized by the Acquired Fund (i) upon the transfer of its assets to the Acquiring Fund in exchange for the Acquisition Shares and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund or (ii) upon the distribution of the Acquisition Shares by the Acquired Fund to the Acquired Fund Shareholders in liquidation, as contemplated in Section 2 hereof; |
(c) | No gain or loss will be recognized by the Acquiring Fund upon receipt of the assets of the Acquired Fund in exchange for the assumption of liabilities and Obligations and issuance of the Acquisition Shares as contemplated in Section 2 hereof; |
(d) | The tax basis of the assets of the Acquired Fund acquired by the Acquiring Fund will be the same as the tax basis of such assets in the hands of the Acquired Fund immediately prior to the transfer; |
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(e) | The holding periods of the assets of the Acquired Fund in the hands of the Acquiring Fund will include the periods during which such assets were held by the Acquired Fund; |
(f) | No gain or loss will be recognized by Acquired Fund Shareholders upon the exchange of all of their Acquired Fund shares for the Acquisition Shares; |
(g) | The aggregate tax basis of the Acquisition Shares to be received by each Acquired Fund Shareholder will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor; |
(h) | An Acquired Fund Shareholders holding period for the Acquisition Shares to be received will include the period during which the Acquired Fund shares exchanged therefor were held, provided that the Acquired Fund Shareholder held the Acquired Fund shares as a capital asset on the date of the exchange; |
(i) | The Acquiring Fund will succeed to and take into account the items of the Acquired Fund described in Section 381(c) of the Code; and |
(j) | The taxable year of the Acquired Fund shall not end on the Closing Date but shall instead continue as the taxable year of the Acquiring Fund. |
The opinion will be based on certain factual certifications made by officers of the Trust and the Company and will also be based on customary assumptions.
9.7. | At any time prior to the Closing, any of the conditions in this Section 9 may be waived jointly by the Board of the Trust, on behalf of the Acquired Fund, and the Board of the Company, on behalf of the Acquiring Fund, if, in their judgment, such waiver will not have a material adverse effect on the interests of the shareholders of the Acquired Fund or the Acquiring Fund. |
9.8. | Prior to the Closing Date, (a) the Board of the Company, on behalf of the Acquiring Fund, shall have authorized the issuance of and the Acquiring Fund shall have issued one share to Perimeter in consideration of the payment of $10.00, (b) Perimeter shall have, among other things, approved as the sole initial shareholder the investment advisory agreement between the Company, on behalf of the Acquiring Fund, and Perimeter and (c) immediately prior to or contemporaneously with the consummation of the transactions described in this Agreement, the share of the Acquiring Fund acquired by Perimeter has been or is redeemed for $10.00. |
10. | FEES AND EXPENSES. |
10.1. | The Trust, on behalf of the Acquired Fund, and the Company, on behalf of the Acquiring Fund, represents and warrants to the other that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein. |
10.2. | All fees paid to governmental authorities for the registration or qualification of the Acquisition Shares shall be allocated to the Acquiring Fund. All of the other expenses of the Reorganization, whether or not consummated, shall be allocated as follows: |
(a) | As to the expenses incurred by the Company or the Acquiring Fund, including without limitation, all accounting, legal and custodial expenses, $25,000 of such fees shall be borne by Perimeter and the remainder of such fees shall be borne by the Company; and |
(b) | As to the expenses incurred by the Trust or the Acquired Fund, including without limitation, all fees and expenses related to printing, mailing, solicitation of proxies and tabulation of votes of the Acquired Fund shareholders, and all accounting, additional administration expenses (if applicable), transfer agency fees or expenses of the Acquired Fund related to the conversion and transfer of shareholder records to the new transfer agent of the Acquiring Fund, legal or custodial expenses, shall be borne by Perimeter. |
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11. | ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES. |
11.1. | The Trust, on behalf of the Acquired Fund, and the Company, on behalf of the Acquiring Fund, agree that neither party has made any representation, warranty or covenant not set forth herein and that this Agreement constitutes the entire agreement between the parties. |
11.2. | The representations, warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall not survive the consummation of the transactions contemplated hereunder except paragraphs 2.1, 2.2, 2.3, 2.5 and 6.4 and Sections 10, 11 and 14. |
12. | TERMINATION. |
12.1. | This Agreement may be terminated by the mutual agreement of the Board of the Trust, on behalf of the Acquired Fund, and the Board of the Company, on behalf of the Acquiring Fund. In addition, any party to the Agreement may at its option terminate this Agreement at or prior to the Closing Date because: |
(a) | Of a material breach by the other of any representation, warranty, covenant or agreement contained herein to be performed by the other party at or prior to the Closing Date; |
(b) | A condition herein expressed to be precedent to the obligations of the terminating party has not been met and it reasonably appears that it will not or cannot be met; |
(c) | The consummation of the transactions contemplated herein are not in the best interest of the Company or the Trust, as determined by the Board of the Company or the Board of the Trust, respectively, and notice is given to the other party hereto; |
(d) | Any governmental authority of competent jurisdiction shall have issued any judgment, injunction, order, ruling or decree or taken any other action restraining, enjoining or otherwise prohibiting this Agreement or the consummation of any of the transactions contemplated herein and such judgment, injunction, order, ruling, decree or other action becomes final and non-appealable; provided that the party seeking to terminate this Agreement pursuant to this subparagraph (c) shall have used its reasonable best efforts to have such judgment, injunction, order, ruling, decree or other action lifted, vacated or denied; or |
(e) | If the transactions contemplated by this Agreement have not been substantially completed by , 2010, this Agreement shall automatically terminate on that date unless a later date is agreed to by both the Trust and the Company. |
12.2. | If for any reason the transactions contemplated by this Agreement are not consummated, no party shall be liable to any other party for any damages resulting therefrom, including without limitation consequential damages. |
13. | AMENDMENTS. |
This Agreement may be amended, modified or supplemented in such manner as may be mutually agreed upon in writing by the authorized officers of the Trust, on behalf of the Acquired Fund, and by the authorized officers of the Company, on behalf of the Acquiring Fund; provided, however, that following the shareholders meeting called by the Trust pursuant to paragraph 6.2 no such amendment may have the effect of changing the provisions for determining the number of the Acquisition Shares to be issued to the Acquired Fund Shareholders under this Agreement to the detriment of such Acquired Fund Shareholders without their further approval. At any time prior to the Closing, any of the conditions precedent to the obligations of a party under this Agreement other than those set forth in Section 9 may be waived, in whole or in part, by the other party in a writing signed and delivered by the authorized officers of the waiving party.
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14. | NOTICES. |
Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be given by overnight courier, electronic delivery, facsimile or certified mail, addressed to:
To the Trust:
The Advisors Inner Circle Fund II
c/o SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
Attention: Philip T. Masterson
With a copy (which shall not constitute notice) to:
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Attention: Christopher D. Menconi
To the Company:
The RBB Fund, Inc.
Bellevue Park Corporate Center
103 Bellevue Parkway
Wilmington, DE 19809
Attention: Salvatore E. Faia, President
With a copy (which shall not constitute notice) to:
Drinker Biddle & Reath LLP
One Logan Square
18th & Cherry Streets
Philadelphia, PA 19103
Attention: Michael P. Malloy, Esq.
To Perimeter:
Perimeter Capital Management, LLC
Five Concourse Parkway, Suite 2725
Atlanta, GA 30328
Attention: George B. Ball, President
15. | HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; NON- RECOURSE. |
15.1. | The article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. |
15.2. | This Agreement may be executed in any number of counterparts, each of which shall be deemed an original. |
15.3. | This Agreement shall be governed by and construed in accordance with the domestic substantive laws of the State of Maryland, without giving effect to any choice or conflicts of law rule or provision that would result in the application of the domestic substantive laws of any other jurisdiction. |
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15.4. | This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement. |
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers designated below as of the date first written above.
THE ADVISORS INNER CIRCLE FUND II for itself and on behalf of Perimeter Small Cap Growth Fund |
THE RBB FUND, INC. for itself and on behalf of Perimeter Small Cap Growth Fund | |||||||
By: | By: | |||||||
Name: | Name: | |||||||
Title: | Title: | |||||||
PERIMETER CAPITAL MANAGEMENT LLC solely for purposes of paragraphs 6.9, 9.8 and 10.2 hereof |
||||||||
By: | ||||||||
Name: | ||||||||
Title: |
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Appendix A
SHAREHOLDERS IN THE ACQUIRED FUND SHARE CLASS | WOULD RECEIVE THESE ACQUISITION SHARES OF THE ACQUIRING FUND IN THE REORGANIZATION | |||
Perimeter Small Cap Growth Fund |
g | Perimeter Small Cap Growth Fund | ||
Investor Class Shares |
Investor Class Shares | |||
I Shares |
I Shares |
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PART B
PERIMETER SMALL CAP GROWTH FUND
A Series of
The Advisors Inner Circle Fund II
Statement of Additional Information
, 2009
Acquisition of all of the assets and liabilities of: |
By and in exchange for shares of: | |
Perimeter Small Cap Growth Fund (the Fund)
(a series of The Advisors Inner Circle Fund II)
One Freedom Valley Drive Oaks, Pennsylvania 19456 |
Perimeter Small Cap Growth Fund (the RBB Fund)
(a series of The RBB Fund, Inc.)
103 Bellevue Parkway Wilmington, Delaware 19809 |
1
This Statement of Additional Information (SAI), which is not a prospectus, supplements and should be read in conjunction with the Proxy Statement/Prospectus dated , 2009 (the Proxy Statement/Prospectus) relating specifically to the Special Meeting of Shareholders of the Fund which is scheduled to be held on [December 11, 2009]. A copy of the Proxy/Prospectus may be obtained upon request and without charge by calling the Fund toll free at 1-888-968-4964. Unless otherwise indicated, capitalized terms used herein and not otherwise defined have the same meanings as are given to them in the Proxy/Prospectus. The Reorganization is expected to occur in accordance with the terms of the Reorganization Agreement.
General Information:
This SAI and the Proxy/Prospectus are related to the proposed acquisition of all of the assets of the Fund by the RBB Fund and the assumption by the RBB Fund of all of the liabilities of the Fund. Such assets and liabilities of the Fund are proposed to be exchanged for Investor Class Shares or I Shares, as the case may be, of the RBB Fund having an aggregate value equal to the net asset value of the Funds Investor Class Shares or I Shares as of the Valuation Date. At the effective time of the reorganization, the RBB Fund will distribute shares to each holder of the Funds shares in an amount equal in value to the shareholders Fund shares as of the closing date and the Fund will completely liquidate (collectively, the Reorganization).
Incorporation of Documents By Reference into the Statement of Additional Information
This Statement of Additional Information incorporates by reference the following documents:
(1) | Statement of Additional Information dated November 28, 2008 with respect to the Fund (previously filed on EDGAR, Accession No. 0001135428-08-000506). |
(2) | The audited financial statements and related report of the independent registered public accounting firm included in the Funds Annual Report to Shareholders for the fiscal year ended July 31, 2009 with respect to the Fund (previously filed on EDGAR, Accession No. 0001135428-09-000468). No other parts of the Annual Report are incorporated herein by reference. |
(3) | Supplement dated , 2009 and Statement of Additional Information dated , 2009 with respect to the RBB Fund (previously filed on EDGAR, Accession No. ). |
Pro Forma Financial Statements
Pro forma financial information has not been prepared for the reorganization of the Fund into the RBB Fund because the Fund is being reorganized into a newly organized series with no assets and liabilities that will commence investment operations upon completion of the Reorganization and continue the operations of the Fund.
2
THE RBB FUND, INC.
FORM N-14
PART C: OTHER INFORMATION
Item 15. | INDEMNIFICATION |
Sections 1, 2, 3 and 4 of Article VIII of Registrants Articles of Incorporation, as amended, incorporated herein by reference as Exhibits (a)(1) and (a)(3), provide as follows:
Section 1. To the fullest extent that limitations on the liability of directors and officers are permitted by the Maryland General Corporation Law, no director or officer of the Corporation shall have any liability to the Corporation or its shareholders for damages. This limitation on liability applies to events occurring at the time a person serves as a director or officer of the Corporation whether or not such person is a director or officer at the time of any proceeding in which liability is asserted.
Section 2. The Corporation shall indemnify and advance expenses to its currently acting and its former directors to the fullest extent that indemnification of directors is permitted by the Maryland General Corporation Law. The Corporation shall indemnify and advance expenses to its officers to the same extent as its directors and to such further extent as is consistent with law. The Board of Directors may by law, resolution or agreement make further provision for indemnification of directors, officers, employees and agents to the fullest extent permitted by the Maryland General Corporation law.
Section 3. No provision of this Article shall be effective to protect or purport to protect any director or officer of the Corporation against any liability to the Corporation or its security holders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.
Section 4. References to the Maryland General Corporation Law in this Article are to the law as from time to time amended. No further amendment to the Articles of Incorporation of the Corporation shall decrease, but may expand, any right of any person under this Article based on any event, omission or proceeding prior to such amendment. Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of Registrant pursuant to the foregoing provisions, or otherwise, Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a director, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Sections 2 and 3 of the Assumption Agreement between PNC Bank, N.A. (PNC Bank) and BlackRock Institutional Management Corporation (BIMC), dated April 29, 1998 and incorporated herein by reference to exhibit (6)(c), provide for the indemnification of BIMC and PNC Bank against certain losses.
Section 12 of the Investment Advisory Agreements between Registrant and Boston Partners Asset Management, LLC (Boston Partners), incorporated herein by reference to exhibits (6)(d), (6)(f), (6)(g), (6)(h), and (6)(j), provides for the indemnification of Boston Partners against certain losses.
Section 12 of the Investment Advisory Agreement between Registrant and Bogle Investment Management, L.P. (Bogle), dated September 15, 1999 and incorporated herein by reference to exhibit (6)(i) provides for the indemnification of Bogle against certain losses.
Section 12 of the Investment Advisory Agreements between the Registrant and Weiss, Peck & Greer Investments is incorporated herein by reference as exhibits (6)(m) and (6)(n) provides for the indemnification of Weiss, Peck & Greer Investments against certain losses.
Section 9 of the Distribution Agreement between Registrant and PFPC Distributors, Inc. (PFPC), dated January 2, 2001 and incorporated herein by reference to exhibit (7)(a) provides for the indemnification of PFPC Distributors against certain losses.
Section 12 of the Investment Advisory Agreement between the Registrant and Hilliard Lyons Research Advisors, a division of J. J. B. Hilliard, W. L. Lyons (Hilliard) and incorporated herein by reference as exhibit (6)(l) provides for the indemnification of Hilliard against certain losses, dated April 29, 2008.
Section 12 of each of the Investment Advisory Agreements between the Registrant and Schneider Capital Management (Schneider) incorporated herein by reference as exhibits (6)(e) and (6)(k) provides for the indemnification of Schneider against certain losses.
Section 12 of the Investment Advisory Agreement between the Registrant and Bear Stearns Asset Management Inc., (Bear Stearns), on behalf of the Bear Stearns CUFS MLP Mortgage Portfolio, dated August 12, 2008, and incorporated herein by reference as exhibit (6)(p) provides for the indemnification of Bear Stearns against certain losses.
Section 12 of the Investment Advisory Agreement between the Registrant and Marvin & Palmer Associates, Inc., (Marvin & Palmer Associates) dated March 5, 2007 and incorporated herein by reference as exhibit (6)(r) provides for the indemnification of Marvin & Palmer Associates against certain losses.
Section 12 of the Investment Advisory Agreement between the Registrant and Abundance Technologies, Inc., (Abundance) dated December 31, 2007 and incorporated herein by reference as exhibit (6)(s) provides for the indemnification of Abundance against certain losses.
Section 13 of each of the Investment Advisory Agreements between the Registrant and Sustainable Asset Management USA., (SAM) dated October 1, 2007 and March 17, 2009 and incorporated herein by reference as exhibits (6)(t), (6)(u), (6)(dd) and (6)(ee) provides for the indemnification of SAM against certain losses.
Section 12 of the Form of Investment Advisory Agreement between the Registrant and Perimeter Capital Management LLC, (Perimeter) and incorporated herein by reference as exhibit (6)(gg) provides for the indemnification of Perimeter against certain losses.
Item 16. | EXHIBITS |
(1) |
Articles of Incorporation. | |
a) |
Articles of Incorporation of Registrant are incorporated herein by reference to Registrants Registration Statement (No. 33-20827) filed on March 24, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
b) |
Articles Supplementary of Registrant are incorporated herein by reference to Registrants Registration Statement (No. 33-20827) filed on March 24, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
c) |
Articles of Amendment to Articles of Incorporation of Registrant are incorporated herein by reference to Pre-Effective Amendment No. 2 to Registrants Registration Statement (No. 33-20827) filed on July 12, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. |
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d) |
Articles Supplementary of Registrant are incorporated herein by reference to Pre-Effective Amendment No. 2 to Registrants Registration Statement (No. 33-20827) filed on July 12, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
e) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 3 to the Registrants Registration Statement (No. 33-20827) filed on April 27, 1990, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
f) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 4 to the Registrants Registration Statement (No. 33-20827) filed on May 1, 1990, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
g) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 7 to the Registrants Registration Statement (No. 33-20827) filed on July 15, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
h) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 8 to the Registrants Registration Statement (No. 33-20827) filed on October 22, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
i) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 13 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1993, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
j) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 13 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1993, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
k) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 22 to the Registrants Registration Statement (No. 33-20827) filed on December 19, 1994, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
l) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 22 to the Registrants Registration Statement (No. 33-20827) filed on December 19, 1994, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
m) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 22 to the Registrants Registration Statement (No. 33-20827) filed on December 19, 1994, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
n) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 22 to the Registrants Registration Statement (No. 33-20827) filed on December 19, 1994, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
o) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 27 to the Registrants Registration Statement (No. 33-20827) filed on March 31, 1995. | |
p) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 34 to the Registrants Registration Statement (No. 33-20827) filed on May 16, 1996. | |
q) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 39 to the Registrants Registration Statement (No. 33-20827) filed on October 11, 1996. |
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r) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 45 to the Registrants Registration Statement (No. 33-20827) filed on May 9, 1997. | |
s) |
Articles of Amendment to Charter of the Registrant are incorporated herein by reference to Post-Effective Amendment No. 46 to the Registrants Registration Statement (No. 33-20827) filed on September 25, 1997. | |
t) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 46 to the Registrants Registration Statement (No. 33-20827) filed on September 25, 1997. | |
u) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
v) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
w) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 1998. | |
x) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 1998. | |
y) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 67 to the Registrants Registration Statement (No. 33-20827) filed on September 30, 1999. | |
z) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 69 to the Registrants Registration Statement (No. 33-20827) filed on November 29, 1999. | |
aa) |
Articles of Amendment to Charter of the Registrant are incorporated herein by reference to Post-Effective Amendment No. 71 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2000. | |
bb) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 71 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2000. | |
cc) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 71 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2000. | |
dd) |
Articles of Amendment to Charter of the Registrant are incorporated herein by reference to Post-Effective Amendment No. 71 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2000. | |
ee) |
Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 73 to the Registrants Registration Statement (No. 33-20827) filed on March 15, 2001. | |
ff) |
Articles of Amendment of Registrant (Boston Partners Bond Fund - Institutional Class and Boston Partners Bond Fund - Investor Class) are incorporated herein by reference to Post-Effective Amendment No. 77 to the Registrants Registration Statement (No. 33-20827) filed on May 15, 2002. | |
gg) |
Articles Supplementary to Charter of the Registrant (Boston Partners All-Cap Value Fund - Institutional Class and Boston Partners Bond Fund - Institutional Class) are incorporated herein by reference to Post-Effective Amendment No. 77 to the Registrants Registration Statement (No. 33-20827) filed on May 15, 2002. | |
hh) |
Articles Supplementary of Registrant (Schneider Value Fund) are incorporated herein by reference to Post-Effective Amendment No. 78 to the Registrants Registration Statement (No. 33-20827) filed on May 16, 2002. | |
ii) |
Articles Supplementary of Registrant (Institutional Liquidity Fund for Credit Unions and Liquidity Fund for Credit Union Members) are incorporated herein by reference to Post-Effective Amendment No. 84 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2003. | |
jj) |
Articles of Amendment to Charter of the Registrant are incorporated herein by reference to Post-Effective Amendment No. 89 to the Registrants Registration Statement (No. 33-20827) filed on December 30, 2004. |
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kk) |
Articles Supplementary of Registrant (Robeco WPG Core Bond Fund Investor Class, Robeco WPG Core Bond Fund Institutional Class, Robeco WPG Tudor Fund Institutional Class, Robeco WPG Large Cap Growth Fund Institutional Class) are incorporated herein by reference to Post-Effective Amendment No. 93 to the Registrants Registration Statement (No. 33-20827) filed on March 4, 2005. | |
ll) |
Certificate of Correction of Registrant is incorporated herein by reference to Post-Effective Amendment No. 95 to the Registrants Registration Statement (No. 33-20827) filed on March 23, 2005. | |
mm) |
Articles Supplementary of Registrant (Robeco WPG Core Bond Fund Investor Class, Robeco WPG Core Bond Fund Institutional Class, Robeco WPG Tudor Fund Institutional Class, Robeco WPG 130/30 Large Cap Core Fund f/k/a Robeco WPG Large Cap Growth Fund Institutional Class) are incorporated herein by reference to Post-Effective Amendment No. 95 to the Registrants Registration Statement (No. 33-20827) filed on March 23, 2005. | |
nn) |
Articles Supplementary of Registrant (Senbanc Fund) are incorporated herein by reference to Post-Effective Amendment No. 96 to the Registrants Registration Statement (No. 33-20827) filed on June 6, 2005. | |
oo) |
Articles of Amendment of Registrant (Robeco WPG Core Bond Fund Retirement Class) are incorporated herein by reference to Post-Effective Amendment No. 97 to the Registrants Registration Statement (No. 33-20827) filed on August 19, 2005. | |
pp) |
Articles Supplementary of Registrant (Robeco WPG Core Bond Fund Investor Class) are incorporated herein by reference to Post-Effective Amendment No. 99 to the Registrants Registration Statement (No. 33-20827) filed on September 27, 2005. | |
qq) |
Articles Supplementary of Registrant (Bear Stearns CUFS MLP Mortgage Portfolio) are incorporated herein by reference to Post-Effective Amendment No. 104 to the Registrants Registration Statement (No. 33-20827) filed on July 18, 2006. | |
rr) |
Articles of Amendment of Registrant (Bear Stearns CUFS MLP Mortgage Portfolio) are incorporated herein by reference to Post-Effective Amendment No. 108 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 2006. | |
ss) |
Articles Supplementary of Registrant (Bear Stearns Ultra Short Income Fund f/k/a Bear Stearns Enhanced Income Fund) are incorporated herein by reference to Post-Effective Amendment No. 109 to Registrants Registration Statement (No. 33-20827) filed on December 15, 2006. | |
tt) |
Articles Supplementary of Registrant (Marvin & Palmer Large Cap Growth Fund) are incorporated herein by reference to Post-Effective Amendment No. 109 to Registrants Registration Statement (No. 33-20827) filed on December 15, 2006. | |
uu) |
Articles of Amendment of Registrant (Bear Stearns Ultra Short Income Fund f/k/a Bear Stearns Enhanced Income Fund) are incorporated herein by reference to Post-Effective Amendment No. 111 to the Registrants Registration Statement (No. 33-20827) filed on February 28, 2007. | |
vv) |
Articles Supplementary of Registrant (Bear Stearns Ultra Short Income Fund f/k/a Bear Stearns Enhanced Income Fund) are incorporated herein by reference to Post-Effective Amendment No. 111 to the Registrants Registration Statement (No. 33-20827) filed on February 28, 2007. | |
ww) |
Articles Supplementary of Registrant (Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed-Income Fund) incorporated herein by reference to Post-Effective Amendment No. 112 to the Registrants Registration Statement (No. 33-20827) filed on June 1, 2007. | |
xx) |
Articles Supplementary of Registrant (Robeco WPG 130/30 Large Cap Core Fund Investor Class) are incorporated herein by reference to Post-Effective Amendment No.113 to the Registrants Registration Statement (No. 33-20827) filed on July 13, 2007. | |
yy) |
Articles Supplementary of Registrant (SAM Sustainable Water Fund, SAM Sustainable Climate Fund) are incorporated herein by reference to Post-Effective Amendment No.114 to the Registrants Registration Statement (No. 33-20827) filed on July 17, 2007. |
- 5 -
zz) |
Articles of Amendment of Registrant (Robeco WPG 130/30 Large Cap Core Fund Institutional Class) are incorporated herein by reference to Post-Effective Amendment No.116 to the Registrants Registration Statement (No. 33-20827) filed on September 4, 2007. | |
aaa) |
Articles Supplementary of Registrant (Bear Stearns Multifactor 130/30 US Core Equity Fund) are incorporated herein by reference to Post-Effective Amendment No.123 to the Registrants Registration Statement (No. 33-20827) filed on December 17, 2007. | |
bbb) |
Articles of Amendment of Registrant (Bear Stearns Ultra Short Income Fund f/k/a Bear Stearns Enhanced Income Fund) are incorporated herein by reference to Post-Effective Amendment No. 124 to the Registrants Registration Statement (No. 33-20827) filed on December 28, 2007. | |
ccc) |
Articles Supplementary of Registrant (SAM Sustainable Global Active Fund, SAM Sustainable Themes Fund) are incorporated herein by reference to Post-Effective Amendment No. 128 to the Registrants Registration Statement (No. 33-20827) filed on January 26, 2009. | |
ddd) |
Articles Supplementary of Registrant (Perimeter Small Cap Growth Fund) are incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
(2) |
By-Laws, as amended are incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
(3) |
Not applicable. | |
(4) |
Agreement and Plan of Reorganization is filed herewith as Appendix A to the Combined Proxy Statement/Prospectus and incorporated herein by reference. | |
(5) |
Instruments Defining Rights of Security Holders. | |
a) |
See Articles VI, VII, VIII, IX and XI of Registrants Articles of 1 Incorporation dated February 17, 1988 which are incorporated herein by reference to Registrants Registration Statement (No. 33-20827) filed on March 24, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
b) |
See Articles II, III, VI, XIII, and XIV of Registrants By-Laws as amended through August 25, 2004, which are incorporated herein by reference to Post-Effective Amendment No. 89 to the Registrants Registration Statement (No. 33-20827) filed on December 30, 2004. | |
(6) |
Investment Advisory Contracts. | |
a) |
Investment Advisory Agreement (Money Market) between Registrant and Provident Institutional Management Corporation, dated as of August 16, 1988 is incorporated herein by reference to Post-Effective Amendment No. 1 to Registrants Registration Statement (No. 33-20827) filed on March 23, 1989, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
b) |
Sub-Advisory Agreement (Money Market) between Provident Institutional Management Corporation and Provident National Bank, dated as of August 16, 1988 is incorporated herein by reference to Post-Effective Amendment No. 1 to Registrants Registration Statement (No. 33-20827) filed on March 23, 1989, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
c) |
Assumption Agreement (Money Market Fund) between PNC Bank, N.A. and BlackRock Institutional Management Corporation (formerly PNC Institutional Management Corporation) dated April 29, 1998 is incorporated herein by reference to Post-Effective Amendment No. 67 to the Registrants Registration Statement (No. 33-20827) filed on September 30, 1999. | |
d) |
Investment Advisory Agreement (Boston Partners Mid Cap Value Fund) between Registrant and Boston Partners Asset Management, L.P. is incorporated herein by reference to Post-Effective Amendment No. 83 to the Registrants Registration Statement (No. 33-20827) filed on April 8, 2003. |
- 6 -
e) |
Investment Advisory Agreement (Schneider Small Cap Value Fund) between Registrant and Schneider Capital Management Company is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
f) |
Investment Advisory Agreement (Boston Partners Small Cap Value Fund II (formerly Micro Cap Value)) between Registrant and Boston Partners Asset Management, L.P. is incorporated herein by reference to Post-Effective Amendment No. 83 to the Registrants Registration Statement (No. 33-20827) filed on April 8, 2003. | |
g) |
Amendment to Investment Advisory Agreement (Boston Partners Small Cap Value Fund II) between Registrant and Robeco Investment Management, Inc. is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
h) |
Investment Advisory Agreement (Boston Partners Long/Short Equity Fund (formerly Market Neutral)) between Registrant and Boston Partners Asset Management, L.P. is incorporated herein by reference to Post-Effective Amendment No. 83 to the Registrants Registration Statement (No. 33-20827) filed on April 8, 2003. | |
i) |
Investment Advisory Agreement (Bogle Small Cap Growth Fund) between Registrant and Bogle Investment Management, L.P. is incorporated herein by reference to Post-Effective Amendment No. 67 to the Registrants Registration Statement (No. 33-20827) filed on September 30, 1999. | |
j) |
Amended and Restated Investment Advisory Agreement (Boston Partners All-Cap Value Fund) between Registrant and Boston Partners Asset Management, L.P. is incorporated herein by reference to Post-Effective Amendment No. 105 to the Registrants Registration Statement (No. 33-20827) filed on October 30, 2006. | |
k) |
Investment Advisory Agreement (Schneider Value Fund) between Registrant and Schneider Capital Management Company is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
l) |
Investment Advisory Agreement (Senbanc Fund) between Registrant and Hilliard Lyons Research Advisors is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
m) |
Investment Advisory Agreement (Robeco WPG Large Cap Growth Fund) between Registrant and Weiss, Peck & Greer Investments is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
n) |
Investment Advisory Agreement (Robeco WPG Small Cap Value Fund f/k/a Robeco WPG Tudor Fund) between Registrant and Weiss, Peck & Greer Investments is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
o) |
Contractual Fee Waiver Agreement (Robeco WPG Core Bond Fund, Robeco WPG Large Cap Growth Fund and Robeco WPG Small Cap Value Fund f/k/a Robeco WPG Tudor Fund) dated April 29, 2005 between Registrant and Weiss, Peck & Greer Investments is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
p) |
Investment Advisory Agreement (Bear Stearns CUFS MLP Mortgage Portfolio) between Registrant and Bear Stearns Asset Management Inc. is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
q) |
Investment Advisory and Administration Agreement (Money Market Portfolio) between Registrant and BlackRock Institutional Management Corp. is incorporated herein by reference to Post-Effective Amendment No. 112 to the Registrants Registration Statement (No. 33-20827) filed on June 1, 2007. | |
r) |
Investment Advisory Agreement (Marvin & Palmer Large Cap Growth Fund) is incorporated herein by reference to Post-Effective Amendment No. 124 to the Registrants Registration Statement (No. 33-20827) filed on December 28, 2007. |
- 7 -
s) |
Investment Advisory Agreement (Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed-Income Fund) is incorporated herein by reference to Post-Effective Amendment No. 125 to the Registrants Registration Statement (No. 33-20827) filed on February 27, 2008. | |
t) |
Investment Advisory Agreement (SAM Sustainable Water Fund) between Registrant and Sustainable Asset Management USA, Inc. is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
u) |
Investment Advisory Agreement (SAM Sustainable Climate Fund) between Registrant and Sustainable Asset Management USA, Inc. is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
v) |
Contractual Fee Waiver Agreement (Schneider Small Cap Value Fund) dated December 10, 2008, between Registrant and Schneider Capital Management Company is incorporated herein by reference to Post-Effective Amendment No. 127 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2008. | |
w) |
Contractual Fee Waiver Agreement (Schneider Value Fund) dated December 10, 2008, between Registrant and Schneider Capital Management Company is incorporated herein by reference to Post-Effective Amendment No. 127 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2008. | |
x) |
Contractual Fee Waiver Agreement (Bogle Small Cap Growth Fund) dated October 13, 2008, between Registrant and Schneider Capital Management Company is incorporated herein by reference to Post-Effective Amendment No. 127 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2008. | |
y) |
Contractual Fee Waiver Agreement (Robeco Boston Partners Large Cap Value Fund, Robeco Boston Partners Small Cap Value Fund II, Robeco Boston Partners Mid Cap Value Fund, Robeco Boston Partners All-Cap Value Fund, Robeco Boston Partners Long/Short Equity Fund, Robeco WPG Core Bond Fund, Robeco WPG Small Cap Value Fund and Robeco WPG 130/30 Large Cap Core Fund) is incorporated herein by reference to Post-Effective Amendment No. 127 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2008. | |
z) |
Contractual Fee Waiver Agreement (SAM Sustainable Water Fund, SAM Sustainable Climate Fund) between Registrant and Sustainable Asset Management USA, Inc. is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
aa) |
Form of Contractual Fee Waiver Agreement (Marvin & Palmer Large Cap Growth Fund) between Registrant and Marvin & Palmer Associates, Inc. is incorporated herein by reference to Post-Effective Amendment No. 127 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2008. | |
bb) |
Assumption Agreement (Robeco Boston Partners Small Cap Value Fund II, Robeco Boston Partners Long/Short Equity Fund, Robeco Boston Partners Large Cap Value Fund, Robeco Boston Partners Mid Cap Value Fund, Robeco Boston Partners All-Cap Value Fund) between Boston Partners Asset Management and Robeco Investment Management, Inc. dated January 1, 2007 is incorporated herein by reference to Post-Effective Amendment No. 111 to the Registrants Registration Statement (No. 33-20827) filed on February 28, 2007. | |
cc) |
Assumption Agreement (Robeco WPG Core Bond Fund, Robeco WPG Large Cap Growth Fund, and Robeco WPG Small Cap Value Fund f/k/a Robeco WPG Tudor Fund) between Weiss, Peck, & Greer Investments and Robeco Investment Management, Inc. dated January 1, 2007 is incorporated herein by reference to Post-Effective Amendment No. 111 to the Registrants Registration Statement (No. 33-20827) filed on February 28, 2007. | |
dd) |
Investment Advisory Agreement (SAM Sustainable Global Active Fund) between Registrant and Sustainable Asset Management USA, Inc. is incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. |
- 8 -
ee) |
Investment Advisory Agreement (SAM Sustainable Themes Fund) between Registrant and Sustainable Asset Management USA, Inc. is incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
ff) |
Contractual Fee Waiver Agreement (SAM Sustainable Global Active Fund, SAM Sustainable Themes Fund) between Registrant and Sustainable Asset Management USA, Inc. is incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
gg) |
Form of Investment Advisory Agreement (Perimeter Small Cap Growth Fund) between Registrant and Perimeter Capital Management LLC is filed herewith. | |
hh) |
Form of Contractual Fee Waiver Agreement (Perimeter Small Cap Growth Fund) between Registrant and Perimeter Capital Management LLC is filed herewith. | |
(7) |
Underwriting Contracts. | |
a) |
Distribution Agreement between Registrant and PFPC Distributors, Inc. dated as of January 2, 2001 is incorporated herein by reference to Post-Effective Amendment No. 73 to the Registrants Registration Statement (No. 33-20827) filed on March 15, 2001. | |
b) |
Distribution Agreement Supplement (Boston Partners All-Cap Value Fund - Investor Class) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
c) |
Distribution Agreement Supplement (Boston Partners All-Cap Value Fund - Institutional Class) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
d) |
Distribution Agreement Supplement (Schneider Value Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
e) |
Distribution Agreement Supplement (Senbanc Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
f) |
Distribution Agreement Supplement (Robeco WPG Large Cap Growth Fund Institutional Class) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 101 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2005. | |
g) |
Distribution Agreement Supplement (Robeco WPG Small Cap Value Fund f/k/a Robeco WPG Tudor Fund - Institutional Class) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 101 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2005. | |
h) |
Distribution Agreement Supplement (Bear Stearns CUFS MLP Mortgage Portfolio) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 108 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 2006. | |
i) |
Distribution Agreement Supplement (Marvin & Palmer Large Cap Growth Fund) is incorporated herein by reference to Post-Effective Amendment No. 124 to the Registrants Registration Statement (No. 33-20827) filed on December 28, 2007. | |
j) |
Distribution Agreement Supplement (Free Market U.S. Equity Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
k) |
Distribution Agreement Supplement (Free Market International Equity Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. |
- 9 -
l) |
Distribution Agreement Supplement (Free Market Fixed Income Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
m) |
Form of Distribution Agreement Supplement (SAM Sustainable Water Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
n) |
Form of Distribution Agreement Supplement (SAM Sustainable Climate Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
o) |
Form of Distribution Agreement Supplement (SAM Sustainable Global Active Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 128 to the Registrants Registration Statement (No. 33-20827) filed on January 26, 2009. | |
p) |
Form of Distribution Agreement Supplement (SAM Sustainable Themes Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 128 to the Registrants Registration Statement (No. 33-20827) filed on January 26, 2009. | |
q) |
Form of Distribution Agreement Supplement (Perimeter Small Cap Growth Fund) between Registrant and PFPC Distributors, Inc. is filed herewith. | |
(8) |
Bonus or Profit Sharing Contracts. | |
a) |
Fund Office Retirement Profit-Sharing and Trust Agreement, dated as of October 24, 1990, as amended is incorporated herein by reference to Post-Effective Amendment No. 49 to the Registrants Registration Statement (No. 33-20827) filed on December 1, 1997. | |
b) |
Form of Amendment No. 1 to Fund Office Retirement Profit Sharing Plan and Trust Reflecting EGTRRA is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
(9) |
Custodian Agreements. | |
a) |
Custodian Agreement between Registrant and Provident National Bank dated as of August 16, 1988 is incorporated herein by reference to Post-Effective Amendment No. 1 to Registrants Registration Statement (No. 33-20827) filed on March 23, 1989, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
b) |
Sub-Custodian Agreement among The Chase Manhattan Bank, N.A., the Registrant and Provident National Bank, dated as of July 13, 1992, relating to custody of Registrants foreign securities is incorporated herein by reference to Post-Effective Amendment No. 8 to the Registrants Registration Statement (No. 33-20827) filed on October 22, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
c) |
Amendment No. 1 to Custodian Agreement dated August 16, 1988 is incorporated herein by reference to Post-Effective Amendment No. 7 to the Registrants Registration Statement (No. 33-20827) filed on July 15, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
d) |
Custodian Contract between Registrant and State Street Bank and Trust Company is incorporated herein by reference to Post-Effective Amendment No. 21 to the Registrants Registration Statement (No. 33-20827) filed on October 28, 1994, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
e) |
Custodian Agreement Supplement between Registrant and PNC Bank, National Association dated October 16, 1996 is incorporated herein by reference to Post-Effective Amendment No. 41 to the Registrants Registration Statement (No. 33-20827) filed on November 27, 1996. |
- 10 -
f) |
Custodian Agreement Supplement (Boston Partners Mid Cap Value Fund) between Registrant and PNC Bank, National Association is incorporated herein by reference to Post-Effective Amendment No. 46 to the Registrants Registration Statement (No. 33-20827) filed on September 25, 1997. | |
g) |
Custodian Agreement Supplement (Boston Partners Bond Fund) between Registrant and PNC Bank, N.A. is incorporated herein by reference to Post-Effective Amendment No. 51 to the Registrants Registration Statement (No. 33-20827) filed on December 8, 1997. | |
h) |
Custodian Agreement Supplement (Schneider Small Cap Value Fund) between Registrant and PNC Bank, N.A. is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
i) |
Custodian Agreement Supplement (Boston Partners Small Cap Value Fund II (formerly Micro Cap Value)) between Registrant and PNC Bank, N.A. is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
j) |
Custodian Agreement Supplement (Boston Partners Long/Short Equity Fund (formerly Market Neutral)) between Registrant and PNC Bank, N.A. is incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 1998. | |
k) |
Form of Custodian Agreement Supplement (Boston Partners Fund - formerly Long Short Equity) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 65 to the Registrants Registration Statement (No. 33-20827) filed on May 19, 1999. | |
l) |
Custodian Agreement Supplement (Bogle Small Cap Growth Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 67 to the Registrants Registration Statement (No. 33-20827) filed on September 30, 1999. | |
m) |
Letter Agreement among Registrant, The Chase Manhattan Bank and PFPC Trust Company, dated as of July 2, 2001, relating to custody of Registrants foreign securities is incorporated herein by reference to Post-Effective Amendment No. 77 to the Registrants Registration Statement (No. 33-20827) filed on May 15, 2002. | |
n) |
Custodian Agreement Supplement (Boston Partners All-Cap Value Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
o) |
Custodian Agreement Supplement (Schneider Value Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
p) |
Custodian Agreement (Robeco WPG Core Bond Fund, Robeco WPG 130/30 Large Cap Core Fund f/k/a Robeco WPG Large Cap Growth Fund, and Robeco WPG Small Cap Value Fund f/k/a Robeco WPG Tudor Fund) between Registrant and Mellon Trust of New England N.A. is incorporated herein by reference to Post-Effective Amendment No. 103 to the Registrants Registration Statement (No. 33-20827) filed on July 18, 2006. | |
q) |
Custodian Agreement Supplement (Senbanc Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
r) |
Custodian Agreement among Registrant, PFPC Trust Company and Citibank, N.A., dated as of September 13, 2005, relating to custody of Registrants foreign securities is incorporated herein by reference to Post-Effective Amendment No. 101 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2005. | |
s) |
Custodian Agreement Supplement (Bear Stearns CUFS MLP Mortgage Portfolio) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 108 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 2006. | |
t) |
Custodian Agreement Supplement (Marvin & Palmer Large Cap Growth Fund) is incorporated herein by reference to Post-Effective Amendment No.124 to the Registrants Registration Statement (No. 33-20827) filed on December 28, 2007. |
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u) |
Custodian Agreement Supplement (Free Market U.S. Equity Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
v) |
Custodian Agreement Supplement (Free Market International Equity Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
w) |
Custodian Agreement Supplement (Free Market Fixed-Income Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
x) |
Custodian Agreement Supplement (SAM Sustainable Water Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
y) |
Custodian Agreement Supplement (SAM Sustainable Climate Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
z) |
Amendment No. 2 to Custodian Agreement dated August 16, 1988 is incorporated herein by reference to Post-Effective Amendment No. 125 to the Registrants Registration Statement (No. 33-20827) filed on February 27, 2008. | |
aa) |
Custodian Agreement Supplement (Robeco WPG Small Cap Value Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 127 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2008. | |
bb) |
Custodian Agreement Supplement (Robeco WPG 130/30 Large Cap Core Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 127 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2008. | |
cc) |
Custodian Agreement Supplement (SAM Sustainable Global Active Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No.129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
dd) |
Custodian Agreement Supplement (SAM Sustainable Themes Fund) between Registrant and PFPC Trust Company is incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
ee) |
Form of Custodian Agreement Supplement (Perimeter Small Cap Growth Fund) between Registrant and PFPC Trust Company is filed herewith. | |
(10) |
Rule 12b-1 Plans. | |
a) |
Plan of Distribution (Bedford Money Market) is incorporated herein by reference to Post-Effective Amendment No. 1 to Registrants Registration Statement (No. 33-20827) filed on March 23, 1989, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
b) |
Amendment No. 1 to Plans of Distribution (Classes A through Q) is incorporated herein by reference to Post-Effective Amendment No. 6 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 1991, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
c) |
Plan of Distribution (Zeta Money Market) is incorporated herein by reference to Post-Effective Amendment No. 7 to the Registrants Registration Statement (No. 33-20827) filed on July 15, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. |
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d) |
Plan of Distribution (Eta Money Market) is incorporated herein by reference to Post-Effective Amendment No. 7 to the Registrants Registration Statement (No. 33-20827) filed on July 15, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
e) |
Plan of Distribution (Theta Money Market) is incorporated herein by reference to Post-Effective Amendment No. 7 to the Registrants Registration Statement (No. 33-20827) filed on July 15, 1992, and refilled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
f) |
Plan of Distribution (Boston Partners Mid Cap Value Fund - Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 45 to the Registrants Registration Statement (No. 33-20827) filed on May 9, 1997. | |
g) |
Plan of Distribution (Boston Partners Bond Fund - Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 51 to the Registrants Registration Statement (No. 33-20827) filed on December 8, 1997. | |
h) |
Plan of Distribution (Boston Partners Small Cap Value Fund II (formerly Micro Cap Value) - Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrants Registration Statement (No. 33-20827) filed on April 10, 1998. | |
i) |
Amendment to Plans of Distribution pursuant to Rule 12b-1 is incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 1998. | |
j) |
Plan of Distribution (Boston Partners Long/Short Equity Fund (formerly Market Neutral) - Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 62 to the Registrants Registration Statement (No. 33-20827) filed on November 12, 1998. | |
k) |
Plan of Distribution (Principal Money Market) is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
l) |
Plan of Distribution (Boston Partners Fund (formerly Long Short Equity) - Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 65 to the Registrants Registration Statement (No. 33-20827) filed on May 19, 1999. | |
m) |
Plan of Distribution pursuant to Rule 12b-1 (Boston Partners All-Cap Value Fund) is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
n) |
Plan of Distribution pursuant to Rule 12b-1 (Senbanc Fund) is incorporated herein by reference to Post-Effective Amendment No. 99 to the Registrants Registration Statement (No. 33-20827) filed on September 27, 2005. | |
o) |
Agreement between Registrant, Bear Stearns Securities Corp. and PFPC Distributors, Inc. dated as of November 17, 2005 is incorporated herein by reference to Post-Effective Amendment No. 101 to the Registrants Registration Statement filed on December 29, 2005. | |
p) |
Plan of Distribution Agreement pursuant to Rule 12b-1 (Robeco WPG 130/30 Large Cap Core Fund f/k/a/ Robeco WPG Large Cap Growth Fund Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 113 to the Registrants Registration Statement (No. 33-20827) filed on July 13, 2007. | |
q) |
Plan of Distribution pursuant to Rule 12b-1 (SAM Sustainable Climate Fund Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
r) |
Plan of Distribution pursuant to Rule 12b-1 (SAM Sustainable Climate Fund Class A) is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. |
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s) |
Plan of Distribution pursuant to Rule 12b-1 (SAM Sustainable Climate Fund Class C) is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
t) |
Plan of Distribution pursuant to Rule 12b-1 (SAM Sustainable Water Fund Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
u) |
Plan of Distribution pursuant to Rule 12b-1 (SAM Sustainable Water Fund Class A) is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
v) |
Plan of Distribution pursuant to Rule 12b-1 (SAM Sustainable Water Fund Class C) is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
w) |
Plan of Distribution pursuant to Rule 12b-1 (SAM Sustainable Global Active Fund Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 128 to the Registrants Registration Statement (No. 33-20827) filed on January 26, 2009. | |
x) |
Plan of Distribution pursuant to Rule 12b-1 (SAM Sustainable Themes Fund Investor Class) is incorporated herein by reference to Post-Effective Amendment No. 128 to the Registrants Registration Statement (No. 33-20827) filed on January 26, 2009. | |
y) |
Plan of Distribution pursuant to Rule 12b-1 (Perimeter Small Cap Growth Fund) is filed herewith. | |
(11) |
Legal Opinion. | |
a) |
Opinion and consent of counsel that shares will be validly issued, fully paid and non-assessable. (Filed herewith.) | |
(12) |
Other Opinions | |
a) |
Form of opinion of counsel with respect to certain tax consequences is filed herewith. Final signed opinion will be filed by post-effective amendment pursuant to an undertaking. | |
(13) |
Other Material Contracts. | |
a) |
Transfer Agency Agreement (Sansom Street) between Registrant and Provident Financial Processing Corporation, dated as of August 16, 1988 is incorporated herein by reference to Post-Effective Amendment No. 1 to Registrants Registration Statement (No. 33-20827) filed on March 23, 1989, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
b) |
Shareholder Servicing Agreement (Sansom Street Money Market) is incorporated herein by reference to Post-Effective Amendment No. 1 to Registrants Registration Statement (No. 33-20827) filed on March 23, 1989, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
c) |
Shareholder Servicing Agreement (Sansom Street Government Obligations Money Market) is incorporated herein by reference to Post-Effective Amendment No. 1 to Registrants Registration Statement (No. 33-20827) filed on March 23, 1989, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
d) |
Shareholder Services Plan (Sansom Street Money Market) is incorporated herein by reference to Post-Effective Amendment No. 1 to Registrants Registration Statement (No. 33-20827) filed on March 23, 1989, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. |
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e) |
Transfer Agency Agreement (Bedford Money Market) between Registrant and Provident Financial Processing Corporation, dated as of August 16, 1988 is incorporated herein by reference to Post-Effective Amendment No. 1 to Registrants Registration Statement (No. 33-20827) filed on March 23, 1989, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
f) |
Transfer Agency Agreement and Supplements (Bradford, Beta, Gamma, Delta, Epsilon, Zeta, Eta and Theta) between Registrant and Provident Financial Processing Corporation dated as of November 5, 1991 is incorporated herein by reference to Post-Effective Amendment No. 7 to the Registrants Registration Statement (No. 33-20827) filed on July 15, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrants Registration Statement filed on October 30, 1998. | |
g) |
Transfer Agency and Service Agreement between Registrant and State Street Bank and Trust Company and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) dated February 1, 1995 is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrants Registration Statement (No. 33-20827) filed on October 6, 1995. | |
h) |
Supplement to Transfer Agency and Service Agreement between Registrant, State Street Bank and Trust Company, Inc. and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) dated April 10, 1995 is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrants Registration Statement (No. 33-20827) filed on October 6, 1995. | |
i) |
Amended and Restated Credit Agreement dated December 15, 1994 is incorporated herein by reference to Post-Effective Amendment No. 29 to the Registrants Registration Statement (No. 33-20827) filed on October 25, 1995. | |
j) |
Transfer Agreement and Service Agreement between Registrant and State Street Bank and Trust Company is incorporated herein by reference to Post-Effective Amendment No. 37 to the Registrants Registration Statement (No. 33-20827) filed on July 30, 1996. | |
k) |
Transfer Agency Agreement Supplement (Boston Partners Mid Cap Value Fund - Institutional Class) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 46 to the Registrants Registration Statement (No. 33-20827) filed on September 25, 1997. | |
l) |
Transfer Agency Agreement Supplement (Boston Partners Mid Cap Value Fund - Investor Class) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 46 to the Registrants Registration Statement (No. 33-20827) filed on September 25, 1997. | |
m) |
Administration and Accounting Services Agreement (Boston Partners Mid Cap Value Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) dated, May 30, 1997 is incorporated herein by reference to Post-Effective Amendment No. 46 to the Registrants Registration Statement (No. 33-20827) filed on September 25, 1997. | |
n) |
Administration and Accounting Services Agreement (Schneider Small Cap Value Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
o) |
Transfer Agency Agreement Supplement (Schneider Small Cap Value Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
p) |
Transfer Agency Agreement Supplement (Boston Partners Small Cap Value Fund II (formerly Micro Cap Value) - Institutional Class) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. |
- 15 -
q) |
Transfer Agency Agreement Supplement (Boston Partners Small Cap Value Fund II (formerly Micro Cap Value) - Investor Class) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
r) |
Administration and Accounting Services Agreement (Boston Partners Small Cap Value Fund II (formerly Boston Partners Micro Cap Value Fund)) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrants Registration Statement (No. 33-20827) filed on October 29, 1998. | |
s) |
Administrative Services Agreement between Registrant and Provident Distributors, Inc. dated as of May 29, 1998 and relating to the n/i family of funds, Schneider Small Cap Value Fund and Institutional Shares of the Boston Partners Funds is incorporated herein by reference to Post-Effective Amendment No. 56 to the Registrants Registration Statement (No. 33-20827) filed on June 25, 1998. | |
t) |
Administrative Services Agreement Supplement (Boston Partners Long/Short Equity Fund (formerly Market Neutral) - Institutional Class) between Registrant and Provident Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 1998. | |
u) |
Administrative and Accounting Services Agreement (Boston Partners Long/Short Equity Fund (formerly Market Neutral) - Institutional and Investor Classes) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 1998. | |
v) |
Transfer Agency Agreement Supplement (Boston Partners Long/Short Equity Fund (formerly Market Neutral) - Institutional and Investor Classes) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 1998. | |
w) |
Form of Transfer Agency Agreement Supplement (Boston Partners Fund (formerly Long-Short Equity)) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 65 to the Registrants Registration Statement (No. 33-20827) filed on May 19, 1999. | |
x) |
Form of Administrative Services Agreement Supplement (Boston Partners Fund (formerly Long-Short Equity) - Institutional Shares) between Registrant and Provident Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 65 to the Registrants Registration Statement (No. 33-20827) filed on May 19, 1999. | |
y) |
Form of Administration and Accounting Services Agreement (Boston Partners Fund (formerly Long-Short Equity)) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 65 to the Registrants Registration Statement (No. 33-20827) filed on May 19, 1999. | |
z) |
Transfer Agency Agreement Supplement (Bogle Small Cap Growth Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 67 to the Registrants Registration Statement (No. 33-20827) filed on September 30, 1999. | |
aa) |
Administrative Services Agreement (Bogle Small Cap Growth Fund) between Registrant and Provident Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 67 to the Registrants Registration Statement (No. 33-20827) filed on September 30, 1999. | |
bb) |
Non 12b-1 Shareholder Services Plan and Agreement (Bogle Small Cap Growth - Investor Shares) is incorporated herein by reference to Post-Effective Amendment No. 67 to the Registrants Registration Statement (No. 33-20827) filed on September 30, 1999. | |
cc) |
Agreement between E*TRADE Group, Inc., Registrant and Registrants principal underwriter is incorporated herein by reference to Post-Effective Amendment No. 69 to the Registrants Registration Statement (No. 33-20827) filed on December 1, 1999. |
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dd) |
Administration and Accounting Services Agreement (Bogle Small Cap Growth Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 69 to the Registrants Registration Statement (No. 33-20827) filed on December 1, 1999. | |
ee) |
Administrative Services Assignment Agreement between Registrant and PFPC Distributors, Inc. dated January 2, 2001 is incorporated herein by reference to Post-Effective Amendment No. 73 to the Registrants Registration Statement (No. 33-20827) filed on March 15, 2001. | |
ff) |
Transfer Agency Supplement (Bear Stearns Money Market Family) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 75 to the Registrants Registration Statement (No. 33-20827) filed on December 4, 2001. | |
gg) |
Form of Transfer Agency Supplement (Boston Partners All-Cap Value Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
hh) |
Form of Administration and Accounting Services Agreement (Boston Partners All-Cap Value Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 77 to the Registrants Registration Statement (No. 33-20827) filed on May 15, 2002. | |
ii) |
Administrative Services Agreement Supplement (Boston Partners All-Cap Value Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
jj) |
Transfer Agency Supplement (Schneider Value Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
kk) |
Form of Administration and Accounting Services Agreement (Schneider Value Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 78 to the Registrants Registration Statement (No. 33-20827) filed on May 16, 2002. | |
ll) |
Administrative Services Agreement Supplement (Schneider Value Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
mm) |
Shareholder Servicing Agreement (Bogle Small Cap Growth Fund) is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
nn) |
Administrative Services Agreement Supplement (Boston Partners Funds - Investor Shares) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrants Registration Statement (No. 33-20827) filed on November 1, 2002. | |
oo) |
Form of Transfer Agency Agreement Supplement (Customer Identification Program) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 84 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2003. | |
pp) |
Regulatory Administration Services Agreement between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 84 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2003. | |
qq) |
Administration and Accounting Services Agreement (Robeco WPG Core Bond Fund, Robeco WPG Large Cap Growth Fund, and Robeco WPG Tudor Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. |
- 17 -
rr) |
Administrative Services Agreement Supplement (Robeco WPG Large Cap Growth Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
ss) |
Administrative Services Agreement Supplement (Robeco WPG Tudor Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
tt) |
Transfer Agency Agreement Supplement (Robeco WPG Large Cap Growth Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
uu) |
Transfer Agency Agreement Supplement (Robeco WPG Tudor Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
vv) |
Non-12b-1 Shareholder Services Plan and Related Form of Shareholder Servicing Agreement (Robeco WPG Large Cap Growth Fund Institutional Class) is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
ww) |
Non-12b-1 Shareholder Services Plan and Related Form of Shareholder Servicing Agreement (Robeco WPG Tudor Fund Institutional Class) is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
xx) |
Administration and Accounting Services Agreement (Senbanc Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
yy) |
Transfer Agency Agreement Supplement (Senbanc Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
zz) |
Administrative Services Agreement Supplement (Senbanc Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
aaa) |
Amended Schedule A to Regulatory Administration Services Agreement (Senbanc Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrants Registration Statement (No. 33-20827) filed on November 25, 2005. | |
bbb) |
Administration and Accounting Services Agreement (Bear Stearns CUFS MLP Mortgage Portfolio) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 108 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 2006. | |
ccc) |
Transfer Agency Agreement Supplement (Bear Stearns CUFS MLP Mortgage Portfolio) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 108 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 2006. | |
ddd) |
Administrative Services Agreement Supplement (Bear Stearns CUFS MLP Mortgage Portfolio) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 108 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 2006. |
- 18 -
eee) |
Amended Schedule A to Regulatory Administration Services Agreement (Bear Stearns CUFS MLP Mortgage Portfolio) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 108 to the Registrants Registration Statement (No. 33-20827) filed on December 14, 2006. | |
fff) |
Escrow Agreement (Money Market Portfolio) between Registrant, PFPC Trust Company, and BlackRock Institutional Management Corp. is incorporated herein by reference to Post-Effective Amendment No. 105 to the Registrants Registration Statement (No. 33-20827) filed on October 30, 2006. | |
ggg) |
Interim Delegation Agreement (Money Market Portfolio) between Registrant, PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.), and BlackRock Institutional Management Corp. is incorporated herein by reference to Post-Effective Amendment No. 105 to the Registrants Registration Statement (No. 33-20827) filed on October 30, 2006. | |
hhh) |
Administration and Accounting Services Agreement (Marvin & Palmer Large Cap Growth Fund) is incorporated herein by reference to Post-Effective Amendment No. 124 to the Registrants Registration Statement (No. 33-20827) filed on December 28, 2007. | |
iii) |
Amended Schedule A to Regulatory Administration Services Agreement (Marvin & Palmer Large Cap Growth Fund) is incorporated herein by reference to Post-Effective Amendment No. 124 to the Registrants Registration Statement (No. 33-20827) filed on December 28, 2007. | |
jjj) |
Form of Administrative Services Agreement Supplement (Marvin & Palmer Large Cap Growth Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 109 to the Registrants Registration Statement (No. 33-20827) filed on December 15, 2006. | |
kkk) |
Transfer Agency Agreement Supplement (Marvin & Palmer Large Cap Growth Fund) is incorporated herein by reference to Post-Effective Amendment No. 124 to the Registrants Registration Statement (No. 33-20827) filed on December 28, 2007. | |
lll) |
Administrative Services Agreement (Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed-Income Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 125 to the Registrants Registration Statement (No. 33-20827) filed on February 27, 2008. | |
mmm) |
Form of Administrative Services Agreement Supplement (Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed-Income Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 112 to the Registrants Registration Statement (No. 33-20827) filed on June 1, 2007. | |
nnn) |
Transfer Agency Agreement Supplement (Free Market U.S. Equity Fund) is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
ooo) |
Transfer Agency Agreement Supplement (Free Market International Equity Fund) is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
ppp) |
Transfer Agency Agreement Supplement (Free Market Fixed Income Fund) is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. | |
qqq) |
Amended Schedule A to Regulatory Administration Services Agreement (Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed-Income Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 126 to the Registrants Registration Statement (No. 33-20827) filed on October 24, 2008. |
- 19 -
rrr) |
Form of Administrative Services Agreement (SAM Sustainable Water Fund, SAM Sustainable Climate Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
sss) |
Form of Administrative Services Agreement Supplement (SAM Sustainable Water Fund, SAM Sustainable Climate Fund) between Registrant and PFPC Distributors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
ttt) |
Form of Transfer Agency Agreement Supplement (SAM Sustainable Water Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
uuu) |
Form of Transfer Agency Agreement Supplement (SAM Sustainable Climate Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
vvv) |
Form of Amended Schedule A to Regulatory Administration Services Agreement (SAM Sustainable Water Fund, SAM Sustainable Climate Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 118 to the Registrants Registration Statement (No. 33-20827) filed on September 28, 2007. | |
www) |
Services Agreement pursuant to Rule 22c-2 between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 124 to the Registrants Registration Statement (No. 33-20827) filed on December 28, 2007. | |
xxx) |
Form of Transfer Agency Agreement Supplement (Red Flags Amendment) between Registrant and PNC Global Investment Servicing (U.S.) Inc. (f/k/a PFPC Inc.) is incorporated herein by reference to Post-Effective Amendment No. 127 to the Registrants Registration Statement (No. 33-20827) filed on December 29, 2008. | |
yyy) |
Administrative Services Agreement Supplement (SAM Sustainable Global Active Fund, SAM Sustainable Themes Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. is incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
zzz) |
Transfer Agency Agreement Supplement (SAM Sustainable Global Active Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. is incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
aaaa) |
Form of Transfer Agency Agreement Supplement (SAM Sustainable Themes Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. is incorporated herein by reference to Post-Effective Amendment No. 128 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
bbbb) |
Amended Schedule A to Regulatory Administration Services Agreement (SAM Sustainable Global Active Fund, SAM Sustainable Themes Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. is incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrants Registration Statement (No. 33-20827) filed on July 2, 2009. | |
cccc) |
Form of Transfer Agency Agreement Supplement (Perimeter Small Cap Growth Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. is filed herewith. | |
dddd) |
Form of Amended Schedule A to Regulatory Administration Services Agreement (Perimeter Small Cap Growth Fund) between Registrant and PNC Global Investment Servicing (U.S.) Inc. is filed herewith. | |
(14) |
Consent of Independent Registered Public Accounting Firm is filed herewith. | |
(15) |
Not applicable. | |
(16) |
Powers of Attorney are filed herewith. |
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(17) a) |
Form of Proxy Card is filed herewith. | |
b) |
Prospectuses of the Perimeter Small Cap Growth Fund to be filed by amendment. | |
c) |
Statement of Additional Information of the Perimeter Small Cap Growth Fund to be filed by amendment. | |
d) |
Annual Report to Shareholders dated July 31, 2009 of the Perimeter Small Cap Growth Fund is incorporated herein by reference to The Advisors Inner Circle Fund II (File No. 811-07102) Annual Report on Form N-CSR filed on September 25, 2009 (SEC Accession No. 0001135428-09-00046). |
Item 17. | UNDERTAKINGS |
(1) | The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended (the 1933 Act), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. |
(2) | The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.| |
(3) | The undersigned Registrant agrees to file by Post-Effective Amendment the opinion of counsel regarding the tax consequences of the proposed reorganization required by Item 16(12) of Form N-14 within a reasonable time after receipt of such opinion. |
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SIGNATURES
As required by the Securities Act of 1933, as amended (the 1933 Act), this registration statement has been signed on behalf of the Registrant, in the City of Wilmington, and State of Delaware, on the 8th day of October, 2009.
THE RBB FUND, INC. | ||
By: | /s/ Salvatore Faia | |
Salvatore Faia | ||
President and Chief Compliance Officer |
As required by the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated:
SIGNATURE |
TITLE |
DATE | ||||
/s/ Salvatore Faia Salvatore Faia |
President (Principal Executive Officer) and Chief Compliance Officer |
October 8, 2009 | ||||
*Joel L. Weiss Joel L. Weiss |
Treasurer (Chief Financial Officer) |
October 8, 2009 | ||||
*J. Richard Carnall J. Richard Carnall |
Director |
October 8, 2009 | ||||
*Francis J. McKay Francis J. McKay |
Director |
October 8, 2009 | ||||
*Marvin E. Sternberg Marvin E. Sternberg |
Director |
October 8, 2009 | ||||
*Julian A. Brodsky Julian A. Brodsky |
Director |
October 8, 2009 | ||||
*Arnold M. Reichman Arnold M. Reichman |
Director |
October 8, 2009 | ||||
*Robert Sablowsky Robert Sablowsky |
Director |
October 8, 2009 | ||||
*Robert Straniere Robert Straniere |
Director |
October 8, 2009 | ||||
*Nicholas A. Giordano Nicholas A. Giordano |
Director |
October 8, 2009 | ||||
*By: | /s/ Salvatore Faia Salvatore Faia |
October 8, 2009 | ||||
Attorney-in-Fact |
- 22 -
EXHIBIT INDEX
6(gg) | Form of Investment Advisory Agreement between Registrant and Perimeter Capital Management LLC | |
6(hh) | Form of Contractual Fee Waiver Agreement between Registrant and Perimeter Capital Management LLC | |
7(q) | Form of Distribution Agreement Supplement between Registrant and PFPC Distributors, Inc. | |
9(ee) | Form of Custodian Agreement Supplement between Registrant and PFPC Trust Company | |
10(y) | Form of Plan of Distribution pursuant to Rule 12b-1 | |
11(a) | Opinion and consent of counsel that shares will be validly issued, fully paid and non-assessable | |
12(a) | Form of opinion of counsel with respect to certain tax consequences | |
13(cccc) | Form of Transfer Agency Agreement Supplement between Registrant and PNC Global Investment Servicing (U.S.) Inc. | |
13(dddd) | Form of Amended Schedule A to Regulatory Administration Services Agreement between Registrant and PNC Global Investment Servicing (U.S.) Inc. | |
14 | Consent of Independent Registered Public Accounting Firm | |
16 | Powers of Attorney | |
17(a) | Form of Proxy Card |
- 23 -
Exhibit 6(gg)
INVESTMENT ADVISORY AGREEMENT
Perimeter Small Cap Growth Fund
AGREEMENT made as of _________, 2009, between THE RBB FUND, INC., a Maryland corporation (herein called the Fund), and PERIMETER CAPITAL MANAGEMENT LLC, a Delaware limited liability company (herein called the Investment Adviser).
WHEREAS, the Fund is registered as an open-end, management investment company under the Investment Company Act of 1940 (the 1940 Act) and currently offers or proposes to offer shares representing interests in separate investment portfolios; and
WHEREAS, the Fund desires to retain the Investment Adviser to render certain investment advisory services to the Fund with respect to the Funds Perimeter Small Cap Growth Fund (the Portfolio), and the Investment Adviser is willing to so render such services; and
WHEREAS, the Board of Directors of the Fund and the sole shareholder of the Portfolio have approved this Agreement;
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, it is agreed between the parties hereto as follows:
SECTION 1. Appointment. The Fund hereby appoints the Investment Adviser to act as investment adviser for the Portfolio for the period and on the terms set forth in this Agreement. The Investment Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.
SECTION 2. Delivery of Documents. The Fund has furnished the Investment Adviser with copies properly certified or authenticated of each of the following:
(a) Resolutions of the Board of Directors of the Fund authorizing the appointment of the Investment Adviser and the execution and delivery of this Agreement;
(b) A prospectus and statement of additional information relating to each class of shares representing interests in the Portfolio of the Fund in effect under the Securities Act of 1933 (such prospectus and statement of additional information, as presently in effect and as they shall from time to time be amended and supplemented, are herein collectively called the Prospectus and Statement of Additional Information, respectively).
The Fund will promptly furnish the Investment Adviser from time to time with copies, properly certified or authenticated, of all amendments of or supplements to the foregoing, if any.
In addition to the foregoing, the Fund will also provide the Investment Adviser with copies of the Funds Charter and By-laws, and any registration statement or service contracts related to the Portfolio, and will promptly furnish the Investment Adviser with any amendments of or supplements to such documents.
SECTION 3. Management. Subject to the supervision of the Board of Directors of the Fund, the Investment Adviser will provide for the overall management of the Portfolio including (i) the provision of a continuous investment program for the Portfolio, including investment research and management with respect to all securities, investments, cash and cash equivalents in the Portfolio, (ii) the determination from time to time of the securities and other investments to be purchased, retained, or sold by the Fund for the Portfolio, and (iii) the placement from time to time of orders for all purchases and sales made for the Portfolio. The Investment Adviser will provide the services rendered by it hereunder in accordance with the Portfolios investment objectives, restrictions and policies as stated in the applicable Prospectus and Statement of Additional Information, provided that the Investment Adviser has actual notice or knowledge of any changes by the Board of Directors to such investment objectives, restrictions or policies. The Investment Adviser further agrees that it will render to the Funds Board of Directors such periodic and special reports regarding the performance of its duties under this Agreement as the Board may reasonably request. The Investment Adviser agrees to provide to the Fund (or its agents and service providers) prompt and accurate data with respect to the Portfolios transactions and, where not otherwise available, the daily valuation of securities in the Portfolio.
SECTION 4. Brokerage. Subject to the Investment Advisers obligation to obtain best price and execution, the Investment Adviser shall have full discretion to select brokers or dealers to effect the purchase and sale of securities. When the Investment Adviser places orders for the purchase or sale of securities for the Portfolio, in selecting brokers or dealers to execute such orders, the Investment Adviser is expressly authorized to consider the fact that a broker or dealer has furnished statistical, research or other information or services for the benefit of the Portfolio directly or indirectly. Without limiting the generality of the foregoing, the Investment Adviser is authorized to cause the Portfolio to pay brokerage commissions which may be in excess of the lowest rates available to brokers who execute transactions for the Portfolio or who otherwise provide brokerage and research services utilized by the Investment Adviser, provided that the Investment Adviser determines in good faith that the amount of each such commission paid to a broker is reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either the particular transaction to which the commission relates or the Investment Advisers overall responsibilities with respect to accounts as to which the Investment Adviser exercises investment discretion. The Investment Adviser may aggregate securities orders so long as the Investment Adviser adheres to a policy of allocating investment opportunities to the Portfolio over a period of time on a fair and equitable basis relative to other clients. In no instance will the Portfolios securities be purchased from or sold to the Funds principal underwriter, the Investment Adviser, or any affiliated person thereof, except to the extent permitted by SEC exemptive order or by applicable law.
The Investment Adviser shall report to the Board of Directors of the Fund at least quarterly with respect to brokerage transactions that were entered into by the Investment Adviser, pursuant to the foregoing paragraph, and shall certify to the Board that the commissions paid were reasonable in terms either of that transaction or the overall responsibilities of the Investment Adviser to the Fund and the Investment Advisers other clients, that the total commissions paid by the Fund were reasonable in relation to the benefits to the Fund over the long term, and that such commissions were paid in compliance with Section 28(e) of the Securities Exchange Act of 1934.
SECTION 5. Conformity with Law; Confidentiality. The Investment Adviser further agrees that it will comply with all applicable rules and regulations of all federal regulatory agencies having jurisdiction over the Investment Adviser in the performance of its duties hereunder. The Investment Adviser will treat confidentially and as proprietary information of the Fund all records and other information relating to the Fund and prior, present or potential shareholders (except with respect to clients of the Investment Adviser) and will not use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Investment Adviser may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by the Fund. Where the Investment Adviser may be exposed to civil or criminal contempt proceedings for failure to comply with a request for records or other information relating to the Fund, the Investment Adviser may comply with such request prior to obtaining the Funds written approval, provided that the Investment Adviser has taken reasonable steps to promptly notify the Fund, in writing, upon receipt of the request.
SECTION 6. Services Not Exclusive. The Investment Adviser and its officers may act and continue to act as investment managers for others, and nothing in this Agreement shall in any way be deemed to restrict the right of the Investment Adviser to perform investment management or other services for any other person or entity, and the performance of such services for others shall not be deemed to violate or give rise to any duty or obligation to the Portfolio or the Fund.
Nothing in this Agreement shall limit or restrict the Investment Adviser or any of its directors, officers, affiliates or employees from buying, selling or trading in any securities for its or their own account. The Fund acknowledges that the Investment Adviser and its directors, officers, affiliates, employees and other clients may, at any time, have, acquire, increase, decrease, or dispose of positions in investments which are at the same time being acquired or disposed of for the Portfolio. The Investment Adviser shall have no obligation to acquire for the Portfolio a position in any investment which the Investment Adviser, its directors, officers, affiliates or employees may acquire for its or their own accounts or for the account of another client, so long as it continues to be the policy and practice of the Investment Adviser not to favor or disfavor consistently or consciously any client or class of clients in the allocation of investment opportunities so that, to the extent practical, such opportunities will be allocated among clients over a period of time on a fair and equitable basis.
The Investment Adviser agrees that this Section 6 does not constitute a waiver by the Fund of the obligations imposed upon the Investment Adviser to comply with Sections 17(d) and 17(j) of the 1940 Act, and the rules thereunder, nor constitute a waiver by the Fund of the obligations imposed upon the Investment Adviser under Section 206 of the Investment Advisers Act of 1940 and the rules thereunder. Further, the Investment Adviser agrees that this Section 6 does not constitute a waiver by the Fund of the fiduciary obligation of the Investment Adviser arising under federal or state law, including Section 36 of the 1940 Act. The Investment Adviser agrees that this Section 6 shall be interpreted consistent with the provisions of Section 17(i) of the 1940 Act.
SECTION 7. Books and Records. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Investment Adviser hereby agrees that all records which it maintains for the Portfolio are the property of the Fund and further agrees to surrender promptly to the Fund any of such records upon the Funds request. The Investment Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act.
SECTION 8. Expenses. During the term of this Agreement, the Investment Adviser will pay all expenses incurred by it in connection with its activities under this Agreement. The Portfolio shall bear all of its own expenses not specifically assumed by the Investment Adviser. General expenses of the Fund not readily identifiable as belonging to an investment portfolio of the Fund shall be allocated among all investment portfolios by or under the direction of the Funds Board of Directors in such manner as the Board determines to be fair and equitable. Expenses borne by the Portfolio shall include, but are not limited to, the following (or the Portfolios share of the following): (a) the cost (including brokerage commissions) of securities purchased or sold by the Portfolio and any losses incurred in connection therewith; (b) fees payable to and expenses incurred on behalf of the Portfolio by the Investment Adviser; (c) filing fees and expenses relating to the registration and qualification of the Fund and the Portfolios shares under federal and/or state securities laws and maintaining such registrations and qualifications; (d) fees and salaries payable to the Funds directors and officers; (e) taxes (including any income or franchise taxes) and governmental fees; (f) costs of any liability and other insurance or fidelity bonds; (g) any costs, expenses or losses arising out of a liability of or claim for damages or other relief asserted against the Fund or the Portfolio for violation of any law; (h) legal, accounting and auditing expenses, including legal fees of special counsel for the independent directors; (i) charges of custodians and other agents; (j) expenses of setting in type and printing prospectuses, statements of additional information and supplements thereto for existing shareholders, reports, statements, and confirmations to shareholders and proxy materials that are not attributable to a class; (k) costs of mailing prospectuses, statements of additional information and supplements thereto to existing shareholders, as well as reports to shareholders and proxy materials that are not attributable to a class; (1) any extraordinary expenses; (m) fees, voluntary assessments and other expenses incurred in connection with membership in investment company organizations; (n) costs of mailing and tabulating proxies
and costs of shareholders and directors meetings; (o) costs of independent pricing services to value the Portfolios securities; and (p) the costs of investment company literature and other publications provided by the Fund to its directors and officers. Distribution expenses, transfer agency expenses, expenses of preparing, printing and mailing prospectuses, statements of additional information, proxy statements and reports to shareholders, and organizational expenses and registration fees, identified as belonging to a particular class of the Portfolio are allocated to such class.
SECTION 9. Voting. The Investment Adviser shall have the authority to vote as agent for the Portfolio, either in person or by proxy, tender and take all actions incident to the ownership of all securities in which the Portfolios assets may be invested from time to time, subject to such policies and procedures as the Board of Directors of the Fund may adopt from time to time.
SECTION 10. Reservation of Name. The Investment Adviser shall at all times have all rights in and to the Portfolios name and all investment models used by or on behalf of the Portfolio. The Investment Adviser may use the Portfolios name or any portion thereof in connection with any other mutual fund or business activity without the consent of any shareholder and the Fund shall execute and deliver any and all documents required to indicate the consent of the Fund to such use. The Fund hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Portfolio, the name of the Portfolio will be changed to one that does not contain the name Perimeter or otherwise suggest an affiliation with the Investment Adviser.
SECTION 11. Compensation.
(a) For the services provided and the expenses assumed pursuant to this Agreement with respect to the Portfolio, the Fund will pay the Investment Adviser from the assets of the Portfolio and the Investment Adviser will accept as full compensation therefor a fee, computed daily and payable monthly, at the annual rate of 0.90% of the Portfolios average daily net assets. For any period less than a full month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month.
(b) The fee attributable to the Portfolio shall be satisfied only against the assets of the Portfolio and not against the assets of any other investment portfolio of the Fund. The Investment Adviser may from time to time agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse the Portfolio for all or a portion of its expenses not otherwise required to be borne or reimbursed by the Investment Adviser.
SECTION 12. Limitation of Liability. The Investment Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Investment Adviser in the
performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement (disabling conduct). The Portfolio will indemnify the Investment Adviser against and hold it harmless from any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses) resulting from any claim, demand, action or suit not resulting from disabling conduct by the Investment Adviser. Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Investment Adviser was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Investment Adviser was not liable by reason of disabling conduct by (a) the vote of a majority of a quorum of directors of the Portfolio who are neither interested persons of the Fund nor parties to the proceeding (disinterested non-party directors) or (b) an independent legal counsel in a written opinion. The Investment Adviser shall be entitled to advances from the Portfolio for payment of the reasonable expenses incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under the Maryland General Corporation Law. The Investment Adviser shall provide to the Portfolio a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Portfolio has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Investment Adviser shall provide a security in form and amount acceptable to the Portfolio for its undertaking; (b) the Portfolio is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party directors, or independent legal counsel, in a written opinion, shall have determined, based upon a review of facts readily available to the Portfolio at the time the advance is proposed to be made, that there is reason to believe that the Investment Adviser will ultimately be found to be entitled to indemnification. Any amounts payable by the Portfolio under this Section 12 shall be satisfied only against the assets of the Portfolio and not against the assets of any other investment portfolio of the Fund.
The limitations on liability and indemnification provisions of this Section 12 shall not be applicable to any losses, claims, damages, liabilities or expenses arising from the Investment Advisers rights to the Portfolios name. The Investment Adviser shall indemnify and hold harmless the Fund and the Portfolio for any claims arising from the use of the term Perimeter in the name of the Portfolio.
SECTION 13. Duration and Termination. This Agreement shall become effective with respect to the Portfolio as of the date first above written and, unless sooner terminated as provided herein, shall continue with respect to the Portfolio until August 16, 2011. Thereafter, if not terminated, this Agreement shall continue with respect to the Portfolio for successive annual periods ending on August 16, provided such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Board of Directors of the Fund who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (b) by the Board of Directors of the Fund or by vote of a majority of the outstanding voting securities of the Portfolio; provided, however, that this Agreement may be terminated with respect to the Portfolio by the Fund at any time, without the payment of any penalty, by the Board of Directors of the Fund or by vote of a
majority of the outstanding voting securities of the Portfolio, on 60 days prior written notice to the Investment Adviser, or by the Investment Adviser at any time, without payment of any penalty, on 60 days prior written notice to the Fund. This Agreement will immediately terminate in the event of its assignment. (As used in this Agreement, the terms majority of the outstanding voting securities, interested person and assignment shall have the same meaning as such terms have in the 1940 Act).
SECTION 14. Amendment of this Agreement. No provision of this Agreement may be changed, discharged or terminated orally, except by an instrument in writing signed by the party against which enforcement of the change, discharge or termination is sought, and no amendment of this Agreement affecting the Portfolio shall be effective until approved by vote of the holders of a majority of the outstanding voting securities of the Portfolio.
SECTION 15. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and shall be governed by Delaware law.
SECTION 16. Notice. All notices hereunder shall be given in writing and delivered by hand, national overnight courier, facsimile (provided written confirmation of receipt is obtained and said notice is sent via first class mail on the next business day) or mailed by certified mail, return receipt requested, as follows:
If to the Fund:
The RBB Fund, Inc.
Bellevue Corporate Center
301 Bellevue Parkway
Wilmington, Delaware 19809
Attention: Salvatore Faia
Fax: 302-791-4830
If to the Investment Adviser:
Perimeter Capital Management, LLC
Five Concourse Parkway, Suite 2725
Atlanta, GA 30328
Attention: George B. Ball, President
Fax:
The effective date of any notice shall be (i) the date such notice is sent if such delivery is effected by hand or facsimile, (ii) one business day after the date such notice is sent if such delivery is effected by national overnight courier; or (iii) the fifth (5th) Business Day after the date of mailing thereof.
SECTION 17. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without giving effect to the conflicts of laws principles thereof.
SECTION 18. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.
THE RBB FUND, INC. | ||
By: | ||
Salvatore Faia | ||
President | ||
PERIMETER CAPITAL MANAGEMENT, LLC | ||
By: | ||
Name: | ||
Title: |
Exhibit 6(hh)
[Perimeter Letterhead]
_________, 2009
Salvatore Faia
President
The RBB Fund, Inc.
Bellevue Park Corporate Center
103 Bellevue Parkway
Wilmington, DE 19809
Re: | The RBB Fund, Inc. - Perimeter Small Cap Growth Fund |
Dear Mr. Faia:
By our execution of this letter agreement (this Agreement), intending to be legally bound hereby, Perimeter Capital Management, LLC (the Adviser) agrees that in order to maintain the established expense ratios of the Perimeter Small Cap Growth Fund (the Fund) of The RBB Fund, Inc., the Adviser shall, until further notice, but in no event terminating before December 31, 2011, waive all or a portion of its investment advisory fees and/or reimburse expenses (other than acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) in an aggregate amount equal to the amount by which the Funds total operating expenses (other than acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) exceed a total operating expense ratio (other than acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) of 1.10% of the I Shares of the Funds average daily net assets, and 1.35% of the Investor Class of the Funds average daily net assets.
If at any time during the first three years in which the Advisory Agreement is still in effect, the total annual fund operating expenses of the Fund for that year are less than 1.10% of the I Shares of the Funds average daily net assets or less than 1.35% of the Investor Class of the Funds average daily net assets, the Adviser shall be entitled to reimbursement by the Fund, in whole or in part as provided below, of the investment advisory fees waived or reduced and other payments remitted by the Adviser to the Fund pursuant to this Agreement. The total amount of reimbursement to which the Adviser may be entitled (the Reimbursement Amount) shall equal, at any time, the sum of all investment advisory fees previously waived or reduced by the Adviser and all other payments remitted by the Adviser to the Fund, pursuant to this Agreement, less any reimbursement previously paid by the Fund to the Adviser, with respect to such waivers, reductions, and payments. The Reimbursement Amount shall not include any additional charges or fees whatsoever, including, e.g., interest accruable on the Reimbursement Amount.
PERIMETER CAPITAL MANAGEMENT, LLC | ||
By: | ||
Title: |
Your signature below acknowledges acceptance of this Agreement: | ||
By: | ||
Title: | President The RBB Fund, Inc. |
Exhibit 7(q)
DISTRIBUTION AGREEMENT SUPPLEMENT
The RBB Fund, Inc.
Perimeter Small Cap Growth fund, Inc.
This supplemental agreement is entered into this ___ day of __________, 2009 by and between THE RBB FUND, INC. (the Company) and PFPC DISTRIBUTORS, INC. (the Distributor).
The Company is a corporation organized under the laws of the State of Maryland and is an open-end management investment company. The Company and the Distributor have entered into a Distribution Agreement, dated as of January 2, 2001 (as from time to time amended and supplemented, the Distribution Agreement), pursuant to which the Distributor has undertaken to act as distributor for the Company, as more fully set forth therein. Certain capitalized terms used without definition in this supplemental agreement have the meaning specified in the Distribution Agreement.
The Company agrees with the Distributor as follows:
1. Adoption of Distribution Agreement. The Distribution Agreement is hereby adopted for the Perimeter Small Cap Growth Fund, Inc. Class of Common Stock of the Company (the Class).
2. Payment of Fees. For all services to be rendered, facilities furnished and expenses paid or assumed by the Distributor on behalf of the Class as provided in the Distribution Agreement and herein, the Company shall pay the Distributor no compensation.
3. Counterparts. This supplemental agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
[Signature page follows.]
IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, execute this supplemental agreement with an effective date as of the date and year first above written.
THE RBB FUND, INC. | PFPC DISTRIBUTORS, INC. | |||||||
By: | By: | |||||||
Name: | Name: | |||||||
Title: | President | Title: |
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Exhibit 9(ee)
CUSTODIAN AGREEMENT SUPPLEMENT
(Perimeter Small Cap Growth Fund, Inc. of The RBB Fund, Inc.)
This supplemental agreement is entered into this ___ day of __________, 2009 by and between THE RBB FUND, INC. (the Fund) and PFPC Trust Company (PFPC Trust).
The Fund is a corporation organized under the laws of the State of Maryland and is an open-end management investment company. The Fund and PFPC Trust have entered into a Custodian Agreement, dated as of August 16, 1988 (as from time to time amended and supplemented, the Custodian Agreement), pursuant to which PFPC Trust has undertaken to act as custodian for the Fund with respect to the portfolios of the Fund, as more fully set forth therein. Certain capitalized terms used without definition in this Custodian Agreement Supplement have the meaning specified in the Custodian Agreement.
The Fund agrees with the Custodian as follows:
1. | Adoption of Custodian Agreement. The Custodian Agreement is hereby adopted for Perimeter Small Cap Growth Fund, Inc. (the Portfolio). |
2. | Compensation. As compensation for the services rendered by the Custodian during the term of the Custodian Agreement, the Fund will pay to the Custodian, with respect to the Portfolio, monthly fees as shall be agreed to from time to time by the Fund and PFPC Trust. |
3. | Counterparts. This Supplement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. |
IN WITNESS WHEREOF, the undersigned have entered into this Supplement, intending to be legally bound hereby, as of the date and year first above written.
THE RBB FUND, INC. | PFPC TRUST COMPANY | |||||||
By: | By: | |||||||
Name: | Name: | Edward A. Smith, III | ||||||
Title: | Title: | Vice President and Senior Director |
Exhibit 10(y)
THE RBB FUND, INC.
DISTRIBUTION PLAN
for Investor Class Shares of the
Perimeter Small Cap Growth Fund
WHEREAS, The RBB Fund, Inc. (the Company) is engaged in business as an open-end investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act); and
WHEREAS, the Directors of the Company have determined that there is a reasonable likelihood that the following Distribution Plan will benefit the Company and the holders of Investor Class Shares of the Perimeter Small Cap Growth Fund (the Fund);
NOW, THEREFORE, the Directors of the Company hereby adopt this Distribution Plan pursuant to Rule 12b-1 under the 1940 Act.
SECTION 1. The Company has adopted this Distribution Plan (the Plan) to enable the Company to directly or indirectly bear expenses relating to the distribution of Investor Class Shares of the Fund.
SECTION 2. The Company will pay the distributor of Investor Class Shares of the Fund a fee at the annual rate of 0.25% of the Funds average daily net assets attributable to Investor Class Shares. The distributor may retain all or part of this fee as compensation for distribution or shareholder services it provides or it may use such fees for compensation of broker/dealers and other financial institutions and intermediaries that provide distribution or shareholder services as specified by the distributor. The actual fee to be paid by the distributor to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.
SECTION 3. This Plan shall not take effect until it has been approved (a) by a vote of at least a majority of the outstanding Investor Class Shares of the Fund; and (b) together with any related agreements, by votes of the majority of both (i) the Directors of the Company and (ii) the Qualified Directors (as defined herein), cast in person at a Board of Directors meeting called for the purpose of voting on this Plan or such agreement.
SECTION 4. This Plan shall continue in effect for a period of more than one year after it takes effect only for so long as such continuance is specifically approved at least annually in the manner provided in Part (b) of Section 3 herein for the approval of this Plan.
SECTION 5. Any person authorized to direct the disposition of monies paid or payable by the Company pursuant to this Plan or any related agreement shall provide to the Directors of the Company, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.
SECTION 6. This Plan may be terminated at any time by the vote of a majority of the Qualified Directors or by vote of a majority of the outstanding Investor Class Shares of the Fund.
SECTION 7. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide (a) that such agreement may be terminated at any time, without payment of any penalty, by the vote of a majority of the Qualified Directors or by vote of a majority of the outstanding Investor Class Shares of the Fund, on not more than 60 days written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment.
SECTION 8. This Plan may be amended in the manner provided in Part (b) of Section 3 herein for the approval of this Plan; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 hereof without the approval of a majority of the outstanding Investor Class Shares of the Fund.
SECTION 9. While this Plan is in effect, the selection and nomination of those Directors who are not interested persons of the Company shall be committed to the discretion of the Directors then in office who are not interested persons of the Company.
SECTION 10. As used in this Plan, (a) the term Qualified Directors shall mean those Directors who are not interested persons of the Company, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it, and (b) the terms assignment and interested person shall have the respective meanings specified in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.
SECTION 11. This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.
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Exhibit 11(a)
October 8, 2009
The RBB Fund, Inc.
Bellevue Park Corporate Center
103 Bellevue Parkway, 4th Floor
Wilmington, DE 19809
The Advisors Inner Circle Fund, II
on behalf of its Perimeter Small Cap Growth Fund
One Freedom Valley Drive
Oaks, PA 19456
Dear Sir or Madam:
We have acted as counsel to The RBB Fund, Inc (the Company), a Maryland corporation, in connection with the proposed acquisition of all of the assets and liabilities of the Perimeter Small Cap Growth Fund (the Acquired Fund), a series of The Advisors Inner Circle Fund II (the Trust), by the Perimeter Small Cap Growth Fund (the Acquiring Fund), a series of the Company. The aforementioned proposed acquisition is referred to herein as the Reorganization.
This opinion relates to Investor Class Shares and I Shares of common stock of the Acquiring Fund (the Shares) (par value $0.001 per Share) to be issued in the Reorganization, and is furnished in connection with the Companys Registration Statement on Form N-14 under the Securities Act of 1933, as amended (the Registration Statement).
As counsel for the Company, we are familiar with the proceedings taken and to be taken by the Company in connection with the authorization, issuance and sale of the Shares. In addition, we have examined and are familiar with the Companys Articles of Incorporation and By-Laws, the Registration Statement and the combined proxy statement/prospectus (the Proxy Statement/Prospectus) contained therein, resolutions adopted by the Board of Directors of the Company approving the transactions contemplated by the Agreement and Plan of Reorganization between the Trust on behalf of the Acquired Fund, the Company on behalf of the Acquiring Fund and Perimeter Capital Management, LLC (the Agreement and Plan of Reorganization), including without limitation the registration of the Shares (the Resolutions), and such other legal and factual matters as we have considered necessary to render the opinion hereinafter set forth.
In expressing the opinion set forth below, we have assumed that: (i) all documents submitted to us as originals are authentic, the signatures thereon are genuine and the persons signing the same were of legal capacity; (ii) all documents submitted to us as certified or photostatic copies conform to the original documents and that such originals are authentic; and (iii) all certificates of public officials upon which we have relied have been duly and properly given and that any public records reviewed by us are complete and accurate.
This opinion is based exclusively on the laws of the Commonwealth of Pennsylvania and the federal law of the United States of America. To the extent that this opinion relates to matters governed by the laws of the State of Maryland, we have assumed, with your permission, that such laws are the same as the laws of the Commonwealth of Pennsylvania in all relevant respects.
On the basis of, and subject to, the foregoing and such other considerations as we deem relevant, we are of the opinion that upon the prior satisfaction of the conditions contained in the Agreement and Plan of Reorganization, a copy of which is set forth in the Proxy Statement/Prospectus constituting a part of the Registration Statement, the Shares, when issued pursuant to the Agreement and Plan of Reorganization and in the manner referred to in the Registration Statement and the Resolutions, will be validly issued, fully paid and non-assessable by the Company.
This opinion is solely for the use of the Company and the Acquired Fund and may not be referred to or used for any other purpose or relied on by any other persons without our prior written approval. This opinion is limited to the matters set forth in this letter and no other opinions should be inferred beyond the matters expressly stated.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
Very truly yours, |
/s/ Drinker Biddle & Reath LLP |
DRINKER BIDDLE & REATH LLP |
Exhibit 12(a)
___________, 2009
The RBB Fund, Inc.
Bellevue Park Corporate Center
301 Bellevue Parkway
Wilmington, DE 19809
The Advisors Inner Circle Fund II
One Freedom Valley Drive
Oaks, PA 19456
Re: | Agreement and Plan of Reorganization by and among |
The Advisors Inner Circle Fund II, The RBB Fund, Inc., and |
Perimeter Capital Management, LLC, dated , 2009 |
Ladies and Gentlemen:
You have asked for our opinion as to certain Federal income tax consequences of transactions contemplated in the above Agreement and Plan of Reorganization (the Reorganization Agreement).
Background
The Advisors Inner Circle Fund II (Advisors) is a Massachusetts business trust consisting of multiple investment portfolios including the Perimeter Small Cap Growth Fund (the Predecessor Fund). The RBB Fund, Inc. (RBB) is a Maryland corporation consisting of multiple investment portfolios including the Perimeter Small Cap Growth Fund (the Successor Fund). RBB and Advisors are open-end investment management companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The Successor Fund is newly formed and has no existing shareholders or assets.
On this date, the Predecessor Fund will transfer all of its assets and liabilities to the Successor Fund in exchange for shares in the Successor Fund. The Predecessor Fund will then distribute the Successor Fund shares to the holders of Predecessor Fund shares in exchange for those Predecessor Fund shares, in liquidation of the Predecessor Fund, and the existence of the Predecessor Fund will be terminated. All of the above steps will constitute the Transaction. After this date, the Successor Fund will continue the investment operations of the Predecessor Fund.
For purposes of this opinion, we have relied on certain written representations of officers of RBB and Advisors, copies of which are attached hereto, and have assumed those representations to be true. We have also assumed that the
The RBB Fund, Inc.
The Advisors Inner Circle Fund II
___________, 2009
Page 2
Reorganization Agreement has been duly authorized by the parties and approved by the shareholders of the Predecessor Fund, and the appropriate documents have been filed with the appropriate government agencies.
Conclusions
Based upon the Internal Revenue Code of 1986, as amended (the Code), applicable Treasury Department regulations in effect as of the date hereof, current published administrative positions of the Internal Revenue Service contained in revenue rulings and procedures, and judicial decisions, and upon the assumptions and representations referred to herein and the documents provided to us by you (including the Combined Proxy Statement/Prospectus dated ________, 2009, and subject to the limitations set forth below, and the Reorganization Agreement), it is our opinion for Federal income tax purposes that:
(1) | the Transaction will constitute a reorganization within the meaning of Section 368(a)(1)(F) of the Code, and the Successor Fund and the Predecessor Fund will each be a party to a reorganization within the meaning of Section 368(b) of the Code; |
(2) | the Predecessor Fund will recognize no gain or loss (a) upon the transfer of its assets to the Successor Fund in exchange for Successor Fund shares and the assumption of the liabilities of the Predecessor Fund, or (b) upon the distribution of the Successor Fund shares to the shareholders of the Predecessor Fund; |
(3) | the Successor Fund will recognize no gain or loss upon the receipt of the assets of the Predecessor Fund in exchange for the Successor Fund shares and the assumption of the liabilities of the Predecessor Fund; |
(4) | the tax basis in the hands of the Successor Fund of each asset of the Predecessor Fund transferred to the Successor Fund in the Reorganization will be the same as the basis of that asset in the hands of the Predecessor Fund immediately before the transfer; |
(5) | the holding period of each asset of the Predecessor Fund in the hands of the Successor Fund will include the period during which that asset was held by the Predecessor Fund; |
(6) | the shareholders of the Predecessor Fund will recognize no gain or loss upon their receipt of the Successor Fund shares; |
The RBB Fund, Inc.
The Advisors Inner Circle Fund II
___________, 2009
Page 3
(7) | the aggregate tax basis of the Successor Fund shares received by each shareholder of the Predecessor Fund will equal the aggregate tax basis of the Predecessor Fund shares surrendered in exchange therefor; |
(8) | the holding period of the Successor Fund shares received by each Predecessor Fund shareholder will include the holding period of the Predecessor Fund shares surrendered in exchange therefor, provided that the Predecessor Fund shares are held by that shareholder as capital assets on the date of the exchange; |
(9) | the Successor Fund will succeed to and take into account the tax attributes of the Predecessor Fund described in Section 381(c) of the Code; and |
(10) | the taxable year of the Predecessor Fund will not end on the Closing Date but will instead continue as the taxable year of the Successor Fund. |
This opinion represents our best legal judgment, but it has no binding effect or official status of any kind, and no assurance can be given that contrary positions may not be taken by the Internal Revenue Service or a court concerning the issues. We express no opinion relating to any Federal income tax matter except on the basis of the facts described above. We also express no opinion regarding any costs relating to the Transaction. Additionally, we express no opinion on the tax consequences under foreign, state or local laws. In issuing our opinion, we have relied solely upon existing provisions of the Code, existing and proposed regulations thereunder, and current administrative positions and judicial decisions. Such laws, regulations, administrative positions and judicial decisions are subject to change at any time. Any such change could affect the validity of the opinion set forth above. Also, future changes in federal income tax laws and the interpretation thereof can have retroactive effect.
We hereby consent to the filing of the form of this opinion as an exhibit to the Registration Statement and to the reference to us under the heading INFORMATION RELATING TO THE REORGANIZATIONS Federal Income Tax Consequences in the Proxy-Prospectus. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933.
Very truly yours,
DRINKER BIDDLE & REATH LLP
Exhibit 13(cccc)
TRANSFER AGENCY AGREEMENT SUPPLEMENT
(Perimeter Small Cap Growth Fund, Inc. of The RBB Fund, Inc.)
This supplemental agreement, dated __________, 2009, by and between THE RBB FUND, INC. (the Fund) and PNC GLOBAL INVESTMENT SERVICING (U.S.) INC. (formerly PFPC Inc.), a Massachusetts corporation (PNC).
The Fund is a corporation organized under the laws of the State of Maryland and is an open-end management investment company. The Fund and PNC have entered into a Transfer Agency Agreement, dated as of November 5, 1991 (as from time to time amended and supplemented, the Transfer Agency Agreement), pursuant to which PNC has undertaken to act as transfer agent, registrar and dividend disbursing agent for the Fund with respect to the portfolios of the Fund, as more fully set forth therein. Certain capitalized terms used without definition in this supplemental agreement have the meaning specified in the Transfer Agency Agreement.
The Fund agrees with PNC as follows:
1. | Adoption of Transfer Agency Agreement. The Transfer Agency Agreement is hereby adopted for the Perimeter Small Cap Growth Fund, Inc. (the Portfolio). |
2. | Compensation. As compensation for the services rendered by PNC during the term of the Transfer Agency Agreement, the Fund will pay to PNC, with respect to the Portfolio, such fees and expenses as shall be agreed to from time to time by the Fund and PNC. |
3. | Counterparts. This supplemental agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. |
[Signature page follows.]
IN WITNESS WHEREOF, the undersigned have entered into this supplemental agreement, intending to be legally bound hereby, as of the date and year first above written.
THE RBB FUND, INC. | PNC GLOBAL INVESTMENT SERVICING (U.S.) INC. | |||||||
By: | By: | |||||||
Name: | Name: | |||||||
Title: | Title: |
Exhibit 13(dddd)
AMENDED AND RESTATED SCHEDULE A
THIS AMENDED AND RESTATED SCHEDULE A dated as of October 1, 2009 for the addition of Perimeter Small Cap Growth Fund, Inc., is the Schedule A to that certain Regulatory Administration Services Agreement dated as of June 1, 2003 between PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC Inc.) and The RBB Fund, Inc.
List of Portfolios
Money Market Portfolio |
Bogle Investment Management Small Cap Growth Fund |
Robeco Boston Partners Mid Cap Value Fund |
Robeco Boston Partners All-Cap Fund |
Robeco Boston Partners Small Cap Value Fund II (formerly the Micro Cap Value Fund) |
Robeco Boston Partners Long/Short Equity Fund (formerly the Market Neutral Fund) |
Robeco WPG 130/30 Large Cap Growth Fund (formerly Robeco WPG Large Cap Growth Fund) |
Robeco WPG Small Cap Value Fund (formerly Robeco WPG Tudor Fund) |
Schneider Small Cap Value Fund |
Schneider Value Fund |
Senbanc Fund |
Bear Stearns CUFS MLP Mortgage Portfolio |
Bear Stearns Enhanced Income Fund |
Marvin & Palmer Large Cap Growth Fund |
Free Market U.S. Equity Fund Free Market International Equity Fund Free Market Fixed Income Fund |
SAM Sustainable Water Fund |
SAM Sustainable Climate Fund |
SAM Global Active Fund |
SAM Global Themes Fund |
[Robeco Emerging Market Fund] |
Perimeter Small Cap Growth Fund, Inc. |
PNC GLOBAL INVESTMENT SERVICING (U.S.) INC. | ||
By: | ||
Name: | Jay F. Nusblatt | |
Title: | Senior Vice President | |
THE RBB FUND, INC. | ||
By: | ||
Name: | ||
Title: |
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm
We consent to the references to our firm under the captions Other Service Providers and Experts in the Combined Prospectus/Proxy Statement of the Perimeter Small Cap Growth Fund, a series of The Advisors Inner Circle Fund II, (the Fund) and the Perimeter Small Cap Growth Fund, a series of The RBB Fund, Inc., (the RBB Fund) in this Registration Statement (Form N-14) of The RBB Fund, Inc., Representations and Warranties in Appendix A, Agreement and Plan of Reorganization, included in the Registration Statement, Financial Highlights in the Funds Prospectuses (Investor Class Shares and I Shares) dated November 28, 2008 incorporated by reference in this Registration Statement, and Independent Registered Public Accounting Firm in the Funds Statement of Additional Information dated November 28, 2008 incorporated by reference in this Registration Statement, and to the incorporation by reference of our reports, dated September 25, 2008 and September 21, 2009, on the Funds financial statements and financial highlights included in the Funds July 31, 2008 and July 31, 2009 Annual Reports to Shareholders, respectively.
/s/ ERNST & YOUNG LLP
Philadelphia, Pennsylvania
October 7, 2009
Exhibit 16
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 on Form N-14 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: | August 27, 2009 | |
/s/ Julian A. Brodsky | ||
Julian A. Brodsky |
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 on Form N-14 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: | August 26, 2009 | |
/s/ J. Richard Carnall | ||
J. Richard Carnall |
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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 on Form N-14 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: | August 27, 2009 | |
/s/ Nicholas A. Giordano | ||
Nicholas A. Giordano |
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THE RBB FUND, INC.
(the Company)
POWER OF ATTORNEY
Know All Men by These Presents, that the undersigned, Francis J. McKay, 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 on Form N-14 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: | September 1, 2009 | |
/s/ Francis J. McKay | ||
Francis J. McKay |
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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 on Form N-14 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: | August 28, 2009 | |
/s/ Arnold M. Reichman | ||
Arnold M. Reichman |
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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 on Form N-14 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: | August 26, 2009 | |
/s/ Robert Sablowky | ||
Robert Sablowsky |
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THE RBB FUND, INC.
(the Company)
POWER OF ATTORNEY
Know All Men by These Presents, that the undersigned, Marvin E. Sternberg, 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 on Form N-14 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: | August 26, 2009 | |
/s/ Marvin E. Sternberg | ||
Marvin E. Sternberg |
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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 on Form N-14 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: | August 27, 2009 | |
/s/ Robert Straniere | ||
Robert Straniere |
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THE RBB FUND, INC.
(the Company)
POWER OF ATTORNEY
Know All Men by These Presents, that the undersigned, Joel L. Weiss, hereby constitutes and appoints Michael P. Malloy, James G. Shaw and Salvatore Faia, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Officer of the Company, the Registration Statement on Form N-14 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: | August 26, 2009 | |
/s/ Joel L. Weiss | ||
Joel L. Weiss |
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Exhibit 17(a)
EVERY SHAREHOLDERS VOTE IS IMPORTANT
PLEASE VOTE THIS PROXY CARD TODAY
Your prompt response will save your fund the expense of additional mailings
RETURN IN THE ENCLOSED POSTAGE PAID ENVELOPE
(Please detach at perforation before mailing)
PROXY CARD |
PROXY CARD |
PERIMETER SMALL CAP GROWTH FUND
A SERIES OF
THE ADVISORS INNER CIRCLE FUND II
SPECIAL MEETING OF SHAREHOLDERS [DECEMBER 11, 2009]
The undersigned hereby appoints __________ and _________ (the Proxies), and each of them, attorneys and Proxies of the undersigned, each with power of substitution and resubstitution, to attend, vote and act for the undersigned at the Special Meeting of Shareholders of the Perimeter Small Cap Growth Fund (the Fund) to be held at [____ a.m.] (Eastern time) on [December 11, 2009] at the offices of SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456 and at any adjournment or adjournments thereof (the Meeting). The Proxies will cast votes according to the number of shares of the Fund which the undersigned may be entitled to vote with respect to the proposal set forth on the reverse side, in accordance with the specification indicated, if any, and with all the powers which the undersigned would possess if personally present. The undersigned hereby revokes any prior proxy to vote at such meeting, and hereby ratifies and confirms all that said attorneys and Proxies, or either of them, may lawfully do by virtue thereof.
THE UNDERSIGNED HEREBY ACKNOWLEDGES RECEIPT OF THE NOTICE OF SPECIAL MEETING OF SHAREHOLDERS AND THE COMBINED PROXY STATEMENT/PROSPECTUS, DATED _________ ___, 2009
VOTE VIA THE INTERNET: [INTERNET ADDRESS] VIA THE TELEPHONE: [800-NUMBER] | ||
CONTROL NUMBER: | ||
Note: Please sign exactly as shareholder name appears hereon. When shares are held by joint tenants, both should sign. When signing as attorney or executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person. |
Signature | ||
Signature of joint owner, if any | ||
Date |
EVERY SHAREHOLDERS VOTE IS IMPORTANT
PLEASE SIGN, DATE AND PROMPTLY RETURN YOUR PROXY CARD
IN THE ENCLOSED ENVELOPE TODAY
(Please detach at perforation before mailing)
This proxy is solicited by the Board of Trustees of The Advisors Inner Circle Fund II, which unanimously recommends that you vote in favor of the proposal.
Please sign, date and return the proxy card promptly using the enclosed envelope. Every properly signed proxy card will be voted in the manner specified hereon and, in the absence of specification, will be treated as granting authority to vote FOR the proposal. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the Meeting.
THIS PROXY WILL BE VOTED AS SPECIFIED BELOW WITH RESPECT TO THE ACTION TO BE TAKEN ON THE FOLLOWING PROPOSAL.
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example: ¨ | FOR | AGAINST | ABSTAIN | |||||
1. |
To approve an Agreement and Plan of Reorganization (the Reorganization Agreement) by and between The Advisors Inner Circle Fund II, The RBB Fund, Inc. (RBB) and Perimeter Capital Management LLC, which provides for and contemplates: (1) the transfer of all of the assets and liabilities of the Fund to a corresponding investment portfolio of RBB (the RBB Fund) in exchange for shares of the designated classes of the RBB Fund; (2) the distribution of the shares of designated classes of the RBB Fund to the shareholders of the Fund; and (3) the subsequent liquidation and termination of the Fund. | ¨ | ¨ | ¨ |
Drinker Biddle & Reath LLP
One Logan Square
18th and Cherry Streets
Philadelphia, PA 19103
(215) 988-2700 (Phone)
(215) 988-2757 (Facsimile)
www.drinkerbiddle.com
October 8, 2009
VIA EDGAR TRANSMISSION
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Re: | The RBB Fund, Inc. (the Company) |
(1933 Act Registration No. 33-20827) |
(1940 Act Registration No. 811-5518) |
Ladies and Gentlemen:
On behalf of the Company, transmitted for filing under the Securities Act of 1933, as amended (the 1933 Act), is a copy of the Companys Registration Statement on Form N-14, including exhibits (the Registration Statement).
This filing relates to with the proposed acquisition of all of the assets and liabilities of the Perimeter Small Cap Growth Fund (the Acquired Fund), a series of The Advisors Inner Circle Fund II (the Trust), by the Perimeter Small Cap Growth Fund (the Acquiring Fund), a series of the Company. Please note that the Acquiring Fund, is a shell fund that is expected to be effective by the time the Registration Statement is effective.
The combined Proxy Statement/Prospectus contained in this filing will be used in the solicitation of proxies of the shareholders of the Acquired Fund to approve an Agreement and Plan of Reorganization by and among the Trust, the Company and Perimeter Capital Management LLC, the investment adviser, which provides for and contemplates: (1) the transfer of all of the assets and liabilities of the Acquired Fund to the Acquiring Fund in exchange for shares of the designated classes of the Acquiring Fund; (2) the distribution of the shares of designated classes of the Acquiring Fund to the shareholders of the Acquired Fund; and (3) the subsequent liquidation and termination of the Acquired Fund.
This filing is being made pursuant to Rule 488 under the 1933 Act, and it is intended that the Registration Statement will become effective automatically on November 8, 2009. Therefore, we would appreciate receiving any comments you may have as soon as possible so that we may be in a position to mail the Proxy Statement/Prospectus contained in the Registration Statement on or about November 10, 2009.
The Trust has previously registered an indefinite number of its shares under the 1933 Act pursuant to an election under Rule 24f-2 under the Investment Company Act of 1940, as amended (the 1940 Act).
Questions and comments concerning the enclosed materials may be directed to me at (215) 988-3307.
Very truly yours,
/s/ Jillian L. Bosmann
Jillian L. Bosmann