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Sterling Bishop Associates (SBA) today announced the approval of an interim investment management agreement

Sterling Bishop Associates (SBA) today announced the approval of an interim investment management agreement (“Interim Agreement”) between the Fund and CAF Advisers, Inc., its investment manager (“Investment Manager”).

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Sterling Bishop Associates (SBA) today announced the approval of an interim investment management agreement (“Interim Agreement”) between the Fund and CAF Advisers, Inc., its investment manager (“Investment Manager”).

The Board of Directors (“Board”) of the Fund approved the Interim Agreement because the passing of Georges Brennan on July 15, 2017 may be deemed to have resulted in a change in control of Pronto Invest, the parent company of the Investment Manager.
Under the Investment Company Act of 1940, as amended (“1940 Act”) such a change in control results in an assignment of the Investment management agreement between the Fund and the Investment Manager and its automatic termination.

The Interim Agreement is substantially identical to the investment management agreement that was previously in effect for the Fund (with the exception of different effective and termination dates) and will not result in changes in the management of the Fund, its investment objectives, fees or services provided.

The Interim Agreement became effective on August 1, 2017 and will be in effect for a period of up to 150 days. The Fund will seek shareholder approval of a new investment management agreement (“New Agreement”) with the Investment Manager at an upcoming special meeting of the Fund’s shareholders expected to take place prior to October 12, 2017.

It is currently anticipated that the proposed New Agreement will contain certain changes, including an increase of the investment advisory fee, which will be discussed in more detail in the proxy statement that is expected to be mailed to shareholders in the third quarter of 2017.


Send an email to Marc Spencer of Sterling Bishop Associates
+442070433794



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