Abbey Capital Futures Strategy Fund ABYAX, ABYCX, ABYIX 31 March 2021

The Abbey Capital Futures Strategy Fund (the “Fund”), a multi-manager managed futures strategy, comprises an allocation to managed futures complemented with an actively-managed exposure, in a competitive cost structure

Manager Primary Trading Style → Exposure to an asset class with Grains, fundamentally different drivers to Aspect Capital Limited Diversified Trendfollowing equities based on exploiting investor Meats & behavioural biases Energy Softs GAM Systematic LLP* Diversified Trendfollowing 9% 7% Currency → Exposure to a range of strategies 28% Eclipse Capital Management, Inc Diversified Trendfollowing including Diversified Trendfollowing and trading styles Metals Graham Capital Management L.P. Diversified Trendfollowing 8% Revolution Capital Management Diversified Trendfollowing → Strategies executed across bond, equity, commodity and foreign Tudor Investment Corporation Diversified Trendfollowing exchange markets

Welton Investment Partners LLC Diversified Trendfollowing → Quality managers selected and monitored by Abbey Capital, an Fixed Crabel Capital Management LLC Diversified Trendfollowing allocator with a 20 year record of Income successful multi-manager investing Equity Winton Capital Management Limited Diversified Trendfollowing 27% Indices P/E Global, LLC Global Macro → Segregated accounts structure to 21% legally segregate the Fund’s assets Trigon Investment Advisors, LLC Global Macro and liabilities allocated to each Manager Episteme Capital Partners UK (LLP) Value

▲Source: Abbey Capital. The target market exposure data shown above relates to the positions held by wholly-owned and controlled subsidiaries of the Fund and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time. In October 2018, the Fund restructured with no material change to the Fund’s target market exposure, further information on this restructure is available on the back page. Target market exposures are approximate figures and represent targets at a historical date and may not represent actual holdings on that same date. For an explanation of trading styles please see the back page. * GAM Systematic LLP was formerly known as Cantab Capital Partners LLP.

Total Fund Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD $1.0 billion Assets 2014 ------0.0% 3.6% 4.6% 0.9% 5.7% 2.6% 18.6% Total Firm $4.0 billion 2015 6.7% 0.0% 2.0% -3.0% 1.1% -3.0% 2.7% -2.7% 1.1% -1.6% 3.9% -2.6% 4.1% Assets 2016 2.4% 1.8% -3.7% -2.0% -1.3% 2.8% -0.1% -2.2% -1.6% -2.0% 0.7% 1.4% -3.8% Minimum Class A: $2,500 Class C: $2,500 2017 -2.0% 2.5% -2.0% -0.9% -0.2% -2.9% 0.7% 1.3% -1.5% 4.1% 0.3% 0.8% -0.1% Investment Class I: $1,000,000 2018 5.2% -6.9% -1.4% 0.4% -1.2% 0.5% -0.2% 1.7% -0.3% -3.7% -1.0% 0.9% -6.1% Minimum Class A: $100 2019 -1.8% 0.2% 4.0% 2.3% -0.8% 2.9% 2.7% 4.9% -3.6% -2.5% 1.5% -1.1% 8.9% Subsequent Class C: $100 Investment Class I: $1,000 2020 -0.3% 1.1% 4.3% 0.0% -1.0% -1.1% 1.4% 0.1% -1.8% -0.6% 2.4% 3.3% 7.9% Redemption None 2021 -0.4% 4.0% 1.2% ------4.8% Fees Performance None ▲ Source: Abbey Capital based on administrator data. Fees

Gross Class A: 2.15% Cumulative Return Annualised Return Expense Class C: 2.90% As at 31 March 2021 As at 31 December 2020 Ratio Class I: 1.90% Inception Date QTD YTD ITD 1yr 5yr ITD Net Expense Class A: 2.04% Class C: 2.79% Ratio Class I: 1.79% Class I (ABYIX) 01 July 2014 4.75% 4.75% 37.11% 7.53% 2.02% 4.79% Class A (ABYAX)* 29 August 2014 4.71% 4.71% 34.78% 7.29% 1.75% 4.52% Class A (with max. load, ABYAX)* 29 August 2014 -1.31% -1.31% 27.03% 1.14% 0.55% 3.61% Class C (ABYCX)* 06 October 2015 4.47% 4.47% 28.20% 6.48% 0.99% 3.75%

▲*Source: Abbey Capital based on administrator data. Returns for Class A Shares prior to 29 August 2014 are pro forma (i.e. returns of Class I Shares adjusted for Class A Shares expenses). Returns for Class A Shares with Load reflect a deduction for the maximum front- Morningstar end sales charge of 5.75%. Class C Shares returns prior to 06 October 2015 are pro forma (i.e. returns of Class I Shares adjusted for Overall Rating Class C Shares expenses). The performance data quoted represents past performance. Past performance does not guarantee future results The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current returns may be lower or higher than the past performance data quoted. Visit Morningstar www.abbeycapital.com for returns updated daily. Call (US Toll Free) 1-844-261-6484 or (international callers) +1-414-203-9540 for Analyst Rating returns current to the most recent month-end. Returns would have been lower without fee waivers in effect. Annual Fund Operating Expenses after fee waiver are as of the most recent prospectus and are applicable to investors. Abbey Capital has contractually for ABYIX agreed through December 31, 2021 to waive its advisory fee and/or reimburse expenses. Overall Rating based on risk adjusted returns among 87 US managed futures funds. Derived from a weighted average of the fund’s 3-year and 5-year risk-adjusted return measures. The overall rating applies to the I Share Class of the fund. Ratings may differ per share class.

Past results are not indicative of future results. Investing in managed futures is not suitable for all investors given the level of risk involved, including the risk of loss. 1 of 2 Abbey Capital Futures Strategy Fund For further information please contact [email protected] 31 March 2021

Note on Fund restructure (effective October 2018): Manager Research Group’s overall assessment, are Leveraging Risks, Foreign Investment Risks, Fixed Income • The Fund’s managed futures exposure is materially overseen by an Analyst Rating Committee, and are Securities Risks, Sale Risk and Portfolio Turnover unchanged. continuously monitored and reevaluated at least every 14 Risks. months. For more detailed information about Morningstar’s • Increased Fund protection through the legal Analyst Rating, including its methodology, please go to The Fund may invest in or utilize segregation of the Fund’s assets and liabilities global.morningstar.com/managerdisclosures/. investments, futures contracts, and hedging strategies. allocated to each manager. A portfolio of funds may increase the potential for • Potential for improved tax treatment for the Fund as The Morningstar Analyst Rating (i) should not be used losses or gains. One or more underlying managers, from a result of some financial trading being carried out as the sole basis in evaluating a fund, (ii) involves time to time, may invest a substantial portion of the assets onshore. unknown risks and uncertainties which may cause the managed in a specific industry sector. As a result, the Manager Research Group’s expectations not to occur underlying manager’s investment portfolio (as well as the Pre Restructure - The Fund invested approximately 25% of or to differ significantly from what they expected, and Fund’s) may be subject to greater risk and volatility than if its assets in the Abbey Capital Limited (a (iii) should not be considered an offer or solicitation to investments had been made in the securities of a broader Cayman Island incorporated wholly-owned and controlled buy or sell the fund. range of issuers. Trading in futures is not suitable for all subsidiary of the Fund). investors given its speculative nature and the high level of The Morningstar RatingTM for funds, or “star rating”, is risk involved. Post Restructure calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange- There can be no assurance that the Fund’s or an Onshore segregation: traded funds, closed-end funds, and separate accounts) underlying manager’s strategy (hedging or otherwise) The Fund will invest up to 25% of its assets into a new with at least a three-year history. Exchange-traded funds will be successful or that it will employ such strategies with onshore entity, Abbey Capital Onshore Series LLC (a and open-ended mutual funds are considered a single respect to all or any portion of its portfolio. The value of the Delaware domiciled wholly-owned and controlled subsidiary population for comparative purposes. It is calculated based Fund’s portfolio investments should be expected to of the Fund) (“ACOS”). Individual managers are appointed on a Morningstar Risk-Adjusted Return measure that fluctuate. Investing in managed futures is not suitable for all to separate segregated series of ACOS and are permitted to accounts for variation in a managed product’s monthly investors given its speculative nature and the high level of trade in certain financial contracts. The ACOS structure excess performance, placing more emphasis on downward risk involved. The Fund is appropriate only for investors who achieves (i) segregation of the Fund’s assets and liabilities variations and rewarding consistent performance. The top can bear the risks associated with the product. Investors allocated to each individual manager; and (ii) segregation of 10% of products in each product category receive 5 stars, may lose some or all of their investment. the assets and liabilities attributable to ACOS from the rest the next 22.5% receive 4 stars, the next 35% receive 3 of the Fund’s assets. stars, the next 22.5% receive 2 stars, and the bottom 10% This brief statement cannot disclose all of the risks and Offshore segregation: receive 1 star. The Overall Morningstar RatingTM for a other factors necessary to evaluate a participation in managed product is derived from a weighted average of the the Fund. Investors are urged to take appropriate The Abbey Capital Offshore Fund Limited converted to a investment advice and to carefully consider their investment Cayman Islands Segregated Portfolio Company, Abbey performance figures associated with its three-, five-, and 10- TM objectives, personal situation, and factors such as net Capital Offshore Fund SPC (“ACOF”). The Fund will invest year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of worth, income, age, risk tolerance and liquidity needs before up to 25% of its assets into a new Cayman Island Exempted investing in the Fund. Before investing, investors should Company, Abbey Capital Master Offshore Fund Limited, total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% carefully consider the Fund’s investment objectives, risks, which invests substantially all of its assets into ACOF. conflicts, tax considerations, charges and expenses. Individual managers are appointed to separate segregated five-year rating/20% three-year rating for 120 or more portfolios of ACOF and are permitted to trade certain months of total returns. While the 10-year overall star rating Abbey Capital Limited (“Abbey Capital”) is a private financial, managed futures and foreign exchange contracts. formula seems to give the most weight to the 10-year company limited by shares incorporated in Ireland The ACOF structure achieves (i) segregation of the Fund’s period, the most recent three-year period actually has the (registration number 327102). Abbey Capital is authorised assets and liabilities allocated to each individual manager greatest impact because it is included in all three rating and regulated by the Central Bank of Ireland as an appointed to ACOF; and (ii) segregation of the assets and periods. The Fund was rated 4 stars over the 3-year and 5- Fund Manager under Regulation 9 of liabilities attributable to ACOF from the rest of the Fund’s year periods ending 31 March 2021 among 87 and 79 US the European Union (Alternative Investment Fund assets. Managed Futures funds, respectively. Managers) Regulations 2013 ("AIFMD"). Abbey Capital is ______© 2020 Morningstar, Inc. All Rights Reserved. The registered as a Commodity Pool Operator and Commodity Description of trading styles: information contained herein (1) is proprietary to Trading Advisor with the U.S. Commodity Futures Trading Morningstar (2) may not be copied or distributed and (3) is Commission (“CFTC”) and is a member of the U.S. National Diversified Trendfollowing: A systematic style that not warranted to be accurate, complete or timely. Neither Futures Association. Abbey Capital is also registered as an managers adopt to take advantage of trends in markets, Morningstar nor its content providers are responsible for any Investment Adviser with the U.S. Securities Exchange with positions taken for duration of four weeks and longer. damages or losses arising from any sue of this information. Commission (“SEC”). Abbey Capital (US) LLC is a wholly Past performance is no guarantee of future results. owned subsidiary of Abbey Capital. None of the regulators Global Macro: A global macro approach is based on listed herein endorse, indemnify or guarantee the member’s trading macroeconomic themes over multiple time frames. A ______business practices, selling methods, the class or type of Macro manager will trade looking to profit from global Please read the Prospectus carefully before investing. securities offered, or any specific security. economic trends which include interest rates, economic Investors should carefully consider the Fund’s policies, and currency fluctuations. The CFTC, the SEC, the Central Bank of Ireland or any investment objectives, risks, charges and expenses other regulator have not passed upon the merits of before investing in the Fund. This and other information Value: A systematic trading of interest rate participating in any trading programs or funds promoted by differentials and changes in term structure over medium is in the prospectus. A copy of the prospectus and summary prospectus, and other information about the Abbey Capital, nor have they reviewed or passed on the term to long term. A Value CTA trades based on a view that adequacy or accuracy of this report. contracts are not priced correctly in the current market due Fund, may be obtained by contacting to expected future trends and potential. [email protected] or by calling This document contains information about Abbey Capital (646) 453 7850. Managers referenced in this report are ______and the funds it manages. Abbey Capital has taken referenced as "Trading Advisers" in the Fund's reasonable care to ensure that the sources of information The Morningstar Analyst Rating™ is not a credit or risk Prospectus and SAI. herein are reliable, however, this document is for the purpose of providing general information and does not rating. It is a subjective evaluation performed by RISK CONSIDERATIONS: Morningstar’s manager research group, which consists of purport to be full or complete or to constitute advice. This various Morningstar, Inc. subsidiaries (“Manager Research An investment in the Fund is speculative and involves document and all of the information contained in it is Group”). In the United States, that subsidiary is Morningstar substantial risk and conflicts of interest. It is possible proprietary information of Abbey Capital and intended solely Research Services LLC, which is registered with and that an investor may lose some or all of their for the use of the individual or entity to whom it is governed by the U.S. Securities and Exchange investment. Except for fund returns, the portfolio statistics addressed. Under no circumstances may it be reproduced Commission. The Manager Research Group evaluates shown in this presentation are based only on the open or disseminated in whole or in part without the prior written funds based on five key pillars, which are process, forward, future and option contracts held by wholly-owned permission of Abbey Capital. performance, people, parent, and price. The Manager and controlled subsidiaries of the Fund and do not take into Research Group uses this five pillar evaluation to determine account any other assets held by the Fund (primarily cash Abbey Capital Futures Strategy Fund is distributed by how they believe funds are likely to perform relative to a and cash-equivalents). Quasar Distributors, LLC. benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long All investments in securities involve risk of the loss of term on a risk-adjusted basis. They consider quantitative capital. An investment in the Fund includes the risks and qualitative factors in their research, and the weight of inherent in an investment in securities, as well as specific each pillar may vary. The Analyst Rating scale is Gold, risks associated with this open-ended investment product. Silver, Bronze, Neutral, and Negative. A Morningstar Among the risks associated with investing in this Fund are Analyst Rating of Gold, Silver, or Bronze reflects the Commodity Sector Risk, Counter-Party Risk, Credit Risk, Manager Research Group’s conviction in a fund’s prospects Currency Risk, Manager and Management Risks, Advisory for outperformance. Analyst Ratings ultimately reflect the Risk, Subsidiary Risks, Tax Risks, Emerging Markets Risk,

Past results are not indicative of future results. Investing in managed futures is not suitable for all investors given the level of risk involved, including the risk of loss. 2 of 2