Cygnus Europa Event Driven

Class A

Fund Investment Objectives

The Fund's investment objective is to achieve consistent returns by investing primarily in arbitrage, event-driven, special situation, relative value, and other market-independent strategies. The Fund will attempt to capture investment opportunities by investing in corporate issuers that currently are, or prospectively will be, involved in a variety of transactions or other events, including mergers, spin-offs, tender offers, shareholder buybacks, debt exchanges, securities issuance or other capital structure adjustments and regulatory changes. The Fund may invest in a variety of securities and derivative instruments, primarily of European. The Fund's portfolio (acquired at the Master Sub-Fund level) will consist of both long and short positions selected from the foregoing universe based on the results of the Investment Manager's fundamental and technical analysis.