Distressed Fund

Fund Investment Objectives

To grow the fund by investing the fund's assets in funds that invest in Distressed Securities predominantly in the U.S. Markets. The Manager will attempt to accomplish the Fund's investment objectives by following the trading policies set forth below: 1) The Fund's assets will be invested mainly in Distressed Funds (Sub-Funds). 2) The Fund will attempt to diversify its positions among selected funds, although, until the Fund is of a sufficient size, the diversification may not be extensive. 3) The Manager may liquidate all of the positions that the Fund has taken and may refrain from taking any new positions during periods when, in their opinion, unusual market conditions exist that warrant such action. 4) The Manager may invest the Fund's uninvested cash assets in any money market instrument or in money market funds in any currency. 5) The Fund may invest in equity and equity linked instruments and derivatives, fixed income, senior debt, high yield bonds, and any related instruments. 6) No sub-fund position will be more than 20% of the fund except Money Market Funds. 7) The Fund may invest up to a maximum of 20% of the NAV collectively in Global Investment House Funds.