ICE EM Multi-Sector Income

Fund

Fund Investment Objectives

ICE EM Multi-Sector Income strategy tactically allocates across EM Sovereign Debt, Local Currency, and Corporate debt to isolate value in the most highly liquid sector of the Emerging Markets. This strategy optimizes forward-looking asset allocation to achieve the highest risk-adjusted total returns and excess returns against EM or Global fixed income indexes. The strategy can be categorized as liquid, long-only EM fixed income and credit. IMPORTANT PERFORMANCE RELATED DISCLOSURES: The returns provided are not guarantees of future performance. An investment in a fund involves risks and uncertainties that are difficult to predict. Monthly results are unaudited. Therefore, actual outcomes and results may differ materially from the returns indicated herein. The return shown has been adjusted to normalize the impact of a large cash infusion in February 2012. The return assumes a constant cash position of 10% until such cash level was reduced below 10%, which occurred in May 2012