MontLake Pegasus UCITS Fund

Retail USD

Fund Investment Objectives

The Investment Manager has appointed Clareville Capital Partners LLP as Sub-Investment Manager to manage and invest the assets of the Sub-Fund in accordance with the investment objective, approach and restrictions described in this Supplement. The Sub-Fund's investment objective is to achieve long-term capital appreciation. The Sub-Fund will invest primarily in common stock and other equity and equity-linked securities (which may include but are not limited to such instruments as, common stock, shares and warrants) of issuers in the United Kingdom or of issuers which derive a substantial part of their revenues from activities in the United Kingdom. The Sub-Fund may invest the remainder in equity and equity linked securities of issuers, on markets located outside the United Kingdom and in the other types of instruments set out in this investment policy. October and November 2011 are flat as funds were withdrawn September 15th and new investments were received December 20th. AUM reflects the aggregate of the various share classes and is reported in USD.