Numen Credit Opportunities

Fund Class A

Fund Investment Objectives

The investment objective of the Numen Credit Opportunities Fund Class A is to generate absolute total rates of return through a variety of risk/reward strategies generally in the credit market regardless of economic and market conditions including the level of defaults experienced in the credit market and the general direction of interest rates. It is intended that the Fund will seek to achieve the investment objective of the Portfolio primarily through investment in credit instruments including but not limited to corporate bonds, debt securities and obligations whether senior or subordinated, equity instruments, credit default swaps, credit derivative indexes, convertible bonds, bank loans, and structured finance securities. The credit instruments may be rated or unrated and if rated may be below investment grade. The instruments may be current or may not be current on their contractual obligations. The returns of these instruments may be subordinated to preferential and other rights of holders of or participants in instruments, or other securities, rights or obligations issued by the same or related issuers. The Fund may hold long or short positions in such instruments and may also retain amounts in cash or cash equivalents pending re-investment, for use as collateral, margin or if this is considered appropriate to the investment objective and/or policy.