Investment Advisor

ASG Capital, LLC

Investment Manager

Emerging Asset Management Ltd.

Administrator

Apex Fund Services Ltd.

Broker/Custodian

Securities are offered through Global Investor Services LC, which has a clearing and custody agreement with Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation.

Subscription/Redemption Date

First Business Day of each month

Minimum Initial Subscription

$10,000

Minimum Subsequent Subscription

$10,000

Offer Price

$1,000 per share

Investment Objective

The Fund's investment objective is to seek long-term capital appreciation of its assets, principally through the utilization of a non-traditional strategy of investing both long and short in a broad range of investment products, both domestic and international, including in open-end and closed-end funds, exchange traded funds, publicly traded common stocks and other equity securities of U.S. and foreign companies, bonds and other fixed-income securities of U.S. and foreign issuers, money market instruments, and any other product the Investment Manager deems appropriate to achieve the Funds’s investment objectives. The Investment Manager will look for investments in markets around the world and select those assets which it believes will provide the best asset allocation to meet the Funds’s objective of achieving consistent, low risk adjusted returns.

Redemption Charge

Shareholders that redeem shares during the first 12 months after their subscription of such shares will be subject to a redemption charge of 1%. There will be no charges for redeeming such shares after 12 months. Redemption charges will be paid to the Investment Advisor.

Redemption Procedure

Shareholders wishing to redeem must give at least 10 days written notice prior to the relevant Redemption Date. Redemptions will be calculated at the Net Asset Value. Partial redemptions may not reduce a shareholders investment to below the applicable minimum investment amount. Redemptions may be suspended in certain limited circumstances.

Eligible Investors

The ASG Global Allocation Fund shares are offered only to Non-US persons.

Investment Advisor Fee

The Fund will pay the investment advisor a management fee, payable quarterly in advance, in an amount equal to 1/4^th of 1.9% of the Net Asset Value of each series of the Fund (approximately 1.9% annually).

Reports

Shareholders will receive monthly performance summaries and annual audited financial statements.

Disclaimer

An investor should consider the investment objectives, risks, charges and expenses of the fund before investing. The offering memorandum and supplement contain more information about the fund and should be read carefully before investing.