MontLake Ironshield Credit Fund EUR Institutional Class A Pooled

The investment objective of the Sub-Fund is to provide shareholders with a positive risk-adjusted rate of return. To achieve this objective, the Sub-Fund will primarily invest (directly and indirectly through the use of derivatives) in fixed income securities issued by European corporate entities and governments. Fixed income securities are debt instruments (such as bonds, debentures and promissory notes) which provide investors with a return which typically consist of the repayment of the initial investment plus an amount of fixed or variable rate interest, but other forms of repayment or return are possible. The fixed income securities invested in by the Sub-Fund may have a credit rating above investment grade (considered to have lower risk of default or non-payment, but also generally lower returns) or below investment grade (higher risk of default but generally higher returns). There is no limit on the proportion of the Sub-Fund that may be invested in below investment grade securities.