Securities and Exchange Commission December 7, 2012 – Federal Register Recent Federal Regulation Documents

Each applicant seeks an order declaring that it has ceased to be an investment company. Applicants have never made a public offering of their securities and do not propose to make a public offering. EM Capital Management, LLC represents that it filed to register as an investment company in error and that it is not, and does not intend to operate as, an investment company. EM Capital Management, LLC will continue to operate as an investment adviser. Global Investor Trust will continue to operate as a private investment fund in reliance on section 3(c)(1) or 3(c)(7) of the Act. Filing Dates: The applications were filed on October 31, 2012. Global Investor Trust filed an amended application on November 30, 2012. EM Capital Management, LLC filed amended applications on December 3, 2012 and December 4, 2012. Applicants' Address: 920 Country Club Dr., Suite 1E, Moraga, CA 94556.

Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. On August 31, 2012, applicant made a liquidating distribution to its shareholders, based on net asset value. Expenses of approximately $101,533 incurred in connection with the liquidation were paid by applicant. Filing Dates: The application was filed on September 18, 2012 and amended on October 19, 2012, November 7, 2012 and November 27, 2012. Applicant's Address: 745 Seventh Ave., New York, NY 10019.