Graham Discretionary

Portfolio Enhanced Vol Series A

Fund Investment Objectives

The Discretionary-12V Portfolio combines GCM's most successful discretionary trading strategies into a single fund. The Discretionary-12V Portfolio's component strategies utilize a variety of discretionary trading methodologies and disciplines that participate primarily in the fixed income, commodity, currency and equity index markets. The trading strategies gain exposure to their markets through futures, over-the-counter and listed options, swaps contracts and cash instruments. The Discretionary-12V Portfolio provides clients with an investment that is diversified among highly liquid global markets and has low correlation to traditional and other alternative investments. This fund uses total discrecionary AUM beginning 1/1/2010, combines the LP and LTD. AUM reflects the aggregate of the various share classes and is denominated in USD.