Graham Discretionary

Portfolio Enhanced Vol Series B

Fund Investment Objectives

The Discretionary Enhanced Vol Portfolio combines GCM's most successful discretionary trading strategies into a single fund. The Discretionary Enhanced Vol 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 Enhanced Vol Portfolio provides clients with an investment that is diversified among highly liquid global markets and has low correlation to traditional and other alternative investments. AUM reflects the aggregate of the various share classes and is denominated in USD.