Trading Capital Holdings

N.V. Class A USD

Fund Investment Objectives

The general investment objective of the Fund is the realization of profit through active trading in financial instruments and commodities, including currencies, debt and equities. This style is sometimes called macro trading. It is anticipated that such trading will involve a high level of leverage and the extensive use of derivatives both for hedging and profit seeking. This is an aggressive financial style which involves higher than normal risks of loss. The Fund (with respect to each of the Portfolios) does not invest directly, but indirectly by investing in other investment funds or investment companies, and may also invest in investment vehicles which are wholly owned by the Fund (collectively, the Sub-funds). Generally each such Sub-fund is advised by a principal portfolio manager and its team, allowing TCH to benefit from the diversity and experience of professional portfolio managers. The investment activities of the Fund (with respect to each of the Portfolios) include a wide range of specialized approaches and techniques used by the several portfolio managers, who are allowed to operate within their area of expertise with minimal imposed limitations. The Fund does not supervise or control the decisions of the portfolio managers, but adds or withdraws capital according to its investment strategies and its judgment of their performance. The styles and techniques of the portfolio managers are frequently aggressive and carry special risks. Minimum investment is 1 share. AUM reflects the aggregate of the various share classes and is denominated in USD. TCH became available to investors June 30, 2003.