Small-Cap
Secured Lending & Advisory Specialists
Presentation to Hall Chadwick, Sydney.
April 17th, 2014
www.tcaglobalfund.com
Confidential. Do not copy or distribute. April, 2014
1
Overview
TCA Global Credit Master Fund
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TCA is a short-duration, absolute return fund specializing in senior secured lending and advisory
services to small-caps located predominantly in the US, Canada, Western Europe & Australia.
Fund commenced April 2010, 3 Years of Unqualified Audited financial statements
TCA has Funds under Management of circa USD 180 million, target circa USD 400 million.
Regulated and registered by the SEC (US), FCA/FSA (UK), and ASIC (Australia). AFSL No.257871
Focused Strategy
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Origination of $10-25MM quarterly; multiple financings consummated monthly
Small position sizes, 1-2% of portfolio; Average loan size $1-2MM
Loans are ALWAYS senior secured, short duration (6 to 12 months) & income generating
Targeted annual net returns to Investors of 12-14%
No style drift, no leverage, no shorting, no market risk, no currency risk
Long-term Track Record

Returns have eclipsed the 12-14% target since inception, while exhibiting low volatility when
compared with equities (S&P 500 Index) or high-yield debt (ML High Yield Master II Index).
Specialty Global Team
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Extensive expertise in credit analysis and monitoring, stable & seasoned executive team
In-depth restructuring, liquidation and bankruptcy experience; leads to proactive adaptation
Quarterly independent collateral validation
Independent board of directors, administrators, legal counsel & auditors
CIMA & SEC* regulated and AIMA best practices membership
*Pre-approved to be finalized in June 2014
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
2
Market Inefficiency in Small-Cap Lending
Secular Decline of ‘Traditional’ Financing Sources
 15+ years of banks drastically reducing exposure to small-cap lending
%
100
 Tightening
Standards
75
 Stronger
Demand
50
25
0
-25
-50
-75
2005
2006
2007
2008
2009
2010
2011
2012
2013
Note: Change in percentage from the previous period.
Source: Federal Reserve Board, Senior Loan Officer Survey, 2013
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
3
Return Attribution
IRR*
Expenses
ROI**
12-14%
Loan
Interest
and
Collection
Capital
Fee
Equity
Kicker
Fund
expenses:
2/20, High
Watermark
Loan Loss
Experience
Cash reserve
drag
Merchant Banking
& Advisory Fee
www.tcaglobalfund.com
*targeted, typical fund investment
**per annum, targeted, net to Investors
Confidential. Do not copy or distribute.
4
Thorough Investment Process
Fundamental, Credit, Liquidity, Fund & Market Dynamics
 Excellent relationships with investee companies; 50% repeat business
 In-house expertise for work-outs when needed
1
Deal Origination
2
Deal Analysis
 Investment professionals
and Analyst Team
 Fundamental, credit
and liquidity analysis
 Global network of
professional advisors
 Management team
+20yr track record
 Sponsor and attend
conferences
 Corporate structure
 50% repeat business
5
 Evaluate investment
risks/reward
Investment Committee
6
3
Legal Due Diligence
• Local legal experts
evaluate and structure
deal
 On Site Visits to Portfolio
Companies
• Standardized legal
documents / jurisdiction
expedite process
 Unanimous Investment
Committee Approval only
Transaction Close
 Documents executed
 Deal size and duration vis-àvis portfolio capacity
 Investment executed
 Accept/modify/reject terms
4
 Establish most efficient
investment structure and
terms/pipeline
 CIO led
 Monitor cash flow to deal flow
Investment Review
 Lock-box account
opened
 Analyst Team assigned
to monitor
7
Monitoring to Repayment
 Bi-weekly call with management to monitor
evolution of investments
 Identify and act on any stressed position
 Monthly report to Investment Committee
on stressed positions, actions taken and
resolutions (External Director led)
 Completion of payment
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
5
TCA Credentials
Specialty Global Team
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TCA Fund strategy: investing in short term, senior secured debt in listed and non listed small cap
companies
Stable Executive Team; Dozens of Corporate References
Successful track record with a high repeat business rate
Debt Profile
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Transaction size: $0.5MM to $5MM
Secured lending structures
Efficient Execution
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Term sheets issued within 24hrs of management call and collation of preliminary due diligence
material
Closing typically within 2 weeks after term sheet signing and due diligence is complete
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
6
Industry and Geographical Breakdown
Invested Capital ($) by Geographic Region
Invested Capital ($) by Industry
2.78%
6.94%
4.17%
12.50%
6.94%
Communications
Consumer Products
9.72%
Energy & Energy Services
5.56%
9.72%
Entertainment
Environmental Services
11.11%
18.06%
Financial Services
Food Services
6.94%
IT/Security
Marketing & Promotions
8.33%
Medical & Medical Supplies
6.94% 5.56%
77.78%
4.17%
2.78%
Real Estate & Construction
Technology
EU&UK
www.tcaglobalfund.com
US
Canada
Australia
Confidential. Do not copy or distribute.
Transportation Services
7
Investment Criteria
Proven Management Teams
Robust management teams that have a track record of success
Identifiable revenues streams (not start up companies)
Revenu
e
Strong Cash Flows, receivables and contracted revenues
Collateral
Strong Corporate
Governance
www.tcaglobalfund.com
Listed companies, private companies seeking an IPO, Private
Companies whose internal reporting procedures match those of
a listed company
Confidential. Do not copy or distribute.
8
Investment Structures
TCA has three main financing instruments*:
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Amortizing Notes
Revolving Credit Facilities
Convertible and Invoice-backed Notes
In addition, Equity Lines and Swaps are available in conjunction with a debt piece
*Transactions are always senior secured and collateral based
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9
Amortizing Notes
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12 month term
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Monthly equal amortisation payments plus interest
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First charge over assets and in particular over liquid collateral:
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Cash flows
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Receivables (subject to counter-party credit worthiness and concentration risk)
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Contracted revenues (subject to counter-party credit worthiness)
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Possibly in conjunction with an equity line (issuer must still have some proven cash flow to
service the note in the absence of equity draw downs)
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Coupon 8% - 12% depending on credit profile
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Redemption Premium
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Investment Banking Fee payable in shares in certain instances
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Legal and due diligence costs paid by issuer
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On going reporting obligations
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10
Revolving Facility
Overview
 Renewable term of 6 months (Renewed with mutual consent)
 Lend up to 80% of value of liquid collateral
 First charge over collateral and “lock box” bank arrangement
Lock Box
 Lock Box swept weekly or bi-weekly
 Similar costs to Amortizing Loan Note but additional for operation of Lock Box
Customer cash receipts
Lock Box Bank Account
20% Reserve Account deduction
Interest and fees
•
•
•
•
For Customer payments
Customized Periods for Reconciliations
TCA signatories
Confidential to customers
Balance of 80% remitted to company’s operational account
Reserve
 Reserve account deduction of 20% of cash flow up to 20% of the facility
 Reserve account used for repayment
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
11
Investment Process
Week One
Pre-Screening and initial due diligence of the company
 Review 12 month historic numbers and 12 month forecast
 Analysis of the companies Account Receivables and Account payables
 In depth analysis of company’s use of proceeds
 Conference call with the management team
Term Sheet issued
 Term sheet is discussed and an agreement is formed
 Legal and due diligence costs are paid
 Unanimous investment committee approval must be made
Week Two
Legal documents prepared
 Legal documents are agreed upon by both the parties
 Detailed Due diligence
 Closing the deal; funds are remitted to the company
Term
Post Closing
 Repayment of principal and interest
 Monthly reporting
 Repayment at end of term or rollover
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
12
Case Studies
Case One
U.S Energy Provider
Case Two
US Medical and Medical Supplies Company
Company Overview: The Company is publically
listed on the Canadian TSX Venture Exchange and a
US based Company that focuses on the acquisition,
development and exploration of oil and natural gas.
The Company has operated for nearly ten years and
has a great relationship with a large oil and gas
company. The Company is focused on the execution
and expansion of its drilling program in its existing
holdings.
Company Overview: The Company is publicly listed
and a US based Company that provides laboratory
services specializing in providing blood and urine drug
toxicology to physicians, clinics and rehabilitation
facilities in the United States. The Company intends
to grow from the acquisition and formation of
businesses that can grow be expanded to provide an
extensive range of services to Medical Providers for
the improved care of a patient.
$3MM Senior secured short term lending facility
$4MM Revolving line of credit facility:
To assist with the drilling of proved reserves and
working capital needs, the Company sought out TCA
for a financing solution. TCA’s solution was to support
the Company’s expansion with a short duration senior
secured debenture secured by all assets and
receivables of the Company.
To assist with the active expansion and working
capital needs, the Company contacted TCA for a
financing solution. TCA’s offered a financial solution to
the Company with a senior secured revolving line of
credit secured by all assets and eligible medical
receivables of the Company.
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
13
Case Studies
Case Three
U.S Multimedia Networking Company
Case Four
US Medical and Medical Supplies Company
Company Overview: The Company is a US based
private full service multimedia marketing and
professional networking company that assists
individuals and small companies to promote their
professional identity. The company utilizes a
membership platform, radio and video interviews, web
site development, press releases, an online edition of
a Who’s Who, and other multimedia methods to
promote the businesses and professional identities of
its members and customers. The Company’s mission
is to assist the world’s professional and notable
people to make them more productive and successful
in a cost effective way.
Company Overview: The Company is publicly listed
and a US based Company that provides laboratory
services specializing in providing blood and urine drug
toxicology to physicians, clinics and rehabilitation
facilities in the United States. The Company intends
to grow from the acquisition and formation of
businesses that can grow be expanded to provide an
extensive range of services to Medical Providers for
the improved care of a patient.
$2MM Asset Based Line of Credit:
To support the marketing strategies and working
capital needs of the company, TCA was sought out for
a financing solution. TCA devised a solution that
would best support the Company through an asset
based line of credit secured by the credit card
receivables of the Company.
www.tcaglobalfund.com
$4MM Revolving line of credit facility:
To assist with the active expansion and working
capital needs, the Company contacted TCA for a
financing solution. TCA’s offered a financial solution to
the Company with a senior secured revolving line of
credit secured by all assets and eligible medical
receivables of the Company.
Confidential. Do not copy or distribute.
14
Case Studies
Case Five
US Aviation Services Company
Case Six
US Food Products Company
Company Overview: The Company is a private full
service mid-sized air charter based in the US. The
Company operates as a provider of private aviation
services through two primary flight services: (1) on
demand/pay as you go; and (2) bulk
purchasing/advanced block hour purchasing with
funds on account. These services are provided on the
Company’s managed aircraft fleet by professionally
piloted aircraft for business and personal use. The
Company intends to grow its business segments and
bring in-house those services that the Company
believes to be synergistic to the air charter business.
Company Overview: The Company is a public US
based Company that provides sustainably, grown,
ethically farmed and artisan roasted gourmet coffee
through multiple US and international distribution
channels. The Company is looking to expand its US
sales territories and to develop a significant global
recognition through co-branding relationships.
$5MM Secured Line of Credit Facility:
To assist with the business growth plan and working
capital needs, the Company contacted TCA for a
financing solution. TCA’s resolution was to support the
Company with a senior secured line of credit facility
secured by all assets and credit card receivables of
the Company.
www.tcaglobalfund.com
$2MM Secured revolving credit facility:
To assist with the expansion and working capital
needs, the Company contacted TCA for a financing
solution. TCA offered a solution to the Company with
a senior secured line of credit with a convertible
debenture secured by all assets and receivables of
the Company.
Confidential. Do not copy or distribute.
15
Case Studies
Case Seven
US Gourmet Bakery & Café Products Company
Company Overview: The US based and publicly listed Company engages in the development, production,
and marketing of desserts to retail, corporate, and wholesale markets in the United States. The Company
provides various pies, including apple, peach, cherry, blackberry, blueberry, pecan, buttermilk, chocolate
pecan, lemon velvet, coconut supreme, heavenly chocolate, and key lime margarita, as well as offers seasonal
pies, such as pumpkin pie. The Company markets its products directly to consumers through its Web site,
phone orders, in-store sales, and festivals/events, as well as through foodservice distributors and a
foodservice broker. As of June 27, 2012, the Company owned and operated seven cafes in Texas. The
Company’s focus is on opening additional Company-owned Cafes.
$1MM Secured convertible debenture:
To assist with the storefront expansion and working capital needs, the Company contacted TCA for a financing
solution. TCA’s resolution was to support the Company with a senior secured convertible debenture secured by
all assets and receivables of the Company.
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
16
Some alternatives to TCA funding
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Equity… still very scarce, and invariably owners believe it is too dilutive, expensive and permanent.
Bank Debt… scarce, avoided by prudential and balance sheet constraints.
Alternative/Mezzanine, tends to be scarce, onerous, and carry equity (dilutive) trails.
So, typically TCA appeals as:
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It favours growing, higher margin businesses.
It is capable of being re-paid/re-financed once growth has delivered returns
It can be flexible/adaptive
It is a short and reasonably predictable process and outcome
TCA tends to understand these SMEs – we currently have over circa 60% repeat business
If the business foregoes the opportunity, there tends to be an “opportunity cost/gross profit” foregone.
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
17
Snapshot TCA
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Alpha Driven-Absolute Return Fund
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No lockup, monthly liquidity
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Non-correlated to all other asset classes
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Low volatility return profile
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Targeted net returns of 12-14% per annum
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Quarterly Income distribution available
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No leverage, no shorting, minimal currency risk

3 Years of Unqualified Audited financial statements
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Regulated and registered by CIMA, SEC* ; AIMA best practices membership

Independent board of Directors
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Quarterly reviews by Independent forensic accounting firm
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Hedged share classes for global investors (GBP, USD, EUR)

Expert Management Team
*Pre-approved to be finalized in June 2014
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
18
Expert Management Team
Founder: Bob Press
Bob Press’s career spans over two decades in finance. He began his career in the Capital Markets Group of Chemical
Bank and rose to become the head of global derivative products trading. He has been a principal in asset management,
brokerage and investment banking companies and has served on industry panels and as an officer and director of public
and private companies. His diverse background includes years of experience in structured finance, asset backed lending,
securitizations and mergers and acquisitions both within the US and Europe. Prior to the formation of TCA Fund
Management Group, Bob was co-founder and portfolio manager of Montgomery Equity Partners L.P., a sponsored fund.
Bob has a BA in Economics with extensive coursework in computer science from Brandeis University, Massachusetts. Prior
to the formation of TCA Fund Management Group, Bob was the co-founder of a sponsored fund and then an independent
fund.
Director: Bruce Wookey
Mr. Wookey has over 25 years experience in corporate finance with a focus on strategic advisory, mergers, and
acquisitions, equity portfolios structuring and all facets of capital raisings. Mr. Bruce Wookey began his career as a
Chartered Accountant with PWC, and has continued to be involved professionally at the top level, as a founding member of
the Urgent Issues Group, and continuing as a Fellow of the Institute of Chartered Accountants in Australia. Bruce was a
member of The Australian Stock Exchange, is a Fellow of the Australian Institute of Company Directors and The Financial
Services Institute of Australia (FINSIA).
He has also been involved in global Corporate Finance, Advisory and Syndications and as Head of Corporate Finance of
The Hong Kong and Shanghai Bank in Australia. In addition to serving as a director TCA Global Master Credit fund and its
feeder funds, he also serves as the current managing director and major shareholder of Cartesian Capital Group which he
founded in 2001. Bruce has a Degree in Business Studies (Accounting) (FIT), a post graduate diploma in Banking &
Finance (FINSIA), and an MBA from The University of Melbourne.
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
19
Expert Management Team
Managing Director & Portfolio Manager: Donna Silverman
Prior to joining TCA, Donna Silverman’s investment banking career began by founding her own firm and then merging her
efforts into another successful boutique investment banking firm as a partner. She is a specialist in raising capital and
working with small to mid-size private and public companies with a global perspective. She currently provides valuable
entrée and understanding of markets both within and outside the United States and that global perspective is in keeping
with the ever increasing multi-country needs of corporate issuers. She has been a director of both private and public
companies in the United States. Ms. Silverman also focuses on the continuing development of resources for TCA fund,
specializing in the introduction of the Fund to US Broker Dealers and liaising with both management and registered
representatives. Ms. Silverman holds a BS in Psychology from Rowan University.
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
20
Platforms & SIPP Providers
Currently listed on:
Platforms
Work-in Progress:
Platforms
Europe
Canada Life
Euroclear Group
Financial Express
Legal&General International Ireland
Moventum
Platform One (Offshore)
Private Insurer
Transact
Europe
AEGON
Corporation for AIP
Cofunds
Capital Platform
AVIVA
Ascentric
Amber Financial Investments
Albourne Partners
Innocap
JP Morgan Asset Management
Novia
Nucleus Financial Group
Open Protocol
Raymond James Investment Services
True Potential
Zurich Assurance Ltd
US
National Asset Management
US
Schwab
The Depository Trust and Clearing
TD Ameritrade
Prudential
International
Cambridge Associates
AIP/DTCC
Friends Provident
Generali
Mercer Investment Consulting, Inc.
International
Fidelity
Databases
Europe
BarclayHedge
InfoVest 21
Databases
Europe
B Finance
SIPP Providers
Europe
AJ Bell Sipp
Pershing
Pointon York
Prosper SIPP
Royal London 360
SIPP Providers
Europe
Avalon Investment Services Ltd
Hangreaves Lansdown
London&Colonial
Sippcentre
Wealthtime Limited
Royal Skandia
Xafinity
Custodians
Europe
Advanta IRA Trust
Equity Institutional
Guernroy (Part of RBC Wealth Manager)
Millennium Trust Company
National Advisors
Self Directed IRA Services
www.tcaglobalfund.com
Custodians
Europe
Theodore Gillissen
Confidential. Do not copy or distribute.
As of March 2014
21
Contacts
UK Office
71 Wimpole Street
London
W1G 8AY
T + 44 (0) 207 612 7325
F + 44 (0) 207 681 1353
Cayman Counsel
PO Box 309, Ugland House
South Church Street
George Town, Grand Cayman
KY1-1104
Cayman Islands
T+1 345 814 5415
Auditor
BDO Cayman Ltd
Glen Trenouth
23 Lime Tree Bay Avenue
Grand Cayman KY1 1205
T +1 (345) 943 8800
F +1 (345) 943 8801
www.tcaglobalfund.com
USA Office
19950 West Country Club
Drive, 1st Floor
Aventura, FL 33180
T +1 845 359 3431
F +1 786 323 1651
US Counsel
Sadis &Goldberg LLP
Ron Geffner
551 Fifth Avenue, 21st Floor
NY 10176
T +1 212 573 6660
F +1 212 573 8166
UK Counsel
Reed Smith
Douglas Rofe
20 Primrose St
London EC2A 2RS
T +44 (0) 203 116 3000
Custodian
Deutsche Bank (Cayman) Limited
Boundary Hall, Cricket Square
171 Elgin Ave
PO Box 1984
Grand Cayman, KY1-1104
Administrator / Valuation Agent
Caledonian Fund Services (Cayman) Ltd.
P.O. Box 104369 Dr. Roy’s Drive George Town
Grand Cayman KY1-1102
T +1 345 914 4857
F +1 345 814 4865
Independent Directors
Bruce Wookey
bjw@navitor.com.au
T +61 (0) 41 2288 063
Confidential. Do not copy or distribute.
Matt Luciano
Matt@nyaix.com
T +1 561 202 8525
22
Disclaimer
General
This document is being furnished by TCA Fund Management Group (“TCA”) the investment manager of TCA Global Credit Master Fund LP (the
"Fund") solely for use in connection with consideration of an investment in the Fund by prospective investors.
The information contained herein regarding TCA is confidential and proprietary and intended only for use by the recipient. This document may not be
reproduced or copied without the prior written consent of TCA. This document is subject to revision at any time and the Manager is not obligated to
inform you of any changes made.
The information contained herein is not complete, and does not contain certain material information about alternative investments, including important
disclosures and risk factors associated with an investment these types of vehicles, and is subject to change without notice. This document is not
intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy shares or limited partnership interests any
funds managed by TCA If any offer is made, it shall be pursuant to a definitive Private Placement Memorandum prepared by or on behalf of a specific
fund which contains detailed information concerning the investment terms and the risks, fees and expenses associated with an investment in that fund.
Neither the Securities and Exchange Commission (“SEC”) nor any state securities administrator has approved or disapproved, passed on, or endorsed,
the merits of these securities.
The Manager does not accept any responsibility or liability whatsoever caused by any action taken in reliance upon information herein. TCA is
regulated by such regulatory agencies as the SEC and the Financial Conduct Authority (“FCA”) and abides by all standards and legal requirements
required for an investment adviser in all jurisdictions. TCA’s interests will be offered and sold only to "Accredited Investors" as such terms are defined
under federal securities laws.
Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and
exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding,
exchange, redemption or disposal of any investments.
No statement herein supersedes any statement to the contrary in the Fund's confidential offering memorandum. With respect to the present document
and/or its accessories, the Manager makes no warranty or representation, whether express or implied, and assumes no legal liability for the accuracy,
completeness or usefulness of any information disclosed. In addition to exposure to adverse market conditions, investments may also be exposed to
changes in regulations, change in providers of capital and other service providers.
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
23
Disclaimer
Performance
The performance information herein has been prepared by or on behalf of TCA and has not been independently audited or verified except for certain
year-end data. Investment returns may vary from the stated objectives so that investors may have a gain or a loss when they redeem their investment.
As with any investment vehicle, past performance cannot assure any level of future results.
Returns (which may include the reinvestment of dividends, capital gains and other earnings) are shown net of all fees and expenses. The results
reflected in any performance information are not necessarily indicative of future results. Investments in a Fund entail numerous risks including the loss
of capital. Current year returns may be subject to adjustment during the year-end audit.
This information may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform
Act"). TCA claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are
often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts.
Specific forward-looking statements could be in reference/ implication, but not limited to/of: impact of the company's expansion plan, and new business
development success, future financial results, development and acquisition of new product lines, the impact of competitive products or pricing from
technological changes, the effect of economic conditions and other uncertainties. The information contained herein does not constitute an offer to sell
or the solicitation of an offer to purchase any security or investment product. Any such offer may only be made by means of delivery of an approved
confidential offering memorandum and only in those jurisdictions where permitted by law.
There is no guarantee that the investment objectives of the Fund will be achieved. The performance representations contained herein are not
representations that such performance will continue in the future. There may be sharp differences between prior performance results; such
performance should not be construed as an indicator of future performance. Performance information and/or results, unless otherwise indicated, are
un-audited and their appearance reflects the estimated returns net of all expenses, including the management and performance fees similar to those of
the Fund.
The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who
may receive it. Before making an investment, prospective investors are advised to carefully review the offering memorandum with their advisers to
determine whether investing in the Fund is suitable.
An investment in the Fund is speculative and involves a high degree of risk. Opportunities for withdrawal and transferability of interests can be
restrictive. As a result, investors may not have access to capital except according to the terms of withdrawal specified within the confidential offering
memorandum and other related documents.
www.tcaglobalfund.com
Confidential. Do not copy or distribute.
24
Disclaimer
Alternative Investment Risks
Investments in alternative investments entail substantial risk and are not intended as a complete investment program. The profitability and return of
alternative investments are dependent upon numerous factors, including the active management of TCA’s portfolio, as well as general macroeconomic
variables such as interest rates and the foreign exchange markets. There is no secondary market for interests in many alternative investments and
none is expected to develop.
Alternative investments are designed only for sophisticated investors who are able to bear the economic risk of losing all of their investment.
Alternative investments: (1) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; (2)
can be highly illiquid; (3) are not required to provide periodic pricing or valuation information to investors; (4) may involve complex tax structures and
delays in distributing important tax information; (5) are not subject to the same regulatory requirements as mutual funds; and (6) often charge high fees.
Current Information
Opinions expressed are current opinions as of the date appearing in this material only. While the data contained herein has been prepared from
information that TCA believes to be reliable, TCA does not warrant the accuracy or completeness of such information.
Use of Indexes
Market index information shown herein is included to show relative market performance for the periods indicated and not as standards of comparison,
since these are unmanaged, broadly based indices which differ in numerous respects from the portfolio composition of the Fund. Market index
information was compiled from sources that TCA believes to be reliable. No representation or guarantee is made hereby with respect to the accuracy or
completeness of such data.
Index Definitions
The S&P 500 Stock Index is an unmanaged market capitalization index of 500 US equities generally considered to be representative of US stock
market activity.
The Merrill Lynch High Yield Master II is an unmanaged benchmark index generally considered as a measure of the broad high yield market.
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