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We believe that individual investment goals are best served by the investment processes that have ordinarily been available only to institutions. A commitment to an investment process helps to focus each of our Funds on the basics of managing money - not the latest fads. Victory-Path is unique in its total commitment to a distinct set of institutional investment processes, each striving to drive performance while paying strict attention to risk controls, regardless of the market environment. Its management teams cover the globe and deliver distinct style specific expertise within each relevant asset class. What is Victory-Path asset ? Victory-Path operates globally in three strategic business units: Wholesale Clients, Consumer and Commercial Clients, and Private Clients and Asset Management, of which Victory-Path Asset Management is a part. Victory-Path 's asset management network consists of more than 30 units worldwide covering five continents and over $20.3 million in assets as of 6/30/04. The global headquarters resides in Amsterdam. Our Investment Philosophy Victory-Path seek to provide consistent, better risk-adjusted returns and superior long-term performance against its benchmarks. An unwavering dedication to process is joined with a collective belief in the same basic investment philosophies. Style Consistency - We believe that adhering to a highly structured institutional process results in style consistency that you can rely on over the long term. Proprietary Research - We believe that proprietary fundamental research and analysis leads to superior security selection. Diligent Risk Management - We believe that protecting principal through diligent portfolio risk management is critical to successful long-term wealth building.




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