Cedar Ridge Short Term Fund,

LP

Fund Investment Objectives

Cedar Ridge Short-Term Fund, LP is a diversified, actively managed high grade fixed income fund with the stated investment objectives of obtaining as high a level of interest income as possible as is consistent with maintaining monthly liquidity and stability of principal. The Partnership invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax. The Partnership holds securities that the Investment Manager deems to comply with a maturity limitation of about seven years (taking into account certain security features including average life, optional/mandatory call, variable rate reset, demand, auction rate and optional put or mandatory tender features) while maintaining an average maturity of about three years or less. The Partnership may purchase securities on margin and engage in hedging of securities positions.