CLC Global

Partners, L.P.

Fund Investment Objectives

CLC Management L.L.C. implements a highly disciplined, systematic methodology to deliver consistent returns. Our methods include the exploitation of 4 different sub-strategies within the closed-end space: 1. Mean Reversion 2. Dividend Capture 3. NAV Accretions or Decline 4. Corporate Activity (activists seeking open-end funds, self-liquidation, lifeboat provisions, rights offering and tender offers). In January 2002 Global Partners, L.P. adopted a new investment strategy which has proven to be successful in increasing investment returns. This strategy is multifaceted and doesn't correlate with the overall market. One aspect of this strategy is that it capitalizes on rare market circumstances such as when stocks are trading at historically high or low PE ratios and are trading at least 2 standard deviations out of their normal trading patterns. Another aspect of this strategy is identification and trading of high yield equities often overlooked by Wall Street. Global Partners has compiled a database of nearly 500 stocks consisting of trusts, partnerships, preferred equities, closed-end funds, junk bond funds, municipal bond funds, and other select equities yielding over 4%. A key component of the Global Partners strategy that greatly enhanced returns over the past year is the utilization of a conservative option hedging program. Through this program, income is maximized by the sale of covered calls and puts, taking advantage of the volatility of the underlying equity.