Fund Investment Objectives

The objective of the Fund is to provide attractive risk-adjusted returns by investing in equities using both outright long and hedged strategies and through long positions in mortgage backed securities. The equity portfolio will generally be a market neutral strategy however some positions may be long only. The mortgage portfolio will consist of securities backed by subprime and Alt-A mortgage collateral. The internal models constructed by the General Partner will be used to develop investment strategies and to trade both portfolios. As of February 2013, the fund migrated to a 100% equity market neutral strategy and MBS securities are no longer included in the portfolio.