Dunlap

Fund Investment Objectives

The investment objective of the Partnership is to maximize investment returns while accepting a level of risk consistent with the preservation of the Partnership's assets. The Partnership intends to invest, hold, sell, trade, and otherwise deal in securities and other intangible investment instruments. Investment instruments may include stocks, bonds, notes, and other securities and instruments that are traded in public markets. The Partnership may also engage in short selling, purchase securities on margin, trade in publicly traded and over-the-counter options, invest in debt instruments, and engage in hedging and other securities investment strategies. The Partnership seeks to achieve its investment objective by combining a risk-adverse approach to investing in securities with measures intended to preserve capital. The Partnership is generally concerned with achieving absolute investment returns at the expense of relative investment returns, especially if the pursuit of relative returns increases the prospect of material capital losses. The Partnership's primary investment strategy is to invest in the securities of businesses that the General Partners deem to be growing in intrinsic value and to be undervalued. In order to find such undervalued growth companies, the General Partners focus on what they believe to be the most inefficiently valued companies or sectors of the market. The General Partners believe that financial markets are often the least efficient when evaluating any type of change. The General Partners expect the majority of the assets of the Partnership will be held in longer term investments, ranging from 6 to 36 months.