Hollencrest Bayview

Partners, LP

Fund Investment Objectives

Hollencrest Bayview Partners is a market neutral fixed income long/short fund. The Fund will seek to achieve its investment objective primarily by utilizing a long/short strategy designed to capture disparities in yield between substantially similar investment vehicles. HBP's strategy will seek to follow the basic fundamentals of a long/short style. The Fund invests in Closed End Funds (CEFs) or Exchanged Traded Funds (ETFs) as its primary strategy but may invest in other types of fixed income instruments which may include derivatives. The Fund invests the majority of its assets in fixed income CEFs, and may also invest in ETFs and other types of fixed income, equity and derivative instruments. The Fund seeks to buy undervalued CEFs and short overvalued CEFs in the same asset class. The Fund may overweight its exposure to undervalued CEF asset classes or underweight its exposure to overvalued CEF asset classes. Valuation is determined by relative projected discount or premium to net asset value, relative yield, portfolio manager's alpha, leverage utilized in the DEF, stability of divident, and performance relative to the underlying index. Hollencrest Bayview Partners frequently invests in over one-hundred CEFs across 18 asset classes.