ICMC Strategic Asset Fund,


Fund Investment Objectives

The objective of ICMC Strategic Asset Fund, Ltd. is to provide access to an asset class that has a low correlation to the U.S. equity and fixed income markets that accordingly will deliver an absolute (real) return under any equity market condition. Expectations are that over market cycles the fund will delivery returns equal to, or better, than those available in the equity markets with less risk. Certain types of investments and management strategies inherently possess a low correlation to the U.S. equity and fixed income markets. Inclusion of some of these types of investments in a portfolio containing equity and fixed income investments serves to reduce the portfolios' exposure to market risk. The general partner intends to identify superior investments/strategies and then allocate an appropriate portion of partnership capital to a select manager for implementation of the strategy. The general partner expects the partnership to be able to earn a positive return each year by investing in a minimum of three hedge funds each with a different yet complimentary type or investment style. This exposure to multiple investment managers significantly reduces the risk and volatility frequently associated with hedge funds. In addition to the customary common equity and investment grade bond instruments, the General Partner will consider other types of investment vehicles including: convertible securities, currencies, debentures, futures, options, preferred stock and warrants. Specialty manager strategies to which the General Partner might allocate part of the capital could include the following: Convertible Arbitrage, Distressed Securities, Emerging Markets, Global Macro, Long/Short, Market Neutral, Market Timing, Merger Arbitrage, and Sector Funds.This is a Fund of Funds. Other fees - approximately $20,000 per year for operational expenses paid by fund.