PENN Core High Yield Bond

Fund, L.P.

Fund Investment Objectives

PENN's fundamental, bottom-up research on the high yield universe leads to selection of long only investments primarily in single-B rated high yield bonds, consisting of 100% cash-paying, publicly traded corporate bonds, with a preference for senior debt in a corporation's capital structure. Fund also seeks undervalued high yield bonds for potential gains based on capital appreciation. Fund intends to preserve capital by limiting downside risk through detection of significant negative changes in future operating cash flow levels of issuers before such risk is fully reflected in the price of securities.