PENN Core Opportunistic High

Yield Bond Fund, L.P.

Fund Investment Objectives

The Opportunistic High Yield Fixed Income style seeks to exploit total return opportunities within the high yield bond market. The style achieves this through a combination of capital appreciation and income generation. The style is designed to provide a high level of current income while seeking excess returns through opportunistic positions. PENN's size and capacity constraints enable the Opportunistic High Yield Fixed Income style to capture this yield premium and take advantage of the inefficiency in the high yield universe. AUM is not provided.