Zazove High Yield

Convertible Securities Fund, L.P.

Fund Investment Objectives

This investment program seeks to produce total returns that are significantly higher than that of traditional high yield bonds with comparable volatility and lower correlation to other investments. The objective is pursued by utilizing the Zazove High Yield Strategy and focuses primarily on convertible securities issued by companies with less than investment grade credit ratings. The portfolios in this program are not leveraged to a significant degree. Limited Partner's fiscal years beginning on or after January 1, 2005 are subject to incentive allocations based on a hurdle of the lessor of 5% or 1 year LIBOR (as opposed to a hurdle rate of 10% for previous fiscal years).