This report is highly confidential and is not to be reproduced or distributed to persons other than the recipient (other than professional advisors of the recipient), and is intended solely for their internal use.  It has been prepared solely for informational purposes and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, an interest in Michaelson Capital Special Finance Fund, LP (“Interests”) or any other security or instrument or to participate in any trading strategy.  No sale of Interests will be made in any jurisdiction in which the offer, solicitation, or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation or sale. If any such offer of Interests is made, it will be made pursuant to the relevant Confidential Private Placement Memorandum (“Memorandum”) of Michaelson Capital Special Finance Fund, LP (the “Fund”)  that contains material information not contained herein and to which prospective investors will be referred.  Moreover, the specified terms applicable to the Interests described generally herein, and offered in the Memorandum, will be governed by the terms of the Limited Partnership Agreement of Michaelson Capital Special Finance Fund, LP (the “LP Agreement”).  Any decision to invest in Interests should be made solely on reliance upon the Memorandum or such agreement. No representation or warranty (express or implied) is made or can be given with respect to the accuracy or completeness of the information in this report, or that any future offer of Interests or other securities by Michaelson Capital Special Finance Fund, LP  will conform to the terms generally described herein.  No person has been authorized to make any representations concerning the Interests generally described herein that are inconsistent with the statements in this report, the Memorandum, or the LP Agreement.  Prospective investors should not rely on this report or on any other information that is not contained in the Memorandum or LP Agreement in making any investment decisions.

Historical performance is not indicative of future performance:

Although Mr. Michaelson will continue to implement his investment strategy with respect to the Fund in substantially the same manner as that with respect to the Michaelson Capital Special Finance Fund, LP during the prior performance period, the performance results during the prior performance period are not indicative of the future performance of the Fund.  Additionally, the investment return and principal value of the Fund will fluctuate and may be worth more or less than the original cost when liquidated.  The investment environment and market conditions during the prior performance period are markedly different from those of the present and future periods.  Investment returns of the Fund will fluctuate in value.  There can be no assurance that the Fund will achieve positive returns in future periods.  In comparing the performance results to any market indices, prospective investors in the Fund should note that many indices are highly diversified and generally represent only unmanaged results of long investments.  The Fund may not be as diversified as any of these indices, and, unlike some of these indices, may use options and other derivatives as part of its investment strategy.  Because of these differences, no index is directly comparable to the investment strategy of the Fund.

Portfolio Holdings and Industry Allocation:

Portfolio holdings and industry allocation are subject to change without notice and may not represent current or future portfolio composition of the Michaelson Capital Special Finance Fund, LP.  The portfolio holding data is “as of” the date indicated, and the Investment Manager disclaims any responsibility to update the information.  Additionally, the portfolio holding and industry allocation data is for informational purposes only and does not constitute a recommendation or an offer for a particular security or an investment in a particular industry, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments.  Investments in private investment funds are speculative and include a high degree of risk.  Investors could lose their entire investment. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in the Michaelson Capital Special Finance Fund, LP.  An investment in the Michaelson Capital Special Finance Fund, LP should be discretionary capital set aside strictly for speculative purposes.This Risk Disclosure is not complete.  The above summary is not a complete list of the risks and other important disclosures involved in investing in the Michaelson Capital Special Finance Fund, LP and is subject to the more complete disclosures contained in the Memorandum, which must be reviewed carefully. The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. Before making an investment in the Michaelson Capital Special Finance Fund, LP prospective investors are advised to thoroughly and carefully review the Memorandum with their financial, legal and tax advisors to determine whether an investment is suitable for them. An investment in the Michaelson Capital Special Finance Fund, LP  is not suitable for all investors.

Disclosures:

Michaelson Capital has retained James Alpha Management to provide marketing and distribution services and James Alpha is paid a percentage of the management fee and incentive fee for such services. Certain members of James Alpha Management are also registered representatives of FDX Capital LLC (“FDX Capital”), member FINRA/SIPC.  This registration is for compliance and regulatory purposes only; there is no broker or dealer relationship between the Investment Manager and FDX Capital, nor does FDX Capital provide any brokerage or other services for the Fund.

  1. Monthly performance is reported net of all fees and Expenses and are subject to audit adjustment
  2. HFRI index returns: www.hfr.com
  3. Barclays Index Returns: www. ecommerce.barcap.com
  4. S&P 500 Index Returns. Standardandpoors.com
  5. 5. Redemption terms are fully set forth in the LP Agreement.