The Fund is a limited partnership and is classified as a partnership for federal income tax purposes and therefore all tax liabilities are passed through to the Partners. The Trading Methodology followed by the Unicorn Macro Fund, LP results in asset holding periods of less than one year. The holding period begins the day the asset is bought and extends up to and including the day the asset is sold. Profits earned on an asset held less than one year are considered short term capital gains for tax purposes and are taxed at the same rate as ordinary income.