hedge weekly n°15 investment funds performance review · everest capital emerging marke 37 everest...

Alternative Fundinvest GroupInvestment Funds Performance ReviewHedge Weekly N°15

Week of Monday April 9 to Friday April 13, 2007

HSBC Private Bank E-

Contents

1Index by Strategies13Index by Funds1

10Top 20 (Winners & Losers)113Newsletter169Disclaimer1

Alternative Fundinvest Group HSBC Private Banke12 April, 2007

Index by strategies

ARBITRAGEConvertible 14Equity 14Equity-Diversified 14Fixed Income 16Mortgage Backed 17Multi-Strategy 19

CTACommodity-Discretionary 20Currency-Discretionary 20Currency-Systematic 20Diversified-Discretionary 21Diversified-Systematic 23

EVENT DRIVENDistressed Security 24Merger-Arbitrage 25Multi-Strategy 29

MULTI STRATEGYDiversified 30

DIRECTIONALEquity-Diversified 32

LONG/SHORTCredit 34Equity-Commodity 35

Alternative Fundinvest Group1 12 April, 2007 HSBC Private Banke

Index by strategies

Equity-Consumer 35Equity-Diversified 52Equity-Energy 53Equity-Financial 53Equity-Market Neutral 54Equity-Mid-Small Cap 56Equity-Pharma-Biotech 57Equity-Regulation S&D 58Equity-Short Bias 58Equity-Statistical Arbitrage 60Equity-Technology 61Equity-Utility 61

MACRODiversified 65

FUND OF FUNDSArbitrage 66Leveraged Multi-Strategy 66Long/Short 67Multi-Strategy 67Trading 68


Index by funds

35932 CAPITAL FUND, LTD (THE) - A/1

735788 CHINA FUND LTD

62788 GLOBAL ASSET ALLOCATION FUN

46788 JAPAN FUND LTD

A33ABN AMRO EMERGING MKTS DEBT HE

59ACI U.S.MARKET NEUTRAL FUND CLA

39ADELPHI EUR. FUND $ (A)

25AETOS CORPORATION - CLASS A

27AG SUPER FUND INTERNATIONAL, LT

55AJR INTERNATIONAL (BVI), INC. - A/1

17ALEXANDRA GLOBAL INV. FUND I, LTD

30ALLBLUE LIMITED

60ALPHAGEN ABSOLUS FUND LIMITED

54ALPHAGEN ALTAI FUND, LTD - CLASS

48ALPHAGEN AVIOR FUND LIMITED CLA

39ALPHAGEN CAPELLA FUND-A-

46ALPHAGEN HOKUTO FUND LTD - CLAS

37ALPHAGEN PICTOR FUND

55ALPHAGEN PYXIS FUND CLASS A

58ALPHAGEN REGULUS FUND

46ALPHAGEN TENRO FUND LIMITED

39ALPHAGEN TUCANA

39ALPHAGEN VELAS FUND LTD - A

55ALPHAGEN VOLANTIS FUND, LTD - A (

21ALPHAQUEST ORIGINAL FD, LTD (COM

49ALSON SIGNATURE FUND OFFSHORE,

43ALTIMA GLOBAL SPECIAL SITUATIONS

58ANAK EUROPEAN FUND LTD

39ANTARES EUROPEAN FUNDS, LTD - U

43AQUILA INTERNATIONAL

25ARBITRAGE ASSOCIATES LTD - MERG

46ARCUS JAPAN FUND -JPY-

13ARGENT LOWLEV CONV ARB FUND LT

57ARIES FUND (A)

13ARISTEIA INTERNATIONAL LTD - CLAS

35ARNOTT OPPORTUNITIES FUND

43ARROW OFFSHORE LTD

17ARTRADIS BARRACUDA FUND

33ARX GLOBAL HIGH YIELD SEC OVS FU

49ASCEND PARTNERS FUND I, LTD

21ASPECT DIVERSIFIED FUND - CLASS A

21ASPECT MASTER FUND, LTD - A

46ASUKA JAPANESE EQUITY L/S TST 1 -

49ATLAS GLOBAL INVESTMENTS A2/05

27ATTICUS EMERGING MARKETS FUND,

26ATTICUS EUROPEAN, LTD - CLASS A

25ATTICUS GLOBAL, LTD - A (NOT REST)

60AURARIAN OFFSHORE FUND, LTD

49AVESTA FUND LTD A/1

B58B G I - EUROPEAN EQUITY MKT NEUT

17B G I - MULTI-STRATEGY FUND LTD - C

59B G I - UK EQ MKT NEUTRAL I USD

49BALBOA FUND LTD - CLASS A/1

15BASIS PAC-RIM OPPORTUNITY FUND -

13BASSO INVESTORS LTD

18BASSO MULTI-STRATEGY FUND LTD

24BAY HARBOUR PARTNERS, LTD - SER

30BENNELONG ASIA PACIFIC MULTI STR

44BERNSTEIN INST. GL.DIV.HEDGE FUN

31BG LONG TERM VALUE FUND

58BLACK BEAR OS FUND, LTD - A

18BLACK DIAMOND, LTD - CLASS B (UNR

21BLENHEIM* GL. MARKETS, L.P.

46BLUE SKY JAPAN LTD - CLASS A

18BLUECREST CAPL INTL LTD A USD

39BLUECREST EQUITY FUND LTD A USD

62BLUECREST STRATEGIC FUND, LTD

21BLUETREND FUND, LTD - CLASS A

46BOYER ALLAN JAPAN FUND A

36BOYER ALLAN PACIFIC FUND INC-A-

60BRADFORD CAPITAL INTERNATIONAL

27BRAHMAN PARTNERS II OFFSHORE, L

62BREVAN HOWARD ASIA FUND LIMITED

39BREVAN HOWARD EQ. STRATEGIES F

62BREVAN HOWARD FUND, LTD - USD C

55BRICOLEUR OFFSHORE LTD

62BRIDGEWATER PURE ALPHA FUND I

44BRUCE NELSON GLOBAL FD LTD - A

53BRYN MAWR OFFSHORE LTD

C57CADUCEUS CAPITAL INTL. LTD

39CANTILLON EUROPE LTD - CLASS A/1

32CANTILLON GLOBAL VALUE FUND CLA

36CANTILLON PACIFIC LTD B1/0504

49CANTILLON U.S. LTD

50CANTILLON U.S. LOW VOLATILITY LTD

44CANTILLON WORLD LTD - CLASS A/1

24CANYON VALUE REALIZATION FD, LTD

62CAPITAL FUND, LTD (THE)

15CAPULA GLOBAL RELATIVE VALUE FU

27CASTLERIGG INTL LTD - CLASS A /1


Index by funds50CASTLEROCK FUND LTD

32CAXTON ALPHA EQUITY (BVI) LTD

50CAXTON EQUITY GROWTH LTD A / 1

62CAXTON GLOBAL INVESTMENT LTD

39CAZENOVE EURO EQ ABS RETURN FU

48CAZENOVE UK EQUITY ABSOLUTE RE

26CENTAURUS ALPHA FUND LTD - A (US

33CENTAURUS KAPPA FUND

24CERBERUS INTL. LTD

53CERULEAN PARTNERS LTD

39CHARLEMAGNE FUND LTD -USD-

33CHEYNE LONG SHORT STRUCTURED

26CHEYNE SPECIAL SITS FD INC - B1

39CHILTON EUROPEAN INTL (BVI) LTD -A

34CHILTON GL NATURAL RESOURCES IN

50CHILTON INTERNATIONAL (BVI) LTD -A

60CHILTON NEW ERA INTL (BVI) LTD -A-

55CHILTON OPPORTUNITY INTL (BVI) LT

55CHILTON SMALL CAP INTL (BVI) LTD -A

21CIPHER DIVERSIFIED FUND-A-

62CITIC CAPITAL GLOBAL MACRO FUND

18CLINTON MULTISTRATEGY FD LTD - C

56CLOVIS CAPITAL PARTNERS (CAYMAN

56COBALT OFFSHORE LTD

62COMAC GLOBAL MACRO FUND

20CONCEPTS CCY FD LTD - GFM PROGR

18CONCORDIA CAPITAL-A-

62CONQUEST MACRO FUND, LTD (COMP

33CONVIVO ABS SOVEREIGN HIGH YIEL

36COREVEST PARTNERS LTD

62CORUS CAPITAL PAN-ASIA FUND - CL

18CQS CONV & QUANT STRATS FEED FD

21CRABEL FUND LTD

56CRM U.S. VALUE FUND, LTD

56CUMBER INTERNATIONAL S.A. - CLAS

D24DAVIDSON KEMPNER DISTRESSED O

57DAVIDSON KEMPNER HEALTHCARE IN

27DAVIDSON KEMPNER INTL, LTD - CLAS

46DB EQUILIBRIA JAPAN FUND

18DB GLOB MASTERS FD, LTD C/1

34DEEPHAVEN CREDIT OPPORTUNITIES

27DEEPHAVEN EVENT FUND LTD

18DEEPHAVEN MKT NEUTRAL FUND LTD

15DEERFIELD SYNTHETIC OPTIONS FUN

62DENALI OFFSHORE PARTNERS, LTD -

54DEXIA LONG SHORT DOUBLE ALPHA

21DIGILOG OVERSEAS FUND I, LTD

60DIGITAL CENTURY -A-

37DISCOVERY GLOBAL OPPORTUNITY F

21DISCUS FUND LTD - (Composite)

18DKR INTL RELATIVE VALUE LTD

21DKR QUANTITATIVE STRATS FUND, LT

27DKR SATURN EVENT DRIVEN FUND, L

53DORSET ENERGY FUND, LTD - CLASS

18DOUBLE BLACK DIAMOND LTD - SERIE

18DRAKE ABSOLUTE RETURN FUND, LT

15DRAKE GLOBAL OPPORTUNITIES FUN

63DRAWBRIDGE GLOBAL MACRO FD, LT

E22EAGLE GLOBAL FUND

22EAGLE YIELD ENHANCEMENT FUND, L

36EASTERN ADVISOR OFFSH FD, LTD A

61ECOFIN GLOBAL UTILITIES HEDGE FU

39EGERTON EUROPEAN DOLLAR CLASS

15ELEMENT CAPITAL FUND

33ELGIN CORPORATE CREDIT FUND

26ELGIN OPPORTUNITIES FUND

44ELLERSTON GEMS - CLASS A

17ELLINGTON OVERSEAS PARTNERS, L

50ELM RIDGE VALUE PARTNERS OFFSH

15EMF FIXED INCOME FUND, LTD

50EMINENCE FUND LTD A

55ENNISMORE EUROPEAN SMALLER CO

44ENSO GLOBAL EQUITIES FUND LTD

63EPISODE INC. CLASS A

39EUREKA EURO A CLASS - EURO

37EVEREST CAPITAL EMERGING MARKE

63EVEREST CAPITAL GLOBAL, LTD

46EVEREST CAPITAL JAPAN OPPORTUN

F14FAIRFIELD SENTRY, LTD - A

33FE EMERGING NATIONS DEBT FUND L

34FEINGOLD OKEEFFE CAPITAL I OFFSH

13FEROX FUND LTD A USD

33FINISTERRE SOVEREIGN DEBT FUND

31FIREBIRD NEW RUSSIA FUND, LTD - C

31FIREBIRD REPUBLICS FUND, LTD

24FIRST EAGLE N.V. (A)

13FOREST GLOB CONV FD, LT - FULCRU

22FORT GLOBAL OFFSHORE FUND LTD,

37FPP EMERGING HEDGE FUND I

G25GABELLI ASSOCIATES LIMITED - CLAS

50GALLEON ADMIRALS OVS FUND, LTD

60GALLEON BUCCANEERS OFFSHORE,


Index by funds50GALLEON CAPTAINS OFFSHORE A/1

61GALLEON COMM OFFSHORE, LTD - A/1

44GALLEON DIVERSIFIED FUND, LTD - A/

61GALLEON EXPLORERS OFFSHORE,LT

57GALLEON HEALTHCARE OFFSHORE, L

61GALLEON TECHNOLOGY OS, LTD - A/1

27GAM ARBITRAGE INC

37GAM GLOBAL EMERGING MKTS HEDG

46GAM JAPAN EQUITY HEDGE FUND

63GAM TELEOS MACRO

44GAM WORLDWIDE

50GAMERICA

63GAMUT INVESTMENTS

40GIANO CAPITAL LTD EUR

44GIOVINE INVESTMENT INTL LTD (COM

59GLC GESTALT EUROPE FUND, LTD A/1

44GLENROCK GLOBAL PARTNERS (BVI) I

50GLENVIEW CAPITAL PARTNERS (CAY

49GLG ALPHA SELECT FUND - CLASS C

35GLG CONSUMER FUND - CLASS A

34GLG CREDIT FUND - CLASS A

63GLG EMERGING MARKETS FUND - CLA

40GLG EUROPEAN LONG-SHORT FUND -

40GLG EUROPEAN OPP. FUND - CLASS

53GLG FINANCIALS FUND - CLASS D

22GLG GLOBAL FUTURES FUND - CLASS

46GLG JAPANESE LONG SHORT FUND -

40GLG MANGOUSTA FUND - CLASS D

13GLG MARKET NEUTRAL FUND - CLASS

50GLG NORTH AMERICAN OPP. FUND - C

60GLG TECHNOLOGY FUND, - CLASS D

13GLOBAL CONVERTIBLE OPP Fund LTD

37GLS OFFSHORE GLOBAL OPP.A

59GMN FUND CLASS - USD -

35GONDWANA FUND LIMITED

29GOOD HOPE INTERNATIONAL LTD

40GRADIENT EUROPE FUND (THE)

63GRAHAM ABSOLUTE RETURN FUND, L

22GRAHAM GIF II DIVERSIFIED -A-

63GRAHAM GIF II FED POLICY PORTFOLI

22GRAHAM GIF II K4 PORTFOLIO 1.5X

22GRAHAM GIF II PROPRIETARY MATRIX

38GRAMERCY EMERGING MARKET FUN

31GREATER EUROPE FUND

56GREENLIGHT CAPITAL OFFSHORE, LT

20GROSSMAN CURRENCY FUND, LTD (IN

63GROSSMAN GLOB MACRO HEDGE FD,

38GROWTH MANAGEMENT LTD

56GRT TOPAZ OFFSHORE PARTNERS, L

27GRUSS GLOBAL INV, LTD - Initial Series

25GRUSS OFFSHORE ARB FUND, LTD - A

38GS EMERGING MARKETS OPPORTUNI

20GS GLOBAL CURRENCY FUND

54GS NORTH AMERICAN EQ. OPP. FUND

59GSA CAPITAL INTERNATIONAL FUND,

63GSA CAPITAL MACRO FUND LTD

H47HALBERDIER FUND B

29HALCYON OFFSHORE FUND LIMITED

36HAMON ORIENTAL L/S FUND

27HARBINGER CAPITAL PARTNERS OFF

63HARMONIC GLOBAL FUND - MACRO C

25HAWKESBURY ASIA PACIFIC FUND LT

50HAYGROUND COVE OVERSEAS PART

18HEADSTART GLOBAL FUND LTD

26HELIUM SPECIAL SITUATIONS FUND LI

40HENDERSON EURO.STYLE ROTATION

40HENDERSON EUROPEAN ABS RETUR

15HENDERSON GLB FXD INC ABS RETU

47HENDERSON JAPAN ABS RETURN FD,

49HENDERSON UK EQUITY L/S FUND LIM

31HERMITAGE FUND (BID)

30HIGHBRIDGE ASIA OPPORTUNITIES F

18HIGHBRIDGE CAPITAL CORPORATION

27HIGHBRIDGE EVENT DRIVEN REL VAL

50HIGHBRIDGE LONG/SHORT EQUITY FU

51HIGHLINE INTERNATIONAL CLASS A

22HIGHVIEW GLOBAL MACRO, LTD

44HORSEMAN GLOBAL FUND USD

66HSBC ASIAN ADVANTEDGE FUND

24HSBC DISTRESSED OPPORTUNITY FU

67HSBC EMERGING ADVANTEDGE FUND

67HSBC EUROPEAN ABSOLUTE LTD EUR

66HSBC EUROPEAN ADVANTEDGE FUN

40HSBC EUROPEAN ALPHA FUND -EUR

15HSBC GEM Opportunities Ltd

67HSBC GH FUND USD

67HSBC GLOBAL ABSOLUTE LTD USD N

60HSBC GLOBAL TECHNOLOGY ALPHA F

67HSBC HEDGE INVESTMENTS FUND

66HSBC JAPAN ADVANTEDGE FUND

66HSBC LEVERAGED GH FUND

66HSBC MAA FUND USD

68HSBC MACRO ADVANTEDGE FUND

68HSBC TRADING ADVANTEDGE FUND

67HSBC US ADVANTEDGE FUND

36HT ASIAN CATALYST FUND LLC


Index by funds

I15III FUND LTD

15III GLOBAL FUND LTD

15III RELATIVE VALUE CREDIT STRATEGI

59IKOS OFFSHORE ARBITRAGE FUND, L

61INTREPID CAPITAL FUND LTD A/1

44INTREPID ENHANCED ALPHA FUND, L

56IVORY CAPITAL, LTD - CLASS A/1

J47JAPAN EQUITY MARKET NEUTRAL OF

15JB DIV FXD INC HEDGE FD - A - USD

63JB GLOBAL RATES HEDGE FUND

47JF JAPAN ABSOLUTE RETURN

13JMG TRITON OFFSHORE FUND, LTD A/

47JOHO FUND, LTD-A- (COMP NET)

40JUPITER HYDE PARK HEDGE FUND, LT

22JWH GLOBAL STRAT. FIN. & METAL

K26K CAPITAL LTD.

40KAIROS FUND LTD - CLASS A (EUR)

40KAIROS NORTH EUROPEAN FUND - CL

13KALLISTA CB ARBITRAGE FUND USD

31KALTCHUGA FUND - A -

31KAZIMIR RUSSIA GROWTH

57KCM BIOMEDICAL OFFSHORE FUND -

51KINETICS FUND, INC - A/A

28KING STREET CAPITAL, LTD - CLASS A

14KINGATE GLOBAL FUND, LTD - USD

36KUVERA FUND LTD

L40LANGLADE ABSOLUTE FUND INC

40LANSDOWNE EURO EQTY FD, LTD - A (

32LANSDOWNE EUROPEAN LONG ONLY

63LANSDOWNE MACRO FUND LTD. -N-U

49LANSDOWNE UK EQUITY FUND, LTD (£

41LAZARD EUROPEAN EXPLORER FUND

44LAZARD GLOBAL OPP, LTD - CLASS A (

24LC CAPITAL OFFSHORE FUND, LTD

41LEONARDO CAPITAL FUND LIMITED -

17LIM ASIA ARBITRAGE FUND, INC

28LION FUND, LTD (THE)

19LIONHART GLOBAL APP FD - GLOBAL (

16LONDON DIVERSIFIED FUND, LTD - D

64LONDON SELECT FUND LIMITED -A

44LONE CEDAR A S1A

45LONE PINON, LTD - CLASS A/1

55LUCERNE MID-CAP OFFSHORE FUND

64LUMEN GLOBAL VALUE FUND, LTD - A

34LYDIAN GLOBAL OPPS FUND LTD A/1

13LYDIAN OVERSEAS PARTNERS LTD A/

64LYFORD FUND LTD

M45M. KINGDON OFFSHORE NV - A/1

22MAN AHL ALPHA PLC

22MAN AHL DIVERSIFIED PLC

41MARATHON EUROPEAN HEDGE FUND

13MARATHON GLOB CONVERT FUND, LT

33MARATHON OVERSEAS FUND, LTD - A

28MARATHON SPECIAL OPPS FD, LTD -

51MARLIN FUND OFFSHORE LTD A1

52MARTIN CURRIE ARF - GLOBAL ENER

35MARTIN CURRIE ARF - GLOBAL RESO

47MARTIN CURRIE ARF - JAPAN FUND

64MAUA BRASIL FUND LTD

45MAVERICK FUND, LTD - CLASS A/1

41MBAM JANDAKOT FUND LTD USD CLA

41MBAM JANDAKOT LEVERAGED FUND

36MBAM PAN-ASIAN FUND LTD

41MBAM TOMAHAWK FUND LTD USD CL

31MC RUSSIAN MARKET FUND - A

24MD SASS Re/ENTREPRISE INTERNATI

64MELCHIOR GLOB MACRO FD, LTD - US

47MELCHIOR JAPAN

64MELLON OFF GLOB OPP FUND LTD - M

64MELLON OFF. ALPHAACCESS FUND LT

25MERGER FUND LTD

57MERLIN BIOMED INTL, LTD - CL -B- 1/0

22MILLBURN INTERNATIONAL (CAYMAN)

34MILLENNIUM GLOB HIGH YIELD FD LT

20MILLENNIUM GLOBAL CURRENCY FUN

19MILLENNIUM INTL LTD C/01 A

17MKP OFFSHORE PARTNERS LTD

16MKP OPPORTUNITY OFFSHORE, LTD

41MODULUS EUROPE FUND LIMITED

47MOON LIGHT CAPITAL JAPAN G-4 FUN

34MOORE CREDIT FUND LTD - A

38MOORE EMERGING MARKET FUND, LT

64MOORE GLOBAL FXD INCOME FD, LTD

64MOORE GLOBAL INV FD, LTD - A $

57MPM BIOEQUITIES FUND

22MULVANEY GLOBAL MARKETS FUND L

51MW AMERICAS FUND LTD -A-

41MW CORE FUND

41MW TOPS FUND LTD -A-

41MW TOPS FUND LTD -B-


Index by funds41MW TOPS FUND LTD -C-

41MW TOPS FUND LTD -D-

47MW TOPS FUND LTD -I- (Japan)

41MW TOPS FUND LTD -J-

36MW TOPS FUND LTD -K- (Asia Ex-Japan

36MW TOPS FUND LTD -L- (Asia Diversifie

47MYOJO JAPAN LONG SHORT FUND

N19NAVESINK EQUITY DERIVATIVE FUND

17NAYAN CAPITAL FUND LTD

64NEOM GLOBAL MACRO FUND LTD

38NEVSKY FUND LIMITED CLASS A

51NEW CASTLE (OFFSHORE) PARTNERS

54NEW CASTLE MKT NEUTRAL OFFSHO

42NEW STAR UK HEDGE FUND LTD

42NORDIC ALPHA CLASS A - EUR

64NORODIN MACRO OVS FUND LTD-CLA

54NUMERIC M/S MARKET NEUTRAL OFF

O47OBERON STRATEGIC FUND, LTD

16OBSIDIAN OFFSHORE FUND

38OCCO EASTERN EUROPEAN FUND

35OCEANIC ENERGY FUND

35OCEANIC HEDGE FUND

28OCEANWOOD GLOB OPP FUND - CLAS

42ODEY EUROPEAN, INC (EUR)

47ODEY JAPAN &GENERAL INC USD

36OECHSLE ASIA PACIFIC OFFSHORE F

51OMEGA OVERSEAS PARTNERS, LTD

19ONYX FUND, LTD - CLASS A

36OPTIMAL ASIA FUND

47OPTIMAL JAPAN FUND INITIAL SERIES

26ORN EVENT FUND

14OSMIUM SPECIAL SITUATIONS FUND L

26OZ ASIA MASTER FUND

26OZ EUROPE OVERSEAS A/3

28OZ OVERSEAS FUND -A58-

P38PACTUAL STAR MONEY MARKET, LTD

34PALOMINO FUND LTD CLASS B

64PANTERA GLOBAL MACRO FUND LTD

28PARA INTERNATIONAL FUND -A-

42PARK PLACE EUROPE LTD

16PARS IV OFFSHORE FUND II , CL. A/1

56PAW OFFSHORE FD LTD - A

64PEAK PARTNERS OFFSH FD, LTD - B

49PEGASUS FUND LIMITED (THE)

65PELOTON MULTI-STRATEGY FUND

48PENTA JAPAN FUND C1

57PEQUOT HEALTHCARE O/S FUND, INC

51PEQUOT INTERNATIONAL FUND, INC -

57PERCEPTIVE LIFE SCIENCES OFFSH

28PERRY PARTNERS INTERNATIONAL IN

31PF(LUX) - EASTERN EUROPE-P CAP

31PHAROS RUSSIA FUND LTD

42PHYLON FUND LTD EUR

45PLATINUM FUND LTD

16PLATINUM GROVE CONTINGENT CAPI

48PLATINUM JAPAN FUND

30PLATINUM PARTNERS VALUE ARBITR

45PM CAPITAL ABSOLUTE PERFORMAN

30PMA ASIAN OPPORTUNITIES FUND (Co

17PMA CREDIT OPPORTUNITIES 04/04

36PMA KORYO FUND

37PMA PROSPECT FUND, LTD

55POLAR CAPITAL EUROP CONVICTION

55POLAR CAPITAL EUROPEAN FORAGE

54POLAR CAPITAL UK ARF LTD

42POLARIS PRIME EUROPE LTD

51PRISM OFFSHORE FUND, LTD A

Q13QUATTRO OFFSHORE FUND, LTD

19QVT OVERSEAS, LTD - B/1

R26RAB CROSS EUROPE FUND LIMITED -

38RAB EMEA FUND

52RAB ENERGY CLASS F

42RAB EUROPE FUND LTD-B-

33RAB EUROPEAN HIGH YIELD FUND (B)

28RAB SPECIAL SITUATION FD LTD

49RAB UK FUND LIMITED - CLASS A

58RAMIUS HALIFAX OVS FUND, LTD

51RAPTOR GLOBAL FUND (A)

45REACHCAPITAL INTERNATIONAL FUN

37REAL RETURN ASIAN FUND LTD (THE)

16RELATIVE VALUE OPPORTUNITY II

42RHINE ALPHA FUND LTD

51RIEF LP -B- (Continuing)

65RONIN MASTER OP. INVESTORS LTD

48ROSEHILL JAPAN FUND -A-

23ROTELLA POLARIS FUND, LTD

31RUSSIAN PROSPERITY FUND - A


Index by funds

S28SAB OVERSEAS FUND LTD

51SAGE OPPORTUNITY FUND OFFSHOR

16SAILFISH MULTI-STRAT FIXED INC. (G2

51SANDLER OFFSHORE FUND, INC

51SANDLER PLUS OFFSHORE FUND, LT

34SATELLITE CREDIT OPP FUND, LTD - A

28SATELLITE OVERSEAS FUNDSIE A-H-0

24SC FUNDAMENTAL VALUE A

28SCOGGIN INTL FUND LTD - CLASS B

45SCP OVS FUND, LTD - SER AU / 01

61SEASONS CORE FUND, LTD (COMPOSI

52SECTOR COGNIMETRICA LTD

42SELECTIUM EUROPE FUND LTD C USD

52SEMINOLE OFFSHORE FUND

56SENVEST PARTNERS, LTD - CLASS A

19SHEPHERD INVEST LTD CLASS B

25SHOREWATER INTERNATIONAL LTD

42SIERRA EUROPE OFFSHORE, LTD - US

16SINOPIA L/S GL. BOND MK NEUT.FUND

16SINOPIA L/S GL. BOND MK NEUT.FUND

26SISU CAPITAL FUND I LTD

57SIVIK GLOBAL HEALTHCARE OFFSHO

57SIVIK GLOBAL LIFE SCIENCES OFFSH

35SOFAER CAPITAL NATURAL RESOURC

37SOFAER CAPL ASIAN HEDGE FD (Net I

42SOFAER CAPL EURO HEDGE FD (USD)

45SOFAER CAPL GLOB HEDGE FD (USD)

48SOFAER CAPL JPN HEDGE FD (Net Ind

48SPARX LONG-SHORT FUND

60SPINNER GLOBAL TECHNOLOGY FUN

37SR GLOBAL FUND B - ASIA (Real Perf)

45SR GLOBAL FUND C - INTERNATIONAL

42SR GLOBAL FUND F - EUROPE (€) (Rea

38SR GLOBAL FUND G - EMERGING MKT

48SR GLOBAL FUND H - JAPAN (Real Perf

45SR PHOENICIA - (CLASS B) CARTHAGI

45STANDARD PACIFIC CAPITAL -B-

61STG CAPITAL PARTNERS (QP), LP

52STONEBROOK OFFSHORE PARTNERS

30STRATUS FUND LIMITED CLASS B

53SuNOVA A1/S1

42SVM HIGHLANDER FUND PLC

65SWORDFISH FUND LTD

T58TAIL WIND FUND

54TALENTUM ACTIVEDGE FUND LIMITED

54TALENTUM ENHANCED FUND LIMITED

37TANTALLON FUND (THE)

38TEMPLETON EMERGING MARKET FUN

54TEMUJIN INTERNATIONAL FUND LTD

23TEWKSBURY INVESTMENT FUND, LTD

53TFP OVERSEAS FUND, LTD - CLASS A

59THALES INTERNATIONAL FUND LTD

33THAMES RIVER - HILL SIDE APEX FUN

43THAMES RIVER KINGSWAY FUND, LTD

38THE 395 FUND LTD

43THEOREMA EUROPE FUND LTD A/1 EU

28THIRD POINT OFFSHORE

52THREADNEEDLE AMERICAN CRESCEN

34THREADNEEDLE CREDIT CRESCENDO

43THREADNEEDLE EUROPEAN CRESCE

49THREADNEEDLE UK CRESCENDO FU

38TIEDEMANN GLOBAL EM. MARKETS

43TIEDEMANN/MOROSS EUROPEAN GR

20TITANIUM COMMODITY FUND

56TONTINE OVERSEAS (A)

45TORREY PINES (COMPOSITE) FUND

53TOSCA FUND LIMITED - CLASS A

48TOWER K1 FUND

14TQA VANTAGE FUND

20TRADEX CURRENCY FUND, LTD

54TRAFALGAR - PAN EURO EQUITY MKT

65TRAXIS FUND LP (OFFSHORE)

26TRIDENT EUROPEAN FUND - CLASS B

52TRIVIUM OFFSHORE FUND, LTD

53TT FINANCIALS LONG/SHORT FUND

43TT LONG/SHORT EUROPE FUND LTD -

65TUDOR B.V.I GLOBAL FUND LTD -A-

23TULIP TREND FUND, LTD - A

24TURNBERRY CAPITAL INTL

59TYKHE PORTFOLIOS LTD CLASS B

14TYKHE PORTFOLIOS LTD CLASS C

U53UC FINANCIALS FUND LIMITED - A

58URSA OFFSHORE LIMITED

V65VEGA DIVERSIFIED 2X FUND LTD

65VEGA DIVERSIFIED FUND LTD

65VEGA FEEDER FUND LTD

65VEGA GLOBAL FUND LTD

16VEGA RELATIVE VALUE FUND LIMITED

65VEGA SELECT OPPORTUNITIES FUND

59VENTUS FUND LTD

43VICTORY CAPITAL LTD B

48VICTRIX TRADERS INTERNATIONAL F


Index by funds45VIKING GLOBAL EQUITIES III LTD-A/1E

57VISIUM BALANCE OFFSHORE FUND CL

32VISIUM LONG BIAS OFFSHORE FUND L

31VONTOBEL EASTERN EUROPEAN -A-

W14WATERSTONE MKT NEUT OS FUND, L

43WCM EUROPEAN OPPORTUNITY FUN

17WEST SIDE ADVISORS

27WESTHARBOR EVEN DRIVEN FUND, L

37WF ASIA FUND LTD S/1

48WF JAPAN FUND LTD - A/1

14WGTC LIMITED

48WHITNEY NEW JAPAN INVESTORS, LT

23WINTON EVOLUTION FUND (THE)

23WINTON FUTURES FUND - CLASS B

46WMG BLIXEN FUND LIMITED

56WOODROW PARTNERS LTD

25WPG - ERICOTT MERGER ARB OVS, LT

52WPG FARBER OVERSEAS FUND, LTD

Y28YORK INVESTMENT LTD -CLASS A/1

Z43ZADIG FUND CLASS A1

56ZAXIS OFFSHORE LTD - CLASS A/1

61ZLP OFFSHORE UTILITY FUND, LTD C

43ZULAUF EUROPE FUND -USD-

52ZWEIG-DIMENNA INTL LIMITED - CLAS


WINNERS LOSERS

Top 20 / 2007

Investment Funds 2007 Perf. %Investment Funds 2007 Perf. %05-Apr-07HELIUM SPECIAL SITUATIONS FUND LIMITED 25.25

31-Mar-07DKR SATURN EVENT DRIVEN FUND, LTD 20.46

05-Apr-07RHINE ALPHA FUND LTD 16.74

05-Apr-07GLENVIEW CAPITAL PARTNERS (CAYMAN), LTD. 16.19

31-Mar-07EASTERN ADVISOR OFFSH FD, LTD A 15.25

06-Apr-07MKP OPPORTUNITY OFFSHORE, LTD 14.64

04-Apr-07HEADSTART GLOBAL FUND LTD 13.95

31-Mar-07ZWEIG-DIMENNA INTL LIMITED - CLASS A 13.78

05-Apr-07HARBINGER CAPITAL PARTNERS OFFSHORE FUND I 12.67

06-Apr-07COREVEST PARTNERS LTD 12.41

05-Apr-07GLG CREDIT FUND - CLASS A 11.74

06-Apr-07PLATINUM PARTNERS VALUE ARBITRAGE INT. FUN 10.97

11-Apr-07HORSEMAN GLOBAL FUND USD 10.83

05-Apr-07SCP OVS FUND, LTD - SER AU / 01 10.82

31-Mar-07SOFAER CAPITAL NATURAL RESOURCES HEDGE FU 10.80

05-Apr-07BASSO MULTI-STRATEGY FUND LTD 10.72

06-Apr-07LANSDOWNE UK EQUITY FUND, LTD (£) 10.60

05-Apr-07POLARIS PRIME EUROPE LTD 10.58

05-Apr-07GLG EUROPEAN LONG-SHORT FUND - CLASS D 10.53

05-Apr-07ALPHAGEN TUCANA 10.39

JWH GLOBAL STRAT. FIN. & METAL -19.97 31-Mar-07

TFP OVERSEAS FUND, LTD - CLASS A -18.25 31-Mar-07

EAGLE GLOBAL FUND -12.54 06-Apr-07

MELCHIOR JAPAN -11.80 06-Apr-07

GLG GLOBAL FUTURES FUND - CLASS C -9.70 31-Mar-07

TULIP TREND FUND, LTD - A -9.09 06-Apr-07

GRAHAM GIF II K4 PORTFOLIO 1.5X -8.54 10-Apr-07

TOWER K1 FUND -8.34 06-Apr-07

EVEREST CAPITAL EMERGING MARKETS, LTD -6.49 31-Mar-07

788 GLOBAL ASSET ALLOCATION FUND LTD -6.23 31-Mar-07

CORUS CAPITAL PAN-ASIA FUND - CLASS A -5.79 31-Mar-07

GREATER EUROPE FUND -4.92 31-Mar-07

ODEY JAPAN &GENERAL INC USD -4.78 05-Apr-07

AURARIAN OFFSHORE FUND, LTD -4.73 31-Mar-07

DIGILOG OVERSEAS FUND I, LTD -4.73 06-Apr-07

MULVANEY GLOBAL MARKETS FUND LTD -4.65 28-Feb-07

WINTON EVOLUTION FUND (THE) -4.54 06-Apr-07

DKR QUANTITATIVE STRATS FUND, LTD -4.48 31-Mar-07

BRUCE NELSON GLOBAL FD LTD - A -4.42 31-Mar-07

GRAHAM GIF II DIVERSIFIED -A- -4.35 10-Apr-07

Alternative Fundinvest Group10 12 April, 2007 HSBC Private Bank e

WINNERS LOSERS

Investment Funds 2006 Perf. % Investment Funds 2006 Perf. %

Top 20 / 2006

PENTA JAPAN FUND C1 185.32 31-Dec-06

SOFAER CAPITAL NATURAL RESOURCES HEDGE FU 78.83 31-Dec-06

FIREBIRD REPUBLICS FUND, LTD 69.95 31-Dec-06

GLG EMERGING MARKETS FUND - CLASS A 59.90 31-Dec-06

KAZIMIR RUSSIA GROWTH 59.88 31-Dec-06

MC RUSSIAN MARKET FUND - A 58.92 31-Dec-06

RUSSIAN PROSPERITY FUND - A 57.34 31-Dec-06

KALTCHUGA FUND - A - 57.12 31-Dec-06

FIREBIRD NEW RUSSIA FUND, LTD - CLASS A 50.67 31-Dec-06

BLENHEIM* GL. MARKETS, L.P. 50.12 31-Dec-06

GRADIENT EUROPE FUND (THE) 46.78 31-Dec-06

ATTICUS EUROPEAN, LTD - CLASS A 44.45 31-Dec-06

NEVSKY FUND LIMITED CLASS A 44.24 31-Dec-06

GALLEON CAPTAINS OFFSHORE A/1 43.79 31-Dec-06

RAB SPECIAL SITUATION FD LTD 43.27 31-Dec-06

GREATER EUROPE FUND 42.38 31-Dec-06

BAY HARBOUR PARTNERS, LTD - SER 00/1 41.13 31-Dec-06

DRAKE GLOBAL OPPORTUNITIES FUND 41.00 31-Dec-06

PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTD 39.14 31-Dec-06

HERMITAGE FUND (BID) 38.59 31-Dec-06

BLUE SKY JAPAN LTD - CLASS A -27.74 31-Dec-06

WHITNEY NEW JAPAN INVESTORS, LTD -23.40 31-Dec-06

MELCHIOR JAPAN -21.67 31-Dec-06

NEW STAR UK HEDGE FUND LTD -19.56 31-Dec-06

VICTRIX TRADERS INTERNATIONAL FUND -19.31 31-Dec-06

BOYER ALLAN JAPAN FUND A -18.10 31-Dec-06

NORODIN MACRO OVS FUND LTD-CLASS A1 -16.05 31-Dec-06

NEOM GLOBAL MACRO FUND LTD -15.90 31-Dec-06

VEGA SELECT OPPORTUNITIES FUND LTD S-1 -15.34 31-Dec-06

CITIC CAPITAL GLOBAL MACRO FUND LTD -15.20 31-Dec-06

TOWER K1 FUND -14.08 31-Dec-06

VEGA DIVERSIFIED 2X FUND LTD -12.56 31-Dec-06

GLG JAPANESE LONG SHORT FUND - CLASS A -12.18 31-Dec-06

MOON LIGHT CAPITAL JAPAN G-4 FUND -11.03 31-Dec-06

SR GLOBAL FUND H - JAPAN (Real Perf) -10.81 31-Dec-06

ROSEHILL JAPAN FUND -A- -10.72 31-Dec-06

HSBC JAPAN ADVANTEDGE FUND -10.16 31-Dec-06

ODEY JAPAN &GENERAL INC USD -10.10 31-Dec-06

COREVEST PARTNERS LTD -9.65 31-Dec-06

ALPHAGEN ABSOLUS FUND LIMITED -9.26 31-Dec-06


WINNERS LOSERS

Investment Funds 2005 Perf. % Investment Funds 2005 Perf. %

Top 20 / 2005

BLUE SKY JAPAN LTD - CLASS A 142.93 31-Dec-05

RUSSIAN PROSPERITY FUND - A 134.80 31-Dec-05

KAZIMIR RUSSIA GROWTH 84.21 31-Dec-05

HERMITAGE FUND (BID) 81.51 31-Dec-05

PF(LUX) - EASTERN EUROPE-P CAP 70.95 31-Dec-05

MC RUSSIAN MARKET FUND - A 69.45 31-Dec-05

KALTCHUGA FUND - A - 67.99 31-Dec-05

PHAROS RUSSIA FUND LTD 66.44 31-Dec-05

FIREBIRD NEW RUSSIA FUND, LTD - CLASS A 65.83 31-Dec-05

ATTICUS EUROPEAN, LTD - CLASS A 62.98 31-Dec-05

FIREBIRD REPUBLICS FUND, LTD 57.75 31-Dec-05

GRADIENT EUROPE FUND (THE) 56.40 31-Dec-05

GREATER EUROPE FUND 56.12 31-Dec-05

VICTRIX TRADERS INTERNATIONAL FUND 53.87 31-Dec-05

MELCHIOR JAPAN 52.93 31-Dec-05

COREVEST PARTNERS LTD 52.84 31-Dec-05

SR GLOBAL FUND F - EUROPE (€) (Real Perf) 45.72 31-Dec-05

BOYER ALLAN JAPAN FUND A 44.79 31-Dec-05

POLARIS PRIME EUROPE LTD 43.78 31-Dec-05

WHITNEY NEW JAPAN INVESTORS, LTD 42.81 31-Dec-05

PENTA JAPAN FUND C1 -18.78 31-Dec-05

ARIES FUND (A) -17.59 31-Dec-05

JWH GLOBAL STRAT. FIN. & METAL -17.34 31-Dec-05

GRAHAM GIF II K4 PORTFOLIO 1.5X -16.96 31-Dec-05

K CAPITAL LTD. -16.16 31-Dec-05

VEGA DIVERSIFIED 2X FUND LTD -15.82 31-Dec-05

DKR SATURN EVENT DRIVEN FUND, LTD -14.08 31-Dec-05

WATERSTONE MKT NEUT OS FUND, LTD -10.27 31-Dec-05

VEGA SELECT OPPORTUNITIES FUND LTD S-1 -9.25 31-Dec-05

VEGA RELATIVE VALUE FUND LIMITED -8.96 31-Dec-05

GRAMERCY EMERGING MARKET FUND -7.72 31-Dec-05

JMG TRITON OFFSHORE FUND, LTD A/1 -7.47 31-Dec-05

WINTON EVOLUTION FUND (THE) -7.22 31-Dec-05

GRAHAM GIF II DIVERSIFIED -A- -6.95 31-Dec-05

CHEYNE LONG SHORT STRUCTURED CREDIT A USD -6.79 31-Dec-05

VEGA FEEDER FUND LTD -6.76 31-Dec-05

VEGA DIVERSIFIED FUND LTD -6.33 31-Dec-05

MARATHON GLOB CONVERT FUND, LTD - A -6.20 31-Dec-05

MPM BIOEQUITIES FUND -5.76 31-Dec-05

SELECTIUM EUROPE FUND LTD C USD -5.01 31-Dec-05


InceptionDate

Liquidity AssetSize

Mtd Ytd

ARBITRAGELast NAVor Index

Last Month Annual Return since inception

Date AnnualVolatility

Max DD*

Convertible3.70%YTD Avg. 2007

Convertible / Europe 6.67%Ytd Avg. 2007

FEROX FUND LTD A USD 07-Jul-00 Y / QDec 06

05-Apr-07 218.07 12.25%$934 MJeremy Herrmann

216.9931-Mar-07

0.50% 6.67% 10.10% (33.22%)02/04 06/05-

Convertible / Global 3.25%Ytd Avg. 2007

ARGENT LOWLEV CONV ARB FUND LTD -A- 28-Feb-98 MMar 07

04-Apr-07 226.48 9.40%$263 MJohn Gordon, Bruce McMahan & Sal Schwartzman

226.3731-Mar-07

0.05% 2.64% 3.93% (6.13%)05/04 05/05-

ARISTEIA INTERNATIONAL LTD - CLASS A (Net) 31-Jul-97 QDec 06

09-Apr-07 493.82 17.91%$1'517 MAnthony M. Frascella

493.0331-Mar-07

0.16% 3.16% 7.39% (15.53%)07/98 10/98-

BASSO INVESTORS LTD 30-Sep-95 MFeb 07

05-Apr-07 3,750.46 12.16%$569 MHoward Fischer

3,746.7131-Mar-07

0.10% 2.73% 3.09% (4.05%)04/04 05/05-

FOREST GLOB CONV FD, LT - FULCRUM A / A5 30-Sep-97 MMar 07

06-Apr-07 23.73 9.50%$180 MMichael A. Boyd

23.6531-Mar-07

0.35% 3.22% 5.31% (8.59%)07/98 10/98-

GLG MARKET NEUTRAL FUND - CLASS Z 15-Jan-98 MFeb 07

05-Apr-07 588.28 21.18%$2'235 MSteven Roth

586.3331-Mar-07

0.33% 8.09% 12.55% (18.95%)03/04 05/05-

GLOBAL CONVERTIBLE OPP Fund LTD (THE) - 30-Apr-02 MFeb 07

06-Apr-07 150.19 8.59%$76 MAdrian Hope

149.3731-Mar-07

0.55% 2.04% 5.89% (16.13%)04/04 05/05-

JMG TRITON OFFSHORE FUND, LTD A/1 30-Jun-96 MFeb 07

28-Feb-07 5,297.50 16.91%$575 MJonathan Glaser

5,232.8131-Jan-07

1.24% 3.36% 6.24% (13.22%)12/04 05/05-

KALLISTA CB ARBITRAGE FUND USD 31-Jan-01 MMar 07

06-Apr-07 151.06 6.90%$40 MErich Bonnet

150.7031-Mar-07

0.24% 3.32% 3.39% (9.52%)04/04 05/05-

LYDIAN OVERSEAS PARTNERS LTD A/1 31-Oct-99 Y / QJan 07

05-Apr-07 2,260.98 11.60%$1'674 MDavid Friezo, Adrian Pitts, Vladimijr Attard

2,262.7431-Mar-07

(0.08%) 2.43% 6.03% (11.04%)04/04 05/05-

MARATHON GLOB CONVERT FUND, LTD - A 31-Mar-01 6M / QFeb 07

06-Apr-07 181.55 10.42%$440 MLouis Hanover

181.3931-Mar-07

0.09% 3.33% 5.28% (9.74%)12/04 05/05-

QUATTRO OFFSHORE FUND, LTD 30-Sep-98 QFeb 07

31-Mar-07 236.09 10.63%$503 MAndy Kaplan, Louis Napoli, Brian Swain

235.3128-Feb-07

0.33% 2.22% 4.13% (5.15%)03/04 05/05-

Alternative Fundinvest Group13 12 April, 2007 HSBC Private Bank

* Max DD: Peak to trough

e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Convertible3.70%YTD Avg. 2007

Convertible / Global 3.25%Ytd Avg. 2007

TQA VANTAGE FUND 31-Oct-95 MFeb 07

31-Mar-07 277.43 8.10%$63 MRobert Butman

278.1828-Feb-07

(0.27%) 2.41% 3.11% (5.86%)03/04 05/05-

Convertible / USA 6.13%Ytd Avg. 2007

WATERSTONE MKT NEUT OS FUND, LTD 31-Jul-03 QMar 07

28-Feb-07 121.26 5.53%$488 MShawn Bergerson

118.8831-Jan-07

2.00% 6.13% 7.48% (11.42%)01/05 05/05-

Equity1.79%YTD Avg. 2007

Equity / USA 1.79%Ytd Avg. 2007

FAIRFIELD SENTRY, LTD - A 30-Nov-90 MDec 06

05-Apr-07 1,225.95 11.72%$5'600 MWalter M. Noel Jr

1,225.2631-Mar-07

0.06% 1.89% 2.56% (0.55%)10/94 11/94-

KINGATE GLOBAL FUND, LTD - USD 28-Feb-95 MJan 07

04-Apr-07 395.94 12.04%$2'460 MKingate Management Ltd

395.7431-Mar-07

0.05% 2.08% 2.67% (0.59%)12/02 02/03-

WGTC LIMITED 31-Jan-97 MJan 07

31-Mar-07 3,055.35 5.07%$53 MS. Walsh / P. Greenwood

3,041.6728-Feb-07

0.45% 1.40% 0.75% 0.00%

Equity-Diversified2.97%YTD Avg. 2007

Equity-Diversified / Global 2.97%Ytd Avg. 2007

OSMIUM SPECIAL SITUATIONS FUND LTD 28-Feb-05 MJan 07

31-Mar-07 1,267.36 12.04%$50 MChris Kuchanny

1,254.8128-Feb-07

1.00% 0.91% 5.09% (3.98%)09/06 01/07-

TYKHE PORTFOLIOS LTD CLASS C 31-May-05 MDec 06

06-Apr-07 1.41 20.34%$300 MRoss Garon

1.4131-Mar-07

0.21% 5.03% 6.16% (3.47%)09/05 11/05-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Fixed Income2.46%YTD Avg. 2007

Fixed Income / Asia 0.77%Ytd Avg. 2007

BASIS PAC-RIM OPPORTUNITY FUND - CLASS 31-Jul-00 QFeb 07

31-Mar-07 1,892.65 10.04%$571 MSteve Howell

1,876.7028-Feb-07

0.85% 0.77% 2.73% (2.26%)08/00 10/00-

Fixed Income / Global 2.54%Ytd Avg. 2007

CAPULA GLOBAL RELATIVE VALUE FUND LTD 30-Sep-05 QApr 07

06-Apr-07 126.19 16.60%$1'700 MYan Huo, Masao Asai

124.9431-Mar-07

1.00% 3.16% 3.24% (0.60%)07/06 08/06-

DEERFIELD SYNTHETIC OPTIONS FUND, LTD 04-Oct-93 QMar 07

10-Apr-07 2,469.14 6.91%$115 MGregory Sachs

2,478.1231-Mar-07

(0.36%) (1.05%) 4.87% (9.44%)08/99 01/01-

DRAKE GLOBAL OPPORTUNITIES FUND 30-Nov-02 QFeb 07

06-Apr-07 2,389.38 22.17%$3'070 MAnthony Faillace

2,370.4231-Mar-07

0.80% (1.85%) 12.25% (8.09%)02/05 05/05-

ELEMENT CAPITAL FUND 31-Mar-05 MMar 07

31-Mar-07 14,165.34 19.03%$232 MJeffrey Talpins

13,760.7728-Feb-07

2.94% 9.02% 7.45% (3.72%)04/06 08/06-

EMF FIXED INCOME FUND, LTD 31-Oct-01 QJan 07

31-Mar-07 22,084.65 15.75%$308 MEric M. Flanagan/David C. Gottlieb

21,101.3328-Feb-07

4.66% 3.14% 14.21% (10.25%)08/02 09/02-

HENDERSON GLB FXD INC ABS RETURN FD LT 31-Jan-03 MFeb 07

31-Mar-07 129.84 6.47%$542 MDaniel Beharall

129.3628-Feb-07

0.37% 0.72% 3.35% (1.84%)09/05 10/05-

HSBC GEM Opportunities Ltd 30-Sep-99 MFeb 07

28-Feb-07 1,978.33 9.63%$116 MHSBC Halbis Partners

1,975.9531-Jan-07

0.12% 0.14% 5.35% (5.70%)04/02 07/02-

III FUND LTD 30-Jun-93 QFeb 07

09-Apr-07 3,750.32 10.06%$1'304 MClifford G Viner

3,752.2031-Mar-07

(0.05%) 2.39% 6.22% (15.46%)08/98 10/98-

III GLOBAL FUND LTD 31-May-94 QFeb 07

09-Apr-07 3,804.65 10.94%$296 MClifford G Viner

3,806.5531-Mar-07

(0.05%) 2.31% 8.01% (30.75%)07/98 10/98-

III RELATIVE VALUE CREDIT STRATEGIES FUN 31-Oct-05 QJan 07

09-Apr-07 1,147.46 10.04%$330 MClifford G Viner

1,146.8931-Mar-07

0.05% 5.45% 3.89% (1.73%)10/05 01/06-

JB DIV FXD INC HEDGE FD - A - USD 31-Dec-01 MMar 07

31-Mar-07 159.51 9.30%$1'118 MTim Haywood and Tom O'Shea

162.3228-Feb-07

(1.73%) (1.03%) 6.46% (5.19%)02/06 09/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Fixed Income2.46%YTD Avg. 2007

Fixed Income / Global 2.54%Ytd Avg. 2007

LONDON DIVERSIFIED FUND, LTD - D 31-May-95 QFeb 07

05-Apr-07 4,779.82 14.11%$3'724 MRobert Standing & David Gorton

4,748.2031-Mar-07

0.67% 3.25% 5.81% (4.04%)04/06 09/06-

MKP OPPORTUNITY OFFSHORE, LTD 31-Jul-01 MFeb 07

06-Apr-07 157.40 8.31%$151 MPatrick McMahon & Eric H. Keiter

157.1331-Mar-07

0.17% 14.64% 4.10% (1.80%)05/03 08/03-

OBSIDIAN OFFSHORE FUND 31-Jul-96 Y / QFeb 07

31-Mar-07 2,394.99 8.41%$771 MKeith Anderson / Richard Kushel

2,419.1828-Feb-07

(1.00%) (1.09%) 7.16% (18.66%)04/02 09/02-

PARS IV OFFSHORE FUND II , CL. A/1 31-Mar-02 QJan 07

28-Feb-07 1,150.70 2.90%$706 MChanghong Zhu

1,132.8031-Jan-07

1.58% 1.41% 5.33% (8.00%)05/02 10/02-

PLATINUM GROVE CONTINGENT CAPITAL FUN 30-Apr-00 MFeb 07

31-Mar-07 185.54 9.34%$3'760 MChi-Fu Huang

182.3228-Feb-07

1.77% 3.60% 4.47% (5.42%)04/03 07/03-

RELATIVE VALUE OPPORTUNITY II 30-Nov-99 Y / QDec 06

31-Mar-07 1,860.97 8.83%$481 MJohn Meriwether

1,847.6628-Feb-07

0.72% 1.20% 3.75% (3.64%)10/01 12/01-

SAILFISH MULTI-STRAT FIXED INC. (G2) LTD 31-Jul-05 QApr 07

06-Apr-07 1,195.88 11.22%$1'738 MMark Fishman

1,190.8831-Mar-07

0.42% 4.57% 3.39% (1.39%)04/06 05/06-

SINOPIA L/S GL. BOND MK NEUT.FUND 300 US 28-Jun-01 DApr 07

10-Apr-07 65,900.52 4.89%$204 MJean-Charles Bertrand

65,642.8631-Mar-07

0.39% 1.16% 2.03% (1.68%)02/03 05/03-

SINOPIA L/S GL. BOND MK NEUT.FUND 600 EU 31-May-01 DApr 07

10-Apr-07 118,060.10 6.92%€254 MSINOPIA Asset Management

117,299.6031-Mar-07

0.65% 0.93% 4.14% (2.79%)02/03 05/03-

VEGA RELATIVE VALUE FUND LIMITED 31-Dec-01 MAug 06

05-Apr-07 13,522.80 5.90%$270 MJesus Saa Requejo

13,534.9831-Mar-07

(0.09%) 1.20% 6.96% (17.21%)07/04 06/05-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Mortgage Backed5.42%YTD Avg. 2007

Mortgage Backed / Global 5.42%Ytd Avg. 2007

ELLINGTON OVERSEAS PARTNERS, LTD B/1 31-Dec-94 QFeb 07

31-Mar-07 1,878.31 11.78%$1'800 MMichael Vranos

1,846.7328-Feb-07

1.71% 2.99% 9.61% (31.90%)07/98 10/98-

MKP OFFSHORE PARTNERS LTD 29-Feb-96 QFeb 07

06-Apr-07 201.38 6.51%$232 MPatrick McMahon

202.1531-Mar-07

(0.38%) 8.45% 12.55% (41.67%)05/98 10/98-

NAYAN CAPITAL FUND LTD 31-May-04 MMar 07

31-Mar-07 11,767.45 5.64%$387 MRajiv Sobti

11,367.3228-Feb-07

3.52% 7.27% 4.22% (5.32%)10/06 12/06-

WEST SIDE ADVISORS 31-May-94 QFeb 07

31-Mar-07 510.48 13.54%$625 MGary Lieberman

506.4328-Feb-07

0.80% 2.99% 3.06% (4.05%)04/03 10/03-

Multi-Strategy4.71%YTD Avg. 2007

Multi-Strategy / Asia 3.46%Ytd Avg. 2007

ARTRADIS BARRACUDA FUND 30-Apr-02 MMar 07

05-Apr-07 13.47 6.23%$794 MRichard Magides

13.4731-Mar-07

0.00% 2.72% 4.98% (7.83%)07/04 07/05-

LIM ASIA ARBITRAGE FUND, INC 31-Dec-95 MMar 07

31-Mar-07 26.42 9.02%$458 MGeorge W. Long

25.9328-Feb-07

1.89% 3.97% 5.70% (11.65%)07/97 12/97-

PMA CREDIT OPPORTUNITIES 04/04 31-Mar-04 Y / QMar 07

11-Apr-07 1,414.55 12.13%$487 MDarryl Flint

1,406.0631-Mar-07

0.60% 3.68% 2.03% (0.32%)10/05 11/05-

Multi-Strategy / Global 4.89%Ytd Avg. 2007

ALEXANDRA GLOBAL INV. FUND I, LTD 30-Apr-94 QFeb 07

31-Mar-07 59.70 14.82%$702 MMikhail Filimonov

59.6728-Feb-07

0.05% 3.27% 7.71% (14.47%)09/94 04/95-

B G I - MULTI-STRATEGY FUND LTD - CLASS A 30-Apr-05 MFeb 07

31-Mar-07 1,139.32 7.04%$2'157 MBGI Global Investors

1,125.3728-Feb-07

1.24% 2.41% 2.93% (1.30%)07/06 09/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



BASSO MULTI-STRATEGY FUND LTD 31-Dec-03 QFeb 07

05-Apr-07 1,586.03 15.18%$517 MHoward Fischer

1,573.9131-Mar-07

0.77% 10.72% 6.66% (4.84%)02/05 05/05-

BLACK DIAMOND, LTD - CLASS B (UNRESTRICT 31-Dec-95 QFeb 07

05-Apr-07 247.73 8.38%$166 MClint D. Carlson

247.1831-Mar-07

0.22% 4.35% 2.40% (2.40%)05/02 09/02-

BLUECREST CAPL INTL LTD A USD 30-Nov-00 Y / QFeb 07

05-Apr-07 206.64 12.11%$3'149 MMichael Platt

205.3531-Mar-07

0.63% 1.84% 5.94% (4.83%)05/03 08/03-

CLINTON MULTISTRATEGY FD LTD - CLASS A 28-Feb-01 QFeb 07

05-Apr-07 1,772.34 9.83%$687 MGeorge E. Hall

1,759.1531-Mar-07

0.75% 4.41% 3.55% (2.45%)04/03 08/03-

CONCORDIA CAPITAL-A- 15-Mar-93 MMar 07

06-Apr-07 4,285.00 10.90%$360 MAlex Ribaroff

4,269.6631-Mar-07

0.36% 3.89% 4.44% (7.17%)06/94 11/94-

CQS CONV & QUANT STRATS FEED FD, LTD 1A 29-Feb-00 QFeb 07

05-Apr-07 2,728.54 15.18%$3'727 MMichael Hintze

2,724.0031-Mar-07

0.17% 4.11% 5.40% (3.35%)05/02 07/02-

DB GLOB MASTERS FD, LTD C/1 31-Dec-01 Y / QFeb 07

31-Mar-07 1,718.64 10.87%$1'600 MDB Absolute Return Strategies

1,699.2728-Feb-07

1.14% 3.16% 3.92% (3.67%)03/04 07/04-

DEEPHAVEN MKT NEUTRAL FUND LTD CL A1 S 04-Sep-96 MMar 07

06-Apr-07 3,896.37 13.70%$935 MColin Smith

3,869.2831-Mar-07

0.70% 5.23% 5.09% (11.81%)07/98 10/98-

DKR INTL RELATIVE VALUE LTD 30-Sep-95 QFeb 07

31-Mar-07 301.28 10.06%$357 MGary Davis, Barry Klein

298.5028-Feb-07

0.93% 5.51% 3.65% (8.79%)02/05 05/05-

DOUBLE BLACK DIAMOND LTD - SERIES A (UN 31-Mar-98 QFeb 07

05-Apr-07 271.11 11.69%$1'155 MClint Carlson

270.1131-Mar-07

0.37% 6.63% 4.03% (4.08%)05/02 09/02-

DRAKE ABSOLUTE RETURN FUND, LTD (THE) 31-Dec-01 Y / QFeb 07

06-Apr-07 204.07 14.51%$1'750 MAnthony Faillace & Steven Luttrell

203.4631-Mar-07

0.30% 2.10% 9.84% (8.48%)06/03 08/03-

HEADSTART GLOBAL FUND LTD 30-Jun-98 MFeb 07

04-Apr-07 4,017.58 17.19%$27 MN. Nasser

4,015.9731-Mar-07

0.04% 13.95% 9.20% (13.53%)03/05 05/05-

HIGHBRIDGE CAPITAL CORPORATION CLASS - 31-Aug-92 Q / YJan 07

31-Mar-07 75,101.20 14.82%$9'300 MHighbridge Capital Mngt.

74,409.1928-Feb-07

0.93% 4.08% 5.00% (5.74%)05/98 09/98-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



LIONHART GLOBAL APP FD - GLOBAL (USD) 30-Apr-96 MApr 07

06-Apr-07 3,294.95 11.52%$258 MTerrence P. Duffy

3,284.4431-Mar-07

0.32% 7.44% 3.75% (3.16%)02/04 06/04-

MILLENNIUM INTL LTD C/01 A 31-Dec-97 QFeb 07

04-Apr-07 4,551.85 17.48%$6'955 MIsrael A Englander

4,552.7631-Mar-07

(0.02%) 3.69% 4.71% (7.24%)05/98 08/98-

NAVESINK EQUITY DERIVATIVE FUND 31-Jan-97 QMar 07

05-Apr-07 2,096.21 7.54%$415 MJohn Burke

2,097.6831-Mar-07

(0.07%) 1.36% 6.01% (21.35%)09/97 12/98-

ONYX FUND, LTD - CLASS A 30-Nov-98 QJan 07

28-Feb-07 274.43 10.87%$16 MAndrew Royce

275.1231-Jan-07

(0.25%) (0.25%) 7.62% (14.62%)02/03 12/04-

QVT OVERSEAS, LTD - B/1 31-Oct-03 Y / QFeb 07

31-Mar-07 1,768.89 18.17%$3'450 MDan Gold

1,735.2328-Feb-07

1.94% 8.63% 5.15% (2.60%)04/06 07/06-

SHEPHERD INVEST LTD CLASS B 30-Jun-95 S / QMar 07

31-Mar-07 4,587.15 13.83%$8'514 MBrian Stark & Mike Roth

4,496.3328-Feb-07

2.02% 6.10% 5.74% (17.63%)05/98 10/98-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd

CTALast NAVor Index



Max DD*

Commodity-Discretionary1.80%YTD Avg. 2007

Commodity-Discretionary / Global 1.80%Ytd Avg. 2007

TITANIUM COMMODITY FUND 29-Feb-04 MFeb 07

28-Feb-07 119.90 6.24%$55 MDamien Bombell

121.0131-Jan-07

(0.91%) 1.80% 5.91% (5.32%)07/04 08/05-

Currency-Discretionary1.09%YTD Avg. 2007

Currency-Discretionary / Global 1.09%Ytd Avg. 2007

MILLENNIUM GLOBAL CURRENCY FUND, LTD 30-Sep-96 MFeb 07

31-Mar-07 1,861.50 6.09%$2 MMichael Huttman, Allan Eisner

1,851.6228-Feb-07

0.53% 0.82% 7.43% (7.78%)10/98 04/00-

TRADEX CURRENCY FUND, LTD 31-Oct-98 WMar 07

31-Mar-07 1,650.83 7.86%$893 MRony Schlapfer

1,637.5628-Feb-07

0.81% 1.35% 5.22% (4.25%)09/01 02/02-

Currency-Systematic2.99%YTD Avg. 2007

Currency-Systematic / Global 2.99%Ytd Avg. 2007

CONCEPTS CCY FD LTD - GFM PROGRAM 31-Mar-99 MFeb 07

11-Apr-07 2,877.92 14.44%$15 MJohn Taylor

2,688.5031-Mar-07

7.05% 0.19% 24.49% (33.09%)03/00 09/00-

GROSSMAN CURRENCY FUND, LTD (INDEX) 31-Mar-97 MFeb 07

06-Apr-07 2,547.27 9.78%$614 MDr. Sandford Grossman

2,482.2431-Mar-07

2.62% 7.00% 13.83% (20.93%)02/04 08/06-

GS GLOBAL CURRENCY FUND 30-Sep-91 DFeb 07

10-Apr-07 2,889.42 7.07%$1'138 MBrian Barrett, Andrew Bound

2,869.0131-Mar-07

0.71% 1.77% 3.91% (4.50%)03/04 09/04-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd

CTALast NAVor Index



Max DD*

Diversified-Discretionary7.24%YTD Avg. 2007

Diversified-Discretionary / Global 7.24%Ytd Avg. 2007

BLENHEIM* GL. MARKETS, L.P. 31-Dec-86 MApr 07

05-Apr-07 70,950.15 23.39%$1'369 MWillem Kooyker

70,829.7331-Mar-07

0.17% 7.24% 40.08% (41.20%)08/97 11/98-

Diversified-Systematic-2.93%YTD Avg. 2007

Diversified-Systematic / Global (2.93%)Ytd Avg. 2007

ALPHAQUEST ORIGINAL FD, LTD (COMP) 30-Apr-99 MFeb 07

06-Apr-07 236.13 11.43%$21 MNigol Koulajian

232.1631-Mar-07

1.71% (3.19%) 19.78% (25.75%)05/03 04/05-

ASPECT DIVERSIFIED FUND - CLASS A 16-Dec-98 MMar 07

11-Apr-07 242.54 11.23%$1'282 MMartin Lueck

232.6131-Mar-07

4.27% (1.03%) 16.83% (21.47%)02/04 01/05-

ASPECT MASTER FUND, LTD - A 31-Dec-01 MMar 07

06-Apr-07 146.33 7.50%$31 MMartin Lueck

144.6631-Mar-07

1.15% 1.06% 10.63% (15.04%)02/04 01/05-

BLUETREND FUND, LTD - CLASS A 31-Mar-04 MFeb 07

05-Apr-07 138.63 11.45%$2'716 MMichael Platt & Leda Braga

135.3031-Mar-07

2.46% 0.17% 13.21% (12.55%)04/06 07/06-

CIPHER DIVERSIFIED FUND-A- 31-Jul-98 MJan 07

10-Apr-07 2,506.86 11.14%$86 MA. Knoepffler

2,450.5031-Mar-07

2.30% (0.99%) 18.49% (22.28%)10/01 11/02-

CRABEL FUND LTD 28-Feb-98 MApr 07

06-Apr-07 3,411.09 14.42%$323 MToby Crabel

3,421.0131-Mar-07

(0.29%) 5.46% 19.88% (16.71%)10/98 06/99-

DIGILOG OVERSEAS FUND I, LTD 31-Dec-93 MMar 07

06-Apr-07 2,086.18 25.72%$63 MSteven W. Wolf & Steven M. Abraham

2,076.0031-Mar-07

0.49% (4.73%) 26.14% (36.53%)05/03 01/05-

DISCUS FUND LTD - (Composite) 31-Dec-95 MFeb 07

11-Apr-07 2,039.92 16.02%$524 MJean-Pierre Aguilar / Marc Potters

1,999.1431-Mar-07

2.04% 1.83% 13.11% (22.02%)03/01 04/02-

DKR QUANTITATIVE STRATS FUND, LTD 31-Dec-99 MSep 06

31-Mar-07 2,205.98 11.53%$308 MPascal Magnollay

2,276.0928-Feb-07

(3.08%) (4.48%) 8.71% (7.85%)10/01 02/02-



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Mtd Ytd

CTALast NAVor Index



Max DD*



EAGLE GLOBAL FUND 30-Sep-95 MApr 07

06-Apr-07 446,047.56 13.86%$156 MMenachem Sternberg & Liora Sternberg

447,164.0531-Mar-07

(0.25%) (12.54%) 25.19% (32.13%)10/03 09/04-

EAGLE YIELD ENHANCEMENT FUND, LTD 31-Jan-02 WMar 07

10-Apr-07 118.88 3.39%$24 MMenachem Sternberg

118.1931-Mar-07

0.58% (2.38%) 6.44% (12.00%)06/03 09/04-

FORT GLOBAL OFFSHORE FUND LTD, CLASS C 30-Sep-02 MApr 07

06-Apr-07 2,030.23 16.97%$171 MYves Balcer, Sanjiv Kumar

2,014.9231-Mar-07

0.76% 4.00% 11.89% (10.59%)03/04 06/04-

GLG GLOBAL FUTURES FUND - CLASS C 01-Aug-04 MFeb 07

31-Mar-07 98.47 (0.58%)$75 MPeter Harnett

100.0728-Feb-07

(1.60%) (9.70%) 15.48% (21.64%)04/06 03/07-

GRAHAM GIF II DIVERSIFIED -A- 31-Jan-95 MFeb 07

10-Apr-07 291.97 9.18%$934 MKenneth G. Tropin

287.2631-Mar-07

1.64% (4.35%) 13.45% (15.67%)10/01 04/02-

GRAHAM GIF II K4 PORTFOLIO 1.5X 31-Dec-98 MFeb 07


142.4231-Mar-07

2.89% (8.54%) 21.25% (30.47%)02/04 04/05-

GRAHAM GIF II PROPRIETARY MATRIX 30-Jun-99 MFeb 07


175.0731-Mar-07

3.33% (2.85%) 13.23% (15.71%)10/01 04/02-

HIGHVIEW GLOBAL MACRO, LTD 30-Jun-03 QJan 07

31-Mar-07 1,486.59 11.14%$323 MSassan Alizadeh

1,494.1228-Feb-07

(0.50%) (0.85%) 12.92% (12.59%)11/05 07/06-

JWH GLOBAL STRAT. FIN. & METAL 31-Dec-92 MJan 07

31-Mar-07 321.56 8.54%$220 MJohn Henry

367.7528-Feb-07

(12.56%) (19.97%) 25.95% (42.20%)06/99 09/00-

MAN AHL ALPHA PLC 30-Sep-95 WFeb 07

09-Apr-07 590.01 16.64%$405 MTim Wong

576.7131-Mar-07

2.31% (0.11%) 13.46% (11.49%)01/04 07/04-

MAN AHL DIVERSIFIED PLC 31-Mar-96 WJan 07

09-Apr-07 64.62 18.43%$2'710 MTim Wong

62.6931-Mar-07

3.08% (0.55%) 18.14% (17.90%)10/01 05/02-

MILLBURN INTERNATIONAL (CAYMAN) LTD 30-Sep-96 MFeb 07

31-Mar-07 2,417.17 8.77%$56 M Grant Smith / Barry Goodman

2,352.2528-Feb-07

2.76% 1.68% 15.50% (23.39%)08/03 08/04-

MULVANEY GLOBAL MARKETS FUND LTD 01-Mar-02 MFeb 07

28-Feb-07 237.24 18.86%$152 MPaul Mulvaney

250.2031-Jan-07

(5.18%) (4.65%) 24.08% (26.02%)03/04 05/05-



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Mtd Ytd

CTALast NAVor Index



Max DD*



ROTELLA POLARIS FUND, LTD 31-Dec-97 MFeb 07

09-Apr-07 24,991.20 10.38%$295 MRobert Rotella

24,875.1031-Mar-07

0.47% (0.72%) 11.84% (11.85%)06/99 10/99-

TEWKSBURY INVESTMENT FUND, LTD - B 31-Dec-90 MFeb 07

06-Apr-07 10,192.82 15.33%$3'030 MMatthew Tewksbury

10,162.3331-Mar-07

0.30% 4.86% 3.73% (2.14%)02/93 03/93-

TULIP TREND FUND, LTD - A 31-Mar-03 MJan 07

06-Apr-07 1,631.53 12.95%$221 MGerard Van Vliet

1,557.2831-Mar-07

4.77% (9.09%) 24.31% (22.07%)11/05 07/06-

WINTON EVOLUTION FUND (THE) 31-Aug-05 MFeb 07

06-Apr-07 1,020.57 1.28%$393 MDavid Harding

1,006.9731-Mar-07

1.35% (4.54%) 14.98% (9.61%)08/05 10/05-

WINTON FUTURES FUND - CLASS B 30-Sep-97 MJan 07

11-Apr-07 499.39 18.37%$3'160 MAnthony Daniell

483.1131-Mar-07

3.37% (2.84%) 20.74% (25.08%)10/01 02/02-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd

EVENT DRIVENLast NAVor Index



Max DD*

Distressed Security3.73%YTD Avg. 2007

Distressed Security / Global 3.73%Ytd Avg. 2007

BAY HARBOUR PARTNERS, LTD - SER 00/1 31-May-95 QMar 07

31-Mar-07 4,641.80 13.84%$373 MSteven Van Dyke

4,522.4128-Feb-07

2.64% 4.71% 11.32% (28.27%)10/01 09/02-

CANYON VALUE REALIZATION FD, LTD - CLASS 31-Dec-94 QJan 07

31-Mar-07 4,142.26 12.30%$3'545MM.R. Julis & J.S. Friedman

4,109.5728-Feb-07

0.80% 3.13% 7.25% (20.78%)04/98 10/98-

CERBERUS INTL. LTD 31-May-93 QFeb 07

28-Feb-07 611,077.09 14.06%$5'300 MSteve Feinberg

609,245.6631-Jan-07

0.30% 0.83% 3.92% (4.91%)06/98 10/98-

DAVIDSON KEMPNER DISTRESSED OPP. INT. L 31-Mar-05 YJan 07

31-Mar-07 1,503.07 22.60%$530 MMichael J. Leffell, Anthony A. Yoseloff

1,501.1228-Feb-07

0.13% 3.64% 11.17% (4.12%)05/06 07/06-

FIRST EAGLE N.V. (A) 30-Nov-92 MFeb 07

04-Apr-07 317,269.00 14.21%$653 MColin Morris

312,233.4831-Mar-07

1.61% 7.21% 13.58% (29.36%)12/99 09/01-

HSBC DISTRESSED OPPORTUNITY FUND 28-Feb-06 MFeb 07

31-Mar-07 110.75 9.87%$58 MKim Golden

109.9428-Feb-07

0.74% 4.18% 3.02% (0.99%)04/06 06/06-

LC CAPITAL OFFSHORE FUND, LTD 30-Sep-99 Y / QFeb 07

06-Apr-07 340.45 17.69%$561 MSteven G Lampe & Richard F Conway

339.7731-Mar-07

0.20% 4.86% 7.80% (7.09%)10/99 01/00-

MD SASS Re/ENTREPRISE INTERNATIONAL, LT 30-Sep-99 MFeb 07

23-Mar-07 43.36 9.62%$25 MMartin Sass

43.7528-Feb-07

(0.90%) 5.34% 21.65% (32.64%)11/01 03/02-

SC FUNDAMENTAL VALUE A 30-Sep-99 QJan 07

31-Mar-07 4,895.41 13.88%$105 MPeter Collery

4,877.8528-Feb-07

0.36% 2.30% 7.59% (5.93%)05/06 09/06-

TURNBERRY CAPITAL INTL 31-Aug-99 QFeb 07

06-Apr-07 4,171.78 23.02%$243 MWilliam Jacobs & Jeffrey Dobbs

4,157.2331-Mar-07

0.35% 1.14% 12.90% (10.34%)08/99 12/99-



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Liquidity AssetSize

Mtd Ytd




Max DD*

Merger-Arbitrage3.63%YTD Avg. 2007

Merger-Arbitrage / Global 3.88%Ytd Avg. 2007

AETOS CORPORATION - CLASS A 31-Dec-85 MJan 07

04-Apr-07 22,420.69 10.86%$229 MJason Dahl, Jonathan Spitzer

22,245.5931-Mar-07

0.79% 4.77% 12.80% (34.97%)08/87 10/87-

ARBITRAGE ASSOCIATES LTD - MERGER ARB. 30-Jun-93 MMar 07

31-Mar-07 33.92 9.28%$95 MDrew Figdor and Brett Patelsky

33.5828-Feb-07

1.02% 3.00% 2.57% (2.61%)07/98 08/98-

ATTICUS GLOBAL, LTD - A (NOT REST) 31-Mar-99 QFeb 07

05-Apr-07 458.32 20.91%$4'100 MTimothy R. Barakett

448.0131-Mar-07

2.30% 4.99% 12.77% (15.60%)08/01 03/03-

GRUSS OFFSHORE ARB FUND, LTD - A 31-Dec-99 QFeb 07

06-Apr-07 1,681.14 7.41%$177 MMartin Gruss, Richard Novick

1,675.9531-Mar-07

0.31% 3.93% 2.14% (0.91%)08/01 09/01-

SHOREWATER INTERNATIONAL LTD 30-Apr-99 MFeb 07

31-Mar-07 2,547.17 12.52%$64 MCharles Marais & Eugene Marais

2,509.5228-Feb-07

1.50% 3.46% 4.38% (2.49%)05/03 07/03-

WPG - ERICOTT MERGER ARB OVS, LTD -A- 31-Dec-99 MMar 07

31-Mar-07 173.94 7.93%$172 MR. Maheshwari & R. Phillips

173.1928-Feb-07

0.43% 3.13% 3.68% (3.17%)05/01 07/02-

Merger-Arbitrage / USA 2.90%Ytd Avg. 2007

GABELLI ASSOCIATES LIMITED - CLASS A 31-Aug-89 MFeb 07

06-Apr-07 477.48 9.28%$154 MMario Gabelli

474.4031-Mar-07

0.65% 2.56% 3.02% (2.42%)06/98 08/98-

MERGER FUND LTD 15-Jan-96 MJan 07

05-Apr-07 26.53 9.08%$82 MFred Green & Bonnie Smith

26.4931-Mar-07

0.15% 3.23% 5.60% (17.43%)08/01 07/02-



HAWKESBURY ASIA PACIFIC FUND LTD CLASS 31-Mar-04 MJan 07

05-Apr-07 126.82 8.20%$149 MHenry Rourke

126.5031-Mar-07

0.25% 3.26% 3.49% (2.93%)01/05 05/05-



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Mtd Ytd




Max DD*



OZ ASIA MASTER FUND 31-May-01 QSep 06

05-Apr-07 2,289.31 15.21%$1'900 MDaniel Och

2,243.3231-Mar-07

2.05% 5.69% 6.75% (5.22%)08/01 09/01-

Multi-Strategy / Europe 6.52%Ytd Avg. 2007

ATTICUS EUROPEAN, LTD - CLASS A 30-Jun-01 QFeb 07

05-Apr-07 406.64 29.29%$7'000 MDavid Slager & Timothy R. Barakett

396.6131-Mar-07

2.53% 6.29% 14.42% (8.23%)09/05 10/05-

CENTAURUS ALPHA FUND LTD - A (USD) 31-Aug-00 MFeb 07

05-Apr-07 188.08 10.05%$3'600 MBernard Oppetit/Randy Freeman

187.2831-Mar-07

0.43% 5.83% 8.49% (12.75%)08/01 10/02-

CHEYNE SPECIAL SITS FD INC - B1 31-Jul-03 MJan 07

31-Mar-07 195.89 20.12%€3'200 MM Khadjenouri, J-P Flament

195.0128-Feb-07

0.45% 2.60% 6.80% (4.83%)09/05 10/05-

ELGIN OPPORTUNITIES FUND 28-Feb-06 QMar 07

31-Mar-07 121.94 20.06%$105 MMichael Clancy, Koray Ozdemir

119.0028-Feb-07

2.47% 6.17% 4.47% (0.30%)01/07 02/07-

HELIUM SPECIAL SITUATIONS FUND LIMITED 31-Jul-06 QFeb 07

05-Apr-07 1,706.71 N/A£16 MAldo Ghisletta & Richard C. Crawshaw

1,692.7631-Mar-07

0.82% 25.25% N/A (0.20%)09/06 10/06-

K CAPITAL LTD. 31-Jul-99 QDec 05

31-Mar-07 1,576.31 6.11%$210 MAbner Kurtin

1,520.0728-Feb-07

3.70% (1.74%) 11.29% (31.23%)04/05 02/07-

ORN EVENT FUND 30-Nov-99 QFeb 07

06-Apr-07 171.09 7.58%$230 MGeorge Linardakis

169.7331-Mar-07

0.80% 2.35% 6.26% (13.53%)04/06 08/06-

OZ EUROPE OVERSEAS A/3 31-Mar-00 Y / QSep 06

31-Mar-07 2,359.35 13.04%$1'650 MDaniel Och

2,317.6328-Feb-07

1.80% 5.05% 4.54% (3.50%)06/02 07/02-

RAB CROSS EUROPE FUND LIMITED - CLASS A 31-Oct-98 MFeb 07

04-Apr-07 227.88 10.26%$316 MRoderick Campbell

226.5131-Mar-07

0.60% 4.01% 5.40% (3.63%)03/05 05/05-

SISU CAPITAL FUND I LTD 31-May-98 QMay 02

31-Mar-07 289.65 12.79%241 MJoy Seppala

273.4328-Feb-07

5.93% 8.51% 7.33% (6.66%)07/01 09/02-

TRIDENT EUROPEAN FUND - CLASS B (EURO) 31-Dec-98 QMar 07

06-Apr-07 385.79 17.59%$1'064 MJ.O. Hambro Investment Management

384.8431-Mar-07

0.25% 6.57% 9.46% (17.15%)05/02 03/03-



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Max DD*



WESTHARBOR EVEN DRIVEN FUND, LTD A 31-Jan-04 Y / MDec 05

06-Apr-07 138.81 10.86%$101 MJoost Wissink and Richard Kershaw

138.1131-Mar-07

0.51% 7.40% 6.44% (5.03%)09/05 10/05-


AG SUPER FUND INTERNATIONAL, LTD 30-Apr-93 QJan 07

05-Apr-07 503.27 12.29%$344 MJ. Angelo & M. Gordon

502.2731-Mar-07

0.20% 2.62% 4.35% (13.29%)05/02 10/02-

ATTICUS EMERGING MARKETS FUND, LTD. 31-May-03 QDec 06

05-Apr-07 266.74 29.03%$700 MChristopher Bremner

260.6931-Mar-07

2.32% 3.09% 11.62% (6.87%)04/06 05/06-

BRAHMAN PARTNERS II OFFSHORE, LTD 30-Apr-02 SFeb 07

31-Mar-07 1,576.87 9.70%$1'000 MPeter A. Hochfelder, Mitchell A. Kuflik & Robert J. S

1,610.7028-Feb-07

(2.10%) (0.22%) 5.97% (5.69%)04/06 07/06-

CASTLERIGG INTL LTD - CLASS A /1 31-Dec-97 Y / QMar 07

06-Apr-07 373.76 15.37%$4'561 MThomas Sandell

369.8131-Mar-07

1.07% 8.35% 5.11% (7.94%)05/02 10/02-

DAVIDSON KEMPNER INTL, LTD - CLASS A 31-Oct-95 QJan 07

05-Apr-07 305.26 10.25%$4'618 MThomas L. Kempner, Marvin H. Davidson

303.9631-Mar-07

0.43% 3.50% 3.06% (5.83%)05/02 07/02-

DEEPHAVEN EVENT FUND LTD 31-Mar-04 Y/MMar 07

06-Apr-07 1,681.04 18.79%$1'271 MAndrew Greenberg

1,668.5331-Mar-07

0.75% 6.17% 6.49% (2.59%)08/05 10/05-

DKR SATURN EVENT DRIVEN FUND, LTD 30-Jun-02 QFeb 07

31-Mar-07 1,816.86 13.38%$44 MRonald Phillips

1,732.6528-Feb-07

4.86% 20.46% 14.62% (21.44%)02/05 05/05-

GAM ARBITRAGE INC 31-Dec-83 WFeb 07

09-Apr-07 1,518.77 12.39%$486 MJohn M. Angelo

1,514.7931-Mar-07

0.26% 2.40% 10.10% (33.41%)09/87 10/87-

GRUSS GLOBAL INV, LTD - Initial Series 31-Dec-03 QFeb 07

31-Mar-07 1,451.49 12.15%$468 MMartin Gruss, Richard Novick

1,431.1728-Feb-07

1.42% 5.40% 4.52% (2.40%)12/04 04/05-

HARBINGER CAPITAL PARTNERS OFFSHORE F 30-Jun-02 QFeb 07

05-Apr-07 226.98 18.76%$4'145 MPhilip Falcone

223.6531-Mar-07

1.49% 12.67% 5.30% (1.14%)08/06 09/06-

HIGHBRIDGE EVENT DRIVEN REL VAL FD, LTD 31-Jan-04 QFeb 07

31-Mar-07 1,446.34 12.37%$907 MRichard Schneider

1,432.8428-Feb-07

0.94% 10.21% 8.61% (9.83%)04/06 07/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



KING STREET CAPITAL, LTD - CLASS A/1 31-Dec-96 Y / MJan 07

31-Mar-07 336.28 12.56%$5'200 MO. Francis Biondi Jr & Brian J. Higgins

331.9628-Feb-07

1.30% 5.48% 3.89% (2.58%)05/02 08/02-

LION FUND, LTD (THE) 31-Jan-96 MJan 07

31-Mar-07 38.57 12.70%$390 MNick Walker

37.7928-Feb-07

2.06% 4.62% 9.12% (15.19%)07/98 08/98-

MARATHON SPECIAL OPPS FD, LTD - A 30-Apr-99 YFeb 07

06-Apr-07 631.16 26.12%$2'400 MBruce Richards & Louis Hanover

630.3531-Mar-07

0.13% 3.67% 10.93% (6.55%)05/00 11/00-

OCEANWOOD GLOB OPP FUND - CLASS A 31-Aug-06 QMar 07

31-Mar-07 115.49 N/A$715 MChristopher Gate

112.4828-Feb-07

2.68% 5.82% N/A 0.00%

OZ OVERSEAS FUND -A58- 31-Mar-98 Q / 2YSep 06

05-Apr-07 2,923.77 12.63%$7'100 MDaniel Och

2,905.1831-Mar-07

0.64% 5.79% 4.41% (6.54%)05/02 10/02-

PARA INTERNATIONAL FUND -A- 15-Feb-95 MFeb 07

31-Mar-07 354.25 10.99%$256 MNed Sadaka

350.0228-Feb-07

1.21% 4.73% 6.18% (13.58%)11/01 10/02-

PERRY PARTNERS INTERNATIONAL INC CLAS 30-Sep-93 Q / 2YMar 07

06-Apr-07 640.58 14.72%$8'900 MRichard Perry

637.5831-Mar-07

0.47% 4.19% 5.93% (14.90%)05/98 09/98-

RAB SPECIAL SITUATION FD LTD 31-Jul-03 QApr 07

04-Apr-07 3,378.17 84.47%$1'824 MPhilip Richards

3,327.5731-Mar-07

1.52% 7.38% 43.41% (23.45%)03/05 05/05-

SAB OVERSEAS FUND LTD 31-Jul-00 3Q / QOct 06

31-Mar-07 204.87 11.35%$649 MScott Bommer

202.0428-Feb-07

1.40% 6.40% 7.92% (9.37%)05/02 02/03-

SATELLITE OVERSEAS FUNDSIE A-H-05 31-Oct-99 Y / QFeb 07

31-Mar-07 2,262.00 11.63%$2'600 MLief D. Rosenblatt, Gabe Nechamkin & Mark Sonni

2,243.1628-Feb-07

0.84% 3.65% 3.91% (7.11%)05/02 07/02-

SCOGGIN INTL FUND LTD - CLASS B 31-Dec-95 QDec 06

06-Apr-07 5,688.58 16.68%$836 MCraig Effron & Curtis Schenker

5,618.3531-Mar-07

1.25% 7.05% 6.68% (8.94%)05/02 10/02-

THIRD POINT OFFSHORE 30-Nov-96 MMar 07

05-Apr-07 8,649.01 23.17%$2'995 MDaniel Loeb

8,580.3731-Mar-07

0.80% 8.60% 12.51% (14.27%)05/02 10/02-

YORK INVESTMENT LTD -CLASS A/1 28-Feb-94 QDec 06

06-Apr-07 5,604.92 14.05%$2'300 MJames Dinan

5,500.4131-Mar-07

1.90% 8.01% 7.83% (12.21%)11/01 10/02-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*


Multi-Strategy / USA 3.70%Ytd Avg. 2007

GOOD HOPE INTERNATIONAL LTD 31-Mar-04 QFeb 07

31-Mar-07 1,380.55 11.35%$111 MColin Morris

1,365.5328-Feb-07

1.10% 4.46% 5.92% (4.54%)08/05 10/05-

HALCYON OFFSHORE FUND LIMITED 30-Nov-96 QDec 06

31-Mar-07 2,557.59 9.51%$642 MJohn Bader

2,535.2828-Feb-07

0.88% 2.93% 4.96% (8.59%)04/02 10/02-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd

MULTI STRATEGYLast NAVor Index



Max DD*

Diversified4.84%YTD Avg. 2007

Diversified / Asia 4.88%Ytd Avg. 2007

BENNELONG ASIA PACIFIC MULTI STRATEGY 28-Feb-05 MApr 07

05-Apr-07 126.44 11.83%$1'030 MRichard Pegum, Paul Henry

125.7131-Mar-07

0.58% 5.11% 7.86% (5.67%)05/06 10/06-

HIGHBRIDGE ASIA OPPORTUNITIES FUND, LTD 30-Nov-05 QFeb 07

31-Mar-07 1,280.87 20.43%$1'754 MCarl Huttenlocher

1,270.9128-Feb-07

0.78% 3.86% 6.61% (1.69%)04/06 07/06-

PMA ASIAN OPPORTUNITIES FUND (Composite) 30-Jun-02 QFeb 07

11-Apr-07 1,670.66 11.33%$268 MDarryl Flint / Tom Naughton / Ka-Hay Yip / Nelson

1,657.4031-Mar-07

0.80% 5.66% 4.96% (6.11%)04/06 10/06-

Diversified / Global 4.79%Ytd Avg. 2007

ALLBLUE LIMITED 31-Aug-05 MMar 07

05-Apr-07 114.35 8.77%$2'687 MMichal Platt

113.0431-Mar-07

1.16% 2.00% 5.90% (3.49%)04/06 07/06-

PLATINUM PARTNERS VALUE ARBITRAGE INT. 31-Jan-03 Q 07

06-Apr-07 2,217.58 20.48%$278 MMark Nordlicht

2,213.1531-Mar-07

0.20% 10.97% 4.39% (1.12%)03/03 05/03-

STRATUS FUND LIMITED CLASS B 28-Feb-02 MFeb 07

11-Apr-07 1,405.80 12.13%$342 MJean-Pierre Aguilar / Marc Potters

1,378.7831-Mar-07

1.96% 1.41% 5.99% (4.83%)03/04 06/04-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd

DIRECTIONALLast NAVor Index



Max DD*


Equity-Diversified / Emerging 3.92%Ytd Avg. 2007

FIREBIRD NEW RUSSIA FUND, LTD - CLASS A 18-Jul-96 QFeb 07

09-Apr-07 2,154.74 33.12%$383 MHarvey Sawikin & Ian Hague

2,153.8831-Mar-07

0.04% 5.35% 43.00% (81.79%)03/98 09/98-

FIREBIRD REPUBLICS FUND, LTD 30-Apr-97 QFeb 07

09-Apr-07 1,126.13 27.56%$682 MHarvey Sawikin & Ian Hague

1,120.1931-Mar-07

0.53% 2.72% 30.76% (73.20%)09/97 01/99-

GREATER EUROPE FUND 31-Mar-98 MFeb 07

31-Mar-07 16.19 36.23%$501 MJochen R. Wermuth

15.7728-Feb-07

2.66% (4.92%) 24.70% (25.42%)03/00 11/00-

HERMITAGE FUND (BID) 30-Apr-96 MOct 06

05-Apr-07 1,599.69 33.84%$2'400 MWilliam Browder

1,589.8231-Mar-07

0.62% (2.78%) 46.62% (85.80%)08/97 09/99-

KALTCHUGA FUND - A - 30-Apr-94 5YDec 06

31-Mar-07 34,767.16 31.59%$200 MA. J. Tauvy

33,250.7328-Feb-07

4.56% 5.30% 38.14% (82.55%)09/97 01/99-

KAZIMIR RUSSIA GROWTH 31-Jul-96 QFeb 07

31-Mar-07 1,426.75 28.28%$177 MKazimir Partners

1,357.2828-Feb-07

5.12% 7.67% 55.96% (93.65%)07/97 09/98-

MC RUSSIAN MARKET FUND - A 31-May-96 DFeb 07

10-Apr-07 164.09 29.85%$256 MTim Rogers

156.6831-Mar-07

4.73% 9.44% 54.02% (90.12%)07/97 09/98-

PF(LUX) - EASTERN EUROPE-P CAP 30-Sep-99 WApr 07

11-Apr-07 456.21 28.53%€1'211 MY. Ostrowsky

442.5831-Mar-07

3.08% 7.56% 25.06% (32.66%)03/00 09/01-

PHAROS RUSSIA FUND LTD 30-Sep-97 DJan 07

28-Mar-07 230.47 9.19%$53 MPeter Halloran

223.6028-Feb-07

3.07% 2.34% 44.89% (84.97%)09/97 09/99-

RUSSIAN PROSPERITY FUND - A 31-Aug-96 WFeb 07

05-Apr-07 219.00 34.19%$1'101 MAlexander Branis

220.0831-Mar-07

(0.49%) 7.27% 48.90% (90.26%)07/97 01/99-

VONTOBEL EASTERN EUROPEAN -A- 31-Dec-99 DFeb 07

10-Apr-07 235.62 14.49%€296 MLuca Parmeggiani

232.6431-Mar-07

1.28% 3.14% 21.31% (44.74%)03/00 09/01-

Equity-Diversified / Europe 7.04%Ytd Avg. 2007

BG LONG TERM VALUE FUND 30-Nov-04 WFeb 07

10-Apr-07 1,771.28 27.43%$78 MEmmanuel Broussard / Emmanuel Gavaudan

1,736.4531-Mar-07

2.01% 8.89% 8.60% (5.14%)04/06 05/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd

DIRECTIONALLast NAVor Index



Max DD*



LANSDOWNE EUROPEAN LONG ONLY FUND L 31-Dec-04 QFeb 07

06-Apr-07 186.52 31.71%$667 MSteven Heinz / David Craigen

182.9131-Mar-07

1.97% 5.19% 12.24% (11.23%)04/06 06/06-


CANTILLON GLOBAL VALUE FUND CLASS A 31-Mar-05 MMar 07

06-Apr-07 14.16 18.81%$1'169 MRob Cope

13.9531-Mar-07

1.48% 4.79% 8.26% (4.10%)03/05 04/05-

CAXTON ALPHA EQUITY (BVI) LTD 31-Dec-04 MFeb 07

10-Apr-07 1,456.56 17.98%$903 MKurt Feuerman

1,431.7931-Mar-07

1.73% 5.10% 8.28% (4.06%)04/06 07/06-

Equity-Diversified / USA 5.75%Ytd Avg. 2007

VISIUM LONG BIAS OFFSHORE FUND LTD (THE 31-Oct-05 QMar 07

05-Apr-07 131.98 21.46%$379 MJacob Gottlieb

130.9631-Mar-07

0.78% 5.75% 10.03% (8.10%)02/06 05/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd

LONG/SHORTLast NAVor Index



Max DD*

Credit3.43%YTD Avg. 2007

Credit / Emerging 2.41%Ytd Avg. 2007

ABN AMRO EMERGING MKTS DEBT HEDGE FU 31-May-04 MFeb 07

31-Mar-07 127.98 9.10%$68 MRaphael Kassin

125.9828-Feb-07

1.59% 1.39% 6.21% (6.39%)02/06 06/06-

CONVIVO ABS SOVEREIGN HIGH YIELD FUND 30-Jun-99 DMar 07

05-Apr-07 43.79 20.93%$404 MJulian Adams & Paul Luke

43.6331-Mar-07

0.36% 2.90% 8.62% (7.96%)04/02 07/02-

FE EMERGING NATIONS DEBT FUND LTD A 30-Nov-04 QMar 07

31-Mar-07 1,263.24 10.54%$22 MEdgard Khafif

1,251.9728-Feb-07

0.90% 0.84% 4.17% (1.93%)04/06 05/06-

FINISTERRE SOVEREIGN DEBT FUND 31-Mar-03 QJan 07

31-Mar-07 139.03 8.58%$186 MPaul Crean and Yan Swiderski

137.4628-Feb-07

1.14% 2.73% 2.64% (0.92%)02/06 05/06-

MARATHON OVERSEAS FUND, LTD - A 31-Mar-98 QFeb 07

06-Apr-07 287.97 12.44%$1'200 MB. Richards & L. Hanover

288.2631-Mar-07

(0.10%) 2.13% 5.19% (7.60%)07/98 09/98-

THAMES RIVER - HILL SIDE APEX FUND 31-Jul-98 MFeb 07

06-Apr-07 3,035.00 13.63%$1'046 MMichael Mabbutt & Bernt Tallasken

3,035.0031-Mar-07

0.00% 4.45% 9.07% (17.57%)12/98 02/99-

Credit / Europe 3.91%Ytd Avg. 2007

CENTAURUS KAPPA FUND 31-Mar-04 MFeb 07

05-Apr-07 182.94 22.19%$225 MBernard Oppetit & Cecilia McAnulty

182.8131-Mar-07

0.07% 3.61% 7.74% (3.57%)06/04 07/04-

ELGIN CORPORATE CREDIT FUND 31-Jan-03 QFeb 07

05-Apr-07 1,532.22 10.75%$910 MMichael Clancy & Guillaume Bonpun

1,528.4031-Mar-07

0.25% 4.36% 4.54% (3.95%)04/04 05/04-

RAB EUROPEAN HIGH YIELD FUND (B) 30-Jun-01 MMar 07

04-Apr-07 194.90 12.27%$50 M Farid Gargour

194.5631-Mar-07

0.17% 3.78% 5.91% (8.95%)02/05 05/05-

Credit / Global 3.86%Ytd Avg. 2007

ARX GLOBAL HIGH YIELD SEC OVS FUND, LTD 31-Jan-02 Y / 1Q-2QFeb 07

31-Mar-07 2,056.76 14.99%$918 MDwight D. Sipprelle

2,026.3628-Feb-07

1.50% 4.49% 5.11% (6.66%)05/02 07/02-

CHEYNE LONG SHORT STRUCTURED CREDIT 30-Apr-04 MFeb 07

28-Feb-07 116.02 5.38%$420 MD Peacock, J Weiss & G Spentzos

117.1431-Jan-07

(0.96%) 0.56% 8.05% (13.84%)02/05 05/05-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Credit3.43%YTD Avg. 2007

Credit / Global 3.86%Ytd Avg. 2007

DEEPHAVEN CREDIT OPPORTUNITIES FUND L 30-Apr-05 MMar 07

06-Apr-07 1,261.73 12.77%$26 MMathew Nunn

1,259.2131-Mar-07

0.20% 3.88% 3.38% (0.45%)09/06 10/06-

FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LT 31-Jul-02 QJan 07

31-Mar-07 174.37 12.65%$98 MAndrea S. Feingold & R. Ian O’Keeffe

173.5028-Feb-07

0.50% 3.84% 3.54% (1.55%)02/05 04/05-

GLG CREDIT FUND - CLASS A 02-Sep-02 MFeb 07

05-Apr-07 195.31 15.69%$310 MCyril Armleder

193.9031-Mar-07

0.73% 11.74% 10.58% (22.36%)02/05 06/05-

LYDIAN GLOBAL OPPS FUND LTD A/1 30-Apr-03 QJan 07

15-Mar-07 1,527.50 11.42%$486 MDavid Friezo & Andrzej Rojek

1,525.2128-Feb-07

0.15% 2.97% 4.66% (7.74%)12/04 05/05-

MILLENNIUM GLOB HIGH YIELD FD LTD 31-Aug-99 MFeb 07

31-Mar-07 532.60 24.67%$673 MJoseph Strubel

523.7028-Feb-07

1.70% 4.57% 9.67% (8.45%)05/02 07/02-

MOORE CREDIT FUND LTD - A 31-Dec-03 SMFeb 07

04-Apr-07 1,545.04 14.28%$400 MTimothy Leslie

1,544.6531-Mar-07

0.03% 4.19% 6.80% (7.58%)02/05 05/05-

PALOMINO FUND LTD CLASS B 31-Dec-94 3YMar 07

31-Mar-07 2,238.34 28.87%$2'850 MDavid Tepper

2,251.0328-Feb-07

(0.56%) (0.27%) 21.33% (49.05%)02/98 09/98-

SATELLITE CREDIT OPP FUND, LTD - A 31-Oct-01 YFeb 07

31-Mar-07 1,800.04 11.46%$682 MSteve Shapiro, Lief D. Rosenblatt, Gabe Nechamki

1,794.8328-Feb-07

0.29% 3.45% 5.50% (11.49%)05/02 07/02-

THREADNEEDLE CREDIT CRESCENDO FUND U 28-Feb-03 MFeb 07

23-Mar-07 143.57 9.30%$38 MRobert Stirling

143.0128-Feb-07

0.39% 3.08% 3.07% (1.62%)04/06 06/06-

Equity-Commodity5.66%YTD Avg. 2007

Equity-Commodity / Global 5.66%Ytd Avg. 2007

CHILTON GL NATURAL RESOURCES INTL LTD 30-Sep-05 YFeb 07

05-Apr-07 13,456.00 21.69%$835 MLeigh Goehring

13,104.7931-Mar-07

2.68% 8.53% 15.74% (7.41%)01/06 02/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Equity-Commodity5.66%YTD Avg. 2007

Equity-Commodity / Global 5.66%Ytd Avg. 2007

GONDWANA FUND LIMITED 31-Jul-03 MDec 05

31-Mar-07 143.96 10.44%€628 MFelix Zulauf

149.5628-Feb-07

(3.74%) (3.77%) 9.39% (11.01%)04/06 09/06-

MARTIN CURRIE ARF - GLOBAL RESOURCES 30-Sep-03 MMar 07

05-Apr-07 18.80 19.68%$424 MChris Butler / Duncan Goodwin

18.6031-Mar-07

1.07% 4.27% 9.72% (4.84%)02/04 05/04-

OCEANIC ENERGY FUND 28-Feb-06 MFeb 07

10-Apr-07 1,163.86 14.62%$89 MOceanic Energy Management Ltd

1,152.3431-Mar-07

1.00% 4.81% 8.38% (2.65%)07/06 09/06-

OCEANIC HEDGE FUND 31-Jul-02 MFeb 07

10-Apr-07 2,296.45 19.37%$624 MTufton Oceanic Ltd

2,218.7931-Mar-07

3.50% 9.30% 8.82% (3.72%)02/04 05/04-

SOFAER CAPITAL NATURAL RESOURCES HED 31-Dec-05 MMar 07

31-Mar-07 198.14 73.07%$80 MTim Whyte / Michael Sofaer

186.4128-Feb-07

6.30% 10.80% 15.16% (4.51%)08/06 09/06-

Equity-Consumer2.95%YTD Avg. 2007

Equity-Consumer / Global 2.95%Ytd Avg. 2007

GLG CONSUMER FUND - CLASS A 01-Nov-05 MFeb 07

05-Apr-07 134.01 22.81%$105 MAngus Forbes

135.6231-Mar-07

(1.19%) 2.95% 11.54% (11.07%)04/06 06/06-


Equity-Diversified / Asia 4.03%Ytd Avg. 2007

788 CHINA FUND LTD 30-Apr-05 MJan 07

31-Mar-07 143.54 20.74%$46 MJacques Mechelany & Michel Artaud

139.4828-Feb-07

2.91% 2.16% 17.02% (12.70%)07/05 10/05-

ARNOTT OPPORTUNITIES FUND 31-Oct-05 QMar 07

06-Apr-07 1,279.57 18.81%$424 MKenneth Arnott

1,284.3231-Mar-07

(0.37%) 3.46% 4.66% (0.80%)04/06 05/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



BOYER ALLAN PACIFIC FUND INC-A- 16-Nov-98 MFeb 07

06-Apr-07 620.08 24.29%$1'015 MJ. Boyer & N. Allan

609.0531-Mar-07

1.81% 5.12% 21.23% (36.06%)02/00 07/01-

CANTILLON PACIFIC LTD B1/0504 30-Apr-04 QDec 06

06-Apr-07 136.09 11.07%$567 MTom Ellis

135.5131-Mar-07

0.43% (2.78%) 6.72% (4.67%)12/06 02/07-

COREVEST PARTNERS LTD 31-Dec-98 Y / QFeb 07

06-Apr-07 7,100.92 26.75%$65 MKyung Hwa Paik

6,906.7331-Mar-07

2.81% 12.41% 27.43% (26.57%)03/02 02/03-

EASTERN ADVISOR OFFSH FD, LTD A 31-Mar-03 MOct 06

31-Mar-07 173.90 14.82%$43 MScott Booth

162.5828-Feb-07

6.96% 15.25% 12.42% (19.21%)04/06 08/06-

HAMON ORIENTAL L/S FUND 31-Mar-02 MJan 07

04-Apr-07 175.02 11.81%$43 MHugh Simon & Vincent Cheng

173.9331-Mar-07

0.63% 3.80% 12.83% (18.88%)04/06 07/06-

HT ASIAN CATALYST FUND LLC 31-Dec-98 MFeb 07

31-Mar-07 14.16 15.01%$351 MMs. Ophelia Tong

14.0928-Feb-07

0.50% 0.85% 13.26% (23.93%)03/00 03/01-

KUVERA FUND LTD 30-Jun-04 MFeb 07

11-Apr-07 160.65 18.59%$149 MRaju Kamath & Anoop Villait

159.3131-Mar-07

0.84% (2.70%) 9.17% (6.32%)04/06 07/06-

MBAM PAN-ASIAN FUND LTD 31-May-04 MFeb 07

06-Apr-07 152.71 16.02%$273 MSarah Peters

153.1531-Mar-07

(0.29%) 4.46% 7.33% (5.99%)04/06 06/06-

MW TOPS FUND LTD -K- (Asia Ex-Japan) 31-May-06 QApr 07

10-Apr-07 115.78 N/A$331 MAnthony Clake, Des Anderson, Rajesh Nihalani

113.9431-Mar-07

1.61% 3.72% N/A 0.00%

MW TOPS FUND LTD -L- (Asia Diversified) 31-May-06 QApr 07


110.9231-Mar-07

1.17% 2.69% N/A (0.11%)06/06 07/06-

OECHSLE ASIA PACIFIC OFFSHORE FD - CLAS 30-Jun-95 QDec 06

31-Mar-07 581.83 16.16%$117 MDana Martin

574.0228-Feb-07

1.36% 6.17% 16.61% (25.19%)12/99 04/03-

OPTIMAL ASIA FUND 30-Nov-04 MMar 07

31-Mar-07 139.24 15.26%$106 MWarwick Johnson

136.4928-Feb-07

2.01% 3.22% 6.52% (2.94%)09/05 10/05-

PMA KORYO FUND 31-Mar-06 MMar 07

11-Apr-07 1,117.34 11.37%$135 MTom Naughton ; Min Soo Kim

1,085.6831-Mar-07

2.92% 0.04% 11.59% (8.06%)11/06 01/07-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



PMA PROSPECT FUND, LTD 31-Oct-03 MMar 07

11-Apr-07 1,306.20 8.06%$326 MFarhat Malik & Tom Naughton

1,286.7531-Mar-07

1.51% 3.79% 6.44% (6.41%)05/06 09/06-

REAL RETURN ASIAN FUND LTD (THE) 30-Sep-04 MDec 06

06-Apr-07 149.04 17.19%$101 MEzra Sun

147.5731-Mar-07

1.00% 5.92% 9.59% (8.35%)04/06 08/06-

SOFAER CAPL ASIAN HEDGE FD (Net Index) 31-Mar-89 MJun 06

03-Apr-07 908.18 13.03%$106 MCarmel Peters and Kirsty McLaren

904.2931-Mar-07

0.43% 3.02% 16.43% (35.36%)03/00 03/03-

SR GLOBAL FUND B - ASIA (Real Perf) 31-Dec-93 MDec 06

31-Mar-07 586.52 20.17%$1'872 MRichard Chenevix-Trench

573.6728-Feb-07

2.24% 2.45% 19.89% (36.50%)02/98 11/98-

TANTALLON FUND (THE) 31-Oct-03 MMar 07

06-Apr-07 19.20 20.93%$1'045 MNicholas Harbinson / Alex Hill

18.8931-Mar-07

1.64% 8.23% 10.65% (6.42%)01/06 08/06-

WF ASIA FUND LTD S/1 31-Jan-01 MMar 07

04-Apr-07 283.81 18.40%$935 MScobie Ward

281.7031-Mar-07

0.75% 3.25% 11.11% (12.08%)04/02 03/03-


ALPHAGEN PICTOR FUND 30-Jun-01 MFeb 07

09-Apr-07 204.14 13.15%$223 MChris Palmer

197.9031-Mar-07

3.15% 8.75% 9.40% (9.98%)04/06 06/06-

DISCOVERY GLOBAL OPPORTUNITY FUND, LT 31-Jul-99 SJan 07

31-Mar-07 316.06 16.18%$425 MRobert K Citrone & Harry F Krensky

317.9628-Feb-07

(0.60%) 2.43% 13.28% (10.75%)03/04 10/04-

EVEREST CAPITAL EMERGING MARKETS, LTD 31-Dec-94 QFeb 07

31-Mar-07 48.82 13.81%$845 MMarko Dimitrijevic

48.8228-Feb-07

0.00% (6.49%) 26.07% (72.74%)12/97 12/98-

FPP EMERGING HEDGE FUND I 14-Dec-98 MJan 07

23-Mar-07 176.06 7.07%$15 MFabien Pictet

173.7428-Feb-07

1.34% 2.99% 9.89% (15.35%)03/00 09/01-

GAM GLOBAL EMERGING MKTS HEDGE INC 30-Nov-05 MMar 07

09-Apr-07 128.89 20.58%$203 MSean Taylor

126.7031-Mar-07

1.73% 4.42% 7.92% (5.42%)04/06 06/06-

GLS OFFSHORE GLOBAL OPP.A 31-Dec-96 QMar 07

31-Mar-07 307.44 11.52%$187 MGeoffrey Symonds

316.0428-Feb-07

(2.72%) (1.04%) 19.68% (51.73%)09/97 09/98-



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InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



GRAMERCY EMERGING MARKET FUND 31-Mar-99 MFeb 07

28-Feb-07 299.98 14.88%$657 MRobert S. Koenigsberger & Jay A. Johnston

295.6631-Jan-07

1.46% 3.16% 10.18% (11.02%)09/02 12/02-

GROWTH MANAGEMENT LTD 30-Jun-98 MDec 06

28-Feb-07 454.38 18.99%$281 MStephan Pinter

450.1831-Jan-07

0.93% 5.87% 6.73% (10.23%)07/98 08/98-

GS EMERGING MARKETS OPPORTUNITIES FU 28-Feb-06 QFeb 07

28-Feb-07 100.57 N/A$157 MGoldman Sachs Asset Management

99.6231-Jan-07

0.95% 1.55% N/A (7.27%)04/06 05/06-

MOORE EMERGING MARKET FUND, LTD - A 31-Aug-93 QFeb 07

04-Apr-07 5,734.64 13.70%$800 MMarc Cheval

5,646.3931-Mar-07

1.56% 5.41% 13.75% (17.28%)01/94 06/94-

NEVSKY FUND LIMITED CLASS A 30-Sep-00 MMar 07

31-Mar-07 6,323.92 32.80%$1'762 MMartin Taylor, Eoghan Flanagan and Nick Barnes

6,176.9228-Feb-07

2.38% 1.72% 13.64% (9.49%)02/05 04/05-

OCCO EASTERN EUROPEAN FUND 31-Dec-01 Y / QFeb 07

05-Apr-07 202.11 14.30%$171 MStefan Bottcher & Andrew Wiles

199.8431-Mar-07

1.14% 9.40% 9.33% (11.97%)12/01 01/02-

PACTUAL STAR MONEY MARKET, LTD 31-Aug-92 DOct 06

10-Apr-07 407.45 10.09%$72 MGilberto Sayao

406.6231-Mar-07

0.21% 1.55% 3.02% (0.78%)05/02 06/02-

RAB EMEA FUND 30-Nov-04 MJan 07

04-Apr-07 155.96 20.89%$335 MLeila Kardouche and Pavel Kolouch

155.0431-Mar-07

0.59% 5.28% 8.60% (6.27%)04/06 06/06-

SR GLOBAL FUND G - EMERGING MKTS (Real P 29-Feb-96 MDec 06

31-Mar-07 1,023.35 29.52%$2'003 MRichard Chenevix-Trench

997.1328-Feb-07

2.63% 3.39% 18.64% (21.14%)03/98 09/98-

TEMPLETON EMERGING MARKET FUND, LTD - 31-Dec-99 DJan 07

11-Apr-07 34.18 9.37%$1'429 MDr. Mark Mobius

32.9331-Mar-07

3.80% 5.07% 18.43% (44.89%)12/99 09/01-

THE 395 FUND LTD 30-Nov-99 MFeb 07

23-Mar-07 184.49 8.73%€12 MYves Kuhn

181.7228-Feb-07

1.52% 4.78% 8.80% (9.70%)03/00 03/01-

TIEDEMANN GLOBAL EM. MARKETS 01-Apr-94 QJan 07

31-Mar-07 21.26 5.97%$311 MSteve Diamond

21.0428-Feb-07

1.04% 6.74% 13.96% (30.76%)03/00 12/00-



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Liquidity AssetSize

Mtd Ytd




Max DD*



ADELPHI EUR. FUND $ (A) 30-Sep-97 QFeb 07

31-Mar-07 361.29 14.47%$1'870 MRoderick Jack

350.0128-Feb-07

3.22% 4.76% 12.86% (15.07%)02/00 11/02-

ALPHAGEN CAPELLA FUND-A- 31-Oct-99 MFeb 07

09-Apr-07 333.85 17.58%$2'789 MRoger Guy

333.1531-Mar-07

0.21% 4.22% 8.79% (2.02%)09/05 10/05-

ALPHAGEN TUCANA 31-Dec-04 MFeb 07

05-Apr-07 169.09 26.16%$934 MRoger Guy; Guillaume Rambourg, David Thompso

167.8431-Mar-07

0.74% 10.39% 7.33% (3.99%)09/05 10/05-

ALPHAGEN VELAS FUND LTD - A 30-Apr-03 MFeb 07

09-Apr-07 163.75 13.32%$809 MDavid Thompson

163.2131-Mar-07

0.33% 5.18% 6.98% (5.14%)09/05 10/05-

ANTARES EUROPEAN FUNDS, LTD - USD 08-Dec-98 MJan 07

05-Apr-07 395.27 17.94%$656 MLuca Orsini

390.8431-Mar-07

1.13% 0.80% 17.42% (32.37%)11/00 02/03-

BLUECREST EQUITY FUND LTD A USD 31-Aug-04 Y / QFeb 07

05-Apr-07 127.26 9.74%$2'580 MSimon Roberts & James Mann

126.5431-Mar-07

0.57% 0.19% 5.77% (3.12%)03/06 10/06-

BREVAN HOWARD EQ. STRATEGIES FUND LTD 30-Jun-06 MFeb 07

23-Mar-07 113.51 N/A$476 MBrevan Howard Asset Management LLP

111.9228-Feb-07

1.42% 3.53% N/A 0.00%

CANTILLON EUROPE LTD - CLASS A/1 31-Aug-03 MMar 07

06-Apr-07 163.39 14.61%$2'365 MWilliam A. von Mueffling

161.8231-Mar-07

0.97% 2.64% 7.96% (3.83%)12/03 01/04-

CAZENOVE EURO EQ ABS RETURN FUND LIMI 30-Nov-03 MFeb 07

28-Mar-07 1,360.03 9.69%€334 MChris Rice, Steve Cordell

1,348.3128-Feb-07

0.87% 2.84% 2.83% (1.30%)01/04 05/04-

CHARLEMAGNE FUND LTD -USD- 31-May-99 MFeb 07

05-Apr-07 302.23 15.13%$16 MStuart W. Mitchell

303.6431-Mar-07

(0.46%) 10.22% 14.09% (31.03%)11/00 03/03-

CHILTON EUROPEAN INTL (BVI) LTD -A- 31-Oct-99 MFeb 07

05-Apr-07 21,030.18 9.65%$91 MChristopher Denny

20,720.0031-Mar-07

1.50% 3.47% 10.42% (15.79%)11/00 03/03-

EGERTON EUROPEAN DOLLAR CLASS -A- 30-Nov-94 MFeb 07

04-Apr-07 105.91 21.06%$2'429 MJohn C. Armitage

104.4231-Mar-07

1.43% 5.18% 9.94% (11.58%)05/98 08/98-

EUREKA EURO A CLASS - EURO 01-Jan-98 MApr 07

10-Apr-07 238.48 18.06%€1'330 MDaoud Zekrya, Anthony Clake

235.3831-Mar-07

1.32% 5.28% 9.28% (4.99%)08/00 10/00-



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Liquidity AssetSize

Mtd Ytd




Max DD*



GIANO CAPITAL LTD EUR 30-Nov-94 MJan 07

11-Apr-07 3,626.66 16.99%€136 MMichele Ragazzi

3,555.4331-Mar-07

2.00% 5.02% 13.31% (20.14%)02/00 08/02-

GLG EUROPEAN LONG-SHORT FUND - CLASS 01-Oct-00 MFeb 07

05-Apr-07 240.80 14.45%$2'310 MPierre Lagrange

239.8631-Mar-07

0.39% 10.53% 8.60% (10.39%)04/06 09/06-

GLG EUROPEAN OPP. FUND - CLASS D 31-Dec-01 MFeb 07

05-Apr-07 158.89 9.20%$235 MMarkus Mez

156.1731-Mar-07

1.74% 5.57% 7.06% (11.62%)03/03 09/03-

GLG MANGOUSTA FUND - CLASS D 02-Apr-02 MFeb 07

31-Mar-07 131.27 5.60%$40 MRenaud Saleur

131.1628-Feb-07

0.08% 1.63% 8.68% (18.51%)04/06 11/06-

GRADIENT EUROPE FUND (THE) 30-Nov-01 QDec 06

31-Mar-07 369.83 27.79%$2'500 MI. Farman & S. Pagel

325.6128-Feb-07

13.58% 3.32% 20.33% (19.90%)04/06 07/06-

HENDERSON EURO.STYLE ROTATIONAL L/S F 14-Nov-05 MFeb 07

31-Mar-07 111.50 8.24%$192 MDavid Bint, Steve Danby

112.3628-Feb-07

(0.77%) (1.06%) 9.57% (7.74%)04/06 09/06-

HENDERSON EUROPEAN ABS RETURN FD, LT 31-May-01 MFeb 07

31-Mar-07 305.88 21.12%€397 MStephen Peak

305.5428-Feb-07

0.11% 3.76% 11.34% (15.07%)04/06 09/06-

HSBC EUROPEAN ALPHA FUND -EUR 31-Dec-02 MMar 07

05-Apr-07 135.44 7.38%$318 MVincent Bourgeois & Michael O'Mara

135.5731-Mar-07

(0.10%) 1.42% 2.74% (1.11%)08/03 11/03-

JUPITER HYDE PARK HEDGE FUND, LTD 29-Feb-00 WFeb 07

06-Apr-07 3.79 20.62%$81 MPhilip Gibbs

3.7631-Mar-07

0.65% 2.28% 20.57% (10.00%)02/05 05/05-

KAIROS FUND LTD - CLASS A (EUR) 31-May-99 MMar 07

06-Apr-07 322.50 16.08%€1'518 MPaolo Basilico

320.1231-Mar-07

0.74% 4.48% 5.98% (3.39%)04/06 06/06-

KAIROS NORTH EUROPEAN FUND - CLASS B 30-Jun-05 QMar 07

06-Apr-07 128.14 15.06%$209 MNiklas Antman

127.5731-Mar-07

0.45% 2.66% 5.19% (2.97%)04/06 07/06-

LANGLADE ABSOLUTE FUND INC 30-Jun-04 MApr 07

06-Apr-07 132.33 10.65%$148 MMr Langlade-Demoyen / Mr Feldman

131.8031-Mar-07

0.40% 1.71% 7.54% (8.27%)04/06 07/06-

LANSDOWNE EURO EQTY FD, LTD - A (EUR) 31-Aug-98 MFeb 07

06-Apr-07 179.78 15.74%$534 MP. Ruddock & S. Heinz

177.9831-Mar-07

1.01% 1.30% 11.98% (16.29%)05/02 03/03-



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Mtd Ytd




Max DD*



LAZARD EUROPEAN EXPLORER FUND 30-Apr-04 MFeb 07

31-Mar-07 140.95 12.48%$713 MRobert Rowland

136.0728-Feb-07

3.59% 5.68% 8.77% (6.00%)04/06 07/06-

LEONARDO CAPITAL FUND LIMITED - A 30-Jun-99 MFeb 07

31-Mar-07 563.86 24.98%€665 MStefano Roma

542.6528-Feb-07

3.91% 6.43% 18.58% (21.66%)01/01 03/01-

MARATHON EUROPEAN HEDGE FUND B EUR 01-May-01 QMar 07

31-Mar-07 1,408.21 5.96%€28 MNeil Ostrer & Charles Carter

1,373.6128-Feb-07

2.52% 5.52% 4.88% (6.79%)05/02 10/02-

MBAM JANDAKOT FUND LTD USD CLASS A 31-Mar-02 S / MFeb 07

06-Apr-07 186.31 13.20%$1'368 MHilton Nathanson

185.7531-Mar-07

0.30% 2.46% 6.65% (4.93%)04/06 06/06-

MBAM JANDAKOT LEVERAGED FUND LTD CLA 31-Mar-06 MDec 06

06-Apr-07 110.27 10.10%$247 MHilton Nathanson

109.9331-Mar-07

0.31% 3.52% 12.19% (12.39%)04/06 07/06-

MBAM TOMAHAWK FUND LTD USD CLASS A 30-Jun-98 MFeb 07

05-Apr-07 503.16 20.23%$51 MHilton Nathanson

502.0031-Mar-07

0.23% 5.09% 10.69% (5.44%)04/06 06/06-

MODULUS EUROPE FUND LIMITED 28-Feb-02 QDec 06

05-Apr-07 241.15 18.83%$831 MRory Powe

239.7531-Mar-07

0.58% 6.23% 7.94% (5.83%)07/02 12/02-

MW CORE FUND 31-Oct-06 QApr 07

10-Apr-07 110.57 N/A$246 MDaoud Zekrya and Ernesto Fragomeni

109.1531-Mar-07

1.30% 5.94% N/A 0.00%

MW TOPS FUND LTD -A- 31-Dec-04 MApr 07

10-Apr-07 155.28 21.35%$690 MAnthony Clake, James Netherthorpe

152.9331-Mar-07

1.54% 5.62% 6.27% (2.84%)04/06 05/06-

MW TOPS FUND LTD -B- 31-Dec-04 MApr 07


142.7131-Mar-07

1.42% 3.73% 6.36% (3.26%)02/05 04/05-

MW TOPS FUND LTD -C- 31-Dec-04 MApr 07


151.0931-Mar-07

1.43% 5.38% 5.76% (2.62%)04/06 05/06-

MW TOPS FUND LTD -D- 31-Dec-04 MApr 07


142.1031-Mar-07

1.27% 3.70% 5.71% (2.52%)04/06 05/06-

MW TOPS FUND LTD -J- 31-Dec-04 MApr 07


115.8731-Mar-07

1.35% 4.55% 5.63% (2.44%)04/06 05/06-



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Liquidity AssetSize

Mtd Ytd




Max DD*



NEW STAR UK HEDGE FUND LTD 17-Jan-97 WSep 06

31-Mar-07 3.58 13.31%£52 MJohn L.Duffield

3.4928-Feb-07

2.70% 0.68% 14.25% (24.67%)04/06 02/07-

NORDIC ALPHA CLASS A - EUR 31-Aug-03 MFeb 07

31-Mar-07 146.97 11.34%€150 MThomas Raaschou, Christian T. Nygaard

144.1428-Feb-07

1.96% 2.75% 5.76% (3.45%)09/05 10/05-

ODEY EUROPEAN, INC (EUR) 31-May-92 WFeb 07

05-Apr-07 319.04 13.12%€441 MCrispin Odey

316.7531-Mar-07

0.72% 5.00% 14.34% (50.64%)01/94 07/95-

PARK PLACE EUROPE LTD 30-Nov-94 MFeb 07

05-Apr-07 52.40 14.76%$280 MJean Marc Fraysse

51.7131-Mar-07

1.34% 6.88% 11.55% (14.68%)03/00 03/03-

PHYLON FUND LTD EUR 31-Oct-01 MJan 06

31-Mar-07 157.23 8.71%€425 MRalf Laier & Christophe Beauvilain

156.5828-Feb-07

0.42% 2.26% 8.08% (10.79%)01/06 07/06-

POLARIS PRIME EUROPE LTD 31-Jan-97 QFeb 07

05-Apr-07 269.18 32.66%$175 MJean Marc Fraysse

262.9231-Mar-07

2.38% 10.58% 44.34% (56.27%)03/00 11/02-

RAB EUROPE FUND LTD-B- 31-Oct-99 MFeb 07

04-Apr-07 245.99 12.88%$170 MSimon Acton

244.7531-Mar-07

0.51% 5.63% 11.29% (15.03%)05/02 10/02-

RHINE ALPHA FUND LTD 30-Apr-03 MMar 07

05-Apr-07 2,347.76 24.23%CHF428 MRudolf Bohli , Patrik Ramsauer

2,324.5231-Mar-07

1.00% 16.74% 13.02% (9.95%)04/06 06/06-

SELECTIUM EUROPE FUND LTD C USD 31-Dec-03 QDec 06

05-Apr-07 145.73 12.23%€200 MMarc Bataillon

144.6931-Mar-07

0.72% 5.11% 6.08% (8.77%)03/05 11/05-

SIERRA EUROPE OFFSHORE, LTD - USD/A 28-Feb-97 QJan 07

09-Apr-07 352.30 13.26%$10 MCharles Michaels

351.5631-Mar-07

0.21% 6.11% 10.26% (16.98%)03/00 01/03-

SOFAER CAPL EURO HEDGE FD (USD) (Net Ind 30-Jun-98 MMar 07

04-Apr-07 234.18 10.19%$160 MMichael Browne & Steve Frost

232.5531-Mar-07

0.70% 4.34% 9.24% (9.01%)07/98 09/98-

SR GLOBAL FUND F - EUROPE (€) (Real Perf) 31-Dec-95 MDec 06

31-Mar-07 314.96 19.75%$1'165 MRupert Dyson

301.2028-Feb-07

4.57% 5.67% 19.26% (37.87%)02/00 04/01-

SVM HIGHLANDER FUND PLC 31-Mar-99 MJul 06

31-Mar-07 2.61 12.71%€7'595 MSheppard Davis

2.5828-Feb-07

1.20% 7.73% 16.36% (23.41%)02/00 05/00-



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Liquidity AssetSize

Mtd Ytd




Max DD*



THAMES RIVER KINGSWAY FUND, LTD A 28-Feb-99 3M / MFeb 07

31-Mar-07 3,578.30 17.07%€221 MTony Zucker

3,540.2028-Feb-07

1.08% 2.44% 10.37% (3.46%)06/01 10/01-

THEOREMA EUROPE FUND LTD A/1 EUR 31-May-01 MFeb 07

06-Apr-07 180.02 10.57%€393 ME. Antonaci & G. Govi

178.5231-Mar-07

0.84% 5.76% 5.79% (5.62%)09/05 10/05-

THREADNEEDLE EUROPEAN CRESCENDO FU 31-Aug-00 MApr 07

10-Apr-07 186.88 9.92%€1'038 MDarrell O'Dea

185.1031-Mar-07

0.96% 4.99% 6.00% (6.52%)09/05 10/05-

TIEDEMANN/MOROSS EUROPEAN GROWTH 21-Jul-97 QFeb 07

31-Mar-07 48.31 17.63%$110 MDominic Moross

47.6328-Feb-07

1.41% 2.23% 21.53% (49.23%)02/00 01/03-

TT LONG/SHORT EUROPE FUND LTD - CLASS 30-Jun-03 BMMar 07

06-Apr-07 182.90 17.37%$359 MRoger Bernheim

181.2931-Mar-07

0.89% 3.41% 8.61% (7.18%)04/06 06/06-

VICTORY CAPITAL LTD B 28-Feb-98 MMar 07

05-Apr-07 215.90 10.08%€69 MMark Bradshaw

215.4031-Mar-07

0.23% 4.28% 7.62% (15.67%)12/01 03/03-

WCM EUROPEAN OPPORTUNITY FUND A / 06-0 31-Dec-05 QJan 07

31-Mar-07 129.85 23.31%$6 MRichard Walter Jr.

125.2528-Feb-07

3.67% 9.55% 13.10% (5.89%)08/06 10/06-

ZADIG FUND CLASS A1 30-Nov-05 MJan 07

31-Mar-07 119.25 14.14%€370 MLaurent Saglio

115.3028-Feb-07

3.43% 9.21% 7.06% (3.94%)06/06 11/06-

ZULAUF EUROPE FUND -USD- 15-Aug-98 MJan 07

31-Mar-07 266.04 12.01%$120 MDaniel Koppel & Nicolas Mathys

275.9028-Feb-07

(3.57%) (4.14%) 14.11% (13.85%)02/01 03/01-


ALTIMA GLOBAL SPECIAL SITUATIONS FUND L 30-Apr-99 Q Feb 07

31-Mar-07 6,844.46 27.48%$1'346 MMark Donegan

6,740.6528-Feb-07

1.54% 1.72% 18.38% (10.83%)03/04 06/04-

AQUILA INTERNATIONAL 30-Nov-84 MJan 07

31-Mar-07 1,043.90 11.07%$78 MArthur Lerner

1,022.3728-Feb-07

2.11% 3.70% 18.40% (55.36%)09/87 01/88-

ARROW OFFSHORE LTD 30-Jun-05 QFeb 07

31-Mar-07 151.60 26.83%$67 MMal Serure & Alex Von. Furstenberg

150.3928-Feb-07

0.80% 3.89% 8.45% (2.97%)04/06 07/06-



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Liquidity AssetSize

Mtd Ytd




Max DD*



BERNSTEIN INST. GL.DIV.HEDGE FUND 31-Mar-02 MFeb 07

31-Mar-07 194.39 14.21%$289 MMark Gordon

189.3428-Feb-07

2.67% 4.81% 8.81% (13.32%)06/02 03/03-

BRUCE NELSON GLOBAL FD LTD - A 31-May-03 MApr 07

31-Mar-07 125.62 6.13%$232 MRichard Bruce

126.6928-Feb-07

(0.85%) (4.42%) 4.49% (4.42%)12/06 03/07-

CANTILLON WORLD LTD - CLASS A/1 30-Sep-03 MFeb 07

06-Apr-07 150.09 12.23%$2'087 MWilliam A. von Mueffling

148.6031-Mar-07

1.00% 2.66% 8.04% (3.50%)12/06 02/07-

ELLERSTON GEMS - CLASS A 30-Apr-06 QFeb 07

09-Apr-07 120.74 N/A$1'100 MAshok Jacob

119.3331-Mar-07

1.18% 8.66% N/A (3.75%)04/06 06/06-

ENSO GLOBAL EQUITIES FUND LTD 30-Jun-02 QJan 07

31-Mar-07 1,710.02 11.95%$476 MJosh Fink

1,671.2528-Feb-07

2.32% 4.56% 6.20% (4.16%)05/06 08/06-

GALLEON DIVERSIFIED FUND, LTD - A/1 31-Dec-02 QOct 06

05-Apr-07 1,711.59 14.10%$1'000 MRaj Rajaratnam

1,711.2531-Mar-07

0.02% 2.30% 6.43% (4.65%)12/04 04/05-

GAM WORLDWIDE 30-Apr-83 DJan 07

10-Apr-07 2,675.23 14.70%$180 MNils O. Taube

2,617.5631-Mar-07

2.20% 4.94% 16.16% (40.41%)02/00 02/03-

GIOVINE INVESTMENT INTL LTD (COMP NET) 31-Mar-99 QFeb 07

31-Mar-07 27.58 13.51%$417 MThomas Giovine

27.1028-Feb-07

1.76% 4.32% 8.38% (14.90%)04/02 03/03-

GLENROCK GLOBAL PARTNERS (BVI) INC 31-May-94 MApr 07

31-Mar-07 2,185.07 6.28%$480 MMichael Katz

2,167.7328-Feb-07

0.80% 1.66% 16.64% (38.76%)07/96 01/99-

HORSEMAN GLOBAL FUND USD 31-Jan-01 MMar 07

11-Apr-07 312.81 20.21%$1'711 MJohn Horseman

302.2531-Mar-07

3.49% 10.83% 15.61% (16.61%)09/02 08/03-

INTREPID ENHANCED ALPHA FUND, LTD 30-Jun-98 QFeb 07

31-Mar-07 1,126.44 31.86%$430 MSteven Shapiro

1,140.1228-Feb-07

(1.20%) 0.03% 15.94% (7.45%)01/99 02/99-

LAZARD GLOBAL OPP, LTD - CLASS A (US$) 31-Jan-93 MDec 06

28-Feb-07 271.51 14.74%$153 MMichael S. Rome

273.8731-Jan-07

(0.86%) (1.57%) 13.21% (21.17%)04/98 09/98-

LONE CEDAR A S1A 31-Dec-97 Y / QDec 06

05-Apr-07 8,420.45 25.85%$2'217 MStephen Mandel

8,280.6831-Mar-07

1.69% 5.66% 11.44% (10.58%)08/98 11/98-



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Liquidity AssetSize

Mtd Ytd




Max DD*



LONE PINON, LTD - CLASS A/1 30-Jun-02 Y / QDec 06

05-Apr-07 2,007.71 15.74%$1'425 MStephen F Mandel Jr.

1,976.6031-Mar-07

1.57% 5.91% 8.42% (8.69%)04/06 06/06-

M. KINGDON OFFSHORE NV - A/1 28-Feb-86 QFeb 07

09-Apr-07 112.98 18.74%$4'266 MMark Kingdon

112.2031-Mar-07

0.70% 4.75% 13.11% (30.15%)09/87 10/87-

MAVERICK FUND, LTD - CLASS A/1 01-Mar-95 MJan 07

05-Apr-07 980.19 16.73%$2'619 MLee Ainslie III

964.8331-Mar-07

1.59% 7.82% 9.81% (9.33%)07/98 08/98-

PLATINUM FUND LTD 31-May-94 MFeb 07

06-Apr-07 58.58 14.74%$1'100 MKerr Neilson

57.9931-Mar-07

1.01% 2.88% 10.18% (9.98%)07/97 12/97-

PM CAPITAL ABSOLUTE PERFORMANCE FUND 31-Oct-98 MFeb 07

31-Mar-07 2,678.77 18.32%$1'327 MPeter Fahy & Ashley Pittard

2,665.7228-Feb-07

0.49% 0.96% 21.56% (38.69%)01/01 09/02-

REACHCAPITAL INTERNATIONAL FUND, I LTD 31-Jan-01 MFeb 07

31-Mar-07 1,839.38 10.39%$36 MNigel Hart, Pieter Taselaar

1,751.1328-Feb-07

5.04% 4.60% 8.33% (9.59%)05/02 01/03-

SCP OVS FUND, LTD - SER AU / 01 31-Mar-02 Y / QMar 07

05-Apr-07 1,973.33 14.51%$2'258 MChris Shumway

1,949.1631-Mar-07

1.24% 10.82% 5.94% (4.20%)01/06 05/06-

SOFAER CAPL GLOB HEDGE FD (USD) (Net Ind 30-Jun-87 MJun 06

31-Mar-07 870.33 11.57%$351 MMichael Sofaer & Philip Sofaer

864.9728-Feb-07

0.62% 0.89% 14.55% (45.39%)09/87 12/87-

SR GLOBAL FUND C - INTERNATIONAL (Real Pe 31-Dec-93 MDec 06

31-Mar-07 514.73 18.35%$1'300 MHugh Sloane

502.2228-Feb-07

2.49% (0.12%) 21.90% (45.08%)12/99 07/01-

SR PHOENICIA - (CLASS B) CARTHAGINIAN PO 15-Sep-05 MDec 06

31-Mar-07 138.45 23.53%$1'059 MMark Haworth, Jim Lloyd

135.1128-Feb-07

2.47% 3.26% 9.17% (6.95%)04/06 06/06-

STANDARD PACIFIC CAPITAL -B- 30-Sep-95 MFeb 07

28-Feb-07 339.21 11.29%$1'014MAndrew R. Midler

344.5831-Jan-07

(1.56%) 0.26% 7.38% (8.79%)06/02 08/03-

TORREY PINES (COMPOSITE) FUND 31-Dec-01 QMar 07

06-Apr-07 2,338.13 17.50%$287 MRobert K Jafek

2,323.4531-Mar-07

0.63% 7.86% 8.71% (4.83%)04/06 09/06-

VIKING GLOBAL EQUITIES III LTD-A/1E 30-Sep-99 YFeb 07

06-Apr-07 4,779.20 23.12%$3'680 MAndreas Halvorsen

4,692.0031-Mar-07

1.86% 7.49% 11.00% (11.93%)09/01 03/02-



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Liquidity AssetSize

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Max DD*



WMG BLIXEN FUND LIMITED 31-Oct-04 MJan 07

04-Apr-07 132.53 12.32%$ 87 MMehmet Dalman

132.1831-Mar-07

0.26% 6.81% 8.77% (7.05%)04/06 09/06-

Equity-Diversified / Japan (0.53%)Ytd Avg. 2007

788 JAPAN FUND LTD 30-Nov-05 MJan 07

31-Mar-07 112.29 9.10%$25 MJacques Mechelany & Karim Daou

111.8328-Feb-07

0.41% 5.75% 16.18% (10.71%)02/06 04/06-

ALPHAGEN HOKUTO FUND LTD - CLASS A 31-Oct-00 MFeb 07

05-Apr-07 156.32 7.19%$487 MJohn Stewart

156.3531-Mar-07

(0.02%) 0.48% 4.36% (2.63%)09/02 02/03-

ALPHAGEN TENRO FUND LIMITED 31-Jan-06 MFeb 07

05-Apr-07 100.72 0.61%$121 MJustin Bowles / John Stewart

99.4331-Mar-07

1.30% 1.12% 17.00% (8.70%)01/06 02/06-

ARCUS JAPAN FUND -JPY- 19-Apr-99 DFeb 07

11-Apr-07 32,910.00 16.09%¥9'300 MRobert Macrae

32,968.0031-Mar-07

(0.18%) 2.94% 14.22% (17.84%)04/99 12/99-

ASUKA JAPANESE EQUITY L/S TST 1 - B 31-Aug-02 MFeb 07

31-Mar-07 1,445.92 8.38%$352 MTishihiro Hirao

1,450.5628-Feb-07

(0.32%) 1.30% 7.68% (7.94%)01/06 01/07-

BLUE SKY JAPAN LTD - CLASS A 30-Jun-00 MMar 07

06-Apr-07 338.45 17.64%$451 MMichael Hill

333.0531-Mar-07

1.47% (3.07%) 27.24% (31.08%)12/05 03/07-

BOYER ALLAN JAPAN FUND A 24-Feb-00 MFeb 07

06-Apr-07 129.14 3.66%$429 MJ. Boyer & N. Allan

130.0331-Mar-07

(0.68%) (0.19%) 12.75% (24.12%)02/00 01/01-

DB EQUILIBRIA JAPAN FUND 30-Apr-02 MFeb 07

05-Apr-07 179.34 12.57%$600 MJames Pulsford, Sara Gardiner-Hill

178.7431-Mar-07

0.34% 0.46% 4.08% (1.62%)01/04 02/04-

EVEREST CAPITAL JAPAN OPPORTUNITY 31-Dec-01 QFeb 07

31-Mar-07 179.54 11.79%$125 MMatthieu Vermersch, David Dao

182.0928-Feb-07

(1.40%) (1.99%) 10.89% (10.18%)03/06 11/06-

GAM JAPAN EQUITY HEDGE FUND 08-Jun-98 WFeb 07

09-Apr-07 209.63 8.73%$698 MLesley Kaye

207.6131-Mar-07

0.97% 5.04% 9.32% (17.55%)12/99 10/02-

GLG JAPANESE LONG SHORT FUND - CLASS A 01-Nov-04 MFeb 07

05-Apr-07 106.19 2.51%$80 MKenji Arakawa

104.2631-Mar-07

1.85% 0.75% 9.43% (14.03%)03/06 03/07-



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Liquidity AssetSize

Mtd Ytd




Max DD*



HALBERDIER FUND B 28-Feb-97 MMar 07

31-Mar-07 3,415.89 13.04%$524 MHiroshi Okada

3,427.8928-Feb-07

(0.35%) (1.87%) 15.12% (21.89%)09/99 02/00-

HENDERSON JAPAN ABS RETURN FD, LTD 30-Jun-00 MFeb 07

31-Mar-07 207.80 11.44%$474 MWilliam Garnett and Jeremy Hall

208.5028-Feb-07

(0.34%) 0.39% 7.95% (13.14%)05/02 03/03-

JAPAN EQUITY MARKET NEUTRAL OFFSHORE 30-Apr-06 QDec 06

28-Feb-07 101.36 N/A$50 MMichael Feldschuh

103.4331-Jan-07

(2.01%) 0.02% N/A (2.99%)04/06 07/06-

JF JAPAN ABSOLUTE RETURN 31-Aug-03 MFeb 07

04-Apr-07 16,981.00 15.87%¥52'141 MNaoyoshi Yahata

17,011.0031-Mar-07

(0.18%) (3.40%) 13.95% (5.92%)12/05 04/07-

JOHO FUND, LTD-A- (COMP NET) 31-Oct-96 SFeb 07

06-Apr-07 892.57 26.00%$1'560 MRobert Karr

892.2231-Mar-07

0.04% 0.20% 18.10% (18.30%)03/00 12/00-

MARTIN CURRIE ARF - JAPAN FUND 30-Jun-00 MMar 07

31-Mar-07 15.24 6.43%$12 MMichael Thomas & John-Paul Temperley

15.1628-Feb-07

0.49% 0.26% 6.89% (8.17%)03/06 11/06-

MELCHIOR JAPAN 31-Jan-03 MMar 07

06-Apr-07 137.55 7.92%$243 MRobert White & Ken Nishizawa

138.5131-Mar-07

(0.69%) (11.80%) 13.55% (30.91%)12/05 04/07-

MOON LIGHT CAPITAL JAPAN G-4 FUND 30-Nov-04 MApr 07

06-Apr-07 115.14 6.19%$108 MKatsumi Tonotsuka

116.5531-Mar-07

(1.21%) (2.87%) 8.87% (13.58%)12/05 04/07-

MW TOPS FUND LTD -I- (Japan) 31-May-06 QApr 07


106.4231-Mar-07

0.52% 1.16% N/A (0.74%)01/07 03/07-

MYOJO JAPAN LONG SHORT FUND 31-May-04 MApr 07

06-Apr-07 1,391.20 12.29%$617 MMakoto Kikuchi, Satoshi Matsumuro

1,392.0331-Mar-07

(0.06%) 2.69% 6.77% (6.37%)01/06 07/06-

OBERON STRATEGIC FUND, LTD 30-Sep-03 QMar 07

31-Mar-07 132.23 8.31%$43 MHelen Gorton & Colin Mills

135.2328-Feb-07

(2.22%) 2.25% 7.75% (7.67%)05/06 11/06-

ODEY JAPAN &GENERAL INC USD 30-Sep-00 Bi-MonthlyFeb 07

05-Apr-07 192.94 10.61%$1'052 MAlex Griffiths

190.5831-Mar-07

1.24% (4.78%) 13.61% (23.08%)03/06 03/07-

OPTIMAL JAPAN FUND INITIAL SERIES 15-Oct-99 MMar 07

10-Apr-07 26.67 13.99%$795 MWarwick Johnson

26.8231-Mar-07

(0.56%) 1.25% 11.90% (14.29%)06/00 12/02-



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Max DD*



PENTA JAPAN FUND C1 30-Apr-98 QMar 07

04-Apr-07 7,954.32 26.13%$876 MJohn Zwaanstra

7,919.4731-Mar-07

0.44% (0.27%) 35.83% (52.60%)12/99 06/02-

PLATINUM JAPAN FUND 31-Mar-99 MJan 07

06-Apr-07 32.16 15.67%$1'006 MKerr Neilson

32.4331-Mar-07

(0.85%) 0.55% 16.56% (29.61%)06/00 09/01-

ROSEHILL JAPAN FUND -A- 23-Jun-97 QFeb 07

31-Mar-07 24,086.92 9.41%$586 MGary Rosenfeld

24,573.4728-Feb-07

(1.98%) 3.31% 11.48% (16.52%)12/97 10/98-

SOFAER CAPL JPN HEDGE FD (Net Index) 31-Oct-99 MJun 06

03-Apr-07 286.98 15.25%$21 MAndrew Graham

287.1231-Mar-07

(0.05%) (2.20%) 13.53% (8.63%)01/06 07/06-

SPARX LONG-SHORT FUND 20-Jun-97 MFeb 07

31-Mar-07 307.34 12.16%$151MShuei Abe

309.0228-Feb-07

(0.54%) (1.82%) 9.62% (12.91%)05/02 04/03-

SR GLOBAL FUND H - JAPAN (Real Perf) 30-Sep-03 MDec 06

31-Mar-07 106.65 2.78%$167 MHugh Sloane

107.7528-Feb-07

(1.02%) (0.19%) 24.12% (27.50%)03/04 06/05-

TOWER K1 FUND 30-Jun-98 MJan 07

06-Apr-07 1,543.58 36.61%$332 MTetsuo Tanimura &Tatsuro Kiyohara

1,594.7431-Mar-07

(3.21%) (8.34%) 23.48% (32.80%)09/05 04/07-

VICTRIX TRADERS INTERNATIONAL FUND 31-Aug-05 QApr 07

31-Mar-07 124.46 14.84%$57 MDhia Bitar, Claudio Lamba

127.1228-Feb-07

(2.09%) 0.24% 25.05% (20.13%)12/05 11/06-

WF JAPAN FUND LTD - A/1 30-Jun-03 MMar 07

04-Apr-07 156.74 12.68%$321 MPeter Ferry

156.0131-Mar-07

0.40% (1.65%) 13.93% (11.59%)12/05 07/06-

WHITNEY NEW JAPAN INVESTORS, LTD 30-Sep-00 QMar 07

31-Mar-07 1,907.50 10.44%$644 MEdward Brogan

1,963.6628-Feb-07

(2.86%) (3.65%) 12.22% (26.19%)12/05 03/07-

Equity-Diversified / UK 4.19%Ytd Avg. 2007

ALPHAGEN AVIOR FUND LIMITED CLASS A (US 31-Oct-01 MFeb 07

06-Apr-07 166.67 9.86%$347 MMr. Ashley Willing & Mr. Simon King

164.8131-Mar-07

1.13% 2.87% 4.45% (2.82%)02/05 04/05-

CAZENOVE UK EQUITY ABSOLUTE RETURN FU 31-Oct-03 MFeb 07

28-Mar-07 1,308.87 8.22%£120 MTim Russell

1,310.7928-Feb-07

(0.15%) 1.85% 2.45% (0.77%)04/06 05/06-



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Liquidity AssetSize

Mtd Ytd




Max DD*


Equity-Diversified / UK 4.19%Ytd Avg. 2007

GLG ALPHA SELECT FUND - CLASS C 31-Aug-04 MFeb 07

05-Apr-07 128.38 10.11%$490 MJohn White and Jason Mackay

127.9831-Mar-07

0.31% 6.57% 5.30% (4.40%)07/06 09/06-

HENDERSON UK EQUITY L/S FUND LIMITED 30-Jun-03 MFeb 07

31-Mar-07 147.30 10.87%$74 MRichard Prew

140.2028-Feb-07

5.06% 3.40% 9.14% (9.34%)01/05 05/05-

LANSDOWNE UK EQUITY FUND, LTD (£) 31-Jul-01 MFeb 07

06-Apr-07 294.36 20.91%$1'700 MP. Ruddock & S. Heinz

287.1031-Mar-07

2.53% 10.60% 8.44% (4.55%)05/02 07/02-

PEGASUS FUND LIMITED (THE) 31-Oct-97 MFeb 07

12-Apr-07 39.22 15.56%£185 MDavid Yarrow & Jeremy Davies

38.6631-Mar-07

1.45% 1.82% 17.56% (35.27%)05/98 10/98-

RAB UK FUND LIMITED - CLASS A 30-Sep-01 MFeb 07

04-Apr-07 174.93 10.68%$334 MSteven Thompson & Mark Darell-Brown

172.6731-Mar-07

1.31% 4.03% 8.07% (8.43%)04/06 09/06-

THREADNEEDLE UK CRESCENDO FUND LTD ( 31-May-01 MApr 07

10-Apr-07 212.07 13.68%£258 MPaul Findley

210.1331-Mar-07

0.93% 2.42% 6.25% (5.62%)09/05 10/05-


ALSON SIGNATURE FUND OFFSHORE, LTD - A/ 30-Sep-02 QMar 07

06-Apr-07 1,646.39 11.67%$2'184 MNeil Barsky

1,629.9331-Mar-07

1.01% 4.18% 5.93% (7.10%)04/04 08/04-

ASCEND PARTNERS FUND I, LTD 31-May-00 QMar 07

06-Apr-07 194.43 10.19%$186 MMalcolm Fairbairn

192.8031-Mar-07

0.85% 3.42% 3.18% (1.94%)02/04 07/04-

ATLAS GLOBAL INVESTMENTS A2/05 31-Jan-05 QApr 07

31-Mar-07 1,502.72 20.73%$980 MDmitry Balyasny

1,490.2028-Feb-07

0.84% 3.18% 10.70% (9.81%)03/05 05/05-

AVESTA FUND LTD A/1 31-Aug-02 QFeb 07

05-Apr-07 1,440.84 8.27%$310 MWilliam R. Tung

1,404.8031-Mar-07

2.57% 5.54% 7.25% (7.70%)02/05 10/05-

BALBOA FUND LTD - CLASS A/1 31-Dec-96 MFeb 07

05-Apr-07 25,024.00 9.35%$35 MMark Meisenbach

24,999.0031-Mar-07

0.10% 0.20% 4.71% (3.57%)03/04 05/04-

CANTILLON U.S. LTD 30-Apr-06 MMar 07

06-Apr-07 111.88 N/A$711 MJay Genzer

110.3331-Mar-07

1.40% 2.72% N/A (2.18%)12/06 02/07-



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InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



CANTILLON U.S. LOW VOLATILITY LTD A 31-Mar-04 MFeb 07

06-Apr-07 115.53 4.90%$121 MJay Genzer

114.7231-Mar-07

0.71% 1.56% 4.87% (5.44%)04/05 03/06-

CASTLEROCK FUND LTD 31-Aug-96 QFeb 07

31-Mar-07 732.09 20.69%$199 MPaul Tanico

714.8628-Feb-07

2.41% 5.39% 18.21% (37.67%)10/00 03/03-

CAXTON EQUITY GROWTH LTD A / 1 30-Nov-99 Y / QFeb 07

10-Apr-07 3,166.54 16.94%$847 MKurt Feuerman

3,131.9431-Mar-07

1.10% 3.68% 8.22% (6.06%)05/02 09/02-

CHILTON INTERNATIONAL (BVI) LTD -A- 30-Nov-93 MFeb 07

05-Apr-07 57,744.26 14.03%$452 MRichard L. Chilton

57,300.3031-Mar-07

0.77% 3.70% 10.08% (11.73%)03/00 03/03-

ELM RIDGE VALUE PARTNERS OFFSHORE, IN 28-Feb-01 QJan 07

31-Mar-07 195.87 11.68%$586 MRonald Gutfleish

194.8928-Feb-07

0.50% 10.17% 8.41% (6.60%)08/01 10/01-

EMINENCE FUND LTD A 31-Dec-98 Y / SMar 07

05-Apr-07 432.71 19.39%$1'539 MRicky C. Sandler

425.0631-Mar-07

1.80% 1.99% 8.89% (5.66%)12/99 02/00-

GALLEON ADMIRALS OVS FUND, LTD A/1 31-Jul-01 QOct 06

05-Apr-07 3,023.65 21.50%$185 MMichael Curtis

3,025.7731-Mar-07

(0.07%) 1.34% 9.41% (3.56%)02/05 05/05-

GALLEON CAPTAINS OFFSHORE A/1 31-Dec-00 QOct 06

31-Mar-07 4,647.83 27.87%$820 MTodd Deutsch

4,780.7328-Feb-07

(2.78%) 3.29% 12.80% (11.98%)02/04 04/05-

GAMERICA 30-Apr-83 DFeb 07

10-Apr-07 996.83 10.07%$26 MGordon Grender

985.3231-Mar-07

1.17% (0.51%) 16.76% (34.21%)03/00 02/03-

GLENVIEW CAPITAL PARTNERS (CAYMAN), LT 31-Dec-00 Y / QOct 06

05-Apr-07 3,469.62 21.97%$3'600 MLawrence M Robbins

3,399.9331-Mar-07

2.05% 16.19% 13.27% (17.54%)03/02 09/02-

GLG NORTH AMERICAN OPP. FUND - CLASS A 02-Jan-02 MFeb 07

05-Apr-07 169.72 10.58%$1'025 MNoam Gottesman

169.0631-Mar-07

0.39% 1.39% 8.00% (10.55%)04/06 09/06-

HAYGROUND COVE OVERSEAS PARTNERS LT 31-Aug-03 MMar 07

06-Apr-07 1,511.93 12.17%$880 MMr Jason N. Ader

1,506.3631-Mar-07

0.37% 6.27% 7.18% (8.58%)07/05 10/05-

HIGHBRIDGE LONG/SHORT EQUITY FUND, LTD 30-Apr-04 QFeb 07

31-Mar-07 1,313.97 9.81%$448 MAlex McAree

1,280.3728-Feb-07

2.62% 4.56% 4.71% (2.94%)04/06 06/06-



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Max DD*



HIGHLINE INTERNATIONAL CLASS A 31-May-97 QFeb 07

31-Mar-07 277.16 10.92%$642 MJacob W. Doft

272.5328-Feb-07

1.70% 3.74% 10.05% (17.24%)04/98 08/98-

KINETICS FUND, INC - A/A 31-Jan-01 QApr 07

05-Apr-07 2,930.56 19.01%$2'934 MPeter B. Doyle

2,896.3631-Mar-07

1.18% 6.55% 10.18% (7.35%)09/05 11/05-

MARLIN FUND OFFSHORE LTD A1 15-Nov-97 Y / QJan 07

31-Mar-07 814.02 25.06%$131 MMichael W. Masters

812.1528-Feb-07

0.23% 7.67% 20.26% (31.67%)01/02 02/03-

MW AMERICAS FUND LTD -A- 31-Jan-05 MApr 07

10-Apr-07 137.85 15.79%$77 MMichael Sargent

136.8631-Mar-07

0.72% 6.52% 9.67% (6.48%)04/06 07/06-

NEW CASTLE (OFFSHORE) PARTNERS LLC 30-Sep-95 MFeb 07

31-Mar-07 4,833.97 14.68%$219 MM. Kurland & B. Reitzes

4,731.3028-Feb-07

2.17% 2.26% 12.59% (27.86%)08/00 12/02-

OMEGA OVERSEAS PARTNERS, LTD CLASS A 31-Dec-91 MMay 05

28-Feb-07 574.44 12.21%$666.1 MLeon Cooperman

574.1231-Jan-07

0.06% 2.53% 13.86% (24.95%)01/94 12/94-

PEQUOT INTERNATIONAL FUND, INC -A- 31-Aug-92 MMar 07

31-Mar-07 1,375.05 19.68%$324 MArthur J. Samberg

1,375.0528-Feb-07

0.00% 3.25% 17.50% (31.03%)02/00 05/00-

PRISM OFFSHORE FUND, LTD A 31-Mar-01 MMar 07

31-Mar-07 459.47 28.92%$1'600 MCharles Jobson & Christopher Argyrople

427.0228-Feb-07

7.60% 6.74% 16.05% (16.97%)09/02 04/03-

RAPTOR GLOBAL FUND (A) 30-Sep-93 QJan 07

04-Apr-07 10,848.10 19.29%$1'810 MJames Palotta

10,647.3331-Mar-07

1.89% 3.43% 11.66% (15.01%)02/00 05/00-

RIEF LP -B- (Continuing) 31-Jul-05 MDec 06

06-Apr-07 129.66 16.70%$8'733 MJames Simons

128.1531-Mar-07

1.18% 2.63% 5.88% (1.56%)10/06 11/06-

SAGE OPPORTUNITY FUND OFFSHORE, LTD A/ 30-Sep-99 MJan 07

31-Mar-07 204.48 10.00%$97 MBarry G. Haimes & Katherine Hensel

200.4128-Feb-07

2.03% (4.07%) 11.08% (18.79%)04/01 12/02-

SANDLER OFFSHORE FUND, INC 31-May-96 MMar 07

06-Apr-07 408.98 13.86%$99 MAndrew Sandler

406.5431-Mar-07

0.60% 3.70% 10.29% (12.12%)05/96 03/97-

SANDLER PLUS OFFSHORE FUND, LTD 30-Sep-05 QJan 07

31-Mar-07 107.29 4.81%$61 MAndrew Sandler

103.7028-Feb-07

3.46% 4.90% 8.71% (7.95%)04/06 10/06-



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Max DD*



SEMINOLE OFFSHORE FUND 31-May-98 QMar 07

05-Apr-07 425.50 17.77%$1'076 MMichael G. Messner, Paul C. Shiverick

419.4431-Mar-07

1.50% (3.89%) 14.73% (15.62%)05/02 03/03-

STONEBROOK OFFSHORE PARTNERS, LTD 30-Nov-01 Y / QMar 07

05-Apr-07 1,687.41 10.28%$360 MJeffrey L. Lignelli

1,660.0231-Mar-07

1.65% 6.13% 10.46% (14.13%)07/05 07/06-

THREADNEEDLE AMERICAN CRESCENDO FUN 31-May-04 MApr 07

05-Apr-07 157.67 17.35%$201 MMichael Corcell & Stephen Moore

156.2531-Mar-07

0.91% 4.23% 7.06% (5.02%)03/06 06/06-

TRIVIUM OFFSHORE FUND, LTD 31-Aug-02 Y / MMar 07

31-Mar-07 1,712.57 12.45%$396 MWard Davis & Rob Feinblatt

1,721.1728-Feb-07

(0.50%) 4.22% 7.01% (5.88%)12/04 04/05-

WPG FARBER OVERSEAS FUND, LTD 30-Jun-91 MFeb 07

28-Feb-07 777.25 13.97%$199 MGerald Farber

731.7431-Jan-07

6.22% 6.54% 17.46% (33.17%)03/01 12/02-

ZWEIG-DIMENNA INTL LIMITED - CLASS A 06-May-87 QJan 07

31-Mar-07 60,514.88 17.35%$100 MJoseph DiMenna / Martin Zweig

57,551.0028-Feb-07

5.15% 13.78% 15.98% (50.23%)02/00 12/02-

Equity-Energy2.33%YTD Avg. 2007

Equity-Energy / Global 1.60%Ytd Avg. 2007

MARTIN CURRIE ARF - GLOBAL ENERGY 28-Feb-07 MMar 07

31-Mar-07 10.10 N/A$21 MDuncan Goodwin

10.0028-Feb-07

1.00% 1.00% N/A 0.00%

RAB ENERGY CLASS F 31-Aug-05 QJan 07

04-Apr-07 266.77 23.76%$711 MGavin Wilson & Mark Redway

266.5631-Mar-07

0.08% 0.63% 15.96% (8.50%)09/05 11/05-

SECTOR COGNIMETRICA LTD 30-Jun-04 MFeb 07

31-Mar-07 137.53 12.28%$699 MJ. Peter Andersland & Wollert Hvide

137.0228-Feb-07

0.37% 3.17% 5.95% (4.17%)05/06 08/06-



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Max DD*

Equity-Energy2.33%YTD Avg. 2007

Equity-Energy / USA 4.51%Ytd Avg. 2007

DORSET ENERGY FUND, LTD - CLASS A 31-Oct-00 MMar 07

06-Apr-07 32.55 20.14%$664 MDavid M. Knott, Donald Textor

31.8831-Mar-07

2.12% 4.51% 14.66% (11.49%)05/01 09/01-

Equity-Financial0.44%YTD Avg. 2007

Equity-Financial / Global 4.91%Ytd Avg. 2007

GLG FINANCIALS FUND - CLASS D 03-Jun-02 MFeb 07

05-Apr-07 175.11 12.27%$190 MRobert Murphy & Matthew Windebank

176.2331-Mar-07

(0.64%) 4.79% 7.94% (8.19%)01/05 04/05-

TOSCA FUND LIMITED - CLASS A 30-Sep-00 QJan 07

31-Mar-07 283.01 17.35%$4'516 MMartin Hughes

269.4528-Feb-07

5.03% 7.81% 11.13% (16.97%)01/02 02/03-

TT FINANCIALS LONG/SHORT FUND 22-Mar-06 MFeb 07

06-Apr-07 106.67 6.40%$46 MMark Eady

105.8831-Mar-07

0.75% 4.02% 8.14% (6.01%)04/06 06/06-

UC FINANCIALS FUND LIMITED - A 29-Feb-04 MFeb 07

06-Apr-07 164.21 17.34%€728 MRichard Urwick & Mauro Pizzi

162.2931-Mar-07

1.18% 3.02% 7.23% (3.77%)02/05 04/05-

Equity-Financial / USA (4.03%)Ytd Avg. 2007

BRYN MAWR OFFSHORE LTD 31-Dec-95 QApr 07

06-Apr-07 3,311.73 11.21%$83 MK. Gray

3,299.1931-Mar-07

0.38% 1.86% 4.23% (4.11%)10/99 12/99-

CERULEAN PARTNERS LTD 31-Dec-00 QFeb 07

31-Mar-07 3,736.52 16.95%$33 MJ. Miller & E. Jacobs

3,703.9328-Feb-07

0.88% 1.40% 5.74% (2.67%)08/05 12/05-

SuNOVA A1/S1 31-Dec-01 Y / QMar 07

31-Mar-07 2,819.29 14.01%$795 MMatthew F. Byrnes

2,874.1928-Feb-07

(1.91%) (1.12%) 7.63% (8.02%)05/02 02/03-

TFP OVERSEAS FUND, LTD - CLASS A 31-Aug-99 QJan 07

31-Mar-07 3,626.97 21.29%$83 MJeffrey Gendell

3,819.7128-Feb-07

(5.05%) (18.25%) 25.34% (33.13%)10/99 02/00-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Equity-Market Neutral2.51%YTD Avg. 2007

Equity-Market Neutral / Europe 2.18%Ytd Avg. 2007

ALPHAGEN ALTAI FUND, LTD - CLASS A 30-Nov-01 MFeb 07

10-Apr-07 128.10 4.73%$201 MTom Hedges

128.4331-Mar-07

(0.26%) 1.43% 2.55% (2.70%)02/04 07/04-

DEXIA LONG SHORT DOUBLE ALPHA 13-Mar-01 BMMar 07

31-Mar-07 13,265.67 4.78%€161 MFabrice Cuchet

13,270.7628-Feb-07

(0.04%) 0.75% 3.39% (2.65%)08/02 09/02-

TALENTUM ACTIVEDGE FUND LIMITED - A - 30-Jun-02 MJan 07

06-Apr-07 143.92 7.93%€159 MGianmarco Mondani / Marco Accorroni

143.6031-Mar-07

0.22% 2.38% 3.24% (1.80%)09/05 10/05-

TALENTUM ENHANCED FUND LIMITED - A - 31-Aug-02 MFeb 07

06-Apr-07 193.20 15.39%€256 MGianmarco Mondani / Marco Accorroni

192.3931-Mar-07

0.42% 4.30% 6.46% (4.13%)09/05 10/05-

TRAFALGAR - PAN EURO EQUITY MKT NEUT F 31-Oct-01 MJan 05

05-Apr-07 141.59 6.61%$90 MChris Aarons

140.3431-Mar-07

0.89% 2.06% 3.62% (2.53%)09/02 11/02-

Equity-Market Neutral / Global 3.01%Ytd Avg. 2007

NEW CASTLE MKT NEUTRAL OFFSHORE LTD - 31-May-98 MFeb 07

31-Mar-07 245.87 10.72%$228 MM. Kurland & B. Reitzes

239.6228-Feb-07

2.61% 2.73% 8.25% (10.71%)09/01 03/02-

NUMERIC M/S MARKET NEUTRAL OFFSHORE F 31-Mar-01 MMar 07

05-Apr-07 1,450.34 6.37%$322 MLangdon B. Wheeler

1,449.4731-Mar-07

0.06% 2.04% 3.77% (4.68%)09/02 11/02-

TEMUJIN INTERNATIONAL FUND LTD 30-Sep-04 Q/MMar 07

06-Apr-07 139.81 14.25%$975 MMarco Battaglia

140.6531-Mar-07

(0.60%) 4.27% 9.91% (9.27%)07/06 01/07-

Equity-Market Neutral / UK 4.23%Ytd Avg. 2007

POLAR CAPITAL UK ARF LTD 31-Oct-01 MJan 07

05-Apr-07 160.53 9.11%$160 MPhilip Hardy

159.7031-Mar-07

0.52% 4.23% 5.56% (7.01%)02/04 09/04-

Equity-Market Neutral / USA 0.90%Ytd Avg. 2007

GS NORTH AMERICAN EQ. OPP. FUND OFF.LT 31-Jan-05 MFeb 07

05-Apr-07 1,089.67 4.03%$767 MTerence Lim

1,096.2531-Mar-07

(0.60%) 0.90% 11.22% (13.05%)07/06 11/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Equity-Mid-Small Cap3.20%YTD Avg. 2007

Equity-Mid-Small Cap / Europe 2.60%Ytd Avg. 2007

ENNISMORE EUROPEAN SMALLER COMPANIE 30-Nov-99 MFeb 07

10-Apr-07 267.73 19.71%€283 MGeoff Oldfield

265.7131-Mar-07

0.76% 1.83% 11.82% (7.97%)04/06 09/06-

LUCERNE MID-CAP OFFSHORE FUND LTD CLA 28-Feb-05 QDec 06

31-Mar-07 1,578.02 24.46%$336 MPieter Taselaar, Nigel Hart

1,511.5228-Feb-07

4.40% 3.70% 10.24% (5.67%)04/06 06/06-

POLAR CAPITAL EUROP CONVICTION FUND LI 31-Mar-06 MJan 07

31-Mar-07 102.86 N/A€103 MRobert Gurner

103.1028-Feb-07

(0.23%) (2.49%) N/A (4.07%)11/06 03/07-

POLAR CAPITAL EUROPEAN FORAGER FUND L 31-Jul-03 MJan 07

05-Apr-07 191.14 19.24%€166 MRob Gurner

190.3831-Mar-07

0.40% 7.36% 5.48% (0.84%)09/05 10/05-

Equity-Mid-Small Cap / Japan (3.20%)Ytd Avg. 2007

ALPHAGEN PYXIS FUND CLASS A 31-Jul-05 MFeb 07

11-Apr-07 121.37 10.10%$262 MOleg Zuravljov

121.6531-Mar-07

(0.23%) (3.20%) 9.50% (5.81%)12/05 04/07-

Equity-Mid-Small Cap / UK 2.76%Ytd Avg. 2007

ALPHAGEN VOLANTIS FUND, LTD - A (USD) 30-Apr-02 MFeb 07

10-Apr-07 220.95 17.38%$252 MRob Giles & Gervais Williams

219.8531-Mar-07

0.50% 2.76% 7.85% (9.02%)03/05 06/05-

Equity-Mid-Small Cap / USA 3.77%Ytd Avg. 2007

AJR INTERNATIONAL (BVI), INC. - A/1 31-Jan-93 MMar 07

11-Apr-07 946.27 17.15%$290 MAlexander J. Roepers

930.0031-Mar-07

1.75% 8.95% 19.38% (32.16%)05/98 03/99-

BRICOLEUR OFFSHORE LTD 22-Jan-96 MDec 06

28-Feb-07 54.07 16.41%$30 MRobert M. Poole

53.2731-Jan-07

1.50% 3.15% 15.57% (25.89%)05/04 04/05-

CHILTON OPPORTUNITY INTL (BVI) LTD -A- 30-Sep-94 YFeb 07

05-Apr-07 36,009.79 25.04%$127 MRichard Chilton

35,596.7331-Mar-07

1.16% 3.51% 14.38% (11.20%)04/06 07/06-

CHILTON SMALL CAP INTL (BVI) LTD -A- 31-Dec-01 MFeb 07

05-Apr-07 18,555.02 12.46%$395 MDaniel V. Szemis

18,406.3431-Mar-07

0.81% 5.34% 7.48% (7.28%)05/02 07/02-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Equity-Mid-Small Cap3.20%YTD Avg. 2007

Equity-Mid-Small Cap / USA 3.77%Ytd Avg. 2007

CLOVIS CAPITAL PARTNERS (CAYMAN), LTD 30-Sep-02 QFeb 07

06-Apr-07 1,901.36 15.28%$1'189 MMichael Prober & Scott Scher

1,876.9631-Mar-07

1.30% 4.26% 6.96% (9.21%)03/06 08/06-

COBALT OFFSHORE LTD 31-Dec-96 QFeb 07

31-Mar-07 532.20 17.71%1'100 MWayne Cooperman

519.9828-Feb-07

2.35% 4.28% 9.02% (19.53%)04/98 09/98-

CRM U.S. VALUE FUND, LTD 31-Dec-99 Q+30Feb 07

31-Mar-07 2,381.79 12.71%$10 MJay Abramson & Steve Schuster

2,312.6428-Feb-07

2.99% 4.89% 11.38% (19.00%)04/02 02/03-

CUMBER INTERNATIONAL S.A. - CLASS A 31-Jul-84 MMar 07

06-Apr-07 2,450.75 15.14%$97 MBruce Wilcox

2,411.4931-Mar-07

1.63% 4.00% 14.25% (31.78%)08/87 11/87-

GREENLIGHT CAPITAL OFFSHORE, LTD - A/1 30-Sep-96 QDec 06

31-Mar-07 88,507.80 23.07%$1'663 MDavid Einhorn

89,087.8028-Feb-07

(0.65%) (3.26%) 10.63% (13.08%)04/98 09/98-

GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1 31-Aug-01 QJan 07

06-Apr-07 2,222.02 15.32%$210 MGregory B Fraser & Rudolph K Kluiber & Timothy A

2,193.9431-Mar-07

1.28% 4.72% 8.00% (8.74%)04/02 07/02-

IVORY CAPITAL, LTD - CLASS A/1 31-Jan-99 MFeb 07

28-Feb-07 2,826.80 13.38%$167 MCurtis Macguyen

2,797.0531-Jan-07

1.06% 1.94% 5.46% (6.75%)03/02 09/02-

PAW OFFSHORE FD LTD - A 31-May-92 QJun 06

31-Mar-07 647.70 13.42%$108 MPeter Wright

645.7628-Feb-07

0.30% 1.37% 8.16% (13.80%)09/01 03/03-

SENVEST PARTNERS, LTD - CLASS A 31-Mar-97 QMar 07

31-Mar-07 629.20 20.18%$129 MRichard Mashaal

619.9128-Feb-07

1.50% 4.53% 36.84% (70.55%)02/00 09/02-

TONTINE OVERSEAS (A) 30-Sep-99 QJan 07

31-Mar-07 11,855.50 36.27%$946 MJeffrey Gendell

12,348.6928-Feb-07

(3.99%) 0.94% 37.61% (41.55%)01/06 07/06-

WOODROW PARTNERS LTD 31-Aug-96 MJan 07

06-Apr-07 5,417.60 16.51%$73 MManu Daftary

5,305.1331-Mar-07

2.12% 6.36% 12.55% (22.40%)08/00 04/03-

ZAXIS OFFSHORE LTD - CLASS A/1 30-Jun-00 MFeb 07

05-Apr-07 1,752.04 8.64%$267 MSanford J. Colen

1,749.2431-Mar-07

0.16% 5.39% 6.18% (7.73%)03/04 04/05-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Equity-Pharma-Biotech3.18%YTD Avg. 2007

Equity-Pharma-Biotech / Global 9.50%Ytd Avg. 2007

DAVIDSON KEMPNER HEALTHCARE INTL.LTD 30-Jun-06 HY/QJan 07

31-Mar-07 1,261.38 N/A$134 MRoderick Wong

1,247.1628-Feb-07

1.14% 9.50% N/A (5.28%)08/06 09/06-

Equity-Pharma-Biotech / USA 2.60%Ytd Avg. 2007

ARIES FUND (A) 31-Jan-95 MJan 07

28-Feb-07 4,480.16 12.92%$2 MLindsay A.Rosenwald

4,641.7531-Jan-07

(3.48%) 3.19% 41.95% (73.77%)02/00 02/03-

CADUCEUS CAPITAL INTL. LTD 28-Feb-97 MJan 07

15-Mar-07 598.43 19.49%$1'030 MSam Isaly

608.1628-Feb-07

(1.60%) 0.91% 27.28% (34.59%)12/01 09/02-

GALLEON HEALTHCARE OFFSHORE, LTD - A 31-Jul-97 MOct 06

31-Mar-07 372.77 14.57%$165 MMaria Liotta

369.5628-Feb-07

0.87% 0.72% 12.63% (16.86%)02/04 04/05-

KCM BIOMEDICAL OFFSHORE FUND - A/1 05-Apr-00 QMar 07

31-Mar-07 165.93 7.51%$4 MMichael P. Walsh

170.5428-Feb-07

(2.70%) 2.60% 11.96% (17.02%)06/01 02/03-

MERLIN BIOMED INTL, LTD - CL -B- 1/00 30-Apr-98 QSep 06

31-Mar-07 6,892.17 19.83%$71 MStuart T. Weisbrod

7,135.1528-Feb-07

(3.41%) (2.27%) 37.83% (58.82%)09/00 02/03-

MPM BIOEQUITIES FUND 23-Mar-01 QApr 07

05-Apr-07 1,358.93 5.21%$158 MKurt von Emster

1,347.4031-Mar-07

0.86% 3.54% 12.37% (30.25%)12/01 09/02-

PEQUOT HEALTHCARE O/S FUND, INC -A- 30-Apr-99 QMar 07

31-Mar-07 545.29 23.87%$295 MFaraz Naqvi

549.1428-Feb-07

(0.70%) 2.20% 23.52% (25.12%)02/00 04/00-

PERCEPTIVE LIFE SCIENCES OFFSH FUND, LT 31-Jul-00 MFeb 07

05-Apr-07 419.95 23.95%$306 MJoseph Edelman / Daniel Heller

431.3031-Mar-07

(2.63%) 0.89% 16.70% (16.25%)12/01 10/02-

SIVIK GLOBAL HEALTHCARE OFFSHORE - A/01 30-Jun-01 MFeb 07

06-Apr-07 1,526.29 7.60%$460 MKrishen Sud

1,503.0931-Mar-07

1.54% 7.93% 7.22% (8.24%)01/04 10/04-

SIVIK GLOBAL LIFE SCIENCES OFFSHORE, LT 31-Oct-01 MJul 04

31-Mar-07 1,383.39 6.17%460 MAlexandria Forbes

1,358.4028-Feb-07

1.84% 2.05% 12.35% (17.25%)05/04 03/05-

VISIUM BALANCE OFFSHORE FUND CL 2 31-Mar-01 Y/QMar 07

05-Apr-07 129.69 21.67%$634 MJacob Gottlieb

130.1531-Mar-07

(0.35%) 6.85% 10.75% (8.55%)12/01 05/02-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Equity-Regulation S&D3.31%YTD Avg. 2007

Equity-Regulation S&D / USA 3.31%Ytd Avg. 2007

RAMIUS HALIFAX OVS FUND, LTD 31-Mar-96 QMar 05

31-Mar-07 362.12 12.40%$200 MJeff Devers

356.7428-Feb-07

1.51% 5.34% 3.43% (3.39%)08/98 10/98-

TAIL WIND FUND 30-Sep-95 MJan 07

31-Mar-07 12,277.95 24.35%$153 MDavid Crook

12,681.0828-Feb-07

(3.18%) 1.27% 18.17% (33.78%)03/00 09/02-

Equity-Short Bias-0.69%YTD Avg. 2007

Equity-Short Bias / Global 0.31%Ytd Avg. 2007

BLACK BEAR OS FUND, LTD - A 28-Feb-97 QMar 07

31-Mar-07 480.51 16.83%$1'731 MRick Barry

493.5928-Feb-07

(2.65%) 0.31% 11.85% (19.46%)12/99 06/00-

Equity-Short Bias / USA (1.70%)Ytd Avg. 2007

URSA OFFSHORE LIMITED 31-Dec-96 MFeb 07

05-Apr-07 1,220.93 1.96%182 MSanford J. Colen & Daniel S. Katz

1,250.9531-Mar-07

(2.40%) (1.70%) 12.81% (39.28%)02/03 10/06-

Equity-Statistical Arbitrage2.09%YTD Avg. 2007

Equity-Statistical Arbitrage / Europe 1.74%Ytd Avg. 2007

ALPHAGEN REGULUS FUND 30-Nov-03 MFeb 07

06-Apr-07 128.28 11.28%$410 MMike Gleason

128.2231-Mar-07

0.05% 2.58% 4.12% (1.37%)04/06 05/06-

ANAK EUROPEAN FUND LTD 31-Aug-03 MApr 07

06-Apr-07 127.27 6.93%$257 MSunjiv Mainie & Adrian Mitchell

126.7731-Mar-07

0.39% 3.09% 2.52% (1.04%)08/03 09/03-

B G I - EUROPEAN EQUITY MKT NEUT FD USD 31-Oct-02 WFeb 07

11-Apr-07 16.15 11.38%€511 MMark Brandreth & Jonathan Lanb

16.1331-Mar-07

0.14% 1.57% 8.18% (9.83%)03/05 09/05-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*


Equity-Statistical Arbitrage / Europe 1.74%Ytd Avg. 2007

GLC GESTALT EUROPE FUND, LTD A/1 31-Jul-99 MMar 07

31-Mar-07 204.18 9.75%$370 MLaurence Staden & Julian Brooks

206.9928-Feb-07

(1.36%) (0.31%) 10.24% (12.59%)10/03 12/04-

Equity-Statistical Arbitrage / Global 2.16%Ytd Avg. 2007

32 CAPITAL FUND, LTD (THE) - A/1 31-Jul-02 Y / MFeb 07

05-Apr-07 1,485.09 8.81%$1'931 MBarclays Global Investors, N.A.

1,492.5531-Mar-07

(0.50%) 1.84% 4.64% (5.52%)02/03 08/03-

GMN FUND CLASS - USD - 31-Dec-05 QApr 07

06-Apr-07 107.81 6.13%$1'065 MJames Claus

107.5931-Mar-07

0.20% (1.16%) 4.71% (2.26%)07/06 03/07-

GSA CAPITAL INTERNATIONAL FUND, LTD - CL 28-Feb-05 MMar 07

06-Apr-07 124.59 11.03%$712 MJonathan Hiscock

124.2831-Mar-07

0.25% 2.30% 2.37% (0.55%)03/05 04/05-

IKOS OFFSHORE ARBITRAGE FUND, LTD 31-Jul-95 MMar 06

10-Apr-07 29.39 9.65%$101 MM. Coward & S. Allen

29.5331-Mar-07

(0.46%) 0.35% 6.71% (10.44%)09/98 10/98-

THALES INTERNATIONAL FUND LTD 31-Dec-98 QMar 07

06-Apr-07 205.28 9.09%$2'200 MMarek T. Fludzinski

203.6531-Mar-07

0.80% 3.16% 7.75% (16.84%)05/01 11/02-

TYKHE PORTFOLIOS LTD CLASS B 31-Jan-05 MDec 06

06-Apr-07 1.51 21.01%$600 MRoss Garon

1.5131-Mar-07

0.23% 7.08% 7.73% (4.23%)03/05 05/05-

VENTUS FUND LTD 31-Jan-02 MJan 07

11-Apr-07 1,528.19 8.51%$1'070 MJean-Pierre Aguilar / Marc Potters

1,505.8331-Mar-07

1.49% 1.55% 7.58% (7.85%)03/04 11/04-

Equity-Statistical Arbitrage / UK 1.82%Ytd Avg. 2007

B G I - UK EQ MKT NEUTRAL I USD 28-Feb-02 WFeb 07

11-Apr-07 12.34 4.19%£22 MJonathan Lamb

12.2531-Mar-07

0.71% 1.82% 4.41% (4.26%)03/05 05/05-

Equity-Statistical Arbitrage / USA 2.72%Ytd Avg. 2007

ACI U.S.MARKET NEUTRAL FUND CLASS B/1 31-Mar-03 MFeb 07

31-Mar-07 1,369.84 8.18%$366 MPeter Algert & Kevin Coldiron

1,360.8628-Feb-07

0.66% 4.44% 5.02% (5.53%)06/06 10/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*


Equity-Statistical Arbitrage / USA 2.72%Ytd Avg. 2007

ALPHAGEN ABSOLUS FUND LIMITED 31-May-05 MFeb 07

31-Mar-07 91.65 (4.65%)$14 MMike Gleason

90.2028-Feb-07

1.61% 0.99% 8.36% (11.37%)11/05 02/07-

Equity-Technology2.04%YTD Avg. 2007

Equity-Technology / Global 0.38%Ytd Avg. 2007

GALLEON BUCCANEERS OFFSHORE, LTD - A/1 31-May-03 QOct 06

05-Apr-07 2,163.85 22.20%$975 MGary Rosenbach

2,168.6231-Mar-07

(0.22%) 2.14% 6.24% (1.65%)04/05 05/05-

GLG TECHNOLOGY FUND, - CLASS D 03-Jun-02 MFeb 07

05-Apr-07 157.75 9.87%$320 MPhilip Pearson

153.8531-Mar-07

2.53% (3.11%) 12.48% (17.93%)03/06 07/06-

HSBC GLOBAL TECHNOLOGY ALPHA FUND 31-Aug-05 MFeb 07

05-Apr-07 110.08 6.21%$114 MMick Dillon, Conor O'mara

110.4631-Mar-07

(0.34%) 1.45% 4.64% (2.79%)01/06 06/06-

SPINNER GLOBAL TECHNOLOGY FUND, LTD 21-Sep-93 MFeb 07

31-Mar-07 88.22 17.46%$191 MArt Spinner

87.4328-Feb-07

0.91% 1.02% 17.66% (34.02%)08/00 09/02-

Equity-Technology / USA 2.70%Ytd Avg. 2007

AURARIAN OFFSHORE FUND, LTD 29-Feb-04 QFeb 07

31-Mar-07 128.16 8.37%$21 MJason Gold

132.0928-Feb-07

(2.98%) (4.73%) 9.79% (10.81%)03/06 06/06-

BRADFORD CAPITAL INTERNATIONAL 31-Jan-99 MJan 05

31-Mar-07 1,178.82 2.03%15 MTimothy D. Rice

1,195.9228-Feb-07

(1.43%) (1.28%) 7.49% (19.97%)09/00 04/03-

CHILTON NEW ERA INTL (BVI) LTD -A- 31-May-00 MFeb 07

05-Apr-07 16,757.05 7.83%$21 MMichael Cahill

16,531.4731-Mar-07

1.36% 8.63% 7.34% (10.46%)01/04 08/04-

DIGITAL CENTURY -A- 31-Jan-98 Y / QMar 07

31-Mar-07 264.04 11.17%$35 MRajiv Chaudhri

263.3128-Feb-07

0.28% 1.51% 41.24% (86.14%)04/00 09/02-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Equity-Technology2.04%YTD Avg. 2007

Equity-Technology / USA 2.70%Ytd Avg. 2007

GALLEON COMM OFFSHORE, LTD - A/1 30-Jun-00 QOct 06

05-Apr-07 1,934.09 10.24%$130 MRaj Rajaratnam

1,935.4431-Mar-07

(0.07%) 7.62% 9.89% (26.42%)08/00 09/01-

GALLEON EXPLORERS OFFSHORE,LTD 31-May-99 QOct 06

31-Mar-07 3,381.11 16.81%$182 MRaj Rajaratnam & Rick Schutte

3,422.8728-Feb-07

(1.22%) 2.03% 14.80% (17.82%)08/00 09/02-

GALLEON TECHNOLOGY OS, LTD - A/1 30-Jun-95 MOct 06

31-Mar-07 955.27 21.16%$770 MRaj Rajaratnam

944.0428-Feb-07

1.19% 3.17% 18.38% (36.23%)08/00 12/02-

INTREPID CAPITAL FUND LTD A/1 30-Jun-98 QFeb 07

31-Mar-07 210.52 26.32%$701 MStephen Shapiro

211.8028-Feb-07

(0.60%) 0.55% 9.11% (2.13%)04/06 06/06-

SEASONS CORE FUND, LTD (COMPOSITE) 31-Mar-03 MApr 07

31-Mar-07 141.90 9.14%$1'196 MRavi Kaza & Spencer Wang

140.7728-Feb-07

0.80% 3.03% 3.68% (1.60%)02/04 03/04-

STG CAPITAL PARTNERS (QP), LP 30-Jun-02 QMar 07

31-Mar-07 179.42 13.09%$107 MSteven Glass

178.1928-Feb-07

0.69% 6.51% 6.08% (4.33%)03/04 08/04-

Equity-Utility6.00%YTD Avg. 2007

Equity-Utility / Global 4.50%Ytd Avg. 2007

ECOFIN GLOBAL UTILITIES HEDGE FUND 30-Sep-04 MApr 07

31-Mar-07 157.09 19.81%$1'380 MBernard Lambilliotte

153.1628-Feb-07

2.57% 4.50% 5.64% (2.15%)09/05 10/05-

Equity-Utility / USA 7.49%Ytd Avg. 2007

ZLP OFFSHORE UTILITY FUND, LTD CLASS A 30-Sep-97 QMar 06

22-Mar-07 1,239.83 30.42%$59 MStuart Zimmer & Craig Lucas

1,203.7228-Feb-07

3.00% 7.49% 12.89% (17.55%)05/01 09/01-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd

MACROLast NAVor Index



Max DD*


Diversified / Asia (0.11%)Ytd Avg. 2007

BREVAN HOWARD ASIA FUND LIMITED 30-Sep-04 MOct 06

23-Mar-07 122.07 8.39%$440 MKaspar Ernst

119.9228-Feb-07

1.79% 4.10% 3.73% (1.37%)12/04 06/05-

CITIC CAPITAL GLOBAL MACRO FUND LTD 30-Nov-03 MFeb 07

09-Apr-07 1,170.35 4.79%$131 MDr. ZHANG Haitao / Mr Keith IU

1,195.3231-Mar-07

(2.09%) 1.34% 10.47% (17.68%)04/06 12/06-

CORUS CAPITAL PAN-ASIA FUND - CLASS A 30-Jun-05 YFeb 07

31-Mar-07 935.14 (3.76%)$120 MPaul Krake & Cindy Ponder

937.3928-Feb-07

(0.24%) (5.79%) 12.04% (20.80%)06/06 03/07-


788 GLOBAL ASSET ALLOCATION FUND LTD 31-Dec-99 MJan 07

31-Mar-07 109.62 12.85%$51 MJacques Mechelany,

122.2628-Feb-07

(10.34%) (6.23%) 10.30% (14.10%)02/06 05/06-

BLUECREST STRATEGIC FUND, LTD 30-Jun-03 Y / QFeb 07

05-Apr-07 151.04 11.57%$1'407 MMichael Platt

149.8031-Mar-07

0.83% 3.16% 8.09% (7.28%)06/03 10/03-

BREVAN HOWARD FUND, LTD - USD CLASS A 31-Mar-03 MFeb 07

23-Mar-07 149.71 10.67%$10'894 MAlan Howard

147.8828-Feb-07

1.24% 4.02% 5.63% (4.65%)06/03 08/03-

BRIDGEWATER PURE ALPHA FUND I 30-Apr-99 MMar 07

06-Apr-07 1,729.63 7.14%$5'567 MRaymond Dalio and Robert P. Prince

1,718.1231-Mar-07

0.67% 0.82% 8.85% (14.18%)06/00 10/00-

CAPITAL FUND, LTD (THE) 31-Dec-99 MFeb 07

06-Apr-07 1,803.28 14.00%$111 MKenneth Windheim

1,811.0731-Mar-07

(0.43%) (0.69%) 8.70% (5.56%)03/04 08/04-

CAXTON GLOBAL INVESTMENT LTD 31-Jan-97 YMar 07

10-Apr-07 589.14 19.00%$10'555 MBruce S. Kovner

584.3331-Mar-07

0.82% 4.58% 8.15% (3.42%)03/04 08/04-

COMAC GLOBAL MACRO FUND 31-May-06 MFeb 07

09-Apr-07 97.80 N/A$667 MColm O’Shea

96.1131-Mar-07

1.76% 3.57% N/A (9.22%)06/06 12/06-

CONQUEST MACRO FUND, LTD (COMP) 30-Apr-00 MMar 07

11-Apr-07 2,089.97 11.19%$287 MMark Malek

2,037.0131-Mar-07

2.60% 0.76% 17.44% (16.19%)09/03 03/05-

DENALI OFFSHORE PARTNERS, LTD - A 31-Oct-02 QJan 07

31-Mar-07 1,540.55 10.28%$62 MScott T. Ramsey

1,546.7328-Feb-07

(0.40%) 0.12% 12.37% (10.71%)09/03 11/03-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



DRAWBRIDGE GLOBAL MACRO FD, LTD A/1 31-May-02 QNov 06

05-Apr-07 1,985.24 15.19%$4'855 MMichael E. Novogratz & Adam Levinson

1,961.8931-Mar-07

1.19% 4.80% 7.54% (4.38%)06/04 09/04-

EPISODE INC. CLASS A 31-Jul-05 MMar 07

05-Apr-07 124.58 13.98%$1'413 MDavid Fishwick / Tony Finding

122.6231-Mar-07

1.60% 4.44% 6.71% (3.16%)04/06 05/06-

EVEREST CAPITAL GLOBAL, LTD 31-Dec-89 QFeb 07

31-Mar-07 1,305.79 16.05%$515 MMarko Dimitrijevic

1,273.9428-Feb-07

2.50% (2.14%) 21.09% (51.03%)04/98 09/02-

GAM TELEOS MACRO 31-Dec-95 MFeb 07

05-Apr-07 279.79 9.56%$181 MDaniel Gressel

275.7131-Mar-07

1.48% 3.57% 9.27% (11.33%)10/01 07/03-

GAMUT INVESTMENTS 30-Jun-86 MFeb 07

04-Apr-07 6,817.93 22.54%$1'376 MBruce Kovner

6,786.4831-Mar-07

0.46% 3.76% 14.67% (13.45%)12/87 04/88-

GLG EMERGING MARKETS FUND - CLASS A 31-Oct-05 MFeb 07

31-Mar-07 221.26 75.38%$2'265 MGreg Coffey

217.9128-Feb-07

1.54% 4.15% 23.30% (3.48%)02/06 03/06-

GRAHAM ABSOLUTE RETURN FUND, LTD 30-Apr-02 MFeb 07


131.4931-Mar-07

4.68% 1.80% 5.34% (3.90%)04/06 07/06-

GRAHAM GIF II FED POLICY PORTFOLIO 31-Jul-00 MFeb 07

10-Apr-07 207.82 11.54%$1'037 MKenneth G. Tropin

206.0331-Mar-07

0.87% 1.72% 5.92% (4.87%)04/06 07/06-

GROSSMAN GLOB MACRO HEDGE FD, LTD 30-Apr-98 MFeb 07

09-Apr-07 1,756.21 6.50%$180 MDr. Sandford Grossman

1,725.2031-Mar-07

1.80% 5.64% 13.72% (28.97%)02/04 08/06-

GSA CAPITAL MACRO FUND LTD 31-Aug-05 MMar 07

06-Apr-07 108.26 5.09%$290 MJonathan Hiscock

107.1931-Mar-07

1.00% 3.12% 6.77% (3.51%)04/06 07/06-

HARMONIC GLOBAL FUND - MACRO CLASS 30-Apr-03 QMar 07

05-Apr-07 134.07 7.74%$405 MRichard Conyers & Richard Noble

130.3931-Mar-07

2.82% 6.19% 8.95% (13.37%)06/05 09/06-

JB GLOBAL RATES HEDGE FUND 31-Jan-04 MMar 07

31-Mar-07 126.13 7.61%$386 MAdrian Owens & Andrew Snowball

125.5128-Feb-07

0.49% 1.64% 7.73% (6.31%)04/06 09/06-

LANSDOWNE MACRO FUND LTD. -N-USD 30-Jun-05 MFeb 07

06-Apr-07 108.65 4.81%$639 MRichard Davidson

107.7031-Mar-07

0.88% (1.44%) 5.81% (5.42%)03/06 03/07-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



LONDON SELECT FUND LIMITED -A 31-Mar-04 QFeb 07

05-Apr-07 1,436.64 12.77%$639 MRobert Standing & David Gorton

1,426.9931-Mar-07

0.68% 6.14% 8.74% (5.29%)02/06 09/06-

LUMEN GLOBAL VALUE FUND, LTD - A 31-Jan-03 MJan 07

09-Apr-07 141.21 8.59%$57 MSimon E. Nocera

140.0131-Mar-07

0.86% 2.37% 4.95% (5.99%)04/06 06/06-

LYFORD FUND LTD 31-May-02 MMar 07

31-Mar-07 1,547.57 9.45%$53 MSamer Nsouli

1,521.4128-Feb-07

1.72% 3.09% 9.15% (10.59%)07/04 02/05-

MAUA BRASIL FUND LTD 28-Feb-05 MFeb 07

23-Mar-07 128.68 13.00%$173 MLuiz Fernando Figueiredo

126.4928-Feb-07

1.73% 2.04% 5.96% (2.37%)04/06 05/06-

MELCHIOR GLOB MACRO FD, LTD - US$ 30-Nov-02 MMar 07

31-Mar-07 130.45 6.32%$30 MBruno Serfaty & Andrew Fisch

128.4328-Feb-07

1.57% (4.32%) 10.84% (10.54%)04/06 07/06-

MELLON OFF GLOB OPP FUND LTD - MULTICU 30-Nov-05 MMar 07

06-Apr-07 1,147.63 10.76%$1'542 MThomas B. Hazuka

1,150.9731-Mar-07

(0.29%) 0.50% 3.80% (1.25%)01/07 04/07-

MELLON OFF. ALPHAACCESS FUND LTD - MCY 31-Jul-05 MMar 07

06-Apr-07 1,483.61 26.43%$949 MThomas B. Hazuka

1,490.0231-Mar-07

(0.43%) 0.68% 9.09% (2.92%)01/07 04/07-

MOORE GLOBAL FXD INCOME FD, LTD 31-Jul-93 QFeb 07

04-Apr-07 7,890.92 16.29%$3'700 MLouis Moore Bacon

7,826.6631-Mar-07

0.82% 3.95% 9.32% (14.47%)01/94 02/94-

MOORE GLOBAL INV FD, LTD - A $ 31-Dec-89 QFeb 07

04-Apr-07 33,116.70 22.47%$6'200 MLouis Bacon

32,761.0631-Mar-07

1.09% 6.01% 12.19% (18.45%)01/94 02/95-

NEOM GLOBAL MACRO FUND LTD 30-Sep-02 QFeb 07

28-Feb-07 119.08 4.03%$66 MAntonio Bertini & Keith Norman

117.6031-Jan-07

1.26% 1.52% 8.40% (19.00%)03/06 11/06-

NORODIN MACRO OVS FUND LTD-CLASS A1 30-Nov-04 QFeb 07

31-Mar-07 909.25 (4.00%)$369 MEven Berntsen & Chris Harris

911.4428-Feb-07

(0.24%) (1.32%) 6.63% (17.46%)01/06 03/07-

PANTERA GLOBAL MACRO FUND LTD Class A 30-Apr-04 QMar 07

06-Apr-07 1,427.61 12.90%$470 MDaniel W. Morehead

1,407.7631-Mar-07

1.41% 2.00% 14.08% (15.00%)02/06 06/06-

PEAK PARTNERS OFFSH FD, LTD - B 31-Mar-02 MMar 07

06-Apr-07 1,801.59 12.44%$305 MTimothy Rudderow

1,768.0031-Mar-07

1.90% (3.68%) 18.39% (23.10%)02/04 08/04-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*



PELOTON MULTI-STRATEGY FUND 06-Jun-05 Y/QFeb 07

05-Apr-07 122.38 11.67%$1'650 MRon Beller, Geoff Grant

121.3831-Mar-07

0.82% 9.21% 5.72% (4.46%)04/06 09/06-

RONIN MASTER OP. INVESTORS LTD 31-May-00 MJan 07

06-Apr-07 113.00 1.80%$104 MMagnus Eriksson

111.7731-Mar-07

1.10% 0.02% 22.84% (59.79%)05/00 05/01-

SWORDFISH FUND LTD 31-Jan-03 MApr 07

06-Apr-07 1,520.93 10.55%$433MJames Loh

1,513.2731-Mar-07

0.51% 4.86% 7.94% (11.95%)02/03 10/03-

TRAXIS FUND LP (OFFSHORE) 31-May-03 QJan 07

31-Mar-07 141.77 9.53%$1'315 MBarton M. Biggs, Madhav Dhar & Cyril Moullé-Berte

140.5228-Feb-07

0.89% 1.80% 8.51% (9.20%)04/04 10/04-

TUDOR B.V.I GLOBAL FUND LTD -A- 31-Oct-86 MFeb 07

04-Apr-07 83,125.58 24.14%$5'260 MPaul Tudor Jones

82,171.2231-Mar-07

1.16% 1.77% 20.86% (17.07%)04/92 07/92-

VEGA DIVERSIFIED 2X FUND LTD 28-Feb-03 MJan 07

05-Apr-07 10,756.68 1.79%$113 MRavinder Mehra & Jesus Saa Requejo

10,741.2231-Mar-07

0.14% 0.95% 15.89% (32.37%)07/04 09/06-

VEGA DIVERSIFIED FUND LTD 31-Jan-03 MJan 07

05-Apr-07 11,238.31 2.83%$193 MRavinder Mehra & Jesus Saa Requejo

11,227.5331-Mar-07

0.10% 1.01% 7.83% (13.69%)03/05 09/06-

VEGA FEEDER FUND LTD 31-Mar-02 MJan 07

05-Apr-07 12,215.22 4.07%$107 MRavinder Mehra

12,227.4531-Mar-07

(0.10%) 0.39% 8.41% (15.29%)07/04 06/05-

VEGA GLOBAL FUND LTD 31-Oct-96 MAug 06


19,873.7231-Mar-07

(0.03%) 1.02% 4.65% (6.59%)03/05 06/05-

VEGA SELECT OPPORTUNITIES FUND LTD S-1 31-May-00 MAug 06


21,451.0731-Mar-07

0.55% 1.68% 14.48% (27.03%)02/05 10/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd

FUND OF FUNDSLast NAVor Index



Max DD*

Arbitrage4.25%YTD Avg. 2007

Arbitrage / Global 4.25%Ytd Avg. 2007

HSBC MAA FUND USD 15-Jun-95 Q / MFeb 07

23-Mar-07 217.48 6.82%$309 MHSBC Alternative Investments Limited

215.8528-Feb-07

0.76% 4.25% 3.31% (11.78%)03/98 10/98-

Leveraged Multi-Strategy5.05%YTD Avg. 2007

Leveraged Multi-Strategy / Global 5.05%Ytd Avg. 2007

HSBC LEVERAGED GH FUND 30-Nov-04 MFeb 07

23-Mar-07 134.36 13.64%$2'130 MHSBC Republic Investment Limited

132.8228-Feb-07

1.16% 5.05% 9.04% (8.67%)04/06 07/06-

Long/Short0.99%YTD Avg. 2007

Long/Short / Asia 1.66%Ytd Avg. 2007

HSBC ASIAN ADVANTEDGE FUND 30-Sep-98 MFeb 07


176.4528-Feb-07

0.88% 1.66% 17.00% (46.21%)02/00 03/03-

Long/Short / Europe 3.03%Ytd Avg. 2007

HSBC EUROPEAN ADVANTEDGE FUND USD 02-May-03 MFeb 07

23-Mar-07 144.70 9.96%€53 MHSBC Alternative Investments Limited

142.4628-Feb-07

1.57% 3.03% 4.81% (3.78%)04/06 06/06-

Long/Short / Japan (2.69%)Ytd Avg. 2007

HSBC JAPAN ADVANTEDGE FUND 31-Mar-04 MFeb 07


109.2628-Feb-07

(3.88%) (2.69%) 7.56% (12.57%)12/05 03/07-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Long/Short0.99%YTD Avg. 2007

Long/Short / USA 1.94%Ytd Avg. 2007

HSBC US ADVANTEDGE FUND 31-Oct-03 MFeb 07


116.6528-Feb-07

1.14% 1.94% 4.21% (4.08%)02/05 04/05-


Multi-Strategy / Emerging 1.14%Ytd Avg. 2007

HSBC EMERGING ADVANTEDGE FUND 31-Mar-97 MFeb 07


169.9828-Feb-07

0.57% 1.14% 17.24% (59.39%)09/97 12/98-


HSBC EUROPEAN ABSOLUTE LTD EUR NAV 20-Apr-01 DFeb 07

23-Mar-07 2.25 6.73%€99 MHSBC Alternative Investments Limited

2.2228-Feb-07

1.34% 2.39% 4.38% (4.86%)05/01 10/01-


HSBC GH FUND USD 31-May-96 MFeb 07

23-Mar-07 266.56 9.49%$2'130 MHSBC Alternative Investments Limited

264.4528-Feb-07

0.80% 3.33% 6.43% (13.13%)07/98 10/98-

HSBC GLOBAL ABSOLUTE LTD USD NAV 30-Nov-01 DFeb 07


1.9228-Feb-07

0.94% 3.42% 3.16% (2.21%)04/06 07/06-

HSBC HEDGE INVESTMENTS FUND 28-Feb-02 QFeb 07


133.7528-Feb-07

0.79% 3.23% 3.23% (2.47%)04/06 07/06-



e

InceptionDate

Liquidity AssetSize

Mtd Ytd




Max DD*

Trading-0.74%YTD Avg. 2007

Trading / Global (0.74%)Ytd Avg. 2007

HSBC MACRO ADVANTEDGE FUND 28-Feb-03 MFeb 07


106.8928-Feb-07

0.94% 2.43% 4.24% (6.10%)04/06 11/06-

HSBC TRADING ADVANTEDGE FUND 31-Oct-05 MFeb 07


111.5628-Feb-07

(3.04%) (3.91%) 9.85% (6.80%)01/07 03/07-



e

DisclaimerHSBC Private Bank (Suisse) SA has issued this document for information purposes only. This document may not be distributed to the United States, Canada,Australia or to any other country in which its distribution is unlawful.

The information contained within this material has not been reviewed in the light of your personal circumstances. If you require investment advice or wish to discuss thesuitability of any investment decision, you should contact your Relationship Manager or you should seek such financial, legal or tax advice from your professionaladvisers as appropriate.

This document is not and should not be construed as an offer to sell or solicitation of an offer to purchase or subscribe for any investment or service. HSBC PrivateBank (Suisse) SA has based this document on information obtained from sources it believes to be reliable but which it has not independently verified. HSBC PrivateBank (Suisse) SA and the HSBC Group make no guarantees, representations or warranties and accept no responsibility or liability as to its accuracy or completeness.Expressions of opinion herein are subject to change without notice.

Members of the HSBC Group and/or their officers, directors and employees may have positions in any securities mentioned in this document (or any relatedinvestment) and may from time to time add to or dispose of any such securities (or investment). Members of the HSBC Group may act as market maker or haveassumed an underwriting commitment in the securities of companies discussed in this document (or related investments), may sell them to or buy them fromcustomers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies.

Past performance is not necessarily a guide to the future. The value of any investment or income may go down as well as up and you may not get back the full amountinvested. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse effect on thevalue, price or income of that investment. In the case of investments for which there is no recognised market, it may be difficult for investors to sell their investments orto obtain reliable information about their value or the extent of the risk to which they are exposed. Investment in any market may be extremely volatile and subject tosudden fluctuations of varying magnitude due to a wide range of direct and indirect, influences. Such characteristics can lead to considerable losses being incurred bythose exposed to such markets.

Private banking may be carried out internationally by different HSBC legal entities according to local regulatory requirements. Different companies may provide theservices listed in this document within HSBC Private Bank or by other members of the HSBC Group. Some services are not available from certain locations. Some ofthe HSBC Group Offices listed herein may only act as representatives of HSBC Private Bank, and are therefore not permitted to sell products and services, or offeradvice to customers. They serve as points of contact only. Further details are available on request.

© Copyright. HSBC Private Bank (Suisse) SA 2004 ALL RIGHTS RESERVED

No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying,recording or otherwise, without the prior written permission of HSBC Private Bank (Suisse) SA.

Alternative FundInvest Group69 12 April, 2007 HSBC Private Banke

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