hsbc 31

Hedge Weekly N°31Investment Funds Performance Review

HSBC Alternative Investment Group

Week of Monday 30 Jul to Friday 03 Aug 2012

Index by Strategies 3

Index by Funds 4

Top/Bottom 20 8

Newsletter 11

About This Document 48

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 2

Convertible ArbitrageConvertible 11

Credit Long/ShortCredit 12Diversified 13Multi-Strategy 13

DistressedDistressed Security 14

Equity Long/ShortDiversified 16Equity 16Equity-Commodity 16Equity-Diversified 17Equity-Energy 23Equity-Financial 23Equity-Healthcare 24Equity-Mid-Small Cap 24Equity-Pharma-Biotech 25Equity-Technology 25

Event DrivenDiversified 26Multi-Strategy 26

Fixed Income ArbitrageFixed Income 28Multistrategy 29

Fund of FundsArbitrage 30Event Driven 30Long/Short 30Macro 30Multi-Strategy 30Trading 31

Long Only

Equity-Diversified 32

MacroCommodity 33Credit 33Currency 33Diversified 34Fixed Income 36

Managed FuturesCurrency 37Discretionary 37Multi-Strategy 37Systematic 39

Market NeutralDiscretionary 40Equity Diversified 41Multi-Strategy 41Statistical Arbitrage 41Systematic 42

Merger ArbitrageMerger-Arbitrage 43

Multi-StrategyDiversified 44Equity 46Multi-Strategy Diversified 46Systematic 46

Volatility ArbitrageArbitrage 47

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 3Source - HSBC

3

3G BRAZIL OFFSHORE FUND LTD 17

A

A.R.T. INTERNATIONAL INVESTOR ( 41

ABSOLUTE INSIGHT UK EQUITY MKT 40

ADELANTE EMERGING DEBT FUND 33

ADELPHI EMERGING EUROPE. FUND 17

ADELPHI EUR. FUND $ (A) 18

AETOS CORPORATION - CLASS A 43

AG MORTGAGE VALUE PARTNERS LTD 12

AG SUPER FUND INTERNATIONAL, LT 46

AJR INTERNATIONAL (BVI), INC. - 22

ALLBLUE LIMITED 44

ALLIANCE BERNSTEIN SELECT US EQ 22

ALPHADYNE INVESTMENT STRATEGIES 34

ALPHAGEN HOKUTO FUND LTD - CLAS 21

ALPHAGEN OCTANIS CLASS A 21

ALPHAGEN VOLANTIS FUND, LTD - A 24

ALTIS MASTER FUND ICC - GLOBAL 37

ALYDAR FUND LTD 22

ALYSHEBA FUND LIMITED 22

AMAZON MARKET NEUTRAL FUND CLAS 40

ANTARES EUROPEAN FUNDS, LTD - U 18

ARCUS JAPAN FUND -JPY- 21

ARISTEIA INTERNATIONAL LTD 12

ARMAJARO COMMODITIES FUND CLASS 33

ARMAJARO EMERGING MARKETS FUND 17

ARMAJARO STS COMMODITIES FUND C 37

ARROWGRASS INT FUND LTD 44

ASCEND PARTNERS FUND II LTD - A 22

ASPECT DIVERSIFIED FUND - CLASS 37

AVIVA INVESTOR FIXED INCOME MAC 36

B

BASSO INVESTORS LTD 11

BAY RESOURCES PARTNERS OFFSHORE 22

BEACH HORIZON FUND LTD 37

BEACH POINT TOTAL RETURN OFFSHO 15

BEACONLIGHT OFFSHORE FUND LTD 20

BLACK DIAMOND RELATIVE VALUE LT 40

BLACK DIAMOND, LTD - CLASS B (U 44

BLACKROCK EOS CLASS B USD COMP 41

BLACKROCK MULTI-STRATEGY FUND 44

BLACKROCK 32 CAPITAL MASTER FUN 42

BLACKROCK CAPITAL STRUCTURE INV 44

BLACKROCK FIXED INCOME GLOBAL A 28

BLACKROCK OBSIDIAN FUND 28

BLACKROCK UK EQUITY HEDGE FUND 21

BLUE SKY JAPAN LTD - CLASS A 21

BLUECREST CAPL INTL LTD A USD 44

BLUECREST EMERGING MARKETS FUND 34

BLUECREST MULTI STRATEGY CREDIT 12

BLUEMATRIX FUND CLASS -A- USD 41

BLUEMOUNTAIN CREDIT ALTERNATIVE 12

BLUEMOUNTAIN EQUITY ALTERNATIVE 47

BLUEMOUNTAIN LONG SHORT CREDIT 12

BLUETREND FUND, LTD - CLASS A 37

BNY MELLON ARX BRAZIL FUND SPC 17

BORONIA DIVERSIFIED FUND MASTER 37

BOUSSARD & GAVAUDAN HOLDING., L 44

BREVAN HOWARD ASIA FUND LIMITED 34

BREVAN HOWARD COMMODITIES STRAT 33

BREVAN HOWARD CREDIT CATALYSTS 12

BREVAN HOWARD EM. MKT STRATEGIE 34

BREVAN HOWARD FUND, LTD - USD C 34

BREVAN HOWARD INVEST. FUND - EM 36

BREVAN HOWARD INVESTMENT FUND I 33

BREVAN HOWARD M/S FUND, LTD – C 44

BRIGADE LEVERAGED CAPITAL STRUC 13

BRUMMER MULTISTRATEGY 2XL, LTD 44

BRYN MAWR OFFSHORE LTD 42

BTG PACTUAL DISTRESSED MORTGAGE 15

BTG PACTUAL GLOBAL EM. MKTS AND 34

C

CANTAB CAPITAL PARTNERS QUANTIT 38

CANTAB QUANTITATIVE UCITS FUND 38

CANYON BALANCED FUND LTD - CLAS 14

CANYON VALUE REALIZATION FD, LT 14

CAPEVIEW AZRI FUND 18

CAPITAL FUND, LTD (THE) 34

CAPULA GLOBAL RELATIVE VALUE FU 28

CAPULA TAIL RISK FUND LTD Share 34

CASTLEROCK FUND LTD 22

CAXTON GLOBAL INVESTMENT LTD 35

CAZENOVE EURO EQ ABS RETURN FUN 19

CAZENOVE UK ABSOLUTE TARGET FUN 40

CC ASIA ABSOLUTE RETURN FUND 16

CCI HEALTHCARE PARTNERS LTD 23

CENTAUR COMMERCIAL MATERIALS FU 11

CENTAURUS INTERNATIONAL RISK AR 43

CERBERUS INTL. LTD 14

CHILTON CHINA OPPORTUNITIES FUN 16

CLIVE FUND (The ) Class - A - 33

COBALT OFFSHORE LTD 22

COELI POWER SURGE FUND LTD 37

COMAC GLOBAL MACRO FUND 35

CONQUEST MACRO FUND, LTD (COMP) 38

CONTRARIAN CAPITAL FUND I OFFSH 14

CONTRARIAN EMERGING MARKETS OFF 44

CQS ABS FEEDER FUND - CLASS -B- 12

CQS ASIA FEEDER FUND LTD- CLAS 11

CQS CONV & QUANT STRATS FEED FD 11

CQS CREDIT LONG SHORT FEEDER FU 12

CQS DIRECTIONAL OPP. FEEDER FUN 44

CQS DIVERSIFIED FUND (SPC) LTD 44

CRABEL FUND SPC LTD CLASS A 38

D

DAVIDSON KEMPNER DIST. OPP. INT 14

DAVIDSON KEMPNER INTL, LTD - CL 26

DB EQUILIBRIA JAPAN FUND 40

DB EQUILIBRIA JAPAN FUND LTD 2X 40

DIAMOND CAPITAL MANAGEMENT 31

DISCOVERY GLOBAL OPPORTUNITY FU 34

DISCUS FEEDER LTD CL. B USD STA 38

DKR QUANTITATIVE STRATS FUND, L 38

DORSET ENERGY FUND, LTD - CLASS 23

DOUBLE BLACK DIAMOND LTD - SERI 45

DOUBLE HAVEN CREDIT OPPORTUNIT 13

DRAKE GLOBAL OPPORTUNITIES FUND 28

DUET GLOBAL FUND PLUS 16

DYMON ASIA MACRO FUND COMPOSITE 33


E

EAGLE GLOBAL FUND 38

EGERTON EUROPEAN DOLLAR CLASS - 20

EGERTON EUROPEAN EQUITY EUR - C 19

ELEMENT CAPITAL FUND 35

ELLERSTON ASIA PACIFIC FUND 17

ELLERSTON GEMS - CLASS A 20

ELM RIDGE VALUE PARTNERS OFFSHO 22

EMF FIXED INCOME FUND, LTD 28

EMINENCE FUND LTD A 22

ENNISMORE EUROPEAN SMALLER COMP 24

EPISODE INC. CLASS A 35

EVEREST CAPITAL ASIA 17

EVEREST CAPITAL FRONTIER MARKET 18

EXANE ARCHIMEDES FUND CLASS A C 25

EXANE MICROMEGAS FUND LTD- CLAS 40

EXANE TEMPLIERS FUND 20

F

FEINGOLD OKEEFFE CAPITAL I OFFS 12

FINISTERRE SOVEREIGN DEBT FUND 12

FIREBIRD NEW RUSSIA FUND, LTD - 18

FIREBIRD REPUBLICS FUND, LTD 18

FORE MULTI STRATEGY FUND LTD 13

FORTRESS ASIA MACRO FUND 34

FORTRESS MACRO FUND LTD. CLASS 35

G

GABELLI ASSOCIATES LIMITED - CL 43

GAM DIVERSITY I INC - US$ CLASS 31

GAM DIVERSITY II INC - US$ CLAS 31

GAM GLOBAL RATES HEDGE FUND 35

GAM TRADING II USD 31

GAMUT INVESTMENTS 35

GAVEA FUND LTD . CLASS A S/1 34

GEOSPHERE DIRECTIONAL FUND LTD 16

GEOSPHERE FUND, LTD 16

GLC BEHAVIOURAL TREND FUND LTD 38

GLC DIRECTIONAL FUND LTD 38

GLC DIVERSIFIED FUND LTD -A- 45

GLC GESTALT EUROPE FUND, LTD A/ 41

GLC GLOBAL MACRO FUND LTD 35

GLENROCK GLOBAL PARTNERS (BVI) 20

GLG EUROPEAN EQUITY ALTERNATIVE 16

GLG EUROPEAN LONG SHORT FUND CL 41

GRACIE CREDIT OPPORTUNITIES L.P 12

GRADIENT EUROPE FUND (THE) 19

GRAHAM GIF II PROPRIETARY MATRI 38

GRAHAM GLOBAL INVESTMENT FUND I 38

GRAHAM GLOBAL INVESTMENT FUND I 38

GRAHAM GLOBAL INVESTMENT FUND- 35

GRAHAM GLOBAL INVESTMENT FUND- 35

GREEN FUND LLC GREEN CLASS 34

GREEN T G2 FUND 12

GREENLIGHT CAPITAL OFFSHORE, LT 24

GROWTH MANAGEMENT LTD 18

GRT TOPAZ OFFSHORE PARTNERS, LT 24

GSA CAPITAL INTERNATIONAL FUND, 41

H

HABROK LTD 19

HALCYON OFF. ASSET-BACKED VALUE 15

HARMONIC ALPHA PLUS MACRO FUND 35

HENDERSON EUROPEAN ABS RETURN F 19

HENDERSON JAPAN ABS RETURN FD, 21

HIGHBRIDGE CAPITAL CORPORATION 45

HIGHBRIDGE LONG/SHORT EQUITY FU 22

HIGHBRIDGE QUANTITATIVE COMMODI 38

HIGHBRIDGE QUANTITATIVE COMMODI 38

HIGHBRIDGE STATISTICAL OPP. LTD 42

HORSEMAN GLOBAL FUND USD 20

HSBC ALPHA FUND LTD - HSBC EURO 19

HSBC ASIAN ADVANTEDGE FUND 30

HSBC CREDIT MARKET OPPORTUNITIE 30

HSBC EMERGING ADVANTEDGE FUND 30

HSBC EUROPEAN ALPHA FUND -EUR 19

HSBC GH FUND USD 31

HSBC GIF GEM EQUITY ABSOLUTE RE 18

HSBC HEDGE INVESTMENTS FUND 31

HSBC INDIA ALPHA FUND 18

HSBC LEVERAGED GH FUND 31

HSBC MAA FUND USD 30

HSBC NEXT GENERATION FUND Share 30

HSBC QUANT ALTERNATIVE FUND GL. 28

HSBC QUANT ALTERNATIVE FUND GL. 28

HSBC SPECIAL OPPORTUNITIES FUND 30

HSBC TRADING ADVANTEDGE FUND 31

HSBC UCITS ADVANTEDGE FUND -USD 31

HT ASIAN CATALYST FUND LLC 17

HUDSON BAY INTERNATIONAL FUND L 41

HUTCHIN HILL CAPITAL OFFSHORE F 45

I

III FUND LTD 28

III RELATIVE VALUE CREDIT STRAT 28

INVESTCORP STONEWORKS GLOBAL MA 35

IVORY CAPITAL FLAGSHIP STRATEGY 22

J

JABCAP GLOBAL BALANCED FUND LTD 45

JABCAP GLOBAL CONVERTIBLE FUND 11

JABCAP MULTI STRATEGY FUND LTD 45

JAMES ALPHA SMALL CAP FUND LTD 22

JOHO FUND, LTD-A- 17

JPMORGAN PORT. STRAT. FUNDS-EUR 19

K

KALTCHUGA FUND - RUSSIA EQ. SUB 18

KEYNES LEVERAGED QUANTITATIVE S 38

KIMA PAN ASIA OFFSHORE FUND - C 17

KINETICS FUND, INC - A/A 22

KING STREET CAPITAL, LTD 14

KING STREET EUROPE LTD CLASS A 14

KLS DIVERSIFIED FUND LTD 29

KROM RIVER COMMODITY FUND 33

L

LANSDOWNE DEVELOPED MARKET FUND20

LANSDOWNE EURO EQTY FD, LTD - A 19

LANSDOWNE GLOBAL FINANCIALS FUN 23

LAZARD RATHMORE FUND - CLASS A- 11

LC CAPITAL OFFSHORE FUND, LTD 14

LIM ASIA MULTI-STRATEGY FUND CL 41

LIM JAPAN FUND 46

LINDEN INTERNATIONAL LTD 45


LION FUND, LTD (THE) 43

LIONTRUST EMERGING MARKETS ABS 18

LONDON DIVERSIFIED FUND, LTD - 28

LUCIDUS CAPITAL G4 FUND 12

LYNX (BERMUDA) LTD 37

M

M. KINGDON OFFSHORE NV - A/1 20

MACQUARIE ASIAN ALPHA FUND 41

MADISON STREET FUND L.P. 22

MAN AHL DIVERSIFIED PLC 39

MARATHON OVERSEAS FUND, LTD - A 28

MARATHON VERTEX JAPAN FD, LTD C 21

MARCATO INTERNATIONAL LTD 27

MARINER-TRICADIA CREDIT STRATEG 12

MARLIN FUND LP 22

MARSHALL WACE - MW CORE A USD 19

MARSHALL WACE - MW EUREKA A1 EU 20

MARSHALL WACE - MW EUROPEAN TOP 19

MARSHALL WACE - MW GLOBAL FINAN 23

MARSHALL WACE - MW GLOBAL OPPOR 21

MARSHALL WACE - MW MARKET NEUTR 40

MARTIN CURRIE ARF - GLOBAL RESO 16

MARTIN CURRIE ARF - JAPAN FUND 21

MARTIN CURRIE EUROPEAN HEDGE FU 19

MASTERS FUND LTD MAGNOLIA SERIE 30

MAVERICK FUND, LTD - CLASS A/1 21

MBAM ACTIVE LONG SHORT 19

MELLON OFF GLOB OPP FUND LTD - 35

MELLON OFF. ALPHAACCESS FUND LT 35

MERCHANT COMMODITY FUND (THE) - 33

MILLENNIUM INTL LTD 45

MKP CREDIT OFFSHORE FUND 13

MKP OPPORTUNITY OFFSHORE, LTD 35

MLIS - CCI HEALTHCARE LONG SHOR 23

MLIS - MARSHALL W. TOPS UCITS 40

MLIS OZ EUROPE UCITS FUND CLASS 26

MLM MACRO PEAK PARTNERS OFFSH F 35

MONARCH DEBT RECOVERY FUND LTD 14

MONEDA ABSOLUTE RETURN LTD 26

MOORE EMERGING EQUITY L/S FUND 18

MOORE EMERGING FX . INC & CRY F 34

MOORE GLOBAL INV FD, LTD - A $ 36

MOORE MACRO MANAGERS FUND, LTD 36

MS ASCEND UCITS FUND CLASS I EU 21

N

NEVSKY FUND PLC (COMPOSITE) 21

NEZU CYCLICALS FUND LTD 17

NORDIC ALPHA CLASS B - NOK 19

O

OCCO EASTERN EUROPEAN FUND 18

OCEANIC HEDGE FUND - CLASS A 16

OCP DEBT OPPORTUNITY INTERNATIO 13

OCTAGON PAN ASIA FUND 17

ODEY EUROPEAN, INC (EUR) 19

OMEGA OVERSEAS PARTNERS, LTD C 22

ONE WILLIAM STREET CAPITAL FUND 13

ONSLOW MACRO FUND CLASS A 36

ORTUS FUND (CAYMAN) LTD 37

OWL CREEK OVERSEAS FUND, LTD 26

P

PALOMINO FUND LTD CLASS B ORIGI 12

PAULSON ADVANTAGE LTD -A- 26

PAULSON ADVANTAGE PLUS LTD 26

PAULSON CREDIT OPPORTUNITIES LT 14

PAULSON ENHANCED LTD 43

PAULSON INTERNATIONAL, LTD 43

PAULSON RECOVERY FUND LTD 26

PELHAM LONG/SHORT FUND LTD CLAS 19

PENSATO EUROPA FUND LTD EURO CL 20

PERCEPTIVE LIFE SCIENCES OFFSH 24

PERRY PARTNERS INTERNATIONAL IN 26

PERSHING SQUARE INTL.LTD 26

PHARO MACRO FUND LTD 36

PHARO TRADING FUND 34

PIMCO ABSOLUTE RETURN STRATEGY 28

PIMCO MULTI-ASSET VOLATILITY FU 47

PINE RIVER ASIA FUND 11

PINE RIVER CONVERTIBLES FUND 11

PINE RIVER FIXED INCOME FUND LT 28

PINE RIVER FUND CLASS -B1- SHAR 45

PINE RIVER LIQUID MORTGAGE FUND 28

PINPOINT CHINA FUND CLASS A USD 17

PINPOINT MULTI-STRATEGY FUND 36

PLATINUM FUND LTD 21

PLATINUM PARTNERS VALUE ARBITRA 45

POLAR CAPITAL EUROP CONVICTION 20

POLAR CAPITAL EUROPEAN FORAGER 24

POLLUX BRAZILIAN EQUITIES FUND 18

PROLOGUE FEEDER FUND, LTD. CLAS 29

Q

QFS CURRENCY FUND, LTD CLASS B 33

QVT OVERSEAS, LTD - B - Serie 1 45

R

RAB SPECIAL SITUATION FD LTD 24

REAL RETURN ASIAN FUND LTD (THE 17

REDWOOD OFFSHORE FUND 15

RENAISSANCE INSTITUTIONAL EQUIT 22

RENAISSANCE INSTITUTIONAL FUTUR 39

REVELATION SPECIAL SITUATIONS F 26

RHINE ALPHA STARS LTD 20

ROSEMONT OFFSHORE FUND LTD CLAS 42

RUBICON GLOBAL FUND, LTD 36

RUSSIAN PROSPERITY FUND - A 32

RWC SAMSARA FUND CLASS A EURO 20

RWC US ABSOLUTE ALPHA FUND - CL 23

S

SAB OVERSEAS FUND LTD 23

SABA CAPITAL OFFSHORE FUND LTD 13

SEGANTII ASIA-PACIFIC EQUITY MU 46

SELIGMAN TECH SPECTRUM FUND CLA 25

SEMINOLE OFFSHORE FUND 23

SENVEST PARTNERS, LTD - CLASS A 24

SHEPHERD INVEST LTD CLASS -A -C 45

SIERRA EUROPE OFFSHORE, LTD - U 20

SILVER POINT CAPITAL OFFSHORE L 14

SOFAER CAPL ASIAN HEDGE FD (Net 17

SOMERSET SPECIAL OPPORTUNITIES 26


SPINNAKER GLOB OPP FUND, LTD CO 34

SPINNAKER GLOBAL EMERGING MARKE 44

SPINNER GLOBAL TECHNOLOGY FUND, 25

SR GLOBAL FUND - B - ASIA (Real 17

SR GLOBAL FUND C - INTERNATIONA 21

SR GLOBAL FUND G - EMERGING MKT 18

SR GLOBAL FUND H - JAPAN (Real 21

SR PHOENICIA INC CLASS -A- SERI 18

STANDARD PACIFIC CAPITAL -B- 21

STONE LION FUND LTD CLASS A 14

STRATEGIC VALUE RESTRUCTURING F 14

STRATUS FUND LIMITED CLASS B 45

T

TALENTUM ENHANCED FUND LIMITED 40

TEWKSBURY INVESTMENT FUND, LTD 39

THEOREMA EUROPE FUND PLUS LTD B 20

THIRD POINT OFFSHORE 26

THIRD POINT ULTRA 27

TILDEN PARK OFFSHORE INVESTMENT 13

TOSCA CLASS A - USD 23

TRADELINK INTEGRATED PROGRAM LT 39

TRAXIS FUND LP (OFFSHORE) 36

TRAXIS SIVIK GLOBAL HEALTHCARE 25

TT INTERNATIONAL FUND 36

TT MID-CAP EUROPE LONG/SHORT FU 20

TUDOR B.V.I GLOBAL FUND LTD -A- 36

TUDOR B.V.I GLOBAL FUND LTD -A- 36

TUDOR TENSOR FUND LIMITED CLASS 39

TULIP TREND FUND, LTD - A 39

TWO SIGMA ABSOLUTE RETURN FUND 41

TWO SIGMA COMPASS CAYMAN FUND 39

TWO SIGMA HORIZON CAYMAN LTD 45

TYRUS CAPITAL EVENT FUND LTD 27

TYRUS CAPITAL OPPORTUNITIES FUN 27

V

VAN ECK HARD ASSETS 2X FUND LTD 16

VISIUM BALANCE OFFSHORE FUND CL 25

VISIUM CREDIT OPPORTUNITIES FUN 13

VISIUM GLOBAL OFFSHORE FUND LTD 45

VISIUM INSTITUTIONAL PARTNERS F 24

VR GLOBAL OFFSHORE FUND LTD 14

W

WATERSTONE MKT NEUT OS FUND, LT 11

WEISS MULTI-STRATEGY PARTNERS ( 45

WF ASIA FUND LTD S/1 17

WINTON EVOLUTION FUND (THE) 46

WINTON FUTURES FUND - CLASS B 39

Y

YORK INVESTMENT LTD -CLASS A-U/ 27

Z

ZADIG FUND CLASS A1 20

ZAXIS OFFSHORE LTD - CLASS A/1 24

ZWEIG-DIMENNA INTL LIMITED - CL 23


TopInvestment Funds Return DateTULIP TREND FUND, LTD - A 27.84 31 Jul 12

HARMONIC ALPHA PLUS MACRO FUND - USD CLASS 22.80 27 Jul 12

BLACKROCK OBSIDIAN FUND 20.34 30 Jun 12

MAVERICK FUND, LTD - CLASS A/1 20.17 27 Jul 12

HORSEMAN GLOBAL FUND USD 18.41 31 Jul 12

PINE RIVER FIXED INCOME FUND LTD 18.27 27 Jul 12

BTG PACTUAL DISTRESSED MORTGAGE FUND 18.10 30 Jun 12

MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B 17.82 31 Jul 12

CQS DIRECTIONAL OPP. FEEDER FUND. Ltd – A NI USD 17.34 30 Jun 12

CANTAB CAPITAL PARTNERS QUANTITATIVE FUND US$ARISTARCHUS SH.

17.10 31 Jul 12

HSBC INDIA ALPHA FUND 16.31 27 Jul 12

TILDEN PARK OFFSHORE INVESTMENT FUND LTD 15.87 30 Jun 12

WF ASIA FUND LTD S/1 15.83 31 Jul 12

EMINENCE FUND LTD A 15.38 31 Jul 12

NEVSKY FUND PLC (COMPOSITE) 15.17 30 Jun 12

TALENTUM ENHANCED FUND LIMITED - A - 15.13 27 Jul 12

RHINE ALPHA STARS LTD 14.78 27 Jul 12

BTG PACTUAL GLOBAL EM. MKTS AND MACRO FUND 14.07 13 Jul 12

PINE RIVER LIQUID MORTGAGE FUND LTD 13.97 27 Jul 12

ADELPHI EUR. FUND $ (A) 13.45 31 Jul 12

BottomInvestment Funds Return DatePAULSON ADVANTAGE PLUS LTD -17.67 30 Jun 12

BLUE SKY JAPAN LTD - CLASS A -16.23 30 Jun 12

MOORE EMERGING EQUITY L/S FUND LTD -A- -14.71 19 Jul 12

CONQUEST MACRO FUND, LTD (COMP) -14.66 31 Jul 12

SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -14.12 31 Jul 12

ARMAJARO STS COMMODITIES FUND CLASS -Z- -12.56 30 Jun 12

PAULSON ADVANTAGE LTD -A- -11.58 30 Jun 12

OCEANIC HEDGE FUND - CLASS A -11.36 31 Jul 12

SOFAER CAPL ASIAN HEDGE FD (Net Index) -9.14 30 Jun 12

PHARO TRADING FUND -9.10 13 Jul 12

CAPULA TAIL RISK FUND LTD Share Class C Series 1 -8.97 27 Jul 12

3G BRAZIL OFFSHORE FUND LTD -8.80 30 Jun 12

ELM RIDGE VALUE PARTNERS OFFSHORE, INC - A -8.67 30 Jun 12

EPISODE INC. CLASS A -8.54 27 Jul 12

DORSET ENERGY FUND, LTD - CLASS A -7.37 27 Jul 12

JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI -7.36 24 Jul 12

KIMA PAN ASIA OFFSHORE FUND - CLASS -A- -6.85 13 Jul 12

RUBICON GLOBAL FUND, LTD -6.75 27 Jul 12

COELI POWER SURGE FUND LTD -6.41 30 Jun 12

ONSLOW MACRO FUND CLASS A -6.26 30 Jun 12

This ranking is for information only and should not be considered as exhaustive.


TopInvestment Funds Return DateSEGANTII ASIA-PACIFIC EQUITY MULTI-STRATEGY FUND 40.75 31 Dec 11

RENAISSANCE INSTITUTIONAL EQUITIES LP (B) 34.16 31 Dec 11

MARSHALL WACE - MW GLOBAL OPPORTUNITIES A USD 27.16 31 Dec 11

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE)- A/1

24.92 31 Dec 11

BLACKROCK CAPITAL STRUCTURE INVESTMENTS FUNDLTD

22.94 31 Dec 11

DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE 21.95 31 Dec 11

PIMCO MULTI-ASSET VOLATILITY FUND LTD 20.36 31 Dec 11

DYMON ASIA MACRO FUND COMPOSITE 20.11 31 Dec 11

BLACKROCK FIXED INCOME GLOBAL ALPHA FUND 19.93 31 Dec 11

PLATINUM PARTNERS VALUE ARBITRAGE INT. FUNDLTD

19.61 31 Dec 11

STRATUS FUND LIMITED CLASS B 15.63 31 Dec 11

GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A 15.20 31 Dec 11

CANTAB CAPITAL PARTNERS QUANTITATIVE FUND US$ARISTARCHUS SH.

12.84 31 Dec 11

BREVAN HOWARD FUND, LTD - USD CLASS A 12.15 31 Dec 11

AMAZON MARKET NEUTRAL FUND CLASS A USD 11.56 31 Dec 11

MKP OPPORTUNITY OFFSHORE, LTD 11.42 31 Dec 11

ENNISMORE EUROPEAN SMALLER COMPANIES 11.36 31 Dec 11

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP 11.24 31 Dec 11

CAPULA TAIL RISK FUND LTD Share Class C Series 1 10.82 31 Dec 11

III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 10.36 31 Dec 11

BottomInvestment Funds Return DatePAULSON ADVANTAGE PLUS LTD -52.64 31 Dec 11

HENDERSON EUROPEAN ABS RETURN FD, LTD USD -42.01 31 Dec 11

PAULSON ADVANTAGE LTD -A- -35.96 31 Dec 11

MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B -35.04 31 Dec 11

SENVEST PARTNERS, LTD - CLASS A -33.96 31 Dec 11

MERCHANT COMMODITY FUND (THE) - COMPOSITE -30.07 31 Dec 11

ALTIS MASTER FUND ICC - GLOBAL FUTURESPORTFOLIO IC

-29.61 31 Dec 11

PAULSON RECOVERY FUND LTD -27.92 31 Dec 11

JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI -27.33 31 Dec 11

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI -25.65 31 Dec 11

SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -24.27 31 Dec 11

CASTLEROCK FUND LTD -23.84 31 Dec 11

BLUE SKY JAPAN LTD - CLASS A -23.24 31 Dec 11

CHILTON CHINA OPPORTUNITIES FUND LTD -23.21 31 Dec 11

LIONTRUST EMERGING MARKETS ABS RETURN FUNDCLASS B

-22.97 31 Dec 11

ARMAJARO EMERGING MARKETS FUND CLASS -A- -22.31 31 Dec 11

SR GLOBAL FUND - B - ASIA (Real Perf) -21.86 31 Dec 11

PAULSON ENHANCED LTD -21.55 31 Dec 11

TRADELINK INTEGRATED PROGRAM LTD -21.27 31 Dec 11

SR PHOENICIA INC CLASS -A- SERIES 1 -20.97 31 Dec 11



TopInvestment Funds Return DateVR GLOBAL OFFSHORE FUND LTD 58.35 31 Dec 10

HENDERSON EUROPEAN ABS RETURN FD, LTD USD 41.65 31 Dec 10

MARLIN FUND LP 41.63 31 Dec 10

SENVEST PARTNERS, LTD - CLASS A 39.59 31 Dec 10

TULIP TREND FUND, LTD - A 38.39 31 Dec 10

THIRD POINT ULTRA 37.91 31 Dec 10

JAMES ALPHA SMALL CAP FUND LTD 35.90 31 Dec 10

THIRD POINT OFFSHORE 33.75 31 Dec 10

CONTRARIAN EMERGING MARKETS OFF FUND LTD 33.16 31 Dec 10

MOORE EMERGING EQUITY L/S FUND LTD -A- 32.18 31 Dec 10

PINE RIVER FIXED INCOME FUND LTD 31.84 31 Dec 10

VISIUM CREDIT OPPORTUNITIES FUND 31.67 31 Dec 10

CQS DIRECTIONAL OPP. FEEDER FUND. Ltd – A NI USD 31.45 31 Dec 10

HIGHBRIDGE QUANTITATIVE COMMODITIES FUNDCLASS A

31.32 31 Dec 10

KINETICS FUND, INC - A/A 30.80 31 Dec 10

EVEREST CAPITAL FRONTIER MARKETS 30.64 31 Dec 10

JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMICL/S FUND-A10-03

28.88 31 Dec 10

QFS CURRENCY FUND, LTD CLASS B SHARES (INDEX) 28.78 31 Dec 10

BLACKROCK OBSIDIAN FUND 28.71 31 Dec 10

ANTARES EUROPEAN FUNDS, LTD - USD 28.25 31 Dec 10

BottomInvestment Funds Return DateGLC GESTALT EUROPE FUND, LTD A/1 -13.42 31 Dec 10

CAZENOVE EURO EQ ABS RETURN FUND LIMITEDCLASS B

-12.05 31 Dec 10

SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -11.82 31 Dec 10

GLC DIVERSIFIED FUND LTD -A- -11.56 31 Dec 10

SOFAER CAPL ASIAN HEDGE FD (Net Index) -10.14 31 Dec 10

GLC GLOBAL MACRO FUND LTD -10.04 31 Dec 10

INVESTCORP STONEWORKS GLOBAL MACRO FUND LTD -9.08 31 Dec 10

DOUBLE HAVEN CREDIT OPPORTUNITIES 04/04 -8.53 31 Dec 10

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP -7.62 31 Dec 10

RAB SPECIAL SITUATION FD LTD -7.59 31 Dec 10

DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE -6.67 31 Dec 10

LIONTRUST EMERGING MARKETS ABS RETURN FUNDCLASS B

-5.14 31 Dec 10

GLC DIRECTIONAL FUND LTD -4.79 31 Dec 10

RWC US ABSOLUTE ALPHA FUND - CLASS B -4.56 31 Dec 10

SR GLOBAL FUND H - JAPAN (Real Perf) -4.22 31 Dec 10

GAM DIVERSITY II INC - US$ CLASS -3.40 31 Dec 10

SIERRA EUROPE OFFSHORE, LTD - USD/A -3.08 31 Dec 10

OCTAGON PAN ASIA FUND -2.68 31 Dec 10

POLLUX BRAZILIAN EQUITIES FUND -2.62 31 Dec 10

GAM DIVERSITY I INC - US$ CLASS -2.55 31 Dec 10



InceptionDates

Liquidity AssetSize

Last NAV orIndex

Date MTD YTD 2011 2010 2009 Ann. Return Ann. Vol MaxDrawdown1

ConvertibleYtd Avg. 2012 3.08%

Convertible/AsiaYtd Avg. 2012

3.55%

CQS ASIA FEEDER FUND LTD- CLASS -B-Michael Hintze, Jean-Christophe Blanc

30 Apr 07 Q $94 MMay 12

1,201.37 30 Jun12

0.48% 1.69% -4.26% 10.74% 31.07% 3.61% 8.73% (24.55%)Oct 07 - Oct 08

PINE RIVER ASIA FUNDNikhil Mankodi

30 Jun 04 Q $242 MJul 12

1,513.82 30 Jun12

0.13% 5.41% 0.67% 12.99% 49.63% 5.32% 12.09% (37.86%)Jan 08 - Dec 08

Convertible/GlobalYtd Avg. 2012

2.25%

BASSO INVESTORS LTDHoward Fischer

30 Sep 95 Q $433 MMar 12

6,065.84 27 Jul 12 1.04% 4.62% 2.61% 17.15% 54.31% 11.30% 6.19% (25.00%)Dec 07 - Oct 08

CENTAUR COMMERCIAL MATERIALS FUND LTDCarrigaholt Holdings Ltd

28 Feb 98 M $126 MMay 12

255.11 30 Jun12

(1.34%) (1.71%) 5.75% 4.15% 33.39% 6.75% 5.50% (24.49%)May 07 - Nov 08

CQS CONV & QUANT STRATS FEED FD, LTD CLASS-A-N/RMichael Hintze/ Oliver Dobbs

29 Feb 04 M $570 MJun 12

2,794.39 30 Jun12

1.07% 4.13% -1.85% 8.04% 31.25% 3.87% 9.24% (34.03%)Oct 07 - Dec 08

JABCAP GLOBAL CONVERTIBLE FUND - D1UnrestrictedPhilippe Jabre

30 Apr 07 N/A $ 351 MMar 12

145.45 24 Jul 12 (0.07%) 0.89% -14.15% 8.45% 69.6% 7.41% 14.34% (28.61%)May 08 - Nov 08

LAZARD RATHMORE FUND - CLASS A-2Sean Reynolds, Christopher Sferruzzo

31 May 07 Q/M $1'148 MJun 12

190.10 31 Jul 12 0.96% 3.32% -1.65% 16.97% 64.1% 13.22% 9.63% (16.23%)Aug 08 - Nov 08

Convertible/USAYtd Avg. 2012

4.66%

PINE RIVER CONVERTIBLES FUNDFranklin Parlamis

31 Jul 09 Q $134 MJul 12

159.49 30 Jun12

1.91% 4.17% 4.98% 22.41% 19.14% 17.35% 7.55% (3.80%)Apr 10 - Jun 10

WATERSTONE MKT NEUT OS FUND, LTDShawn Bergerson

31 Jul 03 Q $1'555 MJun 12

230.95 27 Jul 12 0.05% 5.16% 0.73% 6.1% 49.27% 9.75% 10.64% (17.56%)Aug 08 - Oct 08

1. Max Drawdown: Peak to trough.


InceptionDates

Liquidity AssetSize

Last NAV orIndex


CreditYtd Avg. 2012 4.98%

Credit/EmergingYtd Avg. 2012

(2.52%)

FINISTERRE SOVEREIGN DEBT FUNDPaul Crean and Xavier Corin-Mick

31 Mar 03 Q $741 MJun 12

234.56 30 Jun12

2.23% (2.52%) 10.35% 12.04% 50.9% 9.65% 7.58% (21.00%)Jun 08 - Oct 08

Credit/GlobalYtd Avg. 2012

4.64%

AG MORTGAGE VALUE PARTNERS LTDJonathan Lieberman

30 Apr 09 Q $536 MApr 12

180.38 30 Jun12

1.20% 8.21% 7.42% 24.06% 25.08% 20.45% 4.75% (1.54%)Jul 11 - Sep 11

ARISTEIA INTERNATIONAL LTDAnthony M. Frascella, William R. Techar

01 Aug 97 Q $1'400MMar 12

764.47 30 Jun12

0.20% 6.69% 2.36% 10.5% 66.97% 14.60% 9.42% (30.20%)May 08 - Dec 08

BLUECREST MULTI STRATEGY CREDIT FUNDBluecrest Capital Management LLP

30 Nov 07 Q $1'200 MFeb 12

143.42 30 Jun12

1.52% 4.04% -1.59% 1.85% 13.11% 6.29% 6.15% (7.62%)Apr 11 - Jan 12

BLUEMOUNTAIN CREDIT ALTERNATIVES FUNDAndrew T. Feldstein

31 Oct 03 Q $4'061 MApr 12

230.55 27 Jul 12 0.73% 10.98% 3.57% 12.19% 37.59% 10.02% 6.71% (11.82%)Aug 08 - Dec 08

BLUEMOUNTAIN LONG SHORT CREDIT FUND LTDDerek Smith

31 Jan 10 M $903 MMar 12

1,046.25 27 Jul 12 0.54% 4.63% 3.65% 9.76% 7.25% 4.19% (3.43%)Apr 11 - Sep 11

BREVAN HOWARD CREDIT CATALYSTS FUND LTDCLASS A USDDW Investment Management ,LP

31 Jul 09 M $2'667 MJun 12

143.72 20 Jul 12 0.11% 7.26% 1.22% 13.46% 16.68% 12.98% 5.14% (5.05%)May 11 - Dec 11

CQS ABS FEEDER FUND - CLASS -B-Alistair Lumsden,

30 Sep 06 Q $2'125 MJun 12

4,160.83 30 Jun12

(0.58%) 5.67% 0.67% 19.2% 28.53% 28.12% 12.99% (3.86%)Apr 07 - Jun 07

CQS CREDIT LONG SHORT FEEDER FUND LTD - B1EURSimon Finch

30 Apr 09 M $233MJun 12

1,190.40 30 Jun12

0.19% 0.44% 7.74% 8.75% 1.98% 5.92% 3.82% (2.96%)Sep 11 - Mar 12

FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTDAndrea S. Feingold & R. Ian O’Keeffe

31 Jul 02 Q $62 MFeb 12

224.73 31 Jul 12 0.75% 4.67% -9.97% 20.28% 55.27% 8.43% 8.38% (29.78%)Jun 07 - Dec 08

GRACIE CREDIT OPPORTUNITIES L.P.James Palmisciano

30 Jun 04 Q $2'032MMar 12

207.41 30 Jun12

(2.80%) (2.23%) 0.13% 4.48% 16.29% 9.54% 5.27% (4.17%)Mar 08 - Sep 08

GREEN T G2 FUNDDarryl Green, Geoffrey Sherry

28 Feb 99 Q $952 MJun 12

248.91 20 Jul 12 0.36% 0.53% 0.8% 5.88% 4.6% 7.04% 3.69% (4.26%)Dec 03 - Jul 04

LUCIDUS CAPITAL G4 FUNDDarryl Green, Geoffrey Sherry

28 Feb 11 Q $256 MJun 12

102.61 27 Jul 12 1.16% 1.55% 1.04% 1.84% 2.92% (1.97%)Feb 11 - Jun 11

MARINER-TRICADIA CREDIT STRATEGIES, LTDArif Inayatullah & Michael Barnes

31 Mar 05 Q $1'414 MJun 12

289.12 13 Jul 12 (0.37%) 4.40% -0.81% 10.19% 26.45% 15.68% 8.16% (10.77%)Jun 08 - Nov 08

PALOMINO FUND LTD CLASS B ORIGINAL SERIESDavid Tepper

31 Dec 94 Y $4'948 MApr 12

5,731.05 30 Jun12

0.70% 13.31% -3.53% 27.86% 129.52% 26.01% 20.80% (49.05%)Feb 98 - Sep 98



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Credit/GlobalYtd Avg. 2012

4.64%

SABA CAPITAL OFFSHORE FUND LTDSaba Capital mgmt

31 Jul 09 Q $3'997MMay 12

131.82 20 Jul 12 (1.62%) 0.75% 9.33% 10.85% 7.96% 9.74% 3.09% (1.62%)Jun 12 - Jul 12

VISIUM CREDIT OPPORTUNITIES FUNDVisium Asset Management

30 Apr 09 Q $ 421 MJun 12

164.33 27 Jul 12 0.90% 3.37% 0.68% 31.67% 19.91% 16.55% 5.90% (5.89%)Jun 11 - Oct 11

Credit/USAYtd Avg. 2012

7.56%

BRIGADE LEVERAGED CAPITAL STRUCTURES FUNDDon Morgan

31 Dec 06 Q $5'461MMay 12

1,457.49 27 Jul 12 0.29% 3.82% 2.45% 7.52% 39.68% 6.99% 7.26% (19.42%)Jun 08 - Dec 08

MKP CREDIT OFFSHORE FUNDPatrick McMahon and Anthony Lembke

28 Feb 99 Y / Q $1'572MMay 12

415.66 27 Jul 12 2.52% 6.22% -5.11% 15.33% 17.06% 11.20% 5.40% (8.94%)Feb 11 - Oct 11

OCP DEBT OPPORTUNITY INTERNATIONAL LTDOnex Credit Partners

30 Jun 01 Q $ 318 MJun 12

239.43 30 Jun12

0.11% 3.83% -1.39% 10.32% 55.18% 8.25% 6.85% (24.14%)Jun 07 - Dec 08

ONE WILLIAM STREET CAPITAL FUNDOWS Capital Management

31 Mar 08 Y / Q $2'035 MJul 12

1,504.24 30 Jun12

0.20% 8.08% -4.31% 18.63% 25.04% 10.12% 6.57% (8.10%)Feb 11 - Nov 11

TILDEN PARK OFFSHORE INVESTMENT FUND LTDTilden Park Capital Management LP

31 Dec 10 Q $427MJun 12

127.54 30 Jun12

1.93% 15.87% 10.07% - 17.62% 4.24% (0.91%)Sep 11 - Oct 11

DiversifiedYtd Avg. 2012 1.22%

Diversified/GlobalYtd Avg. 2012

1.22%

FORE MULTI STRATEGY FUND LTDMatthew Li

31 Mar 04 Q $1'732 MMay 12

292.39 30 Jun12

0.60% 1.22% 7.84% 13.26% 48.29% 13.88% 11.64% (27.01%)Feb 08 - Sep 08

Multi-StrategyYtd Avg. 2012 2.92%

Multi-Strategy/AsiaYtd Avg. 2012

2.92%

DOUBLE HAVEN CREDIT OPPORTUNITIES 04/04Darryl Flint

31 Mar 04 Y / Q $70 MMay 12

1,261.09 24 Jul 12 0.00% 2.92% -4.16% -8.53% 6.27% 2.83% 5.53% (22.20%)Aug 08 - Dec 11



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Distressed SecurityYtd Avg. 2012 6.14%

Distressed Security/EuropeYtd Avg. 2012

3.78%

KING STREET EUROPE LTD CLASS AO. Francis Biondi, Jr., Brian J. Higgins

30 Jun 07 Q $ 600 MMay 12

142.25 20 Jul 12 0.38% 3.78% -4.82% 7.94% 9.91% 7.21% 7.23% (8.56%)May 11 - Nov 11

Distressed Security/GlobalYtd Avg. 2012

5.13%

CANYON BALANCED FUND LTD - CLASS AM.R. Julis & J.S. Friedman

31 May 04 Q $1'558 MMar 12

2,527.39 30 Jun12

0.70% 8.39% -4.57% 14.29% 75.67% 12.15% 11.18% (30.14%)Oct 07 - Nov 08

CANYON VALUE REALIZATION FD, LTD - CLASS AM.R. Julis & J.S. Friedman

31 Dec 94 Q $5'414 MJan 12

5,995.40 30 Jun12

0.82% 9.14% -4.66% 14.66% 59.09% 10.77% 8.72% (28.82%)Oct 07 - Nov 08

CERBERUS INTL. LTDSteve Feinberg

31 May 93 Q $1'776 MFeb 12

714,786.72 30 Jun12

2.31% 3.93% 9.6% 10.32% 2.46% 10.85% 5.39% (22.26%)May 08 - Feb 09

CONTRARIAN CAPITAL FUND I OFFSHORE LTDContrarian Capital Management L.L.C.

30 Sep 86 Y $2'036 MJun 12

1,948.72 30 Jun12

1.19% 9.36% -1.32% 12.38% 42.4% 12.22% 9.89% (33.22%)Jun 07 - Feb 09

DAVIDSON KEMPNER DIST. OPP. INT. LTD - CLASS CTRN 1 -Anthony A. Yoseloff, Avi Z. Friedman and Conor Bastable

31 Mar 05 Y $797 MNov 11

2,009.01 30 Jun12

0.65% 5.30% -2.45% 10.03% 47.15% 10.09% 10.95% (25.73%)Oct 07 - Nov 08

KING STREET CAPITAL, LTDO. Francis Biondi Jr & Brian J. Higgins

31 Dec 96 Q $10'500MMay 12

506.80 20 Jul 12 0.69% 6.00% -1.62% 5.41% 19.73% 10.99% 4.17% (5.21%)May 11 - Nov 11

LC CAPITAL OFFSHORE FUND, LTDSteven G Lampe & Richard F Conway

30 Sep 99 Y / Q $175 MJun 12

343.20 30 Jun12

(0.39%) 1.09% 0.25% 14.51% 24.45% 10.15% 8.92% (34.48%)Jun 07 - Feb 09

MONARCH DEBT RECOVERY FUND LTDMichael Weinstock, Andrew Herenstein

31 Mar 02 Y $1'045 MJan 12

3,013.85 30 Jun12

0.05% 3.78% -0.45% 25.65% 32.62% 11.35% 8.53% (33.02%)Oct 07 - Dec 08

PAULSON CREDIT OPPORTUNITIES LTDJohn Paulson

30 Jun 06 Y $4'083 MJun 12

1,307.53 30 Jun12

(2.13%) 2.71% -18.24% 18.78% 34.55% 53.43% 46.34% (24.80%)Apr 11 - Sep 11

SILVER POINT CAPITAL OFFSHORE LTDEdward Mulé

31 Dec 01 Q $6'696 MFeb 12

3,440.00 13 Jul 12 0.58% 9.01% 4.52% 19.42% 44.25% 12.44% 8.88% (35.48%)Jun 07 - Dec 08

STONE LION FUND LTD CLASS AGreg Hanley and Alan Mintz

31 Oct 08 Q $ 752 MFeb 12

1,828.35 24 Jul 12 1.08% 3.90% 0.05% 9.25% 63.71% 17.55% 9.94% (8.74%)Apr 11 - Sep 11

STRATEGIC VALUE RESTRUCTURING FUNDVictor Khosla

31 Aug 02 Q/Y $1'073 MFeb 12

269.53 20 Jul 12 1.15% 5.44% -11.03% 13.12% 19.12% 10.54% 8.08% (24.47%)May 07 - Jan 09

VR GLOBAL OFFSHORE FUND LTDRichard Deitz

30 Apr 99 Q $1'108 MApr 12

22,221.10 15 Jul 12 1.15% (1.37%) 3.58% 58.35% 82.53% 26.44% 15.57% (48.38%)May 08 - Mar 09



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Distressed Security/USAYtd Avg. 2012

10.04%

BEACH POINT TOTAL RETURN OFFSHORE FUND II,LTDCarl Goldsmith, Scott Klein,

30 Jun 96 Q $ 507 MDec 11

525.90 19 Jul 12 0.74% 7.23% -0.98% 13% 33.6% 10.89% 8.50% (24.04%)Oct 07 - Dec 08

BTG PACTUAL DISTRESSED MORTGAGE FUNDBTG Pactual Global Asset Management

28 Feb 10 Q $ 195 MJun 12

132.38 30 Jun12

1.25% 18.10% -4.65% 17.56% 12.75% 9.45% (13.21%)Apr 11 - Dec 11

HALCYON OFF. ASSET-BACKED VALUE FUND LTDJoseph Wolnick ,Joseph Godley and Jim Coppola

30 Nov 05 Q $2'125 MJun 12

2,328.64 16 Jul 12 0.68% 5.62% 4.12% 25.33% 23.47% 13.60% 5.84% (13.32%)Aug 08 - Mar 09

REDWOOD OFFSHORE FUNDJonathan Kolatch

31 Jul 00 Y $2'597 MMay 12

540.45 30 Jun12

1.00% 9.19% -1.98% 23.48% 78.83% 15.20% 11.45% (36.28%)May 07 - Dec 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex




9.35%

DUET GLOBAL FUND PLUSJason McNab

31 Jul 10 M $ 95 MMar 12

125.40 13 Jul 12 3.50% 9.35% 8.05% 6.14% 12.28% 3.81% (0.87%)Jun 11 - Aug 11

EquityYtd Avg. 2012 4.92%

Equity/EuropeYtd Avg. 2012

4.92%

GLG EUROPEAN EQUITY ALTERNATIVE FUND UCITSAR CL IPierre Lagrange, Simon Savage, Darren Hodges

30 Jun 11 M $ 886 MJun 12

106.88 31 Jul 12 (0.41%) 4.92% 1.87% 6.31% 5.70% (3.22%)Apr 12 - Jul 12

Equity-CommodityYtd Avg. 2012 (1.43%)

Equity-Commodity/GlobalYtd Avg. 2012

(1.43%)

GEOSPHERE DIRECTIONAL FUND LTDArvind Sanger and Prashant Kothari

31 Dec 09 Q $ 10 MJul 12

103.31 30 Jun12

2.30% 2.98% -8.32% 9.42% - 1.31% 10.52% (12.15%)Jul 11 - Dec 11

GEOSPHERE FUND, LTDArvind Sanger and Prashant Kothari

30 Jun 07 Q $ 148 MJun 12

123.63 30 Jun12

2.00% 2.32% -2.21% 6.85% 10.33% 4.33% 7.66% (15.83%)Jun 08 - Oct 08

MARTIN CURRIE ARF - GLOBAL RESOURCESRuairidh Stewart / Duncan Goodwin

30 Sep 03 M $50 MApr 12

16.49 23 Jul 12 (0.02%) (4.55%) -11.36% 4.85% 3.96% 5.83% 10.14% (23.08%)Jun 08 - Jul 12

OCEANIC HEDGE FUND - CLASS ACato Brahde, Andreas Vergottis, Bjorn Rise

31 Jul 02 M $1'152 MJun 12

2,785.66 31 Jul 12 (1.77%) (11.36%) 5.24% -0.5% 8.89% 10.78% 8.48% (12.62%)Nov 11 - Jul 12

VAN ECK HARD ASSETS 2X FUND LTDShawn Reynolds and Charles Cameron

31 Dec 04 M $ 72 MApr 12

177.70 20 Jul 12 2.10% 3.45% -13.4% 10.2% 22.41% 7.90% 11.27% (22.23%)Jun 08 - Nov 08

Equity-DiversifiedYtd Avg. 2012 2.36%

Equity-Diversified/AsiaYtd Avg. 2012

(0.41%)

CC ASIA ABSOLUTE RETURN FUNDRichard Cardiff, Angus Coupland

30 Jun 05 M $379 MJun 12

212.71 30 Jun12

(5.08%) (6.04%) 9.08% 21.14% 17.25% 11.38% 15.70% (27.12%)Dec 07 - Dec 08

CHILTON CHINA OPPORTUNITIES FUND LTDChilton Investments Co., Inc.

31 Dec 06 Q $ 221 MApr 12

164.64 27 Jul 12 (0.14%) (0.69%) -23.21% 0.42% 37.85% 9.35% 18.19% (26.15%)Oct 10 - Jul 12



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Equity-Diversified/AsiaYtd Avg. 2012

(0.41%)

ELLERSTON ASIA PACIFIC FUNDAshok Jacob

31 Aug 07 Q $2'276 MApr 12

102.18 13 Jul 12 0.00% 2.55% -9.3% 17.59% 5.09% 0.44% 8.78% (17.60%)Oct 07 - Feb 09

EVEREST CAPITAL ASIAEverest Capital Limited

31 Dec 05 Q $ 220 MApr 12

184.34 30 Jun12

(3.20%) (3.80%) -12.54% 6.72% 72.88% 9.86% 20.63% (43.59%)Oct 07 - Feb 09

HT ASIAN CATALYST FUND LLCMs. Ophelia Tong

31 Dec 98 M $266 MJun 12

17.97 30 Jun12

(0.17%) 3.57% -10.29% 4.43% 19.1% 10.86% 11.94% (23.93%)Mar 00 - Mar 01

JOHO FUND, LTD-A-Robert Karr

31 Oct 96 S $2'179 MJun 12

1,367.23 27 Jul 12 (2.32%) 3.40% 0.38% 17.9% 19.72% 19.75% 16.37% (19.38%)Nov 07 - Nov 08

KIMA PAN ASIA OFFSHORE FUND - CLASS -A-Justin Klintberg, Michael Gallagher , KIMA Capital

30 Jun 09 M $9'684 MJun 12

1,107.68 13 Jul 12 (1.48%) (6.85%) -5.39% 11.77% 12.45% 3.42% 6.96% (12.65%)May 11 - Jul 12

NEZU CYCLICALS FUND LTDFuyuki Fujiwara

31 Jul 05 Q $334 MJun 12

183.60 27 Jul 12 (0.26%) (6.03%) -5.09% 7.53% 25.65% 9.08% 13.43% (25.06%)Oct 07 - Feb 09

OCTAGON PAN ASIA FUNDPoh Min Lam & Nelson Chia

30 Sep 04 M $106 MJun 12

195.29 30 Jun12

(0.74%) 4.60% -6.07% -2.68% 15.2% 9.02% 9.41% (10.69%)Oct 07 - Jan 09

PINPOINT CHINA FUND CLASS A USDQiang Wang

31 May 05 M $496 MJun 12

633.52 13 Jul 12 2.08% 0.80% 0.6% 5.87% 62.34% 29.58% 22.29% (42.16%)Oct 07 - Nov 08

REAL RETURN ASIAN FUND LTD (THE)Ezra Sun

30 Sep 04 M $620 MJun 12

227.55 31 Jul 12 1.97% (0.70%) -9.19% 5.75% 39.27% 11.06% 10.54% (15.09%)Apr 11 - May 12

SOFAER CAPL ASIAN HEDGE FD (Net Index)Terence Khoo / Terence Lim

31 Mar 89 M $120 MJun 07

993.66 30 Jun12

(2.43%) (9.14%) -6.66% -10.14% 20.2% 10.37% 15.80% (35.36%)Mar 00 - Mar 03

SR GLOBAL FUND - B - ASIA (Real Perf)Richard Chenevix-Trench

31 Dec 93 M $700 MMar 12

596.63 31 Jul 12 (0.80%) (3.17%) -21.86% 5.38% 32.72% 14.10% 18.92% (36.50%)Feb 98 - Nov 98

WF ASIA FUND LTD S/1Scobie Ward

31 Jan 01 M $204 MJun 12

325.95 31 Jul 12 2.86% 15.83% -7.21% -1.28% 29.29% 10.82% 13.74% (37.65%)Oct 07 - Nov 08

Equity-Diversified/BrazilYtd Avg. 2012

(0.27%)

3G BRAZIL OFFSHORE FUND LTDJorge Paulo Lemann, Marcel Telles, Carlos Sicupira

31 Dec 09 M $121 MJul 12

106.21 30 Jun12

0.50% (8.80%) 1.36% 14.89% - 2.44% 8.59% (11.44%)Jan 12 - May 12

BNY MELLON ARX BRAZIL FUND SPC LONG SHORTBNY Mellon Arx Internacional Ltd

31 Jan 07 M $ 60 MApr 12

1,617.38 30 Jun12

0.95% 8.26% 3.58% 11.7% 31.7% 9.28% 9.79% (23.95%)Jun 08 - Oct 08

Equity-Diversified/EmergingYtd Avg. 2012

1.79%

ADELPHI EMERGING EUROPE. FUND USD SHARESLars Dollmann

31 Mar 07 Q $222 MApr 12

129.19 31 Jul 12 2.65% (3.85%) -15.92% 17.01% 50.34% 4.91% 14.19% (28.62%)May 08 - Jan 09

ARMAJARO EMERGING MARKETS FUND CLASS -A-Michel Danechi

31 Jul 09 M $ 49 MApr 12

116.02 30 Jun12

3.43% 9.26% -22.31% 18.17% 15.65% 5.22% 15.70% (28.30%)Apr 11 - Dec 11



InceptionDates

Liquidity AssetSize

Last NAV orIndex



1.79%

EVEREST CAPITAL FRONTIER MARKETSEverest Capital Limited

31 Jul 08 Q $ 180 MApr 12

114.38 30 Jun12

(7.00%) 2.59% -18.38% 30.64% 29.55% 3.49% 15.87% (25.56%)Jul 08 - Feb 09

FIREBIRD NEW RUSSIA FUND, LTD - CLASS AHarvey Sawikin & Ian Hague

30 Jun 96 Q $160 MMay 12

2,232.22 20 Jul 12 3.67% 5.03% -14.62% 40.35% 117.49% 21.33% 40.99% (81.79%)Mar 98 - Sep 98

FIREBIRD REPUBLICS FUND, LTDHarvey Sawikin & Ian Hague

30 Apr 97 Q $169 MMay 12

885.35 20 Jul 12 0.83% 8.02% -19.42% 29.51% 85.26% 15.39% 31.60% (73.20%)Sep 97 - Jan 99

GROWTH MANAGEMENT LTDStephan Pinter

31 May 98 M $175 MJun 12

374.20 30 Jun12

(0.26%) 1.42% -6.15% 1.08% -8.34% 9.82% 7.01% (28.17%)Jun 08 - Dec 11

HSBC GIF GEM EQUITY ABSOLUTE RETURN INSTIT.SHSNick Timberlake & Omar Negyal

31 Mar 10 D $23 MMay 12

9.67 01 Aug12

0.60% (3.19%) -3.86% 3.86% (1.44%) 9.62% (10.64%)Jan 12 - Jul 12

HSBC INDIA ALPHA FUNDSanjiv Duggal, Nilang Mehta , Viresh Mehta

31 Mar 07 M $ 88 MJun 12

127.92 27 Jul 12 0.29% 16.31% -19.9% 15.44% 31.48% 4.73% 16.47% (34.72%)Dec 07 - Nov 08

KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$-J-L. Tauvy

15 Nov 00 BM $73 MOct 11

7,088.11 27 Jul 12 2.15% 0.46% -20.88% 27.69% 199.43% 18.21% 35.68% (81.80%)Dec 07 - Jan 09

LIONTRUST EMERGING MARKETS ABS RETURNFUND CLASS BEoghan Flanagan & James Mellersh

31 Mar 09 D $38 MJan 12

9.48 24 Jul 12 (0.52%) 4.29% -22.97% -5.14% 24.4% (1.60%) 17.49% (28.80%)Mar 10 - Sep 11

MOORE EMERGING EQUITY L/S FUND LTD -A-Greg Coffey

31 Mar 09 M $820 MDec 11

1,239.72 19 Jul 12 (0.45%) (14.71%) -6.98% 32.18% 18.22% 6.72% 13.79% (22.79%)Apr 11 - Jul 12

OCCO EASTERN EUROPEAN FUNDPawel Szulc & Andrew Wiles

31 Dec 01 Y / Q $466 MApr 12

340.98 20 Jul 12 (0.25%) 3.58% 5.42% 11.17% 49.78% 12.32% 7.89% (20.86%)Jun 08 - Oct 08

POLLUX BRAZILIAN EQUITIES FUNDPollux Capital

31 Oct 07 M $ 179 MMay 12

142.50 27 Jul 12 (1.23%) 4.24% 0.39% -2.62% 31.2% 7.75% 8.65% (9.59%)May 08 - Oct 08

SR GLOBAL FUND G - EMERGING MKTS (Real Perf)Richard Chenevix-Trench

29 Feb 96 M $1'600 MMar 12

1,075.76 31 Jul 12 (0.20%) (6.06%) -17.2% 2.67% 49.93% 19.44% 18.67% (37.25%)Oct 07 - Feb 09

SR PHOENICIA INC CLASS -A- SERIES 1George Robinson

31 Jul 01 M $140 MJun 12

369.10 31 Jul 12 2.15% (0.49%) -20.97% -1.87% 30.85% 12.60% 19.18% (56.02%)Oct 07 - Feb 09

Equity-Diversified/EuropeYtd Avg. 2012

3.64%

ADELPHI EUR. FUND $ (A)Roderick Jack

30 Sep 97 Q $830 MApr 12

401.00 31 Jul 12 2.53% 13.45% -4.91% 9.15% 18.8% 9.81% 12.07% (26.28%)May 07 - Feb 09

ANTARES EUROPEAN FUNDS, LTD - USDLuca Orsini

08 Dec 98 M $ 500 MDec 11

432.12 27 Jul 12 (0.01%) 3.12% -10.75% 28.25% 28.42% 11.32% 15.79% (32.68%)Jun 07 - Dec 08

CAPEVIEW AZRI FUNDMichael Sakkas and Sushil Shah

31 Oct 07 M $281 MJun 12

146.83 30 Jun12

0.54% 1.53% 1.29% 12.75% 8.68% 8.57% 3.76% (1.94%)Jan 11 - Jul 11



InceptionDates

Liquidity AssetSize

Last NAV orIndex



3.64%

CAZENOVE EURO EQ ABS RETURN FUND LIMITEDCLASS BChris Rice, Steve Cordell

30 Nov 03 M €68 MMar 12

1,496.82 30 Jun12

1.98% 5.26% -0.65% -12.06% -0.59% 4.81% 5.70% (17.67%)Oct 08 - Aug 11

EGERTON EUROPEAN EQUITY EUR - CLASS BJohn C. Armitage

31 Aug 94 M €745MMay 12

58.02 27 Jul 12 1.91% 10.17% -4.94% 13.47% 15.08% 14.52% 10.12% (28.26%)Oct 07 - Jan 09

GRADIENT EUROPE FUND (THE)I. Farman & S. Pagel

30 Nov 01 Q €15 MDec 09

90.87 30 Jun12

(2.72%) (1.37%) -18.26% 18.48% 21.05% (0.90%) 28.42% (82.25%)Jun 07 - Jan 09

HABROK LTDLeif Christian Kvaal

31 Mar 04 Q $670 MJun 12

223.58 30 Jun12

(0.31%) (0.36%) -14.12% 10.65% 67.07% 10.24% 15.81% (38.24%)May 08 - Jan 09

HENDERSON EUROPEAN ABS RETURN FD, LTD USDStephen Peak

31 May 01 M $61 MJun 12

368.64 27 Jul 12 0.71% 4.79% -42.01% 41.65% 110.93% 12.40% 21.28% (47.67%)Feb 08 - Nov 08

HSBC ALPHA FUND LTD - HSBC EUROPEANLEVERED ALPHA FUND EURJakob Nordestedt, Michael O’Mara

30 Nov 07 M $463 MFeb 12

146.84 27 Jul 12 0.42% (5.28%) 5.58% 22.25% 11.88% 8.59% 6.05% (6.82%)Feb 12 - Jun 12

HSBC EUROPEAN ALPHA FUND -EURJakob Nordestedt, & Michael O'Mara

31 Dec 02 M $575 MFeb 12

166.95 27 Jul 12 0.10% (2.67%) 1.39% 7.63% 3.79% 5.50% 2.62% (3.12%)Feb 12 - Jun 12

JPMORGAN PORT. STRAT. FUNDS-EUROPEDYNAMIC L/S FUND-A10-03Jonathan Ingram, John Baker, Anis Lahlou-Abid, J.P.Morgan Asset Management

30 Sep 03 M $560 MJun 12

369.34 20 Jul 12 1.62% (3.81%) 10.2% 28.88% -1.92% 15.98% 8.83% (16.39%)Jun 08 - Nov 09

LANSDOWNE EURO EQTY FD, LTD - A (EUR)P. Ruddock & S. Heinz

31 Aug 98 M $585 MMay 12

174.36 27 Jul 12 6.85% 3.10% -12.68% 5.4% 18.94% 9.22% 11.96% (21.60%)May 08 - Feb 09

MARSHALL WACE - MW CORE A USDErnesto Fragomeni

31 Oct 06 M $1'005 MApr 12

126.13 31 Jul 12 1.72% 3.84% 5.65% 2.79% 26.11% 4.12% 9.87% (26.47%)Jun 07 - Sep 08

MARSHALL WACE - MW EUROPEAN TOPS A EURAnthony Clake

31 Dec 04 M $587 MApr 12

163.70 31 Jul 12 1.32% 3.92% 4.29% -0.13% 21.85% 6.71% 8.29% (21.75%)Oct 07 - Feb 09

MARTIN CURRIE EUROPEAN HEDGE FUND CLASS-B-Michael Browne & Steve Frost

31 Dec 00 M $90 MApr 12

238.84 27 Jul 12 1.77% 7.76% -8.53% 3.31% 14.24% 6.40% 7.53% (11.03%)Jun 08 - Feb 09

MBAM ACTIVE LONG SHORTHilton Nathanson

31 Jul 10 M $523 MJun 12

108.19 31 Jul 12 (0.26%) (0.43%) 0.08% 8.56% 4.00% 3.92% (2.18%)May 12 - Jul 12

NORDIC ALPHA CLASS B - NOKThomas Raaschou, Christian T. Nygaard

31 Aug 03 M NOK725MMay 12

168.31 30 Jun12

(0.22%) 5.38% -14.91% 13.7% 50.93% 6.08% 11.88% (32.36%)Dec 07 - Feb 09

ODEY EUROPEAN, INC (EUR)Crispin Odey

31 May 92 W $1'377 MApr 12

627.04 13 Jul 12 (0.04%) 13.20% -20.56% -0.06% 33.67% 13.26% 16.24% (50.64%)Jan 94 - Jul 95

PELHAM LONG/SHORT FUND LTD CLASS A EURRoss Turner

31 Oct 07 M €1'112 MMay 12

123.26 30 Jun12

(3.11%) 2.07% -10.68% 13.54% 26.69% 4.58% 11.37% (12.25%)May 08 - Dec 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex



3.64%

PENSATO EUROPA FUND LTD EURO CLASSGraham Clapp & Edward Rumble

31 May 08 M €154 MJun 12

128.33 30 Jun12

2.47% 9.59% -0.28% 1.99% 17.85% 6.29% 5.98% (5.40%)Jun 08 - Sep 08

POLAR CAPITAL EUROP CONVICTION FUND LIMITEDRobert Gurner

31 Mar 06 M €93 MJun 12

151.21 27 Jul 12 3.47% 4.07% 6.45% -0.18% 8.88% 6.75% 9.16% (5.84%)May 11 - Aug 11

RHINE ALPHA STARS LTDRudolf Bohli

30 Apr 05 M $ 65 MFeb 12

1,985.30 27 Jul 12 2.17% 14.78% -11.71% 24.3% 63.47% 9.93% 20.32% (55.01%)Jun 07 - Nov 08

RWC SAMSARA FUND CLASS A EUROAjay Gambhir

17 Sep 07 M $ 252 MJun 12

115.61 30 Jun12

2.16% (0.61%) -0.85% 11.28% 8.18% 3.08% 8.66% (11.60%)Jun 11 - May 12

SIERRA EUROPE OFFSHORE, LTD - USD/ACharles Michaels

28 Feb 97 M $231 MJun 12

494.02 27 Jul 12 1.10% 10.97% 4.88% -3.08% 15.38% 10.92% 9.17% (16.98%)Mar 00 - Jan 03

THEOREMA EUROPE FUND PLUS LTD B/1 USDG. Govi

31 Aug 04 M $51 MMar 12

224.56 27 Jul 12 0.07% (3.85%) -0.29% 2.48% 9.48% 10.77% 12.64% (14.43%)Sep 11 - Jun 12

TT MID-CAP EUROPE LONG/SHORT FUND LTD - CL BDavid Grimbley

30 Apr 05 M $612 MMay 12

228.79 31 Jul 12 (1.43%) 1.05% -1.72% 11.5% 10.66% 12.08% 9.35% (7.41%)Apr 06 - Sep 06

ZADIG FUND CLASS A1Laurent Saglio

30 Nov 05 M €383 MMar 12

186.40 31 Jul 12 (1.14%) (1.38%) 3.56% 1.78% 48.36% 9.78% 12.00% (19.14%)Aug 08 - Oct 08

Equity-Diversified/GlobalYtd Avg. 2012

4.49%

BEACONLIGHT OFFSHORE FUND LTDEd Bosek

31 Dec 09 Q $ 118 MMay 12

107.55 31 Jul 12 (1.49%) 4.29% -5.78% 9.44% - 2.85% 10.31% (15.02%)Mar 11 - Sep 11

EGERTON EUROPEAN DOLLAR CLASS -A-John C. Armitage

30 Nov 94 M $1'393 MMay 12

118.10 27 Jul 12 1.95% 10.96% -4.93% 15.57% 16.05% 15.00% 10.31% (29.18%)Oct 07 - Jan 09

ELLERSTON GEMS - CLASS AAshok Jacob

30 Apr 06 Q $2'276 MApr 12

97.96 13 Jul 12 0.13% (0.49%) -9.74% 20.18% -3.54% (0.33%) 9.97% (34.38%)Jul 07 - Feb 10

EXANE TEMPLIERS FUNDJean-Francois Roussel, Stéphane Arrouays, Henri-DanielSamama, Exane Asset Management

28 Feb 06 w € 446 MJun 12

16,966.80 31 Jul 12 0.18% (1.30%) 0.49% 2.31% 10.11% 6.09% 3.26% (2.89%)Apr 11 - May 12

GLENROCK GLOBAL PARTNERS (BVI) INCMichael Katz

31 May 94 M $ 331 MDec 11

2,388.18 30 Jun12

2.10% (2.85%) -7.43% 2.88% 3.19% 4.93% 14.39% (38.76%)Jul 96 - Jan 99

HORSEMAN GLOBAL FUND USDRussell Clark

31 Jan 01 M $71 MJun 12

449.08 31 Jul 12 0.85% 18.41% -2.98% 5.44% -24.73% 13.95% 16.87% (33.75%)Feb 09 - Jun 10

LANSDOWNE DEVELOPED MARKET FUND, LTD (£)P. Ruddock & S. Heinz

31 Jul 01 M $5'629 MMay 12

406.76 27 Jul 12 (1.32%) 5.62% -20.07% 8.78% 25.63% 13.61% 11.08% (20.07%)Dec 10 - Dec 11

M. KINGDON OFFSHORE NV - A/1Mark Kingdon

28 Feb 86 Q $1'477 MMay 12

116.15 31 Jul 12 (0.62%) 5.46% -18.03% 8.5% 30.75% 14.83% 12.99% (30.15%)Sep 87 - Oct 87

MARSHALL WACE - MW EUREKA A1 EURPaul Marshall

07 Jan 98 M $2'366 MApr 12

304.89 31 Jul 12 2.08% 1.50% 9.74% 7.91% 31.91% 13.04% 9.50% (23.24%)Oct 07 - Oct 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Equity-Diversified/GlobalYtd Avg. 2012

4.49%

MARSHALL WACE - MW GLOBAL OPPORTUNITIES AUSDFehim Sever

28 Feb 09 M $724 MApr 12

197.79 31 Jul 12 3.25% 7.27% 27.16% 8.04% 34.21% 22.06% 10.84% (4.94%)Nov 11 - Jan 12

MAVERICK FUND, LTD - CLASS A/1Lee Ainslie III

28 Feb 95 M $2'900 MJun 12

1,200.45 27 Jul 12 4.40% 20.17% -14.85% 11.38% 24.22% 12.65% 11.81% (30.04%)May 08 - Nov 08

MS ASCEND UCITS FUND CLASS I EURMalcolm Fairbairn

30 Apr 11 W $137 MJun 12

942.69 24 Jul 12 (0.27%) 1.43% -7.06% (4.67%) 4.38% (7.11%)May 11 - Dec 11

NEVSKY FUND PLC (COMPOSITE)Martin Taylor and Nick Barnes

30 Sep 00 M $573 MMar 12

1,126.75 30 Jun12

(0.60%) 15.17% 0.62% 10.27% 32.1% 22.88% 14.61% (22.14%)Oct 07 - Feb 09

PLATINUM FUND LTDKerr Neilson

31 May 94 M $527 MJun 12

65.54 27 Jul 12 (0.44%) 3.60% -13.51% 5.19% 37.86% 10.90% 12.52% (30.48%)Oct 07 - Feb 09

SR GLOBAL FUND C - INTERNATIONAL (Real Perf)Hugh Sloane

31 Dec 93 M $650 MMar 12

382.31 31 Jul 12 (2.80%) (14.12%) -24.27% -11.82% 3.28% 10.97% 21.59% (50.05%)Apr 08 - Jul 12

STANDARD PACIFIC CAPITAL -B-Doug Dillard and Raj Venkatesan

30 Sep 95 Q $1'166 MMay 12

429.78 31 Jul 12 (1.80%) (3.28%) -5.24% 8.56% 12.67% 9.04% 8.25% (14.04%)Jul 11 - Jul 12

Equity-Diversified/JapanYtd Avg. 2012

(3.40%)

ALPHAGEN HOKUTO FUND LTD - CLASS AJohn Stewart & Robert Tull

31 Oct 00 M $366 MJun 12

192.48 27 Jul 12 0.70% (2.09%) 0.13% 7.8% 0.77% 5.73% 4.32% (4.75%)May 11 - Jun 12

ARCUS JAPAN FUND -JPY-Robert Macrae

31 Mar 99 D $2'730 MFeb 12

27,362.00 01 Aug12

(0.44%) 2.58% -4.68% 14.32% 30.31% 7.83% 15.64% (45.94%)Feb 07 - Feb 09

BLUE SKY JAPAN LTD - CLASS AMichael Hill

30 Jun 00 M $34 MJan 12

155.68 30 Jun12

(8.47%) (16.23%) -23.24% 4.68% 24.39% 2.73% 23.75% (67.78%)Dec 05 - Jun 12

HENDERSON JAPAN ABS RETURN FD, LTDWilliam Garnett and Jeremy Hall

30 Jun 00 M $256 MJun 12

202.71 27 Jul 12 (4.27%) (5.50%) -8.58% 9.24% 9.87% 6.02% 10.13% (18.31%)Apr 06 - Mar 08

MARATHON VERTEX JAPAN FD, LTD CLASS BWilliam Arah

31 May 03 Q $583 MFeb 12

1,898.93 27 Jul 12 (2.19%) (0.91%) 0.59% -0.21% -4.12% 7.25% 7.82% (11.76%)Jun 09 - Oct 10

MARTIN CURRIE ARF - JAPAN FUNDJohn-Paul Temperley

30 Jun 00 M $88 MApr 12

16.29 23 Jul 12 (1.41%) (4.25%) -8.4% 6.63% 8.37% 4.12% 7.92% (15.76%)Apr 10 - May 12

SR GLOBAL FUND H - JAPAN (Real Perf)Hugh Sloane

30 Sep 03 M $15 MMar 12

87.44 31 Jul 12 (4.60%) 2.62% -8.33% -4.22% -18.52% (1.15%) 19.77% (35.57%)Mar 08 - Jul 10

Equity-Diversified/UKYtd Avg. 2012

0.01%

ALPHAGEN OCTANIS CLASS ABen Wallace & Luke Newman

28 Feb 05 M $407 MJun 12

194.81 27 Jul 12 0.60% (0.45%) -0.47% 3.63% 14.18% 9.41% 6.66% (10.72%)May 07 - Mar 08

BLACKROCK UK EQUITY HEDGE FUNDNigel Ridge & Imran Sattar

30 Apr 05 M $ 460 MJun 12

178.78 31 Jul 12 0.30% 0.46% 2.48% 6.49% 14.06% 8.33% 6.27% (11.70%)Jun 08 - Oct 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Equity-Diversified/USAYtd Avg. 2012

3.67%

AJR INTERNATIONAL (BVI), INC. - A/1Alexander J. Roepers

31 Jan 93 M $517 MDec 11

933.47 27 Jul 12 2.11% (3.36%) -6% 23.19% 30.24% 12.14% 19.82% (44.44%)May 08 - Dec 08

ALLIANCE BERNSTEIN SELECT US EQUITY LONGSHORTKurt Feuerman

30 Nov 99 Y / Q $99 MJun 12

3,749.72 31 Jul 12 0.50% 4.05% 0.81% 8.13% 10.17% 10.99% 7.46% (9.98%)May 08 - Feb 09

ALYDAR FUND LTDJohn Murphy

28 Feb 03 Q $ 835 MFeb 12

190.18 30 Jun12

0.30% (1.06%) -0.68% 3.16% 6.32% 7.12% 4.74% (6.49%)Jun 11 - May 12

ALYSHEBA FUND LIMITEDJohn A. Murphy, Philip C. Furse

31 Mar 05 Q $ 480 MFeb 12

2,473.73 27 Jul 12 (2.50%) 2.66% 2.51% 5.24% 21.21% 13.15% 13.55% (25.80%)May 08 - Nov 08

ASCEND PARTNERS FUND II LTD - AMalcolm Fairbairn

31 Jan 04 Q $589 MApr 12

176.49 31 Jul 12 (0.30%) 3.61% -2.86% 2.94% 13.41% 6.91% 4.60% (5.23%)Apr 11 - Dec 11

BAY RESOURCES PARTNERS OFFSHORE FUNDThomas Claugus

31 Jul 98 M $2'040 MJun 12

7,358.10 30 Jun12

(0.80%) (5.07%) -9.13% 15.73% 59.98% 15.41% 16.86% (38.76%)May 08 - Feb 09

CASTLEROCK FUND LTDPaul Tanico

31 Aug 96 Q $90 MSep 11

634.44 30 Jun12

(1.59%) (5.24%) -23.84% 11.81% 20.4% 12.37% 17.43% (37.70%)May 01 - Feb 03

COBALT OFFSHORE LTDWayne Cooperman

31 Dec 96 Q $1'270 MMay 12

695.55 31 Jul 12 (0.13%) 3.17% -0.66% 5.96% 15.69% 13.25% 8.43% (19.53%)Apr 98 - Sep 98

ELM RIDGE VALUE PARTNERS OFFSHORE, INC - ARonald Gutfleish

28 Feb 01 Q $1'218MFeb 12

224.10 30 Jun12

1.10% (8.67%) 0.19% 1.37% 28.22% 7.37% 10.14% (19.92%)Oct 07 - Feb 09

EMINENCE FUND LTD ARicky C. Sandler

31 Dec 98 Q $1'351 MApr 12

544.06 31 Jul 12 0.60% 15.38% 1.29% -1.83% 16.26% 13.27% 9.96% (19.99%)Dec 07 - Dec 08

HIGHBRIDGE LONG/SHORT EQUITY FUND, LTDAlex McAree

30 Apr 04 Q $535 MDec 11

1,758.58 27 Jul 12 0.80% 1.63% -12.64% 5.34% 21.79% 7.08% 10.20% (21.12%)Mar 11 - Sep 11

IVORY CAPITAL FLAGSHIP STRATEGYCurtis Macnguyen

30 Nov 98 Q $1'466 MMay 12

3,308.12 27 Jul 12 0.66% 2.12% -3.73% 2.52% 16.72% 9.15% 6.19% (12.61%)May 08 - Nov 08

JAMES ALPHA SMALL CAP FUND LTDJames Alpha LLC

31 Dec 09 M $ 132 MJun 12

152.15 31 Jul 12 (1.12%) 1.61% 10.18% 35.9% - 17.64% 10.45% (6.22%)Jun 11 - Sep 11

KINETICS FUND, INC - A/APeter B. Doyle

31 Jan 01 M $44 MDec 11

2,197.14 27 Jul 12 2.63% 13.03% -14.83% 30.8% 59.18% 7.09% 23.26% (76.20%)Oct 07 - Feb 09

MADISON STREET FUND L.P.Steven C. Owsley,Drew M. Hayworth,Charles D. Leone II

31 Jan 04 M $183 MApr 12

226.32 30 Jun12

2.75% 3.71% -3.04% 3.66% 10.53% 10.19% 6.48% (9.59%)Apr 11 - Sep 11

MARLIN FUND LPMichael Masters

30 Jun 95 M $ 183 MJun 12

5,139.59 30 Jun12

0.38% 9.16% -17.77% 41.63% 69.21% 26.06% 26.25% (60.15%)Oct 07 - Feb 09

OMEGA OVERSEAS PARTNERS, LTD CLASS ALeon Cooperman

31 Dec 91 M $901 MDec 11

729.39 30 Jun12

4.32% 10.90% -1.44% 19.16% 52.5% 10.17% 15.06% (42.55%)May 07 - Feb 09

RENAISSANCE INSTITUTIONAL EQUITIES LP (B)James Simons

31 Jul 05 M $342 MApr 12

164.86 31 Jul 12 1.79% 9.52% 34.16% 15.32% -6.17% 7.40% 10.24% (35.73%)May 07 - Apr 09



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Equity-Diversified/USAYtd Avg. 2012

3.67%

RWC US ABSOLUTE ALPHA FUND - CLASS BMike Corcell

30 Sep 09 D $108 MJun 12

101.96 30 Jul 12 (0.28%) 7.16% -2.25% -4.56% 2.01% 0.69% 5.20% (9.19%)Apr 10 - Dec 11

SAB OVERSEAS FUND LTDScott Bommer

31 Jul 00 3Q / Q $250 MJun 12

365.50 31 Jul 12 6.80% 12.69% -0.71% 6.69% 34.3% 11.40% 11.56% (17.57%)Mar 10 - Aug 10

SEMINOLE OFFSHORE FUNDMichael G. Messner, Paul C. Shiverick

31 May 98 Q $944 MJun 12

580.30 27 Jul 12 0.40% 2.80% -0.7% 9.85% 15.92% 13.21% 13.15% (15.62%)May 02 - Mar 03

ZWEIG-DIMENNA INTL LIMITED - CLASS AJoseph DiMenna / Martin Zweig

31 May 87 Q $1'405 MFeb 12

86,629.91 30 Jun12

(3.42%) 0.97% -2.37% 0.43% -3.35% 15.06% 15.44% (50.23%)Feb 00 - Dec 02

Equity-EnergyYtd Avg. 2012 (7.37%)

Equity-Energy/USAYtd Avg. 2012

(7.37%)

DORSET ENERGY FUND, LTD - CLASS ADavid M. Knott, Donald Textor

31 Oct 00 M $247 MMay 12

42.43 27 Jul 12 9.70% (7.37%) -1.27% 16.12% 56.91% 13.10% 22.09% (49.55%)Jun 08 - Dec 08

Equity-FinancialYtd Avg. 2012 0.54%

Equity-Financial/GlobalYtd Avg. 2012

0.54%

LANSDOWNE GLOBAL FINANCIALS FUND LTD.-N-USDWilliamde Winton

30 Jun 04 M $992 MMay 12

230.25 27 Jul 12 (0.63%) 1.78% -20.82% -1.55% 38.09% 10.87% 14.23% (26.25%)Apr 10 - May 12

MARSHALL WACE - MW GLOBAL FINANCIALS M/N AUSDAmit Rajpal

31 Oct 08 M $384 MApr 12

117.07 31 Jul 12 (0.26%) (5.07%) 3.21% 7.64% 8.7% 4.29% 5.39% (5.25%)Nov 11 - Jul 12

TOSCA CLASS A - USDJohnny de la Hey

30 Sep 00 M $435MJun 12

183.79 30 Jun12

0.39% 4.91% 1.14% 10.31% 43.67% 5.31% 18.15% (67.54%)Dec 07 - Nov 08

Equity-HealthcareYtd Avg. 2012 3.43%

Equity-Healthcare/GlobalYtd Avg. 2012

3.43%

CCI HEALTHCARE PARTNERS LTDOliver Marti, CCI Healthcare Partners

31 Dec 00 M $ 650 MMay 12

258.67 30 Jun12

0.81% 4.76% 3.99% 3.71% 19.35% 8.61% 8.21% (17.89%)Oct 07 - Sep 08

MLIS - CCI HEALTHCARE LONG SHORT UCITS FUND -B (acc) USDOliver Marti, CCI Healthcare Partners

31 Jan 10 W $281 MApr 12

107.29 31 Jul 12 (1.54%) 2.95% 2.72% 1.46% 2.86% 7.79% (8.67%)Mar 10 - Aug 10



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Equity-Healthcare/GlobalYtd Avg. 2012

3.43%

VISIUM INSTITUTIONAL PARTNERS FUND LTD-(PROFORMA)Jacob Gottlieb, Visium Asset Management

31 Oct 05 Q $198 MMar 12

185.55 27 Jul 12 0.51% 2.58% 1.28% 7.02% 25.96% 9.60% 7.53% (6.10%)Jun 08 - Dec 08

Equity-Mid-Small CapYtd Avg. 2012 4.42%

Equity-Mid-Small Cap/EuropeYtd Avg. 2012

6.11%

ENNISMORE EUROPEAN SMALLER COMPANIESGeoff Oldfield

30 Nov 99 M €288 MMay 12

300.04 19 Jul 12 1.40% 4.55% 11.36% 23.12% 6.13% 12.05% 11.24% (34.24%)Jul 07 - Apr 09

POLAR CAPITAL EUROPEAN FORAGER FUND LTD -AXRob Gurner

31 Jul 03 M €395 MJun 12

265.84 27 Jul 12 1.01% 7.68% 2.39% 10.46% 24.9% 11.48% 7.79% (21.47%)Oct 07 - Feb 09

Equity-Mid-Small Cap/GlobalYtd Avg. 2012

(1.31%)

RAB SPECIAL SITUATION FD LTDPhilip Richards

31 Jul 03 Q $150 MFeb 12

819.44 19 Jul 12 (10.94%) (1.31%) -17.75% -7.59% 4.97% 9.77% 35.67% (78.99%)Jul 07 - Sep 11

Equity-Mid-Small Cap/UKYtd Avg. 2012

1.62%

ALPHAGEN VOLANTIS FUND, LTD - A (USD)Rob Giles & Adam McConkey

30 Apr 02 M $470 MJun 12

395.16 27 Jul 12 2.81% 1.62% 1.02% 12.33% 47.49% 14.35% 8.81% (11.36%)Jun 08 - Dec 08

Equity-Mid-Small Cap/USAYtd Avg. 2012

5.70%

GREENLIGHT CAPITAL OFFSHORE, LTD - A/1David Einhorn

30 Sep 96 Q $7'150 MJan 12

131,809.12 31 Jul 12 2.70% 6.02% 1.86% 12.47% 30.61% 17.68% 11.12% (27.17%)May 08 - Oct 08

GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1Gregory B Fraser & Rudolph K Kluiber & Timothy A.Krochuk

31 Aug 01 Q $29 MFeb 12

2,084.83 31 Jul 12 0.70% 5.43% -1.64% 14.64% 35.61% 6.96% 13.57% (47.07%)May 07 - Feb 09

SENVEST PARTNERS, LTD - CLASS ARichard Mashaal

31 Mar 97 Q $235 MJun 12

1,074.33 30 Jun12

4.50% 12.28% -33.96% 39.59% 229.09% 16.83% 39.38% (70.55%)Feb 00 - Sep 02

ZAXIS OFFSHORE LTD - CLASS A/1Sanford J. Colen

30 Jun 00 M $472MJun 12

2,113.82 30 Jun12

0.92% (0.95%) -11.02% 13.45% 23.44% 6.43% 8.49% (20.58%)Jun 08 - Feb 09

Equity-Pharma-BiotechYtd Avg. 2012 6.81%

Equity-Pharma-Biotech/USAYtd Avg. 2012

6.81%

PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTDJoseph Edelman

31 Dec 99 M $454 MMar 12

1,192.74 27 Jul 12 3.78% 4.52% 5.82% 16.94% 24.14% 21.78% 26.67% (25.67%)Feb 00 - May 00



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Equity-Pharma-Biotech/USAYtd Avg. 2012

6.81%

TRAXIS SIVIK GLOBAL HEALTHCARE OFFSHORE -A/01-01Krishen Sud

30 Jun 01 M $93 MJan 12

1,632.74 30 Jun12

4.18% 10.05% -8.27% 2.58% 32.9% 4.55% 11.67% (32.70%)Oct 07 - Feb 09

VISIUM BALANCE OFFSHORE FUND CL 2Jacob Gottlieb

31 Oct 05 Y/Q $2'402 MJun 12

200.30 27 Jul 12 (0.01%) 5.86% 1.89% 24.51% 22% 10.85% 9.44% (15.79%)Aug 08 - Dec 08

Equity-TechnologyYtd Avg. 2012 0.72%

Equity-Technology/GlobalYtd Avg. 2012

(0.76%)

EXANE ARCHIMEDES FUND CLASS A CAPGilles Lenoir and César Zeitouni

30 Sep 06 W € 926MJun 12

14,896.39 31 Jul 12 (0.95%) (1.80%) 3.99% 6.82% 10.24% 7.07% 4.81% (5.10%)Nov 11 - May 12

SPINNER GLOBAL TECHNOLOGY FUND, LTDArt Spinner

21 Sep 93 M $134 MJun 12

96.07 30 Jun12

(0.76%) 0.27% -12.91% 13.06% 32.59% 12.80% 16.82% (34.02%)Aug 00 - Sep 02

Equity-Technology/USAYtd Avg. 2012

3.69%

SELIGMAN TECH SPECTRUM FUND CLASS-A1-S/2-2002J. & W. Seligman & Co. Incorporated

31 Dec 06 M $1'600 MJun 12

311.56 31 Jul 12 (1.91%) 3.69% -0.21% 8.34% 35.9% 8.25% 13.02% (19.91%)May 08 - Nov 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex




5.20%

SOMERSET SPECIAL OPPORTUNITIES FUND LPRobert Feingold

31 Jul 07 Q $ 204 MJun 12

158.95 30 Jun12

2.32% 5.20% -1.25% 18.7% 52.8% 9.87% 12.54% (25.61%)Aug 08 - Mar 09


Multi-Strategy/EmergingYtd Avg. 2012

3.21%

MONEDA ABSOLUTE RETURN LTDJuan Luis Rivera

31 Jan 07 Q $ 148 MFeb 12

126.41 31 Jul 12 0.00% 3.21% -16.41% 12.83% 53.32% 4.35% 13.41% (29.89%)Jun 08 - Dec 08

Multi-Strategy/EuropeYtd Avg. 2012

5.42%

MLIS OZ EUROPE UCITS FUND CLASS B EURMichael Cohen, Och-Ziff Capital Management Group

31 Mar 11 W €133 MFeb 12

96.15 26 Jul 12 0.83% 5.42% -8.79% (2.92%) 7.61% (10.96%)Apr 11 - Nov 11

Multi-Strategy/GlobalYtd Avg. 2012

1.46%

DAVIDSON KEMPNER INTL, LTD - CLASS C Tranche 1Thomas L. Kempner, Jr.

31 Oct 95 Q $6'714 MMay 12

405.07 27 Jul 12 0.49% 3.73% 1.38% 10.02% 21.22% 8.71% 3.88% (10.87%)Oct 07 - Nov 08

OWL CREEK OVERSEAS FUND, LTDJeffrey Altman

31 Jan 02 Y $4'730 MJan 12

3,069.50 27 Jul 12 (0.40%) 0.56% -15.44% 2.36% 21.89% 11.28% 13.47% (20.92%)Mar 10 - Sep 11

PAULSON ADVANTAGE LTD -A-John Paulson

31 Mar 04 Q $1'614 MJun 12

226.87 30 Jun12

(5.67%) (11.58%) -35.96% 10.95% 13.6% 10.43% 15.58% (44.42%)Feb 11 - Jun 12

PAULSON ADVANTAGE PLUS LTDJohn Paulson

31 Dec 04 Q $2'488 MJun 12

231.81 30 Jun12

(8.19%) (17.67%) -52.64% 17.13% 21.39% 11.86% 24.00% (62.09%)Feb 11 - Jun 12

PAULSON RECOVERY FUND LTDJohn Paulson

31 Oct 08 Y $ 583 MJun 12

116.97 30 Jun12

(1.10%) 4.64% -27.92% 23.78% 25.34% 4.36% 22.34% (35.13%)Apr 11 - Sep 11

PERRY PARTNERS INTERNATIONAL INC CLASS -1 -TN ARichard Perry

30 Sep 93 Q / 2Y $4'764 MMar 12

796.18 20 Jul 12 0.54% 8.69% -7.14% 15.12% 29.67% 11.66% 7.33% (25.65%)Oct 07 - Nov 08

PERSHING SQUARE INTL.LTDWilliam Ackman

31 Dec 04 Y/Q $5'950 MMay 12

3,076.04 13 Jul 12 (0.40%) 1.55% -2.03% 21.68% 41.21% 16.08% 14.71% (20.35%)Jan 08 - Feb 09

REVELATION SPECIAL SITUATIONS FUND LTDChris Kuchanny

28 Feb 05 M $319 MApr 12

1,834.43 30 Jun12

0.90% 0.29% -6.61% 11.95% 17.86% 8.62% 5.82% (11.71%)May 11 - Apr 12

THIRD POINT OFFSHOREDaniel Loeb

30 Nov 96 M $4'626MJul 12

11,750.98 31 Jul 12 1.60% 5.62% -0.1% 33.75% 37.79% 17.02% 13.29% (35.48%)Jun 08 - Mar 09



InceptionDates

Liquidity AssetSize

Last NAV orIndex



1.46%

THIRD POINT ULTRADaniel Loeb

30 Apr 97 Q $1'212MJul 12

3,321.30 31 Jul 12 2.40% 8.76% -2.29% 37.91% 42.93% 25.80% 22.66% (41.80%)Jun 08 - Mar 09

TYRUS CAPITAL EVENT FUND LTDTony Chedraoui

31 Oct 09 Q $1'464MMay 12

122.72 27 Jul 12 1.49% 5.42% -0.22% 11% 5.1% 7.76% 5.61% (7.95%)Feb 11 - Sep 11

TYRUS CAPITAL OPPORTUNITIES FUND LTDTony Chedraoui

31 Mar 11 Q $713 MJun 12

101.15 27 Jul 12 0.86% 6.03% -4.6% 0.87% 4.78% (6.43%)Mar 11 - Sep 11

YORK INVESTMENT LTD -CLASS A-U/1James Dinan

28 Feb 94 Q $2'564 MMay 12

6,694.00 27 Jul 12 0.04% 2.97% -7.34% 7.39% 45.16% 10.87% 9.13% (29.86%)Oct 07 - Feb 09

Multi-Strategy/USAYtd Avg. 2012

12.52%

MARCATO INTERNATIONAL LTDRichard McGuire, Marcato Capital Management LLC

30 Sep 10 Q $350 MJun 12

115.07 30 Jun12

1.80% 12.52% -4.16% 6.71% 8.35% 15.06% (17.63%)Mar 11 - Sep 11



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Fixed IncomeYtd Avg. 2012 6.30%

Fixed Income/EmergingYtd Avg. 2012

3.40%

MARATHON OVERSEAS FUND, LTD - AB. Richards & L. Hanover

31 Mar 98 Q $43 MFeb 12

271.36 27 Jul 12 (0.06%) 3.40% 7.19% 14.92% 12.37% 7.21% 7.10% (36.00%)May 07 - Apr 09

Fixed Income/GlobalYtd Avg. 2012

6.50%

BLACKROCK FIXED INCOME GLOBAL ALPHA FUNDTim Webb

30 Sep 06 M $1'000 MMay 12

185.07 30 Jul 12 1.97% 9.20% 19.93% 11.13% 27.56% 11.12% 5.88% (10.54%)Jun 08 - Dec 08

BLACKROCK OBSIDIAN FUNDStuart Spodek

30 Jun 96 M $590 MApr 12

5,346.28 30 Jun12

2.53% 20.34% -13.5% 28.71% 56.98% 11.04% 9.62% (20.93%)Jan 08 - Feb 09

CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS-A-Yan Huo, Masao Asai

30 Sep 05 Q $7'247 MJul 12

205.69 27 Jul 12 0.43% (0.34%) 6.21% 9.57% 12.24% 11.14% 5.13% (7.41%)Feb 08 - Mar 08

DRAKE GLOBAL OPPORTUNITIES FUNDAnthony Faillace

30 Nov 02 Q $107 MApr 11

1,614.43 30 Jun12

1.05% 1.83% 3.22% 19.72% 2.34% 5.12% 14.52% (57.51%)Sep 07 - Mar 09

EMF FIXED INCOME FUND, LTDEric M. Flanagan/David C. Gottlieb

31 Oct 01 M $337 MMay 12

38,942.86 20 Jul 12 0.40% (0.17%) 5.89% 8.71% 11.26% 13.51% 15.37% (22.46%)Feb 08 - Mar 08

HSBC QUANT ALTERNATIVE FUND GL. BOND MKNEUT.FUND 600 EURO Cl.IJean-Charles Bertrand

31 May 01 D €0.6 MMay 12

119,803.97 31 Jul 12 1.24% 2.49% -8.15% 0.3% 6.33% 3.71% 5.03% (10.67%)Jan 11 - Nov 11

HSBC QUANT ALTERNATIVE FUND GL.BOND M/N 300USD Cl.IJean-Charles Bertrand

30 Jun 01 D $5 MMay 12

66,790.91 31 Jul 12 0.72% 1.12% -4.95% -0.13% 2.64% 2.64% 2.59% (6.39%)Jan 11 - Nov 11

III FUND LTDCliff G Viner

30 Jun 93 M $138 MMay 12

3,299.28 20 Jul 12 2.71% 7.02% 9.03% 18.53% 28.54% 6.46% 11.45% (54.77%)Jan 08 - Nov 08

III RELATIVE VALUE CREDIT STRATEGIES FUND LTDGarth Friesen

31 Oct 05 M $140 MMar 12

1,573.79 20 Jul 12 0.13% 5.70% 10.36% 16.34% 30.93% 6.98% 9.12% (31.27%)Nov 07 - Dec 08

LONDON DIVERSIFIED FUND, LTD - DRobert Standing & David Gorton

31 May 95 Q $231 MJan 12

4,446.60 27 Jul 12 0.68% 1.74% 3.75% 7.55% 4.89% 9.08% 6.86% (28.95%)Jan 08 - Dec 08

PIMCO ABSOLUTE RETURN STRATEGY IVOFFSHORE FUND II , CL. A/1William H. Gross, Qi Wang

31 Mar 02 Q $2'427MJun 12

2,219.75 30 Jun12

0.29% 6.84% 1.82% 11.39% 63.3% 8.08% 9.16% (25.88%)May 08 - Nov 08

PINE RIVER FIXED INCOME FUND LTDSteve Kuhn

31 Jan 08 Q $2'713MJul 12

462.66 27 Jul 12 3.72% 18.27% 4.77% 31.84% 92.71% 40.65% 9.79% (8.83%)Jul 11 - Oct 11

PINE RIVER LIQUID MORTGAGE FUND LTDJiayi Chen, Steve Kuhn

31 Aug 10 M $ 803 MJul 12

132.17 27 Jul 12 2.50% 13.97% 7.21% 8.18% 15.75% 6.97% (3.34%)Mar 12 - May 12



InceptionDates

Liquidity AssetSize

Last NAV orIndex



6.50%

PROLOGUE FEEDER FUND, LTD. CLASS ADavid Lofthouse, Graham Walsh

31 Jan 06 Q $1'695 MJun 12

1,827.85 27 Jul 12 1.00% 3.02% 8.37% 6.65% 12.41% 9.74% 3.72% (1.59%)Jul 07 - Aug 07

MultistrategyYtd Avg. 2012 3.23%

Multistrategy/GlobalYtd Avg. 2012

3.23%

KLS DIVERSIFIED FUND LTDJeff Kronthal ; Harry Lengsfield ; John Steinhardt

31 Jul 08 Q $ 1.116M

Jun 12

145.77 30 Jun12

0.56% 3.23% 4.85% 11.64% 20.34% 10.10% 3.16% (1.97%)Aug 08 - Oct 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex


ArbitrageYtd Avg. 2012 3.11%

Arbitrage/GlobalYtd Avg. 2012

3.11%

HSBC MAA FUND USDHSBC Alternative Investments Limited

15 Jun 95 Q / M $135 MJun 12

198.52 20 Jul 12 1.04% 3.11% -3.61% 2.91% 15% 4.09% 4.92% (25.30%)Jul 07 - Dec 08

Event DrivenYtd Avg. 2012 4.64%

Event Driven/GlobalYtd Avg. 2012

4.64%

HSBC CREDIT MARKET OPPORTUNITIES FUND USDCLASS COMPOSITEHsbc Management (Guernsey) Ltd

31 May 09 Q $64 MJun 12

101.18 20 Jul 12 0.29% 2.60% -7.47% 17.52% 0.34% 3.66% 7.54% (9.16%)Feb 11 - Dec 11

HSBC SPECIAL OPPORTUNITIES FUND LTDHSBC Alternative Investments Limited

28 Feb 07 Q $103 MJun 12

100.18 20 Jul 12 (0.06%) 6.67% -3.5% 0.85% 21.26% 0.03% 11.10% (35.45%)Jun 08 - Mar 09

Long/ShortYtd Avg. 2012 (1.73%)

Long/Short/AsiaYtd Avg. 2012

(1.73%)

HSBC ASIAN ADVANTEDGE FUNDHSBC Alternative Investments Limited

30 Jun 02 M $31 MJun 12

162.97 20 Jul 12 0.68% (1.73%) -11.59% 2.66% 12.77% 4.97% 8.47% (24.73%)Dec 07 - Nov 08

MacroYtd Avg. 2012 (1.65%)

Macro/GlobalYtd Avg. 2012

(1.65%)

MASTERS FUND LTD MAGNOLIA SERIESDoyle Fund Management

31 Dec 96 Q $288 MJun 12

4,497.37 30 Jun12

(3.09%) (1.65%) -0.36% 7.1% 8.56% 10.18% 8.97% (9.96%)Jul 98 - Oct 98


Multi-Strategy/EmergingYtd Avg. 2012

0.73%

HSBC EMERGING ADVANTEDGE FUNDHSBC Alternative Investments Limited

31 Mar 97 M $12 MJun 12

148.50 20 Jul 12 0.52% 1.51% -13.97% 1.58% 19.27% 2.62% 15.42% (59.39%)Sep 97 - Dec 98

HSBC NEXT GENERATION FUND Share ClassHSBC Management (Guernsey) Ltd

30 Sep 11 M $110 MJun 12

98.40 20 Jul 12 1.45% (0.05%) -1.55% (1.98%) 3.60% (3.79%)Feb 12 - Jun 12



InceptionDates

Liquidity AssetSize

Last NAV orIndex



1.84%

DIAMOND CAPITAL MANAGEMENTElchanan Jaglom, Daniel Jaglom

31 Oct 02 Q $248 MMay 12

159.64 30 Jun12

(0.57%) 1.24% -1.97% 4.05% 9.37% 4.96% 4.51% (14.18%)Jun 08 - Dec 08

GAM DIVERSITY I INC - US$ CLASSGlobal Asset Management Limited

31 Dec 89 M $538 MJul 12

661.83 23 Jul 12 1.37% 3.29% -3.44% -2.55% 5.07% 8.73% 8.13% (19.64%)Jan 94 - Jan 95

GAM DIVERSITY II INC - US$ CLASSDavid Smith

31 Jul 98 M $143 MMay 12

201.99 23 Jul 12 1.34% 3.27% -3.66% -3.4% 4.59% 5.15% 7.57% (18.79%)Oct 07 - Dec 11

GAM TRADING II USDDavid Smith, Arvin Soh

30 Apr 97 M $3'038 MApr 12

329.82 23 Jul 12 3.34% 2.73% -4.11% 5.97% 6.55% 8.14% 5.84% (5.88%)Jun 08 - Sep 08

HSBC GH FUND USDHSBC Alternative Investments Limited

31 May 96 M $1'905 MJun 12

279.53 20 Jul 12 1.20% 0.95% -3.37% 4.68% 12.31% 6.57% 6.57% (18.30%)Jun 08 - Dec 08

HSBC HEDGE INVESTMENTS FUNDHSBC Alternative Investments Limited

28 Feb 02 Q $21 MJun 12

146.24 20 Jul 12 1.23% 1.32% -2.72% 5.33% 12.98% 3.72% 5.09% (17.63%)Jun 08 - Dec 08

HSBC LEVERAGED GH FUNDHSBC Republic Investment Limited

30 Nov 04 M $1'905 MJun 12

118.59 20 Jul 12 2.34% 0.73% -8.76% 7.18% 23.44% 2.26% 12.40% (37.09%)Jun 08 - Dec 08

HSBC UCITS ADVANTEDGE FUND -USD CLASSHsbc Alternative Inv. Ltd

31 Oct 09 W €91 MJun 12

93.24 25 Jul 12 0.75% 1.16% -7.51% -0.37% 0.08% (2.51%) 3.46% (8.81%)Apr 10 - Dec 11

TradingYtd Avg. 2012 2.06%

Trading/GlobalYtd Avg. 2012

2.06%

HSBC TRADING ADVANTEDGE FUNDHSBC Alternative Investments Limited

31 Oct 05 M $305 MJun 12

153.27 20 Jul 12 4.89% 2.06% -1.62% 8.82% -7.51% 6.56% 9.72% (10.20%)Jan 09 - Jan 10



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Equity-DiversifiedYtd Avg. 2012 10.87%


10.87%

RUSSIAN PROSPERITY FUND - AAlexander Branis

31 Aug 96 W $1'122 MMay 12

212.12 19 Jul 12 4.12% 10.87% -18.03% 47.56% 195.22% 21.42% 46.38% (90.26%)Jul 97 - Jan 99



InceptionDates

Liquidity AssetSize

Last NAV orIndex


CommodityYtd Avg. 2012 1.32%

Commodity/GlobalYtd Avg. 2012

1.32%

ARMAJARO COMMODITIES FUND CLASS -A-John Tilney

31 Mar 04 M $1'150 MMay 12

226.84 31 Jul 12 1.96% 0.47% -7.11% 7.35% 24.08% 10.32% 11.93% (15.56%)Feb 08 - Dec 08

BREVAN HOWARD COMMODITIES STRATEGIESFUND L.P.Stephane Nicolas

28 Feb 10 M $ 519 MMay 12

106.16 20 Jul 12 0.90% 4.72% -2.65% 7.83% 4.04% 8.75% (8.62%)Aug 11 - Dec 11

CLIVE FUND (The ) Class - A -Christian Levett and Richard Boland

30 Nov 07 Q $3'280 MApr 12

196.10 27 Jul 12 (3.01%) 3.86% -9.92% 19.75% 17.42% 15.55% 18.89% (20.89%)Apr 11 - Apr 12

KROM RIVER COMMODITY FUNDChristopher Brodie

30 Jun 06 M $ 710 MJun 12

179.00 31 Jul 12 3.05% 0.01% -3.89% 13.23% -8.08% 10.03% 10.09% (11.88%)Apr 11 - May 12

MERCHANT COMMODITY FUND (THE) - COMPOSITEMichael Coleman and Doug King

31 May 04 M $ 545 MApr 12

325.23 31 Jul 12 2.60% (2.47%) -30.07% 27.4% 4.55% 15.52% 21.70% (36.93%)Dec 10 - Oct 11

CreditYtd Avg. 2012 1.60%

Credit/EmergingYtd Avg. 2012

1.60%

ADELANTE EMERGING DEBT FUNDJulian Adams

30 Jun 99 M $ 71 MMay 12

67.12 30 Jun12

0.84% 1.60% 0.65% 11% 47.43% 15.76% 9.46% (22.42%)Feb 08 - Feb 09

CurrencyYtd Avg. 2012 1.62%

Currency/AsiaYtd Avg. 2012

(1.91%)

DYMON ASIA MACRO FUND COMPOSITEDanny Yong

31 Jul 08 M $2'476 MJun 12

143.82 13 Jul 12 0.93% (1.91%) 20.11% 15.23% 16.37% 9.63% 12.37% (13.69%)Jul 08 - Sep 08

Currency/GlobalYtd Avg. 2012

3.38%

BREVAN HOWARD INVESTMENT FUND II MACRO FXFUND - USD CLASS ALuke Ding

30 Sep 09 W $ 971 MApr 12

109.31 18 Jul 12 1.28% 3.04% 5.15% 0.6% 0.29% 3.23% 4.18% (3.05%)Apr 11 - Jul 11

QFS CURRENCY FUND, LTD CLASS B SHARES(INDEX)Dr. Sanford Grossman

28 Feb 93 M $97 MJul 12

862.69 31 Jul 12 8.87% 3.73% 4.68% 28.78% 8.91% 11.73% 14.53% (18.85%)Feb 04 - Aug 06



InceptionDates

Liquidity AssetSize

Last NAV orIndex



Diversified/AsiaYtd Avg. 2012

4.39%

ALPHADYNE INVESTMENT STRATEGIES FUND LTDBart Broadman, Philippe Khuong-Huu

31 Jan 07 M $ 232 MMay 12

1,613.41 27 Jul 12 3.23% 4.58% 3.11% 7.58% 8.86% 9.10% 4.80% (3.63%)May 09 - Jun 09

BREVAN HOWARD ASIA FUND LIMITEDKaspar Ernst

30 Sep 04 M $1'786 MMay 12

199.89 20 Jul 12 0.36% 0.09% 8.86% 1.83% 6.69% 9.28% 3.95% (1.94%)Jan 10 - Mar 10

FORTRESS ASIA MACRO FUNDAdam Levinson

28 Feb 11 Q $ 239 MFeb 12

112.07 27 Jul 12 1.59% 8.49% 3.3% 8.41% 6.15% (4.91%)Mar 11 - Oct 11

Diversified/EmergingYtd Avg. 2012

2.21%

BLUECREST EMERGING MARKETS FUNDSBluecrest Capital Management LLP

31 Aug 05 Q $1'307 MJun 12

174.24 30 Jun12

0.06% 2.32% -0.43% 7.82% 34.03% 8.47% 11.89% (22.89%)Oct 07 - Oct 08

BREVAN HOWARD EM. MKT STRATEGIES FUND LTDGeraldine Sundstrom

31 Dec 07 M $2'632 MJun 12

140.23 20 Jul 12 0.57% 9.87% -6.28% 2.01% 24.94% 7.70% 10.32% (10.67%)Aug 11 - Dec 11

DISCOVERY GLOBAL OPPORTUNITY FUND, LTDRobert K Citrone

31 Jul 99 S $3'870 MMay 12

652.10 30 Jun12

(4.24%) 0.43% 3.58% 16.92% 64.98% 15.61% 15.02% (33.03%)Dec 07 - Dec 08

GAVEA FUND LTD . CLASS A S/1Fraga Arminio

31 Jul 03 Q $1'649 MMar 12

219.48 27 Jul 12 1.82% 3.73% -0.35% 6.48% 17.09% 9.13% 6.96% (12.50%)Jul 08 - Oct 08

GREEN FUND LLC GREEN CLASSLuis Stuhlberger

31 Jan 01 M $625 MApr 12

641.29 26 Jul 12 0.99% 10.12% -5.7% 7.84% 79.57% 16.37% 14.93% (33.00%)Jun 08 - Nov 08

MOORE EMERGING FX . INC & CRY FUND - CLASS AGreg Coffey

31 Mar 09 M $102 MMar 12

1,147.94 19 Jul 12 0.44% (3.20%) 2.94% 10.07% 4.67% 4.26% 4.21% (5.08%)Jan 12 - Jun 12

PHARO TRADING FUNDGuillaume Fonkenell

30 Nov 00 M $ 423 MMay 12

3,579.30 13 Jul 12 0.46% (9.10%) -2.68% 10.52% 81.79% 11.59% 9.87% (13.16%)Feb 08 - Oct 08

SPINNAKER GLOB OPP FUND, LTD COMPOSITEJorge Rosas

31 Jan 01 Q $1'996 MMar 12

445.78 15 Jul 12 0.90% 3.49% -11.82% 15.03% 28.16% 13.93% 9.66% (31.74%)May 08 - Feb 09


1.05%

BREVAN HOWARD FUND, LTD - USD CLASS AAlan Howard

31 Mar 03 M $27'270M

Apr 12

287.90 20 Jul 12 2.42% (1.30%) 12.15% 1.01% 18.65% 12.03% 7.01% (5.17%)Feb 08 - Apr 08

BTG PACTUAL GLOBAL EM. MKTS AND MACRO FUNDBTG Pactual Global Asset Management

31 Jan 09 Q $2'805 MJun 12

2,278.04 13 Jul 12 0.35% 14.07% 3.44% 22.38% 57.76% 26.96% 8.34% (3.57%)May 11 - Dec 11

CAPITAL FUND, LTD (THE)Kenneth Windheim

31 Dec 99 M $ 71 MMay 12

2,528.03 27 Jul 12 0.55% 1.46% 4.66% 0.34% -13.02% 10.80% 10.44% (17.38%)Jan 09 - Mar 10

CAPULA TAIL RISK FUND LTD Share Class C Series 1Yan Huo

28 Feb 10 M $2'393 MJul 12

108.88 27 Jul 12 (0.71%) (8.97%) 10.82% 7.93% 3.59% 10.39% (10.60%)Nov 11 - Jul 12



InceptionDates

Liquidity AssetSize

Last NAV orIndex



1.05%

CAXTON GLOBAL INVESTMENT LTDAndrew E. Law

31 Jan 97 Q $7'600MMay 12

717.39 31 Jul 12 (2.13%) (4.23%) 0.7% 9.29% 5.82% 13.55% 7.54% (7.37%)Jun 07 - Aug 07

COMAC GLOBAL MACRO FUNDColm O’Shea

31 May 06 M $4'086 MJun 12

159.04 27 Jul 12 0.05% (4.64%) 5% 1.14% 14.93% 7.82% 8.65% (10.20%)Apr 10 - Mar 11

ELEMENT CAPITAL FUNDJeffrey Talpins

31 Mar 05 M $4'012 MJun 12

51,957.59 30 Jun12

(3.42%) (2.65%) 5.54% 27.6% 78.82% 25.50% 10.72% (7.83%)Oct 07 - Apr 08

EPISODE INC. CLASS ADavid Fishwick / Tony Finding

31 Jul 05 Q $593 MMar 12

124.22 27 Jul 12 (0.58%) (8.54%) 0.98% 4.83% 35.59% 3.15% 12.49% (32.77%)Oct 07 - Feb 09

FORTRESS MACRO FUND LTD. CLASS AMichael E. Novogratz & Adam Levinson

31 Dec 08 M $1'505 MMay 12

1,030.41 27 Jul 12 (2.02%) 5.82% -9.33% 10.7% 14.83% 5.71% 6.49% (11.34%)Mar 11 - Nov 11

GAM GLOBAL RATES HEDGE FUNDAdrian Owens

31 Jan 04 M $238 MFeb 12

206.93 24 Jul 12 (0.58%) 9.02% -6.73% 9.47% 18.96% 8.95% 7.77% (12.25%)Mar 11 - Sep 11

GAMUT INVESTMENTSAndrew E. Law

30 Jun 86 M $431 MMay 12

7,685.38 25 Jul 12 (1.73%) (4.55%) -0.95% 7.22% 4.41% 18.11% 13.49% (13.45%)Dec 87 - Apr 88

GLC GLOBAL MACRO FUND LTDSteven Bell

31 Mar 06 M $616 MMar 12

120.79 27 Jul 12 (1.11%) 0.59% -10.3% -10.04% 24.35% 3.03% 10.21% (19.99%)Apr 10 - Dec 11

GRAHAM GLOBAL INVESTMENT FUND-DISCRETIONARY-12V CL -A-Kenneth G. Tropin

31 May 04 Q $2'772 MJun 12

199.21 31 Jul 12 1.51% 2.38% 6.82% 14.26% 37.85% 12.48% 11.03% (30.81%)May 07 - Jun 08

GRAHAM GLOBAL INVESTMENT FUND-DISCRETIONARY-6VKenneth G. Tropin

31 May 04 Q $2'772 MJun 12

249.56 31 Jul 12 0.78% 1.23% 3.56% 7.12% 17.09% 7.13% 5.45% (14.81%)May 07 - Jun 08

HARMONIC ALPHA PLUS MACRO FUND - USD CLASSRichard Conyers

30 Apr 03 M $949 MJul 12

139.01 27 Jul 12 3.15% 22.80% -8.91% 20.3% -2.38% 7.64% 12.03% (16.74%)Apr 11 - Dec 11

INVESTCORP STONEWORKS GLOBAL MACRO FUNDLTDInvestcorp Investment Advisers Limited

31 Jul 07 M $ 59 MFeb 12

110.71 30 Jun12

(0.60%) (2.82%) 0.58% -9.08% 5.34% 2.09% 8.92% (14.97%)Jul 09 - Mar 11

MELLON OFF GLOB OPP FUND LTD -MULTICURRENCY - A1Alexander Huberts & Jeff Zhang

30 Nov 05 M $252 MApr 12

1,135.95 30 Jun12

0.01% (2.92%) 4.79% 17.48% 14.52% 1.95% 9.17% (31.90%)Jan 07 - Oct 08

MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1Alexander Huberts & Jeff Zhang

31 Jul 05 M $193 MApr 12

1,056.41 30 Jun12

0.43% (5.52%) 4.46% 23.11% 33.57% 0.80% 18.01% (59.00%)Jan 07 - Oct 08

MKP OPPORTUNITY OFFSHORE, LTDPatrick McMahon

31 Jul 01 M $2'130 MMay 12

282.54 27 Jul 12 1.34% 4.62% 11.42% -0.35% 12.72% 9.90% 5.37% (3.70%)Dec 09 - Feb 10

MLM MACRO PEAK PARTNERS OFFSH FD, LTD - BTimothy Rudderow

31 Mar 02 M $633 MJan 12

2,281.65 31 Jul 12 14.86% 17.82% -35.04% 7.83% -2.95% 8.30% 18.67% (36.98%)Dec 10 - May 12



InceptionDates

Liquidity AssetSize

Last NAV orIndex



1.05%

MOORE GLOBAL INV FD, LTD - A $Louis Bacon

31 Dec 89 Q $6'700 MMar 12

44,597.01 19 Jul 12 1.15% 1.51% -2.21% 4.74% 22.12% 18.33% 12.02% (18.45%)Jan 94 - Feb 95

MOORE MACRO MANAGERS FUND, LTD CLASS -A-Louis Bacon

31 Jul 93 Q $6'500 MMar 12

11,291.73 19 Jul 12 (0.11%) 1.70% -2.57% 11.56% 17.07% 13.62% 8.59% (14.47%)Jan 94 - Feb 94

ONSLOW MACRO FUND CLASS AOnslow Capital Management Ltd

31 Dec 07 M $160 MJun 12

139.69 30 Jun12

(0.72%) (6.26%) 3.17% 13.3% 36.95% 7.64% 16.96% (25.48%)Sep 08 - Oct 08

PHARO MACRO FUND LTDGuillaume Fonkenell

30 Apr 05 Q $2'200 MJun 12

2,160.87 13 Jul 12 0.85% 1.09% -7.82% 7.3% 48.62% 11.28% 9.02% (9.64%)Jun 08 - Nov 08

PINPOINT MULTI-STRATEGY FUNDQiang Wang

29 Feb 08 M $ 130 MFeb 12

142.10 13 Jul 12 1.05% 1.24% -10.43% 23.74% 29.81% 8.37% 12.12% (17.36%)Jun 08 - Nov 08

RUBICON GLOBAL FUND, LTDPaul Brewer

31 Oct 99 M $498 MJul 2

427.75 27 Jul 12 (1.04%) (6.75%) 5.34% 14.97% 14.86% 12.08% 14.78% (36.03%)Dec 04 - May 07

TRAXIS FUND LP (OFFSHORE)Barton M. Biggs, Madhav Dhar & Cyril Moullé-Berteaux

31 May 03 Q $ 268 MJan 12

148.29 30 Jun12

(0.10%) (0.65%) -5.35% 3.65% 34.03% 4.43% 12.95% (40.00%)Oct 07 - Feb 09

TT INTERNATIONAL FUNDTacchi Tim

31 Aug 89 M $ 398MMay 12

6,824.94 31 Jul 12 (0.56%) 0.06% -14.09% 13.52% 4.86% 8.66% 14.71% (27.05%)Jan 94 - Jan 95

TUDOR B.V.I GLOBAL FUND LTD -A-Paul Tudor Jones

31 Oct 86 Q $8'345 MJul 12

107,969.19 27 Jul 12 2.64% 2.55% 2.17% 7.41% 15.37% 19.93% 19.21% (17.07%)Apr 92 - Jul 92

TUDOR B.V.I GLOBAL FUND LTD -A- ALT SERIES 01Paul Tudor Jones

31 Dec 11 Q $8'345 MJul 12

108,721.81 27 Jul 12 2.73% 3.26% - 5.76% 9.34% (4.37%)May 12 - Jun 12

Fixed IncomeYtd Avg. 2012 1.83%


1.83%

AVIVA INVESTOR FIXED INCOME MACRO (Tranche 2)Shahid Ikram

30 Jun 09 M $ 561 MJun 12

12.15 27 Jul 12 0.01% 1.00% 7.56% 6.4% 5.12% 6.53% 3.12% (1.54%)Jun 10 - Jul 10

BREVAN HOWARD INVEST. FUND - EMERGINGMARKETS LOCAL FIXED INCOME FUNDFilippo Cipriani, Brevan Howard Asset Management

31 May 10 W $ 1'311M

Jun 12

111.22 18 Jul 12 0.46% 2.66% 2.97% 5.21% 5.11% 5.21% (2.99%)Feb 12 - Jun 12



InceptionDates

Liquidity AssetSize

Last NAV orIndex


CurrencyYtd Avg. 2012 (4.88%)

Currency/GlobalYtd Avg. 2012

(4.88%)

ORTUS FUND (CAYMAN) LTDDr Joe Zhou

30 Sep 03 M $805 MJul 12

271.37 15 Jul 12 2.35% (4.88%) 5.7% 27.89% 19.05% 12.02% 12.26% (23.33%)Jul 08 - Oct 08

DiscretionaryYtd Avg. 2012 5.85%

Discretionary/GlobalYtd Avg. 2012

5.85%

LYNX (BERMUDA) LTDJonas Bengtsson, Svante Bergstrom, Martin Sandquist

30 Apr 00 M $1'730 MMay 12

486.10 31 Jul 12 6.93% 5.85% -2.25% 19.17% -9.43% 13.77% 14.55% (12.19%)Dec 08 - Jan 10

Multi-StrategyYtd Avg. 2012 (6.41%)


(6.41%)

COELI POWER SURGE FUND LTDHenrik Wennberg, Jukka Virtala, Mathias Wennberg

30 Nov 07 M € 55 MApr 12

1,508.83 30 Jun12

(0.27%) (6.41%) 1.21% 23.45% 2.7% 9.38% 13.99% (9.76%)Feb 10 - Nov 10

SystematicYtd Avg. 2012 1.84%

Systematic/GlobalYtd Avg. 2012

1.84%

ALTIS MASTER FUND ICC - GLOBAL FUTURESPORTFOLIO ICZbigniew Hermaszewski, Alex Burnwin, StephenHedgecock, Natasha Reeve-Gray

31 Aug 03 W $ 68 MJul 12

2,488.08 20 Jul 12 6.91% 4.79% -29.61% 9.64% -8.25% 10.79% 22.69% (31.00%)Dec 10 - Jun 12

ARMAJARO STS COMMODITIES FUND CLASS -Z-Will Griffin

31 Dec 09 M $ 76 MApr 12

87.98 30 Jun12

(2.65%) (12.56%) -15.89% 19.64% - (5.00%) 28.33% (38.86%)Apr 11 - Jun 12

ASPECT DIVERSIFIED FUND - CLASS AAnthony Todd

30 Nov 98 W $1'360 MJul 12

357.44 31 Jul 12 3.43% 0.45% 4.51% 15.36% -11.24% 9.76% 16.44% (21.47%)Feb 04 - Jan 05

BEACH HORIZON FUND LTDBeach Horizon LLP

30 Apr 05 M $889 MApr 12

236.11 31 Jul 12 3.26% (5.94%) -1.14% 8.65% -4.62% 12.57% 19.20% (15.63%)Feb 09 - Jul 10

BLUETREND FUND, LTD - CLASS AMichael Platt & Leda Braga

31 Mar 04 M $10'400MMay 12

296.32 30 Jun12

(5.39%) (3.74%) 0.32% 15.98% 4.38% 14.06% 14.08% (12.55%)Apr 06 - Jul 06

BORONIA DIVERSIFIED FUND MASTERRichard Grinham and Angus Grinham

31 Aug 93 M $365 MJun 12

1,685.58 25 Jul 12 1.67% (0.10%) -8.75% 9.44% -6.13% 9.69% 12.00% (14.56%)Feb 08 - Apr 12



InceptionDates

Liquidity AssetSize

Last NAV orIndex



1.84%

CANTAB CAPITAL PARTNERS QUANTITATIVE FUNDUS$ ARISTARCHUS SH.Ewan Kirk, Erich Schlaikjer, Cantab Capital

28 Feb 07 M $ 825 MJul 12

2,054.38 31 Jul 12 9.03% 17.10% 12.84% 2.48% -9.2% 14.51% 14.60% (17.88%)Feb 09 - Feb 10

CANTAB QUANTITATIVE UCITS FUND US$ FARADAYSH.Ewan Kirk, Erich Schlaikjer, Cantab Capital

30 Jun 11 D $ 166 MJun 12

1.15 31 Jul 12 0.04% 6.90% 7.25% 13.39% 12.46% (6.09%)Sep 11 - Oct 11

CONQUEST MACRO FUND, LTD (COMP)Marc Malek

30 Apr 99 M $521 MApr 12

2,704.91 31 Jul 12 2.09% (14.66%) -5.67% 4.92% -14.12% 7.79% 19.53% (36.00%)Jul 09 - Jun 12

CRABEL FUND SPC LTD CLASS AToby Crabel

28 Feb 98 M $244 MJan 12

4,936.26 27 Jul 12 3.15% 8.32% -1.93% 8.33% -1.78% 11.71% 16.66% (16.71%)Oct 98 - Jun 99

DISCUS FEEDER LTD CL. B USD STANDARDLEVERAGETeam managed

31 Dec 90 M $315 MMar 12

1,234.30 27 Jul 12 2.42% (5.41%) 21.95% -6.67% 2.85% 12.62% 15.95% (34.56%)Jun 94 - Oct 95

DKR QUANTITATIVE STRATS FUND, LTDPascal Magnollay

31 Dec 99 M $23 MMay 12

2,550.32 31 Jul 12 4.70% (1.12%) -12.93% 8.27% 1.56% 7.72% 10.40% (20.02%)Feb 11 - Jun 12

EAGLE GLOBAL FUNDMenachem Sternberg & Liora Sternberg

30 Sep 95 M $176 MApr 12

1,022,799.64 31 Jul 12 5.04% 5.43% 8.82% 17.68% 10.2% 14.80% 23.86% (32.13%)Oct 03 - Sep 04

GLC BEHAVIOURAL TREND FUND LTDLawrence Staden

30 Nov 07 M $95 MMar 12

129.75 27 Jul 12 (0.46%) 6.51% -3.04% 4.64% -10.67% 5.75% 14.35% (16.79%)Jan 09 - Feb 10

GLC DIRECTIONAL FUND LTDLawrence Staden

31 May 04 M $172 MMar 12

152.95 27 Jul 12 0.08% 2.54% 6.06% -4.79% -8.99% 6.04% 12.84% (26.31%)Oct 08 - Jun 11

GRAHAM GIF II PROPRIETARY MATRIX - 10VKenneth G. Tropin

30 Jun 99 M $956MJun 12

304.13 31 Jul 12 5.47% 4.53% -9.85% 10.56% 15.47% 8.86% 12.12% (16.08%)Apr 11 - Nov 11

GRAHAM GLOBAL INVESTMENT FUND II - K4D-10VKenneth G. Tropin

31 Jan 95 M $3'308 MJun 12

362.81 31 Jul 12 4.72% 2.83% -13.12% 0.77% 0.88% 7.64% 12.45% (16.42%)Apr 11 - Jun 12

GRAHAM GLOBAL INVESTMENT FUND II - K4D-15V -COMPOSITEKenneth G. Tropin

31 Dec 00 M $3'308 MJun 12

218.01 31 Jul 12 7.09% 4.44% -18.64% 4.52% 5.11% 11.54% 19.85% (29.84%)Feb 04 - Apr 05

HIGHBRIDGE QUANTITATIVE COMMODITIES FUNDCLASS ASassan Alizadeh

30 Sep 09 M $ 932 MJun 12

1,278.92 30 Jun12

(1.12%) (4.15%) -4.27% 31.32% 6.14% 9.36% 22.02% (23.92%)Apr 11 - Jun 12

HIGHBRIDGE QUANTITATIVE COMMODITIES FUNDCLASS BSassan Alizadeh

31 Jul 11 M $ 932 MJun 12

820.83 30 Jun12

(1.13%) (4.27%) -14.26% (19.36%) 19.33% (18.33%)Aug 11 - Jun 12

KEYNES LEVERAGED QUANTITATIVE STRATEGIESFUND CLASS - B -COMPOSITESushil Wadhwani,

31 Dec 04 M $ 395 MFeb 12

109.46 20 Jul 12 7.46% 8.02% -5.89% 6.47% -2.09% 9.05% 12.70% (12.83%)Apr 06 - Sep 06



InceptionDates

Liquidity AssetSize

Last NAV orIndex



1.84%

MAN AHL DIVERSIFIED PLCTim Wong

31 Mar 96 W $2'072 MApr 12

93.51 31 Jul 12 1.13% 1.58% -6.84% 14.82% -16.89% 14.66% 17.33% (19.39%)Dec 08 - Feb 10

RENAISSANCE INSTITUTIONAL FUTURES FUND LPRobert Lourie

30 Sep 07 M $405 MApr 12

120.86 31 Jul 12 3.60% 0.54% 1.84% 22.61% 3.85% 3.99% 11.77% (22.27%)Jun 08 - Jun 09

TEWKSBURY INVESTMENT FUND, LTD - BMatthew Tewksbury

31 Dec 90 M $3'296 MMar 12

15,600.37 27 Jul 12 0.80% 4.00% 4.55% 10.47% 10.3% 13.57% 4.63% (7.75%)Jun 07 - Aug 07

TRADELINK INTEGRATED PROGRAM LTDWalt Weissman and Blair Wellensiek

31 Dec 93 M $60MJun 12

2,287.28 31 Jul 12 2.34% (2.48%) -21.27% 16.01% -2.43% 18.33% 23.47% (36.53%)May 03 - Jan 05

TUDOR TENSOR FUND LIMITED CLASS ISteve Evans

31 Aug 05 M $405 MJun 12

1,547.95 27 Jul 12 5.19% 1.48% -10.31% 6.19% -2.69% 6.53% 12.04% (16.79%)Feb 11 - Jun 12

TULIP TREND FUND, LTD - AProgressive Cap. Partners

31 Mar 03 M $687 MDec 11

4,485.47 31 Jul 12 10.15% 27.84% -20.93% 38.39% -24.68% 17.43% 26.31% (34.25%)Feb 09 - Jan 10

TWO SIGMA COMPASS CAYMAN FUNDTwo Sigma Investments, LLC

31 Jul 09 M $495 MMay 12

1,517.57 30 Jun12

0.99% 0.52% 2.33% 26.02% 17.05% 15.36% 8.67% (9.85%)Apr 11 - Sep 11

WINTON FUTURES FUND - CLASS BDavid Harding

30 Sep 97 M $ 7'180MJun 12

849.84 01 Aug12

(0.25%) (0.13%) 6.29% 14.48% -4.63% 15.50% 17.64% (25.08%)Oct 01 - Feb 02



InceptionDates

Liquidity AssetSize

Last NAV orIndex


DiscretionaryYtd Avg. 2012 1.90%

Discretionary/AsiaYtd Avg. 2012

(3.94%)

AMAZON MARKET NEUTRAL FUND CLASS A USDAugust Investment Management Ltd

31 Aug 05 M $508 MJun 12

333.92 27 Jul 12 (0.10%) (3.94%) 11.56% 21.8% 38.59% 19.07% 12.82% (20.20%)Jun 08 - Dec 08

Discretionary/EuropeYtd Avg. 2012

6.28%

EXANE MICROMEGAS FUND LTD- CLASS A - CAPJerome Poirel

30 Jun 06 W € 184 MJul 12

15,000.77 25 Jul 12 2.00% (2.58%) 1.38% 4.62% 10.21% 4.54% 5.73% (6.92%)Oct 07 - Feb 08

TALENTUM ENHANCED FUND LIMITED - A -Gianmarco Mondani / Marco Accorroni

31 Aug 02 M €139 MJun 12

285.45 27 Jul 12 4.84% 15.13% 2.95% 18.43% -0.85% 11.16% 8.83% (25.03%)Jun 08 - Apr 09

Discretionary/GlobalYtd Avg. 2012

2.91%

BLACK DIAMOND RELATIVE VALUE LTD -C-ShsClint Carlson

31 Jul 99 Q $690 MMay 12

286.74 27 Jul 12 1.90% 0.28% -3.25% 1.48% 17.9% 8.44% 5.52% (8.09%)Mar 11 - Sep 11

MARSHALL WACE - MW MARKET NEUTRAL TOPS AUSDAnthony Clake.

31 Oct 07 M $373mApr 12

107.43 31 Jul 12 2.79% 5.83% 3.18% -0.21% 6.64% 1.52% 6.87% (15.98%)Jun 08 - Nov 08

MLIS - MARSHALL W. TOPS UCITS FUND (MKT NTRL)Marshall Wace LLP

31 Dec 07 W $ 310 MMay 12

108.74 30 Jul 12 1.98% 2.63% 3.46% 0.3% 6.76% 1.85% 5.00% (11.63%)Jun 08 - Oct 08

Discretionary/JapanYtd Avg. 2012

(0.38%)

DB EQUILIBRIA JAPAN FUNDJames Pulsford, Sara Gardiner-Hill

30 Apr 02 M $103 MJun 12

223.99 27 Jul 12 0.20% (0.40%) -0.13% 5.58% 11.53% 8.19% 4.51% (5.77%)May 08 - Sep 08

DB EQUILIBRIA JAPAN FUND LTD 2X (USD)James Pulsford, Sara Gardiner-Hill

30 Apr 09 M $ 342 MJun 12

131.87 27 Jul 12 0.58% (0.36%) -0.5% 10.87% 19.96% 8.90% 7.96% (9.56%)Jul 11 - May 12

Discretionary/UKYtd Avg. 2012

1.18%

ABSOLUTE INSIGHT UK EQUITY MKT NEUTRALFUND-CLASS B2P GBPAndrew Cawker, Iain Brown, Richard Howarth

31 May 08 D £ 153 MJan 12

1.14 01 Aug12

0.11% 0.81% 2.3% 1.9% 3.68% 2.90% 1.31% (0.58%)Feb 12 - May 12

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBPSteven Cordell

30 Jun 08 Daily £ 141 MDec 11

111.04 01 Aug12

0.32% 1.55% 11.24% -7.62% 1.06% 2.59% 5.91% (9.96%)Sep 09 - Dec 10

Equity DiversifiedYtd Avg. 2012 4.11%



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Equity Diversified/AsiaYtd Avg. 2012

4.01%

MACQUARIE ASIAN ALPHA FUNDNick Bird

30 Sep 05 M $848MMay 12

1,685.74 27 Jul 12 2.10% 4.01% 9.07% 10.29% 14.19% 10.56% 6.31% (14.05%)Oct 07 - Apr 09

Equity Diversified/EuropeYtd Avg. 2012

5.40%

GLG EUROPEAN LONG SHORT FUND CL-D- InstPierre Lagrange, Simon Savage, Darren Hodges

30 Sep 00 M $781MJun 12

309.84 30 Jun12

(1.50%) 5.40% 7% 8.25% 19.49% 10.10% 8.49% (17.94%)Oct 07 - Oct 08

Equity Diversified/GlobalYtd Avg. 2012

2.91%

TWO SIGMA ABSOLUTE RETURN FUND LTDTwo Sigma Advisers, LLC

31 Oct 11 M $174 MJun 12

1,041.76 30 Jun12

(0.45%) 2.91% 1.23% 6.33% 3.47% (1.15%)Apr 12 - Jun 12


Multi-Strategy/AsiaYtd Avg. 2012

(0.91%)

LIM ASIA MULTI-STRATEGY FUND CLASS AGeorge W. Long

31 Dec 95 Q $ 859 MJun 12

33.82 30 Jun12

(0.29%) (0.91%) -0.23% 8.6% 20% 7.66% 5.95% (15.79%)Feb 08 - Nov 08


8.91%

HUDSON BAY INTERNATIONAL FUND LTDHudson Bay Capital Management LP

31 May 06 Q $ 803 MApr 12

214.33 19 Jul 12 1.29% 8.91% 4.31% 8.44% 31.76% 13.22% 5.45% (3.92%)Nov 07 - Dec 07

Statistical ArbitrageYtd Avg. 2012 1.80%

Statistical Arbitrage/EuropeYtd Avg. 2012

2.01%

BLACKROCK EOS CLASS B USD COMPOSITERobert Fisher

28 Feb 02 M $ 185 MJun 12

1,188.24 31 Jul 12 1.90% 2.01% -3.11% 13.64% 21.01% 9.30% 8.99% (14.33%)Jul 07 - Jan 08

Statistical Arbitrage/GlobalYtd Avg. 2012

1.75%

A.R.T. INTERNATIONAL INVESTOR (BVI) LtdAaron Sosnick

28 Feb 07 Q $923 MJun 12

202.26 31 Jul 12 0.57% 3.46% 7.88% 6.75% 17.46% 13.86% 8.91% (10.48%)Jul 07 - Aug 07

BLUEMATRIX FUND CLASS -A- USDBlueCrest Capital management LLP

31 Oct 07 M $465 MJun 12

133.32 30 Jun12

(0.10%) (1.16%) -1.42% 6.45% 17.49% 6.35% 7.24% (9.96%)Apr 11 - Sep 11

GLC GESTALT EUROPE FUND, LTD A/1Lawrence Staden

31 Jul 99 M $811 MJun 12

221.81 27 Jul 12 (0.06%) 0.18% -7.92% -13.42% 12.53% 6.32% 9.16% (23.47%)Oct 09 - Sep 11

GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS AJonathan Hiscock

28 Feb 05 Q $919 MMay 12

204.38 27 Jul 12 0.75% 1.74% 15.2% 12.08% 18.89% 10.12% 4.73% (11.91%)Jun 08 - Sep 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Statistical Arbitrage/GlobalYtd Avg. 2012

1.75%

HIGHBRIDGE STATISTICAL OPP. LTD – CLASS AEvan Dick, Greg Howel

31 Oct 06 M $1'047 MApr 12

1,299.21 20 Jul 12 1.09% 4.54% 3.1% -2.39% 13.07% 4.68% 10.75% (21.48%)Jun 07 - Aug 07

SystematicYtd Avg. 2012 5.44%


5.44%

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD(THE) - A/1BlackRock SAE Team

31 Jul 02 Y / M $441 MMay 12

1,965.00 27 Jul 12 1.05% 9.22% 24.92% 20.38% -7.61% 6.99% 7.52% (25.15%)Jun 08 - Sep 09

BRYN MAWR OFFSHORE LTDBryn Mawr Capital Management, Inc

31 Dec 95 Q $90 MJun 12

4,764.98 20 Jul 12 0.42% 3.80% 0.56% 5.96% 12.73% 9.88% 4.11% (4.11%)Oct 99 - Dec 99

ROSEMONT OFFSHORE FUND LTD CLASS -A-SERIES 1Bryn Mawr Capital Management, Inc

30 Apr 06 Q $242 MJun 12

1,818.07 30 Jun12

(0.73%) 3.29% 0.49% 5.96% 13.91% 10.17% 4.89% (3.63%)Aug 08 - Nov 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Merger-ArbitrageYtd Avg. 2012 1.52%

Merger-Arbitrage/GlobalYtd Avg. 2012

1.56%

AETOS CORPORATION - CLASS AJason Dahl, Jonathan Spitzer

31 Dec 85 M $121 MMay 12

25,521.07 27 Jul 12 0.13% 0.15% 4.33% 6.57% 7.16% 9.13% 11.62% (34.97%)Aug 87 - Oct 87

CENTAURUS INTERNATIONAL RISK ARBITRAGEFUNDRandy Freeman

30 Jun 09 M € 132 MFeb 12

112.42 30 Jun12

0.08% (0.36%) 0.01% 2.77% 9.78% 3.98% 5.18% (7.66%)May 11 - Aug 11

LION FUND, LTD (THE)Nick Walker

31 Jan 96 M $253 MMay 12

38.64 30 Jun12

1.33% 0.42% 4.23% 5.51% 20.71% 8.48% 9.56% (34.07%)Oct 07 - Feb 09

PAULSON ENHANCED LTDJohn Paulson

30 Apr 01 S $1'997 MJun 12

730.31 30 Jun12

(4.97%) 5.22% -21.55% 26.08% 12.83% 19.47% 16.68% (30.43%)Apr 11 - Sep 11

PAULSON INTERNATIONAL, LTDJohn Paulson

30 Apr 96 M $1'398 MJun 12

728.14 30 Jun12

(2.55%) 2.37% -10.17% 12.57% 6.2% 12.47% 8.14% (15.52%)May 11 - Sep 11

Merger-Arbitrage/USAYtd Avg. 2012

1.30%

GABELLI ASSOCIATES LIMITED - CLASS AMario Gabelli

31 Aug 89 M $114 MFeb 12

575.44 27 Jul 12 0.16% 1.30% 3.03% 6.22% 9.73% 7.93% 3.29% (6.65%)Oct 07 - Oct 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex



Diversified/EmergingYtd Avg. 2012

4.20%

CONTRARIAN EMERGING MARKETS OFF FUND LTDContrarian Capital Management L.L.C.

31 Dec 05 Q $210 MJun 12

233.23 30 Jun12

1.19% 4.09% -7.16% 33.16% 65.85% 13.91% 14.83% (28.43%)Feb 08 - Oct 08

SPINNAKER GLOBAL EMERGING MARKETS FUND,LTDBradley Wickens

30 Jun 99 Q $1'894 MMar 12

1,675.52 15 Jul 12 0.30% 4.32% -9.3% 12.56% 28.26% 24.11% 12.05% (33.11%)May 08 - Feb 09


4.16%

ALLBLUE LIMITEDMichael Platt

31 Aug 05 M $7'120 MJun 12

185.01 30 Jun12

(0.51%) 1.83% 1.87% 8.06% 21.14% 9.42% 4.91% (4.51%)Jun 07 - Aug 07

ARROWGRASS INT FUND LTDNick Niell , Henry Kenner

29 Feb 08 Q €2'730 MFeb 12

136.47 20 Jul 12 0.30% 2.16% -0.79% 3.84% 22.36% 7.34% 4.41% (4.40%)Apr 11 - Sep 11

BLACK DIAMOND, LTD - CLASS B (UNRESTRICTED)Clint D. Carlson

31 Dec 95 Q $105 MMar 12

298.27 27 Jul 12 0.38% 3.16% -0.69% 5.66% 23.48% 6.81% 4.14% (18.58%)Aug 08 - Dec 08

BLACKROCK MULTI-STRATEGY FUND LTD - CLASS AGrace Gu

30 Apr 05 M $1'559 MJun 12

1,370.95 30 Jun12

0.80% 3.39% 2.43% 10.2% 14.18% 4.50% 5.95% (13.96%)Jun 08 - Dec 08

BLACKROCK CAPITAL STRUCTURE INVESTMENTSFUND LTDChad Meuse, Benoy Thomas

31 Dec 08 M $ 312 MJan 12

118.57 30 Jun12

1.42% 0.12% 22.94% 1.18% -4.8% 4.99% 7.78% (7.83%)Mar 09 - Apr 09

BLUECREST CAPL INTL LTD A USDMichael Platt

30 Nov 00 Q $12'232MJun 12

425.53 30 Jun12

(0.40%) 2.36% 6.1% 12.82% 45.39% 13.31% 5.70% (4.83%)May 03 - Aug 03

BOUSSARD & GAVAUDAN HOLDING., LTD ordinarysharesEmmanuel Gavaudan

31 Jan 07 D €575 MFeb 12

14.19 01 Aug12

(0.05%) 5.55% -2.59% 11.49% 27.14% 5.00% 7.65% (20.69%)May 07 - Sep 08

BREVAN HOWARD M/S FUND, LTD – CL. A/USDAlan Howard

29 Feb 08 M $ 3'347M

Jun 12

123.80 20 Jul 12 1.42% 1.40% 5.2% 2.12% 17.42% 4.98% 5.05% (6.29%)Feb 08 - Sep 08

BRUMMER MULTISTRATEGY 2XL, LTD - C -B&P Asset Management (Bermuda) Ltd.

30 Apr 09 M $445 MJan 12

1,244.70 31 Jul 12 3.01% 4.27% 1.02% 5.05% 12.48% 6.96% 7.01% (6.56%)Apr 11 - Nov 11

CQS DIRECTIONAL OPP. FEEDER FUND. Ltd – A NIUSDMichael Hintze

31 Jul 05 Q $1'344 MApr 12

3,464.46 30 Jun12

3.83% 17.34% -10.42% 31.45% 56.3% 19.67% 15.30% (24.58%)Apr 11 - Sep 11

CQS DIVERSIFIED FUND (SPC) LTD ALPHA CLASS BUSDJames Peattie & Peter Warren

28 Feb 07 Q $597 MMay 12

1,505.03 30 Jun12

0.95% 5.79% -3.45% 14.62% 24.99% 7.95% 7.69% (14.78%)Jun 08 - Dec 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex



4.16%

DOUBLE BLACK DIAMOND LTD - SERIES A(UNRESTRICTED)Clint Carlson

31 Mar 98 Q $2'694 MMay 12

375.75 27 Jul 12 0.54% 4.09% -1.07% 9.39% 28.01% 9.67% 5.51% (17.93%)Aug 08 - Dec 08

GLC DIVERSIFIED FUND LTD -A-Lawrence Staden

30 Jun 93 M $83 MApr 12

65.53 27 Jul 12 (0.28%) 7.13% -10.63% -11.56% 12.73% 10.35% 11.83% (23.26%)Oct 09 - Dec 11

HIGHBRIDGE CAPITAL CORPORATION CLASS-A-Series N (Composite)Mark Vanacore

31 Aug 92 Q / Y $4'900 MFeb 12

79,402.17 30 Jun12

(0.18%) 4.75% -5.11% 3.98% 36.49% 11.01% 7.28% (30.04%)Jun 08 - Nov 08

HUTCHIN HILL CAPITAL OFFSHORE FUND LTDNeil Chriss

30 Jun 08 Q $1'160 MJun 12

1,367.34 27 Jul 12 1.13% 1.94% -5.03% 6.89% 17.14% 7.98% 6.59% (7.75%)Apr 11 - Feb 12

JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NIPhilippe Jabre

30 Apr 07 W $406 MJun 12

123.78 24 Jul 12 0.11% (7.36%) -27.33% 3.57% 45% 4.16% 13.79% (35.04%)Apr 10 - Jun 12

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NIPhilippe Jabre

31 Jan 07 M $568 MJun 12

101.06 30 Jun12

(1.34%) (0.34%) -25.65% 6.5% 85.11% 0.19% 18.23% (40.20%)Feb 08 - Jan 09

LINDEN INTERNATIONAL LTDJoe Wong

31 May 03 Q $1'704 MMar 12

263.28 30 Jun12

(0.69%) 3.42% -7.84% 24.01% 72.86% 11.24% 10.18% (24.60%)Feb 08 - Dec 08

MILLENNIUM INTL LTDIsrael A Englander

31 Dec 89 Q $16'100MMay 12

2,217.81 26 Jul 12 0.35% 2.92% 8.39% 13.22% 17.2% 14.69% 4.48% (7.24%)May 98 - Aug 98

PINE RIVER FUND CLASS -B1- SHARESAaron Yeary

31 May 02 Q $1'346 MJul 12

2,950.83 27 Jul 12 1.66% 10.72% 5.7% 13.87% 91% 11.23% 11.12% (29.16%)Jun 08 - Dec 08

PLATINUM PARTNERS VALUE ARBITRAGE INT. FUNDLTDMark Nordlicht

31 Dec 02 Q $668 MJun 12

5,671.31 30 Jun12

1.87% 6.84% 19.61% 17.49% 21.87% 20.03% 5.09% (4.42%)Aug 08 - Oct 08

QVT OVERSEAS, LTD - B - Serie 1Dan Gold

31 Oct 03 Y / Q $2'398 MJun 12

2,273.77 30 Jun12

2.92% 12.96% 5.46% 11.47% 16.11% 9.94% 9.59% (37.38%)Feb 08 - Dec 08

SHEPHERD INVEST LTD CLASS -A -COMPOSITEBrian Stark & Mike Roh

30 Jun 95 S / Q $1'348 MMar 12

4,589.17 20 Jul 12 (0.38%) 5.23% -5.61% 12.59% 12.18% 9.34% 7.16% (32.63%)Oct 07 - Mar 09

STRATUS FUND LIMITED CLASS BTeam managed

30 Nov 03 M $ 4'353MMay 12

2,084.58 27 Jul 12 0.33% (0.40%) 15.63% 1.56% 14.72% 8.85% 5.89% (8.14%)Jun 07 - Sep 07

TWO SIGMA HORIZON CAYMAN LTDTwo Sigma Investments, LLC

30 Apr 08 Q $320 MMay 12

1,210.90 30 Jun12

(0.10%) 3.54% -13.97% 17.76% 21.2% 4.70% 10.25% (17.85%)May 11 - Nov 11

VISIUM GLOBAL OFFSHORE FUND LTDJacob Gottlieb

31 Mar 10 Q $57 MApr 12

131.73 27 Jul 12 2.76% 12.48% 1.75% 15.1% 12.58% 7.85% (7.80%)Apr 10 - Jun 10

WEISS MULTI-STRATEGY PARTNERS ( CAYMAN) LTDWeiss Multi-Strategy Advisers,LLC

30 Sep 06 Q $120 MJun 12

147.71 27 Jul 12 (0.54%) (2.87%) -0.5% 4.66% 22.11% 6.92% 7.42% (18.15%)Jun 08 - Dec 08



InceptionDates

Liquidity AssetSize

Last NAV orIndex


Diversified/JapanYtd Avg. 2012

(0.50%)

LIM JAPAN FUNDLIM Advisors Limited

31 Oct 04 Q $ 137 MMay 12

168.13 27 Jul 12 0.21% (0.50%) 2.73% 14.28% 22.51% 6.94% 6.15% (10.09%)Jun 08 - Feb 09

EquityYtd Avg. 2012 0.97%

Equity/AsiaYtd Avg. 2012

0.97%

SEGANTII ASIA-PACIFIC EQUITY MULTI-STRATEGYFUNDSegantii Capital Management (Cayman) Limited

30 Nov 07 M $ 610MJun 12

211.87 31 Jul 12 (1.11%) 0.97% 40.75% 1.72% 18.03% 17.44% 7.46% (5.20%)Aug 10 - Sep 10

Multi-Strategy DiversifiedYtd Avg. 2012 6.31%

Multi-Strategy Diversified/GlobalYtd Avg. 2012

6.31%

AG SUPER FUND INTERNATIONAL, LTDMichael Gordon & Dave Kamin

30 Apr 93 Y $530 MJun 12

1,359.18 27 Jul 12 1.00% 6.31% -2.62% 13.42% 28.74% 9.68% 5.56% (24.78%)Jun 07 - Dec 08

SystematicYtd Avg. 2012 (0.69%)


(0.69%)

WINTON EVOLUTION FUND (THE)David Harding

31 Aug 05 M $113 MJun 12

1,424.54 01 Aug12

0.13% (0.69%) 3.83% 15.12% -5.36% 5.24% 10.48% (14.61%)Jun 08 - Jul 09



InceptionDates

Liquidity AssetSize

Last NAV orIndex


ArbitrageYtd Avg. 2012 7.03%

Arbitrage/GlobalYtd Avg. 2012

7.03%

BLUEMOUNTAIN EQUITY ALTERNATIVES FUNDAlan Gerstein

28 Feb 06 Q $295 MApr 12

1,963.80 27 Jul 12 0.03% 6.74% 7.67% 2.67% 4.78% 11.10% 7.48% (9.57%)Sep 08 - Feb 09

PIMCO MULTI-ASSET VOLATILITY FUND LTDJosh Thimons, Josh Davis, Matt Dorsten

31 Jul 11 M $ 329 MJun 12

129.17 30 Jun12

1.89% 7.32% 20.36% 32.15% 7.29% 0.00%Jan 00 - Jan 00



HSBC 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 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 todiscuss the suitability of any investment decision, you should contact your Relationship Manager or you should seek such financial, legal or tax advice fromyour professional advisers 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. HSBCPrivate Bank (Suisse) SA has based this document on information obtained from sources or third party materials it believes to be reliable but which it has notindependently verified. HSBC Private Bank (Suisse) SA and the HSBC Group make no guarantees, representations or warranties and accept no responsibility orliability as to its accuracy or completeness. Expressions of opinion herein are subject to change without notice.

Investments in alternative investments may involve substantial risks, such as the risk to lose part or all of the investment, the absence of a regular marketand illiquidity. Therefore the investor should consult the Risk Warning Section of the prospectus/offering memorandum or any other appropriate risk disclosuredocument before the investment which can be requested free of charge from HSBC Private Bank (Suisse) SA.

Please note hedge funds often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. They can also behighly illiquid, are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays indistributing important information. Alternative investments are often not subject to the same regulatory requirements as, say, mutual funds, and often chargehigh fees that may potentially offset trading profits when they occur.

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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.

HSBC Private Bank is the principal private banking business of the HSBC Group. Private banking may be carried out internationally by different HSBC legalentities according to local regulatory requirements. Different companies may provide the services listed in this document within HSBC Private Bank or by othermembers of the HSBC Group. Some services are not available from certain locations. Some of the HSBC Group offices listed herein may only act as representativesof HSBC Private Bank, and are therefore not permitted to sell products and services, or offer advice to customers. They serve as points of contact only. Furtherdetails are available on request.

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