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HedgeWeekly2010_No21

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					                                                                                                                                                        Hedge Weekly N°21
                                                                                                                                              Investment Funds Performance Review



                                                                                                                                                           Alternative Investment Group




                                                                                                                                               Week of Monday 17 May to Friday 21 May 2010



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Index by Strategies                                                                       iii
Index by Funds                                                                            iv
Top/Bottom 20                                                                             1
Newsletter                                                                                4
Disclamer                                                                                 35




                      Past performance is not a guide to future performance Alternative         ii
                                             Investment Group
ARBITRAGE                                                                   Equity-Technology        27
                                                                            Equity-Utility           28
      Convertible                      4
                                                                      MACRO
      Fixed Income                     5
      Multi-Strategy                   5                                    Diversified              29
CTA                                                                   MARKET NEUTRAL
      Discretionary                    7                                    Discretionary            32
      Multi-Strategy                   7                                    Statistical Arbitrage    33
      Systematic                       8                              MULTI STRATEGY
DIRECTIONAL
                                                                            Credit                   34
      Equity-Diversified               9                                    Diversified              34
EVENT DRIVEN
      Distressed Security             10
      Diversified                     11
      Merger-Arbitrage                11
      Multi-Strategy                  11
FUND OF FUNDS
      Arbitrage                       14
      Event Driven                    14
      Leveraged Multi-Strategy        14
      Long/Short                      14
      Multi-Strategy                  15
      Trading                         15
LONG/SHORT
      Credit                          16
      Equity-Commodity                17
      Equity-Diversified              18
      Equity-Energy                   25
      Equity-Financial                25
      Equity-Mid-Small Cap            26
      Equity-Pharma-Biotech           27



                                 Past performance is not a guide to future performance Alternative        iii
                                                        Investment Group
                                       ARROWGRASS INT FUND LTD                34    BRYN MAWR OFFSHORE LTD              26   CQS ABS FEEDER FUND - CLASS -B-   16
3                                      ARTRADIS BARRACUDA FUND                5                                              CQS CONV & QUANT STRATS FEED FD   6
                                       ASCEND PARTNERS FUND II LTD - A        24    C                                        CQS DIRECTIONAL OPP. FUND. Ltd    34
32 CAPITAL FUND, LTD (THE) - A/   33
                                       ASPECT DIVERSIFIED FUND - CLASS        7                                              CQS DIVERSIFIED FUND (SPC) LTD    34
                                                                                    CADUCEUS CAPITAL INTL. LTD          27
                                       ASUKA JAPANESE EQUITY L/S TST 1        23                                             CRABEL FUND LTD CLASS A           7
A                                                                                   CANTILLON GLOBAL EQUITY FUND US     9
                                       AVESTA FUND LTD A/1                    24
                                                                                    CANYON BALANCED FUND LTD - CLAS     10
A.R.T. INTERNATIONAL INVESTOR (   33                                                                                         D
                                                                                    CANYON VALUE REALIZATION FD, LT     10
ABSOLUTE INSIGHT UK EQUITY MKT    32   B
                                                                                    CAPITAL FUND, LTD (THE)             29   DAVIDSON KEMPNER DIST. OPP. INT   10
ADELPHI EMERGING EUROPE. FUND     18
                                       BASSO HOLDING LTD ( Residual Cl        4     CAPULA GLOBAL RELATIVE VALUE FU     4    DAVIDSON KEMPNER INTL, LTD - CL   12
ADELPHI EUR. FUND $ (A)           19
                                       BENNELONG ASIA PACIFIC MULTI ST        34    CASTLERIGG INTL LTD - CLASS A/1     12   DB EQUILIBRIA JAPAN FUND          32
AETOS CORPORATION - CLASS A       11
                                       BLACK DIAMOND RELATIVE VALUE LT        32    CASTLEROCK FUND LTD                 24   DB EQUILIBRIA JAPAN FUND LTD 2X   32
AG SUPER FUND INTERNATIONAL, LT   11
                                       BLACK DIAMOND, LTD - CLASS B (U        5     CAVU CAPITAL OFFSHORE FUND LTD      24   DEEPHAVEN GLOBAL M/S FUND LTD C   6
AJR INTERNATIONAL (BVI), INC. -   26
                                       BLACKROCK MULTI-STRATEGY FUND          5     CAXTON ALPHA EQUITY (BVI) LTD       9    DIGILOG OVERSEAS FUND I, LTD      7
ALLBLUE LIMITED                   34
                                       BLENHEIM* GL. MARKETS, L.P.            7     CAXTON EQUITY GROWTH LTD A / 1      24   DISCOVERY GLOBAL OPPORTUNITY FU   18
ALPHADYNE INVESTMENT STRATEGIES 29
                                       BLK - EOS CLASS B USD                  32    CAXTON GLOBAL INVESTMENT LTD        29   DKR QUANTITATIVE STRATS FUND, L   8
ALPHAGEN ACAMAR FUND LIMITED (T   26
                                       BLUE SKY JAPAN LTD - CLASS A           23    CAZENOVE EURO EQ ABS RETURN FUN 19       DORSET ENERGY FUND, LTD - CLASS   25
ALPHAGEN CAPELLA FUND-A-          19
                                       BLUECREST CAPL INTL LTD A USD          5     CAZENOVE UK ABSOLUTE TARGET FUN 32       DOUBLE BLACK DIAMOND LTD - SERI   6
ALPHAGEN HOKUTO FUND LTD - CLAS   23
                                       BLUEMATRIX FUND CLASS -A- USD          33    CAZENOVE UK EQUITY ABSOLUTE RET     23   DRAKE ABSOLUTE RETURN FUND, LTD   6
ALPHAGEN OCTANIS CLASS A          23
                                       BLUEMOUNTAIN CREDIT ALTERNATIVE        16    CENTAUR LOWLEV ARBITRAGE FUND L     4    DRAKE GLOBAL OPPORTUNITIES FUND   4
ALPHAGEN REGULUS FUND             33
                                       BLUEMOUNTAIN EQUITY ALTERNATIVE        6     CENTAURUS INTERNATIONAL RISK AR     11   DRAWBRIDGE GL MACRO FD, LTD A/1   29
ALPHAGEN TENRO FUND LIMITED       23
                                       BLUETREND FUND, LTD - CLASS A          7     CERBERUS INTL. LTD                  10
ALPHAGEN TUCANA                   19
                                       BORONIA DIVERSIFIED FUND               7     CHILTON CHINA OPPORTUNITIES FUN     17   E
ALPHAGEN VOLANTIS FUND, LTD - A   26
                                       BOYER ALLAN GREATER CHINA FUND         17    CIPHER DIVERSIFIED FUND-A-          7
ALTIMA GLOBAL SPECIAL SITUATION   22                                                                                         EAGLE GLOBAL FUND                 8
                                       BOYER ALLAN PACIFIC FUND INC-A-        17    CLIVE FUND (The ) Class - A -       7
ALYDAR FUND LTD                   24                                                                                         EASTERN ADVISORS LLC              17
                                       BREVAN HOWARD ASIA FUND LIMITED        29    CLOVIS CAPITAL PARTNERS (CAYMAN     26
ALYSHEBA FUND LIMITED             24                                                                                         ECOFIN GLOBAL UTILITIES HEDGE F   28
                                       BREVAN HOWARD EM. MKT STRATEGIE        29    COBALT OFFSHORE LTD                 24
ANTARES EUROPEAN FUNDS, LTD - U   19                                                                                         EGERTON EUROPEAN DOLLAR CLASS -   20
                                       BREVAN HOWARD FUND, LTD - USD C        29    COMAC GLOBAL MACRO FUND             29
ARCUS JAPAN FUND -JPY-            23                                                                                         ELEMENT CAPITAL FUND              4
                                       BRIGADE LEVERAGED CAPITAL STRUC        16    CONQUEST MACRO FUND, LTD (COMP)     29
ARNOTT OPPORTUNITIES FUND         17                                                                                         ELLERSTON ASIA PACIFIC FUND       17
                                       BRUCE NELSON GLOBAL FD LTD - A         22    COREVEST PARTNERS LTD               17
ARROW OFFSHORE LTD                22                                                                                         ELLERSTON GEMS - CLASS A          22



                                                    Past performance is not a guide to future performance Alternative                                               iv
                                                                           Investment Group
ELM RIDGE VALUE PARTNERS OFFSHO   24   GLC DIVERSIFIED FUND LTD -A-           34    HSBC ASIAN ADVANTEDGE FUND          14
EMF FIXED INCOME FUND, LTD        4    GLC GESTALT EUROPE FUND, LTD A/        33    HSBC DISTRESSED MARKETS FUND US     14   K
EMINENCE FUND LTD A               24   GLENROCK GLOBAL PARTNERS (BVI)         22    HSBC DISTRESSED OPPORTUNITIES F     10
                                                                                                                             KALTCHUGA FUND - RUSSIA EQ. SUB   9
EMSO LTD (Emerging Markets Spec   29   GLOBAL TRADING STRATEGIES ( CAY        30    HSBC EMERGING ADVANTEDGE FUND       15
                                                                                                                             KAZIMIR RUSSIA GROWTH             9
ENNISMORE EUROPEAN SMALLER COMP 26     GLS OFFSHORE GLOBAL OPP.A              19    HSBC EUROPEAN ADVANTEDGE FUND U 14
                                                                                                                             KINETICS FUND, INC - A/A          24
EPISODE INC. CLASS A              29   GOOD HOPE INTERNATIONAL LTD            12    HSBC EUROPEAN ALPHA FUND - X2.5     20
                                                                                                                             KING STREET CAPITAL, LTD - CLAS   12
EUREKA EURO CLASS -A1- EUR        20   GRACIE INTERNATIONAL CREDIT OPP        10    HSBC EUROPEAN ALPHA FUND -EUR       20
                                                                                                                             KING STREET EUROPE LTD            16
EVEREST CAPITAL ASIA              17   GRADIENT EUROPE FUND (THE)             20    HSBC GH FUND USD                    15
EVEREST CAPITAL CHINA OPPORTUNI   17   GRAHAM GIF II PROPRIETARY MATRI        8     HSBC HEDGE INVESTMENTS FUND         15
                                                                                                                             L
EXANE MICROMEGAS FUND LTD         26   GRAHAM GLOBAL INVESTMENT FUND I        8     HSBC INDIA ALPHA FUND               19
                                       GRAHAM GLOBAL INVESTMENT FUND I        8     HSBC LEVERAGED GH FUND              14   LANSDOWNE EURO EQTY FD, LTD - A   20
F                                      GREEN T G2 FUND                        16    HSBC MAA FUND USD                   14   LANSDOWNE EUROPEAN LONG ONLY FU 9

                                       GREENLIGHT CAPITAL OFFSHORE, LT        26    HSBC TRADING ADVANTEDGE FUND        15   LANSDOWNE GLOBAL FINANCIALS FUN   25
FEINGOLD OKEEFFE CAPITAL I OFFS   16
                                       GROWTH MANAGEMENT LTD                  19    HT ASIAN CATALYST FUND LLC          18   LANSDOWNE UK EQUITY FUND, LTD (   23
FINISTERRE SOVEREIGN DEBT FUND    16
                                       GRT TOPAZ OFFSHORE PARTNERS, LT        27                                             LAZARD EUROPEAN EXPLORER FUND L 20
FIREBIRD NEW RUSSIA FUND, LTD -   9
                                       GSA CAPITAL INTERNATIONAL FUND,        33    I                                        LAZARD RATHMORE FUND - CLASS A-   4
FIREBIRD REPUBLICS FUND, LTD      9
                                                                                                                             LC CAPITAL OFFSHORE FUND, LTD     10
FIRST EAGLE N.V. (A)              12                                                III FUND LTD                        4
                                       H                                                                                     LEVEL GLOBAL OVERSEAS, LTD - CL   22
FOREST GLOB CONV FD, LT - FULCR   4                                                 III RELATIVE VALUE CREDIT STRAT     4
                                                                                                                             LIM ASIA MULTI-STRATEGY FUND CL   5
FORT GLOBAL OFFSHORE FUND LTD,    8    HABROK DELTA FUND EUROPE, LTD          20    INTREPID CAPITAL FUND LTD A/1       27
                                                                                                                             LION FUND, LTD (THE)              12
                                       HALCYON OFF. ASSET-BACKED VALUE        10    INTREPID ENHANCED ALPHA FUND, L     22
                                                                                                                             LONDON DIVERSIFIED FUND, LTD -    5
G                                      HARBINGER CAPITAL PARTNERS OFFS        12    INVESTCORP STONEWORKS GLOBAL MA 30
                                                                                                                             LONDON SELECT FUND LIMITED -A     30
                                       HARMONIC ALPHA PLUS MACRO FUND         30    IVORY CAPITAL FLAGSHIP STRATEGY     24
GABELLI ASSOCIATES LIMITED - CL   11
                                       HENDERSON CREDIT OPPORTUNITIES         4
GAM ARBITRAGE INC                 12                                                                                         M
                                       HENDERSON EURO.STYLE ROTATIONAL 20           J
GAM GLOBAL RATES HEDGE FUND       30
                                       HENDERSON EUROPEAN ABS RETURN F 20                                                    M. KINGDON OFFSHORE NV - A/1      22
GAM JAPAN EQUITY HEDGE FUND       23                                                JANDAKOT FUND LTD USD CLASS A U     20
                                       HENDERSON JAPAN ABS RETURN FD,         23                                             MAN AHL DIVERSIFIED PLC           8
GAMUT INVESTMENTS                 30                                                JCAM GLOBAL FUND LIMITED            16
                                       HENDERSON UK EQUITY L/S FUND LI        23                                             MARATHON OVERSEAS FUND, LTD - A   16
GAVEA FUND LTD . CLASS A S/1      29                                                JF JAPAN ABSOLUTE RETURN            23
                                       HIGHLINE INTERNATIONAL CLASS A         24                                             MARATHON SPECIAL OPPS FD, LTD -   12
GEOSPHERE FUND, LTD               17                                                JOHO FUND, LTD-A-                   18
                                       HORSEMAN GLOBAL FUND USD               22                                             MARINER-TRICADIA CREDIT STRATEG   34
GIANO CAPITAL LTD EUR             20                                                JUPITER HYDE PARK HEDGE FUND, L     20



                                                    Past performance is not a guide to future performance Alternative                                               v
                                                                           Investment Group
MARTIN CURRIE ARF - GLOBAL ENER   25                                                PF(LUX) - EASTERN EUROPE-P CAP      9    RUSSIAN PROSPERITY FUND - A       9
MARTIN CURRIE ARF - GLOBAL RESO   17   O                                            PHARO MACRO FUND LTD                30
MARTIN CURRIE ARF - JAPAN FUND    23                                                PHARO TRADING FUND                  29   S
                                       OBSIDIAN FUND                          5
MAVERICK FUND, LTD - CLASS A/1    22                                                PIA MACRO FUND LTD SERIES 1x SU     30
                                       OCCAM GLOBAL EMERGING MARKETS F 19                                                    SAB OVERSEAS FUND LTD             13
MBAM JANDAKOT ENHANCED FUND LTD 20                                                  PINPOINT CHINA FUND CLASS A USD     18
                                       OCCO EASTERN EUROPEAN FUND             19                                             SARK FUND LIMITED                 13
MBAM PAN-ASIAN FUND LTD           18                                                PLATINUM FUND LTD                   22
                                       OCEANIC HEDGE FUND - CLASS A           17                                             SATELLITE CREDIT OPP FUND, LTD    16
MELLON OFF GLOB OPP FUND LTD -    30                                                PLATINUM PARTNERS VALUE ARBITRA     34
                                       OCTAGON PAN ASIA FUND                  18                                             SATELLITE OVERSEAS FUNDSIE A-H-   13
MELLON OFF. ALPHAACCESS FUND LT   30                                                PMA ASIAN OPPORTUNITIES FUND (C     34
                                       ODEY EUROPEAN, INC (EUR)               21                                             SCP OCEAN FUND LTD                22
MERCHANT COMMODITY FUND (THE) -   7                                                 PMA CREDIT OPPORTUNITIES 04/04      5
                                       OMEGA OVERSEAS PARTNERS, LTD C         24                                             SECTOR COGNIMETRICA LTD (IRISH    25
MILLENNIUM GLOBAL HIGH YIELD FD   16                                                POLAR CAPITAL EUROP CONVICTION      21
                                       OPTIMAL ASIA FUND                      18                                             SELECTIUM EUROPE FUND LTD C USD   21
MILLENNIUM INTL LTD C/01 A        6                                                 POLAR CAPITAL EUROPEAN FORAGER      26
                                       OPTIMAL JAPAN FUND C1 CAP. INI         23                                             SELIGMAN TECH SPECTRUM FUND CLA   28
MKP OFFSHORE CREDIT FUND          16                                                POST TOTAL RETURN OFFSHORE FUND 10
                                       OSMIUM SPECIAL SITUATIONS FUND         12                                             SEMINOLE OFFSHORE FUND            25
MKP OPPORTUNITY OFFSHORE, LTD     5                                                 PROLOGUE FEEDER FUND, LTD. CLAS     5
                                       OWL CREEK OVERSEAS FUND, LTD           12                                             SENVEST PARTNERS, LTD - CLASS A   27
MOORE EMERGING MARKET FUND, LTD 29
                                                                                                                             SHEPHERD INVEST LTD CLASS -B-CO   6
MOORE GLOBAL INV FD, LTD - A $    30
                                       P                                            Q
                                                                                                                             SIERRA EUROPE OFFSHORE, LTD - U   21
MOORE MACRO MANAGERS FUND, LTD    30
                                                                                    QFS CURRENCY FUND, LTD (INDEX)      8    SINOPIA L/S GL. BOND MK NEUT.FU   5
MQ ASIA L/S LTD CLASS -A-         18   PALOMINO FUND LTD CLASS B ORIGI        16
                                                                                    QFS GLOB MACRO FUND, LTD            30   SINOPIA L/S GL. BOND MK NEUT.FU   5
MW ASIA TOPS FUND LTD CLASS A U   18   PARA INTERNATIONAL FUND -A-            12
                                                                                    QVT OVERSEAS, LTD - B - Serie 1     6    SIVIK GLOBAL HEALTHCARE OFFSHOR   27
MW CORE FUND SHS CLASS A USD      20   PARS IV OFFSHORE FUND II , CL.         5
                                                                                                                             SOFAER CAPITAL NATURAL RESOURCE 17
MW DIVERSIFIED EUROPE TOPS FUND   20   PAULSON ADVANTAGE LTD -A-              12
                                                                                    R                                        SOFAER CAPL ASIAN HEDGE FD (Net   18
MW GLOBAL FINANCIALS M/N SHS CL   25   PAULSON ADVANTAGE PLUS LTD             12
                                                                                                                             SOFAER CAPL EURO HEDGE FD (USD)   21
MW GLOBAL OPPORTUNITIES SHS CLA   22   PAULSON CREDIT OPPORTUNITIES LT        10    RAB CROSS EUROPE FUND LIMITED -     11
                                                                                                                             SPINNER GLOBAL TECHNOLOGY FUND,   27
MW MARKET NEUTRAL TOPS FUND -A    32   PAULSON ENHANCED LTD                   11    RAB ENERGY CLASS F                  25
                                                                                                                             SR GLOBAL FUND B - ASIA (Real P   18
                                       PAULSON INTERNATIONAL, LTD             11    RAB EUROPE FUND LTD-B-              21
                                                                                                                             SR GLOBAL FUND C - INTERNATIONA   22
N                                      PEAK PARTNERS OFFSH FD, LTD - B        30    RAB SPECIAL SITUATION FD LTD        26
                                                                                                                             SR GLOBAL FUND F - EUROPE (€) (   21
                                       PELHAM LONG/SHORT FUND LTD CLAS        21    REAL RETURN ASIAN FUND LTD (THE     18
NEVSKY FUND LIMITED CLASS A       19                                                                                         SR GLOBAL FUND G - EMERGING MKT   19
                                       PENSATO EUROPA FUND LTD EURO CL        21    RIEF LP -B- (Continuing)            25
NIAS FUTURES FUND CLASS -A-SERI   7                                                                                          SR GLOBAL FUND H - JAPAN (Real    23
                                       PERCEPTIVE LIFE SCIENCES OFFSH         27    RIFF FUND INTL LP CLASS -A-         8
NORDIC ALPHA CLASS A - EUR        21                                                                                         SR PHOENICIA INC CLASS -A- SERI   19
                                       PERRY PARTNERS INTERNATIONAL IN        12    ROTELLA POLARIS FUND, LTD           8
                                                                                                                             STANDARD PACIFIC CAPITAL -B-      22
                                       PERSHING SQUARE INTL.LTD               13    RUBICON GLOBAL FUND, LTD            30



                                                    Past performance is not a guide to future performance Alternative                                               vi
                                                                           Investment Group
STG CAPITAL PARTNERS (QP), LP     28
STONE LION FUND LTD CLASS A       10   V
STRATEGIC VALUE RESTRUCTURING F   11
                                       VIKING GLOBAL EQUITIES III LTD-        22
STRATUS FUND LIMITED CLASS B      34
                                       VISIUM BALANCE OFFSHORE FUND CL        27
SWORDFISH FUND LTD                31
                                       VONTOBEL EASTERN EUROPEAN -A-          9

T                                      W
TALENTUM ACTIVEDGE FUND LIMITED   32
                                       WATERSTONE MKT NEUT OS FUND, LT        4
TALENTUM ENHANCED FUND LIMITED    32
                                       WF ASIA FUND LTD S/1                   18
TANTALLON FUND (THE)              18
                                       WINTON EVOLUTION FUND (THE)            8
TEMPLETON EMERGING MARKET FUND, 19
                                       WINTON FUTURES FUND - CLASS B          8
TEMUJIN INTERNATIONAL FUND LTD    32
                                       WINTON OCTO FUND USD CLASS             33
TEWKSBURY INVESTMENT FUND, LTD    8
THAMES RIVER KINGSWAY FUND, LTD   21
                                       Y
THEOREMA EUROPE FUND LTD A/1 EU   21
THIRD POINT OFFSHORE              13   YORK INVESTMENT LTD -CLASS A/1         13

THREADNEEDLE UK CRESCENDO FUND 24
TIEDEMANN/MOROSS EUROPEAN GROWT21      Z
TOSCA CLASS A - USD               25
                                       Z EUROPE FUND -USD-                    21
TRADEX CURRENCY FUND, LTD         7
                                       ZADIG FUND CLASS A1                    21
TRAFALGAR CATALYST FUND CLASS B   11
                                       ZAXIS OFFSHORE LTD - CLASS A/1         27
TRAXIS FUND LP (OFFSHORE)         31
                                       ZWEIG-DIMENNA INTL LIMITED - CL        25
TUDOR B.V.I GLOBAL FUND LTD -A-   31
TUDOR TENSOR FUND LIMITED CLASS   8
TULIP TREND FUND, LTD - A         8
TURNBERRY CAPITAL INTL            10
TWO SIGMA COMPASS CAYMAN FUND     8
TWO SIGMA HORIZON CAYMAN LTD      34
TYRUS CAPITAL EVENT FUND LTD      13




                                                    Past performance is not a guide to future performance Alternative   vii
                                                                           Investment Group
TOP                                                                                          BOTTOM
Investment Funds                              Return            Date                          Investment Funds                                  Return     Date
SENVEST PARTNERS, LTD - CLASS A                    37.82        30 Apr 10                     MERCHANT COMMODITY FUND (THE) - COMPOSITE           -19.13   30 Apr 10
RAB ENERGY CLASS F                                 21.22       13 May 10                      GLOBAL TRADING STRATEGIES ( CAYMAN) FUND Cl -A-     -10.52   14 May 10
HSBC DISTRESSED OPPORTUNITIES FUND                 20.10       14 May 10                      TEMPLETON EMERGING MARKET FUND, LTD -A-             -10.09   19 May 10
PALOMINO FUND LTD CLASS B ORIGINAL SERIES          17.96        30 Apr 10                     INTREPID ENHANCED ALPHA FUND, LTD                    -9.91   14 May 10
CONQUEST MACRO FUND, LTD (COMP)                    17.29       19 May 10                      DORSET ENERGY FUND, LTD - CLASS A                    -8.50   14 May 10
THIRD POINT OFFSHORE                               17.26       12 May 10                      OCCAM GLOBAL EMERGING MARKETS FUND CLASS A           -8.04   18 May 10
FORT GLOBAL OFFSHORE FUND LTD, CLASS C             15.49       14 May 10                      HORSEMAN GLOBAL FUND USD                             -7.88   19 May 10
PAULSON ENHANCED LTD                               13.99        30 Apr 10                     EMINENCE FUND LTD A                                  -7.75   14 May 10
MILLENNIUM GLOBAL HIGH YIELD FD LTD                13.70        30 Apr 10                     ARTRADIS BARRACUDA FUND                              -7.52   14 May 10
CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI             13.59        30 Apr 10                     BOYER ALLAN GREATER CHINA FUND                       -7.21   14 May 10
FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD           13.29       17 May 10                      ALTIMA GLOBAL SPECIAL SITUATIONS FUND LTD A          -7.07   30 Apr 10
RUBICON GLOBAL FUND, LTD                           13.17       14 May 10                      QFS GLOB MACRO FUND, LTD                             -6.71   14 May 10
VISIUM BALANCE OFFSHORE FUND CL 2                  13.08       14 May 10                      CHILTON CHINA OPPORTUNITIES FUND LTD                 -6.51   14 May 10
OBSIDIAN FUND                                      12.76        30 Apr 10                     TANTALLON FUND (THE)                                 -6.37   14 May 10
HARMONIC ALPHA PLUS MACRO FUND - USD CLASS         12.63       14 May 10                      WF ASIA FUND LTD S/1                                 -6.14   14 May 10
TURNBERRY CAPITAL INTL                             12.61        30 Apr 10                     INTREPID CAPITAL FUND LTD A/1                        -6.03   14 May 10
TALENTUM ENHANCED FUND LIMITED - A -               11.42       14 May 10                      EAGLE GLOBAL FUND                                    -5.92   14 May 10
STONE LION FUND LTD CLASS A                        11.23        30 Apr 10                     SR GLOBAL FUND C - INTERNATIONAL (Real Perf)         -5.64   12 May 10
HSBC EUROPEAN ALPHA FUND - X2.5 LEVERED            11.20       14 May 10                      PINPOINT CHINA FUND CLASS A USD                      -5.58   14 May 10
STRATEGIC VALUE RESTRUCTURING FUND                 11.05       14 May 10                      HARBINGER CAPITAL PARTNERS OFFSHORE FUND I           -5.50   14 May 10




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


                                             Past performance is not a guide to future performance Alternative                                                         1
                                                                    Investment Group
TOP                                                                                          BOTTOM
Investment Funds                              Return            Date                          Investment Funds                                 Return     Date
SENVEST PARTNERS, LTD - CLASS A                   229.09       31 Dec 09                      HORSEMAN GLOBAL FUND USD                           -24.73   31 Dec 09
TURNBERRY CAPITAL INTL                            155.95       31 Dec 09                      TULIP TREND FUND, LTD - A                          -24.68   31 Dec 09
PALOMINO FUND LTD CLASS B ORIGINAL SERIES         129.54       31 Dec 09                      BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUND     -20.16   31 Dec 09
                                                                                              LTD
HENDERSON EUROPEAN ABS RETURN FD, LTD USD         110.93       31 Dec 09
                                                                                              SR GLOBAL FUND H - JAPAN (Real Perf)               -18.52   31 Dec 09
RAB ENERGY CLASS F                                 85.97       31 Dec 09
                                                                                              MAN AHL DIVERSIFIED PLC                            -16.89   31 Dec 09
PHARO TRADING FUND                                 81.79       31 Dec 09
                                                                                              ARTRADIS BARRACUDA FUND                            -13.98   31 Dec 09
ELEMENT CAPITAL FUND                               78.82       31 Dec 09
                                                                                              CONQUEST MACRO FUND, LTD (COMP)                    -13.20   31 Dec 09
CANYON BALANCED FUND LTD - CLASS A                 75.67       31 Dec 09
                                                                                              CAPITAL FUND, LTD (THE)                            -13.02   31 Dec 09
EVEREST CAPITAL ASIA                               72.88       31 Dec 09
                                                                                              ASPECT DIVERSIFIED FUND - CLASS A                  -11.24   31 Dec 09
TEMPLETON EMERGING MARKET FUND, LTD -A-            69.88       31 Dec 09
                                                                                              SELECTIUM EUROPE FUND LTD C USD                     -9.77   31 Dec 09
HABROK DELTA FUND EUROPE, LTD                      67.07       31 Dec 09
                                                                                              OPTIMAL JAPAN FUND C1 CAP. INITIAL SERIES           -8.90   31 Dec 09
DISCOVERY GLOBAL OPPORTUNITY FUND, LTD             64.98       31 Dec 09
                                                                                              GROWTH MANAGEMENT LTD                               -8.34   31 Dec 09
LAZARD RATHMORE FUND - CLASS A-2                   64.10       31 Dec 09
                                                                                              32 CAPITAL FUND, LTD (THE) - A/1                    -7.66   31 Dec 09
STONE LION FUND LTD CLASS A                        63.71       31 Dec 09
                                                                                              HSBC TRADING ADVANTEDGE FUND                        -7.51   31 Dec 09
PARS IV OFFSHORE FUND II , CL. A/1                 63.30       31 Dec 09
                                                                                              ROTELLA POLARIS FUND, LTD                           -6.92   31 Dec 09
EASTERN ADVISORS LLC                               62.97       31 Dec 09
                                                                                              RIEF LP -B- (Continuing)                            -6.09   31 Dec 09
PINPOINT CHINA FUND CLASS A USD                    62.34       31 Dec 09
                                                                                              BORONIA DIVERSIFIED FUND                            -5.99   31 Dec 09
HENDERSON UK EQUITY L/S FUND LIMITED               61.47       31 Dec 09
                                                                                              WINTON EVOLUTION FUND (THE)                         -5.36   31 Dec 09
KINETICS FUND, INC - A/A                           59.18       31 Dec 09
                                                                                              TRAFALGAR CATALYST FUND CLASS B $                   -4.63   31 Dec 09
CANYON VALUE REALIZATION FD, LTD - CLASS A         59.09       31 Dec 09
                                                                                              WINTON FUTURES FUND - CLASS B                       -4.63   31 Dec 09




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


                                             Past performance is not a guide to future performance Alternative                                                        2
                                                                    Investment Group
TOP                                                                                               BOTTOM
Investment Funds                                   Return            Date                          Investment Funds                              Return     Date
CQS ABS FEEDER FUND - CLASS -B-                         72.82       31 Dec 08                      GRADIENT EUROPE FUND (THE)                      -75.54   31 Dec 08
TULIP TREND FUND, LTD - A                               61.89       31 Dec 08                      RAB SPECIAL SITUATION FD LTD                    -69.72   31 Dec 08
CONQUEST MACRO FUND, LTD (COMP)                         46.51       31 Dec 08                      KINETICS FUND, INC - A/A                        -69.11   31 Dec 08
GLOBAL TRADING STRATEGIES ( CAYMAN) FUND Cl -A-         46.43       31 Dec 08                      TURNBERRY CAPITAL INTL                          -68.71   31 Dec 08
RUBICON GLOBAL FUND, LTD                                44.80       31 Dec 08                      TOSCA CLASS A - USD                             -65.33   31 Dec 08
CLIVE FUND (The ) Class - A -                           44.23       31 Dec 08                      RAB ENERGY CLASS F                              -60.31   31 Dec 08
BLUETREND FUND, LTD - CLASS A                           43.35       31 Dec 08                      EASTERN ADVISORS LLC                            -59.56   31 Dec 08
PAULSON ADVANTAGE PLUS LTD                              37.66       31 Dec 08                      SENVEST PARTNERS, LTD - CLASS A                 -54.20   31 Dec 08
TUDOR TENSOR FUND LIMITED CLASS I                       35.50       31 Dec 08                      III FUND LTD                                    -53.68   31 Dec 08
ELEMENT CAPITAL FUND                                    34.90       31 Dec 08                      TEMPLETON EMERGING MARKET FUND, LTD -A-         -52.82   31 Dec 08
MAN AHL DIVERSIFIED PLC                                 33.23       31 Dec 08                      SR PHOENICIA INC CLASS -A- SERIES 1             -48.90   31 Dec 08
CAPITAL FUND, LTD (THE)                                 32.22       31 Dec 08                      MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1      -45.12   31 Dec 08
GRAHAM GLOBAL INVESTMENT FUND II - K4D-15               31.30       31 Dec 08                      MILLENNIUM GLOBAL HIGH YIELD FD LTD             -42.89   31 Dec 08
HORSEMAN GLOBAL FUND USD                                31.27       31 Dec 08                      SATELLITE OVERSEAS FUNDSIE A-H-05               -41.90   31 Dec 08
COMAC GLOBAL MACRO FUND                                 30.69       31 Dec 08                      SOFAER CAPITAL NATURAL RESOURCES HEDGE FUND     -41.67   31 Dec 08
ARTRADIS BARRACUDA FUND                                 26.88       31 Dec 08                      DORSET ENERGY FUND, LTD - CLASS A               -41.59   31 Dec 08
ALPHAGEN OCTANIS CLASS A                                26.57       31 Dec 08                      ARCUS JAPAN FUND -JPY-                          -40.77   31 Dec 08
GLC DIVERSIFIED FUND LTD -A-                            25.70       31 Dec 08                      GAM JAPAN EQUITY HEDGE FUND                     -40.25   31 Dec 08
ASPECT DIVERSIFIED FUND - CLASS A                       25.42       31 Dec 08                      BOYER ALLAN PACIFIC FUND INC-A-                 -40.07   31 Dec 08
GRAHAM GIF II PROPRIETARY MATRIX                        25.16       31 Dec 08                      DRAKE ABSOLUTE RETURN FUND, LTD (THE)           -40.02   31 Dec 08




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


                                                  Past performance is not a guide to future performance Alternative                                                     3
                                                                         Investment Group
                                                  Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                    Date                             or Index                                                     since Inception   Volatility

Convertible
YTD Avg. 2010 1.08%
                                                                                                                       Ytd Avg. 2010
Convertible / Global                                                                                                       0.39%
  BASSO HOLDING LTD ( Residual Class)             30 Sep 95      M         $394 M       3,238.87    30 Apr 10   (1.34%)    (3.49%)       3,282.86      8.39%         5.85%         (25.00%)
  Howard Fischer                                                           Apr 10                                                       31 Mar 10                                Oct 08 - Dec 07

  CENTAUR LOWLEV ARBITRAGE FUND LTD -A-           28 Feb 98      M         $131 M       238.78      11 May 10    0.61%      1.33%        237.34        7.39%         5.79%         (24.49%)
  John Gordon, Bruce McMahan & Sal Schwartzman                             May 09                                                       30 Apr 10                                Nov 08 - May 07

  FOREST GLOB CONV FD, LT - FULCRUM A / A5        30 Sep 97      Q         $294 M        26.61      14 May 10    0.05%      (1.25%)       26.59        8.06%         12.36%        (42.51%)
  Michael A. Boyd                                                          Feb 10                                                       30 Apr 10                                Oct 08 - Jan 08

  LAZARD RATHMORE FUND - CLASS A-2                31 May 07     Q/M        $ 547 M      167.87      14 May 10   (0.63%)     4.96%        168.94        19.15%        11.44%        (16.23%)
  Sean Reynolds, Christopher Sferruzzo                                      Apr 10                                                      30 Apr 10                                Nov 08 - Aug 08
                                                                                                                       Ytd Avg. 2010
Convertible / USA                                                                                                          3.84%
  WATERSTONE MKT NEUT OS FUND, LTD                31 Jul 03      Q         $1'528 M     213.41      30 Apr 10    1.17%      3.84%        210.94        11.88%        11.90%        (17.56%)
  Shawn Bergerson                                                           Mar 10                                                      31 Mar 10                                Oct 08 - Aug 08


Fixed Income
YTD Avg. 2010 4.81%
                                                                                                                       Ytd Avg. 2010
Fixed Income / Global                                                                                                      4.81%
  CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS     30 Sep 05      Q         $4'454 M     183.65      14 May 10    0.46%      3.57%        182.81        14.06%        5.80%          (7.41%)
  -A-                                                                       May 10                                                      30 Apr 10                                Mar 08 - Feb 08
  Yan Huo, Masao Asai
  DRAKE GLOBAL OPPORTUNITIES FUND                 30 Nov 02      Q         $181 M       1,342.29    30 Apr 10    2.00%      4.63%        1,315.97      4.05%         15.85%        (57.51%)
  Anthony Faillace                                                         Nov 09                                                       31 Mar 10                                Mar 09 - Sep 07

  ELEMENT CAPITAL FUND                            31 Mar 05      M         $1'435M     43,655.66    31 Mar 10    1.18%      10.16%      43,146.53      34.26%        11.42%         (7.83%)
  Jeffrey Talpins                                                           Mar 10                                                      28 Feb 10                                Apr 08 - Oct 07

  EMF FIXED INCOME FUND, LTD                      31 Oct 01      Q          $246M      33,037.81    14 May 10   (0.25%)     (2.48%)     33,120.61      15.02%        16.96%        (22.46%)
  Eric M. Flanagan/David C. Gottlieb                                        Jan 10                                                      30 Apr 10                                Mar 08 - Feb 08

  HENDERSON CREDIT OPPORTUNITIES FUND LTD         31 Jan 03      M         $623 M       140.80      14 May 10   (0.52%)     7.16%        141.54        4.81%         7.73%         (25.02%)
  Stephen Thariyan                                                          Jul 08                                                      30 Apr 10                                Dec 08 - May 07

  III FUND LTD                                    30 Jun 93      Q         $168 M       2,570.00    14 May 10    0.35%      7.74%       2,561.04       5.75%         12.06%        (54.77%)
  Cliff G Viner                                                            Feb 10                                                       30 Apr 10                                Nov 08 - Jan 08

  III RELATIVE VALUE CREDIT STRATEGIES FUND LTD   31 Oct 05      Q         $140 M       1,255.32    14 May 10    0.45%      8.26%       1,249.70       5.14%         10.81%        (31.27%)
  Garth Friesen                                                            Dec 09                                                       30 Apr 10                                Dec 08 - Nov 07



 * Max DD: Peak to trough


                                                        Past performance is not a guide to future performance Alternative                                                                4
                                                                               Investment Group
                                                    Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                      Date                             or Index                                                     since Inception   Volatility

Fixed Income
YTD Avg. 2010 4.81%
                                                                                                                         Ytd Avg. 2010
Fixed Income / Global                                                                                                        4.81%
  LONDON DIVERSIFIED FUND, LTD - D                  31 May 95      Q         $1'250 M     4,108.84    14 May 10    0.23%      4.90%       4,099.23       9.91%         7.26%         (28.95%)
  Robert Standing & David Gorton                                              Jul 09                                                      30 Apr 10                                Dec 08 - Jan 08

  MKP OPPORTUNITY OFFSHORE, LTD                     31 Jul 01      Q         $466 M       243.49      14 May 10    0.28%      0.42%        242.81        10.65%        5.30%          (3.72%)
  Patrick McMahon                                                            Dec 08                                                       30 Apr 10                                Feb 10 - Dec 09

  OBSIDIAN FUND                                     31 Jul 96      M         $461 M       4,499.27    30 Apr 10    2.03%      12.76%       4,409.59      11.46%        9.32%         (20.93%)
  Stuart Spodek                                                              Apr 10                                                       31 Mar 10                                Feb 09 - Jan 08

  PARS IV OFFSHORE FUND II , CL. A/1                31 Mar 02      Q         $1'830 M     1,955.12    30 Apr 10    1.06%      6.72%        1,934.61      8.64%         10.00%        (25.88%)
  William H. Gross                                                            Apr 10                                                      31 Mar 10                                Nov 08 - May 08

  PROLOGUE FEEDER FUND, LTD. CLASS A                31 Jan 06      Q         $997 M       1,574.56    14 May 10    0.62%      2.56%       1,564.80       11.18%        4.00%          (1.59%)
  David Lofthouse, Graham Walsh                                              Apr 10                                                       30 Apr 10                                Aug 07 - Jul 07

  SINOPIA L/S GL. BOND MK NEUT.FUND 300 USD Cl.I    30 Jun 01      D          $20 M      69,741.18    18 May 10   (0.12%)     0.23%       69,823.41      3.81%         2.14%          (2.24%)
  Jean-Charles Bertrand                                                       Sep 09                                                      30 Apr 10                                Oct 08 - Jul 08

  SINOPIA L/S GL. BOND MK NEUT.FUND 600 EURO Cl.I   31 May 01      D          €18 M      127,800.50   18 May 10   (0.19%)     0.72%      128,043.77      5.40%         4.31%          (5.90%)
  Jean-Charles Bertrand                                                       Sep 09                                                      30 Apr 10                                Dec 07 - Jul 07


Multi-Strategy
YTD Avg. 2010 3.15%
                                                                                                                         Ytd Avg. 2010
Multi-Strategy / Asia                                                                                                       (2.46%)
  ARTRADIS BARRACUDA FUND                           30 Apr 02      M         $540 M        17.91      14 May 10    3.55%     (7.53%)        17.29        7.51%         8.59%         (25.65%)
  Richard Magides                                                            Mar 10                                                       30 Apr 10                                Apr 10 - Apr 09

  LIM ASIA MULTI-STRATEGY FUND CLASS A              31 Dec 95      M         $691 M        32.55      30 Apr 10    0.31%      3.33%         32.45        8.58%         6.20%         (15.79%)
  George W. Long                                                             Apr 10                                                       31 Mar 10                                Nov 08 - Feb 08

  PMA CREDIT OPPORTUNITIES 04/04                    31 Mar 04     Y/Q        $435 M       1,353.05    18 May 10   (1.38%)     (3.19%)     1,372.00       5.05%         5.51%         (16.49%)
  Darryl Flint                                                               Aug 08                                                       30 Apr 10                                Dec 08 - Aug 08
                                                                                                                         Ytd Avg. 2010
Multi-Strategy / Global                                                                                                      4.69%
  BLACK DIAMOND, LTD - CLASS B (UNRESTRICTED)       31 Dec 95      Q          $90 M       284.18      14 May 10   (0.56%)     3.13%        285.78        7.53%         4.23%         (18.58%)
  Clint D. Carlson                                                            Dec 09                                                      30 Apr 10                                Dec 08 - Aug 08

  BLACKROCK MULTI-STRATEGY FUND LTD - CLASS A       30 Apr 05      M         $815 M       1,233.56    31 Mar 10    2.41%      5.01%        1,204.53      4.36%         6.98%         (13.96%)
  BGI Global Investors                                                       Jan 10                                                       28 Feb 10                                Dec 08 - Jun 08

  BLUECREST CAPL INTL LTD A USD                     30 Nov 00     Y/Q        $6'100 M     371.50      14 May 10   (0.55%)     6.97%        373.55        14.89%        6.16%          (4.83%)
  Michael Platt                                                               Mar 10                                                      30 Apr 10                                Aug 03 - May 03


 * Max DD: Peak to trough


                                                          Past performance is not a guide to future performance Alternative                                                                5
                                                                                 Investment Group
                                                  Inception   Liquidity   Asset Size Last NAV         Date        Mtd       Ytd        Last Month Annual Return      Annual        Max DD*
                                                    Date                             or Index                                                     since Inception   Volatility

Multi-Strategy
YTD Avg. 2010 3.15%
                                                                                                                       Ytd Avg. 2010
Multi-Strategy / Global                                                                                                    4.69%
  BLUEMOUNTAIN EQUITY ALTERNATIVES FUND           28 Feb 06      Q         $400 M       1,810.19    14 May 10    3.61%      8.78%       1,747.12       15.14%        8.50%          (9.57%)
  Alan Gerstein                                                            Mar 10                                                       30 Apr 10                                Feb 09 - Sep 08

  CQS CONV & QUANT STRATS FEED FD, LTD 1A 12M     29 Feb 00      Q         $1'836M      2,564.00    14 May 10   (3.78%)     1.32%       2,664.69       9.66%         9.02%         (34.03%)
  Michael Hintze/ Oliver Dobbs                                              Mar 10                                                      30 Apr 10                                Dec 08 - Oct 07

  DEEPHAVEN GLOBAL M/S FUND LTD CL A1 S-N-09/96   31 Aug 96      M         $873 M       2,862.55    14 May 10   (1.76%)     5.63%       2,913.83       7.97%         8.64%         (41.77%)
  Colin Smith                                                              Nov 08                                                       30 Apr 10                                Mar 09 - Oct 07

  DOUBLE BLACK DIAMOND LTD - SERIES A             31 Mar 98      Q         $2'137 M     347.80      14 May 10   (0.74%)     4.26%        350.39        10.82%        5.63%         (17.93%)
  (UNRESTRICTED)                                                            Dec 09                                                      30 Apr 10                                Dec 08 - Aug 08
  Clint Carlson
  DRAKE ABSOLUTE RETURN FUND, LTD (THE)           31 Dec 01     Y/Q        $215 M       112.79      30 Apr 10    1.60%      3.55%        111.02        1.45%         12.80%        (51.74%)
  Anthony Faillace & Steven Luttrell                                       Dec 09                                                       31 Mar 10                                Mar 09 - Sep 07

  MILLENNIUM INTL LTD C/01 A                      31 Dec 97      Q         $7'266 M     5,750.69    13 May 10   (0.92%)     3.86%       5,804.09       14.97%        4.80%          (7.24%)
  Israel A Englander                                                        Apr 10                                                      30 Apr 10                                Aug 98 - May 98

  QVT OVERSEAS, LTD - B - Serie 1                 31 Oct 03     Y/Q        $3'981 M     1,813.98    15 May 10   (0.39%)     5.95%       1,821.08       9.53%         10.18%        (37.38%)
  Dan Gold                                                                  Dec 09                                                      30 Apr 10                                Dec 08 - Feb 08

  SHEPHERD INVEST LTD CLASS -B-COMPOSITE          30 Jun 95     S/Q        $2'828 M     4,087.14    30 Apr 10    1.29%      3.08%        4,035.09      9.95%         6.85%         (31.74%)
  Brian Stark & Mike Roth                                                   Feb 10                                                      31 Mar 10                                Mar 09 - Oct 07




 * Max DD: Peak to trough


                                                        Past performance is not a guide to future performance Alternative                                                                6
                                                                               Investment Group
                                              Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return      Annual        Max DD*
                                                Date                             or Index                                                     since Inception   Volatility

Discretionary
YTD Avg. 2010 (5.39%)
                                                                                                                   Ytd Avg. 2010
Discretionary / Global                                                                                                (5.39%)
  BLENHEIM* GL. MARKETS, L.P.                 31 Dec 86      M         $2'971 M    99,716.29    30 Apr 10   (1.49%)    (3.89%)   101,224.54        21.79%        38.02%        (41.20%)
  Willem Kooyker                                                        Dec 09                                                   31 Mar 10                                   Nov 98 - Aug 97

  CLIVE FUND (The ) Class - A -               30 Nov 07      Q         $3'720 M     175.66      14 May 10   (1.77%)      0.35%       178.83        25.80%        18.72%        (11.86%)
  Christian Levett and Richard Boland                                   Feb 10                                                      30 Apr 10                                Aug 08 - Jun 08

  MERCHANT COMMODITY FUND (THE) - COMPOSITE   31 May 04      M         $1'424 M     302.67      30 Apr 10   (5.38%)     (19.13%)     319.87        20.58%        21.17%        (25.83%)
  Michael Coleman and Doug King                                         Dec 09                                                      31 Mar 10                                Apr 10 - Jan 10

  TRADEX CURRENCY FUND, LTD                   31 Oct 98      W         $1'100 M     1,769.28    30 Apr 10    1.70%       1.12%       1,739.71      6.33%         5.24%          (5.70%)
  Rony Schlapfer                                                        Feb 10                                                      31 Mar 10                                Jan 10 - May 09


Multi-Strategy
YTD Avg. 2010 4.43%
                                                                                                                   Ytd Avg. 2010
Multi-Strategy / Global                                                                                                4.43%
  NIAS FUTURES FUND CLASS -A-SERIES 1 1.09    31 Dec 08      Q         $784 M       997.30      30 Apr 10    4.24%      4.43%        956.76       (0.20%)        6.70%          (5.10%)
  Peter Yianilos & Sandor Straus                                       Mar 10                                                       31 Mar 10                                Dec 09 - Jan 09


Systematic
YTD Avg. 2010 2.59%
                                                                                                                   Ytd Avg. 2010
Systematic / Global                                                                                                    2.59%
  ASPECT DIVERSIFIED FUND - CLASS A           30 Nov 98      M         $944 M       306.18      14 May 10   (2.02%)     3.74%        312.50        10.26%        17.05%        (21.47%)
  Gavin Ferris                                                         Mar 10                                                       30 Apr 10                                Jan 05 - Feb 04

  BLUETREND FUND, LTD - CLASS A               31 Mar 04      M         $6'900 M     280.39      14 May 10   (4.23%)      5.99%       292.78        18.34%        14.20%        (12.55%)
  Michael Platt & Leda Braga                                            Apr 10                                                      30 Apr 10                                Jul 06 - Apr 06

  BORONIA DIVERSIFIED FUND                    31 Dec 01      M         $646 M       1,734.92    18 May 10    4.09%       2.20%      1,666.75       6.79%         8.59%         (11.46%)
  Richard Grinham and Angus Grinham                                    Apr 10                                                       30 Apr 10                                Apr 09 - Feb 08

  CIPHER DIVERSIFIED FUND-A-                  31 Jul 98      M         $195 M       3,402.53    14 May 10    0.30%      (4.19%)     3,392.36       10.94%        18.72%        (22.28%)
  A. Knoepffler                                                        Feb 09                                                       30 Apr 10                                Nov 02 - Oct 01

  CRABEL FUND LTD CLASS A                     28 Feb 98      M         $499 M       4,376.28    14 May 10    0.56%       2.02%      4,351.91       12.85%        17.82%        (16.71%)
  Toby Crabel                                                          Dec 09                                                       30 Apr 10                                Jun 99 - Oct 98

  DIGILOG OVERSEAS FUND I, LTD                31 Dec 93      M         $229 M       2,537.43    14 May 10   (0.17%)     (1.19%)     2,541.76       21.83%        24.18%        (36.53%)
  Walt Weissman and Blair Wellensiek                                   Nov 09                                                       30 Apr 10                                Jan 05 - May 03


 * Max DD: Peak to trough


                                                    Past performance is not a guide to future performance Alternative                                                                7
                                                                           Investment Group
                                             Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                               Date                             or Index                                                     since Inception   Volatility

Systematic
YTD Avg. 2010 2.59%
                                                                                                                  Ytd Avg. 2010
Systematic / Global                                                                                                   2.59%
 DKR QUANTITATIVE STRATS FUND, LTD           31 Dec 99      M         $286 M       2,674.50    07 May 10   (4.80%)    (1.56%)      2,809.35       9.96%         9.55%          (9.80%)
 Pascal Magnollay                                                     Dec 09                                                       30 Apr 10                                Sep 08 - Jun 08

 EAGLE GLOBAL FUND                           30 Sep 95      M          $81 M      712,671.40   14 May 10   (0.23%)     (5.92%)    714,323.85      14.37%        24.24%        (32.13%)
 Menachem Sternberg & Liora Sternberg                                  Feb 10                                                      30 Apr 10                                Sep 04 - Oct 03

 FORT GLOBAL OFFSHORE FUND LTD, CLASS C      30 Sep 02      M          $1.8 M      2,555.43    14 May 10    1.54%      15.49%      2,516.68       13.09%        12.50%        (17.42%)
 Yves Balcer, Sanjiv Kumar                                             Feb 10                                                      30 Apr 10                                Oct 08 - Mar 08

 GRAHAM GIF II PROPRIETARY MATRIX            30 Jun 99      M         $297 M       300.40      18 May 10   (0.99%)     2.91%        303.40        10.63%        12.53%        (15.71%)
 Kenneth G. Tropin                                                    Sep 08                                                       30 Apr 10                                Apr 02 - Oct 01

 GRAHAM GLOBAL INVESTMENT FUND II - K4D-10   31 Jan 95      M         $1'389 M     393.99      18 May 10   (0.51%)     (2.23%)      396.01        9.37%         12.84%        (15.67%)
 Kenneth G. Tropin                                                     Sep 08                                                      30 Apr 10                                Apr 02 - Oct 01

 GRAHAM GLOBAL INVESTMENT FUND II - K4D-15   31 Dec 98      M         $2'843 M     242.96      18 May 10   (0.69%)     (2.96%)      244.65        14.00%        19.99%        (30.47%)
 Kenneth G. Tropin                                                     Jul 09                                                      30 Apr 10                                Apr 05 - Feb 04

 MAN AHL DIVERSIFIED PLC                     31 Mar 96      W         $2'788 M      89.05      17 May 10   (0.80%)     3.47%         89.77        16.73%        17.78%        (19.39%)
 Tim Wong                                                              Feb 10                                                      30 Apr 10                                Feb 10 - Dec 08

 QFS CURRENCY FUND, LTD (INDEX)              31 Mar 97      M         $212 M       2,891.50    14 May 10   (1.52%)     2.09%       2,936.13       8.42%         14.13%        (20.93%)
 Dr. Sandford Grossman                                                Apr 10                                                       30 Apr 10                                Aug 06 - Feb 04

 RIFF FUND INTL LP CLASS -A-                 30 Sep 07      M         $362 M       105.70      14 May 10    1.54%      9.79%        104.10        2.13%         13.54%        (22.27%)
 Robert Lourie                                                        Mar 10                                                       30 Apr 10                                Jun 09 - Jun 08

 ROTELLA POLARIS FUND, LTD                   31 Dec 97      M         $131 M      28,665.99    14 May 10   (1.24%)     0.45%       29,027.31      8.88%         12.27%        (14.18%)
 Robert Rotella                                                       Apr 10                                                       30 Apr 10                                Sep 08 - Jun 08

 TEWKSBURY INVESTMENT FUND, LTD - B          31 Dec 90      M         $1'687 M    13,676.63    14 May 10    0.30%      5.30%       13,635.72      14.45%        4.60%          (7.75%)
 Matthew Tewksbury                                                     Apr 10                                                      30 Apr 10                                Aug 07 - Jun 07

 TUDOR TENSOR FUND LIMITED CLASS I           31 Aug 05      M         $1'129 M     1,577.69    14 May 10   (2.08%)     (1.50%)     1,611.20       10.18%        11.45%        (11.24%)
 Steve Evans                                                           Apr 10                                                      30 Apr 10                                Feb 10 - Sep 09

 TULIP TREND FUND, LTD - A                   31 Mar 03      M         $619 M       3,445.82    14 May 10   (9.14%)     7.47%       3,792.53       18.96%        26.66%        (34.25%)
 Harold de Boer                                                       Sep 09                                                       30 Apr 10                                Jan 10 - Feb 09

 TWO SIGMA COMPASS CAYMAN FUND               31 Jul 09      M         $ 215 M      1,229.12    30 Apr 10    1.81%      4.97%        1,207.29      31.70%        9.64%          (3.62%)
 Two Sigma Investments, LLC                                           Feb 10                                                       31 Mar 10                                Jan 10 - Dec 09

 WINTON EVOLUTION FUND (THE)                 31 Aug 05      M          $95 M       1,259.70    19 May 10    0.25%      4.97%       1,256.55       5.01%         11.68%        (14.61%)
 David Harding                                                         Apr 10                                                      30 Apr 10                                Jul 09 - Jun 08

 WINTON FUTURES FUND - CLASS B               30 Sep 97      M         $4'420 M     739.33      19 May 10   (0.60%)     5.71%        743.79        17.15%        18.82%        (25.08%)
 David Harding                                                         Apr 10                                                      30 Apr 10                                Feb 02 - Oct 01



 * Max DD: Peak to trough


                                                   Past performance is not a guide to future performance Alternative                                                                8
                                                                          Investment Group
                                               Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                 Date                             or Index                                                     since Inception   Volatility

Equity-Diversified
YTD Avg. 2010 8.78%
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Emerging                                                                                          10.99%
  FIREBIRD NEW RUSSIA FUND, LTD - CLASS A      30 Jun 96      Q          $203 M      1,930.31    14 May 10   (8.12%)     8.83%       2,100.90       23.77%        42.98%        (81.79%)
  Harvey Sawikin & Ian Hague                                             Apr 10                                                      30 Apr 10                                Sep 98 - Mar 98

  FIREBIRD REPUBLICS FUND, LTD                 30 Apr 97      Q          $196 M      815.40      14 May 10   (9.22%)     3.83%        898.22        17.45%        32.83%        (73.20%)
  Harvey Sawikin & Ian Hague                                             Mar 10                                                      30 Apr 10                                Jan 99 - Sep 97

  KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$-     15 Nov 00      BM         $146 M      7,111.78    14 May 10   (10.39%)    1.84%       7,936.24       22.94%        36.18%        (81.80%)
  J-L. Tauvy                                                             Apr 08                                                      30 Apr 10                                Jan 09 - Dec 07

  KAZIMIR RUSSIA GROWTH                        31 Jul 96      Q          $24 M       1,757.69    30 Apr 10   (2.00%)     10.84%       1,793.57      23.17%        51.34%        (93.65%)
  Kazimir Partners                                                       Jul 09                                                      31 Mar 10                                Sep 98 - Jul 97

  PF(LUX) - EASTERN EUROPE-P CAP               30 Sep 99      W          $479 M      369.45      19 May 10   (4.40%)     17.50%       386.46        17.10%        31.23%        (75.54%)
  Y. Ostrowsky                                                           May 10                                                      30 Apr 10                                Feb 09 - Dec 07

  RUSSIAN PROSPERITY FUND - A                  31 Aug 96      W         $ 1'067 M    190.39      13 May 10   (7.32%)     20.36%       205.42        24.26%        48.36%        (90.26%)
  Alexander Branis                                                        Apr 10                                                     30 Apr 10                                Jan 99 - Jul 97

  VONTOBEL EASTERN EUROPEAN -A-                31 Dec 99      D          €38 M       123.95      18 May 10   (6.12%)     13.76%       132.03        3.36%         24.01%        (70.91%)
  Luca Parmeggiani                                                       Feb 09                                                      30 Apr 10                                Jan 09 - Apr 07
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Europe                                                                                             0.32%
  LANSDOWNE EUROPEAN LONG ONLY FUND LTD        31 Dec 04      Q          $463 M      174.15      14 May 10   (4.36%)     0.32%        182.08        10.88%        18.36%        (46.23%)
  Steven Heinz / David Craigen                                           Aug 09                                                      30 Apr 10                                Feb 09 - May 07
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Global                                                                                             5.24%
  CANTILLON GLOBAL EQUITY FUND USD CLASS -A-   31 Mar 05      M         $1'110 M      14.22      30 Apr 10    1.00%      7.78%         14.08        7.16%         12.60%        (35.04%)
  SERIES 1                                                               Feb 10                                                      31 Mar 10                                Mar 09 - Dec 07
  Rob Cope
  CAXTON ALPHA EQUITY (BVI) LTD                31 Dec 04      M          $640 M      1,400.87    18 May 10   (5.28%)     2.70%       1,478.94       6.46%         16.03%        (44.66%)
  Kurt Feuerman                                                          Feb 10                                                      30 Apr 10                                Feb 09 - Oct 07




 * Max DD: Peak to trough


                                                     Past performance is not a guide to future performance Alternative                                                                9
                                                                            Investment Group
                                                 Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                   Date                             or Index                                                     since Inception   Volatility

Distressed Security
YTD Avg. 2010 8.24%
                                                                                                                      Ytd Avg. 2010
Distressed Security / Global                                                                                              8.30%
 CANYON BALANCED FUND LTD - CLASS A              31 May 04      Q         $622 M       2,212.55    31 Mar 10    2.39%      3.50%        2,160.90      14.58%        12.27%        (30.14%)
 M.R. Julis & J.S. Friedman                                               Feb 10                                                       28 Feb 10                                Nov 08 - Oct 07

 CANYON VALUE REALIZATION FD, LTD - CLASS A      31 Dec 94      Q         $557 M       5,336.16    30 Apr 10    2.01%      6.19%        5,231.02      11.53%        8.98%         (28.82%)
 M.R. Julis & J.S. Friedman                                               Dec 09                                                       31 Mar 10                                Nov 08 - Oct 07

 CERBERUS INTL. LTD                              31 May 93      Q         $3'193 M    582,193.43   31 Mar 10    1.52%      2.35%      573,470.03      11.03%        5.38%         (22.26%)
 Steve Feinberg                                                            Mar 10                                                     28 Feb 10                                 Feb 09 - May 08

 DAVIDSON KEMPNER DIST. OPP. INT. LTD - A -      31 Mar 05      Y         $905 M       1,952.40    30 Apr 10    2.53%      9.84%        1,904.22      14.06%        11.80%        (25.73%)
 Michael J. Leffell, Anthony A. Yoseloff                                  Jan 10                                                       31 Mar 10                                Nov 08 - Oct 07

 GRACIE INTERNATIONAL CREDIT OPPORTUNITIES       30 Jun 04      Q         $987 M       207.25      30 Apr 10    1.60%      2.20%        203.99        13.30%        5.54%          (4.17%)
 FUND LTD                                                                 Jun 09                                                       31 Mar 10                                Sep 08 - Mar 08
 James Palmisciano
 HSBC DISTRESSED OPPORTUNITIES FUND              28 Feb 06      M         $124 M       157.97      14 May 10   (1.20%)     20.10%       159.89        11.48%        12.59%        (28.28%)
 Kim Golden                                                               Apr 10                                                       30 Apr 10                                Mar 09 - Oct 07

 LC CAPITAL OFFSHORE FUND, LTD                   30 Sep 99     Y/Q        $247 M       311.60      07 May 10   (0.75%)     5.37%        313.96        11.31%        9.54%         (34.48%)
 Steven G Lampe & Richard F Conway                                        Apr 10                                                       30 Apr 10                                Feb 09 - Jun 07

 PAULSON CREDIT OPPORTUNITIES LTD                30 Jun 06      Y         $7'065 M     1,436.93    30 Apr 10    2.22%      9.62%        1,405.70     100.34%        55.16%        (10.41%)
 John Paulson                                                              Jan 10                                                      31 Mar 10                                May 07 - Feb 07

 STONE LION FUND LTD CLASS A                     31 Oct 08      Q         $628 M       1,790.66    30 Apr 10    1.22%      11.23%       1,769.08      47.61%        10.91%         (3.31%)
 Greg Hanley and Alan Mintz                                               Apr 10                                                       31 Mar 10                                Nov 08 - Oct 08

 TURNBERRY CAPITAL INTL                          31 Aug 99      Q          $37 M       3,181.60    30 Apr 10    0.73%      12.61%       3,158.55      13.00%        23.79%        (77.43%)
 Jeffrey Dobbs                                                             Feb 10                                                      31 Mar 10                                Nov 08 - May 07
                                                                                                                      Ytd Avg. 2010
Distressed Security / USA                                                                                                 7.96%
 HALCYON OFF. ASSET-BACKED VALUE FUND LTD        30 Nov 05      Q         $730 M       1,867.82    17 May 10    0.62%     10.55%       1,856.31       15.03%        6.76%         (13.32%)
 Joseph Wolnick ,Joseph Godley and Jim Coppola                            Apr 10                                                       30 Apr 10                                Mar 09 - Aug 08

 POST TOTAL RETURN OFFSHORE FUND II, LTD         30 Jun 96      Q         $ 496 M      461.83      30 Apr 10    1.10%      5.37%        456.81        11.69%        8.88%         (24.04%)
 Carl Goldsmith, Scott Klein,                                              Jan 10                                                      31 Mar 10                                Dec 08 - Oct 07




 * Max DD: Peak to trough


                                                       Past performance is not a guide to future performance Alternative                                                              10
                                                                              Investment Group
                                            Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                              Date                             or Index                                                     since Inception   Volatility

Diversified
YTD Avg. 2010 11.05%
                                                                                                                 Ytd Avg. 2010
Diversified / Global                                                                                                11.05%
  STRATEGIC VALUE RESTRUCTURING FUND        31 Aug 02     Q/Y        $1'269 M     273.78      14 May 10   (0.13%)    11.05%        274.13        13.96%        7.83%         (24.49%)
  Victor Khosla                                                       Jul 09                                                      30 Apr 10                                Apr 09 - May 07


Merger-Arbitrage
YTD Avg. 2010 4.89%
                                                                                                                 Ytd Avg. 2010
Merger-Arbitrage / Global                                                                                            5.68%
  AETOS CORPORATION - CLASS A               31 Dec 85      M         $215 M      23,202.09    14 May 10   (0.48%)     1.24%       23,315.08      9.57%         12.07%        (34.97%)
  Jason Dahl, Jonathan Spitzer                                       Dec 09                                                       30 Apr 10                                Oct 87 - Aug 87

  CENTAURUS INTERNATIONAL RISK ARBITRAGE    30 Jun 09      M         €500 M       110.70      30 Apr 10   (0.16%)     0.84%        110.88        12.97%        4.14%          (0.16%)
  FUND                                                               Dec 09                                                       31 Mar 10                                Apr 10 - Mar 10
  Randy Freeman
  PAULSON ENHANCED LTD                      30 Apr 01      S         $659 M       799.98      30 Apr 10    4.30%      13.99%       767.00        25.97%        15.12%        (10.13%)
  John Paulson                                                       Jan 10                                                       31 Mar 10                                Jul 02 - Apr 01

  PAULSON INTERNATIONAL, LTD                30 Apr 96      M         $538 M       750.35      30 Apr 10    2.20%      6.67%        734.20        14.79%        7.59%         (13.57%)
  John Paulson                                                       Jan 10                                                       31 Mar 10                                Sep 98 - Jun 98
                                                                                                                 Ytd Avg. 2010
Merger-Arbitrage / USA                                                                                               1.69%
  GABELLI ASSOCIATES LIMITED - CLASS A      31 Aug 89      M         $154 M       527.86      14 May 10   (0.25%)     1.69%        529.20        8.36%         3.39%          (6.65%)
  Mario Gabelli                                                      Feb 07                                                       30 Apr 10                                Oct 08 - Oct 07


Multi-Strategy
YTD Avg. 2010 4.52%
                                                                                                                 Ytd Avg. 2010
Multi-Strategy / Europe                                                                                              2.34%
  RAB CROSS EUROPE FUND LIMITED - CLASS A   31 Oct 98      M         $313 M       226.95      13 May 10   (0.71%)     1.25%        228.58        7.36%         5.66%         (10.96%)
  Roderick Campbell                                                  Nov 07                                                       30 Apr 10                                Jan 09 - Jun 08

  TRAFALGAR CATALYST FUND CLASS B $         31 Oct 01      M         $ 400 M      213.14      14 May 10    1.44%      3.42%        210.11        9.27%         6.69%          (8.00%)
  Lee Robinson                                                       May 10                                                       30 Apr 10                                Jul 09 - Mar 08
                                                                                                                 Ytd Avg. 2010
Multi-Strategy / Global                                                                                              4.71%
  AG SUPER FUND INTERNATIONAL, LTD          30 Apr 93      Y         $384 M       1,259.65    14 May 10   (0.70%)     6.58%       1,268.53       10.50%        5.38%         (23.09%)
  J. Angelo & M. Gordon                                              Dec 09                                                       30 Apr 10                                Dec 08 - Jun 07


 * Max DD: Peak to trough


                                                  Past performance is not a guide to future performance Alternative                                                              11
                                                                         Investment Group
                                                Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                  Date                             or Index                                                     since Inception   Volatility

Multi-Strategy
YTD Avg. 2010 4.52%
                                                                                                                     Ytd Avg. 2010
Multi-Strategy / Global                                                                                                  4.71%
  CASTLERIGG INTL LTD - CLASS A/1               31 Dec 97     Y/Q        $440 M       281.68      14 May 10   (1.13%)     1.35%        284.90        8.79%         7.73%         (34.64%)
  Thomas Sandell                                                         Mar 10                                                       30 Apr 10                                Dec 08 - May 07

  DAVIDSON KEMPNER INTL, LTD - CLASS A          31 Oct 95      Q         $1'873 M     368.90      14 May 10   (0.90%)     5.36%        372.25        9.39%         3.92%         (10.87%)
  Thomas L. Kempner, Marvin H. Davidson                                   Jan 10                                                      30 Apr 10                                Nov 08 - Oct 07

  FIRST EAGLE N.V. (A)                          30 Nov 92      M         $412 M      305,190.53   14 May 10   (2.32%)     4.57%      312,432.58      11.29%        14.27%        (41.33%)
  Colin Morris                                                           Feb 10                                                       30 Apr 10                                Dec 08 - May 08

  GAM ARBITRAGE INC                             31 Dec 83      W         $182 M       1,330.88    14 May 10   (0.81%)     7.05%       1,341.69       10.31%        10.32%        (35.39%)
  John M. Angelo                                                         Sep 09                                                       30 Apr 10                                Feb 09 - Jun 07

  GOOD HOPE INTERNATIONAL LTD                   31 Mar 04      Q         $106 M       1,445.81    14 May 10   (2.19%)     4.12%       1,478.20       6.21%         10.83%        (35.08%)
  Colin Morris                                                           Mar 10                                                       30 Apr 10                                Dec 08 - May 08

  HARBINGER CAPITAL PARTNERS OFFSHORE FUND I    30 Jun 02      Q         $4'086 M     413.66      14 May 10   (2.10%)     (5.50%)      422.53        19.75%        18.46%        (50.20%)
  Philip Falcone                                                          Mar 10                                                      30 Apr 10                                Dec 08 - Jun 08

  KING STREET CAPITAL, LTD - CLASS A/1          31 Dec 96     Y/M       $13'300 M     477.64      14 May 10   (1.36%)     2.62%        484.22        12.40%        4.13%          (3.91%)
  O. Francis Biondi Jr & Brian J. Higgins                                Jan 10                                                       30 Apr 10                                Sep 08 - Feb 08

  LION FUND, LTD (THE)                          31 Jan 96      M         $250 M        35.35      30 Apr 10    0.87%      1.05%         35.05        9.15%         10.16%        (34.07%)
  Nick Walker                                                            Feb 10                                                       31 Mar 10                                Feb 09 - Oct 07

  MARATHON SPECIAL OPPS FD, LTD - A             30 Apr 99      Y         $1'960 M     675.04      14 May 10   (1.76%)     6.01%        687.13        18.87%        12.02%        (34.16%)
  Bruce Richards & Louis Hanover                                          Jul 09                                                      30 Apr 10                                Mar 09 - Jun 07

  OSMIUM SPECIAL SITUATIONS FUND LTD            28 Feb 05      M         $253 M       1,869.18    30 Apr 10    0.74%      6.84%        1,855.45      12.86%        5.38%          (7.12%)
  Chris Kuchanny                                                         Feb 10                                                       31 Mar 10                                Nov 08 - Jul 08

  OWL CREEK OVERSEAS FUND, LTD                  31 Jan 02      Y         $3'566 M     3,753.90    14 May 10   (1.30%)     6.46%       3,803.34       17.30%        13.31%        (20.43%)
  Jeffrey Altman                                                          Dec 09                                                      30 Apr 10                                Apr 09 - Jun 08

  PARA INTERNATIONAL FUND -A-                   31 Jan 95      M         $261 M       391.01      30 Apr 10    0.32%      4.53%        389.76        9.35%         7.53%         (26.59%)
  Ned Sadaka                                                             May 09                                                       31 Mar 10                                Feb 09 - May 07

  PAULSON ADVANTAGE LTD -A-                     31 Mar 04      Q         $6'891 M     374.53      30 Apr 10    2.90%      3.72%        363.96        24.24%        13.63%         (3.02%)
  John Paulson                                                            Jan 10                                                      31 Mar 10                                Apr 09 - Mar 09

  PAULSON ADVANTAGE PLUS LTD                    31 Dec 04      Q         $9'961 M     536.90      30 Apr 10    4.36%      5.79%        514.47        37.06%        20.92%         (4.93%)
  John Paulson                                                            Jan 10                                                      31 Mar 10                                Apr 09 - Mar 09

  PERRY PARTNERS INTERNATIONAL INC CLASS -1 -   30 Sep 93    Q / 2Y      $4'695 M     752.11      14 May 10   (0.07%)     9.75%        752.64        12.90%        7.31%         (25.65%)
  TN A                                                                    Mar 10                                                      30 Apr 10                                Nov 08 - Oct 07
  Richard Perry




 * Max DD: Peak to trough


                                                      Past performance is not a guide to future performance Alternative                                                              12
                                                                             Investment Group
                                                      Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                        Date                             or Index                                                     since Inception   Volatility

Multi-Strategy
YTD Avg. 2010 4.52%
                                                                                                                           Ytd Avg. 2010
Multi-Strategy / Global                                                                                                        4.71%
  PERSHING SQUARE INTL.LTD                            31 Dec 04     Y/Q        $4'152 M     2,701.11    15 May 10   (1.80%)     6.30%       2,750.62       20.32%        14.36%        (20.35%)
  William Ackman                                                                Apr 10                                                      30 Apr 10                                Feb 09 - Jan 08

  SAB OVERSEAS FUND LTD                               31 Jul 00    3Q / Q      $222 M       336.45      30 Apr 10   (0.70%)     9.89%        338.82        13.25%        10.70%        (15.22%)
  Scott Bommer                                                                 Oct 08                                                       31 Mar 10                                Nov 08 - Jun 08

  SARK FUND LIMITED                                   28 Feb 03      M         €1'005 M     166.67      14 May 10   (0.41%)     3.64%        167.36        7.34%         6.73%         (22.71%)
  Emmanuel Gavaudan & Emmanuel Boussard                                         Mar 09                                                      30 Apr 10                                Nov 08 - May 07

  SATELLITE OVERSEAS FUNDSIE A-H-05                   31 Oct 99     Y/Q        $349 M       1,611.73    30 Apr 10   (4.27%)     (3.01%)      1,683.62      4.65%         9.78%         (43.56%)
  Lief D. Rosenblatt, Gabe Nechamkin & Mark Sonnino                            Jan 10                                                       31 Mar 10                                Dec 08 - Oct 07

  THIRD POINT OFFSHORE                                30 Nov 96      M         $1'619 M     9,763.67    12 May 10   (1.70%)     17.26%      9,932.52       18.45%        13.76%        (35.48%)
  Daniel Loeb                                                                   Feb 10                                                      30 Apr 10                                Mar 09 - Jun 08

  TYRUS CAPITAL EVENT FUND LTD                        31 Oct 09      Q         $1'484 M     106.48      14 May 10   (0.42%)     1.31%        106.92        12.45%        4.70%          (0.52%)
  Tony Chedraoui                                                                Apr 10                                                      30 Apr 10                                May 10 - Mar 10

  YORK INVESTMENT LTD -CLASS A/1                      28 Feb 94      Q         $2'092 M     6,702.65    14 May 10   (2.90%)     2.60%       6,902.84       12.45%        9.07%         (29.86%)
  James Dinan                                                                   Dec 09                                                      30 Apr 10                                Feb 09 - Oct 07




 * Max DD: Peak to trough


                                                            Past performance is not a guide to future performance Alternative                                                              13
                                                                                   Investment Group
                                           Inception   Liquidity   Asset Size Last NAV         Date        Mtd       Ytd        Last Month Annual Return      Annual        Max DD*
                                             Date                             or Index                                                     since Inception   Volatility

Arbitrage
YTD Avg. 2010 3.86%
                                                                                                                Ytd Avg. 2010
Arbitrage / Global                                                                                                  3.86%
  HSBC MAA FUND USD                        15 Jun 95     Q/M        $207 M       201.59      30 Apr 10    1.27%      3.86%        199.06        4.82%         5.11%         (25.30%)
  HSBC Alternative Investments Limited                              Apr 10                                                       31 Mar 10                                Dec 08 - Jul 07


Event Driven
YTD Avg. 2010 4.61%
                                                                                                                Ytd Avg. 2010
Event Driven / Global                                                                                               4.61%
  HSBC DISTRESSED MARKETS FUND USD Class   31 May 09      M         $192 M       115.48      30 Apr 10    1.17%      4.61%        114.14        17.03%        3.78%           0.00%
  HSBC Management (Guernsey) Ltd                                    Apr 10                                                       31 Mar 10                                Jan 00 - Jan 00


Leveraged Multi-Strategy
YTD Avg. 2010 4.84%
                                                                                                                Ytd Avg. 2010
Leveraged Multi-Strategy / Global                                                                                   4.84%
  HSBC LEVERAGED GH FUND                   30 Nov 04      M         $2'281 M     126.22      30 Apr 10    2.01%      4.84%        123.73        4.39%         13.71%        (37.09%)
  HSBC Republic Investment Limited                                   Apr 10                                                      31 Mar 10                                Dec 08 - Jun 08


Long/Short
YTD Avg. 2010 1.82%
                                                                                                                Ytd Avg. 2010
Long/Short / Asia                                                                                                   1.31%
  HSBC ASIAN ADVANTEDGE FUND               30 Jun 02      M          $48 M       185.12      30 Apr 10    1.14%      1.31%        183.04        8.17%         8.89%         (24.73%)
  HSBC Alternative Investments Limited                               Apr 10                                                      31 Mar 10                                Nov 08 - Dec 07
                                                                                                                Ytd Avg. 2010
Long/Short / Europe                                                                                                 2.32%
  HSBC EUROPEAN ADVANTEDGE FUND USD        02 May 03      M          $21 M       144.30      30 Apr 10   (0.30%)     2.32%        144.73        5.38%         6.84%         (21.00%)
  HSBC Alternative Investments Limited                               Apr 10                                                      31 Mar 10                                Feb 09 - Oct 07




 * Max DD: Peak to trough


                                                 Past performance is not a guide to future performance Alternative                                                              14
                                                                        Investment Group
                                         Inception   Liquidity   Asset Size Last NAV         Date        Mtd       Ytd        Last Month Annual Return      Annual        Max DD*
                                           Date                             or Index                                                     since Inception   Volatility

Multi-Strategy
YTD Avg. 2010 2.02%
                                                                                                              Ytd Avg. 2010
Multi-Strategy / Emerging                                                                                         0.39%
  HSBC EMERGING ADVANTEDGE FUND          31 Mar 97      M          $37 M       168.06      30 Apr 10    0.22%      0.39%        167.69        4.05%         16.34%        (59.39%)
  HSBC Alternative Investments Limited                             Apr 10                                                      31 Mar 10                                Dec 98 - Sep 97
                                                                                                              Ytd Avg. 2010
Multi-Strategy / Global                                                                                           2.84%
  HSBC GH FUND USD                       31 May 96      M         $2'281 M     281.23      30 Apr 10    1.11%      2.74%        278.15        7.71%         6.83%         (18.30%)
  HSBC Alternative Investments Limited                             Apr 10                                                      31 Mar 10                                Dec 08 - Jun 08

  HSBC HEDGE INVESTMENTS FUND            28 Feb 02      Q          $38 M       144.97      30 Apr 10    1.13%      2.93%        143.35        4.65%         5.38%         (17.63%)
  HSBC Alternative Investments Limited                             Apr 10                                                      31 Mar 10                                Dec 08 - Jun 08


Trading
YTD Avg. 2010 5.23%
                                                                                                              Ytd Avg. 2010
Trading / Global                                                                                                  5.23%
  HSBC TRADING ADVANTEDGE FUND           31 Oct 05      M         $284 M       147.62      30 Apr 10    1.78%      5.23%        145.04        9.04%         10.11%        (10.20%)
  HSBC Alternative Investments Limited                            Apr 10                                                       31 Mar 10                                Jan 10 - Jan 09




 * Max DD: Peak to trough


                                               Past performance is not a guide to future performance Alternative                                                              15
                                                                      Investment Group
                                                        Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                          Date                             or Index                                                     since Inception   Volatility

Credit
YTD Avg. 2010 7.49%
                                                                                                                             Ytd Avg. 2010
Credit / Emerging                                                                                                                7.40%
  FINISTERRE SOVEREIGN DEBT FUND                        31 Mar 03      Q         $241 M       208.68      30 Apr 10    1.79%      7.23%        205.01        10.94%        8.00%         (21.00%)
  Paul Crean and Xavier Corin-Mick                                               Feb 10                                                       31 Mar 10                                Oct 08 - Jun 08

  MARATHON OVERSEAS FUND, LTD - A                       31 Mar 98      Q         $495 M       229.19      14 May 10    0.47%      7.57%        228.11        7.08%         7.63%         (36.00%)
  B. Richards & L. Hanover                                                       Jun 09                                                       30 Apr 10                                Apr 09 - May 07
                                                                                                                             Ytd Avg. 2010
Credit / Europe                                                                                                                  6.47%
  KING STREET EUROPE LTD                                30 Jun 07      M         $ 454 M      142.05      30 Apr 10    1.83%      6.47%        139.50        13.18%        8.28%          (7.88%)
  O. Francis Biondi, Jr., Brian J. Higgins                                       Nov 09                                                       31 Mar 10                                May 08 - Feb 08
                                                                                                                             Ytd Avg. 2010
Credit / Global                                                                                                                  8.00%
  BLUEMOUNTAIN CREDIT ALTERNATIVES FUND                 31 Oct 03      Q         $2'600 M     188.93      14 May 10   (0.70%)     5.68%        190.26        10.22%        7.46%         (11.82%)
  Andrew T. Feldstein                                                             Mar 10                                                      30 Apr 10                                Dec 08 - Aug 08

  CQS ABS FEEDER FUND - CLASS -B-                       30 Sep 06      Q         $563 M       3,493.67    30 Apr 10    1.97%      6.45%        3,426.16      41.77%        15.44%         (3.86%)
  Alistair Lumsden, Steve Swallow, Michael Hintze                                Mar 10                                                       31 Mar 10                                Jun 07 - Apr 07

  FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD              31 Jul 02      Q          $60 M       223.66      17 May 10   (0.55%)     13.29%       224.90        10.87%        8.28%         (29.83%)
  Andrea S. Feingold & R. Ian O’Keeffe                                            Mar 09                                                      30 Apr 10                                Dec 08 - Jun 07

  GREEN T G2 FUND                                       28 Feb 99      Q         $609 M       240.05      14 May 10    0.49%      3.48%        238.88        8.12%         3.91%          (4.26%)
  Darryl Green, Geoffrey Sherry                                                  Feb 10                                                       30 Apr 10                                Jul 04 - Dec 03

  JCAM GLOBAL FUND LIMITED                              31 Dec 03      M         $2'000 M     1,963.18    14 May 10   (0.39%)     3.60%       1,970.87       11.17%        7.49%         (14.85%)
  Tim Leslie                                                                      Jun 09                                                      30 Apr 10                                Dec 08 - Feb 08

  MILLENNIUM GLOBAL HIGH YIELD FD LTD                   31 Aug 99      M         $275 M       477.48      30 Apr 10    3.53%      13.70%       461.20        15.78%        12.52%        (46.60%)
  Joseph Strubel                                                                 Nov 09                                                       31 Mar 10                                Mar 09 - Dec 07

  PALOMINO FUND LTD CLASS B ORIGINAL SERIES             31 Dec 94      Y         $5334 M      4,837.12    30 Apr 10    3.47%      17.96%       4,674.91      28.77%        21.55%        (49.05%)
  David Tepper                                                                    Apr 10                                                      31 Mar 10                                Sep 98 - Feb 98

  SATELLITE CREDIT OPP FUND, LTD - A                    31 Oct 01      Y          $91 M       1,411.54    30 Apr 10   (5.71%)     (0.15%)      1,497.02      4.14%         11.53%        (41.20%)
  Steve Shapiro, Lief D. Rosenblatt, Gabe Nechamkin &                             Jan 10                                                      31 Mar 10                                Dec 08 - Oct 07
  Mark Sonnino
                                                                                                                             Ytd Avg. 2010
Credit / USA                                                                                                                     6.05%
  BRIGADE LEVERAGED CAPITAL STRUCTURES FUND             31 Dec 06      Q         $4'148 M     1,335.23    14 May 10   (0.71%)     4.77%       1,344.77       8.95%         9.05%         (19.42%)
  Don Morgan                                                                      Feb 10                                                      30 Apr 10                                Dec 08 - Jun 08

  MKP OFFSHORE CREDIT FUND                              28 Feb 99     Q/Y        $1'007 M     383.56      14 May 10   (1.38%)     7.33%        388.93        12.74%        5.17%          (8.38%)
  Patrick McMahon and Anthony Lembke                                              Jul 09                                                      30 Apr 10                                Sep 08 - Sep 07


 * Max DD: Peak to trough


                                                              Past performance is not a guide to future performance Alternative                                                              16
                                                                                     Investment Group
                                               Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                 Date                             or Index                                                     since Inception   Volatility

Equity-Commodity
YTD Avg. 2010 (0.90%)
                                                                                                                    Ytd Avg. 2010
Equity-Commodity / Global                                                                                              (0.90%)
  GEOSPHERE FUND, LTD                          30 Jun 07      Q         $ 907 M      116.60      14 May 10   (0.62%)     0.84%        117.33        5.49%         8.41%         (15.83%)
  Arvind Sanger and Prashant Kothari                                    Mar 10                                                       30 Apr 10                                Oct 08 - Jun 08

  MARTIN CURRIE ARF - GLOBAL RESOURCES         30 Sep 03      M         $329 M        18.64      14 May 10   (3.02%)     0.30%         19.22        9.86%         10.37%        (16.59%)
  Chris Butler / Duncan Goodwin                                         Apr 10                                                       30 Apr 10                                Dec 08 - Jun 08

  OCEANIC HEDGE FUND - CLASS A                 31 Jul 02      M         $1'123M      2,913.66    14 May 10   (2.47%)     (2.92%)     2,987.45       14.71%        8.62%          (6.85%)
  Cato Brahde, Andreas Vergottis, Bjorn Rise                             Aug 09                                                      30 Apr 10                                Sep 08 - May 08

  SOFAER CAPITAL NATURAL RESOURCES HEDGE       31 Dec 05      M          $28 M       165.32      30 Apr 10   (0.46%)     (1.82%)      166.09        12.31%        20.49%        (48.62%)
  FUND                                                                   Dec 09                                                      31 Mar 10                                Jun 09 - Jun 08
  Michael Sofaer

Equity-Diversified
YTD Avg. 2010 0.47%
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Asia                                                                                              (2.44%)
  ARNOTT OPPORTUNITIES FUND                    31 Oct 05      Q         $203 M       1,356.84    14 May 10    1.08%     (1.01%)      1,342.34       6.96%         5.99%          (6.20%)
  Kenneth Arnott                                                        Apr 10                                                       30 Apr 10                                Sep 07 - Jul 07

  BOYER ALLAN GREATER CHINA FUND               31 Oct 06      M         $ 227 M      202.04      14 May 10   (2.57%)     (7.21%)      207.37        22.00%        19.26%        (24.83%)
  Boyer Allan Investment Management LLP                                  Apr 10                                                      30 Apr 10                                Oct 08 - Oct 07

  BOYER ALLAN PACIFIC FUND INC-A-              16 Nov 98      M         $ 340 M      726.99      14 May 10   (5.41%)     (3.99%)      768.57        18.83%        22.21%        (44.65%)
  J. Boyer & N. Allan                                                    Apr 10                                                      30 Apr 10                                Nov 08 - Oct 07

  CHILTON CHINA OPPORTUNITIES FUND LTD         31 Dec 06      Q         $ 277 M      200.99      14 May 10   (3.61%)     (6.51%)      208.52        23.02%        20.66%        (20.91%)
  Chilton Investments Co., Inc.                                         Feb 10                                                       30 Apr 10                                Nov 08 - Oct 07

  COREVEST PARTNERS LTD                        31 Dec 98     Y/Q         $62 M       8,135.70    14 May 10    7.75%      (2.97%)     7,550.46       20.24%        25.48%        (26.57%)
  Kyung Hwa Paik                                                         Apr 10                                                      30 Apr 10                                Feb 03 - Mar 02

  EASTERN ADVISORS LLC                         31 Mar 03      Q          $62 M       2,207.38    30 Apr 10   (13.10%)    4.10%        2,540.14      11.82%        25.72%        (63.82%)
  Scott Booth                                                            Jul 09                                                      31 Mar 10                                Mar 09 - Jun 08

  ELLERSTON ASIA PACIFIC FUND                  31 Aug 07      Q          $93 M        95.05      18 May 10   (0.23%)     1.75%         95.27       (1.85%)        7.51%         (17.60%)
  Ashok Jacob                                                            Jan 10                                                      30 Apr 10                                Feb 09 - Oct 07

  EVEREST CAPITAL ASIA                         31 Dec 05      Q         $ 145 M      198.78      30 Apr 10    1.30%      (3.17%)      196.23        17.19%        21.97%        (43.59%)
  Everest Capital Limited                                               Feb 10                                                       31 Mar 10                                Feb 09 - Oct 07

  EVEREST CAPITAL CHINA OPPORTUNITY            31 May 03      Q         $ 305 M      374.75      30 Apr 10    0.10%      (5.29%)      374.38        21.03%        18.07%        (36.66%)
  Everest Capital Limited                                               Feb 10                                                       31 Mar 10                                Oct 08 - Oct 07


 * Max DD: Peak to trough


                                                     Past performance is not a guide to future performance Alternative                                                              17
                                                                            Investment Group
                                             Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                               Date                             or Index                                                     since Inception   Volatility

Equity-Diversified
YTD Avg. 2010 0.47%
                                                                                                                  Ytd Avg. 2010
Equity-Diversified / Asia                                                                                            (2.44%)
  HT ASIAN CATALYST FUND LLC                 31 Dec 98      M         $523 M        18.29      30 Apr 10    0.77%     (1.24%)        18.15        13.24%        12.32%        (23.93%)
  Ms. Ophelia Tong                                                    Feb 10                                                       31 Mar 10                                Mar 01 - Mar 00

  JOHO FUND, LTD-A-                          31 Oct 96      S         $2'134 M     1,183.23    14 May 10   (0.62%)     5.90%       1,190.60       22.01%        17.21%        (19.38%)
  Robert Karr                                                          Dec 09                                                      30 Apr 10                                Nov 08 - Nov 07

  MBAM PAN-ASIAN FUND LTD                    31 May 04      M          $95 M       163.36      14 May 10   (0.66%)     (2.87%)      164.45        8.59%         6.33%          (5.99%)
  Alex Lewis                                                           Apr 10                                                      30 Apr 10                                Jun 06 - Apr 06

  MQ ASIA L/S LTD CLASS -A-                  31 Jul 06      M         $400 M       1,377.50    14 May 10   (0.60%)     2.25%       1,385.82       8.82%         7.18%         (14.05%)
  Andrew Alexander & Nick Bird                                        Apr 10                                                       30 Apr 10                                Apr 09 - Oct 07

  MW ASIA TOPS FUND LTD CLASS A USD          31 May 06      M         $224 M       115.94      18 May 10   (2.74%)     (2.82%)      119.21        3.80%         8.89%         (26.89%)
  Anthony Clake                                                       Feb 10                                                       30 Apr 10                                Oct 08 - Oct 07

  OCTAGON PAN ASIA FUND                      30 Sep 04      M         $284 M       193.90      30 Apr 10    2.05%      (5.06%)      190.00        12.59%        9.82%         (10.69%)
  Poh Min Lam & Nelson Chia                                           Nov 09                                                       31 Mar 10                                Jan 09 - Oct 07

  OPTIMAL ASIA FUND                          30 Nov 04      M          $51 M       150.91      14 May 10   (2.42%)     (4.31%)      154.65        7.84%         9.57%         (21.74%)
  Warwick Johnson                                                      Apr 10                                                      30 Apr 10                                Nov 08 - Oct 07

  PINPOINT CHINA FUND CLASS A USD            31 May 05      M         $295 M       557.17      14 May 10   (1.19%)     (5.58%)      563.88        41.41%        24.93%        (42.16%)
  Qiang Wang                                                          Apr 10                                                       30 Apr 10                                Nov 08 - Oct 07

  REAL RETURN ASIAN FUND LTD (THE)           30 Sep 04      M         $636 M       239.89      14 May 10   (0.97%)     0.53%        242.25        16.84%        10.86%        (14.81%)
  Ezra Sun                                                            Apr 10                                                       30 Apr 10                                Oct 08 - Oct 07

  SOFAER CAPL ASIAN HEDGE FD (Net Index)     31 Mar 89      M         $120 M       1,254.50    30 Apr 10   (0.29%)     (3.78%)      1,258.15      12.74%        16.26%        (35.36%)
  Terence Khoo / Terence Lim                                          Jun 07                                                       31 Mar 10                                Mar 03 - Mar 00

  SR GLOBAL FUND B - ASIA (Real Perf)        31 Dec 93      M         $1'500 M     749.72      12 May 10   (4.10%)     0.19%        781.78        17.79%        19.20%        (36.50%)
  Richard Chenevix-Trench                                              Dec 09                                                      30 Apr 10                                Nov 98 - Feb 98

  TANTALLON FUND (THE)                       31 Oct 03      M         $116 M        18.52      14 May 10   (2.88%)     (6.37%)       19.07        9.88%         13.91%        (36.61%)
  Nicholas Harbinson / Alex Hill                                      Apr 10                                                       30 Apr 10                                Jan 09 - Oct 07

  WF ASIA FUND LTD S/1                       31 Jan 01      M         $419 M       288.37      14 May 10   (2.32%)     (6.14%)      295.22        12.08%        13.89%        (37.65%)
  Scobie Ward                                                         Nov 09                                                       30 Apr 10                                Nov 08 - Oct 07
                                                                                                                  Ytd Avg. 2010
Equity-Diversified / Emerging                                                                                         0.11%
  ADELPHI EMERGING EUROPE. FUND USD SHARES   31 Mar 07      Q         $103 M       146.64      14 May 10   (2.85%)     7.37%        150.94        13.04%        15.84%        (28.62%)
  Lars Dollmann                                                       Dec 09                                                       30 Apr 10                                Jan 09 - May 08

  DISCOVERY GLOBAL OPPORTUNITY FUND, LTD     31 Jul 99      S         $1'419 M     571.77      31 Mar 10    6.37%      6.65%        537.50        17.74%        15.69%        (33.03%)
  Robert K Citrone                                                     Jul 09                                                      28 Feb 10                                Dec 08 - Dec 07



 * Max DD: Peak to trough


                                                   Past performance is not a guide to future performance Alternative                                                              18
                                                                          Investment Group
                                                  Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return      Annual        Max DD*
                                                    Date                             or Index                                                     since Inception   Volatility

Equity-Diversified
YTD Avg. 2010 0.47%
                                                                                                                       Ytd Avg. 2010
Equity-Diversified / Emerging                                                                                              0.11%
 GLS OFFSHORE GLOBAL OPP.A                        31 Dec 96      Q          $49 M       368.19      30 Apr 10    1.26%      0.41%        363.61        10.22%        20.15%        (51.73%)
 Geoffrey Symonds                                                           Apr 10                                                      31 Mar 10                                Sep 98 - Sep 97

 GROWTH MANAGEMENT LTD                            31 May 98      M         $276 M       392.87      30 Apr 10    0.02%       1.01%       392.80        12.16%        7.24%         (24.28%)
 Stephan Pinter                                                            Sep 09                                                       31 Mar 10                                Dec 09 - Jun 08

 HSBC INDIA ALPHA FUND                            31 Mar 07      M         $125 M       125.91      14 May 10   (0.47%)      5.85%       126.50        7.65%         19.52%        (34.72%)
 Sanjiv Duggal, Manish Srivastava, Viresh Mehta                            Mar 10                                                       30 Apr 10                                Nov 08 - Dec 07

 NEVSKY FUND LIMITED CLASS A                      30 Sep 00      M         $3'253 M     8,509.06    14 May 10   (3.79%)     (3.52%)     8,844.47       24.91%        14.45%        (22.14%)
 Martin Taylor, and Nick Barnes                                             Feb 10                                                      30 Apr 10                                Feb 09 - Oct 07

 OCCAM GLOBAL EMERGING MARKETS FUND CLASS         30 Apr 09      D         $248 M        11.33      18 May 10   (7.28%)     (8.04%)       12.22        11.15%        15.75%        (10.43%)
 A                                                                         Jan 10                                                       30 Apr 10                                May 10 - Oct 09
 Eoghan Flanagan & James Mellersh
 OCCO EASTERN EUROPEAN FUND                       31 Dec 01     Y/Q         $161M       300.72      14 May 10   (0.36%)      7.06%       301.82        14.05%        9.75%         (20.86%)
 Pawel Szulc & Andrew Wiles                                                 Apr 10                                                      30 Apr 10                                Oct 08 - Jun 08

 SR GLOBAL FUND G - EMERGING MKTS (Real Perf)     29 Feb 96      M         $2'000 M     1,317.90    12 May 10   (3.70%)     (2.16%)     1,368.54       24.57%        18.93%        (37.25%)
 Richard Chenevix-Trench                                                    Dec 09                                                      30 Apr 10                                Feb 09 - Oct 07

 SR PHOENICIA INC CLASS -A- SERIES 1              31 Jul 01      M         $680 M       462.48      12 May 10   (2.54%)     (3.30%)      474.54        19.04%        20.00%        (56.02%)
 George Robinson                                                           Dec 09                                                       30 Apr 10                                Feb 09 - Oct 07

 TEMPLETON EMERGING MARKET FUND, LTD -A-          31 Dec 99      D         $1'265 M      29.77      19 May 10   (12.39%)    (10.09%)      33.98        5.07%         23.15%        (61.95%)
 Dr. Mark Mobius                                                            Aug 08                                                      30 Apr 10                                Feb 09 - Oct 07
                                                                                                                       Ytd Avg. 2010
Equity-Diversified / Europe                                                                                                0.69%
 ADELPHI EUR. FUND $ (A)                          30 Sep 97      Q         $724 M       349.01      14 May 10   (0.97%)     2.49%        352.42        10.40%        12.60%        (26.28%)
 Roderick Jack                                                             Dec 09                                                       30 Apr 10                                Feb 09 - May 07

 ALPHAGEN CAPELLA FUND-A-                         31 Oct 99      M         $2'366 M     366.63      14 May 10   (1.40%)     (1.64%)      371.85        13.11%        7.97%          (6.03%)
 Roger Guy                                                                  Mar 10                                                      30 Apr 10                                Sep 08 - May 07

 ALPHAGEN TUCANA                                  31 Dec 04      M         $874 M       178.40      14 May 10   (2.48%)     (1.39%)      182.94        11.38%        11.39%        (28.68%)
 Roger Guy;                                                                Mar 10                                                       30 Apr 10                                Dec 08 - Oct 07

 ANTARES EUROPEAN FUNDS, LTD - USD                08 Dec 98      M         € 167 M      386.21      14 May 10   (0.10%)      5.49%       386.60        12.54%        16.58%        (32.68%)
 Luca Orsini                                                               Mar 10                                                       30 Apr 10                                Dec 08 - Jun 07

 CAZENOVE EURO EQ ABS RETURN FUND LIMITED         30 Nov 03      M         €693 M       1,553.01    30 Apr 10   (2.68%)     (4.58%)      1,595.77      7.10%         4.71%          (6.60%)
 CLASS B                                                                   Oct 09                                                       31 Mar 10                                Apr 10 - Oct 08
 Chris Rice, Steve Cordell



 * Max DD: Peak to trough


                                                        Past performance is not a guide to future performance Alternative                                                              19
                                                                               Investment Group
                                              Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                Date                             or Index                                                     since Inception   Volatility

Equity-Diversified
YTD Avg. 2010 0.47%
                                                                                                                   Ytd Avg. 2010
Equity-Diversified / Europe                                                                                            0.69%
 EGERTON EUROPEAN DOLLAR CLASS -A-            30 Nov 94      M         $1'277 M      92.44      14 May 10   (2.51%)    (4.57%)        94.82        15.47%        10.43%        (29.18%)
 John C. Armitage                                                       Aug 09                                                      30 Apr 10                                Jan 09 - Oct 07

 EUREKA EURO CLASS -A1- EUR                   07 Jan 98      M         $959 M       254.87      18 May 10   (1.26%)     0.48%        258.12        13.87%        10.10%        (23.24%)
 Ernesto Fragomeni , Anthony Clake                                     Feb 10                                                       30 Apr 10                                Oct 08 - Oct 07

 GIANO CAPITAL LTD EUR                        30 Nov 94      M          $64 M       3,183.70    14 May 10   (1.41%)     (1.30%)     3,229.18       12.42%        13.16%        (27.48%)
 Michele Ragazzi                                                        Nov 09                                                      30 Apr 10                                Mar 08 - Jan 07

 GRADIENT EUROPE FUND (THE)                   30 Nov 01      Q          €89 M        97.19      30 Apr 10   (0.69%)     2.17%         97.87       (0.34%)        31.32%        (82.25%)
 I. Farman & S. Pagel                                                   Dec 08                                                      31 Mar 10                                Jan 09 - Jun 07

 HABROK DELTA FUND EUROPE, LTD                31 Mar 04      Q         $497 M       246.02      30 Apr 10    0.21%      4.19%        245.51        15.95%        17.50%        (38.24%)
 Leif Christian Kvaal                                                  Apr 10                                                       31 Mar 10                                Jan 09 - May 08

 HENDERSON EURO.STYLE ROTATIONAL L/S FUND     31 Oct 05      M          $45 M       108.20      14 May 10   (0.45%)     4.54%        108.69        1.75%         10.56%        (22.85%)
 David Bint, Steve Danby                                                Jul 09                                                      30 Apr 10                                Jul 09 - Jun 08

 HENDERSON EUROPEAN ABS RETURN FD, LTD USD    31 May 01      M          €80 M       451.81      14 May 10   (1.35%)     5.50%        457.99        18.33%        18.15%        (47.67%)
 Stephen Peak                                                           Jul 09                                                      30 Apr 10                                Nov 08 - Feb 08

 HSBC EUROPEAN ALPHA FUND - X2.5 LEVERED      30 Nov 07      M         $358 M       133.56      14 May 10    3.13%      11.20%       129.51        12.51%        6.76%          (5.07%)
 Vincent Bourgeois and Michael O’Mara                                  Apr 10                                                       30 Apr 10                                Sep 08 - Jun 08

 HSBC EUROPEAN ALPHA FUND -EUR                31 Dec 02      M         $358 M       163.57      14 May 10    1.19%      4.06%        161.64        6.90%         2.66%          (1.34%)
 Vincent Bourgeois & Michael O'Mara                                    Apr 10                                                       30 Apr 10                                Jul 09 - May 09

 JANDAKOT FUND LTD USD CLASS A UNRESTRICTED   31 Mar 02      M         $552 M       203.19      14 May 10   (0.35%)     (1.21%)      203.91        9.12%         5.72%          (4.93%)
 Hilton Nathanson                                                      Apr 10                                                       30 Apr 10                                Jun 06 - Apr 06

 JUPITER HYDE PARK HEDGE FUND, LTD            29 Feb 00      W         $100 M         4.78      14 May 10   (0.17%)     0.04%         4.79         16.56%        19.82%        (20.38%)
 Philip Gibbs                                                          Mar 10                                                       30 Apr 10                                Jun 09 - Jun 08

 LANSDOWNE EURO EQTY FD, LTD - A (EUR)        31 Aug 98      M          $988M       184.35      14 May 10   (2.79%)     0.32%        189.63        11.57%        12.02%        (21.60%)
 P. Ruddock & S. Heinz                                                  Aug 09                                                      30 Apr 10                                Feb 09 - May 08

 LAZARD EUROPEAN EXPLORER FUND LTD            30 Apr 04      M         $ 412 M      133.42      14 May 10   (2.15%)     (2.88%)      136.35        4.89%         8.72%         (17.17%)
 Robert Rowland                                                        Dec 09                                                       30 Apr 10                                Jun 09 - Oct 07

 MBAM JANDAKOT ENHANCED FUND LTD CLASS A      31 Mar 06      M         $904 M       126.56      14 May 10   (0.37%)     (1.27%)      127.03        5.88%         7.92%         (12.39%)
 Hilton Nathanson                                                      Mar 10                                                       30 Apr 10                                Jul 06 - Apr 06

 MW CORE FUND SHS CLASS A USD                 31 Oct 06      M         $628 M       110.71      18 May 10   (1.86%)     (1.02%)      112.81        2.91%         12.09%        (26.47%)
 Ernesto Fragomeni                                                     Feb 10                                                       30 Apr 10                                Sep 08 - Jun 07

 MW DIVERSIFIED EUROPE TOPS FUND -A-USD       31 Dec 04      M         $111 M       112.29      18 May 10   (2.99%)     (1.66%)      115.75        6.74%         7.81%         (19.28%)
 Anthony Clake                                                         Dec 09                                                       30 Apr 10                                Feb 09 - Oct 07



 * Max DD: Peak to trough


                                                    Past performance is not a guide to future performance Alternative                                                              20
                                                                           Investment Group
                                               Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                 Date                             or Index                                                     since Inception   Volatility

Equity-Diversified
YTD Avg. 2010 0.47%
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Europe                                                                                             0.69%
 NORDIC ALPHA CLASS A - EUR                    31 Aug 03      M         €130 M       173.36      30 Apr 10    1.07%      6.66%        171.53        8.60%         11.59%        (33.00%)
 Thomas Raaschou, Christian T. Nygaard                                  Aug 09                                                       31 Mar 10                                Feb 09 - Oct 07

 ODEY EUROPEAN, INC (EUR)                      31 May 92      W         $2'204 M     671.01      14 May 10   (5.03%)     (3.83%)      706.52        15.41%        15.67%        (50.64%)
 Crispin Odey                                                            Sep 09                                                      30 Apr 10                                Jul 95 - Jan 94

 PELHAM LONG/SHORT FUND LTD CLASS A EUR        31 Oct 07      M         $1'000 M     122.20      30 Apr 10    0.66%      2.61%        121.40        8.35%         10.36%        (12.25%)
 Ross Turner                                                             Mar 10                                                      31 Mar 10                                Dec 08 - May 08

 PENSATO EUROPA FUND LTD EURO CLASS            31 May 08      M         €265 M       116.04      30 Apr 10   (0.19%)     0.79%        116.26        8.07%         6.10%          (5.40%)
 Graham Clapp & Edward Rumble                                           Apr 10                                                       31 Mar 10                                Sep 08 - Jun 08

 POLAR CAPITAL EUROP CONVICTION FUND LIMITED   31 Mar 06      M          €85 M       134.45      14 May 10   (1.32%)     (1.67%)      136.25        7.44%         10.17%         (5.63%)
 Robert Gurner                                                           Dec 09                                                      30 Apr 10                                Jul 08 - May 08

 RAB EUROPE FUND LTD-B-                        31 Oct 99      M         $200 M       243.89      13 May 10   (2.14%)     (4.23%)      249.23        8.83%         11.15%        (18.53%)
 Julian Barrell                                                         Nov 07                                                       30 Apr 10                                Nov 08 - Jun 08

 SELECTIUM EUROPE FUND LTD C USD               31 Dec 03      Q         €200 M       146.39      11 May 10   (0.35%)     (0.93%)      146.90        6.17%         6.47%         (11.75%)
 Marc Bataillon                                                         Dec 06                                                       30 Apr 10                                May 10 - Feb 09

 SIERRA EUROPE OFFSHORE, LTD - USD/A           28 Feb 97      M         $139 M       440.35      14 May 10    0.23%      0.55%        439.35        11.87%        9.47%         (16.98%)
 Charles Michaels                                                       Nov 09                                                       30 Apr 10                                Jan 03 - Mar 00

 SOFAER CAPL EURO HEDGE FD (USD) (Net Index)   30 Jun 98      M         $250 M       261.07      14 May 10   (2.17%)     (1.40%)      266.86        8.41%         8.96%         (11.03%)
 Michael Browne & Steve Frost                                           Nov 09                                                       30 Apr 10                                Feb 09 - Jun 08

 SR GLOBAL FUND F - EUROPE (€) (Real Perf)     31 Dec 95      M         $125 M       277.57      12 May 10   (2.50%)     1.60%        284.69        14.15%        19.16%        (47.97%)
 Rupert Dyson                                                           Dec 09                                                       30 Apr 10                                Feb 09 - Jun 07

 THAMES RIVER KINGSWAY FUND, LTD A             28 Feb 99    3M / M       €26 M       3,215.95    30 Apr 10   (0.31%)     0.66%        3,225.84      11.02%        10.03%        (19.51%)
 Tony Zucker                                                             Jul 09                                                      31 Mar 10                                Mar 09 - May 07

 THEOREMA EUROPE FUND LTD A/1 EUR              31 May 01      M         €545 M       191.19      14 May 10   (0.67%)     (2.27%)      192.48        7.50%         5.57%          (6.25%)
 G. Govi & F Gautier                                                     Jul 08                                                      30 Apr 10                                Jul 09 - Aug 08

 TIEDEMANN/MOROSS EUROPEAN GROWTH              30 Jun 97      Q          $76 M        36.68      14 May 10   (2.49%)     1.54%         37.61        10.62%        20.36%        (49.23%)
 Dominic Moross                                                          Mar 08                                                      30 Apr 10                                Jan 03 - Feb 00

 Z EUROPE FUND -USD-                           31 Jul 98      M         €104 M       320.44      14 May 10    0.46%      3.68%        318.97        10.38%        14.67%        (24.87%)
 Daniel Koppel & Nicolas Mathys                                          Jul 07                                                      30 Apr 10                                Oct 08 - Jun 08

 ZADIG FUND CLASS A1                           30 Nov 05      M         €285 M       183.20      14 May 10   (0.81%)     2.18%        184.70        14.56%        12.99%        (19.14%)
 Laurent Saglio                                                         Apr 10                                                       30 Apr 10                                Oct 08 - Aug 08




 * Max DD: Peak to trough


                                                     Past performance is not a guide to future performance Alternative                                                              21
                                                                            Investment Group
                                                 Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                   Date                             or Index                                                     since Inception   Volatility

Equity-Diversified
YTD Avg. 2010 0.47%
                                                                                                                      Ytd Avg. 2010
Equity-Diversified / Global                                                                                              (0.92%)
  ALTIMA GLOBAL SPECIAL SITUATIONS FUND LTD A    30 Jun 04     Y/Q        $1'297 M     1,750.22    30 Apr 10   (1.24%)    (7.07%)       1,772.20      10.07%        11.03%        (21.98%)
  Mark Donegan                                                             Jan 10                                                      31 Mar 10                                Feb 09 - Dec 07

  ARROW OFFSHORE LTD                             30 Jun 05      M          $ 82 M      195.66      15 May 10   (5.10%)     (0.39%)      206.17        14.75%        19.25%        (45.18%)
  Mal Serure & Alex Von. Furstenberg                                       Apr 10                                                      30 Apr 10                                Jan 09 - May 08

  BRUCE NELSON GLOBAL FD LTD - A                 31 May 03      M         $227 M       143.99      30 Apr 10    1.62%      6.36%        141.70        5.41%         7.78%         (24.47%)
  Richard Bruce                                                           Jun 09                                                       31 Mar 10                                Nov 08 - Oct 07

  ELLERSTON GEMS - CLASS A                       30 Apr 06      Q         $1'245 M      97.90      18 May 10    5.70%      7.88%         92.62       (0.52%)        10.59%        (34.38%)
  Ashok Jacob                                                              Mar 10                                                      30 Apr 10                                Feb 10 - Jul 07

  GLENROCK GLOBAL PARTNERS (BVI) INC             31 May 94      M         $ 421 M      2,583.24    31 Mar 10   (0.60%)     0.08%        2,598.83      6.17%         15.17%        (38.76%)
  Michael Katz                                                            Mar 10                                                       28 Feb 10                                Jan 99 - Jul 96

  HORSEMAN GLOBAL FUND USD                       31 Jan 01      M         $442 M       341.54      19 May 10   (5.85%)     (7.88%)      362.75        14.12%        15.63%        (32.52%)
  John Horseman                                                           Apr 10                                                       30 Apr 10                                May 10 - Feb 09

  INTREPID ENHANCED ALPHA FUND, LTD              30 Jun 98      Q          $59 M       1,092.25    14 May 10   (2.57%)     (9.91%)     1,121.06       22.29%        16.39%        (36.03%)
  Steven Shapiro                                                           Apr 10                                                      30 Apr 10                                Dec 08 - Oct 07

  LEVEL GLOBAL OVERSEAS, LTD - CLASS A/1         31 Jul 03      Q         $3'701 M     1,789.56    30 Apr 10    1.43%      1.00%        1,764.32      9.00%         8.09%          (9.06%)
  David Ganek                                                              Jan 10                                                      31 Mar 10                                Sep 08 - Dec 07

  M. KINGDON OFFSHORE NV - A/1                   28 Feb 86      Q         $2'564 M     126.38      14 May 10   (1.21%)     2.05%        127.93        16.70%        12.98%        (30.15%)
  Mark Kingdon                                                             Apr 10                                                      30 Apr 10                                Oct 87 - Sep 87

  MAVERICK FUND, LTD - CLASS A/1                 28 Feb 95      M         $2'800 M     1,064.56    14 May 10   (1.58%)     1.07%       1,081.65       13.71%        11.44%        (30.04%)
  Lee Ainslie III                                                          Jan 10                                                      30 Apr 10                                Nov 08 - May 08

  MW GLOBAL OPPORTUNITIES SHS CLASS A USD        28 Feb 09      M         $320 M       133.95      18 May 10   (2.27%)     (0.19%)      137.06        27.16%        11.87%         (3.33%)
  Fehim Sever                                                             Feb 10                                                       30 Apr 10                                May 10 - Mar 10

  PLATINUM FUND LTD                              31 May 94      M         $499 M        68.36      14 May 10   (4.02%)     (1.69%)       71.22        12.80%        11.89%        (30.48%)
  Kerr Neilson                                                            Mar 10                                                       30 Apr 10                                Feb 09 - Oct 07

  SCP OCEAN FUND LTD                             31 Mar 02     Y/Q        $4'659 M     2,911.43    14 May 10   (2.19%)     0.46%       2,976.62       14.05%        7.91%         (13.59%)
  Chris Shumway                                                            Mar 10                                                      30 Apr 10                                Dec 08 - May 08

  SR GLOBAL FUND C - INTERNATIONAL (Real Perf)   31 Dec 93      M         $1'600 M     629.02      12 May 10   (3.10%)     (5.64%)      649.14        16.02%        22.08%        (45.08%)
  Hugh Sloane                                                              Dec 09                                                      30 Apr 10                                Jul 01 - Dec 99

  STANDARD PACIFIC CAPITAL -B-                   30 Sep 95      Q         $675 M       434.28      30 Apr 10    0.45%      0.54%        432.34        10.59%        8.11%          (8.79%)
  Doug Dillard and Raj Venkatesan                                         Mar 10                                                       31 Mar 10                                Aug 03 - Jun 02

  VIKING GLOBAL EQUITIES III LTD-A/1E            30 Sep 99      Y         $7'629 M     7,356.80    14 May 10   (1.98%)     (1.40%)     7,505.44       20.66%        10.71%        (11.93%)
  Andreas Halvorsen                                                        Dec 09                                                      30 Apr 10                                Mar 02 - Sep 01



 * Max DD: Peak to trough


                                                       Past performance is not a guide to future performance Alternative                                                              22
                                                                              Investment Group
                                              Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                Date                             or Index                                                     since Inception   Volatility

Equity-Diversified
YTD Avg. 2010 0.47%
                                                                                                                   Ytd Avg. 2010
Equity-Diversified / Japan                                                                                             5.12%
  ALPHAGEN HOKUTO FUND LTD - CLASS A          31 Oct 00      M         $508 M       193.21      14 May 10   (0.36%)     6.09%        193.90        7.15%         4.52%          (2.74%)
  John Stewart                                                         Mar 10                                                       30 Apr 10                                Oct 08 - Jul 08

  ALPHAGEN TENRO FUND LIMITED                 31 Jan 06      M          $37 M       161.06      14 May 10   (0.42%)     9.31%        161.74        11.77%        16.73%        (18.30%)
  Justin Bowles / John Stewart                                          Mar 10                                                      30 Apr 10                                Oct 08 - Dec 07

  ARCUS JAPAN FUND -JPY-                      31 Mar 99      D         $4'587 M    27,033.00    19 May 10   (4.57%)     10.44%      28,328.00      9.34%         16.14%        (45.94%)
  Robert Macrae                                                         Mar 10                                                      30 Apr 10                                Feb 09 - Feb 07

  ASUKA JAPANESE EQUITY L/S TST 1 - B         31 Aug 02      M          $78 M       1,665.44    30 Apr 10    1.79%      1.28%        1,636.12      6.88%         7.22%          (9.95%)
  Tishihiro Hirao                                                       Mar 10                                                      31 Mar 10                                Sep 08 - Apr 08

  BLUE SKY JAPAN LTD - CLASS A                30 Jun 00      M          $78 M       236.24      30 Apr 10    4.21%      2.14%        226.70        7.82%         24.74%        (62.08%)
  Michael Hill                                                          Apr 10                                                      31 Mar 10                                Jan 09 - Dec 05

  GAM JAPAN EQUITY HEDGE FUND                 31 May 98      W         $197 M       131.22      17 May 10   (7.57%)     7.52%        141.97        2.30%         13.87%        (52.04%)
  Lesley Kaye                                                          Jun 07                                                       30 Apr 10                                Feb 09 - Jun 07

  HENDERSON JAPAN ABS RETURN FD, LTD          30 Jun 00      M         $168 M       237.82      14 May 10   (1.40%)     10.72%       241.19        9.17%         9.51%         (18.31%)
  William Garnett and Jeremy Hall                                       Jul 09                                                      30 Apr 10                                Mar 08 - Apr 06

  JF JAPAN ABSOLUTE RETURN                    31 Aug 03      M         ¥1'797 M    13,378.00    14 May 10   (0.63%)     (5.36%)     13,463.33      4.43%         12.34%        (25.88%)
  Naoyoshi Yahata                                                       Mar 10                                                      30 Apr 10                                May 10 - Dec 05

  MARTIN CURRIE ARF - JAPAN FUND              30 Jun 00      M         $119 M        19.07      14 May 10   (1.00%)     9.50%         19.26        6.75%         7.82%         (12.44%)
  John-Paul Temperley                                                  Apr 10                                                       30 Apr 10                                Jan 09 - Jul 08

  OPTIMAL JAPAN FUND C1 CAP. INITIAL SERIES   30 Sep 99      M          $31 M        19.65      14 May 10   (1.95%)     6.10%         20.04        6.56%         12.32%        (37.40%)
  Warwick Johnson                                                       Apr 10                                                      30 Apr 10                                Nov 09 - Jun 07

  SR GLOBAL FUND H - JAPAN (Real Perf)        30 Sep 03      M          $95 M        95.67      12 May 10   (6.50%)     (1.42%)      102.32       (0.19%)        20.74%        (30.74%)
  Hugh Sloane                                                           Dec 09                                                      30 Apr 10                                Apr 09 - Mar 08
                                                                                                                   Ytd Avg. 2010
Equity-Diversified / UK                                                                                                1.07%
  ALPHAGEN OCTANIS CLASS A                    28 Feb 05      M         $584 M       189.69      14 May 10   (1.14%)    (0.02%)       191.87        13.08%        7.26%         (10.72%)
  Ben Wallace                                                          Feb 10                                                       30 Apr 10                                Mar 08 - May 07

  CAZENOVE UK EQUITY ABSOLUTE RETURN FUND     31 Oct 03      M          £80 M       1,480.28    30 Apr 10   (0.20%)     (0.76%)      1,483.25      6.22%         3.85%          (6.66%)
  Tim Russell                                                           Oct 09                                                      31 Mar 10                                Mar 09 - Jan 09

  HENDERSON UK EQUITY L/S FUND LIMITED        30 Jun 03      M          £45 M       203.04      14 May 10   (2.84%)     4.16%        208.97        10.85%        15.98%        (39.26%)
  Stephen Peak                                                          Jul 09                                                      30 Apr 10                                Nov 08 - Jun 08

  LANSDOWNE UK EQUITY FUND, LTD (£)           31 Jul 01      M         $6'922 M     455.38      14 May 10   (2.33%)     2.81%        466.23        18.82%        10.78%        (14.51%)
  P. Ruddock & S. Heinz                                                 Aug 09                                                      30 Apr 10                                Feb 09 - Jun 08



 * Max DD: Peak to trough


                                                    Past performance is not a guide to future performance Alternative                                                              23
                                                                           Investment Group
                                               Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                 Date                             or Index                                                     since Inception   Volatility

Equity-Diversified
YTD Avg. 2010 0.47%
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / UK                                                                                                 1.07%
  THREADNEEDLE UK CRESCENDO FUND LTD (£)       31 May 01      M          £62 M       265.85      17 May 10   (2.30%)    (0.86%)       272.11        11.52%        6.95%          (7.11%)
  Mark Westwood                                                          Jul 09                                                      30 Apr 10                                Nov 09 - Jun 08
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / USA                                                                                                2.14%
  ALYDAR FUND LTD                              28 Feb 03      Q         $1'750 M     187.90      30 Apr 10    0.10%      0.16%        187.72        9.19%         4.75%          (5.40%)
  John Murphy                                                            Apr 09                                                      31 Mar 10                                Nov 08 - Jul 08

  ALYSHEBA FUND LIMITED                        31 Mar 05      Q         $400 M       2,354.32    14 May 10    1.80%      5.40%       2,312.70       18.19%        14.53%        (25.80%)
  John A. Murphy, Philip C. Furse                                       Dec 09                                                       30 Apr 10                                Nov 08 - May 08

  ASCEND PARTNERS FUND II LTD - A              31 Jan 04      Q         $876 M       172.46      14 May 10   (2.02%)     1.25%        176.01        9.05%         4.60%          (4.73%)
  Malcolm Fairbairn                                                     Aug 09                                                       30 Apr 10                                Oct 08 - Aug 08

  AVESTA FUND LTD A/1                          31 Aug 02      M         $1'136 M     1,900.31    14 May 10   (2.90%)     (3.69%)     1,957.13       8.69%         7.24%          (7.70%)
  Bill Tung                                                              Mar 10                                                      30 Apr 10                                Oct 05 - Feb 05

  CASTLEROCK FUND LTD                          31 Aug 96      Q          $88 M       797.15      30 Apr 10    1.31%      1.39%        786.84        16.40%        17.24%        (37.70%)
  Paul Tanico                                                            Jul 09                                                      31 Mar 10                                Feb 03 - May 01

  CAVU CAPITAL OFFSHORE FUND LTD               31 Dec 05      M         $395 M       134.85      14 May 10    0.20%      1.20%        134.59        7.08%         6.43%          (9.42%)
  Stephen Schwartz, Scott Mattison                                      Feb 10                                                       30 Apr 10                                Oct 08 - May 08

  CAXTON EQUITY GROWTH LTD A / 1               30 Nov 99     Y/Q        $680 M       3,350.21    18 May 10   (2.47%)     1.33%       3,435.05       12.24%        7.75%          (9.98%)
  Kurt Feuerman                                                         Feb 10                                                       30 Apr 10                                Feb 09 - May 08

  COBALT OFFSHORE LTD                          31 Dec 96      Q         $1'332 M     657.71      30 Apr 10   (0.07%)     2.68%        658.17        15.17%        8.69%         (19.53%)
  Wayne Cooperman                                                        Apr 10                                                      31 Mar 10                                Sep 98 - Apr 98

  ELM RIDGE VALUE PARTNERS OFFSHORE, INC - A   28 Feb 01      Q         $975 M       257.23      30 Apr 10    3.10%      6.82%        249.49        10.85%        10.58%        (19.92%)
  Ronald Gutfleish                                                      Nov 09                                                       31 Mar 10                                Feb 09 - Oct 07

  EMINENCE FUND LTD A                          31 Dec 98      Q         $2'843 M     437.41      14 May 10   (3.50%)     (7.75%)      453.28        13.85%        9.79%         (19.99%)
  Ricky C. Sandler                                                       Mar 10                                                      30 Apr 10                                Dec 08 - Dec 07

  HIGHLINE INTERNATIONAL CLASS A               31 May 97      Q         $1'111 M     326.99      30 Apr 10    1.40%      3.38%        322.48        9.60%         9.41%         (17.24%)
  Jacob W. Doft                                                          Apr 10                                                      31 Mar 10                                Aug 98 - Apr 98

  IVORY CAPITAL FLAGSHIP STRATEGY              30 Nov 98      Q         $2'955 M     3,270.63    14 May 10    0.35%      (0.35%)     3,259.23       10.89%        6.19%         (12.61%)
  Curtis Macnguyen                                                       Apr 10                                                      30 Apr 10                                Nov 08 - May 08

  KINETICS FUND, INC - A/A                     31 Jan 01      M         $175 M       1,845.13    15 May 10   (9.37%)     5.75%       2,035.98       6.82%         22.37%        (76.20%)
  Peter B. Doyle                                                        Aug 09                                                       30 Apr 10                                Feb 09 - Oct 07

  OMEGA OVERSEAS PARTNERS, LTD CLASS A         31 Dec 91      M         $835 M       611.04      30 Apr 10    0.26%      9.11%        609.46        10.37%        14.78%        (42.55%)
  Leon Cooperman                                                        Mar 10                                                       31 Mar 10                                Feb 09 - May 07



 * Max DD: Peak to trough


                                                     Past performance is not a guide to future performance Alternative                                                              24
                                                                            Investment Group
                                                            Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                              Date                             or Index                                                     since Inception   Volatility

Equity-Diversified
YTD Avg. 2010 0.47%
                                                                                                                                 Ytd Avg. 2010
Equity-Diversified / USA                                                                                                             2.14%
  RIEF LP -B- (Continuing)                                  31 Jul 05      M         $4'237 M     101.55      14 May 10   (1.10%)     4.28%        102.68        0.32%         10.12%        (35.67%)
  James Simons                                                                        Mar 10                                                      30 Apr 10                                Apr 09 - May 07

  SEMINOLE OFFSHORE FUND                                    31 May 98      Q         $543 M       543.98      14 May 10   (1.30%)     5.12%        551.15        15.21%        13.77%        (15.62%)
  Michael G. Messner, Paul C. Shiverick                                              Apr 10                                                       30 Apr 10                                Mar 03 - May 02

  ZWEIG-DIMENNA INTL LIMITED - CLASS A                      31 May 87      Q         $1846 M     87,784.10    31 Mar 10    2.57%      0.33%       85,588.46      16.72%        15.98%        (50.23%)
  Joseph DiMenna / Martin Zweig                                                       Feb 10                                                      28 Feb 10                                Dec 02 - Feb 00


Equity-Energy
YTD Avg. 2010 2.88%
                                                                                                                                 Ytd Avg. 2010
Equity-Energy / Global                                                                                                               6.67%
  MARTIN CURRIE ARF - GLOBAL ENERGY                         28 Feb 07      M           $3 M         9.79      30 Apr 10   (0.38%)     4.27%          9.83       (0.67%)        8.69%         (15.29%)
  Duncan Goodwin                                                                      Apr 10                                                      31 Mar 10                                Nov 09 - Jun 08

  RAB ENERGY CLASS F                                        31 Aug 05      Q          $92 M       247.93      13 May 10    5.41%      21.22%       235.21        5.82%         26.68%        (64.56%)
  Gavin Wilson & Mark Redway                                                          Jan 09                                                      30 Apr 10                                Feb 09 - Jul 07

  SECTOR COGNIMETRICA LTD (IRISH FUND)                      30 Nov 05      M         $167 M       125.66      14 May 10   (0.94%)     (5.48%)      126.85        5.26%         8.90%         (12.80%)
  J. Peter Andersland & Wollert Hvide                                                Apr 10                                                       30 Apr 10                                Sep 08 - Jul 07
                                                                                                                                 Ytd Avg. 2010
Equity-Energy / USA                                                                                                                 (8.51%)
  DORSET ENERGY FUND, LTD - CLASS A                         31 Oct 00      M         $308 M        36.56      14 May 10   (6.57%)    (8.51%)        39.13        14.56%        19.88%        (49.55%)
  David M. Knott, Donald Textor                                                      Apr 10                                                       30 Apr 10                                Dec 08 - Jun 08


Equity-Financial
YTD Avg. 2010 3.21%
                                                                                                                                 Ytd Avg. 2010
Equity-Financial / Global                                                                                                            3.21%
  LANSDOWNE GLOBAL FINANCIALS FUND LTD. -USD                30 Jun 04      M         $2'221M      293.93      14 May 10   (4.15%)     1.28%        306.64        20.15%        14.48%        (18.87%)
  Williamde Winton                                                                    Aug 09                                                      30 Apr 10                                Sep 08 - Oct 07

  MW GLOBAL FINANCIALS M/N SHS CLASS A USD                  31 Oct 08      M         $ 143 M      112.85      18 May 10    0.23%      1.66%        112.59        8.14%         5.88%          (2.87%)
  Marshall Wace Asia Limited, delegation to Marshall Wace                            Feb 10                                                       30 Apr 10                                Apr 09 - Feb 09
  LLP
  TOSCA CLASS A - USD                                       30 Sep 00      M         $554 M       167.54      13 May 10   (0.58%)     6.70%        168.52        5.51%         18.94%        (67.54%)
  Martin Hughes                                                                      Dec 09                                                       30 Apr 10                                Nov 08 - Dec 07


 * Max DD: Peak to trough


                                                                  Past performance is not a guide to future performance Alternative                                                              25
                                                                                         Investment Group
                                               Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                 Date                             or Index                                                     since Inception   Volatility

Equity-Financial
YTD Avg. 2010 3.21%
                                                                                                                    Ytd Avg. 2010
Equity-Financial / USA                                                                                                  3.20%
 BRYN MAWR OFFSHORE LTD                        31 Dec 95      Q          $86 M       4,446.31    14 May 10    0.91%      3.20%       4,406.38       10.93%        3.98%          (4.11%)
 K. Gray                                                                 Jul 09                                                      30 Apr 10                                Dec 99 - Oct 99


Equity-Mid-Small Cap
YTD Avg. 2010 5.07%
                                                                                                                    Ytd Avg. 2010
Equity-Mid-Small Cap / Europe                                                                                           3.14%
 ALPHAGEN ACAMAR FUND LIMITED (THE)            31 Mar 06      Q         $153 M       136.67      14 May 10   (1.93%)    (0.20%)       139.36        7.90%         8.59%          (8.01%)
 Roger Guy and Mr. Guillaume Rambourg                                   Mar 10                                                       30 Apr 10                                May 06 - Apr 06

 ENNISMORE EUROPEAN SMALLER COMPANIES          30 Nov 99      M          €67 M       227.49      13 May 10    0.80%      8.68%        225.69        11.75%        12.06%        (34.24%)
 Geoff Oldfield                                                          Feb 10                                                      30 Apr 10                                Apr 09 - Jul 07

 EXANE MICROMEGAS FUND LTD                     30 Jun 06      W         €244 M      14,766.71    19 May 10    0.09%      1.72%       14,753.45      6.76%         5.97%          (6.92%)
 Jerome Poirel                                                          Mar 10                                                       30 Apr 10                                Feb 08 - Oct 07

 POLAR CAPITAL EUROPEAN FORAGER FUND LTD - A   31 Jul 03      M         €245 M       223.39      14 May 10   (0.89%)     2.34%        225.39        12.56%        8.48%         (21.47%)
 Rob Gurner                                                             Dec 09                                                       30 Apr 10                                Feb 09 - Oct 07
                                                                                                                    Ytd Avg. 2010
Equity-Mid-Small Cap / Global                                                                                           1.06%
 RAB SPECIAL SITUATION FD LTD                  31 Jul 03      Q         $445 M       1,103.95    13 May 10    1.02%      1.06%       1,092.77       18.19%        39.14%        (76.24%)
 Philip Richards                                                        Dec 09                                                       30 Apr 10                                Mar 09 - Jul 07
                                                                                                                    Ytd Avg. 2010
Equity-Mid-Small Cap / UK                                                                                               4.07%
 ALPHAGEN VOLANTIS FUND, LTD - A (USD)         30 Apr 02      M         $434 M       356.65      14 May 10   (0.38%)     4.07%        358.00        17.13%        9.23%         (11.36%)
 Rob Giles & Gervais Williams                                           Mar 10                                                       30 Apr 10                                Dec 08 - Jun 08
                                                                                                                    Ytd Avg. 2010
Equity-Mid-Small Cap / USA                                                                                              7.19%
 AJR INTERNATIONAL (BVI), INC. - A/1           31 Jan 93      M         $445 M       868.28      14 May 10   (3.53%)     4.09%        900.03        13.31%        20.00%        (44.44%)
 Alexander J. Roepers                                                   Apr 10                                                       30 Apr 10                                Dec 08 - May 08

 CLOVIS CAPITAL PARTNERS (CAYMAN), LTD         30 Sep 02      Q         $848 M       1,901.06    14 May 10   (2.71%)     (3.83%)     1,954.01       8.79%         8.95%         (22.05%)
 Michael Prober & Scott Scher                                           Jun 09                                                       30 Apr 10                                Dec 08 - Dec 07

 GREENLIGHT CAPITAL OFFSHORE, LTD - A/1        30 Sep 96      Q         $2'184 M    107,162.93   30 Apr 10    0.12%      (1.26%)    107,035.02      19.07%        11.44%        (27.17%)
 David Einhorn                                                           Dec 08                                                     31 Mar 10                                 Oct 08 - May 08




 * Max DD: Peak to trough


                                                     Past performance is not a guide to future performance Alternative                                                              26
                                                                            Investment Group
                                                     Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                       Date                             or Index                                                     since Inception   Volatility

Equity-Mid-Small Cap
YTD Avg. 2010 5.07%
                                                                                                                          Ytd Avg. 2010
Equity-Mid-Small Cap / USA                                                                                                    7.19%
 GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1              31 Aug 01      Q         $237 M       1,814.54    14 May 10   (2.22%)     3.47%       1,855.74       7.08%         13.30%        (47.07%)
 Gregory B Fraser & Rudolph K Kluiber & Timothy A.                             Jul 08                                                      30 Apr 10                                Feb 09 - May 07
 Krochuk
 SENVEST PARTNERS, LTD - CLASS A                     31 Mar 97      Q         $304 M       1,430.41    30 Apr 10    0.80%      37.82%       1,419.05      22.54%        40.14%        (70.55%)
 Richard Mashaal                                                              Apr 10                                                       31 Mar 10                                Sep 02 - Feb 00

 ZAXIS OFFSHORE LTD - CLASS A/1                      30 Jun 00      M         $347 M       2,174.13    30 Apr 10   (0.02%)     2.84%        2,174.57      8.21%         7.76%         (20.58%)
 Sanford J. Colen                                                             Apr 10                                                       31 Mar 10                                Feb 09 - Jun 08


Equity-Pharma-Biotech
YTD Avg. 2010 7.36%
                                                                                                                          Ytd Avg. 2010
Equity-Pharma-Biotech / USA                                                                                                   7.36%
 CADUCEUS CAPITAL INTL. LTD                          28 Feb 97      M         $600 M       738.88      15 May 10   (4.10%)     5.04%        770.47        16.34%        25.47%        (34.59%)
 Sam Isaly                                                                    Dec 09                                                       30 Apr 10                                Sep 02 - Dec 01

 PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTD            31 Dec 99      M         $330 M       993.24      14 May 10   (1.20%)     7.62%       1,005.31       24.77%        28.96%        (25.67%)
 Joseph Edelman                                                               Mar 10                                                       30 Apr 10                                May 00 - Feb 00

 SIVIK GLOBAL HEALTHCARE OFFSHORE - A/01-01          30 Jun 01      M         $565 M       1,635.32    30 Apr 10   (1.99%)     3.72%        1,668.52      5.72%         10.51%        (32.70%)
 Krishen Sud                                                                  Jun 08                                                       31 Mar 10                                Feb 09 - Oct 07

 VISIUM BALANCE OFFSHORE FUND CL 2                   31 Oct 05     Y/Q        $1'502 M     168.66      14 May 10   (3.12%)     13.08%       174.10        12.21%        9.82%         (15.79%)
 Jacob Gottlieb                                                                Apr 10                                                      30 Apr 10                                Dec 08 - Aug 08


Equity-Technology
YTD Avg. 2010 1.97%
                                                                                                                          Ytd Avg. 2010
Equity-Technology / Global                                                                                                    7.91%
 SPINNER GLOBAL TECHNOLOGY FUND, LTD                 21 Sep 93      M         $164 M       105.00      30 Apr 10    3.66%      7.91%        101.28        15.20%        17.10%        (34.02%)
 Art Spinner                                                                  Jan 10                                                       31 Mar 10                                Sep 02 - Aug 00
                                                                                                                          Ytd Avg. 2010
Equity-Technology / USA                                                                                                      (0.01%)
 INTREPID CAPITAL FUND LTD A/1                       30 Jun 98      Q          $50 M       214.51      14 May 10   (1.58%)    (6.03%)       217.95        18.98%        9.81%         (22.96%)
 Stephen Shapiro                                                               Apr 10                                                      30 Apr 10                                Dec 08 - Oct 07




 * Max DD: Peak to trough


                                                           Past performance is not a guide to future performance Alternative                                                              27
                                                                                  Investment Group
                                        Inception   Liquidity   Asset Size Last NAV         Date        Mtd       Ytd        Last Month Annual Return      Annual        Max DD*
                                          Date                             or Index                                                     since Inception   Volatility

Equity-Technology
YTD Avg. 2010 1.97%
                                                                                                             Ytd Avg. 2010
Equity-Technology / USA                                                                                         (0.01%)
  SELIGMAN TECH SPECTRUM FUND CLASS     31 Dec 06      M         $1'500 M     273.96      07 May 10   (4.63%)    (1.42%)       287.26        9.83%         11.92%        (19.91%)
  -A1-S/2-2002                                                    Sep 09                                                      30 Apr 10                                Nov 08 - May 08
  J. & W. Seligman & Co. Incorporated
  STG CAPITAL PARTNERS (QP), LP         30 Jun 02      Q         $100 M       206.22      30 Apr 10    3.00%      7.43%        200.21        9.67%         5.58%          (4.36%)
  Steven Glass                                                   Apr 10                                                       31 Mar 10                                May 09 - Mar 09


Equity-Utility
YTD Avg. 2010 (3.12%)
                                                                                                             Ytd Avg. 2010
Equity-Utility / Global                                                                                         (3.12%)
  ECOFIN GLOBAL UTILITIES HEDGE FUND    30 Sep 04      M         $107 M       148.37      30 Apr 10    1.43%     (3.12%)       146.27        7.32%         7.35%         (17.43%)
  Bernard Lambilliotte                                           Apr 10                                                       31 Mar 10                                Mar 09 - Oct 07




 * Max DD: Peak to trough


                                              Past performance is not a guide to future performance Alternative                                                              28
                                                                     Investment Group
                                                       Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                         Date                             or Index                                                     since Inception   Volatility

Diversified
YTD Avg. 2010 3.03%
                                                                                                                            Ytd Avg. 2010
Diversified / Asia                                                                                                              3.28%
  ALPHADYNE INVESTMENT STRATEGIES FUND LTD             31 Jan 07      M         $ 408 M      1,467.80    14 May 10   (0.27%)     5.54%       1,471.77       12.39%        4.90%          (3.63%)
  Bart Broadman, Philippe Khuong-Huu, Chester Kam                               Feb 10                                                       30 Apr 10                                Jun 09 - May 09

  BREVAN HOWARD ASIA FUND LIMITED                      30 Sep 04      M         $1'727 M     181.98      07 May 10    1.09%      1.01%        180.01        11.28%        4.24%          (1.94%)
  Kaspar Ernst                                                                   Feb 10                                                      30 Apr 10                                Mar 10 - Jan 10
                                                                                                                            Ytd Avg. 2010
Diversified / Emerging                                                                                                          1.44%
  BREVAN HOWARD EM. MKT STRATEGIES FUND LTD            31 Dec 07      M         $1'500 M     131.83      07 May 10    0.83%     (1.25%)       130.74        12.47%        9.71%          (9.20%)
  Geraldine Sundstrom                                                            Nov 09                                                      30 Apr 10                                Sep 08 - Jul 08

  EMSO LTD (Emerging Markets Special Opportunities )   30 Apr 00      Q         $ 602 M      314.35      19 May 10   (0.90%)     3.96%        317.21        12.06%        5.45%          (5.90%)
  Mark Franklin                                                                  Jan 10                                                      30 Apr 10                                Jun 06 - Apr 06

  GAVEA FUND LTD . CLASS A S/1                         31 Jul 03      Q         $895 M       211.32      14 May 10    1.33%      5.99%        208.55        11.65%        7.66%         (12.50%)
  Fraga Arminio                                                                 May 10                                                       30 Apr 10                                Oct 08 - Jul 08

  MOORE EMERGING MARKET FUND, LTD - A                  31 Aug 93      Q         $1'000 M     7,475.03    13 May 10    0.39%      (5.25%)     7,446.02       12.79%        14.38%        (22.69%)
  Greg Coffey                                                                    Jun 09                                                      30 Apr 10                                Nov 08 - May 08

  PHARO TRADING FUND                                   30 Nov 00      M         $433 M       3,798.64    14 May 10   (2.85%)     3.76%       3,909.91       15.16%        8.93%         (13.16%)
  Guillaume Fonkenell                                                           Mar 10                                                       30 Apr 10                                Oct 08 - Feb 08
                                                                                                                            Ytd Avg. 2010
Diversified / Global                                                                                                            3.33%
  BREVAN HOWARD FUND, LTD - USD CLASS A                31 Mar 03      M        $18'134 M     258.86      07 May 10    0.82%      0.53%        256.75        14.32%        7.28%          (5.17%)
  Alan Howard                                                                   Feb 10                                                       30 Apr 10                                Apr 08 - Feb 08

  CAPITAL FUND, LTD (THE)                              31 Dec 99      M         $128 M       2,347.49    14 May 10    1.35%      (1.07%)     2,316.22       12.44%        11.05%        (17.38%)
  Kenneth Windheim                                                              Jan 10                                                       30 Apr 10                                Mar 10 - Jan 09

  CAXTON GLOBAL INVESTMENT LTD                         31 Jan 97      Y         $5'700 M     724.78      18 May 10    2.58%      6.49%        706.58        16.06%        7.74%          (7.37%)
  Bruce S. Kovner                                                                Feb 10                                                      30 Apr 10                                Aug 07 - Jun 07

  COMAC GLOBAL MACRO FUND                              31 May 06      M         $4'493 M     169.26      14 May 10   (0.27%)     7.78%        169.72        14.23%        8.73%          (9.22%)
  Colm O’Shea                                                                    Mar 10                                                      30 Apr 10                                Dec 06 - Jun 06

  CONQUEST MACRO FUND, LTD (COMP)                      30 Apr 99      M         $539 M       3,820.79    19 May 10    9.87%      17.29%      3,477.55       12.88%        18.15%        (22.22%)
  Marc Malek                                                                    Jun 09                                                       30 Apr 10                                Dec 09 - Jul 09

  DRAWBRIDGE GL MACRO FD, LTD A/1                      31 May 02      Q         $1'600 M     2,119.46    14 May 10   (0.46%)     2.37%       2,129.25       9.90%         8.94%         (24.60%)
  Michael E. Novogratz & Adam Levinson                                           Mar 09                                                      30 Apr 10                                Nov 08 - Feb 08

  EPISODE INC. CLASS A                                 31 Jul 05      Q         $430 M       130.03      14 May 10   (1.40%)     1.35%        131.87        5.63%         13.46%        (32.77%)
  David Fishwick / Tony Finding                                                 Mar 10                                                       30 Apr 10                                Feb 09 - Oct 07



 * Max DD: Peak to trough


                                                             Past performance is not a guide to future performance Alternative                                                              29
                                                                                    Investment Group
                                                Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return      Annual        Max DD*
                                                  Date                             or Index                                                     since Inception   Volatility

Diversified
YTD Avg. 2010 3.03%
                                                                                                                     Ytd Avg. 2010
Diversified / Global                                                                                                     3.33%
  GAM GLOBAL RATES HEDGE FUND                   31 Jan 04      M         $263 M       202.92      11 May 10   (0.63%)     9.15%        204.21        11.93%        7.69%          (6.31%)
  Adrian Owens                                                           Mar 10                                                       30 Apr 10                                Sep 06 - Apr 06

  GAMUT INVESTMENTS                             30 Jun 86      M         $726 M       7,972.12    12 May 10    2.13%       5.16%      7,805.67       20.12%        13.92%        (13.45%)
  Bruce Kovner                                                           Mar 10                                                       30 Apr 10                                Apr 88 - Dec 87

  GLOBAL TRADING STRATEGIES ( CAYMAN) FUND Cl   31 May 05      M         $850 M       1,681.71    14 May 10   (7.09%)     (10.52%)    1,810.04       15.68%        13.35%        (13.89%)
  -A-                                                                    Mar 10                                                       30 Apr 10                                May 10 - Dec 08
  Brett Allender, Andrew Peden, Karl Mayer
  HARMONIC ALPHA PLUS MACRO FUND - USD CLASS    30 Apr 03      Q         $480 M       116.36      14 May 10   (0.12%)     12.63%       116.50        7.41%         11.27%        (15.20%)
  Richard Conyers & Richard Noble                                        May 10                                                       30 Apr 10                                Aug 07 - Jun 07

  INVESTCORP STONEWORKS GLOBAL MACRO FUND       31 Jul 07      M         $ 335 M      120.35      14 May 10   (1.50%)     (3.40%)      122.18        6.87%         8.88%          (8.77%)
  LTD                                                                    May 10                                                       30 Apr 10                                Feb 10 - Jul 09
  Investcorp Investment Advisers Limited
  LONDON SELECT FUND LIMITED -A                 31 Mar 04      Q         $371 M       1,256.79    14 May 10    2.62%       4.22%      1,224.65       3.80%         11.09%        (34.16%)
  Robert Standing & David Gorton                                          Jul 09                                                      30 Apr 10                                Dec 08 - Jan 08

  MELLON OFF GLOB OPP FUND LTD -                30 Nov 05      M         $195 M       986.68      30 Apr 10    0.56%       3.80%       981.22       (0.30%)        10.38%        (31.90%)
  MULTICURRENCY - A1                                                     Mar 10                                                       31 Mar 10                                Oct 08 - Jan 07
  Thomas B. Hazuka & Michael Ho
  MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1    31 Jul 05      M         $335 M       894.50      30 Apr 10   (0.27%)      2.89%       896.94       (2.32%)        19.94%        (59.00%)
  Thomas B. Hazuka & Michael Ho                                          Mar 10                                                       31 Mar 10                                Oct 08 - Jan 07

  MOORE GLOBAL INV FD, LTD - A $                31 Dec 89      Q         $7'200 M    43,211.38    13 May 10   (2.34%)      0.75%      44,248.61      20.30%        12.25%        (18.45%)
  Louis Bacon                                                             Jun 09                                                      30 Apr 10                                Feb 95 - Jan 94

  MOORE MACRO MANAGERS FUND, LTD CLASS -A-      31 Jul 93      Q         $2'800 M    10,672.59    13 May 10    1.13%       4.48%      10,553.27      15.14%        8.94%         (14.47%)
  Louis Bacon                                                             Apr 10                                                      30 Apr 10                                Feb 94 - Jan 94

  PEAK PARTNERS OFFSH FD, LTD - B               31 Mar 02      M         $269 M       3,043.36    14 May 10    6.09%      10.09%      2,868.66       14.68%        18.21%        (23.10%)
  Timothy Rudderow                                                       Nov 09                                                       30 Apr 10                                Aug 04 - Feb 04

  PHARO MACRO FUND LTD                          30 Apr 05      Q         $2'299 M     2,277.45    14 May 10   (0.91%)      5.38%      2,298.38       17.73%        9.31%          (9.64%)
  Guillaume Fonkenell                                                     Mar 10                                                      30 Apr 10                                Nov 08 - Jun 08

  PIA MACRO FUND LTD SERIES 1x SUB SERIES 1     31 May 09      M         $ 486 M      101.83      14 May 10   (0.69%)     (2.64%)      102.54        1.92%         3.56%          (2.64%)
  Chris Pia                                                               Jan 10                                                      30 Apr 10                                May 10 - Dec 09

  QFS GLOB MACRO FUND, LTD                      30 Apr 98      M         $142 M       2,480.23    14 May 10   (1.47%)     (6.71%)     2,517.23       7.83%         13.71%        (28.97%)
  Dr. Sandford Grossman                                                  Apr 10                                                       30 Apr 10                                Aug 06 - Feb 04

  RUBICON GLOBAL FUND, LTD                      31 Oct 99      M         $1'360 M     428.65      14 May 10   (0.23%)     13.17%       429.63        14.80%        15.54%        (36.03%)
  Santiago Alarco, Tim Attias,                                            Mar 10                                                      30 Apr 10                                May 07 - Dec 04


 * Max DD: Peak to trough


                                                      Past performance is not a guide to future performance Alternative                                                              30
                                                                             Investment Group
                                                         Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual       Max DD*
                                                           Date                             or Index                                                     since Inception   Volatility

Diversified
YTD Avg. 2010 3.03%
                                                                                                                              Ytd Avg. 2010
Diversified / Global                                                                                                              3.33%
  SWORDFISH FUND LTD                                     31 Jan 03      Q         $151 M       1,226.44    30 Apr 10   (0.58%)    (1.21%)       1,233.64      2.86%         15.32%        (42.40%)
  James Loh                                                                       Feb 10                                                       31 Mar 10                                Feb 09 - Jun 08

  TRAXIS FUND LP (OFFSHORE)                              31 May 03      Q         $ 207 M      151.95      30 Apr 10   (0.96%)     (0.13%)      153.43        6.23%         13.34%        (40.00%)
  Barton M. Biggs, Madhav Dhar & Cyril Moullé-Berteaux                             Apr 10                                                      31 Mar 10                                Feb 09 - Oct 07

  TUDOR B.V.I GLOBAL FUND LTD -A-                        31 Oct 86      Q         $7'791 M    97,385.88    14 May 10   (0.29%)     1.51%       97,667.91      21.46%        19.87%        (17.07%)
  Paul Tudor Jones                                                                 Mar 10                                                      30 Apr 10                                Jul 92 - Apr 92




 * Max DD: Peak to trough


                                                               Past performance is not a guide to future performance Alternative                                                              31
                                                                                      Investment Group
                                               Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                 Date                             or Index                                                     since Inception   Volatility

Discretionary
YTD Avg. 2010 3.61%
                                                                                                                    Ytd Avg. 2010
Discretionary / Europe                                                                                                  5.50%
  BLACK DIAMOND RELATIVE VALUE LTD -C-Shs      31 Jul 99      Q         $407 M       287.44      14 May 10   (1.51%)    (1.31%)       291.84        10.28%        5.30%          (7.03%)
  Clint Carlson, Hal Schroeder                                          Apr 09                                                       30 Apr 10                                Oct 08 - Aug 08

  BLK - EOS CLASS B USD                        28 Feb 02      M         $ 137 M      1,128.86    19 May 10    1.39%      6.71%       1,113.34       11.24%        9.65%         (14.33%)
  Robert Fisher                                                         Dec 09                                                       30 Apr 10                                Jan 08 - Jul 07

  TALENTUM ACTIVEDGE FUND LIMITED - A -        30 Jun 02      M          €56 M       160.24      14 May 10    0.68%      5.19%        159.16        6.17%         4.44%         (11.77%)
  Gianmarco Mondani / Marco Accorroni                                    Apr 10                                                      30 Apr 10                                Apr 09 - Jun 08

  TALENTUM ENHANCED FUND LIMITED - A -         31 Aug 02      M         €139 M       226.58      14 May 10    1.26%      11.42%       223.77        11.20%        9.15%         (25.03%)
  Gianmarco Mondani / Marco Accorroni                                   Mar 10                                                       30 Apr 10                                Apr 09 - Jun 08
                                                                                                                    Ytd Avg. 2010
Discretionary / Global                                                                                                  3.02%
  MW MARKET NEUTRAL TOPS FUND -A-USD           31 Oct 07      M         $1'443 M      98.39      18 May 10   (1.88%)    (0.20%)       100.28       (0.63%)        8.10%         (15.98%)
  Anthony Clake.                                                         Feb 10                                                      30 Apr 10                                Nov 08 - Jun 08

  TEMUJIN INTERNATIONAL FUND LTD               30 Sep 04     Q/M         $85 M       131.35      14 May 10   (3.10%)     6.24%        135.56        4.97%         10.51%        (21.13%)
  Marco Battaglia                                                        Sep 09                                                      30 Apr 10                                Feb 09 - Jul 06
                                                                                                                    Ytd Avg. 2010
Discretionary / Japan                                                                                                   5.53%
  DB EQUILIBRIA JAPAN FUND                     30 Apr 02      M         $669 M       221.40      14 May 10    0.28%      3.81%        220.78        10.38%        4.56%          (5.77%)
  James Pulsford, Sara Gardiner-Hill                                    Mar 10                                                       30 Apr 10                                Sep 08 - May 08

  DB EQUILIBRIA JAPAN FUND LTD 2X (USD)        30 Apr 09      M         $669 M       128.67      14 May 10    0.55%      7.26%        127.97        27.47%        8.22%          (1.53%)
  James Pulsford, Sara Gardiner-Hill                                    Mar 10                                                       30 Apr 10                                Oct 09 - Aug 09
                                                                                                                    Ytd Avg. 2010
Discretionary / UK                                                                                                     (1.52%)
  ABSOLUTE INSIGHT UK EQUITY MKT NEUTRAL       31 May 08      D         £ 170 M        1.09      19 May 10   (0.25%)     0.50%         1.09         3.86%         1.52%          (0.46%)
  FUND-CLASS B2P GBP                                                    Sep 09                                                       30 Apr 10                                Dec 09 - Oct 09
  Andrew Cawker, Iain Brown, Richard Howarth
  CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP    30 Jun 08     Daily      £ 185 M      102.63      19 May 10   (3.71%)     (3.55%)      106.58        1.38%         6.99%          (7.04%)
  Tim Russell                                                            Jan 09                                                      30 Apr 10                                Mar 09 - Jan 09




 * Max DD: Peak to trough


                                                     Past performance is not a guide to future performance Alternative                                                              32
                                                                            Investment Group
                                                  Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual       Max DD*
                                                    Date                             or Index                                                     since Inception   Volatility

Statistical Arbitrage
YTD Avg. 2010 2.97%
                                                                                                                       Ytd Avg. 2010
Statistical Arbitrage / Europe                                                                                             1.21%
  ALPHAGEN REGULUS FUND                           30 Nov 03      M         $106 M       122.80      14 May 10    1.39%      4.64%        121.12        4.99%         5.60%         (13.35%)
  Mike Gleason                                                             Mar 10                                                       30 Apr 10                                Sep 08 - Jul 07

  GLC GESTALT EUROPE FUND, LTD A/1                31 Jul 99      M         $435 M       271.59      14 May 10   (0.04%)     (2.21%)      271.69        9.70%         9.08%         (12.59%)
  Laurence Staden & Julian Brooks                                          Apr 10                                                       30 Apr 10                                Dec 04 - Oct 03
                                                                                                                       Ytd Avg. 2010
Statistical Arbitrage / Global                                                                                             3.67%
  32 CAPITAL FUND, LTD (THE) - A/1                31 Jul 02     Y/M        $365 M       1,224.95    14 May 10    1.96%      2.61%       1,201.40       2.64%         7.65%         (25.62%)
  Barclays Global Investors, N.A.                                          Apr 10                                                       30 Apr 10                                Sep 09 - Jun 08

  A.R.T. INTERNATIONAL INVESTOR (BVI) Ltd         28 Feb 07      Q         $247 M       174.84      12 May 10    1.29%      2.99%        172.62        19.06%        11.21%        (10.48%)
  Deirdre Griffin                                                          Apr 10                                                       30 Apr 10                                Aug 07 - Jul 07

  BLUEMATRIX FUND CLASS -A- USD                   31 Oct 07      M         $398 M       135.60      14 May 10    3.92%      5.49%        130.49        12.75%        7.40%          (4.63%)
  BlueCrest Capital management LLP                                         Apr 10                                                       30 Apr 10                                Sep 08 - Jul 08

  GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A   28 Feb 05      M         $206 M       163.79      14 May 10    1.65%      5.26%        161.13        9.94%         5.36%         (11.91%)
  Jonathan Hiscock                                                         Feb 10                                                       30 Apr 10                                Sep 08 - Jun 08

  WINTON OCTO FUND USD CLASS                      31 Mar 07      M          $19 M       193.61      19 May 10    1.04%      2.00%        191.62        23.44%        14.96%         (8.21%)
  David Harding                                                             Jan 10                                                      30 Apr 10                                Jan 10 - Sep 09




 * Max DD: Peak to trough


                                                        Past performance is not a guide to future performance Alternative                                                              33
                                                                               Investment Group
                                                    Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                      Date                             or Index                                                     since Inception   Volatility

Credit
YTD Avg. 2010 3.59%
                                                                                                                         Ytd Avg. 2010
Credit / Global                                                                                                              3.59%
  MARINER-TRICADIA CREDIT STRATEGIES, LTD           31 Mar 05      Q         $1'261 M     262.49      30 Apr 10    1.40%      3.59%        258.86        20.90%        8.92%         (10.77%)
  Arif Inayatullah & Michael Barnes                                           Mar 10                                                      31 Mar 10                                Nov 08 - Jun 08


Diversified
YTD Avg. 2010 4.68%
                                                                                                                         Ytd Avg. 2010
Diversified / Asia                                                                                                           0.73%
  BENNELONG ASIA PACIFIC MULTI STRATEGY EQ.         28 Feb 05      M         $221 M       107.08      14 May 10    4.11%     (1.45%)       102.85        1.32%         10.12%        (31.56%)
  FUND LTD                                                                   Apr 10                                                       30 Apr 10                                Feb 10 - Mar 08
  Richard Pegum, Paul Henry
  PMA ASIAN OPPORTUNITIES FUND (Composite)          30 Jun 02      Q          $59 M       1,793.79    17 May 10   (0.17%)     2.91%       1,796.87       7.69%         5.81%         (13.37%)
  Tytus Michalski, Darryl Flint and Shun Hong Liu                             Aug 08                                                      30 Apr 10                                Dec 08 - May 08
                                                                                                                         Ytd Avg. 2010
Diversified / Global                                                                                                         5.66%
  ALLBLUE LIMITED                                   31 Aug 05      M         $2'993M      173.23      14 May 10   (0.50%)     4.95%        174.10        12.39%        5.42%          (4.51%)
  Michal Platt                                                                Mar 10                                                      30 Apr 10                                Aug 07 - Jun 07

  ARROWGRASS INT FUND LTD                           29 Feb 08      Q         €1'868 M     135.64      14 May 10   (1.43%)     4.59%        137.60        14.82%        4.03%          (1.43%)
  Nick Niell , Henry Kenner                                                   Apr 10                                                      30 Apr 10                                May 10 - Apr 10

  CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI            31 Jul 05      Q         $783 M       2,848.44    30 Apr 10    2.81%      13.59%       2,770.61      24.65%        12.57%        (22.55%)
  Michael Hintze                                                             Mar 10                                                       31 Mar 10                                Dec 08 - Jun 08

  CQS DIVERSIFIED FUND (SPC) LTD                    28 Feb 07      Q         $133 M       1,377.79    30 Apr 10    1.82%      7.17%        1,353.13      10.63%        8.57%         (14.78%)
  James Peattie                                                              Mar 10                                                       31 Mar 10                                Dec 08 - Jun 08

  GLC DIVERSIFIED FUND LTD -A-                      30 Jun 93      M         $329 M        75.04      14 May 10   (0.56%)     (3.03%)       75.46        12.68%        11.46%        (15.83%)
  Lawrence Staden                                                            Mar 10                                                       30 Apr 10                                Oct 04 - Aug 02

  PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND       31 Dec 02      Q         $425 M       4,012.41    30 Apr 10    2.06%      6.25%        3,931.42      20.86%        5.40%          (4.42%)
  LTD                                                                        Mar 10                                                       31 Mar 10                                Oct 08 - Aug 08
  Mark Nordlicht
  STRATUS FUND LIMITED CLASS B                      28 Feb 02      M         $720 M       1,833.69    14 May 10   (0.67%)     2.89%       1,846.06       10.93%        6.36%          (8.14%)
  Marc Potters                                                               Nov 09                                                       30 Apr 10                                Sep 07 - Jun 07

  TWO SIGMA HORIZON CAYMAN LTD                      30 Apr 08      Q          $58 M       1,257.42    30 Apr 10    1.15%      8.91%        1,243.12      12.13%        9.40%         (10.58%)
  Two Sigma Investments, LLC                                                  Dec 09                                                      31 Mar 10                                Nov 08 - Jun 08




 * Max DD: Peak to trough


                                                          Past performance is not a guide to future performance Alternative                                                              34
                                                                                 Investment Group
This document is not and should not be considered as a recommendation list. HSBC Private Bank (Suisse) SA has issued it for information purposes only.
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                                                            Past performance is not a guide to future performance Alternative                                     35
                                                                                   Investment Group

				
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