HSBC HF July by zerohedge

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									                                                                                                                                                          Hedge Weekly N°31
                                                                                                                                              Investment Funds Performance Review



                                                                                                                                                              Alternative Investment Group




                                                                                                                                                   Week of Monday 26 Jul to Friday 30 Jul 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                                                             MACRO
      Convertible                      4                                    Diversified              29
      Fixed Income                     5                              MARKET NEUTRAL
      Multi-Strategy                   5
                                                                            Discretionary            32
CTA
                                                                            Statistical Arbitrage    33
      Discretionary                    7                              MULTI STRATEGY
      Systematic                       8
                                                                            Diversified              34
DIRECTIONAL
      Equity-Diversified               9
EVENT DRIVEN
      Distressed Security             10
      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
      Equity-Technology               27
      Equity-Utility                  28



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



                                                    Past performance is not a guide to future performance Alternative                                               iv
                                                                           Investment Group
EMSO LTD (Emerging Markets Spec   29   GOOD HOPE INTERNATIONAL LTD           12    HSBC EUROPEAN ALPHA FUND - X2.5     20   KING STREET EUROPE LTD            16
ENNISMORE EUROPEAN SMALLER COMP 26     GRACIE INTERNATIONAL CREDIT OPP       16    HSBC EUROPEAN ALPHA FUND -EUR       20
EPISODE INC. CLASS A              30   GRADIENT EUROPE FUND (THE)            20    HSBC GH FUND USD                    15   L
EVEREST CAPITAL ASIA              18   GRAHAM GIF II PROPRIETARY MATRI       7     HSBC HEDGE INVESTMENTS FUND         15
                                                                                                                            LANSDOWNE EURO EQTY FD, LTD - A   20
EVEREST CAPITAL CHINA OPPORTUNI   18   GRAHAM GLOBAL INVESTMENT FUND I       8     HSBC INDIA ALPHA FUND               19
                                                                                                                            LANSDOWNE EUROPEAN LONG ONLY FU 9
EXANE MICROMEGAS FUND LTD- CLAS   26   GRAHAM GLOBAL INVESTMENT FUND I       8     HSBC LEVERAGED GH FUND              14
                                                                                                                            LANSDOWNE GLOBAL FINANCIALS FUN   25
                                       GREEN T G2 FUND                       16    HSBC MAA FUND USD                   14
                                                                                                                            LANSDOWNE UK EQUITY FUND, LTD (   23
F                                      GREENLIGHT CAPITAL OFFSHORE, LT       26    HSBC TRADING ADVANTEDGE FUND        15
                                                                                                                            LAZARD EUROPEAN EXPLORER FUND L 20
                                       GROWTH MANAGEMENT LTD                 19    HT ASIAN CATALYST FUND LLC          18
FEINGOLD OKEEFFE CAPITAL I OFFS   16                                                                                        LAZARD RATHMORE FUND - CLASS A-   4
                                       GRT TOPAZ OFFSHORE PARTNERS, LT       27
FINISTERRE SOVEREIGN DEBT FUND    16                                                                                        LC CAPITAL OFFSHORE FUND, LTD     10
                                       GSA CAPITAL INTERNATIONAL FUND,       33    I
FIREBIRD NEW RUSSIA FUND, LTD -   9                                                                                         LEVEL GLOBAL OVERSEAS, LTD - CL   22
FIREBIRD REPUBLICS FUND, LTD      9                                                III FUND LTD                        4    LIM ASIA MULTI-STRATEGY FUND CL   5
                                       H
FIRST EAGLE N.V. (A)              11                                               III RELATIVE VALUE CREDIT STRAT     4    LION FUND, LTD (THE)              12
FOREST GLOB CONV FD, LT - FULCR   4    HABROK DELTA FUND EUROPE, LTD         20    INTREPID ENHANCED ALPHA FUND, L     22   LONDON DIVERSIFIED FUND, LTD -    5
                                       HALCYON OFF. ASSET-BACKED VALUE       10    INVESTCORP STONEWORKS GLOBAL MA 30
G                                      HARBINGER CAPITAL PARTNERS OFFS       12    IVORY CAPITAL FLAGSHIP STRATEGY     24   M
                                       HARMONIC ALPHA PLUS MACRO FUND        30
GABELLI ASSOCIATES LIMITED - CL   11                                                                                        M. KINGDON OFFSHORE NV - A/1      22
                                       HENDERSON CREDIT OPPORTUNITIES        4     J
GAM ARBITRAGE INC                 11                                                                                        MAN AHL DIVERSIFIED PLC           8
                                       HENDERSON EURO.STYLE ROTATIONAL 20
GAM GLOBAL RATES HEDGE FUND       30                                               JANDAKOT FUND LTD USD CLASS A U     20   MARATHON OVERSEAS FUND, LTD - A   16
                                       HENDERSON EUROPEAN ABS RETURN F 20
GAM JAPAN EQUITY HEDGE FUND       23                                               JCAM GLOBAL FUND LIMITED            16   MARATHON SPECIAL OPPS FD, LTD -   12
                                       HENDERSON JAPAN ABS RETURN FD,        23
GAMUT INVESTMENTS                 30                                               JF JAPAN ABSOLUTE RETURN            23   MARINER-TRICADIA CREDIT STRATEG   16
                                       HENDERSON UK EQUITY L/S FUND LI       23
GAVEA FUND LTD . CLASS A S/1      29                                               JOHO FUND, LTD-A-                   18   MARTIN CURRIE ARF - GLOBAL RESO   17
                                       HIGHLINE INTERNATIONAL CLASS A        24
GEOSPHERE FUND, LTD               17                                               JUPITER HYDE PARK HEDGE FUND, L     20   MARTIN CURRIE ARF - JAPAN FUND    23
                                       HORSEMAN GLOBAL FUND USD              22
GIANO CAPITAL LTD EUR             20                                                                                        MAVERICK FUND, LTD - CLASS A/1    22
                                       HSBC ASIAN ADVANTEDGE FUND            14
GLC DIVERSIFIED FUND LTD -A-      34                                               K                                        MBAM JANDAKOT ENHANCED FUND LTD 20
                                       HSBC DISTRESSED MARKETS FUND US       14
GLC GESTALT EUROPE FUND, LTD A/   33                                                                                        MBAM PAN-ASIAN FUND LTD           18
                                       HSBC DISTRESSED OPPORTUNITIES F       10    KALTCHUGA FUND - RUSSIA EQ. SUB     9
GLENROCK GLOBAL PARTNERS (BVI)    22                                                                                        MELLON OFF GLOB OPP FUND LTD -    30
                                       HSBC EMERGING ADVANTEDGE FUND         15    KINETICS FUND, INC - A/A            24
GLOBAL TRADING STRATEGIES ( CAY   30                                                                                        MELLON OFF. ALPHAACCESS FUND LT   30
                                       HSBC EUROPEAN ADVANTEDGE FUND U 14          KING STREET CAPITAL, LTD - CLAS     12
GLS OFFSHORE GLOBAL OPP.A         19                                                                                        MERCHANT COMMODITY FUND (THE) -   7



                                                   Past performance is not a guide to future performance Alternative                                               v
                                                                          Investment Group
MILLENNIUM GLOBAL HIGH YIELD FD   16   ODEY EUROPEAN, INC (EUR)               21    POLAR CAPITAL EUROP CONVICTION      21   SELECTIUM EUROPE FUND LTD C USD   21
MILLENNIUM INTL LTD C/01 A        6    OMEGA OVERSEAS PARTNERS, LTD C         24    POLAR CAPITAL EUROPEAN FORAGER      26   SELIGMAN TECH SPECTRUM FUND CLA   27
MKP OFFSHORE CREDIT FUND          17   OSMIUM SPECIAL SITUATIONS FUND         12    POST TOTAL RETURN OFFSHORE FUND 10       SEMINOLE OFFSHORE FUND            25
MKP OPPORTUNITY OFFSHORE, LTD     5    OWL CREEK OVERSEAS FUND, LTD           12    PROLOGUE FEEDER FUND, LTD. CLAS     5    SENVEST PARTNERS, LTD - CLASS A   27
MOORE EMERGING EQUITY L/S FUND    19                                                                                         SHEPHERD INVEST LTD CLASS -B-CO   6
MOORE EMERGING FX . INC & CRY F   29   P                                            Q                                        SIERRA EUROPE OFFSHORE, LTD - U   21
MOORE EMERGING MARKET FUND, LTD 29                                                                                           SINOPIA L/S GL. BOND MK NEUT.FU   5
                                       PALOMINO FUND LTD CLASS B ORIGI        16    QFS CURRENCY FUND, LTD (INDEX)      8
MOORE GLOBAL INV FD, LTD - A $    30                                                                                         SINOPIA L/S GL. BOND MK NEUT.FU   5
                                       PARA INTERNATIONAL FUND -A-            12    QFS GLOB MACRO FUND, LTD            30
MOORE MACRO MANAGERS FUND, LTD    30                                                                                         SIVIK GLOBAL HEALTHCARE OFFSHOR   27
                                       PARS IV OFFSHORE FUND II , CL.         5     QVT OVERSEAS, LTD - B - Serie 1     6
MQ ASIA L/S LTD CLASS -A-         18                                                                                         SOFAER CAPITAL NATURAL RESOURCE 17
                                       PAULSON ADVANTAGE LTD -A-              12
MW ASIA TOPS FUND LTD CLASS A U   18                                                                                         SOFAER CAPL ASIAN HEDGE FD (Net   18
                                       PAULSON ADVANTAGE PLUS LTD             12    R
MW CORE FUND SHS CLASS A USD      20                                                                                         SOFAER CAPL EURO HEDGE FD (USD)   21
                                       PAULSON CREDIT OPPORTUNITIES LT        10
MW DIVERSIFIED TOPS FUND -A-USD   21                                                RAB CROSS EUROPE FUND LIMITED -     11   SPINNER GLOBAL TECHNOLOGY FUND,   27
                                       PAULSON ENHANCED LTD                   11
MW EUREKA EURO CLASS -A1- EUR     21                                                RAB ENERGY CLASS F                  25   SR GLOBAL FUND B - ASIA (Real P   18
                                       PAULSON INTERNATIONAL, LTD             11
MW GLOBAL FINANCIALS M/N SHS CL   25                                                RAB EUROPE FUND LTD-B-              21   SR GLOBAL FUND C - INTERNATIONA   22
                                       PEAK PARTNERS OFFSH FD, LTD - B        30
MW GLOBAL OPPORTUNITIES SHS CLA   22                                                RAB SPECIAL SITUATION FD LTD        26   SR GLOBAL FUND F - EUROPE (€) (   21
                                       PELHAM LONG/SHORT FUND LTD CLAS        21
MW MARKET NEUTRAL TOPS FUND -A    32                                                REAL RETURN ASIAN FUND LTD (THE     18   SR GLOBAL FUND G - EMERGING MKT   19
                                       PENSATO EUROPA FUND LTD EURO CL        21
                                                                                    RIEF LP -B- (Continuing)            25   SR GLOBAL FUND H - JAPAN (Real    23
                                       PERCEPTIVE LIFE SCIENCES OFFSH         27
N                                                                                   RIFF FUND INTL LP CLASS -A-         8    SR PHOENICIA INC CLASS -A- SERI   19
                                       PERRY PARTNERS INTERNATIONAL IN        12
                                                                                    ROTELLA POLARIS FUND, LTD           8    STANDARD PACIFIC CAPITAL -B-      22
NEVSKY FUND LIMITED CLASS A       19   PERSHING SQUARE INTL.LTD               12
                                                                                    RUBICON GLOBAL FUND, LTD            30   STG CAPITAL PARTNERS (QP), LP     28
NIAS FUTURES FUND CLASS -A-SERI   8    PHARO MACRO FUND LTD                   30
                                                                                    RUSSIAN PROSPERITY FUND - A         9    STONE LION FUND LTD CLASS A       10
NORDIC ALPHA CLASS A - EUR        21   PHARO TRADING FUND                     29
                                                                                                                             STRATEGIC VALUE RESTRUCTURING F   10
                                       PIA MACRO FUND LTD SERIES 1x SU        30
                                                                                    S                                        STRATUS FUND LIMITED CLASS B      34
O                                      PICTET-EASTERN EUROPE-P CAP            9
                                                                                                                             SWORDFISH FUND LTD                31
                                       PINPOINT CHINA FUND CLASS A USD        18    SAB OVERSEAS FUND LTD               12
OBSIDIAN FUND                     5
                                       PLATINUM FUND LTD                      22    SARK FUND LIMITED                   12
OCCAM GLOBAL EMERGING MARKETS F 19
                                                                                    SATELLITE CREDIT OPP FUND, LTD      16
                                                                                                                             T
                                       PLATINUM PARTNERS VALUE ARBITRA        34
OCCO EASTERN EUROPEAN FUND        19
                                       PMA ASIAN OPPORTUNITIES FUND (C        34    SATELLITE OVERSEAS FUNDSIE A-H-     12   TALENTUM ACTIVEDGE FUND LIMITED   32
OCEANIC HEDGE FUND - CLASS A      17
                                       PMA CREDIT OPPORTUNITIES 04/04         5     SECTOR COGNIMETRICA LTD (IRISH      25   TALENTUM ENHANCED FUND LIMITED    32
OCTAGON PAN ASIA FUND             18



                                                    Past performance is not a guide to future performance Alternative                                               vi
                                                                           Investment Group
TANTALLON FUND (THE)              18   WINTON OCTO FUND USD CLASS             33
TEMPLETON EMERGING MARKET FUND, 19
TEMUJIN INTERNATIONAL FUND LTD    32   Y
TEWKSBURY INVESTMENT FUND, LTD    8
                                       YORK INVESTMENT LTD -CLASS A/1         13
THAMES RIVER KINGSWAY FUND, LTD   21
THEOREMA EUROPE FUND LTD A/1 EU   21
                                       Z
THIRD POINT OFFSHORE              13
THREADNEEDLE UK CRESCENDO FUND 24      Z EUROPE FUND -USD-                    21

TIEDEMANN/MOROSS EUROPEAN GROWT21      ZADIG FUND CLASS A1                    22

TOSCA CLASS A - USD               25   ZAXIS OFFSHORE LTD - CLASS A/1         27

TRADEX CURRENCY FUND, LTD         7    ZWEIG-DIMENNA INTL LIMITED - CL        25

TRAFALGAR CATALYST FUND CLASS B   11
TRAXIS FUND LP (OFFSHORE)         31
TUDOR B.V.I GLOBAL FUND LTD -A-   31
TUDOR TENSOR FUND LIMITED CLASS   8
TULIP TREND FUND, LTD - A         8
TWO SIGMA COMPASS CAYMAN FUND     8
TWO SIGMA HORIZON CAYMAN LTD      34
TYRUS CAPITAL EVENT FUND LTD      13


V
VIKING GLOBAL EQUITIES III LTD-   23
VISIUM BALANCE OFFSHORE FUND CL   27


W
WATERSTONE MKT NEUT OS FUND, LT   4
WF ASIA FUND LTD S/1              18
WINTON EVOLUTION FUND (THE)       8
WINTON FUTURES FUND - CLASS B     8



                                                    Past performance is not a guide to future performance Alternative   vii
                                                                           Investment Group
TOP                                                                                             BOTTOM
Investment Funds                                 Return            Date                          Investment Funds                               Return     Date
RAB ENERGY CLASS F                                    21.66         22 Jul 10                    SR GLOBAL FUND C - INTERNATIONAL (Real Perf)     -17.43    21 Jul 10
TEMUJIN INTERNATIONAL FUND LTD                        16.28         23 Jul 10                    GLS OFFSHORE GLOBAL OPP.A                        -15.73   30 Jun 10
RUBICON GLOBAL FUND, LTD                              14.18         23 Jul 10                    BLENHEIM* GL. MARKETS, L.P.                      -13.68   30 Jun 10
III FUND LTD                                          13.25         23 Jul 10                    EVEREST CAPITAL CHINA OPPORTUNITY                -13.63   30 Jun 10
HSBC DISTRESSED OPPORTUNITIES FUND                    12.33         23 Jul 10                    SR GLOBAL FUND H - JAPAN (Real Perf)             -13.63    21 Jul 10
VISIUM BALANCE OFFSHORE FUND CL 2                     12.13         23 Jul 10                    MERCHANT COMMODITY FUND (THE) - COMPOSITE        -13.29    16 Jul 10
CONQUEST MACRO FUND, LTD (COMP)                       12.07         28 Jul 10                    WF ASIA FUND LTD S/1                             -13.19    23 Jul 10
HALCYON OFF. ASSET-BACKED VALUE FUND LTD              12.01         16 Jul 10                    EAGLE GLOBAL FUND                                -12.60    23 Jul 10
HSBC EUROPEAN ALPHA FUND - X2.5 LEVERED               11.95         23 Jul 10                    TANTALLON FUND (THE)                             -12.54    23 Jul 10
OBSIDIAN FUND                                         11.84        30 Jun 10                     INTREPID ENHANCED ALPHA FUND, LTD                -11.95   31 May 10
ENNISMORE EUROPEAN SMALLER COMPANIES                  11.79         22 Jul 10                    SR PHOENICIA INC CLASS -A- SERIES 1              -11.29    21 Jul 10
TALENTUM ENHANCED FUND LIMITED - A -                  11.35         23 Jul 10                    RAB SPECIAL SITUATION FD LTD                     -11.06    22 Jul 10
THIRD POINT OFFSHORE                                  11.01         21 Jul 10                    EVEREST CAPITAL ASIA                             -10.81   30 Jun 10
MOORE EMERGING EQUITY L/S FUND LTD -A-                10.99         22 Jul 10                    HARBINGER CAPITAL PARTNERS OFFSHORE FUND I       -10.69    15 Jul 10
ELEMENT CAPITAL FUND                                  10.75        30 Jun 10                     ALTIMA GLOBAL SPECIAL SITUATIONS FUND LTD A      -10.68   30 Jun 10
TWO SIGMA COMPASS CAYMAN FUND                         10.51        30 Jun 10                     INVESTCORP STONEWORKS GLOBAL MACRO FUND LTD      -10.45    23 Jul 10
CQS ABS FEEDER FUND - CLASS -B-                       10.46        30 Jun 10                     EMINENCE FUND LTD A                              -10.24    23 Jul 10
BLUECREST CAPL INTL LTD A USD                         10.21         23 Jul 10                    GLC DIVERSIFIED FUND LTD -A-                     -10.07    23 Jul 10
III RELATIVE VALUE CREDIT STRATEGIES FUND LTD          9.68         23 Jul 10                    DIGILOG OVERSEAS FUND I, LTD                     -10.02    23 Jul 10
STONE LION FUND LTD CLASS A                            9.38         27 Jul 10                    SECTOR COGNIMETRICA LTD (IRISH FUND)              -9.98    23 Jul 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
PALOMINO FUND LTD CLASS B ORIGINAL SERIES         129.54       31 Dec 09                      TULIP TREND FUND, LTD - A                          -24.68   31 Dec 09
HENDERSON EUROPEAN ABS RETURN FD, LTD USD         110.93       31 Dec 09                      BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUND     -20.16   31 Dec 09
                                                                                              LTD
RAB ENERGY CLASS F                                 85.97       31 Dec 09
                                                                                              SR GLOBAL FUND H - JAPAN (Real Perf)               -18.52   31 Dec 09
PHARO TRADING FUND                                 81.79       31 Dec 09
                                                                                              MAN AHL DIVERSIFIED PLC                            -16.89   31 Dec 09
ELEMENT CAPITAL FUND                               78.82       31 Dec 09
                                                                                              ARTRADIS BARRACUDA FUND                            -13.98   31 Dec 09
CANYON BALANCED FUND LTD - CLASS A                 75.67       31 Dec 09
                                                                                              CONQUEST MACRO FUND, LTD (COMP)                    -13.20   31 Dec 09
EVEREST CAPITAL ASIA                               72.88       31 Dec 09
                                                                                              CAPITAL FUND, LTD (THE)                            -13.02   31 Dec 09
TEMPLETON EMERGING MARKET FUND, LTD -A-            69.88       31 Dec 09
                                                                                              ASPECT DIVERSIFIED FUND - CLASS A                  -11.24   31 Dec 09
HABROK DELTA FUND EUROPE, LTD                      67.07       31 Dec 09
                                                                                              SELECTIUM EUROPE FUND LTD C USD                     -9.77   31 Dec 09
LAZARD RATHMORE FUND - CLASS A-2                   64.10       31 Dec 09
                                                                                              GROWTH MANAGEMENT LTD                               -8.34   31 Dec 09
STONE LION FUND LTD CLASS A                        63.71       31 Dec 09
                                                                                              32 CAPITAL FUND, LTD (THE) - A/1                    -7.66   31 Dec 09
PARS IV OFFSHORE FUND II , CL. A/1                 63.30       31 Dec 09
                                                                                              HSBC TRADING ADVANTEDGE FUND                        -7.51   31 Dec 09
PINPOINT CHINA FUND CLASS A USD                    62.34       31 Dec 09
                                                                                              ROTELLA POLARIS FUND, LTD                           -6.92   31 Dec 09
HENDERSON UK EQUITY L/S FUND LIMITED               61.47       31 Dec 09
                                                                                              RIEF LP -B- (Continuing)                            -6.09   31 Dec 09
KINETICS FUND, INC - A/A                           59.18       31 Dec 09
                                                                                              BORONIA DIVERSIFIED FUND                            -5.99   31 Dec 09
CANYON VALUE REALIZATION FD, LTD - CLASS A         59.09       31 Dec 09
                                                                                              WINTON EVOLUTION FUND (THE)                         -5.36   31 Dec 09
ARROW OFFSHORE LTD                                 58.08       31 Dec 09
                                                                                              TRAFALGAR CATALYST FUND CLASS B $                   -4.63   31 Dec 09
OBSIDIAN FUND                                      56.98       31 Dec 09
                                                                                              WINTON FUTURES FUND - CLASS B                       -4.63   31 Dec 09
DORSET ENERGY FUND, LTD - CLASS A                  56.90       31 Dec 09
                                                                                              NIAS FUTURES FUND CLASS -A-SERIES 1 1.09            -4.50   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                      TOSCA CLASS A - USD                             -65.33   31 Dec 08
RUBICON GLOBAL FUND, LTD                                44.80       31 Dec 08                      RAB ENERGY CLASS F                              -60.31   31 Dec 08
CLIVE FUND (The ) Class - A -                           44.23       31 Dec 08                      SENVEST PARTNERS, LTD - CLASS A                 -54.20   31 Dec 08
BLUETREND FUND, LTD - CLASS A                           43.35       31 Dec 08                      III FUND LTD                                    -53.68   31 Dec 08
PAULSON ADVANTAGE PLUS LTD                              37.66       31 Dec 08                      TEMPLETON EMERGING MARKET FUND, LTD -A-         -52.82   31 Dec 08
TUDOR TENSOR FUND LIMITED CLASS I                       35.50       31 Dec 08                      SR PHOENICIA INC CLASS -A- SERIES 1             -48.90   31 Dec 08
ELEMENT CAPITAL FUND                                    34.90       31 Dec 08                      MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1      -45.12   31 Dec 08
MAN AHL DIVERSIFIED PLC                                 33.23       31 Dec 08                      MILLENNIUM GLOBAL HIGH YIELD FD LTD             -42.89   31 Dec 08
CAPITAL FUND, LTD (THE)                                 32.22       31 Dec 08                      SATELLITE OVERSEAS FUNDSIE A-H-05               -41.90   31 Dec 08
GRAHAM GLOBAL INVESTMENT FUND II - K4D-15               31.30       31 Dec 08                      SOFAER CAPITAL NATURAL RESOURCES HEDGE FUND     -41.67   31 Dec 08
HORSEMAN GLOBAL FUND USD                                31.27       31 Dec 08                      DORSET ENERGY FUND, LTD - CLASS A               -41.59   31 Dec 08
COMAC GLOBAL MACRO FUND                                 30.69       31 Dec 08                      ARCUS JAPAN FUND -JPY-                          -40.77   31 Dec 08
ARTRADIS BARRACUDA FUND                                 26.88       31 Dec 08                      GAM JAPAN EQUITY HEDGE FUND                     -40.25   31 Dec 08
ALPHAGEN OCTANIS CLASS A                                26.57       31 Dec 08                      BOYER ALLAN PACIFIC FUND INC-A-                 -40.07   31 Dec 08
GLC DIVERSIFIED FUND LTD -A-                            25.70       31 Dec 08                      DRAKE ABSOLUTE RETURN FUND, LTD (THE)           -40.02   31 Dec 08
ASPECT DIVERSIFIED FUND - CLASS A                       25.42       31 Dec 08                      SATELLITE CREDIT OPP FUND, LTD - A              -39.87   31 Dec 08
GRAHAM GIF II PROPRIETARY MATRIX                        25.16       31 Dec 08                      AJR INTERNATIONAL (BVI), INC. - A/1             -39.53   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 0.95%
                                                                                                                       Ytd Avg. 2010
Convertible / Global                                                                                                       0.59%
  BASSO HOLDING LTD ( Residual Class)             30 Sep 95      M         $3406 M      3,186.90    30 Jun 10   (1.11%)    (5.03%)       3,222.68      8.17%         5.84%         (25.00%)
  Howard Fischer                                                            May 10                                                      31 May 10                                Oct 08 - Dec 07

  CENTAUR LOWLEV ARBITRAGE FUND LTD -A-           28 Feb 98      M         $131 M       240.80      20 Jul 10   (0.52%)     2.18%        242.05        7.35%         5.77%         (24.49%)
  John Gordon, Bruce McMahan & Sal Schwartzman                             May 09                                                       30 Jun 10                                Nov 08 - May 07

  FOREST GLOB CONV FD, LT - FULCRUM A / A5        30 Sep 97      Q         $294 M        26.66      23 Jul 10    0.34%      (1.05%)       26.57        7.95%         12.29%        (42.51%)
  Michael A. Boyd                                                          Feb 10                                                       30 Jun 10                                Oct 08 - Jan 08

  LAZARD RATHMORE FUND - CLASS A-2                31 May 07     Q/M        $ 543 M      169.96      23 Jul 10    2.10%      6.27%        166.47        18.35%        11.24%        (16.23%)
  Sean Reynolds, Christopher Sferruzzo                                     May 10                                                       30 Jun 10                                Nov 08 - Aug 08
                                                                                                                       Ytd Avg. 2010
Convertible / USA                                                                                                          2.39%
  WATERSTONE MKT NEUT OS FUND, LTD                31 Jul 03      Q         $1'590 M     210.43      30 Jun 10   (0.47%)     2.39%        211.42        11.35%        11.79%        (17.56%)
  Shawn Bergerson                                                           Jun 10                                                      31 May 10                                Oct 08 - Aug 08


Fixed Income
YTD Avg. 2010 5.76%
                                                                                                                       Ytd Avg. 2010
Fixed Income / Global                                                                                                      5.76%
  CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS     30 Sep 05      Q         $4'926 M     189.35      23 Jul 10    0.02%      6.78%        189.32        14.18%        5.73%          (7.41%)
  -A-                                                                       Jul 10                                                      30 Jun 10                                Mar 08 - Feb 08
  Yan Huo, Masao Asai
  DRAKE GLOBAL OPPORTUNITIES FUND                 30 Nov 02      Q         $181 M       1,374.71    30 Jun 10    3.30%      7.16%        1,330.79      4.28%         15.73%        (57.51%)
  Anthony Faillace                                                         Nov 09                                                       31 May 10                                Mar 09 - Sep 07

  ELEMENT CAPITAL FUND                            31 Mar 05      M         $1'586 M    43,886.26    30 Jun 10    2.44%      10.75%      42,840.94      32.53%        11.36%         (7.83%)
  Jeffrey Talpins                                                           May 10                                                      31 May 10                                Apr 08 - Oct 07

  EMF FIXED INCOME FUND, LTD                      31 Oct 01      Q         $233 M      34,148.25    30 Jun 10    3.01%      0.80%       33,150.42      15.22%        16.88%        (22.46%)
  Eric M. Flanagan/David C. Gottlieb                                       Jun 10                                                       31 May 10                                Mar 08 - Feb 08

  HENDERSON CREDIT OPPORTUNITIES FUND LTD         31 Jan 03      M         $623 M       139.77      23 Jul 10    1.31%      6.38%        137.96        4.58%         7.74%         (25.02%)
  Stephen Thariyan                                                          Jul 08                                                      30 Jun 10                                Dec 08 - May 07

  III FUND LTD                                    30 Jun 93      Q         $189 M       2,701.37    23 Jul 10    1.25%      13.25%      2,668.02       5.99%         12.03%        (54.77%)
  Cliff G Viner                                                            Jun 10                                                       30 Jun 10                                Nov 08 - Jan 08

  III RELATIVE VALUE CREDIT STRATEGIES FUND LTD   31 Oct 05      Q         $154 M       1,271.88    23 Jul 10    1.20%      9.68%       1,256.80       5.22%         10.62%        (31.27%)
  Garth Friesen                                                            May 10                                                       30 Jun 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 5.76%
                                                                                                                         Ytd Avg. 2010
Fixed Income / Global                                                                                                        5.76%
  LONDON DIVERSIFIED FUND, LTD - D                  31 May 95      Q         $216 M       4,164.09    23 Jul 10    0.12%      6.31%       4,159.20       9.87%         7.22%         (28.95%)
  Robert Standing & David Gorton                                             Jun 10                                                       30 Jun 10                                Dec 08 - Jan 08

  MKP OPPORTUNITY OFFSHORE, LTD                     31 Jul 01      Q         $1'089 M     235.45      09 Jul 10   (1.93%)     (3.21%)      240.08        10.05%        5.39%          (3.70%)
  Patrick McMahon                                                             May 10                                                      30 Jun 10                                Feb 10 - Dec 09

  OBSIDIAN FUND                                     31 Jul 96      M         $472 M       4,462.79    30 Jun 10    0.09%      11.84%       4,458.77      11.25%        9.28%         (20.93%)
  Stuart Spodek                                                              Jun 10                                                       31 May 10                                Feb 09 - Jan 08

  PARS IV OFFSHORE FUND II , CL. A/1                31 Mar 02      Q         $1'768 M     1,912.29    30 Jun 10    0.42%      4.39%        1,904.29      8.17%         9.97%         (25.88%)
  William H. Gross                                                            Jun 10                                                      31 May 10                                Nov 08 - May 08

  PROLOGUE FEEDER FUND, LTD. CLASS A                31 Jan 06      Q         $991 M       1,591.88    23 Jul 10   (0.26%)     3.69%       1,596.02       10.94%        3.96%          (1.59%)
  David Lofthouse, Graham Walsh                                              May 10                                                       30 Jun 10                                Aug 07 - Jul 07

  SINOPIA L/S GL. BOND MK NEUT.FUND 300 USD Cl.I    30 Jun 01      D          $20 M      70,139.27    27 Jul 10    0.80%      0.80%       69,580.60      3.80%         2.14%          (2.24%)
  Jean-Charles Bertrand                                                       Sep 09                                                      30 Jun 10                                Oct 08 - Jul 08

  SINOPIA L/S GL. BOND MK NEUT.FUND 600 EURO Cl.I   31 May 01      D          €18 M      129,422.82   27 Jul 10    1.65%      2.00%      127,325.13      5.43%         4.32%          (5.90%)
  Jean-Charles Bertrand                                                       Sep 09                                                      30 Jun 10                                Dec 07 - Jul 07


Multi-Strategy
YTD Avg. 2010 1.77%
                                                                                                                         Ytd Avg. 2010
Multi-Strategy / Asia                                                                                                       (5.15%)
  ARTRADIS BARRACUDA FUND                           30 Apr 02      M         $418 M        17.44      23 Jul 10   (1.53%)    (9.95%)        17.71        6.99%         8.92%         (25.65%)
  Richard Magides                                                            Jun 10                                                       30 Jun 10                                Apr 10 - Apr 09

  LIM ASIA MULTI-STRATEGY FUND CLASS A              31 Dec 95      M         $674 M        31.73      30 Jun 10   (0.09%)     0.73%         31.76        8.28%         6.22%         (15.79%)
  George W. Long                                                             Jun 10                                                       31 May 10                                Nov 08 - Feb 08

  PMA CREDIT OPPORTUNITIES 04/04                    31 Mar 04     Y/Q        $435 M       1,310.71    27 Jul 10   (0.19%)     (6.22%)     1,313.22       4.37%         5.59%         (16.78%)
  Darryl Flint                                                               Aug 08                                                       30 Jun 10                                Jul 10 - Aug 08
                                                                                                                         Ytd Avg. 2010
Multi-Strategy / Global                                                                                                      3.66%
  BLACK DIAMOND, LTD - CLASS B (UNRESTRICTED)       31 Dec 95      Q         $106 M       283.83      23 Jul 10    0.53%      3.00%        282.33        7.42%         4.22%         (18.58%)
  Clint D. Carlson                                                           Jun 10                                                       30 Jun 10                                Dec 08 - Aug 08

  BLACKROCK MULTI-STRATEGY FUND LTD - CLASS A       30 Apr 05      M         $585 M       1,238.06    30 Jun 10    0.19%      5.39%        1,235.74      4.22%         6.85%         (13.96%)
  BGI Global Investors                                                       May 10                                                       31 May 10                                Dec 08 - Jun 08

  BLUECREST CAPL INTL LTD A USD                     30 Nov 00     Y/Q        $6'442 M     382.78      23 Jul 10    0.77%      10.21%       379.84        14.92%        6.10%          (4.83%)
  Michael Platt                                                               Jun 10                                                      30 Jun 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 1.77%
                                                                                                                       Ytd Avg. 2010
Multi-Strategy / Global                                                                                                    3.66%
  BLUEMOUNTAIN EQUITY ALTERNATIVES FUND           28 Feb 06      Q         $400 M       1,647.08    23 Jul 10    0.61%     (1.02%)      1,637.09       12.01%        8.75%          (9.57%)
  Alan Gerstein                                                            Mar 10                                                       30 Jun 10                                Feb 09 - Sep 08

  CQS CONV & QUANT STRATS FEED FD, LTD 1A 12M     29 Feb 00      Q         $1'491 M     2,551.83    23 Jul 10    2.59%      0.84%       2,487.39       9.42%         9.15%         (34.03%)
  Michael Hintze/ Oliver Dobbs                                              Jun 10                                                      30 Jun 10                                Dec 08 - Oct 07

  DEEPHAVEN GLOBAL M/S FUND LTD CL A1 S-N-09/96   31 Aug 96      M         $873 M       2,953.55    30 Jun 10    3.76%      8.99%        2,846.52      8.14%         8.67%         (41.77%)
  Colin Smith                                                              Nov 08                                                       31 May 10                                Mar 09 - Oct 07

  DOUBLE BLACK DIAMOND LTD - SERIES A             31 Mar 98      Q         $2'445 M     348.39      23 Jul 10    1.04%      4.44%        344.81        10.66%        5.61%         (17.93%)
  (UNRESTRICTED)                                                            Jun 10                                                      30 Jun 10                                Dec 08 - Aug 08
  Clint Carlson
  DRAKE ABSOLUTE RETURN FUND, LTD (THE)           31 Dec 01     Y/Q        $215 M       113.79      30 Jun 10    1.80%      4.47%        111.78        1.53%         12.69%        (51.74%)
  Anthony Faillace & Steven Luttrell                                       Dec 09                                                       31 May 10                                Mar 09 - Sep 07

  MILLENNIUM INTL LTD C/01 A                      31 Dec 97      Q         $6'916 M     5,709.59    22 Jul 10    0.77%      3.12%       5,665.96       14.66%        4.83%          (7.24%)
  Israel A Englander                                                        Jun 10                                                      30 Jun 10                                Aug 98 - May 98

  QVT OVERSEAS, LTD - B - Serie 1                 31 Oct 03     Y/Q        $3'981 M     1,728.69    15 Jul 10   (0.70%)     0.97%       1,740.88       8.50%         10.20%        (37.38%)
  Dan Gold                                                                  Dec 09                                                      30 Jun 10                                Dec 08 - Feb 08

  SHEPHERD INVEST LTD CLASS -B-COMPOSITE          30 Jun 95     S/Q        $2'828 M     3,957.34    23 Jul 10   (0.31%)     (0.20%)     3,969.65       9.55%         6.87%         (31.74%)
  Brian Stark & Mike Roth                                                   Feb 10                                                      30 Jun 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 (8.98%)
                                                                                                                   Ytd Avg. 2010
Discretionary / Global                                                                                                (8.98%)
  BLENHEIM* GL. MARKETS, L.P.                 31 Dec 86      M         $2'971 M    89,553.11    30 Jun 10   (2.70%)    (13.68%)     92,038.14      21.07%        37.95%        (41.20%)
  Willem Kooyker                                                        Dec 09                                                      31 May 10                                Nov 98 - Aug 97

  CLIVE FUND (The ) Class - A -               30 Nov 07      Q         $3'720 M     162.91      23 Jul 10   (1.68%)     (6.94%)      165.69        20.25%        18.86%        (11.86%)
  Christian Levett and Richard Boland                                   Feb 10                                                      30 Jun 10                                Aug 08 - Jun 08

  MERCHANT COMMODITY FUND (THE) - COMPOSITE   31 May 04      M         $1'424 M     324.52      16 Jul 10    5.50%      (13.29%)     307.61        21.18%        20.80%        (25.83%)
  Michael Coleman and Doug King                                         Dec 09                                                      30 Jun 10                                Apr 10 - Jan 10

  TRADEX CURRENCY FUND, LTD                   31 Oct 98      W         $1'100 M     1,714.29    30 Jun 10   (2.09%)     (2.02%)      1,750.88      5.95%         5.27%          (5.70%)
  Rony Schlapfer                                                        Feb 10                                                      31 May 10                                Jan 10 - May 09


Systematic
YTD Avg. 2010 (0.60%)
                                                                                                                   Ytd Avg. 2010
Systematic / Global                                                                                                   (0.60%)
  ASPECT DIVERSIFIED FUND - CLASS A           30 Nov 98      M         $960 M       293.63      23 Jul 10   (3.44%)    (0.51%)       304.09        9.69%         17.00%        (21.47%)
  Gavin Ferris                                                         May 10                                                       30 Jun 10                                Jan 05 - Feb 04

  BLUETREND FUND, LTD - CLASS A               31 Mar 04      M         $6'500 M     269.61      23 Jul 10   (0.32%)      1.91%       270.48        17.01%        14.38%        (12.55%)
  Michael Platt & Leda Braga                                            Jun 10                                                      30 Jun 10                                Jul 06 - Apr 06

  BORONIA DIVERSIFIED FUND                    31 Dec 01      M         $637 M       1,736.03    28 Jul 10   (0.57%)      2.26%      1,745.98       6.64%         8.53%         (11.46%)
  Richard Grinham and Angus Grinham                                    Jun 10                                                       30 Jun 10                                Apr 09 - Feb 08

  CIPHER DIVERSIFIED FUND-A-                  31 Jul 98      M         $195 M       3,317.94    23 Jul 10   (2.07%)     (6.57%)     3,387.92       10.52%        18.62%        (22.28%)
  A. Knoepffler                                                        Feb 09                                                       30 Jun 10                                Nov 02 - Oct 01

  CRABEL FUND LTD CLASS A                     28 Feb 98      M         $499 M       4,419.28    23 Jul 10    1.13%       3.02%      4,369.90       12.73%        17.71%        (16.71%)
  Toby Crabel                                                          Dec 09                                                       30 Jun 10                                Jun 99 - Oct 98

  DIGILOG OVERSEAS FUND I, LTD                31 Dec 93      M         $120 M       2,310.49    23 Jul 10   (1.90%)     (10.02%)    2,355.24       20.86%        24.16%        (36.53%)
  Walt Weissman and Blair Wellensiek                                   May 10                                                       30 Jun 10                                Jan 05 - May 03

  DKR QUANTITATIVE STRATS FUND, LTD           31 Dec 99      M         $272 M       2,541.56    23 Jul 10   (2.70%)     (6.97%)     2,612.09       9.23%         9.61%          (9.80%)
  Pascal Magnollay                                                     Jun 10                                                       30 Jun 10                                Sep 08 - Jun 08

  EAGLE GLOBAL FUND                           30 Sep 95      M          $84 M      662,068.30   23 Jul 10   (4.68%)     (12.60%)   694,574.34      13.60%        24.19%        (32.13%)
  Menachem Sternberg & Liora Sternberg                                  Jun 10                                                      30 Jun 10                                Sep 04 - Oct 03

  GRAHAM GIF II PROPRIETARY MATRIX            30 Jun 99      M         $447 M       296.65      27 Jul 10   (1.14%)      1.62%       300.07        10.31%        12.45%        (15.71%)
  Kenneth G. Tropin                                                    Jun 10                                                       30 Jun 10                                Apr 02 - Oct 01




 * 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 (0.60%)
                                                                                                                  Ytd Avg. 2010
Systematic / Global                                                                                                  (0.60%)
 GRAHAM GLOBAL INVESTMENT FUND II - K4D-10   31 Jan 95      M         $3'167 M     380.26      27 Jul 10   (2.37%)    (5.64%)       389.49        9.00%         12.81%        (15.67%)
 Kenneth G. Tropin                                                     Jun 10                                                      30 Jun 10                                Apr 02 - Oct 01

 GRAHAM GLOBAL INVESTMENT FUND II - K4D-15   31 Dec 98      M         $3'167 M     230.93      27 Jul 10   (3.45%)     (7.76%)      239.18        13.26%        19.91%        (30.47%)
 Kenneth G. Tropin                                                     Jun 10                                                      30 Jun 10                                Apr 05 - Feb 04

 MAN AHL DIVERSIFIED PLC                     31 Mar 96      W         $2'788 M      86.75      26 Jul 10   (2.28%)     0.80%         88.77        16.27%        17.72%        (19.39%)
 Tim Wong                                                              Feb 10                                                      30 Jun 10                                Feb 10 - Dec 08

 NIAS FUTURES FUND CLASS -A-SERIES 1 1.09    31 Dec 08      Q         $784 M       996.13      30 Jun 10    1.80%      4.31%        978.47       (0.26%)        6.67%          (5.10%)
 Peter Yianilos & Sandor Straus                                       Mar 10                                                       31 May 10                                Dec 09 - Jan 09

 QFS CURRENCY FUND, LTD (INDEX)              31 Mar 97      M         $202 M       2,885.00    23 Jul 10    4.01%      1.86%       2,773.78       8.28%         14.23%        (20.93%)
 Dr. Sandford Grossman                                                 Jul 10                                                      30 Jun 10                                Aug 06 - Feb 04

 RIFF FUND INTL LP CLASS -A-                 30 Sep 07      M         $331 M       105.09      23 Jul 10   (1.19%)     9.16%        106.36        1.78%         13.15%        (22.27%)
 Robert Lourie                                                        May 10                                                       30 Jun 10                                Jun 09 - Jun 08

 ROTELLA POLARIS FUND, LTD                   31 Dec 97      M         $131 M      26,823.06    23 Jul 10   (3.56%)     (6.01%)     27,812.95      8.17%         12.29%        (15.20%)
 Robert Rotella                                                       Apr 10                                                       30 Jun 10                                Jul 10 - Jun 08

 TEWKSBURY INVESTMENT FUND, LTD - B          31 Dec 90      M         $1'687 M    13,628.35    23 Jul 10   (0.30%)     4.93%       13,669.36      14.28%        4.60%          (7.75%)
 Matthew Tewksbury                                                     Apr 10                                                      30 Jun 10                                Aug 07 - Jun 07

 TUDOR TENSOR FUND LIMITED CLASS I           31 Aug 05      M         $1'089 M     1,487.93    23 Jul 10   (3.09%)     (7.10%)     1,535.42       8.45%         11.53%        (14.35%)
 Steve Evans                                                           May 10                                                      30 Jun 10                                Jul 10 - Sep 09

 TULIP TREND FUND, LTD - A                   31 Mar 03      M         $619 M       3,261.82    23 Jul 10   (2.93%)     1.73%       3,360.40       17.53%        26.53%        (34.25%)
 Harold de Boer                                                       Sep 09                                                       30 Jun 10                                Jan 10 - Feb 09

 TWO SIGMA COMPASS CAYMAN FUND               31 Jul 09      M         $ 815 M      1,293.92    30 Jun 10    1.29%      10.51%       1,277.44      32.48%        8.96%          (3.62%)
 Two Sigma Investments, LLC                                            Jul 10                                                      31 May 10                                Jan 10 - Dec 09

 WINTON EVOLUTION FUND (THE)                 31 Aug 05      M          $93 M       1,262.45    28 Jul 10   (1.16%)     5.20%       1,277.27       4.86%         11.52%        (14.61%)
 David Harding                                                         Jun 10                                                      30 Jun 10                                Jul 09 - Jun 08

 WINTON FUTURES FUND - CLASS B               30 Sep 97      M         $4'590 M     717.45      28 Jul 10   (3.97%)     2.59%        747.11        16.60%        18.77%        (25.08%)
 David Harding                                                         Jun 10                                                      30 Jun 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 6.96%
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Emerging                                                                                           7.92%
  FIREBIRD NEW RUSSIA FUND, LTD - CLASS A      30 Jun 96      Q         $168 M       1,933.68    23 Jul 10    5.72%      9.01%       1,829.11       23.43%        42.78%        (81.79%)
  Harvey Sawikin & Ian Hague                                            Jun 10                                                       30 Jun 10                                Sep 98 - Mar 98

  FIREBIRD REPUBLICS FUND, LTD                 30 Apr 97      Q         $151 M       753.09      16 Jul 10    4.77%      (4.11%)      718.80        16.50%        32.89%        (73.20%)
  Harvey Sawikin & Ian Hague                                            May 10                                                       30 Jun 10                                Jan 99 - Sep 97

  KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$-     15 Nov 00      BM        $146 M       7,000.00    23 Jul 10    6.98%      0.24%       6,543.00       22.24%        36.10%        (81.80%)
  J-L. Tauvy                                                            Apr 08                                                       30 Jun 10                                Jan 09 - Dec 07

  PICTET-EASTERN EUROPE-P CAP                  30 Sep 99      W         $442 M       364.67      28 Jul 10    5.32%      15.98%       346.24        16.64%        31.12%        (75.54%)
  Y. Ostrowsky                                                           Jul 10                                                      30 Jun 10                                Feb 09 - Dec 07

  RUSSIAN PROSPERITY FUND - A                  31 Aug 96      W         $931 M       187.43      22 Jul 10    4.62%      18.49%       179.16        23.75%        48.18%        (90.26%)
  Alexander Branis                                                      Jun 10                                                       30 Jun 10                                Jan 99 - Jul 97
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Europe                                                                                             4.16%
  LANSDOWNE EUROPEAN LONG ONLY FUND LTD        31 Dec 04      Q         $463 M       180.83      23 Jul 10    6.04%      4.16%        170.53        11.24%        18.29%        (46.23%)
  Steven Heinz / David Craigen                                          Aug 09                                                       30 Jun 10                                Feb 09 - May 07
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Global                                                                                             5.95%
  CANTILLON GLOBAL EQUITY FUND USD CLASS -A-   31 Mar 05      M         $1'081 M      14.47      23 Jul 10    6.49%      9.72%         13.59        7.20%         12.85%        (35.04%)
  SERIES 1                                                               May 10                                                      30 Jun 10                                Mar 09 - Dec 07
  Rob Cope
  CAXTON ALPHA EQUITY (BVI) LTD                31 Dec 04      M         $605 M       1,393.67    27 Jul 10    6.91%      2.18%       1,303.58       6.14%         16.34%        (44.66%)
  Kurt Feuerman                                                         Jun 10                                                       30 Jun 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 6.42%
                                                                                                                      Ytd Avg. 2010
Distressed Security / Global                                                                                              6.07%
 CANYON BALANCED FUND LTD - CLASS A              31 May 04      Q         $802 M       2,224.47    30 Jun 10   (0.55%)     4.05%        2,236.77      14.04%        12.09%        (30.14%)
 M.R. Julis & J.S. Friedman                                               Apr 10                                                       31 May 10                                Nov 08 - Oct 07

 CANYON VALUE REALIZATION FD, LTD - CLASS A      31 Dec 94      Q         $557 M       5,260.86    30 Jun 10    0.05%      4.69%        5,258.23      11.30%        8.95%         (28.82%)
 M.R. Julis & J.S. Friedman                                               Dec 09                                                       31 May 10                                Nov 08 - Oct 07

 CERBERUS INTL. LTD                              31 May 93      Q         $2'946 M    574,161.55   31 May 10   (2.29%)     0.94%      587,590.15      10.82%        5.41%         (22.26%)
 Steve Feinberg                                                            May 10                                                      30 Apr 10                                Feb 09 - May 08

 DAVIDSON KEMPNER DIST. OPP. INT. LTD - A -      31 Mar 05      Y         $905 M       1,840.96    30 Jun 10   (0.87%)     3.57%        1,857.12      12.32%        11.94%        (25.73%)
 Michael J. Leffell, Anthony A. Yoseloff                                  Jan 10                                                       31 May 10                                Nov 08 - Oct 07

 HSBC DISTRESSED OPPORTUNITIES FUND              28 Feb 06      M         $120 M       147.75      23 Jul 10   (1.99%)     12.33%       150.75        9.28%         12.65%        (28.28%)
 Kim Golden                                                               Jun 10                                                       30 Jun 10                                Mar 09 - Oct 07

 LC CAPITAL OFFSHORE FUND, LTD                   30 Sep 99     Y/Q        $251 M       318.94      23 Jul 10    0.25%      7.85%        318.14        11.32%        9.48%         (34.48%)
 Steven G Lampe & Richard F Conway                                        Jun 10                                                       30 Jun 10                                Feb 09 - Jun 07

 PAULSON CREDIT OPPORTUNITIES LTD                30 Jun 06      Y         $7'065 M     1,376.96    30 Jun 10    0.15%      5.04%        1,374.85      92.55%        54.36%        (10.41%)
 John Paulson                                                              Jan 10                                                      31 May 10                                May 07 - Feb 07

 STONE LION FUND LTD CLASS A                     31 Oct 08      Q         $641 M       1,760.85    27 Jul 10    0.04%      9.38%       1,760.15       38.50%        11.22%         (3.31%)
 Greg Hanley and Alan Mintz                                               Jun 10                                                       30 Jun 10                                Nov 08 - Oct 08

 STRATEGIC VALUE RESTRUCTURING FUND              31 Aug 02     Q/Y        $1'700 M     263.21      23 Jul 10   (1.52%)     6.76%        267.27        13.03%        7.88%         (24.49%)
 Victor Khosla                                                             May 10                                                      30 Jun 10                                Apr 09 - May 07
                                                                                                                      Ytd Avg. 2010
Distressed Security / USA                                                                                                 8.00%
 HALCYON OFF. ASSET-BACKED VALUE FUND LTD        30 Nov 05      Q         $840 M       1,892.46    16 Jul 10    0.91%     12.01%       1,875.40       14.78%        6.66%         (13.32%)
 Joseph Wolnick ,Joseph Godley and Jim Coppola                            Jun 10                                                       30 Jun 10                                Mar 09 - Aug 08

 POST TOTAL RETURN OFFSHORE FUND II, LTD         30 Jun 96      Q         $ 496 M      455.83      30 Jun 10   (0.15%)     4.00%        456.52        11.44%        8.85%         (24.04%)
 Carl Goldsmith, Scott Klein,                                              Jan 10                                                      31 May 10                                Dec 08 - Oct 07


Merger-Arbitrage
YTD Avg. 2010 0.30%
                                                                                                                      Ytd Avg. 2010
Merger-Arbitrage / Global                                                                                                (0.21%)
 AETOS CORPORATION - CLASS A                     31 Dec 85      M         $250 M      23,321.22    23 Jul 10    1.17%      1.76%       23,052.07      9.51%         12.04%        (34.97%)
 Jason Dahl, Jonathan Spitzer                                             Jun 10                                                       30 Jun 10                                Oct 87 - Aug 87




 * 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

Merger-Arbitrage
YTD Avg. 2010 0.30%
                                                                                                                 Ytd Avg. 2010
Merger-Arbitrage / Global                                                                                           (0.21%)
  CENTAURUS INTERNATIONAL RISK ARBITRAGE    30 Jun 09      M         €547 M       110.16      30 Jun 10    1.70%      0.35%        108.32        10.16%        4.99%          (2.31%)
  FUND                                                               Dec 09                                                       31 May 10                                May 10 - Mar 10
  Randy Freeman
  PAULSON ENHANCED LTD                      30 Apr 01      S         $659 M       688.29      30 Jun 10   (6.50%)     (1.92%)      736.14        23.41%        15.59%        (13.96%)
  John Paulson                                                       Jan 10                                                       31 May 10                                Jun 10 - Apr 10

  PAULSON INTERNATIONAL, LTD                30 Apr 96      M         $538 M       696.06      30 Jun 10   (3.29%)     (1.05%)      719.74        14.00%        7.76%         (13.57%)
  John Paulson                                                       Jan 10                                                       31 May 10                                Sep 98 - Jun 98
                                                                                                                 Ytd Avg. 2010
Merger-Arbitrage / USA                                                                                               2.37%
  GABELLI ASSOCIATES LIMITED - CLASS A      31 Aug 89      M         $154 M       531.39      23 Jul 10    0.63%      2.37%        528.06        8.32%         3.38%          (6.65%)
  Mario Gabelli                                                      Feb 07                                                       30 Jun 10                                Oct 08 - Oct 07


Multi-Strategy
YTD Avg. 2010 1.21%
                                                                                                                 Ytd Avg. 2010
Multi-Strategy / Europe                                                                                              0.92%
  RAB CROSS EUROPE FUND LIMITED - CLASS A   31 Oct 98      M          $52 M       222.00      22 Jul 10   (0.19%)    (0.96%)       222.42        7.03%         5.67%         (10.96%)
  Roderick Campbell                                                   May 10                                                      30 Jun 10                                Jan 09 - Jun 08

  TRAFALGAR CATALYST FUND CLASS B $         31 Oct 01      M         $ 410 M      211.87      23 Jul 10   (0.19%)     2.80%        212.28        8.98%         6.63%          (8.00%)
  Lee Robinson                                                        Jul 10                                                      30 Jun 10                                Jul 09 - Mar 08
                                                                                                                 Ytd Avg. 2010
Multi-Strategy / Global                                                                                              1.24%
  AG SUPER FUND INTERNATIONAL, LTD          30 Apr 93      Y         $384 M       1,235.55    23 Jul 10    0.60%      4.54%       1,228.18       10.25%        5.42%         (23.09%)
  J. Angelo & M. Gordon                                              Dec 09                                                       30 Jun 10                                Dec 08 - Jun 07

  CASTLERIGG INTL LTD - CLASS A/1           31 Dec 97     Y/Q        $409 M       279.39      23 Jul 10    1.28%      0.76%        275.86        8.58%         7.73%         (34.64%)
  Thomas Sandell                                                     Jun 10                                                       30 Jun 10                                Dec 08 - May 07

  DAVIDSON KEMPNER INTL, LTD - CLASS A      31 Oct 95      Q         $1'873 M     366.59      23 Jul 10    0.64%      4.70%        364.26        9.22%         3.95%         (10.87%)
  Thomas L. Kempner, Marvin H. Davidson                               Jan 10                                                      30 Jun 10                                Nov 08 - Oct 07

  FIRST EAGLE N.V. (A)                      30 Nov 92      M         $412 M      310,124.78   23 Jul 10    0.26%      6.26%      309,319.72      11.26%        14.20%        (41.33%)
  Colin Morris                                                       Feb 10                                                       30 Jun 10                                Dec 08 - May 08

  GAM ARBITRAGE INC                         31 Dec 83      W         $182 M       1,284.21    23 Jul 10    0.25%      3.29%       1,281.03       10.08%        10.32%        (35.39%)
  John M. Angelo                                                     Sep 09                                                       30 Jun 10                                Feb 09 - 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 1.21%
                                                                                                                           Ytd Avg. 2010
Multi-Strategy / Global                                                                                                        1.24%
  GOOD HOPE INTERNATIONAL LTD                         31 Mar 04      Q         $109 M       1,468.23    23 Jul 10    0.27%      5.74%       1,464.28       6.27%         10.68%        (35.08%)
  Colin Morris                                                                 Jun 10                                                       30 Jun 10                                Dec 08 - May 08

  HARBINGER CAPITAL PARTNERS OFFSHORE FUND I          30 Jun 02      Q         $3'812 M     390.93      15 Jul 10    0.95%      (10.70%)     387.25        18.46%        18.50%        (50.20%)
  Philip Falcone                                                                May 10                                                      30 Jun 10                                Dec 08 - Jun 08

  KING STREET CAPITAL, LTD - CLASS A/1                31 Dec 96     Y/M       $13'300 M     471.77      23 Jul 10    0.61%       1.35%       468.91        12.11%        4.18%          (3.91%)
  O. Francis Biondi Jr & Brian J. Higgins                                      Jan 10                                                       30 Jun 10                                Sep 08 - Feb 08

  LION FUND, LTD (THE)                                31 Jan 96      M         $250 M        35.15      30 Jun 10    0.59%       0.48%        34.95        9.00%         10.12%        (34.07%)
  Nick Walker                                                                  Feb 10                                                       31 May 10                                Feb 09 - Oct 07

  MARATHON SPECIAL OPPS FD, LTD - A                   30 Apr 99      Y         $1'960 M     662.04      23 Jul 10    0.71%       3.97%       657.37        18.32%        11.99%        (34.16%)
  Bruce Richards & Louis Hanover                                                Jul 09                                                      30 Jun 10                                Mar 09 - Jun 07

  OSMIUM SPECIAL SITUATIONS FUND LTD                  28 Feb 05      M         $253 M       1,867.21    30 Jun 10   (0.80%)      6.72%       1,882.26      12.41%        5.36%          (7.12%)
  Chris Kuchanny                                                               Feb 10                                                       31 May 10                                Nov 08 - Jul 08

  OWL CREEK OVERSEAS FUND, LTD                        31 Jan 02      Y         $3'566 M     3,531.48    23 Jul 10    0.00%       0.15%      3,531.48       16.04%        13.39%        (20.43%)
  Jeffrey Altman                                                                Dec 09                                                      30 Jun 10                                Apr 09 - Jun 08

  PARA INTERNATIONAL FUND -A-                         31 Jan 95      M         $261 M       360.01      30 Jun 10   (3.51%)     (3.76%)      373.10        8.66%         7.69%         (26.59%)
  Ned Sadaka                                                                   May 09                                                       31 May 10                                Feb 09 - May 07

  PAULSON ADVANTAGE LTD -A-                           31 Mar 04      Q         $6'891 M     339.97      30 Jun 10   (4.49%)     (5.85%)      355.95        21.62%        13.95%         (9.23%)
  John Paulson                                                                  Jan 10                                                      31 May 10                                Jun 10 - Apr 10

  PAULSON ADVANTAGE PLUS LTD                          31 Dec 04      Q         $9'961 M     462.72      30 Jun 10   (6.91%)     (8.83%)      497.06        32.13%        21.45%        (13.82%)
  John Paulson                                                                  Jan 10                                                      31 May 10                                Jun 10 - Apr 10

  PERRY PARTNERS INTERNATIONAL INC CLASS -1 -         30 Sep 93    Q / 2Y      $4'695 M     743.46      23 Jul 10   (0.44%)      8.50%       746.75        12.67%        7.29%         (25.65%)
  TN A                                                                          Mar 10                                                      30 Jun 10                                Nov 08 - Oct 07
  Richard Perry
  PERSHING SQUARE INTL.LTD                            31 Dec 04     Y/Q        $4'040 M     2,659.89    15 Jul 10    1.70%       4.68%      2,615.43       19.31%        14.28%        (20.35%)
  William Ackman                                                                Jun 10                                                      30 Jun 10                                Feb 09 - Jan 08

  SAB OVERSEAS FUND LTD                               31 Jul 00    3Q / Q      $222 M       285.07      30 Jun 10   (8.60%)     (6.90%)      311.89        11.14%        11.35%        (15.87%)
  Scott Bommer                                                                 Oct 08                                                       31 May 10                                Jun 10 - Mar 10

  SARK FUND LIMITED                                   28 Feb 03      M         €1'005 M     167.00      23 Jul 10    0.58%       3.85%       166.04        7.17%         6.68%         (22.71%)
  Emmanuel Gavaudan & Emmanuel Boussard                                         Mar 09                                                      30 Jun 10                                Nov 08 - May 07

  SATELLITE OVERSEAS FUNDSIE A-H-05                   31 Oct 99     Y/Q        $349 M       1,599.87    30 Jun 10   (0.13%)     (3.72%)      1,601.96      4.50%         9.71%         (43.56%)
  Lief D. Rosenblatt, Gabe Nechamkin & Mark Sonnino                            Jan 10                                                       31 May 10                                Dec 08 - Oct 07




 * 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 1.21%
                                                                                                        Ytd Avg. 2010
Multi-Strategy / Global                                                                                     1.24%
  THIRD POINT OFFSHORE             30 Nov 96      M         $1'619 M     9,243.91    21 Jul 10    0.60%     11.01%       9,188.77       17.70%        13.81%        (35.48%)
  Daniel Loeb                                                Feb 10                                                      30 Jun 10                                Mar 09 - Jun 08

  TYRUS CAPITAL EVENT FUND LTD     31 Oct 09      Q         $1'475 M     106.78      23 Jul 10    0.42%      1.60%        106.33        9.44%         4.30%          (0.72%)
  Tony Chedraoui                                             May 10                                                      30 Jun 10                                May 10 - Mar 10

  YORK INVESTMENT LTD -CLASS A/1   28 Feb 94      Q         $2'092 M     6,570.79    23 Jul 10    2.05%      0.58%       6,438.79       12.16%        9.13%         (29.86%)
  James Dinan                                                Dec 09                                                      30 Jun 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 1.22%
                                                                                                                Ytd Avg. 2010
Arbitrage / Global                                                                                                  1.22%
  HSBC MAA FUND USD                        15 Jun 95     Q/M        $185 M       196.46      30 Jun 10   (0.76%)     1.22%        197.96        4.59%         5.13%         (25.30%)
  HSBC Alternative Investments Limited                              May 10                                                       31 May 10                                Dec 08 - Jul 07


Event Driven
YTD Avg. 2010 2.47%
                                                                                                                Ytd Avg. 2010
Event Driven / Global                                                                                               2.47%
  HSBC DISTRESSED MARKETS FUND USD Class   31 May 09      M         $186 M       113.12      30 Jun 10   (0.94%)     2.47%        114.19        12.07%        4.57%          (2.04%)
  HSBC Management (Guernsey) Ltd                                    May 10                                                       31 May 10                                Jun 10 - Apr 10


Leveraged Multi-Strategy
YTD Avg. 2010 (3.38%)
                                                                                                                Ytd Avg. 2010
Leveraged Multi-Strategy / Global                                                                                  (3.38%)
  HSBC LEVERAGED GH FUND                   30 Nov 04      M         $2'258 M     116.33      30 Jun 10   (3.15%)    (3.38%)       120.11        2.75%         13.77%        (37.09%)
  HSBC Republic Investment Limited                                   May 10                                                      31 May 10                                Dec 08 - Jun 08


Long/Short
YTD Avg. 2010 (2.79%)
                                                                                                                Ytd Avg. 2010
Long/Short / Asia                                                                                                  (3.35%)
  HSBC ASIAN ADVANTEDGE FUND               30 Jun 02      M          $48 M       176.60      30 Jun 10   (1.13%)    (3.35%)       178.61        7.36%         8.90%         (24.73%)
  HSBC Alternative Investments Limited                               May 10                                                      31 May 10                                Nov 08 - Dec 07
                                                                                                                Ytd Avg. 2010
Long/Short / Europe                                                                                                (2.23%)
  HSBC EUROPEAN ADVANTEDGE FUND USD        02 May 03      M          $15 M       137.89      30 Jun 10   (2.46%)    (2.23%)       141.37        4.58%         6.90%         (21.00%)
  HSBC Alternative Investments Limited                               May 10                                                      31 May 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 (1.72%)
                                                                                                              Ytd Avg. 2010
Multi-Strategy / Emerging                                                                                        (3.10%)
  HSBC EMERGING ADVANTEDGE FUND          31 Mar 97      M          $37 M       162.23      30 Jun 10    0.12%     (3.10%)       162.03        3.72%         16.27%        (59.39%)
  HSBC Alternative Investments Limited                             May 10                                                      31 May 10                                Dec 98 - Sep 97
                                                                                                              Ytd Avg. 2010
Multi-Strategy / Global                                                                                          (1.04%)
  HSBC GH FUND USD                       31 May 96      M         $2'503 M     270.53      30 Jun 10   (1.47%)    (1.18%)       274.56        7.32%         6.86%         (18.30%)
  HSBC Alternative Investments Limited                             May 10                                                      31 May 10                                Dec 08 - Jun 08

  HSBC HEDGE INVESTMENTS FUND            28 Feb 02      Q          $38 M       139.63      30 Jun 10   (1.40%)     (0.89%)      141.61        4.08%         5.39%         (17.63%)
  HSBC Alternative Investments Limited                             May 10                                                      31 May 10                                Dec 08 - Jun 08


Trading
YTD Avg. 2010 2.24%
                                                                                                              Ytd Avg. 2010
Trading / Global                                                                                                  2.24%
  HSBC TRADING ADVANTEDGE FUND           31 Oct 05      M         $270 M       143.42      30 Jun 10   (0.53%)     2.24%        144.18        8.04%         10.05%        (10.20%)
  HSBC Alternative Investments Limited                            May 10                                                       31 May 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 5.14%
                                                                                                                             Ytd Avg. 2010
Credit / Emerging                                                                                                                7.58%
  FINISTERRE SOVEREIGN DEBT FUND                        31 Mar 03      Q         $257 M       206.74      30 Jun 10    2.75%      6.23%        201.21        10.53%        8.11%         (21.00%)
  Paul Crean and Xavier Corin-Mick                                               May 10                                                       31 May 10                                Oct 08 - Jun 08

  MARATHON OVERSEAS FUND, LTD - A                       31 Mar 98      Q         $495 M       232.10      23 Jul 10    0.12%      8.94%        231.82        7.07%         7.58%         (36.00%)
  B. Richards & L. Hanover                                                       Jun 09                                                       30 Jun 10                                Apr 09 - May 07
                                                                                                                             Ytd Avg. 2010
Credit / Europe                                                                                                                  1.88%
  KING STREET EUROPE LTD                                30 Jun 07      M         $ 454 M      135.92      30 Jun 10   (1.03%)     1.88%        137.33        10.76%        8.50%          (7.88%)
  O. Francis Biondi, Jr., Brian J. Higgins                                       Nov 09                                                       31 May 10                                May 08 - Feb 08
                                                                                                                             Ytd Avg. 2010
Credit / Global                                                                                                                  5.04%
  BLUEMOUNTAIN CREDIT ALTERNATIVES FUND                 31 Oct 03      Q         $2'600 M     190.53      23 Jul 10    1.40%      6.57%        187.89        10.05%        7.39%         (11.82%)
  Andrew T. Feldstein                                                             Mar 10                                                      30 Jun 10                                Dec 08 - Aug 08

  CQS ABS FEEDER FUND - CLASS -B-                       30 Sep 06      Q         $634 M       3,625.24    30 Jun 10    1.60%      10.46%       3,568.26      40.96%        15.11%         (3.86%)
  Alistair Lumsden, Michael Hintze                                               Jun 10                                                       31 May 10                                Jun 07 - Apr 07

  FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD              31 Jul 02      Q          $98 M       214.88      15 Jul 10   (0.55%)     8.84%        216.07        10.08%        8.34%         (29.83%)
  Andrea S. Feingold & R. Ian O’Keeffe                                            Jun 10                                                      30 Jun 10                                Dec 08 - Jun 07

  GRACIE INTERNATIONAL CREDIT OPPORTUNITIES             30 Jun 04      Q         $987 M       206.37      30 Jun 10   (1.80%)     1.77%        210.16        12.83%        5.58%          (4.17%)
  FUND LTD                                                                       Jun 09                                                       31 May 10                                Sep 08 - Mar 08
  James Palmisciano
  GREEN T G2 FUND                                       28 Feb 99      Q         $935 M       241.48      23 Jul 10   (0.39%)     4.09%        242.43        8.04%         3.90%          (4.26%)
  Darryl Green, Geoffrey Sherry                                                  Jun 10                                                       30 Jun 10                                Jul 04 - Dec 03

  JCAM GLOBAL FUND LIMITED                              31 Dec 03      M         $2'000 M     1,961.62    23 Jul 10    0.26%      3.52%       1,956.53       10.81%        7.42%         (14.85%)
  Tim Leslie                                                                      Jun 09                                                      30 Jun 10                                Dec 08 - Feb 08

  MARINER-TRICADIA CREDIT STRATEGIES, LTD               31 Mar 05      Q         $1'280 M     261.60      30 Jun 10    0.00%      3.24%        261.60        20.09%        8.84%         (10.77%)
  Arif Inayatullah & Michael Barnes                                               Jun 10                                                      31 May 10                                Nov 08 - Jun 08

  MILLENNIUM GLOBAL HIGH YIELD FD LTD                   31 Aug 99      M         $291 M       441.46      30 Jun 10   (1.59%)     5.12%        448.59        14.68%        12.65%        (46.60%)
  Joseph Strubel                                                                 Jun 10                                                       31 May 10                                Mar 09 - Dec 07

  PALOMINO FUND LTD CLASS B ORIGINAL SERIES             31 Dec 94      Y         $5334 M      4,394.52    30 Jun 10   (3.14%)     7.16%        4,536.98      27.63%        21.58%        (49.05%)
  David Tepper                                                                    Apr 10                                                      31 May 10                                Sep 98 - Feb 98

  SATELLITE CREDIT OPP FUND, LTD - A                    31 Oct 01      Y          $91 M       1,408.29    30 Jun 10   (0.39%)     (0.38%)      1,413.80      4.03%         11.42%        (41.20%)
  Steve Shapiro, Lief D. Rosenblatt, Gabe Nechamkin &                             Jan 10                                                      31 May 10                                Dec 08 - Oct 07
  Mark Sonnino



 * 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

Credit
YTD Avg. 2010 5.14%
                                                                                                                    Ytd Avg. 2010
Credit / USA                                                                                                            4.86%
  BRIGADE LEVERAGED CAPITAL STRUCTURES FUND    31 Dec 06      Q         $4'276 M     1,326.08    23 Jul 10   (0.21%)     4.05%       1,328.87       8.24%         8.88%         (19.42%)
  Don Morgan                                                             Jun 10                                                      30 Jun 10                                Dec 08 - Jun 08

  MKP OFFSHORE CREDIT FUND                     28 Feb 99     Q/Y        $2'167 M     377.91      09 Jul 10   (0.10%)     5.68%        378.29        12.41%        5.21%          (8.38%)
  Patrick McMahon and Anthony Lembke                                     May 10                                                      30 Jun 10                                Sep 08 - Sep 07


Equity-Commodity
YTD Avg. 2010 (4.15%)
                                                                                                                    Ytd Avg. 2010
Equity-Commodity / Global                                                                                              (4.15%)
  GEOSPHERE FUND, LTD                          30 Jun 07      Q         $ 869 M      115.23      23 Jul 10    3.00%     (0.35%)       111.88        4.73%         8.59%         (15.83%)
  Arvind Sanger and Prashant Kothari                                     Jun 10                                                      30 Jun 10                                Oct 08 - Jun 08

  MARTIN CURRIE ARF - GLOBAL RESOURCES         30 Sep 03      M         $308 M        18.03      23 Jul 10    2.40%      (2.98%)       17.61        9.04%         10.54%        (17.85%)
  Chris Butler / Duncan Goodwin                                         Jun 10                                                       30 Jun 10                                Jun 10 - Jun 08

  OCEANIC HEDGE FUND - CLASS A                 31 Jul 02      M         $1'670M      2,843.55    23 Jul 10    1.80%      (5.26%)     2,793.28       13.99%        8.74%          (8.26%)
  Cato Brahde, Andreas Vergottis, Bjorn Rise                            May 10                                                       30 Jun 10                                Jun 10 - Jan 10

  SOFAER CAPITAL NATURAL RESOURCES HEDGE       31 Dec 05      M          $28 M       154.89      30 Jun 10   (1.11%)     (8.02%)      156.62        10.21%        20.35%        (48.62%)
  FUND                                                                   Dec 09                                                      31 May 10                                Jun 09 - Jun 08
  Michael Sofaer

Equity-Diversified
YTD Avg. 2010 (2.20%)
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Asia                                                                                              (5.28%)
  ARNOTT OPPORTUNITIES FUND                    31 Oct 05      Q         $203 M       1,361.60    16 Jul 10    2.05%     (0.66%)      1,334.25       6.77%         5.96%          (6.20%)
  Kenneth Arnott                                                        May 10                                                       30 Jun 10                                Sep 07 - Jul 07

  BOYER ALLAN GREATER CHINA FUND               31 Oct 06      M         $ 217 M      196.56      23 Jul 10   (1.48%)     (9.72%)      199.52        19.87%        19.03%        (24.83%)
  Boyer Allan Investment Management LLP                                 May 10                                                       30 Jun 10                                Oct 08 - Oct 07

  BOYER ALLAN PACIFIC FUND INC-A-              16 Nov 98      M         $ 326 M      691.60      23 Jul 10    2.04%      (8.66%)      677.80        17.99%        22.23%        (44.65%)
  J. Boyer & N. Allan                                                   May 10                                                       30 Jun 10                                Nov 08 - Oct 07

  CHILTON CHINA OPPORTUNITIES FUND LTD         31 Dec 06      Q         $ 277 M      202.10      23 Jul 10    1.75%      (6.00%)      198.63        21.84%        20.40%        (20.91%)
  Chilton Investments Co., Inc.                                         Feb 10                                                       30 Jun 10                                Nov 08 - Oct 07

  COREVEST PARTNERS LTD                        31 Dec 98     Y/Q         $74 M       8,410.50    16 Jul 10   (5.84%)     0.31%       8,931.87       20.25%        25.52%        (26.57%)
  Kyung Hwa Paik                                                         Jun 10                                                      30 Jun 10                                Feb 03 - Mar 02


 * 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 (2.20%)
                                                                                                                Ytd Avg. 2010
Equity-Diversified / Asia                                                                                          (5.28%)
  ELLERSTON ASIA PACIFIC FUND              31 Aug 07      Q         $1'126 M      94.35      15 Jul 10    0.54%      1.01%         93.85       (2.00%)        7.31%         (17.60%)
  Ashok Jacob                                                        Jun 10                                                      30 Jun 10                                Feb 09 - Oct 07

  EVEREST CAPITAL ASIA                     31 Dec 05      Q         $ 145 M      183.09      30 Jun 10   (0.10%)     (10.81%)     183.27        14.39%        22.00%        (43.59%)
  Everest Capital Limited                                           Feb 10                                                       31 May 10                                Feb 09 - Oct 07

  EVEREST CAPITAL CHINA OPPORTUNITY        31 May 03      Q         $ 305 M      341.74      30 Jun 10   (1.20%)     (13.63%)     345.89        18.93%        18.23%        (36.66%)
  Everest Capital Limited                                           Feb 10                                                       31 May 10                                Oct 08 - Oct 07

  HT ASIAN CATALYST FUND LLC               31 Dec 98      M         $534 M        17.67      30 Jun 10    0.23%      (4.59%)       17.63        12.70%        12.31%        (23.93%)
  Ms. Ophelia Tong                                                  May 10                                                       31 May 10                                Mar 01 - Mar 00

  JOHO FUND, LTD-A-                        31 Oct 96      S         $2'134 M     1,201.15    16 Jul 10    1.00%       7.51%      1,189.26       21.84%        17.13%        (19.38%)
  Robert Karr                                                        Dec 09                                                      30 Jun 10                                Nov 08 - Nov 07

  MBAM PAN-ASIAN FUND LTD                  31 May 04      M          $90 M       157.06      30 Jun 10   (1.84%)     (6.62%)      160.01        7.70%         6.49%          (8.25%)
  Alex Lewis                                                         May 10                                                      31 May 10                                Jun 10 - Oct 07

  MQ ASIA L/S LTD CLASS -A-                31 Jul 06      M         $400 M       1,377.30    23 Jul 10    0.91%       2.23%      1,364.88       8.37%         7.09%         (14.05%)
  Andrew Alexander & Nick Bird                                      Jun 10                                                       30 Jun 10                                Apr 09 - Oct 07

  MW ASIA TOPS FUND LTD CLASS A USD        31 May 06      M         $224 M       118.21      27 Jul 10    3.10%      (0.92%)      114.66        4.10%         8.84%         (26.89%)
  Anthony Clake                                                     Feb 10                                                       30 Jun 10                                Oct 08 - Oct 07

  OCTAGON PAN ASIA FUND                    30 Sep 04      M         $376 M       184.73      30 Jun 10   (0.30%)     (9.55%)      185.29        11.26%        9.95%         (10.69%)
  Poh Min Lam & Nelson Chia                                         May 10                                                       31 May 10                                Jan 09 - Oct 07

  PINPOINT CHINA FUND CLASS A USD          31 May 05      M         $295 M       541.24      16 Jul 10   (0.30%)     (8.28%)      542.87        38.99%        24.75%        (42.16%)
  Qiang Wang                                                        Apr 10                                                       30 Jun 10                                Nov 08 - Oct 07

  REAL RETURN ASIAN FUND LTD (THE)         30 Sep 04      M         $662 M       233.31      23 Jul 10   (0.30%)     (2.23%)      234.01        15.69%        10.87%        (14.81%)
  Ezra Sun                                                          Jun 10                                                       30 Jun 10                                Oct 08 - Oct 07

  SOFAER CAPL ASIAN HEDGE FD (Net Index)   31 Mar 89      M         $120 M       1,262.79    30 Jun 10   (1.88%)     (3.15%)      1,286.99      12.67%        16.21%        (35.36%)
  Terence Khoo / Terence Lim                                        Jun 07                                                       31 May 10                                Mar 03 - Mar 00

  SR GLOBAL FUND B - ASIA (Real Perf)      31 Dec 93      M         $1'500 M     703.02      21 Jul 10    1.80%      (6.05%)      690.59        17.12%        19.29%        (36.50%)
  Richard Chenevix-Trench                                            Dec 09                                                      30 Jun 10                                Nov 98 - Feb 98

  TANTALLON FUND (THE)                     31 Oct 03      M         $106 M        17.30      23 Jul 10   (1.20%)     (12.54%)      17.51        8.48%         14.05%        (36.61%)
  Nicholas Harbinson / Alex Hill                                    Jun 10                                                       30 Jun 10                                Jan 09 - Oct 07

  WF ASIA FUND LTD S/1                     31 Jan 01      M         $419 M       266.72      23 Jul 10    0.52%      (13.19%)     265.34        10.90%        14.20%        (37.65%)
  Scobie Ward                                                       Nov 09                                                       30 Jun 10                                Nov 08 - Oct 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 (2.20%)
                                                                                                                       Ytd Avg. 2010
Equity-Diversified / Emerging                                                                                             (1.73%)
 ADELPHI EMERGING EUROPE. FUND USD SHARES         31 Mar 07      Q         $103 M       139.22      23 Jul 10   (0.34%)     1.93%        139.69        10.49%        15.85%        (28.62%)
 Lars Dollmann                                                             Dec 09                                                       30 Jun 10                                Jan 09 - May 08

 GLS OFFSHORE GLOBAL OPP.A                        31 Dec 96      Q          $40 M       308.99      30 Jun 10   (6.41%)     (15.73%)     330.16        8.67%         20.36%        (51.73%)
 Geoffrey Symonds                                                           Jun 10                                                      31 May 10                                Sep 98 - Sep 97

 GROWTH MANAGEMENT LTD                            31 May 98      M         $276 M       394.03      30 Jun 10    0.12%       1.31%       393.55        12.01%        7.20%         (24.28%)
 Stephan Pinter                                                            Sep 09                                                       31 May 10                                Dec 09 - Jun 08

 HSBC INDIA ALPHA FUND                            31 Mar 07      M         $141 M       126.69      23 Jul 10    0.23%       6.52%       126.40        7.40%         19.01%        (34.72%)
 Sanjiv Duggal, Manish Srivastava, Viresh Mehta                            Jun 10                                                       30 Jun 10                                Nov 08 - Dec 07

 MOORE EMERGING EQUITY L/S FUND LTD -A-           31 Mar 09      M         $100 M       1,312.05    22 Jul 10    2.12%      10.99%      1,284.77       23.04%        12.51%         (5.14%)
 Greg Coffey                                                               Jun 10                                                       30 Jun 10                                Nov 09 - Sep 09

 NEVSKY FUND LIMITED CLASS A                      30 Sep 00      M         $1'876 M     8,577.58    23 Jul 10    2.78%      (2.74%)     8,345.25       24.47%        14.45%        (22.14%)
 Martin Taylor, and Nick Barnes                                             May 10                                                      30 Jun 10                                Feb 09 - Oct 07

 OCCAM GLOBAL EMERGING MARKETS FUND CLASS         30 Apr 09      D         $230 M        11.13      27 Jul 10    3.53%      (9.66%)       10.75        7.79%         16.38%        (15.02%)
 A                                                                         Jun 10                                                       30 Jun 10                                Jun 10 - Oct 09
 Eoghan Flanagan & James Mellersh
 OCCO EASTERN EUROPEAN FUND                       31 Dec 01     Y/Q        $175 M       302.54      23 Jul 10    0.77%       7.70%       300.24        13.80%        9.67%         (20.86%)
 Pawel Szulc & Andrew Wiles                                                Jun 10                                                       30 Jun 10                                Oct 08 - Jun 08

 SR GLOBAL FUND G - EMERGING MKTS (Real Perf)     29 Feb 96      M         $2'000 M     1,252.16    21 Jul 10    2.00%      (7.04%)     1,227.61       23.77%        19.01%        (37.25%)
 Richard Chenevix-Trench                                                    Dec 09                                                      30 Jun 10                                Feb 09 - Oct 07

 SR PHOENICIA INC CLASS -A- SERIES 1              31 Jul 01      M         $680 M       424.27      21 Jul 10   (0.74%)     (11.29%)     427.42        17.46%        20.10%        (56.02%)
 George Robinson                                                           Dec 09                                                       30 Jun 10                                Feb 09 - Oct 07

 TEMPLETON EMERGING MARKET FUND, LTD -A-          31 Dec 99      D         $1'265 M      32.76      28 Jul 10    9.64%      (1.06%)       29.88        5.93%         23.09%        (61.95%)
 Dr. Mark Mobius                                                            Aug 08                                                      30 Jun 10                                Feb 09 - Oct 07
                                                                                                                       Ytd Avg. 2010
Equity-Diversified / Europe                                                                                               (0.98%)
 ADELPHI EUR. FUND $ (A)                          30 Sep 97      Q         $724 M       345.31      23 Jul 10    1.31%      1.41%        340.84        10.15%        12.56%        (26.28%)
 Roderick Jack                                                             Dec 09                                                       30 Jun 10                                Feb 09 - May 07

 ALPHAGEN CAPELLA FUND-A-                         31 Oct 99      M         $1'571 M     359.23      23 Jul 10   (0.23%)     (3.62%)      360.05        12.65%        7.97%          (6.03%)
 Roger Guy                                                                  Jun 10                                                      30 Jun 10                                Sep 08 - May 07

 ALPHAGEN TUCANA                                  31 Dec 04      M         $720 M       174.12      23 Jul 10    1.60%      (3.75%)      171.38        10.49%        11.41%        (28.68%)
 Roger Guy;                                                                Jun 10                                                       30 Jun 10                                Dec 08 - Oct 07

 ANTARES EUROPEAN FUNDS, LTD - USD                08 Dec 98      M         € 167 M      391.32      23 Jul 10    4.86%       6.89%       373.18        12.45%        16.54%        (32.68%)
 Luca Orsini                                                               Mar 10                                                       30 Jun 10                                Dec 08 - Jun 07


 * 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 (2.20%)
                                                                                                                   Ytd Avg. 2010
Equity-Diversified / Europe                                                                                           (0.98%)
 CAZENOVE EURO EQ ABS RETURN FUND LIMITED     30 Nov 03      M         €693 M       1,565.80    30 Jun 10    1.54%     (3.79%)       1,542.08      7.05%         4.69%          (7.26%)
 CLASS B                                                               Oct 09                                                       31 May 10                                May 10 - Oct 08
 Chris Rice, Steve Cordell
 EGERTON EUROPEAN DOLLAR CLASS -A-            30 Nov 94      M         $1'277 M      95.24      23 Jul 10    4.29%      (1.68%)       91.32        15.48%        10.45%        (29.18%)
 John C. Armitage                                                       Aug 09                                                      30 Jun 10                                Jan 09 - Oct 07

 GIANO CAPITAL LTD EUR                        30 Nov 94      M          $50 M       3,220.79    23 Jul 10    2.45%      (0.15%)     3,143.72       12.35%        13.15%        (27.48%)
 Michele Ragazzi                                                        Apr 10                                                      30 Jun 10                                Mar 08 - Jan 07

 GRADIENT EUROPE FUND (THE)                   30 Nov 01      Q          €89 M        91.83      30 Jun 10   (2.16%)     (3.47%)       93.86       (0.99%)        31.05%        (82.25%)
 I. Farman & S. Pagel                                                   Dec 08                                                      31 May 10                                Jan 09 - Jun 07

 HABROK DELTA FUND EUROPE, LTD                31 Mar 04      Q         $480 M       238.17      30 Jun 10    0.01%      0.87%        238.15        14.89%        17.37%        (38.24%)
 Leif Christian Kvaal                                                  Jun 10                                                       31 May 10                                Jan 09 - May 08

 HENDERSON EURO.STYLE ROTATIONAL L/S FUND     31 Oct 05      M          $45 M       103.76      23 Jul 10    0.42%      0.25%        103.33        0.78%         10.52%        (22.85%)
 David Bint, Steve Danby                                                Jul 09                                                      30 Jun 10                                Jul 09 - Jun 08

 HENDERSON EUROPEAN ABS RETURN FD, LTD USD    31 May 01      M         €111 M       419.64      23 Jul 10    0.63%      (2.01%)      417.01        16.97%        18.18%        (47.67%)
 Stephen Peak                                                          May 10                                                       30 Jun 10                                Nov 08 - Feb 08

 HSBC EUROPEAN ALPHA FUND - X2.5 LEVERED      30 Nov 07      M         $313 M       134.46      23 Jul 10   (1.06%)     11.95%       135.90        11.84%        6.69%          (5.07%)
 Vincent Bourgeois and Michael O’Mara                                  Jun 10                                                       30 Jun 10                                Sep 08 - Jun 08

 HSBC EUROPEAN ALPHA FUND -EUR                31 Dec 02      M         $313 M       164.07      23 Jul 10   (0.48%)     4.38%        164.86        6.76%         2.66%          (1.34%)
 Vincent Bourgeois & Michael O'Mara                                    Jun 10                                                       30 Jun 10                                Jul 09 - May 09

 JANDAKOT FUND LTD USD CLASS A UNRESTRICTED   31 Mar 02      M         $371 M       200.75      23 Jul 10    0.34%      (2.40%)      200.07        8.74%         5.71%          (4.93%)
 Hilton Nathanson                                                      Jun 10                                                       30 Jun 10                                Jun 06 - Apr 06

 JUPITER HYDE PARK HEDGE FUND, LTD            29 Feb 00      W         $100 M         4.79      23 Jul 10    0.17%      0.21%         4.78         16.25%        19.67%        (20.38%)
 Philip Gibbs                                                          Mar 10                                                       30 Jun 10                                Jun 09 - Jun 08

 LANSDOWNE EURO EQTY FD, LTD - A (EUR)        31 Aug 98      M          $988M       184.59      23 Jul 10    2.86%      0.45%        179.47        11.39%        12.01%        (21.60%)
 P. Ruddock & S. Heinz                                                  Aug 09                                                      30 Jun 10                                Feb 09 - May 08

 LAZARD EUROPEAN EXPLORER FUND LTD            30 Apr 04      M         $ 412 M      131.63      23 Jul 10    2.84%      (4.18%)      127.99        4.51%         9.02%         (18.85%)
 Robert Rowland                                                        Dec 09                                                       30 Jun 10                                May 10 - Oct 07

 MBAM JANDAKOT ENHANCED FUND LTD CLASS A      31 Mar 06      M         $223 M       124.39      23 Jul 10    0.74%      (2.96%)      123.48        5.19%         7.88%         (12.39%)
 Hilton Nathanson                                                      Jun 10                                                       30 Jun 10                                Jul 06 - Apr 06

 MW CORE FUND SHS CLASS A USD                 31 Oct 06      M         $628 M       109.89      27 Jul 10    2.18%      (1.75%)      107.55        2.55%         11.97%        (26.47%)
 Ernesto Fragomeni                                                     Feb 10                                                       30 Jun 10                                Sep 08 - Jun 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 (2.20%)
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / Europe                                                                                            (0.98%)
 MW DIVERSIFIED TOPS FUND -A-USD               31 Dec 04      M         $111 M       111.30      27 Jul 10    1.14%     (2.52%)       110.04        6.33%         7.77%         (19.28%)
 Anthony Clake                                                          Dec 09                                                       30 Jun 10                                Feb 09 - Oct 07

 MW EUREKA EURO CLASS -A1- EUR                 07 Jan 98      M         $959 M       255.15      26 Jul 10    2.07%      0.59%        249.97        13.66%        10.08%        (23.24%)
 Ernesto Fragomeni , Anthony Clake                                      Feb 10                                                       30 Jun 10                                Oct 08 - Oct 07

 NORDIC ALPHA CLASS A - EUR                    31 Aug 03      M         €130 M       166.29      31 May 10   (4.08%)     2.31%        173.36        7.82%         11.66%        (33.00%)
 Thomas Raaschou, Christian T. Nygaard                                  Aug 09                                                       30 Apr 10                                Feb 09 - Oct 07

 ODEY EUROPEAN, INC (EUR)                      31 May 92      W         $1'755 M     633.50      23 Jul 10    2.65%      (9.20%)      617.17        14.87%        15.81%        (50.64%)
 Crispin Odey                                                            Apr 10                                                      30 Jun 10                                Jul 95 - Jan 94

 PELHAM LONG/SHORT FUND LTD CLASS A EUR        31 Oct 07      M         $1'000 M     112.61      30 Jun 10   (2.71%)     (5.44%)      115.75        4.56%         10.85%        (12.25%)
 Ross Turner                                                             Mar 10                                                      31 May 10                                Dec 08 - May 08

 PENSATO EUROPA FUND LTD EURO CLASS            31 May 08      M         €265 M       113.75      30 Jun 10   (0.17%)     (1.20%)      113.94        6.37%         6.11%          (5.40%)
 Graham Clapp & Edward Rumble                                           Apr 10                                                       31 May 10                                Sep 08 - Jun 08

 POLAR CAPITAL EUROP CONVICTION FUND LIMITED   31 Mar 06      M          €86 M       136.61      23 Jul 10    1.07%      (0.10%)      135.16        7.50%         9.97%          (5.63%)
 Robert Gurner                                                           Jul 10                                                      30 Jun 10                                Jul 08 - May 08

 RAB EUROPE FUND LTD-B-                        31 Oct 99      M         $200 M       235.72      22 Jul 10    1.36%      (7.44%)      232.56        8.32%         11.21%        (18.53%)
 Julian Barrell                                                         Nov 07                                                       30 Jun 10                                Nov 08 - Jun 08

 SELECTIUM EUROPE FUND LTD C USD               31 Dec 03      Q         €200 M       147.99      20 Jul 10   (0.84%)     0.15%        149.24        6.16%         6.42%         (11.47%)
 Marc Bataillon                                                         Dec 06                                                       30 Jun 10                                May 10 - Feb 09

 SIERRA EUROPE OFFSHORE, LTD - USD/A           28 Feb 97      M         $139 M       424.22      23 Jul 10    1.60%      (3.13%)      417.53        11.38%        9.52%         (16.98%)
 Charles Michaels                                                       Nov 09                                                       30 Jun 10                                Jan 03 - Mar 00

 SOFAER CAPL EURO HEDGE FD (USD) (Net Index)   30 Jun 98      M         $250 M       259.03      30 Jun 10    0.94%      (2.17%)      256.62        8.25%         8.98%         (11.03%)
 Michael Browne & Steve Frost                                           Nov 09                                                       31 May 10                                Feb 09 - Jun 08

 SR GLOBAL FUND F - EUROPE (€) (Real Perf)     31 Dec 95      M         $125 M       249.29      21 Jul 10   (2.50%)     (8.75%)      255.69        13.12%        19.22%        (47.97%)
 Rupert Dyson                                                           Dec 09                                                       30 Jun 10                                Feb 09 - Jun 07

 THAMES RIVER KINGSWAY FUND, LTD A             28 Feb 99    3M / M       €29 M       3,250.15    21 Jul 10    0.81%      1.73%       3,223.96       10.89%        9.93%         (19.51%)
 Tony Zucker                                                             Jun 10                                                      30 Jun 10                                Mar 09 - May 07

 THEOREMA EUROPE FUND LTD A/1 EUR              31 May 01      M         €545 M       193.16      23 Jul 10    2.30%      (1.27%)      188.82        7.46%         5.58%          (6.25%)
 G. Govi & F Gautier                                                     Jul 08                                                      30 Jun 10                                Jul 09 - Aug 08

 TIEDEMANN/MOROSS EUROPEAN GROWTH              30 Jun 97      Q          $76 M        36.33      23 Jul 10    2.39%      0.57%         35.48        10.37%        20.24%        (49.23%)
 Dominic Moross                                                          Mar 08                                                      30 Jun 10                                Jan 03 - Feb 00

 Z EUROPE FUND -USD-                           31 Jul 98      M         €104 M       315.15      23 Jul 10   (0.10%)     1.97%        315.46        10.05%        14.59%        (24.87%)
 Daniel Koppel & Nicolas Mathys                                          Jul 07                                                      30 Jun 10                                Oct 08 - Jun 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 (2.20%)
                                                                                                                      Ytd Avg. 2010
Equity-Diversified / Europe                                                                                              (0.98%)
  ZADIG FUND CLASS A1                            30 Nov 05      M         €285 M       182.60      23 Jul 10   (1.48%)     1.84%        185.35        13.84%        12.96%        (19.14%)
  Laurent Saglio                                                          Apr 10                                                       30 Jun 10                                Oct 08 - Aug 08
                                                                                                                      Ytd Avg. 2010
Equity-Diversified / Global                                                                                              (3.58%)
  ALTIMA GLOBAL SPECIAL SITUATIONS FUND LTD A    30 Jun 04     Y/Q        $1'004 M     1,673.94    30 Jun 10   (1.79%)    (10.68%)      1,704.45      8.96%         11.08%        (22.37%)
  Mark Donegan                                                             Jun 10                                                      31 May 10                                Feb 09 - Dec 07

  ARROW OFFSHORE LTD                             30 Jun 05      M          $ 82 M      182.90      15 Jul 10    4.60%      (6.96%)      174.86        12.72%        20.04%        (45.22%)
  Mal Serure & Alex Von. Furstenberg                                       Apr 10                                                      30 Jun 10                                Jan 09 - May 08

  BRUCE NELSON GLOBAL FD LTD - A                 31 May 03      M         $321 M       135.42      30 Jun 10   (2.60%)      0.03%       139.04        4.37%         7.91%         (24.47%)
  Richard Bruce                                                           May 10                                                       31 May 10                                Nov 08 - Oct 07

  ELLERSTON GEMS - CLASS A                       30 Apr 06      Q         $1'066 M      94.56      15 Jul 10    2.01%       4.21%        92.70       (1.32%)        10.55%        (34.38%)
  Ashok Jacob                                                              Jun 10                                                      30 Jun 10                                Feb 10 - Jul 07

  GLENROCK GLOBAL PARTNERS (BVI) INC             31 May 94      M         $ 411 M      2,587.97    30 Jun 10    0.20%       0.26%       2,582.80      6.09%         15.06%        (38.76%)
  Michael Katz                                                             Jun 10                                                      31 May 10                                Jan 99 - Jul 96

  HORSEMAN GLOBAL FUND USD                       31 Jan 01      M         $351 M       352.60      28 Jul 10    5.15%      (4.90%)      335.32        14.20%        15.57%        (33.75%)
  John Horseman                                                           Jun 10                                                       30 Jun 10                                Jun 10 - Feb 09

  INTREPID ENHANCED ALPHA FUND, LTD              30 Jun 98      Q          $59 M       1,067.48    31 May 10   (4.78%)     (11.95%)    1,121.06       21.96%        16.46%        (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     1,793.34    15 Jul 10   (0.78%)      1.21%      1,807.44       8.75%         7.98%          (9.06%)
  David Ganek                                                              Jan 10                                                      30 Jun 10                                Sep 08 - Dec 07

  M. KINGDON OFFSHORE NV - A/1                   28 Feb 86      Q         $2'443 M     125.12      23 Jul 10    1.48%       1.03%       123.29        16.51%        12.96%        (30.15%)
  Mark Kingdon                                                             Jun 10                                                      30 Jun 10                                Oct 87 - Sep 87

  MAVERICK FUND, LTD - CLASS A/1                 28 Feb 95      M         $2'800 M     1,064.85    23 Jul 10    4.03%       1.09%      1,023.59       13.53%        11.46%        (30.04%)
  Lee Ainslie III                                                          Jan 10                                                      30 Jun 10                                Nov 08 - May 08

  MW GLOBAL OPPORTUNITIES SHS CLASS A USD        28 Feb 09      M         $320 M       136.18      27 Jul 10    1.09%       1.47%       134.71        24.52%        11.58%         (4.70%)
  Fehim Sever                                                             Feb 10                                                       30 Jun 10                                May 10 - Mar 10

  PLATINUM FUND LTD                              31 May 94      M         $466 M        66.75      23 Jul 10    2.40%      (4.00%)       65.19        12.47%        12.00%        (30.48%)
  Kerr Neilson                                                            Jun 10                                                       30 Jun 10                                Feb 09 - Oct 07

  SR GLOBAL FUND C - INTERNATIONAL (Real Perf)   31 Dec 93      M         $1'600 M     550.42      21 Jul 10   (3.20%)     (17.43%)     568.61        14.89%        22.18%        (45.08%)
  Hugh Sloane                                                              Dec 09                                                      30 Jun 10                                Jul 01 - Dec 99

  STANDARD PACIFIC CAPITAL -B-                   30 Sep 95      Q         $779 M       412.53      30 Jun 10   (1.91%)     (4.49%)      420.56        10.08%        8.17%          (8.79%)
  Doug Dillard and Raj Venkatesan                                         Jun 10                                                       31 May 10                                Aug 03 - Jun 02



 * 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 (2.20%)
                                                                                                                 Ytd Avg. 2010
Equity-Diversified / Global                                                                                         (3.58%)
  VIKING GLOBAL EQUITIES III LTD-A/1E       30 Sep 99      Y         $7'629 M     7,270.20    23 Jul 10    1.63%     (2.56%)      7,153.94       20.12%        10.71%        (11.93%)
  Andreas Halvorsen                                                   Dec 09                                                      30 Jun 10                                Mar 02 - Sep 01
                                                                                                                 Ytd Avg. 2010
Equity-Diversified / Japan                                                                                          (0.10%)
  ALPHAGEN HOKUTO FUND LTD - CLASS A        31 Oct 00      M         $521 M       191.53      23 Jul 10   (0.56%)     5.17%        192.60        6.91%         4.51%          (2.74%)
  John Stewart                                                       Jun 10                                                       30 Jun 10                                Oct 08 - Jul 08

  ARCUS JAPAN FUND -JPY-                    31 Mar 99      D         $4'587 M    25,452.00    28 Jul 10   (0.44%)      3.98%      25,564.00      8.59%         16.14%        (45.94%)
  Robert Macrae                                                       Mar 10                                                      30 Jun 10                                Feb 09 - Feb 07

  ASUKA JAPANESE EQUITY L/S TST 1 - B       31 Aug 02      M          $78 M       1,545.12    30 Jun 10   (0.97%)     (6.04%)      1,560.19      5.71%         7.57%          (9.95%)
  Tishihiro Hirao                                                     Mar 10                                                      31 May 10                                Sep 08 - Apr 08

  BLUE SKY JAPAN LTD - CLASS A              30 Jun 00      M          $78 M       241.68      30 Jun 10    0.38%       4.49%       240.76        7.93%         24.54%        (62.08%)
  Michael Hill                                                        Apr 10                                                      31 May 10                                Jan 09 - Dec 05

  GAM JAPAN EQUITY HEDGE FUND               31 May 98      W         $197 M       121.70      26 Jul 10    0.69%      (0.28%)      120.87        1.63%         14.03%        (52.04%)
  Lesley Kaye                                                        Jun 07                                                       30 Jun 10                                Feb 09 - Jun 07

  HENDERSON JAPAN ABS RETURN FD, LTD        30 Jun 00      M         $168 M       221.79      23 Jul 10   (1.25%)      3.26%       224.59        8.23%         9.62%         (18.31%)
  William Garnett and Jeremy Hall                                     Jul 09                                                      30 Jun 10                                Mar 08 - Apr 06

  JF JAPAN ABSOLUTE RETURN                  31 Aug 03      M         ¥1'570 M    13,360.88    30 Jun 10   (0.05%)     (5.49%)     13,367.36      4.33%         12.27%        (25.97%)
  Naoyoshi Yahata                                                     May 10                                                      31 May 10                                Jun 10 - Dec 05

  MARTIN CURRIE ARF - JAPAN FUND            30 Jun 00      M         $118 M        18.75      23 Jul 10   (0.10%)      7.68%        18.77        6.44%         7.84%         (12.44%)
  John-Paul Temperley                                                Jun 10                                                       30 Jun 10                                Jan 09 - Jul 08

  SR GLOBAL FUND H - JAPAN (Real Perf)      30 Sep 03      M          $95 M        83.82      21 Jul 10   (2.20%)     (13.63%)      85.71       (2.11%)        21.08%        (35.70%)
  Hugh Sloane                                                         Dec 09                                                      30 Jun 10                                Jul 10 - Mar 08
                                                                                                                 Ytd Avg. 2010
Equity-Diversified / UK                                                                                             (1.13%)
  ALPHAGEN OCTANIS CLASS A                  28 Feb 05      M         $617 M       190.79      23 Jul 10    0.51%      0.56%        189.83        12.71%        7.20%         (10.72%)
  Ben Wallace                                                        Jun 10                                                       30 Jun 10                                Mar 08 - May 07

  CAZENOVE UK EQUITY ABSOLUTE RETURN FUND   31 Oct 03      M          £69 M       1,407.65    30 Jun 10   (1.10%)     (5.63%)      1,423.31      5.26%         4.20%          (7.94%)
  Tim Russell                                                         May 10                                                      31 May 10                                Jun 10 - Sep 09

  HENDERSON UK EQUITY L/S FUND LIMITED      30 Jun 03      M          £45 M       187.35      23 Jul 10    2.94%      (3.89%)      182.00        9.29%         16.26%        (39.26%)
  Stephen Peak                                                        Jul 09                                                      30 Jun 10                                Nov 08 - Jun 08

  LANSDOWNE UK EQUITY FUND, LTD (£)         31 Jul 01      M         $6'922 M     443.12      23 Jul 10    4.62%       0.05%       423.55        18.02%        11.05%        (14.51%)
  P. Ruddock & S. Heinz                                               Aug 09                                                      30 Jun 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 (2.20%)
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / UK                                                                                                (1.13%)
  THREADNEEDLE UK CRESCENDO FUND LTD (£)       31 May 01      M          £62 M       276.95      27 Jul 10    5.46%      3.28%        262.61        11.76%        7.14%          (8.09%)
  Mark Westwood                                                          Jul 09                                                      30 Jun 10                                May 10 - Jun 08
                                                                                                                    Ytd Avg. 2010
Equity-Diversified / USA                                                                                               (1.70%)
  ALYDAR FUND LTD                              28 Feb 03      Q         $1'750 M     186.03      30 Jun 10   (0.40%)    (0.84%)       186.78        8.82%         4.74%          (5.40%)
  John Murphy                                                            Apr 09                                                      31 May 10                                Nov 08 - Jul 08

  ALYSHEBA FUND LIMITED                        31 Mar 05      Q         $475 M       2,194.18    23 Jul 10   (1.60%)     (1.77%)     2,229.85       15.93%        14.51%        (25.80%)
  John A. Murphy, Philip C. Furse                                        Jul 10                                                      30 Jun 10                                Nov 08 - May 08

  ASCEND PARTNERS FUND II LTD - A              31 Jan 04      Q         $876 M       169.76      23 Jul 10    0.90%      (0.34%)      168.24        8.51%         4.72%          (4.73%)
  Malcolm Fairbairn                                                     Aug 09                                                       30 Jun 10                                Oct 08 - Aug 08

  AVESTA FUND LTD A/1                          31 Aug 02      M         $1'136 M     1,792.70    23 Jul 10   (1.87%)     (9.14%)     1,826.79       7.67%         7.47%          (9.14%)
  Bill Tung                                                              Mar 10                                                      30 Jun 10                                Jul 10 - Dec 09

  CASTLEROCK FUND LTD                          31 Aug 96      Q          $88 M       729.53      30 Jun 10   (4.23%)     (7.21%)      761.75        15.44%        17.27%        (37.70%)
  Paul Tanico                                                            Jul 09                                                      31 May 10                                Feb 03 - May 01

  CAVU CAPITAL OFFSHORE FUND LTD               31 Dec 05      M          $287M       133.33      23 Jul 10    1.80%       0.05%       130.97        6.51%         6.47%          (9.42%)
  Stephen Schwartz, Scott Mattison                                       Jun 10                                                      30 Jun 10                                Oct 08 - May 08

  CAXTON EQUITY GROWTH LTD A / 1               30 Nov 99     Y/Q        $730 M       3,335.64    27 Jul 10    1.93%       0.89%      3,272.54       11.96%        7.77%          (9.98%)
  Kurt Feuerman                                                         Jun 10                                                       30 Jun 10                                Feb 09 - May 08

  COBALT OFFSHORE LTD                          31 Dec 96      Q         $1'332 M     625.04      30 Jun 10   (2.26%)     (2.42%)      639.49        14.53%        8.75%         (19.53%)
  Wayne Cooperman                                                        Apr 10                                                      31 May 10                                Sep 98 - Apr 98

  ELM RIDGE VALUE PARTNERS OFFSHORE, INC - A   28 Feb 01      Q         $975 M       246.57      30 Jun 10   (1.80%)      2.06%       251.09        10.14%        10.60%        (19.92%)
  Ronald Gutfleish                                                      Nov 09                                                       31 May 10                                Feb 09 - Oct 07

  EMINENCE FUND LTD A                          31 Dec 98      Q         $2'843 M     425.64      23 Jul 10    1.60%      (10.24%)     418.93        13.34%        9.86%         (19.99%)
  Ricky C. Sandler                                                       Mar 10                                                      30 Jun 10                                Dec 08 - Dec 07

  HIGHLINE INTERNATIONAL CLASS A               31 May 97      Q         $1'057 M     303.56      30 Jun 10   (3.80%)     (4.03%)      315.55        8.85%         9.51%         (17.24%)
  Jacob W. Doft                                                          Jun 10                                                      31 May 10                                Aug 98 - Apr 98

  IVORY CAPITAL FLAGSHIP STRATEGY              30 Nov 98      Q         $2'963 M     3,301.50    23 Jul 10    2.52%       0.59%      3,220.34       10.79%        6.20%         (12.61%)
  Curtis Macnguyen                                                       May 10                                                      30 Jun 10                                Nov 08 - May 08

  KINETICS FUND, INC - A/A                     31 Jan 01      M         $175 M       1,735.95    23 Jul 10    3.33%      (0.51%)     1,679.98       5.99%         22.45%        (76.20%)
  Peter B. Doyle                                                        Aug 09                                                       30 Jun 10                                Feb 09 - Oct 07

  OMEGA OVERSEAS PARTNERS, LTD CLASS A         31 Dec 91      M         $835 M       533.38      30 Jun 10   (5.40%)     (4.76%)      563.82        9.47%         14.93%        (42.55%)
  Leon Cooperman                                                        Mar 10                                                       31 May 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 (2.20%)
                                                                                                                                 Ytd Avg. 2010
Equity-Diversified / USA                                                                                                            (1.70%)
  RIEF LP -B- (Continuing)                                  31 Jul 05      M         $4'237 M     103.58      23 Jul 10    3.20%      6.36%        100.37        0.71%         10.29%        (35.67%)
  James Simons                                                                        Mar 10                                                      30 Jun 10                                Apr 09 - May 07

  SEMINOLE OFFSHORE FUND                                    31 May 98      Q         $546 M       550.06      23 Jul 10    1.30%      6.30%        543.00        15.06%        13.68%        (15.62%)
  Michael G. Messner, Paul C. Shiverick                                              Jun 10                                                       30 Jun 10                                Mar 03 - May 02

  ZWEIG-DIMENNA INTL LIMITED - CLASS A                      31 May 87      Q         $1738 M     84,055.24    30 Jun 10   (1.43%)     (3.93%)     85,274.90      16.31%        15.94%        (50.23%)
  Joseph DiMenna / Martin Zweig                                                       Jun 10                                                      31 May 10                                Dec 02 - Feb 00


Equity-Energy
YTD Avg. 2010 1.10%
                                                                                                                                 Ytd Avg. 2010
Equity-Energy / Global                                                                                                               5.84%
  RAB ENERGY CLASS F                                        31 Aug 05      Q          $92 M       248.84      22 Jul 10   (0.83%)    21.66%        250.92        5.67%         26.19%        (64.56%)
  Gavin Wilson & Mark Redway                                                          Jan 09                                                      30 Jun 10                                Feb 09 - Jul 07

  SECTOR COGNIMETRICA LTD (IRISH FUND)                      30 Nov 05      M         $167 M       119.68      23 Jul 10    0.20%      (9.98%)      119.44        3.94%         9.00%         (12.80%)
  J. Peter Andersland & Wollert Hvide                                                Apr 10                                                       30 Jun 10                                Sep 08 - Jul 07
                                                                                                                                 Ytd Avg. 2010
Equity-Energy / USA                                                                                                                 (8.38%)
  DORSET ENERGY FUND, LTD - CLASS A                         31 Oct 00      M         $262 M        36.61      23 Jul 10   10.47%     (8.38%)        33.14        14.26%        20.25%        (49.55%)
  David M. Knott, Donald Textor                                                      Jun 10                                                       30 Jun 10                                Dec 08 - Jun 08


Equity-Financial
YTD Avg. 2010 1.75%
                                                                                                                                 Ytd Avg. 2010
Equity-Financial / Global                                                                                                            1.25%
  LANSDOWNE GLOBAL FINANCIALS FUND LTD. -USD                30 Jun 04      M         $2'221M      283.79      23 Jul 10    2.29%     (2.21%)       277.45        18.76%        14.58%        (18.87%)
  Williamde Winton                                                                    Aug 09                                                      30 Jun 10                                Sep 08 - Oct 07

  MW GLOBAL FINANCIALS M/N SHS CLASS A USD                  31 Oct 08      M         $ 143 M      114.80      27 Jul 10    1.41%      3.41%        113.20        8.27%         5.70%          (2.87%)
  Marshall Wace Asia Limited, delegation to Marshall Wace                            Feb 10                                                       30 Jun 10                                Apr 09 - Feb 09
  LLP
  TOSCA CLASS A - USD                                       30 Sep 00      M         $554 M       161.02      22 Jul 10    1.81%      2.55%        158.16        4.97%         18.85%        (67.54%)
  Martin Hughes                                                                      Dec 09                                                       30 Jun 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 1.75%
                                                                                                                    Ytd Avg. 2010
Equity-Financial / USA                                                                                                  3.25%
 BRYN MAWR OFFSHORE LTD                        31 Dec 95      Q          $86 M       4,448.17    23 Jul 10    0.61%      3.25%       4,421.14       10.79%        3.97%          (4.11%)
 K. Gray                                                                 Jul 09                                                      30 Jun 10                                Dec 99 - Oct 99


Equity-Mid-Small Cap
YTD Avg. 2010 0.77%
                                                                                                                    Ytd Avg. 2010
Equity-Mid-Small Cap / Europe                                                                                           3.47%
 ALPHAGEN ACAMAR FUND LIMITED (THE)            31 Mar 06      Q         $138 M       135.21      23 Jul 10    1.30%     (1.27%)       133.47        7.26%         8.57%          (8.01%)
 Roger Guy and Mr. Guillaume Rambourg                                   Jun 10                                                       30 Jun 10                                May 06 - Apr 06

 ENNISMORE EUROPEAN SMALLER COMPANIES          30 Nov 99      M          €67 M       233.99      22 Jul 10   (0.67%)     11.79%       235.56        11.83%        12.01%        (34.24%)
 Geoff Oldfield                                                          Feb 10                                                      30 Jun 10                                Apr 09 - Jul 07

 EXANE MICROMEGAS FUND LTD- CLASS A - CAP      30 Jun 06      W         €266 M      14,790.92    21 Jul 10   (0.06%)     1.89%       14,799.89      6.50%         5.85%          (6.92%)
 Jerome Poirel                                                          Jun 10                                                       30 Jun 10                                Feb 08 - Oct 07

 POLAR CAPITAL EUROPEAN FORAGER FUND LTD - A   31 Jul 03      M         €325 M       221.46      23 Jul 10    0.49%      1.46%        220.39        12.06%        8.44%         (21.47%)
 Rob Gurner                                                              Jul 10                                                      30 Jun 10                                Feb 09 - Oct 07
                                                                                                                    Ytd Avg. 2010
Equity-Mid-Small Cap / Global                                                                                         (11.06%)
 RAB SPECIAL SITUATION FD LTD                  31 Jul 03      Q         $445 M       971.59      22 Jul 10   (14.35%) (11.06%)       1,134.36       15.51%        39.15%        (76.24%)
 Philip Richards                                                        Dec 09                                                       30 Jun 10                                Mar 09 - Jul 07
                                                                                                                    Ytd Avg. 2010
Equity-Mid-Small Cap / UK                                                                                               0.21%
 ALPHAGEN VOLANTIS FUND, LTD - A (USD)         30 Apr 02      M         $426 M       343.40      23 Jul 10   (1.29%)     0.21%        347.87        16.16%        9.26%         (11.36%)
 Rob Giles & Gervais Williams                                           Jun 10                                                       30 Jun 10                                Dec 08 - Jun 08
                                                                                                                    Ytd Avg. 2010
Equity-Mid-Small Cap / USA                                                                                              1.03%
 AJR INTERNATIONAL (BVI), INC. - A/1           31 Jan 93      M         $445 M       880.36      23 Jul 10    8.74%      5.54%        809.61        13.25%        20.07%        (44.44%)
 Alexander J. Roepers                                                   Apr 10                                                       30 Jun 10                                Dec 08 - May 08

 CLOVIS CAPITAL PARTNERS (CAYMAN), LTD         30 Sep 02      Q         $848 M       1,826.89    16 Jul 10    1.22%      (7.58%)     1,804.87       8.03%         9.08%         (22.05%)
 Michael Prober & Scott Scher                                           Jun 09                                                       30 Jun 10                                Dec 08 - Dec 07

 GREENLIGHT CAPITAL OFFSHORE, LTD - A/1        30 Sep 96      Q         $2'184 M    109,366.20   30 Jun 10    1.75%      0.78%      107,484.41      18.99%        11.38%        (27.17%)
 David Einhorn                                                           Dec 08                                                     31 May 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 0.77%
                                                                                                                          Ytd Avg. 2010
Equity-Mid-Small Cap / USA                                                                                                    1.03%
 GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1              31 Aug 01      Q         $237 M       1,795.16    23 Jul 10    4.60%      2.37%       1,716.22       6.80%         13.44%        (47.07%)
 Gregory B Fraser & Rudolph K Kluiber & Timothy A.                             Jul 08                                                      30 Jun 10                                Feb 09 - May 07
 Krochuk
 SENVEST PARTNERS, LTD - CLASS A                     31 Mar 97      Q         $178 M       1,113.95    30 Jun 10   (11.10%)    7.33%        1,253.04      19.94%        40.26%        (70.55%)
 Richard Mashaal                                                              May 10                                                       31 May 10                                Sep 02 - Feb 00

 ZAXIS OFFSHORE LTD - CLASS A/1                      30 Jun 00      M         $376 M       2,066.76    30 Jun 10   (2.15%)     (2.23%)      2,112.17      7.53%         7.82%         (20.58%)
 Sanford J. Colen                                                             Jun 10                                                       31 May 10                                Feb 09 - Jun 08


Equity-Pharma-Biotech
YTD Avg. 2010 3.11%
                                                                                                                          Ytd Avg. 2010
Equity-Pharma-Biotech / USA                                                                                                   3.11%
 CADUCEUS CAPITAL INTL. LTD                          28 Feb 97      M         $600 M       713.90      15 Jul 10    1.00%      1.49%        706.83        15.82%        25.37%        (34.59%)
 Sam Isaly                                                                    Dec 09                                                       30 Jun 10                                Sep 02 - Dec 01

 PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTD            31 Dec 99      M         $334 M       962.86      23 Jul 10   (0.82%)     4.33%        970.82        23.90%        28.78%        (25.67%)
 Joseph Edelman                                                               Apr 10                                                       30 Jun 10                                May 00 - Feb 00

 SIVIK GLOBAL HEALTHCARE OFFSHORE - A/01-01          30 Jun 01      M         $565 M       1,489.63    30 Jun 10   (3.75%)     (5.52%)      1,547.67      4.52%         10.69%        (32.70%)
 Krishen Sud                                                                  Jun 08                                                       31 May 10                                Feb 09 - Oct 07

 VISIUM BALANCE OFFSHORE FUND CL 2                   31 Oct 05     Y/Q        $1'704 M     167.24      23 Jul 10    1.93%      12.13%       164.07        11.49%        9.80%         (15.79%)
 Jacob Gottlieb                                                                May 10                                                      30 Jun 10                                Dec 08 - Aug 08


Equity-Technology
YTD Avg. 2010 1.33%
                                                                                                                          Ytd Avg. 2010
Equity-Technology / Global                                                                                                   (2.18%)
 SPINNER GLOBAL TECHNOLOGY FUND, LTD                 21 Sep 93      M         $163 M        95.18      30 Jun 10   (3.11%)    (2.18%)        98.22        14.37%        17.15%        (34.02%)
 Art Spinner                                                                  Jun 10                                                       31 May 10                                Sep 02 - Aug 00
                                                                                                                          Ytd Avg. 2010
Equity-Technology / USA                                                                                                       3.08%
 SELIGMAN TECH SPECTRUM FUND CLASS                   31 Dec 06      M         $1'800 M     271.39      23 Jul 10    5.57%     (2.34%)       257.08        8.94%         12.47%        (19.91%)
 -A1-S/2-2002                                                                  May 10                                                      30 Jun 10                                Nov 08 - May 08
 J. & W. Seligman & Co. Incorporated



 * 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 1.33%
                                                                                                            Ytd Avg. 2010
Equity-Technology / USA                                                                                         3.08%
  STG CAPITAL PARTNERS (QP), LP        30 Jun 02      Q         $130 M       208.28      30 Jun 10    0.01%      8.50%        208.26        9.60%         5.53%          (4.36%)
  Steven Glass                                                  May 10                                                       31 May 10                                May 09 - Mar 09


Equity-Utility
YTD Avg. 2010 (9.63%)
                                                                                                            Ytd Avg. 2010
Equity-Utility / Global                                                                                        (9.63%)
  ECOFIN GLOBAL UTILITIES HEDGE FUND   30 Sep 04      M         $102 M       138.40      30 Jun 10   (1.90%)    (9.63%)       141.08        5.81%         7.67%         (19.91%)
  Bernard Lambilliotte                                          May 10                                                       31 May 10                                Jun 10 - 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 0.65%
                                                                                                                            Ytd Avg. 2010
Diversified / Asia                                                                                                              2.07%
  ALPHADYNE INVESTMENT STRATEGIES FUND LTD             31 Jan 07      M         $ 271 M      1,452.65    16 Jul 10    0.25%      4.45%       1,449.03       11.40%        5.04%          (3.63%)
  Bart Broadman, Philippe Khuong-Huu, Chester Kam                                Jun 10                                                      30 Jun 10                                Jun 09 - May 09

  BREVAN HOWARD ASIA FUND LIMITED                      30 Sep 04      M         $1'591 M     179.61      16 Jul 10   (0.02%)     (0.31%)      179.65        10.63%        4.23%          (1.94%)
  Kaspar Ernst                                                                   Jun 10                                                      30 Jun 10                                Mar 10 - Jan 10
                                                                                                                            Ytd Avg. 2010
Diversified / Emerging                                                                                                          1.30%
  BREVAN HOWARD EM. MKT STRATEGIES FUND LTD            31 Dec 07      M         $1'500 M     132.88      16 Jul 10    0.69%     (0.46%)       131.97        11.83%        9.40%          (9.20%)
  Geraldine Sundstrom                                                            Nov 09                                                      30 Jun 10                                Sep 08 - Jul 08

  EMSO LTD (Emerging Markets Special Opportunities )   30 Apr 00      Q         $ 654 M      309.64      28 Jul 10    0.25%      2.40%        308.86        11.66%        5.49%          (5.90%)
  Mark Franklin                                                                 May 10                                                       30 Jun 10                                Jun 06 - Apr 06

  GAVEA FUND LTD . CLASS A S/1                         31 Jul 03      Q         $918 M       207.28      23 Jul 10   (0.37%)     3.96%        208.04        11.00%        7.61%         (12.50%)
  Fraga Arminio                                                                  Jul 10                                                      30 Jun 10                                Oct 08 - Jul 08

  MOORE EMERGING FX . INC & CRY FUND - CLASS A         31 Mar 09      M         $228 M       1,104.63    22 Jul 10    0.54%      5.54%       1,098.71       7.89%         3.82%          (3.02%)
  Greg Coffey                                                                   Apr 10                                                       30 Jun 10                                Jan 10 - Oct 09

  MOORE EMERGING MARKET FUND, LTD - A                  31 Aug 93      Q         $1'000 M     7,433.90    22 Jul 10    0.24%      (5.77%)     7,415.73       12.60%        14.33%        (22.69%)
  Greg Coffey                                                                    Jun 09                                                      30 Jun 10                                Nov 08 - May 08

  PHARO TRADING FUND                                   30 Nov 00      M         $413 M       3,739.38    23 Jul 10   (0.10%)     2.14%       3,743.01       14.65%        8.91%         (13.16%)
  Guillaume Fonkenell                                                           Jun 10                                                       30 Jun 10                                Oct 08 - Feb 08
                                                                                                                            Ytd Avg. 2010
Diversified / Global                                                                                                            0.37%
  BREVAN HOWARD FUND, LTD - USD CLASS A                31 Mar 03      M        $19'493 M     255.64      16 Jul 10   (2.15%)    (0.72%)       261.27        13.72%        7.31%          (5.17%)
  Alan Howard                                                                   May 10                                                       30 Jun 10                                Apr 08 - Feb 08

  CAPITAL FUND, LTD (THE)                              31 Dec 99      M         $128 M       2,351.79    23 Jul 10   (2.08%)     (0.89%)     2,401.74       12.22%        11.02%        (17.38%)
  Kenneth Windheim                                                              Jan 10                                                       30 Jun 10                                Mar 10 - Jan 09

  CAXTON GLOBAL INVESTMENT LTD                         31 Jan 97      Y         $4'776 M     700.45      27 Jul 10   (1.09%)     2.92%        708.14        15.52%        7.72%          (7.37%)
  Bruce S. Kovner                                                                Jun 10                                                      30 Jun 10                                Aug 07 - Jun 07

  COMAC GLOBAL MACRO FUND                              31 May 06      M         $5'661 M     159.02      23 Jul 10   (2.71%)     1.26%        163.45        11.83%        8.96%          (9.22%)
  Colm O’Shea                                                                    Jun 10                                                      30 Jun 10                                Dec 06 - Jun 06

  CONQUEST MACRO FUND, LTD (COMP)                      30 Apr 99      M         $478 M       3,650.67    28 Jul 10   (8.29%)     12.07%      3,980.66       12.20%        18.40%        (22.22%)
  Marc Malek                                                                    Jun 10                                                       30 Jun 10                                Dec 09 - Jul 09

  DRAWBRIDGE GL MACRO FD, LTD A/1                      31 May 02      Q         $1'600 M     2,078.21    23 Jul 10   (1.77%)     0.38%       2,115.65       9.39%         8.91%         (24.60%)
  Michael E. Novogratz & Adam Levinson                                           Mar 09                                                      30 Jun 10                                Nov 08 - Feb 08



 * 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 0.65%
                                                                                                                     Ytd Avg. 2010
Diversified / Global                                                                                                     0.37%
  EPISODE INC. CLASS A                          31 Jul 05      Q         $415 M       128.11      23 Jul 10    2.20%     (0.15%)       125.35        5.10%         13.37%        (32.77%)
  David Fishwick / Tony Finding                                          Jun 10                                                       30 Jun 10                                Feb 09 - Oct 07

  GAM GLOBAL RATES HEDGE FUND                   31 Jan 04      M         $328 M       198.19      20 Jul 10   (0.41%)      6.61%       199.01        11.15%        7.72%          (6.31%)
  Adrian Owens                                                           Jun 10                                                       30 Jun 10                                Sep 06 - Apr 06

  GAMUT INVESTMENTS                             30 Jun 86      M         $726 M       7,729.44    21 Jul 10   (0.94%)      1.96%      7,802.48       19.79%        13.89%        (13.45%)
  Bruce Kovner                                                           Mar 10                                                       30 Jun 10                                Apr 88 - Dec 87

  GLOBAL TRADING STRATEGIES ( CAYMAN) FUND Cl   31 May 05      M         $485 M       1,727.09    23 Jul 10    0.95%      (8.10%)     1,710.84       15.65%        13.12%        (13.80%)
  -A-                                                                    Jun 10                                                       30 Jun 10                                May 10 - Dec 08
  Brett Allender, Andrew Peden, Karl Mayer
  HARMONIC ALPHA PLUS MACRO FUND - USD CLASS    30 Apr 03      Q         $485 M       109.87      23 Jul 10   (2.38%)      6.35%       112.55        6.36%         11.32%        (15.20%)
  Richard Conyers & Richard Noble                                         Jul 10                                                      30 Jun 10                                Aug 07 - Jun 07

  INVESTCORP STONEWORKS GLOBAL MACRO FUND       31 Jul 07      M         $ 301 M      111.57      23 Jul 10   (2.60%)     (10.45%)     114.55        3.74%         9.23%         (13.66%)
  LTD                                                                     Jun 10                                                      30 Jun 10                                 Jul 10 - Jul 09
  Investcorp Investment Advisers Limited
  MELLON OFF GLOB OPP FUND LTD -                30 Nov 05      M         $196 M       997.76      30 Jun 10   (0.33%)      4.97%       1,001.10     (0.05%)        10.21%        (31.90%)
  MULTICURRENCY - A1                                                     Jun 10                                                       31 May 10                                Oct 08 - Jan 07
  Thomas B. Hazuka & Michael Ho
  MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1    31 Jul 05      M         $326 M       893.23      30 Jun 10   (1.62%)      2.74%       907.94       (2.27%)        19.62%        (59.00%)
  Thomas B. Hazuka & Michael Ho                                          Jun 10                                                       31 May 10                                Oct 08 - Jan 07

  MOORE GLOBAL INV FD, LTD - A $                31 Dec 89      Q         $7'200 M    40,134.75    22 Jul 10   (0.16%)     (6.42%)     40,199.67      19.66%        12.40%        (18.45%)
  Louis Bacon                                                             Jun 09                                                      30 Jun 10                                Feb 95 - Jan 94

  MOORE MACRO MANAGERS FUND, LTD CLASS -A-      31 Jul 93      Q         $2'939 M    10,531.57    22 Jul 10   (0.99%)      3.10%      10,636.86      14.87%        8.92%         (14.47%)
  Louis Bacon                                                             May 10                                                      30 Jun 10                                Feb 94 - Jan 94

  PEAK PARTNERS OFFSH FD, LTD - B               31 Mar 02      M         $269 M       2,600.96    23 Jul 10   (3.48%)     (5.92%)     2,694.73       12.18%        18.35%        (23.10%)
  Timothy Rudderow                                                       Nov 09                                                       30 Jun 10                                Aug 04 - Feb 04

  PHARO MACRO FUND LTD                          30 Apr 05      Q         $2'599 M     2,222.37    23 Jul 10   (0.03%)      2.83%      2,223.05       16.49%        9.35%          (9.64%)
  Guillaume Fonkenell                                                     Jun 10                                                      30 Jun 10                                Nov 08 - Jun 08

  PIA MACRO FUND LTD SERIES 1x SUB SERIES 1     31 May 09      M         $ 551 M      102.25      23 Jul 10    2.35%      (2.24%)       99.90        1.95%         4.33%          (4.48%)
  Chris Pia                                                              May 10                                                       30 Jun 10                                Jun 10 - Dec 09

  QFS GLOB MACRO FUND, LTD                      30 Apr 98      M         $109 M       2,443.90    23 Jul 10    3.38%      (8.08%)     2,364.00       7.57%         13.72%        (28.97%)
  Dr. Sandford Grossman                                                   Jul 10                                                      30 Jun 10                                Aug 06 - Feb 04

  RUBICON GLOBAL FUND, LTD                      31 Oct 99      M         $1'469 M     432.47      23 Jul 10   (1.03%)     14.18%       436.97        14.62%        15.48%        (36.03%)
  Santiago Alarco, Tim Attias,                                            May 10                                                      30 Jun 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 0.65%
                                                                                                                              Ytd Avg. 2010
Diversified / Global                                                                                                              0.37%
  SWORDFISH FUND LTD                                     31 Jan 03      Q         $146 M       1,249.08    30 Jun 10    2.03%      0.62%        1,224.23      3.04%         15.16%        (42.40%)
  James Loh                                                                       May 10                                                       31 May 10                                Feb 09 - Jun 08

  TRAXIS FUND LP (OFFSHORE)                              31 May 03      Q         $ 196 M      143.87      30 Jun 10   (1.14%)     (5.44%)      145.53        5.26%         13.32%        (40.00%)
  Barton M. Biggs, Madhav Dhar & Cyril Moullé-Berteaux                             Jun 10                                                      31 May 10                                Feb 09 - Oct 07

  TUDOR B.V.I GLOBAL FUND LTD -A-                        31 Oct 86      Q         $7'537 M    93,365.41    23 Jul 10   (1.04%)     (2.68%)     94,349.08      21.05%        19.83%        (17.07%)
  Paul Tudor Jones                                                                 Jun 10                                                      30 Jun 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 2.95%
                                                                                                                    Ytd Avg. 2010
Discretionary / Europe                                                                                                  8.16%
  TALENTUM ACTIVEDGE FUND LIMITED - A -        30 Jun 02      M          €56 M       159.92      23 Jul 10    0.48%      4.98%        159.15        5.99%         4.40%         (11.77%)
  Gianmarco Mondani / Marco Accorroni                                    Jun 10                                                      30 Jun 10                                Apr 09 - Jun 08

  TALENTUM ENHANCED FUND LIMITED - A -         31 Aug 02      M         €173 M       226.44      23 Jul 10    0.96%      11.35%       224.29        10.90%        9.07%         (25.03%)
  Gianmarco Mondani / Marco Accorroni                                   Jun 10                                                       30 Jun 10                                Apr 09 - Jun 08
                                                                                                                    Ytd Avg. 2010
Discretionary / Global                                                                                                  4.50%
  BLACK DIAMOND RELATIVE VALUE LTD -C-Shs      31 Jul 99      Q         $807 M       290.42      23 Jul 10    1.63%     (0.29%)       285.77        10.19%        5.28%          (7.03%)
  Clint Carlson, Hal Schroeder                                          Jun 10                                                       30 Jun 10                                Oct 08 - Aug 08

  MW MARKET NEUTRAL TOPS FUND -A-USD           31 Oct 07      M         $1'443 M      96.14      27 Jul 10    0.30%      (2.49%)       95.85       (1.43%)        8.01%         (15.98%)
  Anthony Clake.                                                         Feb 10                                                      30 Jun 10                                Nov 08 - Jun 08

  TEMUJIN INTERNATIONAL FUND LTD               30 Sep 04     Q/M         $85 M       143.77      23 Jul 10    2.90%      16.28%       139.72        6.44%         10.40%        (21.13%)
  Marco Battaglia                                                        Sep 09                                                      30 Jun 10                                Feb 09 - Jul 06
                                                                                                                    Ytd Avg. 2010
Discretionary / Japan                                                                                                   0.93%
  DB EQUILIBRIA JAPAN FUND                     30 Apr 02      M         $685 M       215.04      23 Jul 10   (0.56%)     0.83%        216.25        9.74%         4.63%          (5.77%)
  James Pulsford, Sara Gardiner-Hill                                    Jun 10                                                       30 Jun 10                                Sep 08 - May 08

  DB EQUILIBRIA JAPAN FUND LTD 2X (USD)        30 Apr 09      M         $685 M       121.19      23 Jul 10   (1.20%)     1.02%        122.66        16.90%        9.23%          (5.30%)
  James Pulsford, Sara Gardiner-Hill                                    Jun 10                                                       30 Jun 10                                Jul 10 - Apr 10
                                                                                                                    Ytd Avg. 2010
Discretionary / UK                                                                                                     (2.57%)
  ABSOLUTE INSIGHT UK EQUITY MKT NEUTRAL       31 May 08      D         £ 170 M        1.09      29 Jul 10    0.18%      0.72%         1.09         3.62%         1.47%          (0.46%)
  FUND-CLASS B2P GBP                                                    Sep 09                                                       30 Jun 10                                Dec 09 - Oct 09
  Andrew Cawker, Iain Brown, Richard Howarth
  CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP    30 Jun 08     Daily      £ 185 M      100.19      28 Jul 10   (0.86%)     (5.85%)      101.06        0.09%         6.90%          (8.23%)
  Tim Russell                                                            Jan 09                                                      30 Jun 10                                Jul 10 - Sep 09


Statistical Arbitrage
YTD Avg. 2010 3.83%
                                                                                                                    Ytd Avg. 2010
Statistical Arbitrage / Europe                                                                                          1.24%
  ALPHAGEN REGULUS FUND                        30 Nov 03      M         $111 M       124.74      23 Jul 10    0.36%      6.29%        124.29        5.09%         5.60%         (13.35%)
  Mike Gleason                                                          Jun 10                                                       30 Jun 10                                Sep 08 - Jul 07




 * 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 3.83%
                                                                                                                       Ytd Avg. 2010
Statistical Arbitrage / Europe                                                                                             1.24%
  BLK - EOS CLASS B USD COMPOSITE                 28 Feb 02      M         $ 156 M      1,102.10    27 Jul 10   (2.61%)     4.18%       1,131.61       10.66%        9.64%         (14.33%)
  Robert Fisher                                                             Jun 10                                                      30 Jun 10                                Jan 08 - Jul 07

  GLC GESTALT EUROPE FUND, LTD A/1                31 Jul 99      M         $424 M       258.95      23 Jul 10   (2.34%)     (6.76%)      265.15        9.05%         9.12%         (12.59%)
  Laurence Staden & Julian Brooks                                          Jun 10                                                       30 Jun 10                                Dec 04 - Oct 03
                                                                                                                       Ytd Avg. 2010
Statistical Arbitrage / Global                                                                                             5.39%
  32 CAPITAL FUND, LTD (THE) - A/1                31 Jul 02     Y/M        $353 M       1,211.92    23 Jul 10    0.22%      1.52%       1,209.30       2.44%         7.57%         (25.62%)
  Barclays Global Investors, N.A.                                          Jun 10                                                       30 Jun 10                                Sep 09 - Jun 08

  A.R.T. INTERNATIONAL INVESTOR (BVI) Ltd         28 Feb 07      Q         $274 M       177.74      21 Jul 10    0.15%      4.70%        177.47        18.46%        11.00%        (10.48%)
  Deirdre Griffin                                                          Jun 10                                                       30 Jun 10                                Aug 07 - Jul 07

  BLUEMATRIX FUND CLASS -A- USD                   31 Oct 07      M         $398 M       136.28      23 Jul 10    1.88%      6.02%        133.76        12.01%        7.34%          (4.63%)
  BlueCrest Capital management LLP                                         May 10                                                       30 Jun 10                                Sep 08 - Jul 08

  GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A   28 Feb 05      M         $206 M       168.18      23 Jul 10    0.72%      8.09%        166.98        10.11%        5.37%         (11.91%)
  Jonathan Hiscock                                                         Feb 10                                                       30 Jun 10                                Sep 08 - Jun 08

  WINTON OCTO FUND USD CLASS                      31 Mar 07      M          $25 M       202.40      28 Jul 10    2.46%      6.62%        197.54        23.59%        14.58%         (8.21%)
  David Harding                                                             Jun 10                                                      30 Jun 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

Diversified
YTD Avg. 2010 1.43%
                                                                                                                         Ytd Avg. 2010
Diversified / Asia                                                                                                          (0.19%)
  BENNELONG ASIA PACIFIC MULTI STRATEGY EQ.         28 Feb 05      M         $245 M       104.60      23 Jul 10   (2.38%)    (3.73%)       107.15        0.84%         10.09%        (31.56%)
  FUND LTD                                                                   May 10                                                       30 Jun 10                                Feb 10 - Mar 08
  Richard Pegum, Paul Henry
  PMA ASIAN OPPORTUNITIES FUND (Composite)          30 Jun 02      Q          $59 M       1,801.34    26 Jul 10    1.62%       3.35%      1,772.71       7.56%         5.79%         (13.37%)
  Tytus Michalski, Darryl Flint and Shun Hong Liu                             Aug 08                                                      30 Jun 10                                Dec 08 - May 08
                                                                                                                         Ytd Avg. 2010
Diversified / Global                                                                                                         1.83%
  ALLBLUE LIMITED                                   31 Aug 05      M         $3'399 M     174.06      23 Jul 10    0.36%      5.45%        173.43        11.98%        5.38%          (4.51%)
  Michal Platt                                                                Jun 10                                                      30 Jun 10                                Aug 07 - Jun 07

  ARROWGRASS INT FUND LTD                           29 Feb 08      Q         €1'867 M     132.59      23 Jul 10    0.16%       2.24%       132.38        12.49%        4.80%          (3.80%)
  Nick Niell , Henry Kenner                                                   Jun 10                                                      30 Jun 10                                Jun 10 - Apr 10

  CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI            31 Jul 05      Q         $745 M       2,600.33    30 Jun 10   (0.36%)      3.70%       2,609.59      21.45%        13.23%        (22.55%)
  Michael Hintze                                                             Jun 10                                                       31 May 10                                Dec 08 - Jun 08

  CQS DIVERSIFIED FUND (SPC) LTD                    28 Feb 07      Q         $144 M       1,321.91    30 Jun 10    0.35%       2.82%       1,317.33      8.72%         8.83%         (14.78%)
  James Peattie                                                              May 10                                                       31 May 10                                Dec 08 - Jun 08

  GLC DIVERSIFIED FUND LTD -A-                      30 Jun 93      M         $320 M        69.60      23 Jul 10   (3.74%)     (10.07%)      72.30        12.03%        11.52%        (15.83%)
  Lawrence Staden                                                            May 10                                                       30 Jun 10                                Oct 04 - Aug 02

  PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND       31 Dec 02      Q         $425 M       4,022.79    30 Jun 10    0.35%       6.53%       4,008.76      20.39%        5.39%          (4.42%)
  LTD                                                                        Mar 10                                                       31 May 10                                Oct 08 - Aug 08
  Mark Nordlicht
  STRATUS FUND LIMITED CLASS B                      28 Feb 02      M         $720 M       1,781.03    23 Jul 10   (1.76%)     (0.07%)     1,812.94       10.28%        6.42%          (8.14%)
  Marc Potters                                                               Nov 09                                                       30 Jun 10                                Sep 07 - Jun 07

  TWO SIGMA HORIZON CAYMAN LTD                      30 Apr 08      Q         $178 M       1,201.45    30 Jun 10   (0.58%)      4.06%       1,208.45      8.84%         9.65%         (10.58%)
  Two Sigma Investments, LLC                                                  Jul 10                                                      31 May 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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