Credit Suisse /Tremont Hedge Fund Index - Dow Jones Hedge Fund Benchmarks - Frontier Capital Multi-Asset Platform Fund - Greenwich Global Hedge Fund Index - HFRX Global Hedge Fund Index - Lyxor Global hedge Fund Index

Final performance for the Credit Suisse/Tremont Hedge Fund Index was up 1.68% in April. Risk appetite returned to markets along with increased investor confidence. This benefited most hedge fund sectors in April. Convertible arbitrage had another strong month, gaining 4.52% in April and is currently up 12.58% YTD. Nonetheless, while economic data appears to be improving, market conditions remain tenuous. Most hedge funds continue to maintain their defensive positioning and this trend is expected to continue until fund managers feel market fundamentals have improved.

The Dow Jones Hedge Fund Event Driven Strategy Benchmark is the best performing at the end of April, up 0.94% for the month and up 3% YTD. The Dow Jones Hedge Fund Distressed Securities Strategy Benchmark is the second best performing in April, up 0.35% for the month and down 9% for 2009. The Dow Jones Hedge Fund Merger Arbitrage Strategy Benchmark is the third best performing so far at -0.29% for April and 2.34% for 2009. The Dow Jones Hedge Fund Balanced Portfolio Index and the Dow Jones Hedge Fund Convertible Arbitrage Strategy Benchmark were not calculated in April. The Dow Jones Hedge Fund Strategy Benchmarks are designed as a measurement tool for individual hedge fund strategies and cover convertible arbitrage, distressed securities, equity market neutral, event-driven, equity long/short and merger arbitrage. The Dow Jones Hedge Fund Balanced Portfolio Index represents the overall benchmark.

The Multi Asset Platform Fund returned 4.9% in April 2009 with six of the eight asset classes showing positive returns. Global real estate (20.4%), emerging equities (16.6%) and global equities (10.4%) were the best performing asset classes. The worst performing asset classes were managed futures (-2.0%) followed by global bonds, which was flat. Over the five years to April 2009, the MAP strategy has generated 2.0% annualised returns with volatility of 9.0%. The Frontier Capital MAP is an investable fund tracking eight global asset class indices, using an asset allocation inspired by US university endowments such as Harvard and Yale.

Hedge funds as measured by the Greenwich Global Hedge Fund Index (GGHFI) advanced in April to move solidly into positive territory for 2009. The GGHFI returned 3.49% while the Greenwich Composite Investable Index (GI2) gained 0.43% during the month compared with global equity returns in the S&P 500 Total Return 9.57%, MSCI World Equity 10.91% and FTSE 100 8.09% equity indices. YTD the GGHFI is up 3.91% and the GI2 down 2.81%, while the S&P 500 Total Return lost 2.50%, MSCI World Equity fell 2.96% and FTSE 100 Indices dropped 4.48%. Almost three quarters (72%) of constituent funds in the GGHFI ended April with gains.

Hedge funds posted the strongest gain since 2000 with the HFRI Fund Weighted Composite up 3.8% in April bringing the YTD gain to 4.2%. Although most areas were strong, the most significant contribution was from equity hedge funds with the HFRI Equity Hedge Index gaining 6.4%, the strongest gain since 2000 and bringing YTD results to 6.1%. Emerging markets funds posted a gain of nearly 8%, strongest since 1999 and have over 9% YTD, with contributions from Latin America, Russia and China. Event-driven and relative value arbitrage funds also posted gains. With a rise of 5.6% in April, convertible arbitrage funds were the best performing sub-strategy YTD, with a gain of over 17%. Macro funds, which gained 5% in 2008, have lost approximately 1% YTD. Fund of hedge funds posted a gain of approximately 0.7%. Many of these are still in the process of re-allocating capital following the $85 billion redemption from first quarter 2009.

The Lyxor Global Hedge Fund index was down 0.45% in April and flat YTD. Long/short credit (4.8%) and convertible arbitrage (1.6%) performed best. Convertible valuations improved, as evidenced by convertible implied volatility holding steady even as listed option volatility declined on the rally. Distressed managers lost out (-3.3%). CTA managers focused on high-frequency trading posted losses of 0.7%. CTAs focused on more medium- and longer-term trends declined 1.8%. Global macro managers posted gains of 1.3%. Returns varied widely among managers: event-driven merger arbitrage (-1.7%); special situations (-0.2%). Long/short equity managers with a long bias posted gains (7.5%). The more defensively positioned variable bias managers were generally off (-2.3%). Market neutral funds were down 0.6%; statistical arbitrage funds lost 0.4%. Quantitative models faced difficulties as momentum fared poorly. The Lyxor Global Hedge Funds Index is an investable index based on Lyxor's hedge fund platform tracking the overall hedge fund universe.