Analyst AOC AOC AOC AOC AOC AOC AOC AOC AOC AOC AOC AOC AOC AOC

AOC AOC AOC AOC AOC AOC AOC CH CH CH CH CP CP CP CP CP CP CP CP CP CP CP CP CP CP CP CP CP CP CP CP JL/RM

FundNameStyle1 Style2 Style3 Sector MS Breakdown % Alloc MS Breakdown Advent Convertible Arbitrage (Cayman) Fund (The) Relative Value Convertible Global Value Relative N/A Arrowgrass MS Event Driven Bias Global Master Fund Ltd N/A Relative Value 22.60% Credit - Distressed - Risk Arbitrage BlackRock Obsidian Value Series Global(The)Value Relative Master Income Relative N/A Fixed Trust BlueCrest Capital International Limited Relative Value Income Relative Value Fixed Global N/A Brevan Howard GlobalLimited Bias Global MS Fund Macro N/A Global Macro - Discretionary Global Macro 58% Relative Value - Fixed Income Re Citadel Kensington Bias Strategies Fund Ltd N/A MS RV Global Global Relative Value - Convertible Relative Value 17% Relative Value - Quantitative Mark Citadel Tactical TradingQuantitativeGlobal Neutral Relative Value Ltd Market N/A Ellington Mortgage Opportunities Fund, Ltd Relative Value MBS/ABS North America N/A Highbridge Capital Corporation MS RV Bias Global N/A Relative Value - Convertible Relative Value 33% Relative Value - Statistical Arbitra HB Multi-Strategy Holdings, Bias Global MS Commodity Ltd N/A Global Macro - Illiquids Credit - Illiquids 45% III Fund Ltd Relative Value Income Relative Value Fixed Global N/A JPM Income Opps Fund Relative Value Income Relative Value Fixed Global N/A Lazard Rathmore Master Fund, L.PGlobal Value Relative Value Convertible Relative N/A Magnetar Capital Master Fund Ltd Global MS RV Bias N/A Credit - Structured23% Relative Value - Risk Arbitrage Credit Magnetar Capital Master EquityLtd Side PocketN/A Event Driven Fund Illiquid Global 1 Magnetar Capital Master EquityLtd Side PocketN/A Event Driven Fund Illiquid Global 3 Magnetar Risk Linked Fund Ltd Credit Illiquid Global N/A Markham Rae Global Macro Discretionary Global Macro Global N/A PIMCO Absolute Return Strategy IV Offshore Fund 2 Ltd Relative Value Income Relative Value Fixed Global N/A Pine River Fixed Income Fund Ltd. North America Relative Value MBS/ABS N/A Traxis Emerging Markets Opportunities Fund Markets Global Macro Discretionary Global Macro Emerging N/A Caxton International Limited Global Macro Illiquid Goldman Sachs Global Illiquid Opportunities Fund Plc Long Bias Equity Equity Perry Partners International, Inc Event Driven Equity Illiquid Raptor Private HoldingsEquity Long Short Illiquid Ltd (The) North America Absolute InsightCredit Bias MS Credit Fund European Credit - Credit Value Credit - Structured Credit 74.0% BlueBay Value Recovery Fund Limited (The) Credit Illiquid European BlueMountain Long/Short CreditFocused Credit Trading Fund Ltd Global Brevan Howard Credit CatalystsFocused Credit Trading Fund Limited Global GoldenTreeCredit Opportunities, Ltd Credit Credit Value Global GoldenTreeCredit European Select Opportunities Limited Illiquid Global GoldenTreeCredit Offshore Fund II Limited Credit Value Global GoldenTreeCredit Offshore Fund II Limited Class SP Illiquid GoldenTreeCredit Offshore Fund Ltd Credit Value Global GoldenTreeCredit Offshore Fund Ltd - Class SP Illiquid III Relative Value CreditStructured Credit Ltd Credit Strategies Fund Global Oak Hill Credit Alpha Fund (Offshore), Ltd Credit Credit Value Global Plainfield Special Situations MasterGlobalLimited Credit Illiquid Fund Ravenscourt Multi-Strategy Credit Master Fund Limited MS Credit Bias European Credit - Trading Focused 42% Credit - Distressed Silver Point Credit Offshore Fund, Global Capital Distressed Ltd Silver Point Credit Offshore Fund, Ltd - Class D Capital Illiquid Styx International, Ltd Illiquid Credit Global TPG Credit Credit Opportunities Fund (Cayman) Ltd. Distressed Global TPG Credit Credit Opportunities Fund (Cayman) Ltd. - US Dollar Shares 1 Dec 08 Special Investment Illiquid York Credit Credit Opportunities Unit Trust Distressed Global ADM Galleus Fund Limited - Sub-Class I Ord Shares MS Credit Bias Asian Credit - Direct Lending Credit - Credit Value 50%

JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JL/RM JM JM JM JM JM JM JM JM JM JM JM JM JM NP NP NP NP NP NP NP NP

ADM Galleus Fund Limited - Sub-Class Z Ord Shares Credit Illiquid Asian AlphaGen Tenro Fund Limited (The) Conservative Long Short Equity Fundamental Japan Apollo Asia Credit OpportunityIlliquid Offshore Fund, Ltd Asian AR New Asia Fund Equity Long Bias Fundamental Aggressive Asian Ashmore Asian RecoveryEquity Event Driven Fund Illiquid Asian Ashmore Global Special Situations Asian 2 Limited Credit Illiquid Fund Boyer Allan Long Short Equity Pacific Fund Inc. Fundamental Aggressive Asian Brevan Howard AsiaValue Limited Asian Relative Fund Income Relative Value Fixed CC Asia Long Short Equity Fundamental Aggressive Asian China HealthcareBias Equity FeederAggressive Long Partnership Fundamental Fund LP Asian Henderson Japan Select Absolute Return Fund Limited Long Short Equity Fundamental Aggressive Japan Highbridge Asia Opportunities Master Fund L.P. Relative Value Convertible Asian Relative Value HB Asia Holding, ltd - Class B Credit Illiquid Asian Indus Japan Fund, Ltd Equity Long Short Fundamental Aggressive Japan Indus Pacific Opportunities Fund, Ltd Aggressive Long Short Equity Fundamental Asian Indus Pacific Smaller Companies Distribution Holding Co, Ltd Long Bias Equity Illiquid Asian JF Asia Absolute Return Fund MS Long-Short Equity Bias Asian Long Short Equity 70% Global Macro - Discretionary Glob - Fundamental Conservative Macquarie Asian Short Equity Fund Conservative Long Alpha Fundamental Master Asian Martin Currie China 'A'Equity Fund Asian Long Bias Share Illiquid Limited OZ Asia Overseas Fund, Ltd Short Equity - Fundamental Conservative Value Relative Value - Convertible Relat MS Event Driven Bias Asian Long Credit - Credit 40% OZ Asia OverseasDriven Equity Event Fund, Ltd - Tranche C Prime - Side Pockets Illiquid Asian PMA Credit MS Credit Bias Opportunities Fund Asian Long Bias Equity -15% Credit - Illiquids Illiquids Real ReturnLong Short Equity Asian Fund (The) Fundamental Aggressive Asian SR Global Fund Inc - Asia Portfolio Asian Long Short Equity Fundamental Aggressive SR Global Fund Inc - International Portfolio Long Short Equity Fundamental Aggressive Global SR Global Fund Inc - Japan Portfolio Aggressive Long Short Equity Fundamental Japan Armajaro Commodities Directional Commodities Niche Fund Ltd Global Commodities Armajaro STS Commodities / Managed Futures Global Macro CTA Fund Global Commodities Astenbeck Master Commodities Fund II Ltd Niche Directional Commodities N/A Commodities Chilton Global Natural Equity Long Bias Resources International Commodities Fundamental Aggressive Global (BVI) Ltd Clive Fund Limited (The) Niche Directional Commodities Global Commodities Dorset Energy Fund Limited (The) Global Long Bias Equity Fundamental Aggressive Commodities Investec Enhanced Natural Resources Long Bias Equity Fundamental Aggressive Global Commodities LD Commodities Alpha Fund Ltd Global MS Commodity Bias Commodities Niche -Directional 66% Relative Value -Commodities Commodities Lubben Master Fund Ltd Bias Global MS Commodity Commodities Niche -Directional 85% Relative Value -Commodities Commodities Millburn Commodity Fund Ltd Managed Futures Global Macro CTA / Global Commodities Oceanic Hedge Fund Equity Long Short Fundamental Conservative Global Commodities Saracen Energy OffshoreEquity Event Driven Ltd Illiquid Global Commodities Southport EnergyShort Offshore Fund, Inc Long Plus Equity Opportunistic Trading Commodities Global Brevan Howard Emerging Markets Emerging Markets Global Macro Discretionary Global Macro Caravel Fund (Offshore) Ltd (The) Emerging Markets Long Bias Equity Fundamental Aggressive Constellation Master Fund, SPC Emerging Markets Long Short Equity Fundamental Conservative Longbow New Europe EquityLimited Aggressive Long Bias Fund Fundamental European Nevsky Fund Plc Short Equity Long Opportunistic Trading Global Occam GEMs Short Equity Long Fundamental Aggressive Emerging Markets SR Global Fund Inc - Emerging Markets Portfolio Long Short Equity Fundamental Aggressive Emerging Markets Traxis Emerging Markets Equity FundTrading Markets Long Short Equity Opportunistic LP Emerging

PCS PCS PCS PCS PCS PCS PCS PCS PCS PCS PCS PCS PW PW PW PW PW PW PW PW PW PW RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB RB

AQR GlobalRelative Value Master Market Neutral Stock Selection QuantitativeGlobal Account, L.P. BlackRock EDEARFValue Relative QuantitativeEuropean Market Neutral BlackRock EOS Limited Relative Value QuantitativeEuropean Market Neutral Capula Tail NicheMaster Fund Limited Risk Tail Risk Protection Global D.E Shaw Composite Portfolios LLC MS Quant Global Relative Value - Statistical Arbitrage 15% Long Short Equity - Fundamental D.E Shaw Composite International Fund - Restricted Members Int Side Pocket Series Event Driven Equity Illiquid Global D.E Shaw Composite International Fund - Restricted Members Int - Series 1 Event Driven Equity Illiquid D.E. Shaw Oculus Portfolios, L.L.C Global MS Quant Global Macro - Discretionary Global Macro 43% Relative Value - Quantitative Mark Highbridge Statistical Mkt Neutral Global Neutral Relative Value Quantitative Market Two Sigma Global Macro Compass Cayman Fund, Ltd Marco Systematic Global Fulcrum FAB+ Global Macro Bias Global MS Global Macro - CTA / Managed Futures 50% Global Macro - Systematic Global Two Sigma MS RV Bias Horizon Global Global Macro - CTA / Managed Futures Volatility Arbitrag 12% Relative Value Two Sigma MS RV Bias Spectrum Cayman Fund, Ltd Global Global Macro - Systematic Global Marco 12% Relative Value - Statistical Arbitra Avesta Fund Ltd Short Equity Long Opportunistic Trading North America Caduceus Capital Ltd Equity Long Short Fundamental Aggressive North America Healthcare CCI Healthcare Short Equity Long Fundamental Aggressive North America Dirigo Ltd Long Short Equity Fundamental Conservative Estate North America Real Eminence Fund Ltd Long Short Equity Fundamental Aggressive North America Glenview Capital Short Equity Ltd North America Long Master Fund, Fundamental Aggressive Highline Capital International, Ltd North America Long Short Equity Fundamental Conservative Ivory Offshore FlagshipEquity Ltd North America Long Short Fundamental Conservative Fund, Omega OverseasShort Equity Long Partners, Ltd Fundamental Aggressive North America RWC US Absolute Alpha Long Short Equity Opportunistic Trading North America Altima Emerging MarketsEquity Limited Event Driven Fund Value-with-a-Catalyst Markets Emerging Altima Emerging MarketsEquity Limited - Class B Event Driven Fund Illiquid Emerging Markets Altima Global Special OpportunitiesGlobal Limited Event Driven Equity Value-with-a-Catalyst Fund Altima Global Special Situations Fund Ltd Event Driven Equity Value-with-a-Catalyst Global Altima Global Special Situations Fund Ltd - Class B Event Driven Equity Illiquid Global Altima LatinEvent Driven Equity America Fund Limited Emerging Markets Value-with-a-Catalyst Altima One Event Driven Equity World Agriculture Fund Emerging Markets Illiquid Limited Cheyne SpecialEvent Driven Bias Global MS Situations Fund Inc Event Driven Equity - Illiquids - Illiquids 24.31% Credit Children's Investment Fund (The) Global Event Driven Equity Value-with-a-Catalyst Discovery Global Opportunity Fund Emerging Markets Global Macro Discretionary Global Macro Ltd ESL Limited Event Driven Equity Activist North America Hermitage Global Driven Equity Event Value-with-a-Catalyst Markets Emerging Hermitage Global Driven Equity Event - Special Situation One - Class B Illiquid Emerging Markets Indus Europe Fund, LtdEquity Long Short Fundamental Aggressive North America Lansdowne Long ShortEquity Fund Limited European Equity Fundamental Aggressive European Lansdowne Long Short Equity FundGlobal Global Financials Fundamental Aggressive Limited Financials Lansdowne Long ShortFund Limited Aggressive UK Equity Equity Fundamental Global Magnetar Global Event Driven Fund Limited MS Event Driven Bias Global Event Driven Equity - Value-with-a Catalyst 11.02% Credit - Credit Value Marwyn Value Investors L.P. Event Driven Equity Activist European OZ Europe Master Fund, Ltd Bias European MS Event Driven Event Driven Equity - Value-with-a Catalyst 25.63% Credit - Distressed OZ Europe Overseas Fund II, Ltd - European Prime - side pockets Event Driven Equity Illiquid Tranche H OZ European Multi-Strat UCITS European MS Event Driven Bias Event Driven Equity - Value-with-a Catalyst 61.53% Credit - Distressed OZ Overseas Fund II Ltd MS Event Driven Bias Global Event Driven Equity - Value-with-a Catalyst 31.84% Credit - Distressed OZ Overseas Fund II Ltd Equity Event Driven - TrancheGlobal Series Side Pockets Illiquid H Prime

RB RB RB RB RB SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC SC

Pershing Square International, Ltd North America Event Driven Equity Activist SRM GlobalEvent Driven Equity Fund Limited Illiquid Global Trian Partners Master Fund LP Event Driven Equity Activist North America ValueAct Capital International II, L.P. Event Driven Equity Activist North America York Event Driven MS Event Driven Bias Global Event Driven Equity - Value-with-a Catalyst 70.48% Credit - Distressed AKO Fund Limited Long Short Equity Fundamental Aggressive European N/A Alkeon Growth Short Equity Long Fundamental Aggressive Global Technology Alphagen OctanisShort Equity Long Fundamental Conservative European Alphagen UK AR Short Equity Long Fundamental Conservative European Aristeia InternationalValue Relative Convertible North America Relative Value Arkos Absolute Emerging Long Short Equity Fundamental Aggressive Emerging Markets BDL Rempart Europe Equity Long Short Fundamental Conservative European Candlewood Capital Distressed North America Credit Cazenove European Equity Long Short Fundamental Conservative European Comac Global Macro Discretionary Global Macro Global Egerton European Dollar Fund Limited (The) Long Short Equity Fundamental Aggressive European Egerton European UCITS Long Short Equity Fundamental Aggressive European ETF Eurostoxx Bias Equity Long Opportunistic Trading European Exane Archimedes Long Short Equity Fundamental Conservative Global Telecommunications Services Exane Templiers Short Equity Long Fundamental Conservative Global Financials Finaltis Equities Relative Value QuantitativeEuropean Market Neutral Firebird Global Fund Equity Long Bias Illiquid Emerging Markets Greent G2 Credit Trading Focused Global Henderson Pan European Long Bias Equity Fundamental Aggressive European Henderson UK Absolute Return Long Short Equity Fundamental Conservative European Highbridge Long /Short Equity ShortFundamental Aggressive Global Horizon Japan Short Equity Long Fundamental Conservative Japan Indus PacifiChoice AsiaEquity Long Short Fundamental Aggressive Fund Asian Laffitte RiskRelative Value Arbitrage Arbitrage Risk Global Lily Pond CurrencyMacro Global Plus Illiquid Global Lyxor Caxton Long Bias Equity Fundamental Aggressive North America Melchior European AR Equity Long Short Fundamental Conservative European Occo Eastern Europe QuantitativeEuropean Relative Value Market Neutral Oceanic Long Short Equity Fundamental Conservative Global Commodities Octagon Pan Asia Value Relative QuantitativeAsian Neutral Market Odey European Inc Long Short Equity Fundamental Aggressive European Orchidee Long Short Equity Long Short Opportunistic Trading European Owl Creek Overseas Driven Bias Global - Value-with-a Catalyst MS Event Event Driven Equity Event Driven Equity - Value-with-a Catalyst 40% Credit - Distressed Owl Creek Overseas - Side Pocket Global Event Driven Equity Illiquid Paulson Advantage Driven Bias Global - Value-with-a Catalyst MS Event Event Driven Equity Event Driven Equity - Value-with-a Catalyst 85% Credit - Distressed Paulson Advantage Plus MS Event Driven Bias Global - Value-with-a Catalyst Event Driven Equity Event Driven Equity - Value-with-a Catalyst 85% Credit - Distressed Pelagus Capital Relative Value Income Relative Value Fixed Global Pharo Macro lobal Macro G Discretionary Global Macro Emerging Markets Prologue Relative Value Income Relative Value Fixed Global PSAM WorldArb MS Event Driven Bias Global Arbitrage Relative Value - Risk Credit - Distressed 30% Event Driven Equity - Value-with-a RWC European Alpha Equity Long Short Fundamental Aggressive European RWC Samsara Fund LP Long Short Equity Fundamental Aggressive European

SC SC SC SC SC SC ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH ZMH

RWC US Absolute Alpha Long Short Equity Opportunistic Trading North America Sector Healthcare Long Short Equity Fundamental Conservative Global Healthcare Talentum Activedge Value Relative Statistical Arbitrage European Touradji Global resources Niche Illiquid Winton Futures Quant MS (Diversified) Global Macro - CTA / Managed Futures Quantitative Mark 60% Relative Value York Investment MS Event Driven Bias Global - Value-with-a Catalyst Event Driven Equity Event Driven Equity - Value-with-a Catalyst 40% Credit - Credit Value BlueTrend Master FundSystematic Global Marco Global Macro Limited N/A Brevan Howard Macro FX Global Macro Discretionary Global Macro Global Currencies BridgewaterGlobalAlphaDiscretionary Global Macro Pure Macro Fund II, Ltd Global N/A BridgewaterGlobalAlphaDiscretionary Global Macro Pure Macro Major Markets TradingN/A Global Company II, Ltd BridgewaterGlobalAlphaDiscretionary Global Macro Pure Macro Major Markets TradingN/A Global Company, Ltd CCP Quantitative Master Fund Limited Global Macro Systematic Global Marco N/A Comac Global Macro Discretionary Global Macro Global N/A Drawbridge Global Macro Master Fund Ltd Global Macro Illiquid Global N/A Drawbridge Global Macro Fund LtdGlobal H Sidepockets Global Macro Illiquid - Class N/A Drawbridge Global Macro Fund LtdGlobal SP N/A Global Macro Illiquid - Class - Reserve Graham Capital Systematic Macro Global Marco Global Macro Systematic N/A Graham Global Investment Fund II Global Macro Global Macro Discretionary Global N/A Ltd - Discretionary12V Portfolio Graham Global Investment Fund II Global Marco Portfolio Global Macro Systematic Ltd - K4D-10V N/A Graham Global Investment Fund II Global Marco Portfolio Global Macro Systematic Ltd - K4D-15V N/A Keynes Quantitative Strategy - ARMAP Marco Global Macro Systematic Global N/A Moore Global Investments, Ltd - Class A Global Macro Discretionary Global Macro Global N/A Traders' Offshore FundDiscretionary Global Macro Global Macro (The) Global Ltd N/A Traxis Global Equity Macro Fund North America Long Short Equity Opportunistic Trading Tudor BVI Global Portfolio LP (The) Global Macro Global Macro Discretionary Global N/A Tudor BVI Global Fund Illiquid Global Macro (The) - Legacy Class Ltd Global Magnetar Capital Master Fund II Ltd MS RV Bias Global N/A Credit - Structured23% Relative Value - Risk Arbitrage Credit Taylor Woods - Niche - Directional Commodities Kohinoor - Niche - Tail Risk Protection Campbell Global Assets Fund Ltd SAC - RV - Stat Arb Comac - Global Macro - Discretionary

% Alloc

MS Breakdown % Alloc

MS Breakdown % Alloc

MS Breakdown % Alloc

MS Breakdown % Alloc

6.60% Relative Value 12.30% Relative Value 16.60% Global Macro Value4% CreditGlobal Macro - Volatility Arbitrage - Convertible Relative - Discretionary - Credit Value 17.50%

31.90% Credit - Trading 8.30% Global Macro - Systematic Global Marco Focused 2% 26% Relative Value - Fixed Income Macro - Discretionary Global Macro 9% Credit - Trading Focused 24% Global Relative Value Relative Value -Commodities 6% 7%

17% Long Short Equity 23% Credit - Credit Value Global Macro - Discretionary Global Macro 4% - Fundamental Conservative 11% 7% Global Macro - Systematic Global Marco 55%

8% Relative Value - Quantitative Market Neutral Credit - Illiquids 2% Relative Value -Commodities 2%

10% Credit - Trading Focused 33%

25.0% Credit - Distressed.0% 1

38% Credit - Structured20% Credit

50%

30%

39% Credit - Credit Value Relative Value - Risk Arbitrage 18% 3% 85%

34% 15%

5% Relative Value - Volatility Arbitrage 10% Relative Value - Convertible Relative Value9% Credit - Trading Focused 10% Global Macro - CTA / Managed Futures 8%

10% Global Macro - CTA / Managed Futures 15% Credit - Structured13% Niche - Active PE/Reinsurance/Real Estate 12% Relative Value -Commodities Credit 7%

50% 88% 88%

75.69%

1.47% Relative Value 87.51% - Risk Arbitrage 12.07% Relative Value - 3.99% Relative Value 44.84% Credit - Structured Credit Risk Arbitrage - Convertible Relative Value 13.47% 13.05% Relative Value - 6.61% Relative Value 18.81% Risk Arbitrage - Convertible Relative Value 12.93% Relative Value - 2.41% Relative Value 38.91% Credit - Structured Credit Risk Arbitrage - Convertible Relative Value 13.91%

5.89% Relative Value 23.63% - Risk Arbitrage

20% Credit - Credit Value 40% 15% 15%

52% Relative Value - Risk Arbitrage 18%

40% 40% Relative Value - Risk Arbitrage 20%

9% Relative Value - Quantitative Market Neutral Credit - Illiquids 11% Relative Value -Commodities 2%

11% Credit - Trading Focused 34%

MS Breakdown % Alloc

MS Breakdown % Alloc

MS Breakdown % Alloc

MS Breakdown % Alloc

MS Breakdown

Event Driven Equity - Value-with-a Catalyst 7.40% Credit - Trading Focused 13.10%

Credit - Credit Value % Long Short Equity - 7% Credit - Illiquids 2 Illiquids

2% Global Macro - Illiquids 1.20%

Global Macro - Illiquids Credit - Illiquids 3%

2%

Credit - Credit Value Niche - Active PE/Reinsurance/Real Estate 18% 4%

Credit - Direct Lending Relative Value -Commodities - Active PE/Reinsurance/Real Estate4% 14% 10% Niche 15% Global Macro - Discretionary Global Macro

Credit - Credit Value Niche - Active PE/Reinsurance/Real Estate 9.60% 0.40%

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