Appendix B

Excerpts from HFR Fund of Funds Industry Report

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Hedge Fund Research, Inc. (HFR) is a research firm specializing in the aggregation, dissemination and analysis of alternative investment information. The company produces HFR Database, one of the industry's most widely used commercial databases of hedge fund performance, as well as a variety of other research products for the alternative investment industry, including the HFR Industry Report. HFR also produces and distributes the HFRI Monthly Performance Indices—an industry standard benchmark of hedge fund performance.

HFRI FUND OF FUND INDUSTRY OVERVIEW

Methodology

The estimates contained ...

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