Ordinary index adjustment ALPHACLONE HEDGE FUND LONG/SHORT INDEX

Q2 2012 REBALANCE (EFFECTIVE DATE IS AUGUST 27TH 2012)

NAME WEIGHT
Apple Inc 11.00%
Simon Property Group Inc. P… 3.00%
Pharmacyclics 2.00%
Amazon.Com Inc 2.00%
Agrium Inc 2.00%
Intel Corp 2.00%
Visa Inc 2.00%
Motorola Solutions Inc 2.00%
America International Group 2.00%
Priceline.com Inc 2.00%
Qualcomm Inc 2.00%
DELPHI AUTOMOTIVE PLC 2.00%
News Corp Ltd Class A 2.00%
Leapfrog Enterprises Inc 1.00%
Triquint Semiconductor Inc 1.00%
Telecommunications Systems … 1.00%
Microsoft Corp 1.00%
Enterprise Products Partner… 1.00%
Macquarie Infrastructure Co… 1.00%
Teleflex Inc 1.00%
Asiainfo Linkage 1.00%
CNO Fnancial Grp 1.00%
Healthsouth Corp 1.00%
FACEBOOK INC 1.00%
Alliance Data Systems Cp 1.00%
Ironwood Pharmaceuticals Inc 1.00%
Cia de Saneamento Basico do… 1.00%
iShares MSCI South Korea Index 1.00%
Quanta Services Inc 1.00%
Alleghany Corp 1.00%
Sterling Finance 1.00%
Pfizer Inc 1.00%
Patrick Ind 1.00%
Bank of America Corp 1.00%
Ross Stores 1.00%
American Tower Corp Class A 1.00%
Imax Inc 1.00%
ALKERMES PLC 1.00%
Dollar General Corp 1.00%
Mastercard Inc 1.00%
Onyx Pharmaceuticals 1.00%
NVR Inc 1.00%
TRIPADVISOR INC 1.00%
Google Inc Class A 1.00%
Gannett Co Inc 1.00%
CVS Caremark Corp 1.00%
Cobalt International Energy… 1.00%
JOY Global Inc 1.00%
Delta Air Lines Inc 1.00%
Vivus Inc 1.00%
Lamar Advertising 1.00%
United Continental Holdings 1.00%
iShares MSCI Brazil (Free) … 1.00%
Berkshire Hathaway Inc Class B 1.00%
ENSCO PLC 1.00%
Transdigm Group Inc 1.00%
Lincoln Electric Co 1.00%
CBRE Group Inc Class A 1.00%
Anheuser-Busch Inbev SA 1.00%
Pandora Media Inc 1.00%
Te Connectivity 1.00%
Liberty Cap Class A 1.00%
BP PLC 1.00%
Illinois Tool Works 1.00%
CA Inc 1.00%
Energy Transfer Equity LP 1.00%
Liberty Global Inc Class C 1.00%
Chevron 1.00%
Leucadia National Corp 1.00%
Yahoo! Inc 1.00%
Charter Communications Inc … 1.00%
Valeant Phrm Int 1.00%
Chesapeake Energy Corp 1.00%
Philip Morris International… 1.00%
Sears Holding 1.00%
Toronto-Dominion Bank 1.00%
Coca Cola Co 1.00%