HFRX Indices Daily Performance - 12-30-2011
	DTD	MTD	YTD	INDEX VALUE
HFRX Global Hedge Fund Index	-0.02%	0.27%	1.99%	1131.46
HFRX Equal Weighted Strategies Index	-0.08%	0.18%	1.79%	1118.50
HFRX RV: FI-Convertible Arbitrage Index	-0.15%	0.08%	2.21%	669.60
HFRX Equity Hedge Index	0.06%	0.60%	2.68%	1027.22
HFRX Event Driven Index	0.07%	0.54%	3.35%	1351.05
HFRX Macro/CTA Index	0.03%	0.01%	0.10%	1167.20
HFRX Market Directional Index	0.11%	0.70%	2.59%	1048.26
HFRX Relative Value Arbitrage Index	-0.23%	-0.13%	1.59%	1146.17
Source: Hedge Fund Research, Inc.    www.hedgefundresearch.com