At the close of trading on December 31, 2004, Gabelli Associates Limited will be added to the S&P Hedge Fund Index in the Merger Arbitrage strategy. Gabelli Asset Management Inc., through its subsidiaries, manages approximately $28 billion in assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Alternative Investment Group). Gabelli is located in Rye, New York.
The constituent portfolios of S&P HFI are priced via managed accounts, which are independently verified. Constituent additions to and deletions from the S&P HFI do not in any way reflect an opinion by Standard & Poor’s on the investment merits of the fund and will each be announced in advance.
About S&P Hedge Fund Index
The S&P Hedge Fund Index is designed to be both investable and broadly representative of the investment opportunities available in the hedge fund marketplace. It comprises nine distinct hedge fund investment strategies grouped into three broad style categories: Arbitrage, Event-Driven and Directional/Tactical. Forty institutional quality managers currently comprise the S&P Hedge Fund Index. Its values are calculated and published daily by Standard & Poor's on its website www.sp-hedgefundindex.com. More information about the structure, design and constituents of the S&P Hedge Fund Index is also available on the website.
S&P Hedge Fund Index Structure
| S&P Arbitrage Index | S&P Event-Driven Index | S&P Directional/Tactical Index |
| Equity Market Neutral | Distressed | Equity Long/Short |
| Fixed Income Arbitrage | Merger Arbitrage | Managed Futures |
| Convertible Arbitrage | Special Situations | Macro |
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With 6,000 employees located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit www.standardandpoors.com
