At the end of day on November 30, 2004, Zeus Equity Arbitrage Fund Ltd. will be removed from the S&P Hedge Fund Index and will be replaced by Martingale Equity Market Neutral Strategy.
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.
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 | Long/Short Equity |
| Fixed Income Arbitrage | Merger Arbitrage | Managed Futures |
| Convertible Arbitrage | Special Situations | Macro |
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 5000 employees located in 20 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.
