O $627M 388.19 06 May (0.12%) (3.70%) 10.42% 9.22% 4.5% 12.61% 9.78% (13.31%) Graham Capital Management. L.P. Apr 14 14 May 07 - May 08 GRAHAM GLOBAL INVESTMENT FUND II - 31 May 04 O 53'327M 211.12 06 May (0.30%) (5.75%) 7.22% 7.35% 6.82% 10.80% 10.33% (30.81%) DISCRETIONARY ENHANCED VOL Apr 14 14 May 07 -