36.940.78 31 Mar 2.61% 2.67% 32.33% 20.69% 3.58% 27.35% 15.06% (48.38%) Richard De& Mar 14 14 May 08 - Mar 09 Ytd Avg. 2014 Distressed Security/USA 3.48% HALCYON OFF. ASSET•BACKED VALUE FUND LTD 30 Nov 05 0 $2'377M 2,823.40 30 Apr 1.08% 3.38% 6.66% 16.14% 4.12% 13.12% 5.46% (13.32%