NITY FUND 30 Jun 06 O $1'612M 174.60 31 Mar (0.29%) 2.42% 7.45% 15.18% 6.24% 7.45% 5.15% (12.86%) SERIES 1 Mar 14 14 Jun07 - akar 08 Dan lvascyn /Jon Home PINE RIVER CREDIT RELATIVE VALUE FUND 31 Dec 06 O $119M 217.52 30 Apr (0.48%) 3.17% 12.84% 14.26% 5.8% 11.18% 8.11% (12.14%)