All six HFRI Fund of Fund indices lost ground in the month of July, although five of the six indices are in positive territory for the year to date (YTD).<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

The performance for July is as follows (Total return for YTD is in brackets): Fund of Funds Composite Index -0.53% (1.07%), Fund of Fund Conservative Index - 0.08% (1.63%); Fund of Funds Diversified Index -0.63% (1.20%); Fund of Funds Market Defensive Index - 0.28% (-2.24%); Fund of Funds Strategic Index -0.84% (1.34%); Fund Weighted Composite Index - 0.73% (1.89%).

The HFRI Fund of Funds Indices are based upon funds selected from the over 1400 fund of funds tracked by Chicago-based Hedge Fund Research (HFR). Details on more than 1100 FOFs including historical performance and asset information along with contact details, fee structure and investment strategy are included in HFR FOF Database and Directory. The FOF sub-indices - HFRI FOF Conservative Index; HFRI FOF Diversified Index; HFRI FOF Market Defensive Index and HFRI FOF Strategic Index - represent separate components of the current HFRI Fund of Funds Composite Index, a long-standing benchmark of fund performance.

See the HFR links on www.hedgeweek.com for daily performance updates.