Aperio Master AlphaStrategy Ltd aims to deliver the highest risk adjusted alpha while deploying assets to more than 25 hedge fund strategies that exhibit the following: 1. Low market beta 2. Strong crisis resilience (long volatility) and 3. High liquidity of underlying instruments traded. The Fund targets a maximum annualised volatility of 4%. Strategy inception September 2003 (Strategy Sicav-Bainbridge AlphaStrategy 2 EUR), USD Class inception April 2007. Dec 2009-Fund name and domicile change to Aperio Master AlphaStrategy Ltd (Aperio Master). Adjusted Fund data (for fees and currency hedge costs) prior to May 1. 2007 is available upon request.