III Select Credit Fund Ltd. invests in a broad range of financial instruments primarily utilizing credit-related strategies. The Advisor believes that given the recent extreme credit market moves, some assets have become fundamentally and/or technically undervalued, while others remain overvalued. The Company's objective is to take advantage of these market mispricings by acquiring assets identified by the Advisor's market research and trading analysis to be undervalued, and by selling assets which the Advisor believes are overvalued and are likely to have a catalyst that will cause a near-term re-pricing. In addition, the Company seeks to capitalize on changes in credit spreads over time by adapting the portfolio to the Advisor's assessment of the then-current phase of the credit cycle. AUM refelcts the aggregate of the offshore share classes.