SPM

Opportunity Fund

Fund Investment Objectives

The SPM Opportunity Fund is multi-strategy in the mortgage space and allocates among our suite of products. The Fund invests across all our strategies and the allocations are optimized on a monthly basis given risk management's and portfolio management's views on where best opportunities are. January 2007 to May 2009 reflects the AUM of SPM Composite, which became SPM Opportunity in June 2009. AUM reflects Master Fund assets.