5/13/2008
Rebounds by Hedge-Fund Stars Prove 'It's a Mulligan Industry' Jeffrey Larson lost $1.5 billion for his hedge-fund investors in a few painful weeks last summer. He shuttered Sowood Capital Management LP in July, one of the more embarrassing meltdowns in recent memory. So what are the 50-year-old Mr. Larson's summer plans this year? He is trying to raise money for a new fund, arguing that he has learned valuable lessons. And he is attracting some interest.

5/13/2008
Performance Indices up about 1.6% to 2.3% in April Infovest21 Staff Hedge fund indices bounced back in April, erasing some of the losses from earlier in the year. The HFR Weighted Composite gained 1.64% in April while The Hennessee Group’s hedge fund index advanced 2%. For the year, HFR index is down 1.78% while Hennessee’s index is down 1.95%. BarclayHedge said its index gained 2.28% for the month.

5/7/2008
Trends Industry outlook for hedge funds/fund of funds Infovest21 staff Based on many interviews of those in the hedge fund/funds of funds industry as well as recent surveys of institutional investors, Infovest21 compiled a number of possible trends going forward for the hedge fund industry in its latest White Paper: "Outlook for the Hedge Fund/Fund of Funds Industry."

5/6/2008
Hedge-Fund Portfolios Stockpile Cash In times of market turmoil and economic uncertainty, nothing comforts a hedge-fund investor like good, old-fashioned cash. It isn't a secret that hedge-fund managers are sitting on a big stash waiting for the right time to buy distressed assets. Less discussed is the cash that hedge-fund investors -- wealthy individuals, pension funds and fund-of-hedge-fund managers -- have waiting in the wings.

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For Individuals

(1) I certify that I have an individual net worth, or my spouse and I have a joint net worth, in excess of U.S. $1,000,000. For purposes of this questionnaire, "net worth" means the excess of total assets at fair market value, including home, home furnishings and automobiles, over total liabilities.
(2) I certify that I had an individual income (exclusive of any income attributable to my spouse) of more than U.S. $200,000 in each of the past two years, or joint income with my spouse in excess of $300,000 in each of those years, and I reasonably expect to reach the same income level in the current year.

For Corporations, Foundations, Endowments, Limited Liability Companies or Partnerships:

(3) The Applicant hereby certifies that it as total assets in excess of U.S. $5,000,000.
(4) The Applicant hereby certifies that all of its equity owners are accredited investors. The Company, in its sole discretion, may request information regarding the basis on which such equity owners are accredited.

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(5) The Applicant hereby certifies that it is a trust with total assets in excess of U.S. $5,000,000 and it is directed by a sophisticated person.  As used in the foregoing sentence, a "sophisticated person" is one who has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risk of a particular investment.
(6) The Applicant hereby certifies that it is a revocable trust which may be amended or revoked at any time by the grantors thereof, the tax benefits of investments made by the trust pass through to those grantors and all of the grantors are accredited investors. The Company, in its sole discretion, may request information regarding the basis on which such equity owners are accredited.

For Banks, Savings and Loans and Similar Institutions:

(7) The Applicant hereby certifies that it is a bank as defined in Section 3(a)(2) of the U.S. Securities Act of 1933, as amended (the "Securities Act") or a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act acting in its individual capacity.

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(8) The Applicant hereby certifies that it is an insurance company as defined in Section2(13) of the Securities Act.

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(9) I have read and understand the risks associated with investing in hedge funds and hedge fund of funds.

Risks of Investing in Hedge Funds and Hedge Fund of Funds

Unregistered Investments
Hedge funds and fund of hedge funds (which generally invest in several hedge funds) are not subject to the SEC's registration and disclosure requirements. Many of the normal investor protections that are common to most traditional registered investments are missing. This makes it difficult for both the investor and the fund of funds manager to assess the performance of the underlying hedge funds, or independently verify information that is reported. All of this can make it easier for unscrupulous hedge fund managers to engage in fraud.

Risky Investment Strategies
Hedge funds very often use speculative investment and trading strategies, including leveraging, that may increase the risk of investment loss and volatility of investment performance. Many hedge funds are honestly managed, and balance a high risk of capital loss with a high potential for capital growth. The risks hedge funds incur, however, can wipe out your entire investment. If you can't afford to lose your entire investment, then perhaps hedge funds and funds of hedge funds are not for you.

High Fees
Hedge funds and funds of hedge funds often charge high fees.

Lack of Liquidity
Hedge funds and funds of hedge funds, both the unregistered and registered variety, are illiquid investments and are subject to restrictions on transferability and resale. Unlike mutual funds, there are no specific rules on hedge fund pricing. Registered hedge fund units may not be redeemable at the investor's option, and there is probably no secondary market for the sale of the hedge fund units. In other words, you may not be able to get the money you invested in the hedge fund back when you want out of the investment.

Adverse Tax Consequences
The tax structure of both unregistered and registered hedge funds and funds of hedge funds may be complex. There also may be delays in receiving important tax information. This may require you to obtain an extension to file your income tax return.

Business Continuity Plan
 MIT Associates, LLC has implemented a Business Continuity Plan which outlines measures and procedures it will employ to resume operations and protect the firm’s books and records, in the event of either an external or internal significant business disruption. This plan is available in its entirety by written request. Please address inquiries to Leslie Goldman, Financial and Operations Officer.

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MIT Associates, LLC • 300 Atlantic Street, 11th Floor, Stamford, CT 06901
Phone: (203) 355-2300 • Fax: (203) 355-2301
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