Foundation clawed a 0.6% gain for April against a backdrop of the MSCI World Index -2.1% and the Lehman Aggregate Bond Index up 1.4% both in USD terms. Year-to-date’s almost 1% gain however, still compares fairly against the MSCI World Index which is -3.1% and the Lehman Aggregate Bond Index up 0.9%. April was a difficult month for most of our managers. The problems in April mainly derived from “a flight from risk” in the credit markets, apparently catalysed by GM’s profit warning in mid March. The credit managers in aggregate contributed -30 basis points for April and this theme continued into May with the downgrade of GM early in the month. There has also been continued stress in the convertible arbitrage space, resulting in an aggregate -30 basis point contribution for the strategy. There is no doubt that the leveraged portfolio contributed further to losses for the month due to this severe pressure. Top performer for the month was equity market neutral manager Alphagen Crucis up 0.9%, followed by credit manager Cairn up 0.7%. The most significant negative performers were predominantly managers with exposure to convertible arbitrage and credit strategies. A significant loss was attributable to one fund, Contrarian Equity, which lost 4.5% over the month due to exposure to US small caps. Much of the rest of the core portfolio neutralised each other out in terms of winners and losers. Lyber was down 0.5% for the month in the seed portfolio however this portfolio may soon have an interest in two new seeding opportunities. A new global commodity relative value fund has been added to the special situations portfolio and we envisage further additions to the portfolio over the coming months. For May, we have added two new fixed income arbitrage managers to the portfolio and four further new managers; Asian event driven, global event driven; global utilities equity long/short and ABS arbitrage. We have also redeemed one event driven manager.