1、October 24, 2008Bluefin Mutli Strategy Fund SPC Karasel Enhanced Portfolio SPSuspension of Redemption NoticeDear Investors：As you well know, the global equity markets are in disarray, caused largely by the ensuring credit crunch and technical forced liquidations plaguing all in the industry. We have

2、 managed to weather the storm considerably well to this point reflected in the funds performance, which must be viewed in a global context as world markets have suffered some of the largest drawdowns in history.Year to Datte*Karassel Enhhancced SP+0.100% *S&P 5500 Inddex-33.883%DJ Euuro Stooxx 50 In

3、ddex-38.663%Nikkeei 2225 Inddex-35.664%Hang Senng IIndeex-44.441%CS/Trremoont Heddge Funnd IIndeex-3.555% * YTDD peerfoormaancee upp too Auugusst 220088.* YTDD peerfoormaancee upp too 211 Auugusst 220088.Crediit mmarkketss arre eexpeecteed tto iimprrovee ovver thee coominng mmontths, siignss off whh

4、ichh arre bbegiinniing to forrm, aftter thee gllobaal cco-ooperratiion andd effforrts insstittuteed ooverr thhe llastt seeverral weeeks by intternnatiionaal ggoveernmmentts. Laargee-sccalee coollaaborratiion wass immperratiive to resstorre oordeer aafteer tthe worrldwwidee paanicc annd mmonuumenntal

5、l maarkeet mmelttdowwns, whhichh arre sstilll wworkkingg thheirr waay tthrooughh thhe ssysttem. FFor noww, wwe hhavee beeen infformmed by a cconssideerabble porrtioon oof oour undderllyinng ffundds tthatt thhey aree suuspeendiing reddempptioons duee too thhe ccurrrentt ennvirronmmentt annd lliquuidi

6、ity theereiin.Many of theese funns hhavee reeceiivedd ovverwwhellminng rredeempttionns aand witth tthe shoortaage of creeditt annd bbuyeers in manny ssecttorss, hhavee deeemeed iit ppruddentt too NOOT lliquuidaate asssetss att fiire salle ppricces, whhichh woouldd bee too thhe ddetrrimeent of nott o

7、nnly reddeemmingg innvesstorrs, butt off cooursse tto tthosse wwho remmainn ass weell. IIn mmostt innstaancees, we acttuallly wellcomme tthiss deecissionn ass wee haave alwwayss seet oout to atttemppt tto ppresservve iinveestoor ccapiitall annd bbeliievee ouur rresuultss arre ttesttameent to thaat.

8、Wiith glooball inndicces dowwn 330-660%+, wwe hhavee maanagged to prooducce pposiitivve rretuurnss inn ann ennvirronmmentt noot sseenn foor ddecaadess. In so doiing andd faavorringg ceertaain morre sstabble assset claass thooughh, wwe hhavee faalleen vvicttim to liqquiddityy allongg wiith manny ooth

9、eers andd thhereeforre aas aa coonduuit funnd oor ffundd off fuundss, hhavee noo chhoicce bbut to susspennd rredeempttionns ooursselvves. Ass thhe mmarkket conndittionn alllowws, hoppefuullyy, bby tthe endd off thhis yeaar, we willl sstarrt aacceeptiing invvesttors rredeempttionn reequeest. WWe ccan

10、 asssuree yoou tthiss wiill be donne wwithh yoour besst iinteeressts at heaart andd ass quuickkly as posssibble WITTHOUUT fforccingg innoppporttunee liiquiidattionns aand theerebby rresuultiing in losssess foor tthe invvesttor. We haave takken thiis ccourrse of acttionn ass wee neeed to prootecct aa

11、ll ourr innvesstorrs aand nott meerelly ppay outt whhat we cann noow, leaavinng tthosse wwho remmainn innvesstedd inn ouur ffundd wiith a llesss liiquiid pporttfollio andd heencee moore oneerouus rresttricctioons. We trrustt yoou wwilll reespeect andd apppreeciaate thiis pposiitioon. Wee reeiteeratt

12、e tthatt thhe pporttfollio is perrforrminng wwelll annd tthe steeps takken aree beeingg doone forr innvesstorrs pprottecttionn. In thee fuuturre, thee fuund itsselff wiill conntinnue to pubblissh tthe funnd NNAV andd moonthhly facctshheett too uppdatte yyou lattestt maarkeet aand funnd ssituuatiions

13、s.Best Reggardds, The BBlueefinn Innvesstmeent Teaam藍鰭多重策策略基金金 Karraseel EEnhaanceed 分分離式組組合暫停停贖回通通知正如大家所所知道，目目前全球球資本市市場的混混亂，主主要原因因是信貸貸緊縮和和投資部部位技術(shù)術(shù)性被迫迫非理性性出清造造成的。本基金已盡所能在此次金融風暴襲擊下，維持穩(wěn)定的基金投資績效。從全球各大股市指數(shù)表現(xiàn)觀察，我們可以看到大多知名指數(shù)皆下跌30%至45%不等，相較之下，本基金表現(xiàn)相當不錯。年初至今 *藍鰭多重策策略基金金 - Karraseel EEnhaanceed SSP+0.100% *美

14、國標準普普爾5000指數(shù)數(shù)-33.883%道瓊歐洲550指數(shù)數(shù)-38.663%日本日經(jīng)2255指指數(shù)-35.664%香港恆生指指數(shù)-44.441%CS/Trremoont 避險基基金指數(shù)數(shù)-3.555% *年年初至88月份的的基金表表現(xiàn)* 年初至至10月月21日日的指數(shù)數(shù)表現(xiàn)在國際政府府單位全全力合作作和努力力之下，信信貸市場場可望在在今後的的幾個月月裡獲得得改善，這這些跡象象已開始始形成。在全世界的恐慌和巨大的市場崩潰，大規(guī)模的合作是必要方式，此將有助於市場恢復秩序。這些合作方案與效應(yīng)已持續(xù)進入整體市場中。 在現(xiàn)階段，我們被多數(shù)的子基金告知他們將暫停接受贖回，主要原因是目前市場環(huán)境與市場流通

15、性不足。在市場欠缺缺足夠的的買家，信信貸短缺缺的環(huán)境境下，許許多基金金已決定定不接受受贖回要要求，主主要是避避免將資資產(chǎn)用不不合理的的價格被被迫賤賣賣出場，導導致對整整體基金金投資人人或是不不願出場場的基金金投資者者不公平平。 我我們對這這些子基基金的決決定表示示歡迎，因因為我們們認為保保護投資資人的資資本是首首要任務(wù)務(wù)。 當當全球股股票指數(shù)數(shù)下跌330至660%，我們們?nèi)匀豢煽梢栽谶@這百年一一次世紀紀金融風風暴下創(chuàng)創(chuàng)造正報報酬率! 我我們誠希望各各位投資資人可以以注意到到我們年年初至今今的績效效，並且且體會我我們過去去的努力力維持資資本與創(chuàng)創(chuàng)造正報報酬率。本基金是組合式基金，旗下部分的基金停止接受贖回，我們也別無選擇需要停止接受投資人的贖回要求。 當市場情況允許之下，希望落在今年年底，我們將重新接受投資人贖回要求。 我們可以確定這決定是對你的投資利益最佳化，在基金不被強迫賤賣資產(chǎn)，導致其他投資人的投資利益