Exhibit B

LIQUID ALTERNATIVE INVESTMENTS

TYPES AND DEFINITIONS

Liquid alternative investments are classified into the five major categories detailed below. These funds are generally structured as either private limited partnerships or offshore funds. In either case, the funds are exempt from registration with the SEC. Since these funds are private placements, the SEC restricts advertising and the dissemination of information by these funds.

Domestic Hedge funds fall into two distinctly different categories; micro hedge funds and macro hedge funds.

Micro Hedge funds invest primarily in U.S. stocks. They invest both long and short and may use leverage. Concentration in a hedge fund portfolio is often quite high, and some micro hedge funds are sector specific.

Macro Hedge funds invest opportunistically in a wide variety of securities on a global basis. These securities may include stocks, bonds, currencies, derivatives or commodities. Macro hedge funds are typically very large, highly levered, and receive considerable publicity in the financial press.

Global Hedge funds are similar to the micro hedge funds above except that they invest in equities around the globe, including those from emerging markets.

Market Neutral funds invest in one security while attempting to hedge out the underlying market risk with an investment in another related security. There are many sub-strategies of market neutral, including the following:

Convertible Bond Arbitrage funds invest in convertible bonds that are determined to be "cheap" relative to its theoretical value. The fund manager will simultaneously short the underlying stock to hedge out the risk inherent in the stock. The remaining interest rate risk may or may not be hedged (typically via selling Treasury bond futures), depending on the manager.

Fixed Income Arbitrage funds take advantage of pricing differentials between related fixed-income securities.

Merger Arbitrage (also called Risk Arbitrage) funds invest in the securities of firms that are in the process of a corporate transaction. Typically, these managers will buy the shares of a firm being acquired and short the appropriate amount of shares of the acquiring firm.

Long/Short Equity funds buy undervalued stocks and short overvalued stocks to hedge out the general market risk. The buy/sell candidates are usually identified via a quantitative model.

Short Selling funds focus primarily on selling short domestic equities. Typically, a short selling manager is short a dollar of stock for every dollar invested in the fund. The manager will usually put the fund's assets into a short-term interest-bearing security. He or she will then borrow shares and sell them in the market. The manager will receive the "short interest rebate" on the proceeds from the short sale, which are held at a broker. The short rebate earned by a manager varies but is well-approximated by the contemporaneous T-bill yield.

Distressed Debt funds invest primarily in the debt securities of firms that are in financial distress. Often, the firms are in the bankruptcy process, where the payouts to the firm's debt and other claims will be decided by the bankruptcy court. Upon resolution of the bankruptcy process, distressed debt funds may hold the equities of the recently organized company. These funds are often considered a hybrid between debt and equity.

Source: Collins Associates

Exhibit C

Illiquid Alternative Investments

Type and Definitions

Broadly defined, illiquid alternative investments are defined as private, non-traditional investments which are not readily marketable and funds invested are committed for an extended period of time. Major categories include:

Venture Capital: Equity investments in public or private companies that result in the purchase of a significant portion of majority control of the company.

Distressed Securities: Investments made through the purchase of debt or trade claims in companies that are in financial distress, restructuring, or bankruptcy.

Mezzanine Financing: Investment in the subordinated debt of privately owned companies. The debtholder participates in equity appreciation through conversion features such as rights, warrants, or options.

International Private Equity: Equity investments in companies that operate in non-US, developed or emerging markets.

Oil and Gas Programs: Investment in the exploration for oil and/or gas reserves or in the development of proven reserves.

Timber or Farmland: Investment in land to harvest timber or farm commodities.

Targeted Investments: Investments that have a special component, usually related to geographical, economic, or social issues. These investments are sometimes referred to as " ETIs ," or "economically targeted investments," and include investment in minority-owned business and state-financed housing.

1995 Survey of Alternative Investments

Goldman , Sachs & Co./Frank Russell Capital Inc.

Exhibit A

ALTERNATIVE INVESTMENT OPPORTUNITIES

Fund Name:	TCW /Crescent Mezzanine L.P.	OCM Principal Opportunities Fund L.P
Managers:	Crescent, Hicks Muse and TCW	Oaktree Capital Management LLC
Fund Amount:	$300 million	$450 million
Closing Date:	First closing March 1996; Final closing September 1996	First closing ($300 million) July 16, 1996; Second closing, no later than November 16, 1996
Fund Objective:	The Partnership will seek to provide investors with substantial current income and long-term capital appreciation through direct investments in management buyouts , acquisitions, refinancings , recapitalizations and later-stage growth capital opportunities. The Partnership intends to invest in debt securities (principally subordinated debt securities) with a significant equity component (e.g., warrants, contingent interests or conversion features) and may also invest in preferred stock, common stock or other equity securities of an issuer.	The primary objective of the Fund is to achieve substantial long-term capital appreciation. The Fund will seek to achieve this objective primarily through investment in equity and debt obligations of corporations, partnerships, limited liability companies or similar entitles ("companies") which are undervalued for reasons such as that they are (1) financially distressed, (2) formerly financially distressed and attempting to return to the mainstream financial markets, (3) in the hands of owners who wish to bow out of that role, or (4) lacking capital with which to respond to either problems or opportunities. The Fund will attempt to structure its investments with a goal of obtaining control or significant influence over such companies either directly or in conjunction with existing management.

Minimum Commitment:	$1 million	$3 million
Expected Return:	20-25% per annum
Investment Period:	5 years	3 years
Fund Term:	10 years; three optimal one-year extension	10 years after initial closing date
Present Commitments:	Colorado Prime Corporation

Wine World Estates
Management

Fees:

Organizational Expenses:	1.75% per annum of commitments during commitment period; 1.25% of invested capital after commitment period

Will not exceed $625,000	1.0% per annum of committed capital during investment period; 1.0 % per annum as defined after investment period

Will not exceed $500,000
Allocation of Net Profits and Losses:	20% general partner

80% limited partners as defined	8% preferred return and then 20% general partner

80% limited partners as defined
Tax Exempt Institutions:	Partnership does not intend to incur any borrowings which would create any unrelated debt-financial income	General Partner does not expect to make any investments that might generate Unrelated Business Taxable Income but given the breadth of the Fund's investment activities, it is possible it may make such investments
Other:	Largest independent mezzanine fund in country thus access to best deals	Fund characteristics similar to present Foundation in Special Credits Fund V. However, the Principal Fund has a modified fee structure to impose a "hurdle rate" on the return before the General Partner earns incentive fees. This approach takes the place of the "earning out" approach to management fees.

Exhibit D, cont.

ALTERNATIVE INVESTMENT OPPORTUNITIES

Fund Name:	Capital Resource Lenders III L.P.

Managers:	Monument Group

Capital Resource Partners III, LLC

Fund Amount:	$185 million

Closing Date:	First closing, second quarter 1996

Second closing, no later than 180 days after	the initial closing

Fund Objective:	Capital Resource Lenders III, L.P. is a Delaware
limited partnership established to originate and	invest in private mezzanine financings which will	combine a current rate of return through scheduled	interest payments and opportunities for
significant capital appreciation through equity	participations. CRL -III's primary investment	objectives are to provide investors: (i) a high	overall return, (ii) meaningful current yield,	(iii)investments with shorter average lives than	most private equity strategies for the middle	market, (iv) the safety of principal associated	with investing primarily in debt securities with	contractual repayment schedules and substantial	capital junior thereto, and (v) an investment	strategy that is less dependent on the initial	public offering market for liquidity than most	private equity strategies.

Minimum Commitment:	$3,000,000

Expected Return:	20 - 25%

Investment Period:	5 years

Fund Term:	10 years, plus three one-year extensions

Present Commitments:	None

Management Fees:	1.75% of committed capital during commitment
period; 1.75% of invested capital after commitment	period

Organizational	Up to $500,000

Expenses:

Allocation of Net	8% preferred return and then 20% general partner, Profits and Losses:	80% limited partners as defined

Tax Exempt	The General Partner will use its best efforts to Institutions:	operate the Fund so as not to give rise to
unrelated business taxable income

Other:	Highly disciplined adherence to strategy, its
ability to complete complex transactions and its	active involvement in portfolio companies.

Exhibit A

ALTERNATIVE INVESTMENTS

LIST OF RESOURCES

Individuals	Consultants

Mr. David G. Kabiller, CFA	Michael Palmer

Vice President	Wilshire Associates

Pension Services Group	612-338-7575 (phone)

Goldman, Sachs & Co.

85 Broad Street	Susan Netland

New York, NY 10004	Cambridge Associates

312-655-5032 (phone)	617-457-7500 (phone)

312-655-5019 (fax)

Mr. David Wagner	Emerging Markets

Chief Investment Officer

Northwestern University	Roger Hertog

Room 1-209-Crown	Sanford C. Bernstein

633 Clark Street	212-486-9666

Evanston, IL 60208

847-491-7050 (phone)	Merle Robertson

Capital Guardian

Mr. Henry G. Robin, CFA	213-486-9666

Director of Private Investments

The MacArthur Foundation	Elaine Orr

140 South Dearborn Street	BZW Barclays Global

Suite 1000	Investors

Chicago, IL 60603-5285	415-597-2036

312-920-6244 (phone)

312-917-0201 (fax)

Alternative Investment Managers

Sarah B. Jacobs, CFA	Budge Collins

Partner	Collins Associates

Brinson Partners, Inc.	Newport Beach, California

209 South La Salle Street	714-644-5771 (phone)

Suite 114

Chicago, IL 60604-1295

312-220-7110 (phone)

Written Resources

1. Yale University Investment Office -- Harvard Business School

N9-296-040

2. 1996 Rationale for Employing Alternative Investment Strategies

(Collins Associates)

Exhibit B

Mezzanine Debt in the Alternative Assets Portfolio

Mezzanine partnerships have a number of attractive characteristics that distinguish them from private equity partnerships.

Protection of Principal

Because mezzanine investments take the form of debt instruments, the	principal is senior in rights and preference to both preferred and

common equity. In most transactions, the equity provides a cushion which protects the mezzanine principal in the event the investment experiences financial difficulties.

Current Yield

Since the mezzanine investment is in the form of debt, the investment	earns a current yield. Current yield can be 10-14%. This allows a	current cash return to its investors, a feature not found in private	equity funds.

Diversification of Assets

Mezzanine funds provide alternative asset portfolio managers with the

opportunity to diversify their portfolios by investing in a class of assets with characteristics that are distinct from those of strictly equity-oriented funds. In addition, because mezzanine capital is used for a variety of financing needs, the portfolio of a mezzanine fund tends to be more diverse than that of a private equity fund.

Shorter Time Frame

The majority of investments in mezzanine partnerships are in the form	of subordinated debt, and are structured with amortization, high	coupon rates, and no prepayment penalties. Portfolio Companies are	encouraged to repay this debt early, which results in a return of the	risk capital to the Limited Partners. Because the warrants associated	with investments are usually detachable, the fund retains continued	participation in the equity appreciation of the Portfolio Company.	This investment structure creats a portfolio with a shorter average	life than those of most private equity partnerships.

Exhibit B, Con't.

Less Dependence on Public Exits for Equity Liquidity

Mezzanine funds typically try to invest in situations where there are	a number of potential exits. Additionally, since mezzanine
investments usually take the form of subordinated debt with warrants,	it is rare that a mezzanine fund equity ownership constitutes a
majority. This means that gaining liquidity for a mezzanine fund's	equity stake does not require substantial recapitalization of the	company. Finally, mezzanine funds can negotiate put options in each	of its investments. While rarely exercised, put options create one	more liquidity alternative. Consequently, a mezzanine fund is not as	dependent upon public exits to generate liquidity as funds that invest	in high growth, technology focused companies.

Competitive Profile

There are fewer funds engaged in providing mezzanine financing than	equity capital, and over the past few years, the large number of	equity funds that have been raised have increased this disparity.	From the perspective of a mezzanine investor, the growing number of	equity funds should increase the demand for mezzanine debt. While	many of the traditional sources of mezzanine financing, such as

Excellent Risk/Return Dynamics

Due to the dynamics of the mezzanine market, the risk/return characteristics can be very attractive. As the market makes it possible to structure an investment with both debt and equity features, the potential range of returns can be mitigated on the downside while retaining equity exposure for return enhancement on the upside.