Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2013


	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	Class A Series 1			Class A Series 1			Class A Series 1			Class A Series 1
Per unit operating performance:
Net asset value, beginning of period	$	157.62		$	147.62		$	151.91		$	144.87
Income from operations:
Net realized and unrealized gain/(loss)		2.16			3.00			9.40			6.91
Net investment income/(loss)⁽¹⁾⁽²⁾		(0.72	)		(0.60	)		(2.25	)		(1.76	)

Total income/(loss) from operations		1.44			2.40			7.15			5.15

Net asset value, end of period	$	159.06		$	150.02		$	159.06		$	150.02

Ratios to average members’ equity⁽³⁾
Expenses		1.62	%		1.60	%		1.63	%		1.58	%
Incentive allocation		0.05			0.00			0.22			0.00

Total expenses and incentive allocation		1.67	%		1.60	%		1.85	%		1.58	%

Net investment income/(loss)⁽²⁾		(1.67	)%		(1.60	)%		(1.84	)%		(1.57	)%

Total return (prior to incentive allocation)		0.96	%		1.63	%		4.93	%		3.55	%
Incentive allocation		(0.05	)		0.00			(0.22	)		0.00

Total return⁽⁴⁾		0.91	%		1.63	%		4.71	%		3.55	%

(1)	Net investment income/(loss) is calculated based on average units outstanding during the period.

(2)	Includes incentive allocation, if applicable.

(3)

The ratios of expenses and net investment income/(loss) to average members’ equity are calculated by dividing total expenses and net investment income /(loss), respectively, by the month-end average members’ equity for the period. The ratio of expenses to average members’ equity is annualized. The ratio of incentive allocation, if any, to average members’ equity is not annualized. The ratios to average members’ equity calculated above do not include the Company’s proportionate share of the net investment income and expenses of the Investees. The ratios to average members’ equity for each member may vary based on individualized incentive allocation bases and the timing of capital transactions.

(4)

The components of total return are calculated by dividing the change in the per unit value of each component for the period by the NAV per unit at the beginning of the period. The total return for Class A Series 1 units is calculated taken as a whole and is not annualized. The total return for each member may vary based on individualized incentive allocation bases and the timing of capital transactions.

Hedge Fund Managers (Diversified) LLC 10-Q