Index Descriptions

Standard & Poor’s (“S&P”) 500 Index – The S&P 500 Index is a market-weighted index consisting of 500 stocks and is designed to be a leading indicator of U.S. equities. It is meant to reflect the risk/return characteristics of the U.S. large cap universe.

Barclay CTA Index - The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors. There are currently 522 programs included in the calculation of the Barclay CTA Index for the year 2017, which is unweighted and rebalanced at the beginning of each year. To qualify for inclusion in the CTA Index, an advisor must have four years of prior performance history. The Global Monetary Program is included in this index.

HFRI Fund Weighted Composite Index- The HFRI Fund Weighted Composite Index is an equal-weighted index that includes over 2000 constituent funds which have at least $50M under management or have been actively traded for at least 12 months. There are no fund of funds included in this index. All funds are reported in USD and returns are reported net of all fees on a monthly basis. Individuals cannot invest directly into this index.

HFRI Macro Index – The HFRI Macro Index is a sub-index of the HFRI Fund Weighted Composite Index and is composite index of over 900 Investment Managers which trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets.

MSCI EAFE Index – The MSCI EAFE Index measures international equity performance. It comprises the MSCI country indices that represent developed markets outside of North America: Europe, Australasia, and the Far East.

MSCI Emerging Markets Index – The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

Standard and Poors US Real Estate Investment Trust – The S&P US REIT is an index of the property REIT companies within the S&P Developed World Index. Each underlying company must have a market cap in excess of $100 million to qualify for inclusion in the index.

Barclays Capital LT Gov’t Bond Index – Barclays Capital Long Government/Credit Index measures the investment return of all medium and larger public issues of U.S. Treasury, agency, investment-grade corporate, and investment-grade international dollar-denominated bonds with maturities longer than 10 years.

CS Hedge Fund Index - The Credit Suisse Hedge Fund Index is compiled by Credit Suisse Hedge Index LLC and CME Group Index Services LLC. It is an asset-weighted hedge fund index and includes only funds, as opposed to separate accounts. The index uses the Credit Suisse Hedge Fund Database (formerly known as the “Credit Suisse/Tremont Hedge Fund Database”), which tracks approximately 8,000 funds and consists only of funds with a minimum of US$50 million under management, a 12-month track record, and audited financial statements. The index is calculated and rebalanced on a monthly basis, and reflects performance net of all hedge fund component performance fees and expenses

CS Global Macro Fund Index – The Credit Suisse Global Macro Hedge Fund Index is a subset of the Credit Suisse Hedge Fund Index that measures the aggregate performance of global macro funds. Global macro funds typically focus on identifying extreme price valuations and leverage is often applied on the anticipated price movements in equity, currency, interest rate and commodity markets. Managers typically employ a top-down global approach to concentrate on forecasting how political trends and global macroeconomic events affect the valuation of financial instruments. Profits can be made by correctly anticipating price movements in global markets and having the flexibility to use a broad investment mandate, with the ability to hold positions in practically any market with any instrument. These approaches may be systematic trend following models, or discretionary.

Goldman Sachs Commodity Index – The S&P GSCI is a composite index of commodity sector returns representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities.

Thomson Reuters/CoreCommodity CRB Index – The Thomson Reuters/CoreCommodity CRB Index is designed to provide timely and accurate representation of a long-only, broadly diversified investment in 19 commodities through a transparent and disciplined calculation methodology.

Bloomberg/EFFAS Government Bond Index – The Bloomberg/EFFAS Government Bond Index is a cap weighted index of the Bloomberg/EFFAS bond indices. The Bloomberg/EFFAS bond indices are designed as transparent benchmarks for government bond markets. Indices are grouped by country and maturity sectors. Bloomberg computes daily returns and index characteristics for each sector and for the cap weighted bond index under the symbol “GMUAG”.