Important Disclosures

Important Notes

Eligible Investors Only

This material has been prepared by Commonfund Asset Management Company, Inc. (“Comanco”) and/or Commonfund Capital, Inc. (“CCI”) (each, an “Investment Manager”) and is being distributed by Commonfund Securities, Inc. (“CSI”), each of which are indirecta- wholly owned subsidiaries of The Common Fund for Nonprofit Organizations (“TCF” and, together with Comanco, CCI and CSI and its or their affiliates, the “Commonfund Group”). CSI is registered as a broker-dealer with the U.S. Securities and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Each Investment Manager is registered with the SEC as an investment adviser. The registrations and memberships above in no way imply that the SEC, FINRA or SIPC have endorsed any of the entities, products or services discussed herein.

The information in this material is for illustration and discussion purposes only. It is not intended to be, nor should it be construed or used as, investment, tax or legal advice, any recommendation or opinion regarding the appropriateness or suitability of any investment or strategy, or an offer to sell, or a solicitation of an offer to buy, any interest in any security, including any interest in a private fund, pool, investment product, managed account or other investment vehicle (each, an “Investment Product”) advised or managed by an Investment Manager or any of its affiliates. This material is qualified in its entirety by the information contained in any Investment Product’s offering documents, including any prospectus or other offering memorandum related thereto (collectively, a “Prospectus”).

Any offer or solicitation of an investment in an Investment Product may be made only by delivery of the Investment Product’s Prospectus to qualified investors. Prospective investors should rely solely on the Prospectus in making any investment decision. The Prospectus contains important information, including, among other information, a description of an Investment Product’s risks, investment program, fees and expenses, and should be read carefully before any investment decision is made. This material does not take into account the particular investment objectives, restrictions, or financial, legal or tax situation of any specific investor. An investment in an Investment Product is not suitable for all investors.

Investment Process

No representation is made that an Investment Manager’s or an Investment Product’s investment process, investment objectives, goals or risk management techniques will or are likely to be achieved or successful or that an Investment Product or any underlying investment will make any profit or will not sustain losses. An investment in an Investment Product involves risk, as disclosed in the Prospectus. An Investment Manager may engage in investment practices or trading strategies that may increase the risk of investment loss and a loss of principal may occur. The risk management techniques which may be utilized by an Investment Manager cannot provide any assurance that an Investment Product will not be exposed to risks of significant trading losses.

Any descriptions involving investment process, investment examples, statistical analysis, investment strategies or risk management techniques are provided for illustration purposes only, will not apply in all situations, may not be fully indicative of any present or future investments, may be changed in the discretion of an Investment Manager and are not intended to reflect performance.

Portfolio characteristics and limits reflect guidelines only and are implemented, and may change, in the discretion of an Investment Manager. Investments are selected by, and will vary in the discretion of, an Investment Manager and are subject to availability and market conditions, among other factors. Similarly, an Investment Manager’s access to particular managers may vary in the future and cannot be guaranteed. Prospective investors should review with care the Prospectus related to an Investment Product; the Prospectus contains a fuller discussion of applicable risks.

Any portfolio characteristics shown reflect current intentions and general guidelines that may be modified or eliminated from time to time by an Investment Manager without prior notice to investors. There is no requirement that an Investment Manager or an Investment Product observe these guidelines, or that any action be taken if these guidelines are exceeded or are not met or followed.

Market Commentary

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding future events or which are forward-looking, including regarding portfolio characteristics and limits, constitute only subjective views, beliefs, outlooks, estimations or intentions of an Investment Manager, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond an Investment Manager’s or an Investment Product’s control. Future evidence and actual results (including actual composition and investment characteristics of an Investment Product’s portfolio) could differ materially from those set forth in, contemplated by, or underlying these Statements, which are subject to change without notice. In light of these risks and uncertainties, there can be no assurance and no representation is given that these Statements are now, or will prove to be accurate, or complete in any way. Neither Investment Manager undertakes any responsibility or obligation to revise or update such Statements. Statements expressed herein may not necessarily be shared by all personnel of an Investment Manager or the Commonfund Group.

Benchmarks

Benchmarks and financial indices are shown for illustrative purposes only and are provided for the purpose of making general market data available as a point of reference only. Such benchmarks and financial indices may not be available for direct investment, may be unmanaged, assume reinvestment of income, do not reflect the impact of any trading commissions and costs, management or performance fees and have limitations when used for comparison or other purposes because they, among other reasons, may have different trading strategy, volatility, credit, or other material characteristics (such as limitations on the number and types of securities or instruments). An Investment Product’s investment objective is not restricted to the securities and instruments comprising any one index. No representation is made that any benchmark or index is an appropriate measure for comparison.

Important Information: Performance

Gross performance results do not reflect the deduction of investment advisory fees and other fees as disclosed in the relevant Form ADV on file with the SEC with respect to an Investment Manager.

COMANCO Performance

Unless otherwise indicated, Comanco performance shown is unaudited, net of applicable management, performance and other fees and expenses, presumes reinvestment of earnings and excludes investor specific sales and other charges. Fees may be modified or waived for certain investors. Please refer to an Investment Product’s Prospectus for more information regarding the Investment Product’s fees, charges and expenses, which will offset the Investment Product’s gains. Performance may vary substantially from year to year or even from month to month. An investor’s actual performance and actual fees may differ from the performance information shown due to, among other factors, capital contributions and withdrawals/redemptions, different share classes and eligibility to participate in “new issues.” The value of investments can go down as well as up. Certain share classes of an Investment Product may be closed, including the share class from which the performance shown has been derived. Past performance is not indicative of future results.

CCI Performance

Unless otherwise indicated CCI performance shown is net of all fees and carried interest. Internal rates of return (“IRR”) should be evaluated in light of information on the investment program of a related partnership, the risks associated therewith, and performance of the partnership as disclosed in the Prospectus for the partnership, the annual reports of CCI and the partnership and the quarterly reports of the partnership.

CCI presents return information for its partnerships on a dollar-weighted (e.g., IRR) basis, which is standard for the private capital industry, rather than the time-weighted (e.g., annual or other period rate of return) basis, which is used principally to report performance of publicly-traded securities. The IRR since inception is the most commonly used calculation methodology for presentation of performance in the private capital business. Comparison of returns calculated on an IRR basis with returns on a time-weighted basis is not appropriate. For a description of the two return calculation methods, see “Measuring Investment Returns, Time vs. Dollar-Weighted – What’s the Difference?”, a copy of which is available from CCI.

There can be no assurance that unrealized investments ultimately will be realized at the valuations used in calculating IRRs or net multiples or that the calculated IRRs will be obtained. The actual realized returns will depend on, among other factors, future operating results, the value of assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale. Past performance is not indicative of future results.

Important Information: Performance Comparisons

HYPOTHETICAL PERFORMANCE – GENERALLY

Certain composite performance results (based on sector attribution and other dissections and combinations of actual Investment Product performance) may be considered hypothetical results (“Hypothetical Results”), even though based on actual trading of one Investment Product but because this type of performance does not reflect the actual trading or performance of other Investment Products. Hypothetical Results have inherent limitations, some of which are described below. One limitation is that they do not reflect actual trading by an Investment Product and therefore do not reflect the impact that economic and market factors, including concentration, lack of liquidity or market disruptions, may have on investment decisions for an Investment Product. In fact, there may be sharp differences between the Hypothetical Results and the actual results of any Investment Product. There also may be a material difference between the amount of an Investment Product’s assets at any time and the amount of the assets managed in the Hypothetical Results, which difference may have an impact on the management of an Investment Product. No representation is made that an Investment Product’s performance would have been the same as the Hypothetical Results had the Investment Product been in existence during such time or that such investment strategy will be maintained in the future; an Investment Manager may choose to implement a different investment strategy, make different investments or have an Investment Product invest in other investments. To the extent there are any material differences between an Investment Manager’s management of an Investment Product and the Hypothetical Results, the Hypothetical Results performance results will no longer be representative and their illustration value will decrease substantially. A decision to invest in an Investment Product should not be based on the returns of the Hypothetical Results.

HYPOTHETICAL PORTFOLIO – FUNDS

The stated return is the net total return for a hypothetical investment in a portfolio of each of the indicated funds for the stated period, allocated between the funds at the indicated ratio and calculated assuming an annual rebalancing at year-end to the indicated ratio.

While the stated blended return is based on historical performance, it is provided for illustrative purposes only, and does not necessarily represent the actual performance of any investor, or a recommendation on the part of an Investment Manager or CSI to any particular investor. The goals, risk tolerance and circumstances of each investing institution should be taken into account in determining whether any such blended investment might be appropriate for their institution.

In addition, the reader should be aware that the assumption underlying this return – namely, that the investor maintained a steady allocation among the funds and rebalanced annually – is artificial in that it does not take into account changes that might be made in response to significant market events, etc.

The depicted performance is also based on an assumption that the investor is not being charged any asset allocation or overall portfolio level fee, although it is presented net of the fees and expenses incurred within the depicted funds.

All Investment Manager returns depicted in these types of portfolios are net of all fees and expenses. Returns for periods of one year or greater are annualized.

HYPOTHETICAL PORTFOLIO – INDICES

The stated returns are total returns for a hypothetical investment in a portfolio of each of the indicated indices for the stated period, allocated between the indices at the indicated ratio and calculated assuming an annual rebalancing at year-end to the indicated ratio. An index is a hypothetical measure of performance based on the ups and downs of securities that make up a particular market. An index does not show actual investment returns or reflect payment of management or brokerage fees, which would lower the index’s performance.

While the stated blended return is based on historical performance, it is provided for illustrative purposes only and does not necessarily represent the actual performance of any investor, or a recommendation on the part of an Investment Manager or CSI to any particular investor. The goals, risk tolerance and circumstances of each investing institution should be taken into account in determining whether any such blended investment might be appropriate for it.

In addition, the reader should be aware that the assumption underlying these returns – namely, that the investor maintained a steady allocation among the indices and rebalanced annually – is artificial in that it does not take into account changes that might be made in response to significant market events, etc.

The depicted performance is also based on an assumption that the investor is not being charged any asset allocation or overall portfolio fee.

RELATED PERFORMANCE COMPARISIONS

The historical performance results of any funds indicated as a “Related Fund” shown are being provided for illustrative and information purposes only and should not be relied upon and do not represent, and are not indicative of, an Investment Product’s actual or future performance or the results that may be achieved by an investor in an Investment Product.

A decision to invest in an Investment Product should not be based on the returns of the Related Fund.

A Related Funds’ performance results may be considered hypothetical even though based on the actual trading of the accounts of the Related Fund, because the performance of the Related Fund does not reflect the actual trading, performance or fees applicable to any one Investment Product. The investments in the Related Fund and the investments in an Investment Product will not be identical. Investments for an Investment Product are made in the discretion of an Investment Manager and will vary over time.

Related performance, such as the Related Fund results, have inherent limitations, some of which are described below. One limitation is that they do not reflect actual trading by an Investment Product and therefore do not reflect the impact that economic and market factors, including concentration, lack of liquidity or market disruptions, may have on investment decisions for an Investment Product. In fact, there may be sharp differences between the Related Fund results and the actual results of any Investment Product. There also may be a material difference between the amount of an Investment Product’s assets at any time and the amount of the assets managed in the Related Fund, which difference may have an impact on the management of an Investment Product. No representation is made that an Investment Product’s performance would have been the same as the Related Fund results had the Investment Product been in existence during such time or that such investment strategy will be maintained in the future; an Investment Manager may choose to implement a different investment strategy, make different investments or have an Investment Product invest in other investments in which it chooses not to have a Related Fund invest or vice versa. To the extent there are any material differences between an Investment Manager’s management of an Investment Product and the management of the Related Fund, the Related Fund’s performance results will no longer be representative and their illustration value will decrease substantially. A decision to invest in an Investment Product should not be based on the returns of a Related Fund.

Important Information: Outsourced Investment Solutions

ADVISORY SERVICES

Advisory services described under the trade names “Commonfund Strategic Solutions” and “Commonfund Custom Investment Office” in this presentation are provided by Comanco. Investors in these services enter investment advisory agreements with Comanco and are provided with copies of Comanco’s Form ADV Part 2A (copies of which are available to prospective investors upon request to your Commonfund Relationship Officer).

COMMONFUND MULTI-ASSET PROGRAM

The “Commonfund Multi-Asset Program” described in this presentation provides to qualifying investors who invest significant portions of their assets in Comanco’s commingled funds the described web portal and associated reporting services, as well as incidental consulting from investors’ relationship officers (who are affiliated with CSI). These services do not include direct investment advisory services (although the Comanco funds in which such investors place their assets do receive advisory services from Comanco). In particular, investors in the Commonfund Multi-Asset Program should be aware that Comanco has no obligation, as well as no authorization from such investors, to engage in ongoing continuous management with respect to such investors’ overall portfolios or asset allocations, or specifically to rebalance such investors’ allocations among Comanco funds without specific directions from such investors delivered in accordance with the underlying funds’ current procedures.

Important Information: MSE Composite Benchmark

MSE FUNDS COMPOSITE BENCHMARK

The MSE Funds Composite Benchmark consists of the following components: S&P 500 (75%), MSCI All Country World Index excluding the U.S. Net (15%), and HFRI Fund of Funds Composite Index (10%). For periods prior to January 1, 2001, the MSCI All Country World ex USA Index reflects dividends gross of withholding tax in the calculation of returns. The monthly return used for the HFRI Composite FOF Index, a component of the MSE Funds Composite Benchmark, is the Flash Update return that is published by HFRI by the 5th business day of the following month. HFRI reserves the right to adjust the monthly return of the HFRI index up to four months after the month end performance date. Monthly returns for the MSE Funds Composite Benchmark may be retroactively restated based on later adjustments to the HFRI index. See Important Notes regarding Hypothetical Portfolio – Indices.

DESCRIPTION OF COMMONLY USED INDICES

This list may not represent all indices used in this material. A description of certain indices specific to a particular slide may be listed on or adjacent to the slide.

HFRI Monthly Indices (“HFRI”) are equally weighted performance indices, utilized by numerous hedge fund managers as a benchmark for their own hedge funds. The HFRI are broken down into four main strategies, each with multiple sub-strategies. All single-manager HFRI Index constituents are included in the HFRI Fund Weighted Composite, which accounts for over 2000 funds listed on the internal HFR Database. Due to mutual agreements with the hedge fund managers listed in the HFR Database, Comanco is not at liberty to disclose the particular funds behind any index to non-database subscribers. Funds included in the HFRI Monthly Indices must: report monthly returns, report net of all fees returns, report assets in U.S. dollars, have at least $50 million under management or have been actively trading for at least twelve months. Funds are eligible for inclusion in the HFRI the month after their addition to HFR Database. For instance, a fund that is added to HFR Database in June is eligible for inclusion in the indices upon reporting their July performance. The HFRI are updated three times a month: a flash update (5th business day of the month), a mid update (15th of the month), and an end update (1st business day of following month). The current month and the prior three months are left as estimates and are subject to change. All performance prior to that is locked and is no longer subject to change. If a fund liquidates/closes, that fund’s performance will be included in the HFRI as of that fund’s last reported performance update. The HFRI Fund of Funds Index is not included in the HFRI Fund Weighted Composite Index. Both domestic and offshore funds are included in the HFRI. In cases where a manager lists mirrored-performance funds, only the fund with the larger asset size is included in the HFRI. Click here to see HFRI Indices FAQ.

MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. (List as of June 2014.)

MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of Equity REIT securities. The MSCI US REIT Index includes securities with exposure to core real estate (e.g., residential and retail properties) as well as securities with exposure to other types of real estate (e.g., casinos, theaters).

MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are as follows: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the U.S. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. (List as of June 2014.)

CS Leveraged Loan Index is an index designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. The index inception is January 1992. The index frequency is monthly. New loans are added to the index on their effective date if they qualify according to the following criteria: loans must be rated “5B” or lower; only fully-funded term loans are included; the tenor must be at least one year; and the Issuers must be domiciled in developed countries (i.e., issuers from developing countries are excluded). Fallen angels are added to the index subject to the new loan criteria. Loans are removed from the index when they are upgraded to investment grade, or when they exit the market (for example, at maturity, refinancing or bankruptcy workout). Note that issuers remain in the index following default. Total return of the index is the sum of three components: principal, interest, and reinvestment return. The cumulative return assumes that coupon payments are reinvested into the index at the beginning of each period.

MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 developed markets countries – excluding the U.S. With 1,003 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. (List as of June 2014.)

Dow Jones U.S. Select Real Estate Securities Index (“RESI”) represents equity real estate investment trusts (“REITs”) and real estate operating companies traded in the U.S. The Dow Jones U.S. Select REIT Index is a subset of the Dow Jones Americas Select RESISM and includes only REITs and REIT-like securities.

S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across three primary commodity-related sectors: agribusiness, energy, and metals & mining.

Bloomberg Commodity Index (“BCOM”) is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule.

Bloomberg Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the U.S. – including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.

Barclays Capital U.S. Treasury Inflation Protected Securities (“TIPS”) Index includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade and have $250 million or more of outstanding face value.

Citigroup World Government Bond Index (“WGBI”) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over twenty countries, denominated in a variety of currencies, and has more than twenty-five years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.

BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. It is not possible to invest directly in an unmanaged index.

S&P 500 Index is a widely recognized gauge of the U.S. equities market. This index is an unmanaged capitalization-weighted index consisting of 500 of the largest capitalization U.S. common stocks. The returns of the S&P 500 include the reinvestment of dividends.

Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

IMPORTANT INFORMATION: RISK REPORTING

Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes and as an aid or guideline for prospective investors to evaluate a particular Investment Product’s strategies, volatility and accompanying information. Such targets or objectives reflect subjective determinations of an Investment Manager based on a variety of factors including, among others, the Investment Product’s investment strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions. Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time period indicated and not over shorter periods. Performance targets or objectives should not be relied upon as an indication of actual or projected future performance. Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of an Investment Manager to implement an Investment Product’s investment process, investment objectives and risk management. No representation is made that these targets or objectives will be achieved, in whole or in part, by any Investment Product.

Value at Risk (“VaR”)

VaR is a method of estimating the maximum expected potential loss of a given portfolio for a specific time period under normal market conditions and at a given probability level. VaR is calculated for an Investment Product by setting the confidence level to a specific value (0-100) over a one year period. For example, if the monthly VaR of a portfolio is 5 percent at a 95 percent confidence level, then there are five chances in 100, under normal market conditions, of a loss greater than 5 percent. An Investment Manager’s calculations are based on the portfolio constituents’ monthly returns with weekly frequency looking back five years, and greater weight is given to more recent returns than less recent returns. The resultant returns time series has a one-year half-life.

The VaR method relies on simplifying assumptions which are not always present in real investing environments, including, but not limited to, that normal market conditions are present (i.e., that a normal distribution of returns exists and that historical returns and correlations are representative of future returns and correlations). Estimates of future performance are based on assumptions that may not be realized. The projections or other information generated by VaR analysis are not guarantees of future results and do not take into account abnormal market conditions – situations in which the risk of loss may be greatest. VaR is not a ‘worst case’ scenario and can understate the amount of actual loss to which an investor may be exposed.

Conditional Value at Risk (“CVaR”)

While VaR is useful in understanding the maximum potential loss in a given portfolio 95 percent of the time, CVaR attempts to measure the average downside risk in a portfolio the remaining 5 percent of the time. For example, if the monthly CVaR of a portfolio is 10 percent at a 95 percent confidence level, then the average loss is 10 in those 5 percent of outcomes where VaR is exceeded – note that this calculation predicts the average loss, not the worst potential loss. Similar to VaR calculations, CVaR calculations are based on the portfolio constituents’ monthly returns with weekly frequency looking back five years, and greater weight is given to more recent returns than less recent returns. CVaR calculations may be less reliable than VaR calculations because there are typically fewer data points.

Standard Deviation

This is a measure of how much a portfolio’s value can deviate in one year. It is calculated as annualized standard deviation of the portfolio monthly returns with weekly frequency time series looking back five years, weighting recent returns more heavily. This generates a half-life of one year.

Historical Beta (ß)

This is a measure of the risk arising out of the movement of market factors. A beta (or ß) of 1.0 indicates that an up/down movement in the benchmark will generate an equal percent movement in the portfolio. Any idiosyncratic factor in the portfolio can generate an up/down move in addition to the beta.

Historical Stress Tests

We report the portfolio risk as the profit/loss it will generate if six major historic market events were to recur independently. These metrics are calculated by combining the portfolio constituents’ movements during those events for the portfolio as a whole.

Hypothetical Factor Stress Tests

We also report the portfolio risk as the profit/loss it will generate if five hypothetical market movements were to occur independently. These metrics are calculated by combining the portfolio constituents’ current sensitivity to the movements in these market factors.

IMPORTANT INFORMATION: DISTRIBUTION

Distribution of this material and the offer of an Investment Product may be restricted in certain jurisdictions. This material is not intended for distribution or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

This material is as of the date indicated, may not be complete, is subject to change and does not contain material information regarding an Investment Product, including specific information relating to an investment in an Investment Product and related risks factors. Unless otherwise stated, information provided in this material is derived from one or more parts of the Commonfund Group’s databases and internal sources. Certain information, including information related to indices and benchmarks, has been provided by and/or is based on third party sources and, although believed to be reliable, has not been independently verified. An Investment Manager is not responsible for errors or omissions from these sources. No representation is made with respect to the accuracy, completeness or timeliness of information and no Investment Manager assumes any obligation to update or otherwise revise such information. Unless the context otherwise requires, the term “investor” and “client” may be used interchangeably.

If so marked, this material is intended only for broker-dealers, financial intermediaries and advisers for their internal use in evaluating an Investment Product for their investors and clients and may not be distributed or relied upon by any other person.

This material and the information contained in this material is confidential, is the property of the related Investment Manager and CSI, is intended only for intended recipients and their authorized agents and representatives and may not be reproduced or distributed to any other person without prior written consent.

IMPORTANT INFORMATION: OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each customer who opens an account. What this means for you: When you open an account, the Commonfund Group may ask for documents or information related to your principal place of business, local office or other physical location; taxpayer identification number; and other documents demonstrating your lawful existence such as certified articles of incorporation, a government-issued business license, a partnership agreement, or a trust instrument, and other identifying documents.

RISKS AND OTHER DISCLOSURES

Investment Products, depending upon their investment objectives and strategies, may invest and trade in many different markets, strategies and instruments (including securities, non-securities and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including requirements to provide certain periodic and standardized pricing and valuation information to investors. There are substantial risks in investing in any Investment Product, which also are applicable to the underlying investment vehicles in which an Investment Product may invest, including risks associated with limited or no regulatory oversight. You should note that:

  • An Investment Product represents a speculative investment and involves a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in an Investment Product. An investor could lose all or a substantial portion of his/her/its investment in an Investment Product.
  • An Investment Product is not suitable for all investors. An investment in an Investment Product should be discretionary capital set aside strictly for speculative purposes. Only qualified eligible investors may invest in an Investment Product, as further described in the related Prospectus and/or subscription documents.
  • Governing investment documents or the related Prospectus or the managed account agreement, as the case may be, are not reviewed or approved by federal or state regulators and privately placed interests are not federally or state registered.
  • An Investment Product may be illiquid and there are significant restrictions on transferring or redeeming interests in an Investment Product. There is no secondary market for an investor’s investment in an Investment Product, and none is expected to develop. Substantial redemptions by investors within a limited period of time could compel an Investment Product to liquidate its securities positions more rapidly than otherwise would be desirable, which could adversely affect the value of the distribution proceeds and the value of the remaining interests in an Investment Product.
  • Net asset value may be determined by its administrator or a pricing committee retained by an Investment Product in consultation with its manager or advisor in certain cases. Certain portfolio assets may be illiquid and without a readily ascertainable market value. Since the value assigned to portfolio securities affects a manager’s or an advisor’s compensation, a manager’s or an advisor’s involvement in the valuation process creates a potential conflict of interest. The value assigned to such securities may differ from the value an Investment Product is able to realize. Instances of mispriced portfolios, due to fraud or negligence, have occurred in the industry.
  • An Investment Product may have little or no operating history or performance and may use performance which may not reflect actual trading of an Investment Product and should be reviewed carefully. Investors should not place undue reliance on hypothetical, pro forma or predecessor performance. An Investment Product’s actual performance may differ substantially and may be volatile.
  • An Investment Product may trade in commodity interests and futures, may execute a substantial portion of trades on foreign exchanges and/or may invest in credit instruments, real estate, alternative or non-traditional assets or other instruments, each of which involve specified risks and which could result in a substantial risk of loss. Commodities and futures prices may be highly volatile and are difficult to predict.
  • An Investment Product may use derivative financial instruments, including futures, swaps, options, credit default swaps and credit default indices, both for hedging and speculative purposes. The use of derivative instruments involves a variety of material risks, including the high degree of leverage often embedded in such instruments and the possibility of counterparty non-performance as well as of material and prolonged deviations between the actual and the theoretical value of a derivative instrument.
  • A manager or advisor has total trading authority over an Investment Product. The death or disability of the portfolio manager or advisor, or their departure, may have a material adverse effect on an Investment Product.
  • An Investment Product may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk. A fund of funds relies on the expertise of its underlying managers. An Investment Product and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be disclosed to investors.
  • An Investment Product may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors.
  • Fees and expenses – which may be substantial regardless of any positive return – will offset an Investment Product’s trading profits. If an Investment Product’s investments are not successful, these payments and expenses may, over a period of time, deplete the net asset value of the Investment Product.
  • Managers/advisors and their affiliates may be subject to various potential and actual conflicts of interest.
  • An Investment Product may employ investment strategies or techniques aimed to reduce the risk of loss which may not be successful.
  • An Investment Product may not be required to provide periodic pricing or valuation information to investors.
  • An Investment Product may employ leverage. The more leverage used, the more likely a substantial change in value may occur, either up or down.

The above summary is not a complete list of the risks, tax considerations and other important disclosures involved in investing in an Investment Product and is subject to the more complete disclosures in such Investment Product’s Prospectus and/or managed account agreement, which must be reviewed carefully prior to making any investment in such Investment Product.

Commonfund Securities, Inc., member FINRA, SIPC.

Legal Notices

Web Site Terms and Conditions

Please read the following Important Legal Information prior to using Commonfund’s web site (the “Site”). The following are terms of a legal agreement between you and Commonfund. Your use of the Site signifies that you agree to the terms, conditions, and restrictions governing the use of this site. Commonfund may change, add, or remove portions of this agreement at any time, but if it does so, it will post such changes on the Site. Commonfund may change, suspend, or discontinue any aspect of the Site at any time, including the availability of any Site feature, database, or content.

You must abide by any policies posted on the Site.

About the Commonfund Organization

For information concerning The Common Fund for Nonprofit Organizations (“Commonfund”) and its subsidiaries, and the respective services and products that they provide, please see About Commonfund – About Us.

Unless the context otherwise makes clear, all references to “Commonfund” or the “Commonfund organization” in this Site should be taken to refer to Commonfund and its subsidiaries and affiliates.

Commonfund U.K. Ltd.

Commonfund U.K. Ltd., 1 Northumberland Avenue, 1st Floor, Trafalgar Square London, WC2N 5BW. Registered in England No. 6107655. Authorized and Regulated by the UK Financial Conduct Authority

No Offer to Buy or Sell Securities

The information provided on this Site is for general informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction. This Site is not an offer or solicitation to participate in any particular trading strategy.

Information contained on this Site and any statements about particular securities should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This Site and the information contained does not take into account – nor does it provide any tax, legal or investment advice or opinion regarding — the specific investment objectives or financial situation of any person. The investments, securities, or trading strategies referred to on this Site may not be suitable for investors depending on their specific investment objectives and financial situation. Investors should seek professional, financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended on this Site and should understand that statements regarding future prospects may not be realized.

Jurisdictional Matters

Not all securities, products or services described in this Site are available in all countries, and nothing in this Site is an offer to sell or solicitation of an offer to buy these securities, products or services in any jurisdiction where their offer or sale is not qualified or exempt from regulation. No securities, products or services will be made available to any person if the provision of such securities, products or services would be in violation of such person’s home country jurisdiction or any other related jurisdiction.

Disclaimer of Warranty and Limitation of Liability

THE SITE AND ALL DOWNLOADABLE SOFTWARE ARE DISTRIBUTED ON AN “AS IS” BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. YOU HEREBY ACKNOWLEDGE THAT YOUR USE OF THE SITE IS AT YOUR SOLE RISK.

Commonfund and its affiliated organizations will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via the Site.

Although the information provided to you on the Site about matters other than funds offered by Commonfund and its affiliated organizations is obtained or compiled from sources we believe to be reliable, Commonfund and its affiliated organizations cannot and do not guarantee the accuracy, timeliness or completeness of such information. All such information is subject to change at any time without notice.

Neither Commonfund, nor any of its affiliates, directors, officers or employees, nor any third party vendor will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of the Site, or resulting from the act or omission of any other party involved in making the Site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the Site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Commonfund and its affiliated organizations or of any vendor providing software or services support. In no event will Commonfund, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind arising from such cause even if Commonfund and its affiliated organizations or any other party have been advised of the possibility thereof.

Third Party Content

The Commonfund Site may include content that is supplied by companies that are not affiliated with Commonfund (“Third Party Content”). The source of all Third Party Content will be clearly and prominently identified.

The Third Party Content may be protected by copyright pursuant to United States laws and international treaties and is owned or licensed by the Third Party Content provider(s) identified.

Commonfund has not been involved in the preparation or adoption Third Party Content, may or may not have edited such Third Party content, and does not explicitly or implicitly endorse or approve such content. The Third Party Content providers do not implicitly or explicitly give investment advice, or advocate the purchase or sale of any security or investment. In order to comply with applicable laws and regulations, Commonfund may at times exclude or filter Third Party Content based on objective criteria.

While Commonfund makes every attempt to provide accurate and timely information to serve the needs of users, neither Commonfund nor the Third Party Content providers guarantee the accuracy, timeliness, completeness or usefulness of any Third Party Content, and are not responsible or liable for any such content, including any advertising, products, or other materials on or available from third party sites. Third Party Content is provided for informational purposes only and Commonfund and the Third Party Content providers specifically disclaim any responsibility for Third Party Content available on the site.

You will use Third Party Content only at your own risk. THE THIRD PARTY CONTENT IS PROVIDED ON AN “AS-IS” BASIS. THE THIRD PARTY CONTENT PROVIDERS EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.

THE THIRD PARTY CONTENT PROVIDERS AND THEIR PARENTS, SUBSIDIARIES, AFFILIATES, SERVICE PROVIDERS, LICENSORS, OFFICERS, DIRECTORS OR EMPLOYEES SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATING TO THE USE OR THE INABILITY TO USE THE THIRD PARTY CONTENT.

Copyright or Other Notices

All materials published on the Site are protected by copyright, and are owned or controlled by Commonfund or the party credited as the provider of the materials. You may download or copy the materials displayed on the Site for your personal use only, and you may not further distribute these materials. If you download any information or software from this Site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

In the event you have a claim of copyright infringement with respect to material that is contained in the Site, please notify Commonfund, Attention: Legal Department, 15 Old Danbury Road, P.O. Box 812, Wilton, Connecticut 06897-0812, telephone number (203) 563-5000.

“Commonfund” is a proprietary trademark of The Common Fund for Nonprofit Organizations.

Use of Links

Links (also known as “hyperlinks”) to or from other Internet sites may be included at times for the convenience of the user. Commonfund and its affiliates assume no responsibility for the content of any linked site. The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site.

Limited Availability of Investment Programs

Only qualifying educational organizations that are Commonfund Members may invest in the investment funds maintained by The Common Fund for Nonprofit Organizations (“Commonfund”). Interested educational institutions and their representatives should review Commonfund’s publication Information for Members. Investment programs offered by Commonfund’s affiliates will be available to other types of qualifying institutional investors. Interested investors should consult the offering documents for any such program for further information.

Affiliation with Commonfund Securities, Inc.

Notice of Investor Education and Protection Information Pursuant to FINRA Rule 2267

Interests in Commonfund funds and those offered by Commonfund’s affiliates are placed by Commonfund Securities, Inc., a broker-dealer that is a member of the Financial Industry Regulatory Authority (“FINRA”). Commonfund Securities, Inc. is an indirect, wholly-owned subsidiary of Commonfund. Please refer to the FINRA’s website (www.finra.org) and/or FINRA BrokerCheck (www.finra.org/brokercheck or Hotline Number (800) 289-9999) for more information about FINRA and its member organizations.

FINRA BrokerCheck is a resource tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. Features of FINRA BrokerCheck include:

  • Search capabilities for both a broker and brokerage firm

  • Online delivery of a report on a broker or brokerage firm

  • Explanatory information to help investors better understand the content, context and source of the information provided

  • Links to additional resources and tools

The information made available through FINRA BrokerCheck is derived from the Central Registration Depository (CRD®), the securities industry online registration and licensing database, as reported on industry registration/licensing forms brokers, brokerage firms and regulators complete. More detailed information regarding FINRA BrokerCheck is contained in an investor brochure which is available via the FINRA website.

Statements on Web Site by Commonfund Investors

Statements by investors in funds maintained by Commonfund may not be representative of the views or experiences of others. A particular investor’s views, experience, or investment results provide no assurance of future performance or success.

Business Continuity

Commonfund has developed a business continuity plan that is designed to minimize the impact of computer or facilities related emergencies or external events, such as a natural disaster, on Commonfund and our ability to provide service to our clients. The goal of our plan is that we will continue, or resume as quickly as possible, critical business operations during these types of disruptions.

Our plan addresses the actions that we will take in the event that the significant disruption affects a single building, a business district, a citywide area, or an entire region. We have different planned recovery times depending on the severity of the significant business disruption. In most of the scenarios addressed by our plan, we anticipate recovery times within 24 hours from the significant business disruption. Even in the most significant business disruption scenario addressed by our plan, we anticipate that critical business operations could be resumed within five days.

To support our Business Continuity Plan recovery times, we maintain a back-up facility, including a secondary data center for all of our branches. Our back-up facility is located well away from our primary facilities so that it would not be affected by a regional disruption. Account access would be available through the data center at our back-up facility. Our plan will be reviewed, updated and tested periodically. If a material change to the plan occurs, this Notice of Business Continuity Preparedness will be updated as appropriate. We may modify this notice at any time with such modifications becoming effective upon posting to our web site. You may obtain a current copy of this notice by clicking here, or Commonfund will mail you a copy upon request.

Miscellaneous

This agreement has been made in and shall be construed and enforced in accordance with New York law. Any action to enforce this Agreement shall be brought in the federal or state courts located in New York City.

Notice of Anti-Money Laundering Customer Identification Requirements Important information about procedures for opening a new account:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each customer who opens an account.

What this means for you: When you open an account, we may ask for documents or information related to: your principal place of business, local office or other physical location; taxpayer identification number; and other documents demonstrating your lawful existence such as certified articles of incorporation, a government-issued business license, a partnership agreement, or a trust agreement, and other identifying documents.

Privacy Policy

This policy governs the manner in which Commonfund safeguards Social Security numbers collected from investors and Commonfund personnel. The purpose of this policy is to establish measures by which to safeguard Social Security numbers and to minimize the abuses associated with the fraudulent use of Social Security numbers by attempting to restrict their use as an identifier.

Commonfund personnel (including, without limitation, employees and contractors) and anyone accessing Commonfund’s non-public computer systems shall not:

  1. Communicate, or otherwise make available, to the general public any individual’s Social Security number;

  2. Publicly display any individual’s Social Security number either within or outside Commonfund systems or facilities;

  3. Intentionally print or embed an individual’s Social Security number on any card required for an investor or employee to access products, services or benefits;

  4. Require an individual to transmit the individual’s Social Security number over the Internet or to store Social Security numbers on any laptop or other portable computing device, unless the connection is secure or the Social Security number is encrypted in accordance with Commonfund’s Information Security Policy;

  5. Require an individual to use the individual’s Social Security number to access an Internet website, unless a password or unique personal identification number or other authentication device is also required to access the Internet website;

  6. Print an individual’s Social Security number on any materials that are mailed (including facsimile and e-mail) unless required by law or on documents sent as part of an application, an amendment, or termination of the account, in which case the number may not be on a postcard or visible through an envelope. Approval from the Information Security Policy Program Administrator is required for inclusion of Social Security numbers in a mailing;

  7. Require use of a Social Security number as an ID number;

  8. Display a Social Security number on any document intended to be recorded by a county recorder;

  9. Use a Social Security number as a PIN code;

  10. Sell, lease, loan or otherwise intentionally disclose a Social Security number to third parties without written consent from the investor, employee, contractor or other individual to whom the Social Security number belongs in accordance with applicable laws; and

  11. Show a Social Security number in a paystub or other format.

Use of a Social Security number is permitted if the use, collection or release of the number is required by law, or if the use is for internal verification or administrative purposes. Commonfund personnel must consult with the Information Security Policy Program Administrator if they are unsure whether use of a Social Security number is permissible in a particular situation.

Description of Indices

HFRI Monthly Indices (HFRI) The HFRI Monthly Indices (HFRI) are equally weighted performance indexes, utilized by numerous hedge fund managers as a benchmark for their own hedge funds. The HFRI are broken down into 4 main strategies, each with multiple sub-strategies. All single-manager HFRI Index constituents are included in the HFRI Fund Weighted Composite, which accounts for over 2000 funds listed on the internal HFR Database. Due to mutual agreements with the hedge fund managers listed in the HFR Database, we are not at liberty to disclose the particular funds behind any index to non-database subscribers. Funds included in the HFRI Monthly Indices must: Report monthly returns, Report Net of All Fees Returns, Report assets in USD, Have at least $50 Million under management or have been actively trading for at least twelve (12) months. Funds are eligible for inclusion in the HFRI the month after their addition to HFR Database. For instance, a fund that is added to HFR Database in June is eligible for inclusion in the indices upon reporting their July performance. The HFRI are updated three times a month: Flash Update (5th business day of the month), Mid Update (15th of the month), and End Update (1st business day of following month). The current month and the prior three months are left as estimates and are subject to change. All performance prior to that is locked and is no longer subject to change. If a fund liquidates/closes, that fund’s performance will be included in the HFRI as of that fund’s last reported performance update. The HFRI Fund of Funds Index is not included in the HFRI Fund Weighted Composite Index. Both domestic and offshore funds are included in the HFRI. In cases where a manager lists mirrored-performance funds, only the fund with the larger asset size is included in the HFRI. Click here for HFR Indices FAQ.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom (List as of June 2014).

The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of Equity REIT securities. The MSCI US REIT Index includes securities with exposure to core real estate (e.g. residential and retail properties) as well as securities with exposure to other types of real estate (e.g. casinos, theaters).

The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. (List as of June 2014)

CSFB Leveraged Loan Index is an index designed to mirror the investable universe of the $US-denominated leveraged loan market. The index inception is January 1992. The index frequency is monthly. New loans are added to the index on their effective date if they qualify according to the following criteria: Loans must be rated “5B” or lower; only fully- funded term loans are included; the tenor must be at least one year; and the Issuers must be domiciled in developed countries (Issuers from developing countries are excluded). Fallen angels are added to the index subject to the new loan criteria. Loans are removed from the index when they are upgraded to investment grade, or when they exit the market (for example, at maturity, refinancing or bankruptcy workout). Note that issuers remain in the index following default. Total return of the index is the sum of three components: principal, interest, and reinvestment return. The cumulative return assumes that coupon payments are reinvested into the index at the beginning of each period.

The MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries*–excluding the United States. With 1,003 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates (List as of June 2014)

The Dow Jones U.S. Select Real Estate Securities Index (RESI) represents equity real estate investment trusts (REITs) and real estate operating companies (REOCs) traded in the U.S. The Dow Jones U.S. Select REIT Index is a subset of the Dow Jones Americas Select RESISM and includes only REITs and REIT-like securities.

The S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining.

The Bloomberg Commodity Index (BCOM) is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule.

The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States – including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.

The Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value.

The Citigroup World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.

The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. It is not possible to invest directly in an unmanaged index.

The MSE Funds Composite Benchmark consists of the following components: U.S. | S&P 500 (75%), Non-U.S. | MSCI All Country World ex USA Index Net (15%), and Diversifying | HFRI Fund of Funds Composite Index (10%). The monthly return used for the HFRI Composite FOF Index, a component of the Composite Benchmark, is the Flash Update return that is published by HFRI by the 5th business day of the following month. HFRI reserves the right to adjust the monthly return of the HFRI index up to four months after the month end performance date. Monthly returns for the Composite Benchmark may be retroactively restated based on later adjustments to the HFRI index.

The S&P 500 Index is a widely recognized gauge of the U.S. equities market. This index is an unmanaged capitalization-weighted index consisting of 500 of the largest capitalization U.S. common stocks. The returns of the S&P 500 include the reinvestment of dividends.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.