INDEX DEFINITIONS

Indices assume reinvestment of all dividends and distributions. You cannot invest directly in an index.

Barclay’s Capital U.S. Aggregate Index (formerly Lehman Brothers US Aggregate Bond Index) is a benchmark index composed of US securities in Treasury, Government-Related, Corporate, and Securitized sectors.  It includes securities that are of investment-grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $250 million.

BarclayHedge (formerly known as the Barclay Group) was founded in 1985 and tracks more than 6,600 hedge funds, funds of hedge funds, and managed futures programs for its 18 proprietary hedge fund indices and eight managed futures indices, used as performance benchmarks by clients including institutional investors, brokerage firms and private banks.  Sub-strategies include: BarclayHedge Event Driven Index, BarclayHedge Merger Arbitrage Index, BarclayHedge Convertible Arbitrage Index, BarclayHedge Equity Market Neutral Index, BarclayHedge Equity Long/Short Index, BarclayHedge Distressed Securities Index and BarclayHedge CTA Index.

Citi-Group 3-Month T-Bill Index measures monthly return equivalents of yield averages that are not marked to market. The Three-Month Treasury Bill Indexes consist of the last three three-month Treasury bill issues.

Credit Suisse Event-Driven Index is compiled by Credit Suisse Tremont Index LLC, is comprised solely of hedge funds, and is designed to be representative of the overall composition of the hedge fund universe implementing an event driven strategy.

Dow Jones Global ex-U.S. Select REIT Index is a member of the Dow Jones Select Real Estate IndexSM Family, which is a global series of focused indexes that measure the stock performance of REITs and real estate operating companies. The indexes are designed to serve as proxies for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate.  To be included in the Dow Jones Select Real Estate Securities IndexesSM, a company must be both an equity owner and operator of commercial and/or residential real estate, as defined by the Dow Jones REIT/RESI Industry Classification Hierarchy.

Dow Jones U.S. MicroCap Total Stock Market Index is an unmanaged index considered representative of micro-cap stocks.

Hennessee Hedge Event-Driven Index is a substrategy of the Hennessee Hedge Fund Indices – Hennessee Group LLC produces this set of monthly hedge fund performance benchmarks. Each index is an equally-weighted average of constituent funds that meet various eligibility criteria: at least $10 million in assets, a 12 month track record, and Hennessee’s reporting requirements. Index rebalancing takes place annually. The indices are based on investment style, with the exception of the composite Hennessee Hedge Fund Index, which includes all funds in the other indices and is believed to represent over half of the capital in the hedge fund industry.

Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index is composed of all the publicly traded stocks in developed non-U.S. Markets. The MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

Morgan Stanley Capital International (MSCI) World Index measures developed-market equity performance throughout the world.

NASDAQ Composite Index is a market capitalization-weighted index that is designed to represent the performance of the National Market System which includes over 5,000 stocks traded only over-the-counter and not on an exchange.

Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the Russell 3000 Index.

Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000 Index, as ranked by market capitalization.

Russell MidCap® Value Index is a widely recognized, unmanaged index of companies included in the Russell 1000® Index with current market capitalizations between $1.4 billion and $17.2 billion.

S&P 500® Total Return Index is a widely recognized, unmanaged index of the approximately 500 largest companies in the United States as measured by market capitalization. 

S&P GSCI Gold Index measures performance of commodities. 

Wilshire 4500 Completion Index measures the performance of all small and mid-cap stocks. It is constructed using the Wilshire 5000 securities with the companies in the Standard & Poor's 500 Index removed.

Wilshire 5000 Total Market Index measures the performance of all U.S. equity securities with readily available price data. Over 5,000 capitalization weighted security returns are used to adjust the index. The Wilshire 5000 base is its December 31, 1980 capitalization of $1,404.596 billion. 

Wilshire MicroCap Index measures small stocks. This cap-weighted index is comprised of all stocks in the Wilshire 5000 Index below the 2,501st rank at June 30 of each year.