Basic Hedge Fund Statistics

Examine the monthly hedge fund indices data in from Jan 1994 to April 2016 available in HWK1_Data.xlsx

A.) Compute the following statistics:

(1) Annualized Return; (2) Annualized Standard Deviation; (3) Sharpe Ratio; (4) Skew; (5) Kurtosis; (6) Sortino Ratio, (7) Calmar Ratio, (8) Jensen?s Alpha, (9)* Fama-French?sAlpha 3-factors and 5-factors, (10)* Carhart?sAlpha, and (11)* Omega Ratio (make assumptions when necessary)

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B.) Compute Beta-in-the-Tails for (only monthly data) for all strategies. Which has the most severe tail-risk? Why? Note you will need excess market returns available here:

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C.) Compute the correlation across strategies, what is the two highest/lowest correlated strategies, why?

D.) Construct your ?best? fund of hedge funds with (1) Static Weights (e.g. equally-weighted) and (2) Dynamic Weights, re-compute statistics as in A.) for your two portfolios. Is a portfolio of Hedge Funds better than single hedge funds? (Assume no t-costs, no frictions)

E.) Where are your hidden-risks in your portfolios?

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Event Convertibl Equity Event Driven e Dedicated Emerging Market Event Driven MultiArbitrage Short Bias Markets Neutral Driven Distressed Strategy Hedge Hedge Hedge Hedge Hedge Hedge Hedge Hedge Fund Fund Fund Fund Fund Fund Fund Fund Date Index Index Index Index Index Index Index Index 1/31/1994 1.14% 0.36% -1.60% 10.54% -0.52% 3.68% 3.94% 3.60% 2/28/1994 -4.09% 0.15% 2.00% -1.14% 0.24% -0.15% -0.34% 0.11% 3/31/1994 -3.57% -0.97% 7.19% -4.61% -0.24% -1.29% -1.83% -0.83% 4/30/1994 -1.74% -2.52% 1.28% -8.36% 0.25% -0.66% -0.71% -0.57% 5/31/1994 2.23% -1.02% 2.25% -0.73% -0.11% -0.15% -0.84% 0.69% 6/30/1994 -0.81% 0.21% 6.35% 0.47% 0.70% -0.13% -0.95% 0.83% 7/31/1994 0.35% 0.14% -1.18% 5.81% -1.00% 0.54% 1.80% -0.96% 8/31/1994 2.77% -0.04% -5.66% 16.42% -0.99% 0.82% 2.04% -0.72% 9/30/1994 0.67% -1.19% 1.58% 5.20% -0.94% 0.75% 1.11% 0.32% 10/31/1994 -1.35% -1.36% -0.41% -3.51% -0.37% -0.73% -0.35% -1.26% 11/30/1994 0.41% -0.17% 3.03% -1.42% -0.30% -1.06% -2.40% 0.51% 12/31/1994 -0.21% -1.92% -0.19% -4.21% 1.27% -0.78% -0.63% -1.00% 1/31/1995 -1.97% -0.62% 1.31% -9.98% 0.47% 0.51% 0.44% 0.27% 2/28/1995 0.45% 1.18% -2.24% -7.88% 0.94% 2.41% 2.89% 1.96% 3/31/1995 3.48% 1.32% 0.38% -5.51% 2.92% 0.85% 2.92% -1.23% 4/30/1995 1.45% 2.28% -0.37% 7.25% 2.27% 2.10% 2.78% 2.44% 5/31/1995 1.01% 1.65% -1.25% 1.34% 0.41% 1.13% 1.96% 0.48% 6/30/1995 0.37% 1.90% -6.91% 0.78% 1.52% 1.30% 2.33% -0.07% 7/31/1995 2.76% 0.86% -5.94% 2.22% 0.55% 2.25% 3.87% 0.71% 8/31/1995 6.00% 0.77% 0.82% 0.98% 0.68% 1.54% 0.96% 2.59% 9/30/1995 0.38% 1.12% -2.93% 1.88% -0.57% 1.87% 1.55% 2.55% 10/31/1995 -0.11% 1.29% 6.35% -5.66% 0.28% -0.26% -1.31% 0.86% 11/30/1995 3.14% 2.31% -0.97% -3.13% 0.29% 1.13% 1.28% 0.70% 12/31/1995 3.06% 1.39% 4.94% 0.74% 0.81% 2.18% 3.89% 1.02% 1/31/1996 6.97% 2.07% 0.63% 7.86% 2.10% 3.49% 4.10% 3.50% 2/29/1996 -3.59% 1.18% -5.64% -0.57% 1.59% 0.58% 0.36% 0.57% 3/31/1996 1.06% 1.50% -0.87% -0.93% 1.65% 1.22% 1.30% 1.29% 4/30/1996 3.12% 1.34% -6.64% 5.06% 1.29% 2.57% 2.69% 2.58% 5/31/1996 1.93% 1.59% 0.02% 4.51% 1.14% 1.66% 1.09% 2.34% 6/30/1996 1.74% 1.45% 5.09% 5.36% 0.24% 1.00% 0.67% 1.48% 7/31/1996 -4.13% 1.36% 9.83% -2.68% 0.60% 0.24% -0.33% 0.60% 8/31/1996 2.48% 1.31% -3.43% 3.56% 1.48% 2.16% 2.74% 1.86% 9/30/1996 2.50% 1.12% -5.93% 1.57% 1.32% 2.23% 2.84% 1.68% 10/31/1996 3.35% 1.44% 4.30% 1.70% 1.11% 1.39% 1.80% 1.19% 11/30/1996 5.04% 1.35% -2.94% 2.60% 2.00% 2.54% 3.61% 1.89% 12/31/1996 0.31% 0.85% 1.31% 2.43% 0.95% 1.88% 2.19% 1.70% 1/31/1997 5.48% 1.03% -1.86% 9.46% 3.17% 2.30% 2.42% 2.33% 2/28/1997 1.30% 1.33% 2.50% 7.69% 1.97% 1.49% 2.16% 1.03% 3/31/1997 -1.41% 0.94% 8.03% -0.78% -1.15% 0.18% 0.38% 0.08% 4/30/1997 2.86% 1.02% -0.80% 1.97% 1.21% 0.33% 0.52% 0.48% 5/31/1997 0.88% 1.68% -6.50% 2.97% 3.03% 2.91% 3.45% 2.68% 6/30/1997 7/31/1997 8/31/1997 9/30/1997 10/31/1997 11/30/1997 12/31/1997 1/31/1998 2/28/1998 3/31/1998 4/30/1998 5/31/1998 6/30/1998 7/31/1998 8/31/1998 9/30/1998 10/31/1998 11/30/1998 12/31/1998 1/31/1999 2/28/1999 3/31/1999 4/30/1999 5/31/1999 6/30/1999 7/31/1999 8/31/1999 9/30/1999 10/31/1999 11/30/1999 12/31/1999 1/31/2000 2/29/2000 3/31/2000 4/30/2000 5/31/2000 6/30/2000 7/31/2000 8/31/2000 9/30/2000 10/31/2000 11/30/2000 12/31/2000 1/31/2001 2/28/2001 2.26% 6.99% -1.26% 3.99% -1.64% 1.00% 3.22% -1.21% 1.96% 5.94% 0.95% 0.26% 1.59% 0.90% -7.55% -2.31% -4.57% 1.36% 3.03% 0.80% -1.31% 1.22% 2.63% 0.13% 3.28% 0.26% -0.90% -0.32% 2.37% 4.96% 8.53% -0.10% 6.49% -2.12% -4.63% -1.17% 3.66% 0.11% 3.39% -0.41% -1.09% -1.55% 2.66% 0.94% -0.59% 2.09% 2.11% 1.75% 1.03% 0.46% -0.82% 1.01% 0.84% 1.63% 1.42% 1.27% 0.65% -0.37% 0.52% -4.64% -3.23% -4.68% 2.06% 0.35% 2.27% 1.22% 1.04% 2.14% 1.89% 0.81% 1.09% 0.23% 1.39% 0.70% 1.30% 0.90% 2.59% 3.37% 3.46% 3.57% 1.94% 1.97% 1.46% 1.69% 2.02% 1.09% -0.47% 0.44% 2.68% 2.12% -0.84% -6.32% -0.07% -3.32% 6.75% 2.93% 1.04% -1.05% -6.89% -2.42% 0.86% 10.89% -2.34% 2.72% 22.71% -4.98% -8.69% -7.12% -5.75% -7.18% 5.59% -1.77% -3.75% 0.43% -2.36% -0.02% 4.32% 1.74% 1.85% -6.48% -6.60% 3.74% -8.65% -5.94% 2.29% 6.14% -6.99% 3.59% -7.23% 9.89% 6.15% 13.76% 0.86% -1.43% 8.27% 6.81% 6.46% -3.65% 2.78% -7.86% -4.76% 4.30% -5.90% 2.00% 3.63% -0.18% -9.78% -4.68% 0.08% -23.03% -7.40% 1.68% 4.68% -3.84% -2.92% 1.17% 7.43% 6.49% -1.23% 4.90% -1.55% -2.66% -0.65% 3.66% 9.29% 15.34% -1.52% 6.04% 3.10% -7.76% -4.13% 5.53% 0.58% 4.32% -6.79% -2.47% -3.64% 2.32% 4.35% -2.89% 1.18% 3.26% -0.92% 1.81% 0.81% -0.38% 0.04% 0.91% 1.85% 1.97% 0.29% 1.31% 0.47% -0.10% -0.85% 0.95% 2.48% 2.10% 1.24% 0.69% 0.61% 1.35% 2.02% 1.44% 1.92% 1.66% 1.11% 0.22% 0.82% 1.56% 0.96% 1.42% 0.79% 2.24% 1.44% 1.46% 1.82% 1.23% 1.43% -0.14% 0.81% 0.28% 1.28% 2.13% 0.89% 1.70% 3.58% -0.26% 2.50% 0.45% 1.33% 1.91% 1.73% 2.56% 2.48% 0.73% -1.20% -0.79% 0.04% -11.77% -2.96% 0.66% 2.77% 1.70% 1.88% -0.05% 2.39% 3.07% 2.17% 2.93% 1.32% 0.11% 1.04% 0.35% 2.04% 3.09% 0.51% 2.30% 0.60% -0.73% 0.02% 1.94% 0.50% 1.71% 0.61% -0.05% -0.77% 0.42% 2.46% 1.59% 1.13% 3.53% -0.91% 2.97% 1.22% 1.84% 0.39% 3.76% 2.80% 1.27% 0.51% -1.41% 0.31% 0.39% -12.45% -1.43% 0.89% 3.17% 1.55% 2.22% 0.07% 2.89% 3.14% 2.43% 2.49% 1.96% 0.19% 1.73% -0.30% 1.55% 1.90% 0.42% 0.49% 0.15% -1.32% 0.00% 2.02% -0.24% 1.77% -0.31% -0.09% -1.06% 0.14% 2.89% 1.92% 2.08% 3.93% 0.13% 2.27% -0.05% 0.97% 2.98% -0.20% 2.17% 3.82% 0.90% -1.10% -2.01% -0.27% -11.52% -4.74% 0.26% 2.41% 1.89% 1.78% -0.06% 1.81% 2.97% 1.86% 3.57% 0.67% -0.05% 0.11% 0.96% 2.73% 4.66% 0.65% 4.38% 1.18% -0.49% -0.03% 1.92% 0.97% 1.69% 1.29% -0.05% -0.68% 0.50% 2.20% 1.34% 3/31/2001 4/30/2001 5/31/2001 6/30/2001 7/31/2001 8/31/2001 9/30/2001 10/31/2001 11/30/2001 12/31/2001 1/31/2002 2/28/2002 3/31/2002 4/30/2002 5/31/2002 6/30/2002 7/31/2002 8/31/2002 9/30/2002 10/31/2002 11/30/2002 12/31/2002 1/31/2003 2/28/2003 3/31/2003 4/30/2003 5/31/2003 6/30/2003 7/31/2003 8/31/2003 9/30/2003 10/31/2003 11/30/2003 12/31/2003 1/31/2004 2/29/2004 3/31/2004 4/30/2004 5/31/2004 6/30/2004 7/31/2004 8/31/2004 9/30/2004 10/31/2004 11/30/2004 -0.34% 0.69% 0.83% 0.58% -0.02% 0.92% -0.83% 0.44% 0.54% 1.19% 0.54% -0.56% 0.74% 0.79% 0.67% -0.84% -1.35% 0.85% 0.08% -0.04% 1.09% 1.07% 1.28% 0.68% 0.26% 1.96% 2.71% 0.83% 0.08% 0.76% 1.52% 1.38% 1.08% 1.95% 1.70% 1.40% 0.28% -0.58% -0.23% 0.34% -0.31% 0.14% 1.01% 1.28% 2.65% 1.42% 1.22% 0.69% 0.13% 1.08% 1.50% 0.74% 1.11% 0.71% 0.32% 1.12% -3.15% -0.02% 1.21% 0.23% -0.33% -1.55% 0.60% 1.37% 1.03% 1.92% 1.66% 3.02% 1.39% 0.95% 1.42% 1.76% -0.62% -0.35% -0.91% 1.97% 1.67% 1.25% 0.70% 1.42% 0.29% 0.42% 0.46% -1.33% -0.76% -0.20% 0.28% -0.07% -0.29% 1.08% 3.97% -7.52% -2.73% -0.22% 4.14% 3.67% 2.91% -4.97% -5.44% -3.03% 1.02% 2.93% -5.46% 2.05% 1.19% 7.63% 4.41% -1.58% 8.10% -0.66% -5.89% 4.13% -2.73% -1.73% 1.23% -6.36% -5.45% -6.01% -2.06% -1.44% -0.42% -7.56% -1.89% -3.98% -1.73% 0.34% -2.56% 4.23% 0.76% -1.25% 8.12% 1.27% -1.91% -1.78% -7.71% -1.29% -0.52% 2.39% 1.63% -2.95% -1.08% -4.38% 2.19% 3.96% 4.82% 2.76% 2.89% 3.95% 0.12% -0.73% -3.75% -1.19% 1.26% -1.98% 2.38% 2.24% -0.53% -0.45% 1.02% 1.00% 3.89% 5.01% 2.02% 0.56% 2.98% 2.65% 2.25% 1.17% 3.56% 2.53% 1.39% 1.83% -3.31% -1.81% 0.87% -0.14% 1.83% 2.33% 2.40% 2.69% 0.92% 1.44% 0.64% 0.29% 0.22% 1.01% -0.05% 0.72% 0.82% -0.08% 0.12% 0.03% 0.80% 0.53% 1.29% 0.52% 1.84% 0.57% -0.03% 0.41% 0.31% 0.82% 0.31% -0.06% 0.79% 0.40% 1.22% 0.46% 0.68% 0.06% 1.06% 0.67% 0.33% 0.93% 0.82% 0.79% -0.11% -0.34% 0.21% 0.84% 0.31% 2.13% 0.54% 0.03% 0.26% 0.12% 0.93% 1.10% 1.03% 0.47% 1.55% -1.54% 1.35% 0.85% 1.07% 1.18% -0.34% 1.19% 0.74% 0.12% -2.93% -3.10% 0.27% -0.20% -0.18% 2.57% 0.99% 2.27% 0.63% 1.01% 2.51% 2.35% 1.80% 0.95% 0.86% 1.80% 1.53% 1.21% 1.49% 2.16% 0.95% 0.45% 0.51% 0.09% 0.96% 0.00% 0.45% 1.27% 1.24% 3.27% 1.38% 0.99% 2.42% 2.65% 1.00% 1.25% -0.79% 2.35% 0.76% 1.62% 1.58% -0.63% 1.23% 0.89% 0.19% -3.79% -4.27% 0.28% -0.25% -0.72% 3.91% 1.17% 3.12% 0.89% 1.19% 3.27% 2.27% 2.63% 1.14% 1.02% 2.21% 1.98% 1.21% 1.73% 2.42% 0.89% 0.59% 0.66% 0.26% 1.06% 0.52% 0.56% 1.23% 1.86% 2.67% -0.85% 0.93% 0.28% 0.11% 0.14% 1.81% -1.88% 0.90% 0.91% 0.78% 1.08% -0.04% 1.18% 0.63% 0.09% -2.62% -2.39% 0.44% -0.12% 0.10% 2.05% 0.93% 1.98% 0.63% 1.05% 2.03% 2.37% 1.28% 0.81% 0.64% 1.47% 1.10% 1.34% 1.29% 2.01% 1.05% 0.29% 0.47% -0.09% 0.93% -0.34% 0.38% 1.35% 0.73% 3.88% 12/31/2004 1/31/2005 2/28/2005 3/31/2005 4/30/2005 5/31/2005 6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 7/31/2006 8/31/2006 9/30/2006 10/31/2006 11/30/2006 12/31/2006 1/31/2007 2/28/2007 3/31/2007 4/30/2007 5/31/2007 6/30/2007 7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 1.61% -0.34% 1.43% -0.15% -1.04% 0.15% 1.31% 1.92% 0.88% 1.63% -1.46% 1.48% 1.61% 3.23% 0.34% 1.82% 2.22% -1.30% -0.11% 0.29% 0.85% 0.13% 1.77% 2.07% 1.83% 1.33% 0.74% 1.24% 2.02% 2.31% 0.78% 0.00% -1.53% 2.71% 3.16% -1.21% 0.47% -1.48% 1.61% -2.11% 0.57% 2.00% 0.00% -2.61% -1.47% 0.69% -0.80% -0.31% -1.63% -3.13% -1.55% 0.96% 1.71% 0.72% 1.10% -0.07% -0.43% 0.96% 2.75% 1.18% 1.48% 0.75% 0.76% 0.35% 0.79% 1.01% 1.15% 0.68% 1.06% 1.49% 1.20% 1.16% 0.68% 0.56% 1.19% 0.28% -1.11% -1.08% 1.97% 2.18% -1.48% -0.40% -0.53% -1.29% -5.93% 1.11% 1.50% -0.36% -2.14% -0.66% -4.87% 6.96% 3.40% 3.46% 5.57% -5.91% -0.21% -1.66% 2.48% 3.00% 2.64% -1.25% -1.96% -2.98% 0.40% -3.32% -0.75% 5.39% 5.15% 2.89% -0.72% -3.11% -4.25% -5.46% 0.63% 1.49% 0.77% -0.62% -2.74% -2.20% 1.20% 7.14% -1.14% -4.94% -2.49% 10.31% 0.06% 5.68% -0.89% 4.86% -7.30% 0.86% 9.02% 2.98% -4.50% 1.39% 1.13% 3.35% -1.88% 0.28% 0.67% 2.01% 2.30% 2.29% 4.12% -2.78% 2.43% 2.44% 5.76% 1.56% 1.37% 3.82% -5.02% -0.14% 1.99% 1.42% -0.45% 2.86% 3.15% 2.84% 0.08% 1.13% 1.96% 2.24% 1.72% 1.83% 2.55% -2.37% 4.77% 5.48% -1.85% 1.32% -2.67% 1.78% -3.30% 0.17% 2.14% -1.59% -2.84% -4.00% 0.86% 0.35% 1.02% 0.43% -0.22% -0.34% 0.21% 0.33% 0.86% 0.90% 0.83% 0.18% 1.44% 1.40% 0.50% 1.62% 2.02% 0.82% 0.27% 1.26% 0.31% 0.20% 0.39% 0.97% 0.88% 0.61% 0.47% 1.65% 1.01% 0.75% 0.56% 0.40% -0.39% 1.30% 1.50% 0.56% 0.48% 0.69% 1.07% 0.01% 0.31% 1.10% 0.55% -0.06% -0.59% 2.28% 0.20% 1.59% 0.57% -0.64% 0.55% 1.29% 2.27% 0.85% 1.07% -1.82% 1.28% 1.45% 2.92% 0.34% 1.50% 1.75% -0.09% 0.75% 0.04% 1.05% 0.60% 2.23% 2.09% 1.58% 2.06% 1.55% 1.27% 1.52% 3.24% 0.73% 0.97% -1.88% 1.60% 2.91% -1.68% 0.32% -2.44% 0.85% -1.72% 0.51% 1.89% -0.15% -2.53% -0.16% 1.92% 0.55% 1.55% 0.65% -0.06% 0.13% 1.21% 1.65% 1.00% 1.24% -0.10% 1.63% 1.73% 2.52% 0.21% 1.73% 1.52% 0.39% 0.76% -0.09% 1.15% 0.50% 2.65% 1.59% 1.68% 1.71% 1.21% 1.27% 1.57% 2.08% 0.95% -0.24% -1.73% 1.14% 1.41% -1.30% 0.06% -1.70% 0.17% -1.04% 0.24% 1.50% -0.51% -2.59% -0.07% 2.62% -0.07% 1.68% 0.54% -1.12% 0.89% 1.38% 2.85% 0.76% 1.00% -3.10% 1.03% 1.27% 3.32% 0.43% 1.35% 2.01% -0.43% 0.78% 0.11% 1.03% 0.69% 2.08% 2.39% 1.59% 2.43% 1.81% 1.26% 1.44% 4.31% 0.61% 1.80% -2.03% 1.82% 3.84% -1.94% 0.50% -2.94% 1.26% -2.21% 0.68% 2.20% 0.09% -2.53% -0.20% 9/30/2008 10/31/2008 11/30/2008 12/31/2008 1/31/2009 2/28/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30/2009 12/31/2009 1/31/2010 2/28/2010 3/31/2010 4/30/2010 5/31/2010 6/30/2010 7/31/2010 8/31/2010 9/30/2010 10/31/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011 6/30/2011 7/31/2011 8/31/2011 9/30/2011 10/31/2011 11/30/2011 12/31/2011 1/31/2012 2/29/2012 3/31/2012 4/30/2012 5/31/2012 -6.55% -6.30% -4.15% -0.03% 1.09% -0.88% 0.65% 1.68% 4.06% 0.43% 2.54% 1.53% 3.04% 0.13% 2.11% 0.88% 0.17% 0.68% 2.22% 1.24% -2.76% -0.84% 1.59% 0.23% 3.43% 1.92% -0.18% 2.90% 0.69% 1.38% 0.12% 1.80% -0.96% -1.36% 0.69% -2.30% -3.20% 1.73% -0.79% -0.22% 2.34% 1.61% 0.05% -0.04% -1.33% -12.26% -12.59% -1.88% -0.98% 5.72% 0.75% 1.14% 4.52% 5.81% 4.05% 5.80% 3.39% 3.23% 2.16% 0.80% 2.22% 0.97% 0.47% 2.06% 1.69% -2.51% 0.01% 2.22% 1.35% 1.11% 1.98% 0.04% 1.16% 2.16% 2.90% -0.61% 0.06% 0.02% -0.86% -0.14% -1.73% -1.77% 1.18% -0.60% 0.62% 2.36% 1.88% 0.55% -0.23% -0.84% -6.08% 9.66% 3.04% -1.68% 3.69% 3.22% -5.47% -9.57% -0.55% -1.96% -7.26% -1.69% -5.27% 4.79% -2.99% -4.26% 0.27% -3.20% -6.61% -3.89% 5.84% 5.45% -3.52% 5.15% -11.28% -3.60% -2.36% -5.86% -0.83% -3.37% -1.78% -2.67% 2.20% 1.57% 3.01% 6.56% 8.45% -9.59% -0.17% 1.65% -7.58% -4.66% -1.35% -2.53% 9.03% -8.93% -13.63% -1.87% 0.22% -0.14% -2.10% 2.24% 5.17% 6.96% 0.69% 3.83% 1.06% 4.94% 0.90% 1.37% 1.97% -0.76% -0.45% 3.89% 1.01% -4.28% -0.03% 3.52% 0.12% 4.77% 2.21% -0.38% 1.50% -0.39% -0.07% 2.12% 2.32% -1.10% -0.65% 1.67% -3.15% -7.47% 3.70% -2.69% -0.70% 3.74% 2.92% -0.70% 0.15% -3.79% -1.41% -1.83% -40.45% 0.41% 1.14% -5.61% 1.10% 1.29% 3.63% -0.21% 1.79% 1.31% 0.96% -0.35% 0.08% -0.87% 0.10% -1.35% 0.54% 0.43% -3.30% -0.99% 1.67% -1.55% 3.66% 0.93% -2.51% 1.74% 1.79% 0.52% 1.11% 3.37% -1.03% -0.29% -0.18% -0.89% -2.22% 2.76% 0.09% -0.49% 0.17% 1.33% -0.15% -0.41% -3.18% -5.75% -5.09% -3.21% -1.26% 0.79% -1.13% 0.16% 1.48% 4.22% 1.02% 2.33% 2.17% 2.89% 0.43% 2.16% 2.28% 1.42% 0.44% 2.85% 1.89% -3.07% -1.58% 1.56% -0.40% 3.20% 1.80% 0.15% 3.93% 1.80% 1.44% -0.26% 1.14% -0.61% -2.16% -0.78% -5.37% -5.06% 2.56% -1.05% -0.81% 2.80% 1.58% 0.79% -0.23% -1.32% -5.18% -5.66% -5.00% -2.54% -0.06% -1.20% 0.12% 1.80% 4.15% 1.44% 2.25% 2.12% 3.38% 0.71% 2.08% 2.51% 2.02% 0.29% 2.64% 1.69% -2.50% -1.10% 1.10% -0.64% 2.07% 1.32% 0.33% 2.73% 1.90% 0.86% -0.10% 1.14% 0.01% -0.70% -0.26% -4.41% -3.28% 1.99% -1.20% -0.05% 2.40% 1.89% 1.48% 0.14% -1.24% -6.17% -4.77% -2.17% -0.49% 1.33% -1.12% 0.16% 1.27% 4.31% 0.71% 2.41% 2.23% 2.52% 0.21% 2.26% 2.13% 0.90% 0.57% 3.07% 2.09% -3.53% -1.97% 1.90% -0.24% 4.03% 2.17% 0.04% 4.78% 1.74% 1.88% -0.37% 1.13% -0.98% -3.08% -1.07% -5.98% -6.15% 2.90% -0.97% -1.25% 3.03% 1.43% 0.45% -0.41% -1.36% 6/30/2012 7/31/2012 8/31/2012 9/30/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013 2/28/2013 3/31/2013 4/30/2013 5/31/2013 6/30/2013 7/31/2013 8/31/2013 9/30/2013 10/31/2013 11/30/2013 12/31/2013 1/31/2014 2/28/2014 3/31/2014 4/30/2014 5/31/2014 6/30/2014 7/31/2014 8/31/2014 9/30/2014 10/31/2014 11/30/2014 12/31/2014 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 -0.40% 1.42% 0.84% 1.04% -0.18% 0.64% 1.48% 2.07% 0.24% 1.21% 1.39% 0.42% -1.66% 0.88% -0.54% 1.27% 1.59% 1.31% 1.19% -0.29% 1.72% -0.48% -0.21% 1.13% 0.96% -0.31% 0.88% -0.01% -0.80% 1.50% 0.01% 0.81% 1.06% 0.60% 0.02% 0.83% -1.31% 0.87% -1.99% -1.41% 0.53% 0.20% -0.85% -1.41% -1.08% 0.33% 0.86% 0.44% 0.40% 0.25% 0.22% 1.38% 2.01% -0.07% 0.72% 0.14% 1.30% -0.33% -0.08% 0.72% 0.24% 0.92% -0.20% 0.54% 2.09% 0.14% 0.22% 0.33% -0.52% 0.05% 0.06% -0.28% -0.69% -1.79% -0.10% -1.15% -0.21% 0.95% -0.27% 2.73% 0.52% -0.75% -1.04% -0.24% -0.25% 0.94% -0.73% -0.78% -1.97% -0.09% -2.72% -0.44% -4.25% -3.78% -0.07% -0.43% -2.95% -5.22% -1.65% -1.91% -3.45% -1.51% 0.81% -5.74% 0.03% -5.52% -1.65% -1.49% -0.77% -1.09% -3.66% 0.56% 3.77% -1.10% -4.82% 2.00% -3.13% 4.68% -3.99% 0.64% 0.90% 1.88% -5.74% -0.31% -3.86% -0.83% -0.18% 3.88% 7.85% 4.79% -5.59% -3.27% 4.80% 9.48% -3.06% -0.13% 0.96% 0.84% 2.21% 0.35% 1.10% 2.38% 3.45% 0.49% 0.55% 1.62% -0.20% -2.64% -0.09% -0.24% 1.28% 2.01% 1.08% 1.28% -2.27% 1.79% -1.51% -0.58% 1.35% 1.14% 0.45% 0.31% 0.14% -1.12% 1.71% 0.19% 0.66% -0.04% 0.74% 3.36% 0.37% -2.25% -2.01% -2.86% -0.80% 2.75% 0.15% -0.12% -3.45% -0.87% 0.93% -0.40% 1.25% 0.56% -0.42% 0.39% 0.86% 1.99% -1.28% 0.05% 1.01% 0.40% 0.57% 2.02% -1.72% 0.91% 1.17% 2.59% 1.30% 0.08% 0.26% -0.59% -0.70% -0.27% 0.70% -0.70% -0.02% -0.28% 0.45% 0.57% -0.69% -0.37% -1.90% -0.21% -0.44% 1.00% 1.55% 0.56% 0.95% 0.62% -0.59% -1.03% 1.60% -1.17% -0.73% -0.18% 0.74% 1.18% 1.67% 0.91% 0.30% 1.98% 2.15% 0.46% 2.11% 1.20% 2.27% -1.31% 1.51% -0.04% 1.45% 1.45% 1.68% 1.61% 0.29% 2.75% -0.14% 0.03% 1.07% 1.66% -0.59% 0.12% -1.37% -2.16% 0.55% -0.55% -1.00% 2.25% 0.36% 0.85% 0.85% -1.24% 0.18% -2.81% -3.44% 0.14% -1.17% -1.30% -3.04% -1.81% -0.23% 0.95% 0.88% 1.78% 1.03% 0.26% 1.91% 1.69% 1.04% 2.18% 1.34% 2.38% -0.86% 1.31% -0.48% 1.38% 1.53% 1.55% 1.94% 0.40% 2.04% 0.60% 0.37% 1.45% 1.41% -0.19% -0.48% -0.70% -1.96% 0.14% -0.49% -1.05% 1.23% 0.09% 0.57% 0.31% -1.22% -0.74% -1.44% -1.37% -0.30% -0.75% -0.71% -1.36% -1.16% -0.16% 0.66% 1.32% 1.62% 0.88% 0.31% 2.01% 2.39% 0.19% 2.08% 1.13% 2.23% -1.53% 1.61% 0.16% 1.49% 1.41% 1.74% 1.47% 0.24% 3.08% -0.48% -0.14% 0.90% 1.77% -0.77% 0.38% -1.65% -2.24% 0.73% -0.57% -0.99% 2.67% 0.48% 0.96% 1.04% -1.25% 0.53% -3.32% -4.22% 0.31% -1.33% -1.54% -3.72% -2.09% 3/31/2016 4/30/2016 0.29% 0.34% 1.70% 1.48% -6.63% -4.33% 3.19% 1.21% 1.56% -0.87% 0.30% 1.67% 0.57% 1.62% 0.17% 1.72% 1999 - 2013 Credit Suisse Hedge Index LLC. 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It is n Event Driven Fixed Risk Income Global Long/Shor Managed MultiArbitrage Arbitrage Macro t Equity Futures Strategy Hedge Hedge Hedge Hedge Hedge Hedge Fund Fund Fund Fund Fund Fund Index Index Index Index Index Index 0.57% 1.30% 0.17% 1.20% 0.22% 0.00% -0.44% -2.00% -5.65% -2.47% 1.20% 0.00% 1.86% -1.68% -4.27% -3.90% 2.60% 0.00% -0.96% -0.20% -1.59% -1.56% 0.86% 2.58% 0.25% 0.79% 3.80% 0.57% 0.76% -3.47% 0.18% -0.40% -0.92% -2.31% 4.15% 3.61% 0.57% -0.18% -0.35% 1.29% -1.01% -2.23% 1.69% -0.09% 2.75% 1.64% -0.27% -3.24% 0.38% 0.70% 0.25% 0.25% 2.03% -0.64% 0.20% 0.89% -2.22% 0.27% 1.18% 1.59% 0.61% 0.69% 2.09% -2.85% 1.65% -2.72% 0.26% 0.57% 0.50% -0.35% -1.89% 1.89% 1.61% 0.27% -2.47% -0.74% -0.08% 2.41% 1.88% 0.65% 0.07% 3.04% -1.27% 0.23% 0.63% -0.44% 5.96% 0.81% 9.46% 1.86% -0.45% 2.02% 0.91% 1.36% -0.33% 1.70% 0.61% 2.01% 0.99% 2.03% -4.70% -1.25% 2.07% 0.52% -0.68% 3.51% -5.74% 1.80% 1.56% 1.12% 2.24% 5.15% 3.05% -0.64% 0.60% 0.77% 10.60% 2.26% -0.32% 1.00% 1.14% 1.04% 0.20% 1.11% -9.35% 1.74% 0.16% 1.14% 1.00% -1.82% -1.06% -0.82% 1.68% 1.68% 4.87% 2.29% -0.27% 2.53% -0.16% 1.07% 4.05% 2.09% 4.59% 0.80% 1.02% 1.43% 10.46% 1.97% 2.82% 0.37% 1.57% 1.06% -7.07% 1.35% -4.50% 0.23% 0.63% 0.77% 1.22% 1.21% 0.11% -0.03% 2.00% 1.35% 3.00% 4.14% 3.12% 1.72% 1.09% 1.09% 1.99% 2.13% -1.99% 1.97% 0.28% 1.25% 3.23% -1.53% 0.20% 2.91% 1.05% 1.34% -6.97% -3.80% 0.10% 1.73% 1.23% 1.04% 2.93% 2.38% 0.78% 0.72% 2.15% 1.47% 3.01% 2.50% 3.22% 0.98% 0.45% 1.16% 5.31% 1.93% 5.59% 0.22% 0.45% 1.17% 8.13% 3.07% 4.21% 0.19% 1.12% 1.75% -0.76% 0.82% -1.83% 2.26% 1.28% 1.48% 8.21% 3.49% 3.00% 1.53% 0.22% 1.10% 1.82% -1.58% 1.43% 2.35% -0.42% 0.72% -2.17% -2.27% -0.95% 0.53% -1.67% 1.24% 5.95% 0.01% -2.69% 0.56% 1.31% 1.01% -2.02% 5.14% -0.76% 1.10% Time Mkt-RF 199401 2.87% 199402 -2.56% 199403 -4.78% 199404 0.68% 199405 0.58% 199406 -3.03% 199407 2.82% 199408 4.01% 199409 -2.31% 199410 1.34% 199411 -4.04% 199412 0.86% 199501 1.80% 199502 3.63% 199503 2.18% 199504 2.11% 199505 2.90% 199506 2.72% 199507 3.72% 199508 0.55% 199509 3.35% 199510 -1.52% 199511 3.95% 199512 1.03% 199601 2.26% 199602 1.33% 199603 0.73% 199604 2.06% 199605 2.36% 199606 -1.14% 199607 -5.97% 199608 2.76% 199609 5.02% 199610 0.86% 199611 6.25% 199612 -1.70% 199701 4.99% 199702 -0.49% 199703 -5.03% 199704 4.04% 199705 6.74% 2.39% 1.21% 0.57% 1.48% 0.02% 1.09% 2.01% -0.54% 3.81% 2.38% 1.64% 0.23% -0.53% -0.37% -6.15% -0.65% 2.41% 2.04% 1.55% -1.51% -1.37% 2.56% 3.39% 2.47% 1.22% 0.16% 0.80% 2.16% 1.75% 0.52% 0.47% 0.15% 3.52% 0.05% 1.81% 0.68% 1.43% 1.58% 1.57% 1.01% 0.35% 0.28% 1.39% 1.91% 1.49% 0.87% 1.09% 0.82% 1.15% -1.58% 0.40% 0.71% -0.84% 0.81% 1.61% -0.01% -0.21% -1.08% 0.48% -1.46% -3.74% -6.96% 1.55% 1.73% 1.90% 1.52% 1.34% 1.63% 0.88% 0.75% 0.49% -0.41% 0.74% 0.91% 0.78% 0.97% 0.54% 0.57% -0.15% 0.93% 0.02% 0.93% 0.55% 0.67% 0.75% 0.29% 0.70% 0.32% 1.42% 0.53% 2.10% 10.13% -2.41% 4.63% -1.89% 3.46% 5.14% -2.18% 0.21% 10.16% 1.57% 3.37% 3.28% 1.80% -4.84% -5.12% -11.55% -1.08% 2.34% -2.88% -1.60% -2.00% 1.79% -0.05% 3.02% -1.91% -2.85% -3.18% 2.44% 4.40% 9.24% -2.42% 4.43% -2.45% -5.35% 2.32% 1.32% 1.81% 2.92% -0.87% 1.26% 3.63% 5.05% 3.32% 0.99% 2.28% 7.03% 0.62% 5.91% -0.84% -1.22% 1.55% -0.93% 5.64% 5.03% 1.14% -1.69% 3.40% 0.61% -11.43% 3.47% 1.74% 3.74% 6.56% 4.97% -3.14% 3.76% 3.29% -0.82% 4.65% 1.54% -0.27% 0.60% 4.39% 8.31% 13.01% 0.52% 11.14% -3.98% -7.46% -3.45% 6.13% -0.63% 4.90% -0.71% -2.54% -3.80% 3.42% -0.58% -2.42% 0.21% 5.69% -7.27% 3.63% -0.73% -0.68% 2.82% 0.87% -0.28% 1.06% -4.03% 3.25% 0.91% -1.12% 9.95% 6.87% 1.21% -1.80% 2.80% -3.14% -0.54% -1.07% 2.67% -2.93% 2.76% -0.72% -0.32% 1.81% -4.82% -0.52% 2.35% 0.01% -2.10% -1.31% -2.28% 0.58% -1.12% -2.05% 1.23% -3.34% 0.76% 6.68% 7.76% -0.03% 0.15% 1.27% 1.03% 1.26% 2.40% 3.12% 0.73% 1.07% 0.30% 1.54% 1.56% 1.81% 1.22% 0.24% 0.70% 1.15% 0.57% -4.76% 1.95% 1.32% 1.63% 1.26% 0.22% 0.29% 0.38% -2.05% 1.01% 0.99% 0.04% 0.09% 2.71% 2.51% 1.95% 1.89% 2.15% 0.92% 0.87% 2.13% -0.29% 0.64% 0.64% -1.82% 0.25% 1.38% 1.64% 0.24% 199706 199707 199708 199709 199710 199711 199712 199801 199802 199803 199804 199805 199806 199807 199808 199809 199810 199811 199812 199901 199902 199903 199904 199905 199906 199907 199908 199909 199910 199911 199912 200001 200002 200003 200004 200005 200006 200007 200008 200009 200010 200011 200012 200101 200102 4.10% 7.33% -4.15% 5.35% -3.80% 2.98% 1.32% 0.15% 7.03% 4.76% 0.73% -3.07% 3.18% -2.46% -16.08% 6.15% 7.13% 6.10% 6.16% 3.50% -4.08% 3.45% 4.33% -2.46% 4.77% -3.47% -1.38% -2.81% 6.13% 3.37% 7.72% -4.74% 2.45% 5.20% -6.40% -4.42% 4.64% -2.51% 7.03% -5.45% -2.76% -10.72% 1.19% 3.13% -10.05% 0.33% 0.50% 1.31% -0.43% 0.68% 1.01% -2.65% -0.01% 0.81% 0.67% 0.29% -1.22% 1.00% 0.88% 0.03% -1.17% -2.73% -1.23% -0.56% 0.52% 0.21% 0.53% -0.39% -0.71% -0.27% 1.52% 2.56% 0.75% 0.48% 1.16% 0.95% 1.21% 0.42% 1.00% 0.83% 0.50% 0.73% -0.58% 0.44% 0.25% -1.52% 0.18% 0.63% 0.92% 1.67% 0.24% 1.32% 0.52% 0.50% 0.91% 0.64% 0.18% 1.55% -0.27% 0.23% 1.03% 0.87% 0.63% 1.35% 1.44% 0.65% 1.08% 1.23% -1.14% -2.27% -0.53% 1.32% 1.26% 0.99% 0.42% 1.25% 1.28% 0.34% -0.98% 0.21% 1.16% 0.46% 0.52% 0.80% 1.23% 0.87% -0.49% 1.34% 0.63% 0.71% 0.70% -0.41% -0.78% 1.14% 1.12% 2.74% 0.69% 2.14% 1.03% 0.69% 1.00% 1.17% 1.18% -0.37% 2.47% 2.64% 0.52% -0.19% 1.70% 0.78% 1.42% 2.15% 1.22% 0.76% 0.72% 1.23% 0.85% 2.03% 1.87% -0.66% 2.16% 2.96% 1.63% -0.11% 1.30% 3.04% 0.09% 0.55% 1.86% 1.45% 1.19% 0.97% 0.14% 0.05% 0.48% 0.82% -0.75% -0.49% 1.22% 2.42% -1.94% 0.77% 0.40% 0.42% -0.72% 0.45% -1.57% -0.80% 1.10% 1.24% -0.60% -0.99% 0.91% 0.61% 0.80% -1.26% -2.95% 1.01% -0.47% 0.08% 0.57% 0.76% -0.07% -0.21% 0.43% 2.44% 3.68% 0.79% 0.27% 1.04% 1.21% 2.46% 1.70% 2.40% 2.00% 1.75% 0.20% -1.40% -0.36% 0.66% -1.42% 0.09% 2.36% 1.44% 3.24% 4.88% -5.49% 0.83% -0.84% 0.15% 2.52% 3.65% 3.40% -8.62% 2.15% -1.27% -2.40% -0.91% -1.61% 3.51% 8.63% 6.12% 3.36% 4.11% -5.03% -2.09% 5.50% 6.07% 6.43% -6.10% 1.39% 5.14% -2.21% -2.75% 1.06% -1.60% 0.78% 0.54% 5.42% 1.09% 6.89% -0.86% -6.46% -1.05% -2.84% -1.95% -1.53% 1.96% 4.82% 5.83% 0.09% 1.29% 0.61% -0.28% 0.58% 0.93% -0.49% 0.65% 0.38% -0.24% -0.03% -0.27% 0.70% 0.80% 0.85% 0.09% -0.95% 0.83% 0.84% 1.00% 1.76% 0.54% 1.47% 0.11% 0.76% 1.55% 1.96% 1.10% 0.34% 0.73% 1.68% 1.21% 0.88% 2.32% 1.60% 0.39% 0.41% 0.32% -0.13% 0.09% -0.29% 0.41% 0.57% 0.59% 2.11% 200103 200104 200105 200106 200107 200108 200109 200110 200111 200112 200201 200202 200203 200204 200205 200206 200207 200208 200209 200210 200211 200212 200301 200302 200303 200304 200305 200306 200307 200308 200309 200310 200311 200312 200401 200402 200403 200404 200405 200406 200407 200408 200409 200410 200411 -7.26% 7.94% 0.72% -1.94% -2.13% -6.46% -9.25% 2.46% 7.54% 1.61% -1.44% -2.29% 4.24% -5.20% -1.38% -7.21% -8.18% 0.50% -10.35% 7.84% 5.96% -5.76% -2.57% -1.88% 1.09% 8.22% 6.05% 1.42% 2.35% 2.34% -1.24% 6.08% 1.35% 4.29% 2.15% 1.40% -1.32% -1.83% 1.17% 1.86% -4.06% 0.08% 1.60% 1.43% 4.54% 1.32% -0.09% 0.46% 0.09% -0.54% 0.32% 0.79% 0.46% 0.60% 0.23% -1.12% 1.01% 0.85% 1.63% 0.58% 0.97% 0.30% -0.15% 0.20% 0.46% 0.35% 0.22% -0.16% 3.01% 0.49% 0.20% 1.15% 1.29% 2.15% 0.04% 0.00% 0.43% -0.65% 3.22% 2.13% -0.80% -0.63% -0.10% 1.26% 1.62% 0.88% -0.18% -0.12% -0.39% -1.16% 0.61% 0.09% 0.91% 0.27% -0.63% -1.24% -0.52% 1.00% 0.51% 0.12% 0.27% -0.58% 0.45% 1.42% 0.06% 0.57% 2.05% 0.81% 0.62% 0.24% -0.02% -0.02% 0.74% 1.16% 0.72% 0.12% 1.21% 0.90% 1.00% 0.24% 0.21% -1.96% -0.87% 1.85% 1.15% -0.25% 0.21% 0.28% -0.66% -6.43% 2.07% 1.26% -0.47% -0.37% -0.70% 0.72% 0.69% 1.40% 0.51% -0.25% 0.07% 0.52% 1.04% 0.71% 2.43% -0.86% 1.08% 1.58% 3.37% 1.23% 1.06% 2.86% -0.60% 0.44% 1.36% -0.77% 0.02% 1.08% 1.44% 1.36% 1.29% 0.50% 1.21% 1.71% 1.79% 1.22% 0.96% -0.62% 4.10% 2.72% -0.17% 1.50% 4.44% 4.11% -1.70% -1.59% 1.80% 2.00% -2.64% -1.37% 2.57% -0.84% 2.03% -1.14% -1.55% 0.51% 1.91% 2.68% 1.12% 2.02% -2.29% 2.22% 2.78% 4.18% 0.14% 2.45% 2.34% -2.84% -1.01% -0.05% 1.54% 0.09% 2.19% 2.60% 2.08% 1.15% 0.71% 1.87% 2.90% 2.31% 0.42% -0.69% -1.38% 3.31% 3.73% -1.71% 0.42% -4.05% 2.06% -2.06% 2.20% 2.91% -1.33% -3.43% -2.11% 0.72% -5.39% 0.08% 0.37% -3.45% 3.62% 4.22% 0.78% -0.87% 1.38% -1.97% 4.17% -2.53% 2.71% -2.62% 4.08% 2.92% -2.70% -2.04% -2.43% 1.39% -1.15% 1.73% 2.22% 4.05% 2.26% -4.38% -2.54% 4.02% 5.13% 3.03% -4.79% -4.61% 5.13% 4.06% -0.95% 0.32% 4.13% 6.61% -0.53% -2.15% 1.44% 4.79% -4.20% -2.48% 1.25% 0.01% 1.01% 0.12% -1.10% -0.93% 1.18% 2.26% 1.04% 1.61% -1.03% 1.30% 1.89% 2.76% 0.69% 2.05% 1.58% -0.11% 0.00% 0.19% 0.58% 0.32% 1.61% 2.26% 1.77% 1.70% 1.20% 0.82% 1.69% 2.29% 0.37% -0.26% -1.40% 1.77% 3.02% -1.14% -0.31% -1.81% -0.27% -1.89% 0.66% 1.20% 0.05% -2.47% -1.26% 200412 200501 200502 200503 200504 200505 200506 200507 200508 200509 200510 200511 200512 200601 200602 200603 200604 200605 200606 200607 200608 200609 200610 200611 200612 200701 200702 200703 200704 200705 200706 200707 200708 200709 200710 200711 200712 200801 200802 200803 200804 200805 200806 200807 200808 3.43% -2.76% 1.89% -1.97% -2.61% 3.65% 0.57% 3.92% -1.22% 0.49% -2.02% 3.61% -0.25% 3.04% -0.30% 1.46% 0.73% -3.57% -0.35% -0.78% 2.03% 1.84% 3.23% 1.71% 0.87% 1.40% -1.96% 0.68% 3.49% 3.24% -1.96% -3.73% 0.92% 3.22% 1.80% -4.83% -0.87% -6.36% -3.09% -0.93% 4.60% 1.86% -8.44% -0.77% 1.53% -3.49% -3.06% -0.02% 1.60% 0.38% 0.69% 1.65% 0.72% 1.85% 0.89% 1.12% 0.95% 1.60% 0.16% 1.03% 0.38% 0.40% 0.30% 0.69% -0.10% -1.52% 0.10% 1.61% 0.31% 2.31% -0.62% -1.44% 1.14% 0.89% 0.79% 0.59% 1.74% -1.05% -0.04% -0.77% -0.92% -1.63% 1.91% -0.27% -0.39% 0.97% 0.92% 0.18% -0.47% -1.53% -6.80% -14.04% -5.60% -0.80% 0.48% 1.01% 1.74% 1.93% 4.33% 1.83% 3.65% 2.38% 2.77% 1.94% 1.71% 0.76% 2.02% 0.07% 1.44% 1.75% -0.79% 0.92% 1.20% 1.24% 1.55% 1.10% 0.74% 0.61% 1.68% 0.93% -0.31% 0.92% 0.21% 0.06% 0.55% -0.27% -0.19% 0.14% 0.50% 0.38% 1.17% 1.00% 0.74% 0.69% 0.24% -6.63% -5.13% 1.54% 1.11% 2.33% 0.21% 0.03% 0.19% 1.47% -0.85% 1.78% 0.86% 2.77% 0.21% 3.52% -1.43% 1.07% 1.10% 0.38% 1.65% -0.63% 0.56% 0.65% 1.48% 2.72% 1.62% -0.52% 2.67% -0.77% 1.28% 0.15% 2.46% -0.63% -1.11% 2.53% 1.91% -0.07% 0.18% -0.03% 0.43% 1.22% 0.79% -0.43% -0.25% 0.19% -7.81% -7.13% -1.41% 1.06% -0.17% -1.34% 1.86% 2.54% 5.23% -0.04% 2.99% 1.42% 3.23% -1.21% 1.92% 1.69% -1.50% 1.32% 2.99% 0.29% -4.13% -2.07% 2.53% -1.12% 5.09% 2.00% 0.46% 3.42% 0.27% 1.72% 0.28% 1.70% -1.68% -1.49% -0.41% -4.44% -5.22% 4.45% -1.48% -0.88% 3.91% 2.64% 0.50% -0.46% -4.53% -0.57% 4.96% 3.22% 2.37% -0.56% -0.16% -2.18% -3.24% 0.85% -2.32% -0.43% 0.92% 2.97% -2.17% 4.94% -5.00% -3.81% 1.81% 4.25% 1.89% -4.03% 0.42% -1.50% 4.87% 2.77% 4.29% -4.11% 5.42% -0.82% 2.60% -2.76% 5.40% -4.44% -3.07% 4.03% 0.25% -0.78% -5.06% 0.18% 0.79% 1.15% 1.21% -2.96% 0.43% 2.38% -7.35% -6.94% -4.63% -1.52% 3.35% -0.09% 0.38% 2.24% 4.28% 1.62% 2.99% 1.43% 2.86% 1.12% 0.96% 1.18% 0.56% 0.56% 1.44% 0.96% -2.19% -0.81% 1.66% 0.01% 2.79% 2.03% 0.30% 1.70% 1.98% 1.39% 0.79% 0.85% -0.05% -0.64% 0.61% -1.93% -2.37% 2.05% -0.89% 0.14% 2.47% 1.72% 0.45% 0.58% -1.17% 200809 200810 200811 200812 200901 200902 200903 200904 200905 200906 200907 200908 200909 200910 200911 200912 201001 201002 201003 201004 201005 201006 201007 201008 201009 201010 201011 201012 201101 201102 201103 201104 201105 201106 201107 201108 201109 201110 201111 201112 201201 201202 201203 201204 201205 -9.24% -17.23% -7.86% 1.74% -8.12% -10.10% 8.95% 10.19% 5.21% 0.43% 7.72% 3.33% 4.08% -2.59% 5.56% 2.75% -3.36% 3.40% 6.31% 2.00% -7.89% -5.56% 6.93% -4.77% 9.54% 3.88% 0.60% 6.82% 1.99% 3.49% 0.45% 2.90% -1.27% -1.75% -2.36% -5.99% -7.59% 11.35% -0.28% 0.74% 5.05% 4.42% 3.11% -0.85% -6.19% 0.53% -0.51% 0.52% 0.41% -0.77% 1.05% 1.51% -0.03% -0.06% 0.39% 0.65% 0.80% 0.17% 0.99% 0.01% 0.81% 0.57% 0.10% 0.39% 0.49% 0.93% -0.68% 0.55% 0.56% 1.27% -1.40% 0.22% -1.49% -2.35% 0.57% 0.08% -0.85% 1.50% 0.04% 0.81% 1.06% -0.17% -0.76% -0.67% -1.31% -0.01% -0.49% 1.31% 0.59% 0.21% 0.76% 1.62% 1.02% 1.26% 0.87% 0.48% 0.68% 1.06% 0.49% 0.61% 0.34% 0.01% -1.14% 0.38% 0.21% 0.51% 0.61% 0.50% 0.18% 1.00% 0.66% 0.41% 0.44% 0.45% 0.40% 0.30% 0.18% 0.42% -0.10% 0.21% -0.07% -0.81% 0.74% -0.08% 0.63% 0.48% -0.21% 0.30% -0.04% -0.45% -0.20% 0.08% 0.15% -0.76% -1.05% -1.37% 2.14% 0.38% 0.60% -0.73% 0.72% 1.27% 0.88% 0.29% 0.97% 1.77% -0.05% -2.48% 0.26% -0.92% 0.84% 1.01% 1.03% 0.71% -1.05% 0.69% -0.24% 0.01% 1.02% 0.53% -0.01% 1.13% 0.54% -0.92% 1.65% -0.25% 2.69% 0.42% 1.30% -0.75% 0.71% -1.76% 1.26% -2.63% -1.57% 1.29% 1.41% -2.05% -0.57% -1.55% 0.35% 0.55% 1.51% 1.57% -0.21% 0.73% 1.58% 3.54% 0.12% 1.38% 1.26% 1.19% -0.63% 1.95% -1.11% 2.64% 2.54% 1.85% 1.80% -0.08% 2.88% -1.19% -1.03% 1.51% 1.01% -0.97% 1.29% -0.18% 0.01% 1.89% 0.35% 0.28% 1.99% -0.42% -0.02% 2.15% -0.46% 1.52% -1.91% -1.12% 1.72% -0.12% -0.01% -2.78% -1.76% -3.56% 4.68% -1.55% -1.37% -4.64% 0.58% 1.08% 2.67% -0.77% 1.74% 3.50% -4.98% -5.42% -1.06% -2.77% -0.15% 2.96% 2.09% 0.10% -3.42% 0.94% -1.82% 0.42% 3.09% 1.54% -1.03% 5.02% 1.72% 1.81% 7.50% 1.67% 6.02% -1.15% 2.40% -4.29% -0.84% -5.81% 4.33% -2.76% 2.87% -2.48% 3.73% -2.19% 4.02% 3.23% 0.48% 1.28% 1.36% 0.80% 0.34% 1.00% 1.37% 2.07% 0.38% 0.62% 1.09% 0.37% -0.74% 1.16% 0.08% 1.42% 1.77% 0.86% 1.63% 0.81% 1.41% -0.26% -0.43% 0.89% 0.45% 0.13% 0.83% 0.98% -0.49% 1.22% 0.41% 1.19% 0.72% 1.05% 0.01% 0.65% -0.42% 1.00% -0.49% -0.43% 0.07% 0.23% 0.21% -0.48% -0.84% 201206 201207 201208 201209 201210 201211 201212 201301 201302 201303 201304 201305 201306 201307 201308 201309 201310 201311 201312 201401 201402 201403 201404 201405 201406 201407 201408 201409 201410 201411 201412 201501 201502 201503 201504 201505 201506 201507 201508 201509 201510 201511 201512 201601 201602 3.89% 0.79% 2.55% 2.73% -1.76% 0.78% 1.18% 5.57% 1.29% 4.03% 1.56% 2.80% -1.20% 5.65% -2.71% 3.77% 4.18% 3.12% 2.81% -3.32% 4.65% 0.43% -0.19% 2.06% 2.61% -2.04% 4.23% -1.97% 2.52% 2.55% -0.06% -3.11% 6.13% -1.12% 0.59% 1.36% -1.53% 1.54% -6.04% -3.07% 7.75% 0.56% -2.17% -5.77% -0.07% 1.31% -0.23% 0.59% 1.42% -0.13% 0.25% 0.67% -0.70% -2.83% -3.04% 0.74% 0.40% 201603 201604 6.96% 0.91% formational purposes only. It is not intended as investment advice or an offer or solicitation for the purchase or sale of any financial instrum Hedge Fund Date Index Mkt-RF Beta 10/31/2008 -6.30% -17.23% 8/31/1998 -7.55% -16.08% 11/30/2000 -1.55% -10.72% 9/30/2002 0.08% -10.35% 2/28/2009 -0.88% -10.10% 2/28/2001 -0.59% -10.05% 9/30/2001 -0.83% -9.25% 9/30/2008 -6.55% -9.24% 6/30/2008 0.00% -8.44% 7/31/2002 -1.35% -8.18% 1/31/2009 1.09% -8.12% 5/31/2010 -2.76% -7.89% 0.666 11/30/2008 -4.15% -7.86% 0.586 9/30/2011 -3.20% -7.59% 0.535 3/31/2001 -0.34% -7.26% 0.548 6/30/2002 -0.84% -7.21% 0.548 8/31/2001 0.92% -6.46% 0.578 4/30/2000 -4.63% -6.40% 0.491 1/31/2008 -1.48% -6.36% 0.477 5/31/2012 -1.33% -6.19% 0.467 8/31/2015 -1.99% -6.04% 0.445 8/31/2011 -2.30% -5.99% 0.423 7/31/1996 -4.13% -5.97% 0.377 1/31/2016 -1.41% -5.77% 0.373 12/31/2002 1.07% -5.76% 0.402 6/30/2010 -0.84% -5.56% 0.403 9/30/2000 -0.41% -5.45% 0.408 4/30/2002 0.79% -5.20% 0.427 3/31/1997 -1.41% -5.03% 0.416 11/30/2007 -1.21% -4.83% 0.407 3/31/1994 -3.57% -4.78% 0.372 8/31/2010 0.23% -4.77% 0.383 1/31/2000 -0.10% -4.74% 0.388 5/31/2000 -1.17% -4.42% 0.381 8/31/1997 -1.26% -4.15% 0.372 2/28/1999 -1.31% -4.08% 0.363 7/31/2004 -0.31% -4.06% 0.365 11/30/1994 0.41% -4.04% 0.374 10/31/1997 -1.64% -3.80% 0.362 7/31/2007 0.00% -3.73% 0.366 5/31/2006 -1.30% -3.57% 0.356 Chart Title 0.2800 0.700 0.600 0.500 0.400 0.300 0.200 0.100 - 7/31/1999 1/31/2010 1/31/2014 1/31/2015 2/29/2008 5/31/1998 9/30/2015 6/30/1994 9/30/1999 10/31/2000 1/31/2005 8/31/2013 4/30/2005 10/31/2009 1/31/2003 2/28/1994 7/31/2000 7/31/1998 5/31/1999 7/31/2011 9/30/1994 2/28/2002 12/31/2015 7/31/2001 7/31/2014 10/31/2005 3/31/2005 9/30/2014 2/28/2007 6/30/2007 6/30/2001 2/28/2003 4/30/2004 10/31/2012 6/30/2011 12/31/1996 6/30/2015 10/31/1995 1/31/2002 8/31/1999 5/31/2002 3/31/2004 5/31/2011 9/30/2003 8/31/2005 0.26% 0.17% -0.29% 0.81% 1.61% 0.26% -1.41% -0.81% -0.32% -1.09% -0.34% -0.54% -1.04% 0.13% 1.28% -4.09% 0.11% 0.90% 0.13% 0.69% 0.67% -0.56% -0.85% -0.02% -0.31% -1.46% -0.15% -0.01% 0.74% 0.78% 0.58% 0.68% -0.58% -0.18% -1.36% 0.31% -1.31% -0.11% 0.54% -0.90% 0.67% 0.28% -0.96% 1.52% 0.88% -3.47% -3.36% -3.32% -3.11% -3.09% -3.07% -3.07% -3.03% -2.81% -2.76% -2.76% -2.71% -2.61% -2.59% -2.57% -2.56% -2.51% -2.46% -2.46% -2.36% -2.31% -2.29% -2.17% -2.13% -2.04% -2.02% -1.97% -1.97% -1.96% -1.96% -1.94% -1.88% -1.83% -1.76% -1.75% -1.70% -1.53% -1.52% -1.44% -1.38% -1.38% -1.32% -1.27% -1.24% -1.22% 0.362 0.366 0.365 0.374 0.387 0.390 0.379 0.374 0.371 0.363 0.361 0.358 0.351 0.352 0.360 0.336 0.337 0.343 0.344 0.348 0.351 0.348 0.343 0.343 0.341 0.333 0.332 0.332 0.335 0.339 0.341 0.343 0.340 0.338 0.332 0.333 0.326 0.325 0.327 0.322 0.324 0.324 0.320 0.325 0.327 6/30/2013 6/30/1996 3/31/2015 3/31/2008 12/31/2007 4/30/2012 7/31/2006 7/31/2008 2/28/1997 6/30/2006 2/28/2006 11/30/2011 12/31/2005 4/30/2014 2/29/2016 12/31/2014 8/31/2004 1/31/1998 6/30/2009 3/31/2014 3/31/2011 9/30/2005 8/31/2002 8/31/1995 11/30/2015 6/30/2005 5/31/1994 4/30/2015 11/30/2010 4/30/1994 3/31/2007 5/31/2001 3/31/1996 4/30/1998 4/30/2006 12/31/2011 11/30/2012 7/31/2012 12/31/1994 10/31/1996 12/31/2006 4/30/2016 8/31/2007 12/31/1995 3/31/2003 -1.66% 1.74% 0.60% -2.11% 0.47% -0.04% 0.29% -2.61% 1.30% -0.11% 0.34% -0.79% 1.61% -0.21% -1.08% 0.01% 0.14% -1.21% 0.43% -0.48% 0.12% 1.63% 0.85% 6.00% 0.20% 1.31% 2.23% 0.02% -0.18% -1.74% 1.24% 0.83% 1.06% 0.95% 2.22% -0.22% 0.64% 1.42% -0.21% 3.35% 1.83% 0.34% -1.53% 3.06% 0.26% -1.20% -1.14% -1.12% -0.93% -0.87% -0.85% -0.78% -0.77% -0.49% -0.35% -0.30% -0.28% -0.25% -0.19% -0.07% -0.06% 0.08% 0.15% 0.43% 0.43% 0.45% 0.49% 0.50% 0.55% 0.56% 0.57% 0.58% 0.59% 0.60% 0.68% 0.68% 0.72% 0.73% 0.73% 0.73% 0.74% 0.78% 0.79% 0.86% 0.86% 0.87% 0.91% 0.92% 1.03% 1.09% 0.320 0.326 0.327 0.318 0.318 0.317 0.317 0.306 0.310 0.307 0.307 0.303 0.307 0.305 0.299 0.297 0.296 0.290 0.289 0.286 0.284 0.288 0.289 0.308 0.307 0.309 0.314 0.312 0.309 0.301 0.303 0.303 0.304 0.305 0.309 0.306 0.306 0.308 0.305 0.312 0.315 0.314 0.308 0.313 0.312 5/31/2004 12/31/2012 12/31/2000 2/28/2013 12/31/1997 2/29/1996 10/31/1994 11/30/2003 5/31/2015 2/29/2004 1/31/2007 6/30/2003 10/31/2004 3/31/2006 8/31/2008 7/31/2015 4/30/2013 9/30/2004 12/31/2001 11/30/2006 12/31/2008 1/31/1995 10/31/2007 9/30/2006 6/30/2004 5/31/2008 2/28/2005 1/31/2011 4/30/2010 8/31/2006 4/30/1996 5/31/2014 4/30/1995 1/31/2004 3/31/1995 1/31/1996 8/31/2003 7/31/2003 5/31/1996 2/29/2000 10/31/2001 10/31/2014 8/31/2012 11/30/2014 6/30/2014 -0.23% 1.48% 2.66% 0.24% 3.22% -3.59% -1.35% 1.08% 0.83% 1.40% 1.33% 0.83% 1.28% 1.82% -1.47% 0.87% 1.39% 1.01% 1.19% 2.07% -0.03% -1.97% 3.16% 0.13% 0.34% 2.00% 1.43% 0.69% 1.24% 0.85% 3.12% 1.13% 1.45% 1.70% 3.48% 6.97% 0.76% 0.08% 1.93% 6.49% 0.44% -0.80% 0.84% 1.50% 0.96% 1.17% 1.18% 1.19% 1.29% 1.32% 1.33% 1.34% 1.35% 1.36% 1.40% 1.40% 1.42% 1.43% 1.46% 1.53% 1.54% 1.56% 1.60% 1.61% 1.71% 1.74% 1.80% 1.80% 1.84% 1.86% 1.86% 1.89% 1.99% 2.00% 2.03% 2.06% 2.06% 2.11% 2.15% 2.18% 2.26% 2.34% 2.35% 2.36% 2.45% 2.46% 2.52% 2.55% 2.55% 2.61% 0.309 0.310 0.315 0.313 0.319 0.307 0.302 0.302 0.302 0.303 0.304 0.304 0.305 0.307 0.301 0.301 0.302 0.302 0.303 0.305 0.303 0.296 0.301 0.299 0.297 0.299 0.300 0.299 0.300 0.299 0.304 0.304 0.304 0.305 0.310 0.321 0.320 0.318 0.319 0.329 0.327 0.323 0.322 0.322 0.321 6/30/1995 9/30/2012 12/31/2009 8/31/1996 5/31/2013 12/31/2013 7/31/1994 1/31/1994 5/31/1995 4/30/2011 11/30/1997 1/31/2006 3/31/2012 11/30/2013 1/31/2001 6/30/1998 9/30/2007 10/31/2006 5/31/2007 8/31/2009 9/30/1995 11/30/1999 2/28/2010 12/31/2004 3/31/1999 4/30/2007 2/28/2011 1/31/1999 11/30/2005 2/28/1995 5/31/2005 7/31/1995 9/30/2013 10/31/2010 6/30/2012 7/31/2005 11/30/1995 8/31/1994 3/31/2013 4/30/1997 9/30/2009 6/30/1997 10/31/2013 8/31/2014 3/31/2002 0.37% 1.04% 0.88% 2.48% 0.42% 1.19% 0.35% 1.14% 1.01% 1.80% 1.00% 3.23% 0.05% 1.31% 0.94% 1.59% 2.71% 1.77% 2.31% 1.53% 0.38% 4.96% 0.68% 1.61% 1.22% 2.02% 1.38% 0.80% 1.48% 0.45% 0.15% 2.76% 1.27% 1.92% -0.40% 1.92% 3.14% 2.77% 1.21% 2.86% 3.04% 2.26% 1.59% 0.88% 0.74% 2.72% 2.73% 2.75% 2.76% 2.80% 2.81% 2.82% 2.87% 2.90% 2.90% 2.98% 3.04% 3.11% 3.12% 3.13% 3.18% 3.22% 3.23% 3.24% 3.33% 3.35% 3.37% 3.40% 3.43% 3.45% 3.49% 3.49% 3.50% 3.61% 3.63% 3.65% 3.72% 3.77% 3.88% 3.89% 3.92% 3.95% 4.01% 4.03% 4.04% 4.08% 4.10% 4.18% 4.23% 4.24% 0.319 0.318 0.317 0.319 0.317 0.317 0.315 0.314 0.313 0.314 0.313 0.316 0.314 0.313 0.312 0.312 0.314 0.315 0.316 0.316 0.314 0.319 0.318 0.318 0.317 0.318 0.317 0.316 0.315 0.313 0.311 0.313 0.312 0.312 0.309 0.309 0.311 0.313 0.312 0.314 0.315 0.316 0.316 0.314 0.312 12/31/2003 4/30/1999 2/29/2012 11/30/2004 4/30/2008 6/30/2000 2/28/2014 3/31/1998 6/30/1999 1/31/1997 9/30/1996 1/31/2012 3/31/2000 5/31/2009 9/30/1997 11/30/2009 1/31/2013 7/31/2013 11/30/2002 5/31/2003 10/31/2003 11/30/1998 10/31/1999 2/28/2015 9/30/1998 12/31/1998 11/30/1996 3/31/2010 5/31/1997 12/31/2010 7/31/2010 3/31/2016 2/28/1998 8/31/2000 10/31/1998 7/31/1997 11/30/2001 12/31/1999 7/31/2009 10/31/2015 10/31/2002 4/30/2001 4/30/2003 3/31/2009 9/30/2010 1.95% 2.63% 1.61% 2.65% 0.57% 3.66% 1.72% 5.94% 3.28% 5.48% 2.50% 2.34% -2.12% 4.06% 3.99% 2.11% 2.07% 0.88% 1.09% 2.71% 1.38% 1.36% 2.37% 1.06% -2.31% 3.03% 5.04% 2.22% 0.88% 2.90% 1.59% 0.29% 1.96% 3.39% -4.57% 6.99% 0.54% 8.53% 2.54% 0.53% -0.04% 0.69% 1.96% 0.65% 3.43% 4.29% 4.33% 4.42% 4.54% 4.60% 4.64% 4.65% 4.76% 4.77% 4.99% 5.02% 5.05% 5.20% 5.21% 5.35% 5.56% 5.57% 5.65% 5.96% 6.05% 6.08% 6.10% 6.13% 6.13% 6.15% 6.16% 6.25% 6.31% 6.74% 6.82% 6.93% 6.96% 7.03% 7.03% 7.13% 7.33% 7.54% 7.72% 7.72% 7.75% 7.84% 7.94% 8.22% 8.95% 9.54% 0.312 0.314 0.313 0.314 0.312 0.315 0.314 0.320 0.322 0.327 0.328 0.328 0.321 0.324 0.326 0.326 0.325 0.323 0.320 0.321 0.319 0.317 0.317 0.315 0.307 0.308 0.312 0.312 0.309 0.309 0.307 0.304 0.303 0.304 0.292 0.299 0.296 0.305 0.304 0.301 0.296 0.293 0.291 0.287 0.287 4/30/2009 10/31/2011 1.68% 1.73% 10.19% 11.35% 0.284 0.280 or sale of any financial instrument. No market data or other information is warranted or guaranteed by Credit Suisse Hedge Index LLC or its itle isse Hedge Index LLC or its subsidiaries and affiliates as to its completeness accuracy or fitness for a particular purpose express or implied a r purpose express or implied and is subject to change without notice. Those communications reflect the assumptions views and analytical m mptions views and analytical methods of the persons that prepared them. Hypothetical, back-tested or simulated performances have many ated performances have many inherent limitations only some of which are described as follows: they are designed with the benefit of hinds gned with the benefit of hindsight, based on historical data, and do not reflect the impact that certain economic and market factors might mic and market factors might have had on the decision or rule-making process. No hypothetical, back-tested or simulated performance can r simulated performance can completely account for the impact of financial risk in actual performance. Therefore, it will invariably show p efore, it will invariably show positive returns. The information is based, in part, on hypothetical assumptions made for modeling purposes th made for modeling purposes that may not be realized in actual performance. No representation or warranty is made as to the reasonablene made as to the reasonableness of the assumptions made or that all assumptions used in achieving the returns have been stated or fully co ns have been stated or fully considered. Assumption changes may have a material impact on the model returns presented. There are freque s presented. There are frequently material differences between hypothetical, back-tested or simulated performance results and actual resu mance results and actual results subsequently achieved by any investment strategy. Unlike an actual performance, hypothetical, back-teste ance, hypothetical, back-tested or simulated results are achieved by means of the retroactive application of a back-tested model itself desi back-tested model itself designed with the benefit of hindsight. The back-testing of performance differs from actual performance because m actual performance because the allocation rules may be adjusted at any time, for any reason and can continue to be changed until desired ue to be changed until desired or better performance results are achieved. The Index is not a security and cannot be purchased. Credit Suis nnot be purchased. Credit Suisse Hedge Fund Index was formerly known as Dow Jones Credit Suisse Hedge Fund Index from July 1, 2010 to nd Index from July 1, 2010 to July 10, 2013. Credit Suisse AllHedge Index was formerly known as Dow Jones Credit Suisse AllHedge Index fr redit Suisse AllHedge Index from July 1, 2010 to July 10, 2013. Credit Suisse Blue Chip Hedge Fund Index was formerly known as Dow Jones formerly known as Dow Jones Credit Suisse Blue Chip Hedge Fund Index from July 1, 2010 to July 10, 2013. Event Event Convertibl Equity Event Driven Driven e Dedicated Emerging Market Event Driven MultiRisk Arbitrage Short Bias Markets Neutral Driven Distressed Strategy Arbitrage Hedge Hedge Hedge Hedge Hedge Hedge Hedge Hedge Hedge Fund Fund Fund Fund Fund Fund Fund Fund Fund Date Index Index Index Index Index Index Index Index Index 1/31/1994 1.14% 0.36% -1.60% 10.54% -0.52% 3.68% 3.94% 3.60% 0.57% 2/28/1994 -4.09% 0.15% 2.00% -1.14% 0.24% -0.15% -0.34% 0.11% -0.44% 3/31/1994 -3.57% -0.97% 7.19% -4.61% -0.24% -1.29% -1.83% -0.83% 1.86% 4/30/1994 -1.74% -2.52% 1.28% -8.36% 0.25% -0.66% -0.71% -0.57% -0.96% 5/31/1994 2.23% -1.02% 2.25% -0.73% -0.11% -0.15% -0.84% 0.69% 0.25% 6/30/1994 -0.81% 0.21% 6.35% 0.47% 0.70% -0.13% -0.95% 0.83% 0.18% 7/31/1994 0.35% 0.14% -1.18% 5.81% -1.00% 0.54% 1.80% -0.96% 0.57% 8/31/1994 2.77% -0.04% -5.66% 16.42% -0.99% 0.82% 2.04% -0.72% 1.69% 9/30/1994 0.67% -1.19% 1.58% 5.20% -0.94% 0.75% 1.11% 0.32% 0.38% 10/31/1994 -1.35% -1.36% -0.41% -3.51% -0.37% -0.73% -0.35% -1.26% 0.20% 11/30/1994 0.41% -0.17% 3.03% -1.42% -0.30% -1.06% -2.40% 0.51% 0.61% 12/31/1994 -0.21% -1.92% -0.19% -4.21% 1.27% -0.78% -0.63% -1.00% 0.26% 1/31/1995 -1.97% -0.62% 1.31% -9.98% 0.47% 0.51% 0.44% 0.27% 1.61% 2/28/1995 0.45% 1.18% -2.24% -7.88% 0.94% 2.41% 2.89% 1.96% 1.88% 3/31/1995 3.48% 1.32% 0.38% -5.51% 2.92% 0.85% 2.92% -1.23% 0.63% 4/30/1995 1.45% 2.28% -0.37% 7.25% 2.27% 2.10% 2.78% 2.44% -0.45% 5/31/1995 1.01% 1.65% -1.25% 1.34% 0.41% 1.13% 1.96% 0.48% 0.61% 6/30/1995 0.37% 1.90% -6.91% 0.78% 1.52% 1.30% 2.33% -0.07% 2.07% 7/31/1995 2.76% 0.86% -5.94% 2.22% 0.55% 2.25% 3.87% 0.71% 1.56% 8/31/1995 6.00% 0.77% 0.82% 0.98% 0.68% 1.54% 0.96% 2.59% 0.60% 9/30/1995 0.38% 1.12% -2.93% 1.88% -0.57% 1.87% 1.55% 2.55% 1.14% 10/31/1995 -0.11% 1.29% 6.35% -5.66% 0.28% -0.26% -1.31% 0.86% 0.16% 11/30/1995 3.14% 2.31% -0.97% -3.13% 0.29% 1.13% 1.28% 0.70% 1.68% 12/31/1995 3.06% 1.39% 4.94% 0.74% 0.81% 2.18% 3.89% 1.02% -0.16% 1/31/1996 6.97% 2.07% 0.63% 7.86% 2.10% 3.49% 4.10% 3.50% 1.02% 2/29/1996 -3.59% 1.18% -5.64% -0.57% 1.59% 0.58% 0.36% 0.57% 1.57% 3/31/1996 1.06% 1.50% -0.87% -0.93% 1.65% 1.22% 1.30% 1.29% 0.63% 4/30/1996 3.12% 1.34% -6.64% 5.06% 1.29% 2.57% 2.69% 2.58% 2.00% 5/31/1996 1.93% 1.59% 0.02% 4.51% 1.14% 1.66% 1.09% 2.34% 1.09% 6/30/1996 1.74% 1.45% 5.09% 5.36% 0.24% 1.00% 0.67% 1.48% 0.28% 7/31/1996 -4.13% 1.36% 9.83% -2.68% 0.60% 0.24% -0.33% 0.60% 1.05% 8/31/1996 2.48% 1.31% -3.43% 3.56% 1.48% 2.16% 2.74% 1.86% 1.23% 9/30/1996 2.50% 1.12% -5.93% 1.57% 1.32% 2.23% 2.84% 1.68% 2.15% 10/31/1996 3.35% 1.44% 4.30% 1.70% 1.11% 1.39% 1.80% 1.19% 0.45% 11/30/1996 5.04% 1.35% -2.94% 2.60% 2.00% 2.54% 3.61% 1.89% 0.45% 12/31/1996 0.31% 0.85% 1.31% 2.43% 0.95% 1.88% 2.19% 1.70% 1.12% 1/31/1997 5.48% 1.03% -1.86% 9.46% 3.17% 2.30% 2.42% 2.33% 1.28% 2/28/1997 1.30% 1.33% 2.50% 7.69% 1.97% 1.49% 2.16% 1.03% 0.22% 3/31/1997 -1.41% 0.94% 8.03% -0.78% -1.15% 0.18% 0.38% 0.08% -0.42% 4/30/1997 2.86% 1.02% -0.80% 1.97% 1.21% 0.33% 0.52% 0.48% -1.67% 5/31/1997 0.88% 1.68% -6.50% 2.97% 3.03% 2.91% 3.45% 2.68% 1.31% 6/30/1997 7/31/1997 8/31/1997 9/30/1997 10/31/1997 11/30/1997 12/31/1997 1/31/1998 2/28/1998 3/31/1998 4/30/1998 5/31/1998 6/30/1998 7/31/1998 8/31/1998 9/30/1998 10/31/1998 11/30/1998 12/31/1998 1/31/1999 2/28/1999 3/31/1999 4/30/1999 5/31/1999 6/30/1999 7/31/1999 8/31/1999 9/30/1999 10/31/1999 11/30/1999 12/31/1999 1/31/2000 2/29/2000 3/31/2000 4/30/2000 5/31/2000 6/30/2000 7/31/2000 8/31/2000 9/30/2000 10/31/2000 11/30/2000 12/31/2000 1/31/2001 2/28/2001 2.26% 6.99% -1.26% 3.99% -1.64% 1.00% 3.22% -1.21% 1.96% 5.94% 0.95% 0.26% 1.59% 0.90% -7.55% -2.31% -4.57% 1.36% 3.03% 0.80% -1.31% 1.22% 2.63% 0.13% 3.28% 0.26% -0.90% -0.32% 2.37% 4.96% 8.53% -0.10% 6.49% -2.12% -4.63% -1.17% 3.66% 0.11% 3.39% -0.41% -1.09% -1.55% 2.66% 0.94% -0.59% 2.09% 2.11% 1.75% 1.03% 0.46% -0.82% 1.01% 0.84% 1.63% 1.42% 1.27% 0.65% -0.37% 0.52% -4.64% -3.23% -4.68% 2.06% 0.35% 2.27% 1.22% 1.04% 2.14% 1.89% 0.81% 1.09% 0.23% 1.39% 0.70% 1.30% 0.90% 2.59% 3.37% 3.46% 3.57% 1.94% 1.97% 1.46% 1.69% 2.02% 1.09% -0.47% 0.44% 2.68% 2.12% -0.84% -6.32% -0.07% -3.32% 6.75% 2.93% 1.04% -1.05% -6.89% -2.42% 0.86% 10.89% -2.34% 2.72% 22.71% -4.98% -8.69% -7.12% -5.75% -7.18% 5.59% -1.77% -3.75% 0.43% -2.36% -0.02% 4.32% 1.74% 1.85% -6.48% -6.60% 3.74% -8.65% -5.94% 2.29% 6.14% -6.99% 3.59% -7.23% 9.89% 6.15% 13.76% 0.86% -1.43% 8.27% 6.81% 6.46% -3.65% 2.78% -7.86% -4.76% 4.30% -5.90% 2.00% 3.63% -0.18% -9.78% -4.68% 0.08% -23.03% -7.40% 1.68% 4.68% -3.84% -2.92% 1.17% 7.43% 6.49% -1.23% 4.90% -1.55% -2.66% -0.65% 3.66% 9.29% 15.34% -1.52% 6.04% 3.10% -7.76% -4.13% 5.53% 0.58% 4.32% -6.79% -2.47% -3.64% 2.32% 4.35% -2.89% 1.18% 3.26% -0.92% 1.81% 0.81% -0.38% 0.04% 0.91% 1.85% 1.97% 0.29% 1.31% 0.47% -0.10% -0.85% 0.95% 2.48% 2.10% 1.24% 0.69% 0.61% 1.35% 2.02% 1.44% 1.92% 1.66% 1.11% 0.22% 0.82% 1.56% 0.96% 1.42% 0.79% 2.24% 1.44% 1.46% 1.82% 1.23% 1.43% -0.14% 0.81% 0.28% 1.28% 2.13% 0.89% 1.70% 3.58% -0.26% 2.50% 0.45% 1.33% 1.91% 1.73% 2.56% 2.48% 0.73% -1.20% -0.79% 0.04% -11.77% -2.96% 0.66% 2.77% 1.70% 1.88% -0.05% 2.39% 3.07% 2.17% 2.93% 1.32% 0.11% 1.04% 0.35% 2.04% 3.09% 0.51% 2.30% 0.60% -0.73% 0.02% 1.94% 0.50% 1.71% 0.61% -0.05% -0.77% 0.42% 2.46% 1.59% 1.13% 3.53% -0.91% 2.97% 1.22% 1.84% 0.39% 3.76% 2.80% 1.27% 0.51% -1.41% 0.31% 0.39% -12.45% -1.43% 0.89% 3.17% 1.55% 2.22% 0.07% 2.89% 3.14% 2.43% 2.49% 1.96% 0.19% 1.73% -0.30% 1.55% 1.90% 0.42% 0.49% 0.15% -1.32% 0.00% 2.02% -0.24% 1.77% -0.31% -0.09% -1.06% 0.14% 2.89% 1.92% 2.08% 3.93% 0.13% 2.27% -0.05% 0.97% 2.98% -0.20% 2.17% 3.82% 0.90% -1.10% -2.01% -0.27% -11.52% -4.74% 0.26% 2.41% 1.89% 1.78% -0.06% 1.81% 2.97% 1.86% 3.57% 0.67% -0.05% 0.11% 0.96% 2.73% 4.66% 0.65% 4.38% 1.18% -0.49% -0.03% 1.92% 0.97% 1.69% 1.29% -0.05% -0.68% 0.50% 2.20% 1.34% 2.39% 1.21% 0.57% 1.48% 0.02% 1.09% 2.01% -0.54% 3.81% 2.38% 1.64% 0.23% -0.53% -0.37% -6.15% -0.65% 2.41% 2.04% 1.55% -1.51% -1.37% 2.56% 3.39% 2.47% 1.22% 0.16% 0.80% 2.16% 1.75% 0.52% 0.47% 0.15% 3.52% 0.05% 1.81% 0.68% 1.43% 1.58% 1.57% 1.01% 0.35% 0.28% 1.39% 1.91% 1.49% 3/31/2001 4/30/2001 5/31/2001 6/30/2001 7/31/2001 8/31/2001 9/30/2001 10/31/2001 11/30/2001 12/31/2001 1/31/2002 2/28/2002 3/31/2002 4/30/2002 5/31/2002 6/30/2002 7/31/2002 8/31/2002 9/30/2002 10/31/2002 11/30/2002 12/31/2002 1/31/2003 2/28/2003 3/31/2003 4/30/2003 5/31/2003 6/30/2003 7/31/2003 8/31/2003 9/30/2003 10/31/2003 11/30/2003 12/31/2003 1/31/2004 2/29/2004 3/31/2004 4/30/2004 5/31/2004 6/30/2004 7/31/2004 8/31/2004 9/30/2004 10/31/2004 11/30/2004 -0.34% 0.69% 0.83% 0.58% -0.02% 0.92% -0.83% 0.44% 0.54% 1.19% 0.54% -0.56% 0.74% 0.79% 0.67% -0.84% -1.35% 0.85% 0.08% -0.04% 1.09% 1.07% 1.28% 0.68% 0.26% 1.96% 2.71% 0.83% 0.08% 0.76% 1.52% 1.38% 1.08% 1.95% 1.70% 1.40% 0.28% -0.58% -0.23% 0.34% -0.31% 0.14% 1.01% 1.28% 2.65% 1.42% 1.22% 0.69% 0.13% 1.08% 1.50% 0.74% 1.11% 0.71% 0.32% 1.12% -3.15% -0.02% 1.21% 0.23% -0.33% -1.55% 0.60% 1.37% 1.03% 1.92% 1.66% 3.02% 1.39% 0.95% 1.42% 1.76% -0.62% -0.35% -0.91% 1.97% 1.67% 1.25% 0.70% 1.42% 0.29% 0.42% 0.46% -1.33% -0.76% -0.20% 0.28% -0.07% -0.29% 1.08% 3.97% -7.52% -2.73% -0.22% 4.14% 3.67% 2.91% -4.97% -5.44% -3.03% 1.02% 2.93% -5.46% 2.05% 1.19% 7.63% 4.41% -1.58% 8.10% -0.66% -5.89% 4.13% -2.73% -1.73% 1.23% -6.36% -5.45% -6.01% -2.06% -1.44% -0.42% -7.56% -1.89% -3.98% -1.73% 0.34% -2.56% 4.23% 0.76% -1.25% 8.12% 1.27% -1.91% -1.78% -7.71% -1.29% -0.52% 2.39% 1.63% -2.95% -1.08% -4.38% 2.19% 3.96% 4.82% 2.76% 2.89% 3.95% 0.12% -0.73% -3.75% -1.19% 1.26% -1.98% 2.38% 2.24% -0.53% -0.45% 1.02% 1.00% 3.89% 5.01% 2.02% 0.56% 2.98% 2.65% 2.25% 1.17% 3.56% 2.53% 1.39% 1.83% -3.31% -1.81% 0.87% -0.14% 1.83% 2.33% 2.40% 2.69% 0.92% 1.44% 0.64% 0.29% 0.22% 1.01% -0.05% 0.72% 0.82% -0.08% 0.12% 0.03% 0.80% 0.53% 1.29% 0.52% 1.84% 0.57% -0.03% 0.41% 0.31% 0.82% 0.31% -0.06% 0.79% 0.40% 1.22% 0.46% 0.68% 0.06% 1.06% 0.67% 0.33% 0.93% 0.82% 0.79% -0.11% -0.34% 0.21% 0.84% 0.31% 2.13% 0.54% 0.03% 0.26% 0.12% 0.93% 1.10% 1.03% 0.47% 1.55% -1.54% 1.35% 0.85% 1.07% 1.18% -0.34% 1.19% 0.74% 0.12% -2.93% -3.10% 0.27% -0.20% -0.18% 2.57% 0.99% 2.27% 0.63% 1.01% 2.51% 2.35% 1.80% 0.95% 0.86% 1.80% 1.53% 1.21% 1.49% 2.16% 0.95% 0.45% 0.51% 0.09% 0.96% 0.00% 0.45% 1.27% 1.24% 3.27% 1.38% 0.99% 2.42% 2.65% 1.00% 1.25% -0.79% 2.35% 0.76% 1.62% 1.58% -0.63% 1.23% 0.89% 0.19% -3.79% -4.27% 0.28% -0.25% -0.72% 3.91% 1.17% 3.12% 0.89% 1.19% 3.27% 2.27% 2.63% 1.14% 1.02% 2.21% 1.98% 1.21% 1.73% 2.42% 0.89% 0.59% 0.66% 0.26% 1.06% 0.52% 0.56% 1.23% 1.86% 2.67% -0.85% 0.93% 0.28% 0.11% 0.14% 1.81% -1.88% 0.90% 0.91% 0.78% 1.08% -0.04% 1.18% 0.63% 0.09% -2.62% -2.39% 0.44% -0.12% 0.10% 2.05% 0.93% 1.98% 0.63% 1.05% 2.03% 2.37% 1.28% 0.81% 0.64% 1.47% 1.10% 1.34% 1.29% 2.01% 1.05% 0.29% 0.47% -0.09% 0.93% -0.34% 0.38% 1.35% 0.73% 3.88% 0.33% 0.50% 1.31% -0.43% 0.68% 1.01% -2.65% -0.01% 0.81% 0.67% 0.29% -1.22% 1.00% 0.88% 0.03% -1.17% -2.73% -1.23% -0.56% 0.52% 0.21% 0.53% -0.39% -0.71% -0.27% 1.52% 2.56% 0.75% 0.48% 1.16% 0.95% 1.21% 0.42% 1.00% 0.83% 0.50% 0.73% -0.58% 0.44% 0.25% -1.52% 0.18% 0.63% 0.92% 1.67% 12/31/2004 1/31/2005 2/28/2005 3/31/2005 4/30/2005 5/31/2005 6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 7/31/2006 8/31/2006 9/30/2006 10/31/2006 11/30/2006 12/31/2006 1/31/2007 2/28/2007 3/31/2007 4/30/2007 5/31/2007 6/30/2007 7/31/2007 8/31/2007 9/30/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 1.61% -0.34% 1.43% -0.15% -1.04% 0.15% 1.31% 1.92% 0.88% 1.63% -1.46% 1.48% 1.61% 3.23% 0.34% 1.82% 2.22% -1.30% -0.11% 0.29% 0.85% 0.13% 1.77% 2.07% 1.83% 1.33% 0.74% 1.24% 2.02% 2.31% 0.78% 0.00% -1.53% 2.71% 3.16% -1.21% 0.47% -1.48% 1.61% -2.11% 0.57% 2.00% 0.00% -2.61% -1.47% 0.69% -0.80% -0.31% -1.63% -3.13% -1.55% 0.96% 1.71% 0.72% 1.10% -0.07% -0.43% 0.96% 2.75% 1.18% 1.48% 0.75% 0.76% 0.35% 0.79% 1.01% 1.15% 0.68% 1.06% 1.49% 1.20% 1.16% 0.68% 0.56% 1.19% 0.28% -1.11% -1.08% 1.97% 2.18% -1.48% -0.40% -0.53% -1.29% -5.93% 1.11% 1.50% -0.36% -2.14% -0.66% -4.87% 6.96% 3.40% 3.46% 5.57% -5.91% -0.21% -1.66% 2.48% 3.00% 2.64% -1.25% -1.96% -2.98% 0.40% -3.32% -0.75% 5.39% 5.15% 2.89% -0.72% -3.11% -4.25% -5.46% 0.63% 1.49% 0.77% -0.62% -2.74% -2.20% 1.20% 7.14% -1.14% -4.94% -2.49% 10.31% 0.06% 5.68% -0.89% 4.86% -7.30% 0.86% 9.02% 2.98% -4.50% 1.39% 1.13% 3.35% -1.88% 0.28% 0.67% 2.01% 2.30% 2.29% 4.12% -2.78% 2.43% 2.44% 5.76% 1.56% 1.37% 3.82% -5.02% -0.14% 1.99% 1.42% -0.45% 2.86% 3.15% 2.84% 0.08% 1.13% 1.96% 2.24% 1.72% 1.83% 2.55% -2.37% 4.77% 5.48% -1.85% 1.32% -2.67% 1.78% -3.30% 0.17% 2.14% -1.59% -2.84% -4.00% 0.86% 0.35% 1.02% 0.43% -0.22% -0.34% 0.21% 0.33% 0.86% 0.90% 0.83% 0.18% 1.44% 1.40% 0.50% 1.62% 2.02% 0.82% 0.27% 1.26% 0.31% 0.20% 0.39% 0.97% 0.88% 0.61% 0.47% 1.65% 1.01% 0.75% 0.56% 0.40% -0.39% 1.30% 1.50% 0.56% 0.48% 0.69% 1.07% 0.01% 0.31% 1.10% 0.55% -0.06% -0.59% 2.28% 0.20% 1.59% 0.57% -0.64% 0.55% 1.29% 2.27% 0.85% 1.07% -1.82% 1.28% 1.45% 2.92% 0.34% 1.50% 1.75% -0.09% 0.75% 0.04% 1.05% 0.60% 2.23% 2.09% 1.58% 2.06% 1.55% 1.27% 1.52% 3.24% 0.73% 0.97% -1.88% 1.60% 2.91% -1.68% 0.32% -2.44% 0.85% -1.72% 0.51% 1.89% -0.15% -2.53% -0.16% 1.92% 0.55% 1.55% 0.65% -0.06% 0.13% 1.21% 1.65% 1.00% 1.24% -0.10% 1.63% 1.73% 2.52% 0.21% 1.73% 1.52% 0.39% 0.76% -0.09% 1.15% 0.50% 2.65% 1.59% 1.68% 1.71% 1.21% 1.27% 1.57% 2.08% 0.95% -0.24% -1.73% 1.14% 1.41% -1.30% 0.06% -1.70% 0.17% -1.04% 0.24% 1.50% -0.51% -2.59% -0.07% 2.62% -0.07% 1.68% 0.54% -1.12% 0.89% 1.38% 2.85% 0.76% 1.00% -3.10% 1.03% 1.27% 3.32% 0.43% 1.35% 2.01% -0.43% 0.78% 0.11% 1.03% 0.69% 2.08% 2.39% 1.59% 2.43% 1.81% 1.26% 1.44% 4.31% 0.61% 1.80% -2.03% 1.82% 3.84% -1.94% 0.50% -2.94% 1.26% -2.21% 0.68% 2.20% 0.09% -2.53% -0.20% 1.32% -0.09% 0.46% 0.09% -0.54% 0.32% 0.79% 0.46% 0.60% 0.23% -1.12% 1.01% 0.85% 1.63% 0.58% 0.97% 0.30% -0.15% 0.20% 0.46% 0.35% 0.22% -0.16% 3.01% 0.49% 0.20% 1.15% 1.29% 2.15% 0.04% 0.00% 0.43% -0.65% 3.22% 2.13% -0.80% -0.63% -0.10% 1.26% 1.62% 0.88% -0.18% -0.12% -0.39% -1.16% 9/30/2008 10/31/2008 11/30/2008 12/31/2008 1/31/2009 2/28/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30/2009 12/31/2009 1/31/2010 2/28/2010 3/31/2010 4/30/2010 5/31/2010 6/30/2010 7/31/2010 8/31/2010 9/30/2010 10/31/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011 6/30/2011 7/31/2011 8/31/2011 9/30/2011 10/31/2011 11/30/2011 12/31/2011 1/31/2012 2/29/2012 3/31/2012 4/30/2012 5/31/2012 -6.55% -6.30% -4.15% -0.03% 1.09% -0.88% 0.65% 1.68% 4.06% 0.43% 2.54% 1.53% 3.04% 0.13% 2.11% 0.88% 0.17% 0.68% 2.22% 1.24% -2.76% -0.84% 1.59% 0.23% 3.43% 1.92% -0.18% 2.90% 0.69% 1.38% 0.12% 1.80% -0.96% -1.36% 0.69% -2.30% -3.20% 1.73% -0.79% -0.22% 2.34% 1.61% 0.05% -0.04% -1.33% -12.26% -12.59% -1.88% -0.98% 5.72% 0.75% 1.14% 4.52% 5.81% 4.05% 5.80% 3.39% 3.23% 2.16% 0.80% 2.22% 0.97% 0.47% 2.06% 1.69% -2.51% 0.01% 2.22% 1.35% 1.11% 1.98% 0.04% 1.16% 2.16% 2.90% -0.61% 0.06% 0.02% -0.86% -0.14% -1.73% -1.77% 1.18% -0.60% 0.62% 2.36% 1.88% 0.55% -0.23% -0.84% -6.08% 9.66% 3.04% -1.68% 3.69% 3.22% -5.47% -9.57% -0.55% -1.96% -7.26% -1.69% -5.27% 4.79% -2.99% -4.26% 0.27% -3.20% -6.61% -3.89% 5.84% 5.45% -3.52% 5.15% -11.28% -3.60% -2.36% -5.86% -0.83% -3.37% -1.78% -2.67% 2.20% 1.57% 3.01% 6.56% 8.45% -9.59% -0.17% 1.65% -7.58% -4.66% -1.35% -2.53% 9.03% -8.93% -13.63% -1.87% 0.22% -0.14% -2.10% 2.24% 5.17% 6.96% 0.69% 3.83% 1.06% 4.94% 0.90% 1.37% 1.97% -0.76% -0.45% 3.89% 1.01% -4.28% -0.03% 3.52% 0.12% 4.77% 2.21% -0.38% 1.50% -0.39% -0.07% 2.12% 2.32% -1.10% -0.65% 1.67% -3.15% -7.47% 3.70% -2.69% -0.70% 3.74% 2.92% -0.70% 0.15% -3.79% -1.41% -1.83% -40.45% 0.41% 1.14% -5.61% 1.10% 1.29% 3.63% -0.21% 1.79% 1.31% 0.96% -0.35% 0.08% -0.87% 0.10% -1.35% 0.54% 0.43% -3.30% -0.99% 1.67% -1.55% 3.66% 0.93% -2.51% 1.74% 1.79% 0.52% 1.11% 3.37% -1.03% -0.29% -0.18% -0.89% -2.22% 2.76% 0.09% -0.49% 0.17% 1.33% -0.15% -0.41% -3.18% -5.75% -5.09% -3.21% -1.26% 0.79% -1.13% 0.16% 1.48% 4.22% 1.02% 2.33% 2.17% 2.89% 0.43% 2.16% 2.28% 1.42% 0.44% 2.85% 1.89% -3.07% -1.58% 1.56% -0.40% 3.20% 1.80% 0.15% 3.93% 1.80% 1.44% -0.26% 1.14% -0.61% -2.16% -0.78% -5.37% -5.06% 2.56% -1.05% -0.81% 2.80% 1.58% 0.79% -0.23% -1.32% -5.18% -5.66% -5.00% -2.54% -0.06% -1.20% 0.12% 1.80% 4.15% 1.44% 2.25% 2.12% 3.38% 0.71% 2.08% 2.51% 2.02% 0.29% 2.64% 1.69% -2.50% -1.10% 1.10% -0.64% 2.07% 1.32% 0.33% 2.73% 1.90% 0.86% -0.10% 1.14% 0.01% -0.70% -0.26% -4.41% -3.28% 1.99% -1.20% -0.05% 2.40% 1.89% 1.48% 0.14% -1.24% -6.17% -4.77% -2.17% -0.49% 1.33% -1.12% 0.16% 1.27% 4.31% 0.71% 2.41% 2.23% 2.52% 0.21% 2.26% 2.13% 0.90% 0.57% 3.07% 2.09% -3.53% -1.97% 1.90% -0.24% 4.03% 2.17% 0.04% 4.78% 1.74% 1.88% -0.37% 1.13% -0.98% -3.08% -1.07% -5.98% -6.15% 2.90% -0.97% -1.25% 3.03% 1.43% 0.45% -0.41% -1.36% -3.49% -3.06% -0.02% 1.60% 0.38% 0.69% 1.65% 0.72% 1.85% 0.89% 1.12% 0.95% 1.60% 0.16% 1.03% 0.38% 0.40% 0.30% 0.69% -0.10% -1.52% 0.10% 1.61% 0.31% 2.31% -0.62% -1.44% 1.14% 0.89% 0.79% 0.59% 1.74% -1.05% -0.04% -0.77% -0.92% -1.63% 1.91% -0.27% -0.39% 0.97% 0.92% 0.18% -0.47% -1.53% 6/30/2012 7/31/2012 8/31/2012 9/30/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013 2/28/2013 3/31/2013 4/30/2013 5/31/2013 6/30/2013 7/31/2013 8/31/2013 9/30/2013 10/31/2013 11/30/2013 12/31/2013 1/31/2014 2/28/2014 3/31/2014 4/30/2014 5/31/2014 6/30/2014 7/31/2014 8/31/2014 9/30/2014 10/31/2014 11/30/2014 12/31/2014 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 -0.40% 1.42% 0.84% 1.04% -0.18% 0.64% 1.48% 2.07% 0.24% 1.21% 1.39% 0.42% -1.66% 0.88% -0.54% 1.27% 1.59% 1.31% 1.19% -0.29% 1.72% -0.48% -0.21% 1.13% 0.96% -0.31% 0.88% -0.01% -0.80% 1.50% 0.01% 0.81% 1.06% 0.60% 0.02% 0.83% -1.31% 0.87% -1.99% -1.41% 0.53% 0.20% -0.85% -1.41% -1.08% 0.33% 0.86% 0.44% 0.40% 0.25% 0.22% 1.38% 2.01% -0.07% 0.72% 0.14% 1.30% -0.33% -0.08% 0.72% 0.24% 0.92% -0.20% 0.54% 2.09% 0.14% 0.22% 0.33% -0.52% 0.05% 0.06% -0.28% -0.69% -1.79% -0.10% -1.15% -0.21% 0.95% -0.27% 2.73% 0.52% -0.75% -1.04% -0.24% -0.25% 0.94% -0.73% -0.78% -1.97% -0.09% -2.72% -0.44% -4.25% -3.78% -0.07% -0.43% -2.95% -5.22% -1.65% -1.91% -3.45% -1.51% 0.81% -5.74% 0.03% -5.52% -1.65% -1.49% -0.77% -1.09% -3.66% 0.56% 3.77% -1.10% -4.82% 2.00% -3.13% 4.68% -3.99% 0.64% 0.90% 1.88% -5.74% -0.31% -3.86% -0.83% -0.18% 3.88% 7.85% 4.79% -5.59% -3.27% 4.80% 9.48% -3.06% -0.13% 0.96% 0.84% 2.21% 0.35% 1.10% 2.38% 3.45% 0.49% 0.55% 1.62% -0.20% -2.64% -0.09% -0.24% 1.28% 2.01% 1.08% 1.28% -2.27% 1.79% -1.51% -0.58% 1.35% 1.14% 0.45% 0.31% 0.14% -1.12% 1.71% 0.19% 0.66% -0.04% 0.74% 3.36% 0.37% -2.25% -2.01% -2.86% -0.80% 2.75% 0.15% -0.12% -3.45% -0.87% 0.93% -0.40% 1.25% 0.56% -0.42% 0.39% 0.86% 1.99% -1.28% 0.05% 1.01% 0.40% 0.57% 2.02% -1.72% 0.91% 1.17% 2.59% 1.30% 0.08% 0.26% -0.59% -0.70% -0.27% 0.70% -0.70% -0.02% -0.28% 0.45% 0.57% -0.69% -0.37% -1.90% -0.21% -0.44% 1.00% 1.55% 0.56% 0.95% 0.62% -0.59% -1.03% 1.60% -1.17% -0.73% -0.18% 0.74% 1.18% 1.67% 0.91% 0.30% 1.98% 2.15% 0.46% 2.11% 1.20% 2.27% -1.31% 1.51% -0.04% 1.45% 1.45% 1.68% 1.61% 0.29% 2.75% -0.14% 0.03% 1.07% 1.66% -0.59% 0.12% -1.37% -2.16% 0.55% -0.55% -1.00% 2.25% 0.36% 0.85% 0.85% -1.24% 0.18% -2.81% -3.44% 0.14% -1.17% -1.30% -3.04% -1.81% -0.23% 0.95% 0.88% 1.78% 1.03% 0.26% 1.91% 1.69% 1.04% 2.18% 1.34% 2.38% -0.86% 1.31% -0.48% 1.38% 1.53% 1.55% 1.94% 0.40% 2.04% 0.60% 0.37% 1.45% 1.41% -0.19% -0.48% -0.70% -1.96% 0.14% -0.49% -1.05% 1.23% 0.09% 0.57% 0.31% -1.22% -0.74% -1.44% -1.37% -0.30% -0.75% -0.71% -1.36% -1.16% -0.16% 0.66% 1.32% 1.62% 0.88% 0.31% 2.01% 2.39% 0.19% 2.08% 1.13% 2.23% -1.53% 1.61% 0.16% 1.49% 1.41% 1.74% 1.47% 0.24% 3.08% -0.48% -0.14% 0.90% 1.77% -0.77% 0.38% -1.65% -2.24% 0.73% -0.57% -0.99% 2.67% 0.48% 0.96% 1.04% -1.25% 0.53% -3.32% -4.22% 0.31% -1.33% -1.54% -3.72% -2.09% 0.53% -0.51% 0.52% 0.41% -0.77% 1.05% 1.51% -0.03% -0.06% 0.39% 0.65% 0.80% 0.17% 0.99% 0.01% 0.81% 0.57% 0.10% 0.39% 0.49% 0.93% -0.68% 0.55% 0.56% 1.27% -1.40% 0.22% -1.49% -2.35% 0.57% 0.08% -0.85% 1.50% 0.04% 0.81% 1.06% -0.17% -0.76% -0.67% -1.31% -0.01% -0.49% 1.31% 0.59% 0.21% 3/31/2016 4/30/2016 0.29% 0.34% 1.70% 1.48% -6.63% -4.33% 3.19% 1.21% 1.56% -0.87% 0.30% 1.67% 0.57% 1.62% 0.17% 1.72% 1.31% -0.23% 1999 - 2013 Credit Suisse Hedge Index LLC. 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It is n Fixed Income Global Long/Shor Managed MultiArbitrage Macro t Equity Futures Strategy Hedge Hedge Hedge Hedge Hedge Fund Fund Fund Fund Fund Index Index Index Index Index 1.30% 0.17% 1.20% 0.22% 0.00% -2.00% -5.65% -2.47% 1.20% 0.00% -1.68% -4.27% -3.90% 2.60% 0.00% -0.20% -1.59% -1.56% 0.86% 2.58% 0.79% 3.80% 0.57% 0.76% -3.47% -0.40% -0.92% -2.31% 4.15% 3.61% -0.18% -0.35% 1.29% -1.01% -2.23% -0.09% 2.75% 1.64% -0.27% -3.24% 0.70% 0.25% 0.25% 2.03% -0.64% 0.89% -2.22% 0.27% 1.18% 1.59% 0.69% 2.09% -2.85% 1.65% -2.72% 0.57% 0.50% -0.35% -1.89% 1.89% 0.27% -2.47% -0.74% -0.08% 2.41% 0.65% 0.07% 3.04% -1.27% 0.23% -0.44% 5.96% 0.81% 9.46% 1.86% 2.02% 0.91% 1.36% -0.33% 1.70% 2.01% 0.99% 2.03% -4.70% -1.25% 0.52% -0.68% 3.51% -5.74% 1.80% 1.12% 2.24% 5.15% 3.05% -0.64% 0.77% 10.60% 2.26% -0.32% 1.00% 1.04% 0.20% 1.11% -9.35% 1.74% 1.14% 1.00% -1.82% -1.06% -0.82% 1.68% 4.87% 2.29% -0.27% 2.53% 1.07% 4.05% 2.09% 4.59% 0.80% 1.43% 10.46% 1.97% 2.82% 0.37% 1.06% -7.07% 1.35% -4.50% 0.23% 0.77% 1.22% 1.21% 0.11% -0.03% 1.35% 3.00% 4.14% 3.12% 1.72% 1.09% 1.99% 2.13% -1.99% 1.97% 1.25% 3.23% -1.53% 0.20% 2.91% 1.34% -6.97% -3.80% 0.10% 1.73% 1.04% 2.93% 2.38% 0.78% 0.72% 1.47% 3.01% 2.50% 3.22% 0.98% 1.16% 5.31% 1.93% 5.59% 0.22% 1.17% 8.13% 3.07% 4.21% 0.19% 1.75% -0.76% 0.82% -1.83% 2.26% 1.48% 8.21% 3.49% 3.00% 1.53% 1.10% 1.82% -1.58% 1.43% 2.35% 0.72% -2.17% -2.27% -0.95% 0.53% 1.24% 5.95% 0.01% -2.69% 0.56% 1.01% -2.02% 5.14% -0.76% 1.10% 0.87% 1.09% 0.82% 1.15% -1.58% 0.40% 0.71% -0.84% 0.81% 1.61% -0.01% -0.21% -1.08% 0.48% -1.46% -3.74% -6.96% 1.55% 1.73% 1.90% 1.52% 1.34% 1.63% 0.88% 0.75% 0.49% -0.41% 0.74% 0.91% 0.78% 0.97% 0.54% 0.57% -0.15% 0.93% 0.02% 0.93% 0.55% 0.67% 0.75% 0.29% 0.70% 0.32% 1.42% 0.53% 2.10% 10.13% -2.41% 4.63% -1.89% 3.46% 5.14% -2.18% 0.21% 10.16% 1.57% 3.37% 3.28% 1.80% -4.84% -5.12% -11.55% -1.08% 2.34% -2.88% -1.60% -2.00% 1.79% -0.05% 3.02% -1.91% -2.85% -3.18% 2.44% 4.40% 9.24% -2.42% 4.43% -2.45% -5.35% 2.32% 1.32% 1.81% 2.92% -0.87% 1.26% 3.63% 5.05% 3.32% 0.99% 2.28% 7.03% 0.62% 5.91% -0.84% -1.22% 1.55% -0.93% 5.64% 5.03% 1.14% -1.69% 3.40% 0.61% -11.43% 3.47% 1.74% 3.74% 6.56% 4.97% -3.14% 3.76% 3.29% -0.82% 4.65% 1.54% -0.27% 0.60% 4.39% 8.31% 13.01% 0.52% 11.14% -3.98% -7.46% -3.45% 6.13% -0.63% 4.90% -0.71% -2.54% -3.80% 3.42% -0.58% -2.42% 0.21% 5.69% -7.27% 3.63% -0.73% -0.68% 2.82% 0.87% -0.28% 1.06% -4.03% 3.25% 0.91% -1.12% 9.95% 6.87% 1.21% -1.80% 2.80% -3.14% -0.54% -1.07% 2.67% -2.93% 2.76% -0.72% -0.32% 1.81% -4.82% -0.52% 2.35% 0.01% -2.10% -1.31% -2.28% 0.58% -1.12% -2.05% 1.23% -3.34% 0.76% 6.68% 7.76% -0.03% 0.15% 1.27% 1.03% 1.26% 2.40% 3.12% 0.73% 1.07% 0.30% 1.54% 1.56% 1.81% 1.22% 0.24% 0.70% 1.15% 0.57% -4.76% 1.95% 1.32% 1.63% 1.26% 0.22% 0.29% 0.38% -2.05% 1.01% 0.99% 0.04% 0.09% 2.71% 2.51% 1.95% 1.89% 2.15% 0.92% 0.87% 2.13% -0.29% 0.64% 0.64% -1.82% 0.25% 1.38% 1.64% 0.24% 0.24% 1.32% 0.52% 0.50% 0.91% 0.64% 0.18% 1.55% -0.27% 0.23% 1.03% 0.87% 0.63% 1.35% 1.44% 0.65% 1.08% 1.23% -1.14% -2.27% -0.53% 1.32% 1.26% 0.99% 0.42% 1.25% 1.28% 0.34% -0.98% 0.21% 1.16% 0.46% 0.52% 0.80% 1.23% 0.87% -0.49% 1.34% 0.63% 0.71% 0.70% -0.41% -0.78% 1.14% 1.12% 2.74% 0.69% 2.14% 1.03% 0.69% 1.00% 1.17% 1.18% -0.37% 2.47% 2.64% 0.52% -0.19% 1.70% 0.78% 1.42% 2.15% 1.22% 0.76% 0.72% 1.23% 0.85% 2.03% 1.87% -0.66% 2.16% 2.96% 1.63% -0.11% 1.30% 3.04% 0.09% 0.55% 1.86% 1.45% 1.19% 0.97% 0.14% 0.05% 0.48% 0.82% -0.75% -0.49% 1.22% 2.42% -1.94% 0.77% 0.40% 0.42% -0.72% 0.45% -1.57% -0.80% 1.10% 1.24% -0.60% -0.99% 0.91% 0.61% 0.80% -1.26% -2.95% 1.01% -0.47% 0.08% 0.57% 0.76% -0.07% -0.21% 0.43% 2.44% 3.68% 0.79% 0.27% 1.04% 1.21% 2.46% 1.70% 2.40% 2.00% 1.75% 0.20% -1.40% -0.36% 0.66% -1.42% 0.09% 2.36% 1.44% 3.24% 4.88% -5.49% 0.83% -0.84% 0.15% 2.52% 3.65% 3.40% -8.62% 2.15% -1.27% -2.40% -0.91% -1.61% 3.51% 8.63% 6.12% 3.36% 4.11% -5.03% -2.09% 5.50% 6.07% 6.43% -6.10% 1.39% 5.14% -2.21% -2.75% 1.06% -1.60% 0.78% 0.54% 5.42% 1.09% 6.89% -0.86% -6.46% -1.05% -2.84% -1.95% -1.53% 1