

Bonds are represented by the Barclays Aggregate Bond Index which is a broad bond index covering most U.S. traded bonds and some foreign bonds traded in the U.S. Stocks are represented by the MSCI World Index which is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The index includes reinvestments of dividends, net of foreign withholding taxes. Long/Short Equity is represented by the Credit Suisse Long/Short Equity Hedge Fund Index is a subset of the Credit Suisse Hedge Fund Index that measures the aggregate performance of long/short equity funds. Alternatives are represented by the Credit Suisse Multi Strategy Hedge Fund Index which is a subset of the Credit Suisse Hedge Fund Index that measures the aggregate performance of multi-strategy funds. 60/40 Portfolio is represented by 60% S&P 500 and 40% Barclays Aggregate Bond Index. It is not possible to invest directly in an index. Standard Deviation is a statistical measurement of performance fluctuations. Generally, the higher the standard deviation, the greater the expected volatility of returns. Sharpe Ratio is a ratio developed to measure risk-adjusted performance.
Index Performance
As of 03/31/21