The Alternative Strategies Blended Benchmark Index is comprised of an approximate 33% weighting in each of the following indices: S&P GSCI Light Energy Index, Hedge Fund Research Equal Weighted Strategies Index and S&P Diversified Trends Indicator. Please refer to the back cover for more information on these indices. The S&P 500 Index is an unmanaged, broad-based, market-cap weighted index of 500 stocks.