VAMI 12.15b

Past performance is not necessarily indicative of future results. There is a risk of loss in trading futures.

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 37 different categories by strategy, including the HFRI Fund Weighted Composite, which accounts for over 2000 funds listed on the internal HFR Database.  The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors.  There are currently 535 programs included in the calculation of the Barclay CTA Index for 2015.  The Index is equally weighted and rebalanced at the beginning of each year.  The S&P 500 is an index pblished by Standard and Poor’s that incorporates 400 industrial stocks, 20 transportation stocks, 40 financial stocks, and 40 public utilities as a measurement indicative of broad changes in the US equity market.