is produced by Hedge Fund Research, Inc. S&P 500 is an index designed to be representative of the large cap U.S. equities market and is produced by Standard & Poor's, Inc. This index is adjusted to reflect the reinvestment of dividends. HFRX GL and S&P 500 are presented as two broad indices. While Mangrove Partners bel

nts in asset classes and companies with market capitalizations and liquidity ladies that differ from the Funds' investments. The SW 500, produced by Standard & Poor's, Inc., is an index designed to be representative of the large cap V.S. equities market. The S&P 500 is adjusted to reflect the reinvestment of dividends.