Newedge CTA Trend Sub-Index

The Newedge CTA Trend Sub-Index is a subset of the Newedge CTA Index, and follows traders of trend following methodologies. The Newedge CTA Index is equal weighted, calculates the daily rate of return for a pool of CTAs selected from the larger managers that are open to new investment.

	May-18-2012 ROR†	MTD†	YTD†
Newedge CTA Trend Sub-Index	0.00%	-1.37%	-0.32%
†Estimated performance as of May-21-2012 05:20 US CST