The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.

1. WILSHIRE ASSOCIATES
L i q u i d A l t e r n a t i v e s I n d u s t r y M o n i t o r
Q 1 2 0 1 9
A Summary of IndustryTrends and Statistics
©2019 Wilshire Associates. For Use with Financial Advisors Only.

2. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
2
• Equity markets rebounded in Q1, marking the largest quarterly gain for U.S. equities since 2009. The recovery was largely due to the
Federal Reserve’s updated forecast for no rate increases in 2019 and a more accommodative stance towards unwinding quantitative
easing. In addition, concerns over the trade war eased, further supporting risk assets. The S&P 500 Index was up 13.65% for the quarter
and year. The Bloomberg Barclays U.S. Aggregate Bond Index also appreciated, with a return of 2.94% for Q1 2019. The Wilshire Liquid
Alternatives Index, the HFRI Fund Weighted Composite, and the HFRX Global Hedge Fund Index returned 3.21%, 5.88%, and 2.60%,
respectively.
• The best performing Wilshire Liquid Alternative sub-strategy index during the quarter was the Wilshire Liquid Alternative Equity Hedge
Index, which ended the first quarter up 4.64%.
• The worst performing sub-strategy index during the quarter was the Wilshire Liquid Alternative Global Macro Index, which ended the
quarter up 1.91%. The HFRI Macro Index and the HFRX Macro/CTA Index posted returns of 2.90% and -0.87%, respectively.
• During the quarter, all but one sub-strategy saw net outflows, albeit at a less severe pace than the substantial outflows seen in Q4 2018.
Relative Value funds experienced net outflows of $1.9bn. Global Macro experienced the highest level of outflows of $2.6bn, while Equity
Hedge and Multi-Strategy funds saw outflows of $2.1bn and $0.3bn, respectively. Event Driven funds experienced net inflows of $0.4bn
during Q1.
• Q1 2019 saw five new liquid alternatives fund launches, two reclassifications into the universe, 12 liquidations and two acquisitions out of
the universe. Fund count fell by six funds. The liquid alternatives industry has experienced net outflows for the fourth consecutive
quarter.
As investors continue to utilize liquid alternatives in their portfolio construction, Wilshire Associates hopes to provide more clarity and
transparency to the broader investment community regarding the evolution and growth of this industry. Our quarterly and annual
presentations will help provide key highlights and insights into the asset changes and capital flows of this space. The ultimate goal of this
piece is to help deliver to investors the meaningful information necessary to stay updated on key industry activities, major players, and also to
provide investors with Wilshire’s thought framework in understanding and measuring the relative performance of these various strategies to
their peer groups.
Q 1 2 0 1 9 L i q u i d A l t e r n a t i v e s
U.S. Equities Rebound as Fed Pivots

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Q1 2019 Overview pgs. 4-9
Index Performance
Quarterly Commentary
Universe Overview
Universe Summary
Industry Evolution
Activity Highlights pgs. 10-15
Top 20 Funds
Universe Activity
Capital Flows
Categorization Matrix
Wilshire Liquid Alternatives IndexSM pgs. 16-22
10 Year Returns
10 Year Drawdowns
Index Percentiles
Manager Count
Strategy Weights
Wilshire Manager Coverage Process pgs. 23-24
TABLE OF CONTENTS
W i l s h i r e A s s o c i a t e s

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4
PERFORMANCE ( A S O F 0 3 - 3 1 - 2 0 1 9 )
Q 1 2 0 1 9 L i q u i d A l t e r n a t i v e s
Index returns shown do not represent the results of the actual trading of investable assets. Historical returns are not indicative of future results. It is not possible to invest directly in an index.
Source: HFR, Bloomberg, 03-31-2019
Wilshire Liquid
Alternative
Index
SM
HFRI Fund
Weighted
Composite
Index
HFRXGlobal
Hedge Fund
Index
S&P500 Index
Bloomberg
BarclaysU.S.
Aggregate
Bond Index
Wilshire Liquid
Alternative
EquityHedge
Index
SM
Wilshire Liquid
Alternative
Event Driven
Index
Wilshire Liquid
Alternative
Global Macro
Index
SM
Wilshire Liquid
Alternative
Multi-Strategy
Index
SM
Wilshire Liquid
Alternative
Relative Value
Index
SM
Mar. 2019 0.60% 0.97% -0.17% 1.94% 1.92% 0.29% 0.42% 2.03% 0.47% 0.45%
Feb. 2019 0.56% 1.34% 0.63% 3.21% -0.06% 0.76% 0.63% 0.19% 0.83% 0.42%
Jan. 2019 2.02% 3.48% 2.13% 8.01% 1.06% 3.55% 1.45% -0.31% 2.58% 1.66%
Qtr. Return 3.21% 5.88% 2.60% 13.65% 2.94% 4.64% 2.52% 1.91% 3.92% 2.55%
YTD 3.21% 5.88% 2.60% 13.65% 2.94% 4.64% 2.52% 1.91% 3.92% 2.55%
1 Yr. Return -0.19% 0.90% -3.32% 9.50% 4.48% -0.97% 2.56% -2.36% -0.16% 0.71%
3 Yr. Return1
2.08% 5.12% 1.95% 13.51% 2.03% 2.39% 3.03% -0.92% 2.70% 2.80%
5 Yr. Return1
0.71% 3.06% -0.30% 10.91% 2.74% 0.65% 0.63% 0.51% 0.85% 1.11%
10 Yr. Return1
2.77% 5.48% 1.74% 15.92% 3.77% 1.89% 2.74% 0.88% 3.75% 4.39%
Cumulative
Return2 14.55% 48.20% -5.80% 157.46% 60.69% 9.74% 30.33% -4.53% 9.27% 35.10%
Standard
Deviation1,2 3.93% 6.01% 5.68% 14.83% 3.21% 4.37% 3.23% 4.52% 5.81% 4.76%
1: Annualized, 2: Monthly Returns from April 2007 to March 2019 displayed in US Dollar (USD)

5. 5
©2019 Wilshire Associates. For Use with Financial Advisors Only.
Q1 2019 Performance Highlights
• The Wilshire Liquid Alternative Equity Hedge Index, which includes long/short
equity and market neutral funds, returned 0.29% in March, underperforming the
HFRX counterpart’s March return of 0.79%. The Wilshire Liquid Alternative Equity
Hedge Index returned 4.64% in Q1, underperforming the HFRX counterpart’s Q1
return of 5.95%. Following soft performance in the fourth quarter, long/short
equity managers outperformed expectations on a risk-adjusted basis this quarter.
U.S-focused strategies outperformed global peers. Factor-based strategies
posted mixed performance as certain factors continued to experience volatility.
Covered call strategies outperformed the sub-strategy’s average, benefiting from
a longer-biased exposure. Growth-oriented managers outperformed value-
oriented peers as Consumer Discretionary and Technology sector investments
rallied while Financials lagged the broader markets.
• The Wilshire Liquid Alternative Event Driven Index, which includes credit, merger
arbitrage and special situations funds, returned 0.42% in March, outperforming
the HFRX counterpart’s March return of -1.52%. The Wilshire Liquid Alternative
Event Driven Index returned 2.51% in Q1, outperforming the HFRX counterpart’s
Q1 return of 0.80%. Credit managers posted solid returns, outperforming the sub-
strategy index, as leveraged credits such as high yield corporate debt experienced
spread compression following the more accommodative tone from the Federal
Reserve. Merger arbitrage strategies continued to generate favorable returns,
although lagging the broader Index as idiosyncratic transactions tend to be less
impacted by broad market swings. Additionally, soft-catalyst and special situation
investments benefited performance as broader risk appetite returned to the
equity and credit markets.
PERFORMANCE ( A S O F 0 3 - 3 1 - 2 0 1 9 )
Q 1 2 0 1 9 L i q u i d A l t e r n a t i v e s

6. 6
©2019 Wilshire Associates. For Use with Financial Advisors Only.
Q1 2019 Performance Highlights Continued..
• The Wilshire Liquid Alternative Global Macro Index, which includes systematic,
discretionary, commodity and currency funds, ended the month up 2.03%,
outperforming the 0.30% return of the HFRX Macro/CTA Index. The Index
finished the first quarter in positive territory with a 1.91% return, outperforming
the HFRX Macro/CTA Index’s quarterly return of -0.87%. After incurring
substantial losses during the equity market reversal in January, CTAs posted
positive returns for the quarter primarily due to long bond exposure.
Discretionary macro managers also performed positively to the extent they held
long bond and equity exposure.
• The Wilshire Liquid Alternative Relative Value Index, which includes credit,
convertible arbitrage and volatility funds, finished the month up 0.45%,
outperforming the -0.16% return of the HFRX Relative Value Arbitrage Index.
The Index returned 2.55% in Q1, slightly underperforming the HFRX
counterpart’s Q1 return of 2.62%. Volatility arbitrage managers had a mixed but
generally positive start to the year, with neutral-to-short biased managers
performing positively and longer-biased strategies drawing down considerably
as volatility collapsed across asset classes. Credit strategies also posted positive
results as corporate spreads tightened during the quarter, especially within the
high yield markets.
PERFORMANCE ( A S O F 0 3 - 3 1 - 2 0 1 9 )
Q 1 2 0 1 9 L i q u i d A l t e r n a t i v e s

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Source: Morningstar, Universe as defined by Wilshire, 12-31-2015
UNIVERSE OVERVIEW ( A S O F 0 3 - 3 1 - 2 0 1 9 )
Q 1 2 0 1 9 L i q u i d A l t e r n a t i v e s
Liquid Alts Universe Equity Hedge Global Macro Relative Value Event Driven Multi-Strategy
Total number of Liquid Alt Funds 472 195 67 85 36 89
% of universe (# of funds) 100% 41% 14% 18% 8% 19%
Total Assets ($ Millions) $294,911 $69,236 $30,923 $128,505 $16,091 $50,156
% of universe (assets) 100% 23% 10% 44% 5% 17%
Total number of Funds with 3 years 371 147 56 72 28 68
Total 3 year Assets ($Millions) $287,997 $65,939 $30,691 $127,469 $15,993 $47,904
Total number of Funds over $100 million 202 64 30 53 16 39
Funds Launched in the last 12 months 31 13 4 5 4 5
Largest Funds by AUM$
FPA Crescent:
$14.7bn
AQR Managed
Futures Strategy:
$6.2bn
BlackRock Strategic
Income Opps:
$33.2bn
BlackRock Global.
L/S Credit: $3.2bn
Blackstone Alt. Multi-
Strategy: $7.3bn
Gateway:
$8.3bn
Eaton Vance Global
Macro Abs. Rtn:
$4.0bn
JP Morgan Strategic
Income Opps: $12.9bn
Merger Investor:
$3.0bn
Catalyst/Milburn Hedge
Strategy: $4.7bn
Boston Partners
Long/Short Research:
$4.4bn
Eaton Vance Global
Macro Abs Ret
Advantage: $3.4bn
Calamos Market Neutral
Income A: $7.6bn
BlackRock Event Driven
Equity Inst: $2.0bn
Wells Fargo Absolutre
Return: $3.9bn
JPMorgan Hedged
Equity R6: $4.3bn
Natixis ASG Managed
Futures Strategy:
$1.8bn
Guggenheim Macro
Opportunities: $7.1bn
Arbitrage R:
$1.7bn
JP Morgan Global
Allocation: $3.5bn
Diamond Hill Long-
Short:
$3.9bn
John Hancock Global
Abs. Rtn. Strategy:
$1.3bn
John Hancock Strategic
Income Opportunities I:
$5.9bn
Carillon Reams
Unconstrained Bond:
$1.2bn
AQR Style Premia
Alternative: $3.2bn
Source: Morningstar, Universe as defined by Wilshire, 03-31-2019

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24%
11%
43%
5%
17%
Market Share by Strategy Q4 2018
Equity Hedge
Global Macro
Relative Value
Event Driven
Multi-Strategy
New Fund Launches and Closures
• 5 new liquid alternative funds were launched during
the quarter
o 3 equity hedge funds
o 1 multi-strategy fund
o 1 relative value fund
• 2 funds were reclassified into the universe
• 2 fund were acquired
• 12 funds were liquidated
Key Asset Level Changes
(Through Additions, Liquidations, & Organic
Growth/Loss)
• $2.0.bn increase in assets of the LiquidAlternative
Universe
o $0.1bn increase in equity hedge
o $1.8bn increase in relative value
o $1.4bn increase in multi-strategy
o $0.9bn increase in event driven
o $2.1bn decrease in global macro
Source: Morningstar, universe as defined by Wilshire, 03-31-2019.
UNIVERSE SUMMARY
Q 1 2 0 1 9 L i q u i d A l t e r n a t i v e s
23%
10%
44%
5%
17%
Market Share by Strategy Q1 2019

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UNIVERSE FUND COUNT AND AUM
E v o l u t i o n o f t h e I n d u s t r y
Source: Morningstar, universe as defined by Wilshire
Universe Activity Commentary
• The liquid alternative universe saw a decrease in
fund count during Q1 2019, reversing the increase
we saw in Q4 2018. Five new funds were launched
in Q1 and two were reclassified into the liquid
alternatives universe. Of the 12 fund liquidations,
four were equity hedge, one was event driven,
three were global macro, one was Relative Value,
and three were multi-strategy. Both funds that
were acquired were multi-strategy.
• In terms of AUM, universe assets increased by
$2.0bn in Q1 2019. New entrants (comprised of new
fund launches and pre-existing funds that were
reclassified as liquid alternative during the quarter)
brought in $0.1bn, while liquidations and
acquisitions created outflows of $0.8bn. Net capital
outflows from the universe totaled $6.6bn.
Performance gains increased AUM by $8.6bn.
0
100
200
300
400
500
600
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Wilshire Universe Trends on Fund Count and AUM
Universe AUM ($ Millions) Total Number Liquid Alt Funds

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Activity Highlights

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Source: Morningstar, Universe as defined by Wilshire, 03-31-2019
ASSETS UNDER MANAGEMENT
U n i v e r s e To p 2 0
Note: JPMorgan Hedged Equity entered the Top 20 in Q1 2019. Diamond Hill Long-Short A exited the Top 20 in Q1 2019.
Top 20 by AUM Q1 2019 Q1 2019 AUM Q4 2018 AUM Change
Q1 2019
Ranking
Q4 2018
Ranking
BlackRock Strategic Income Opps Instl Relative Value $33.1bn $34.0bn -$0.9bn 1 1
FPA Crescent Equity Hedge $14.7bn $13.7bn $1.0bn 2 2
JPMorgan Strategic Income Opports R5 Relative Value $12.8bn $12.8bn $0.1bn 3 3
Gateway A Equity Hedge $8.2bn $8.1bn $0.1bn 4 4
Calamos Market Neutral Income A Relative Value $7.5bn $6.8bn $0.7bn 5 8
Blackstone Alternative Multi-Strategy I Multi-Strategy $7.2bn $6.9bn $0.3bn 6 7
Guggenheim Macro Opportunities Instl Relative Value $7.1bn $7.2bn -$0.2bn 7 5
AQR Managed Futures Strategy N Global Macro $6.3bn $7.1bn -$0.8bn 8 6
JHancock Strategic Income Opps I Relative Value $5.9bn $5.7bn $0.2bn 9 10
PIMCO All Asset All Authority Inst Relative Value $5.6bn $6.0bn -$0.3bn 10 9
Catalyst/Millburn Hedge Strategy A Multi-Strategy $4.6bn $4.1bn $0.4bn 11 15
Columbia Strategic Income A Relative Value $4.4bn $4.2bn $0.3bn 12 14
Boston Partners Long/Short Rsrch Instl Equity Hedge $4.4bn $4.8bn -$0.5bn 13 11
T. Rowe Price Dynamic Global Bond Inv Relative Value $4.2bn $4.4bn -$0.3bn 14 12
Putnam Diversified Income A Relative Value $4.2bn $3.9bn $0.2bn 15 17
JPMorgan Hedged Equity R6 Equity Hedge $4.1bn $3.4bn $0.7bn 16 n/a
Navigator Tactical Fixed Income I Relative Value $4.1bn $3.7bn $0.4bn 17 18
Eaton Vance Glbl Macr Absolute Return I Global Macro $4.0bn $4.2bn -$0.3bn 18 13
Wells Fargo Absolute Return Admin Multi-Strategy $3.9bn $4.1bn -$0.2bn 19 16
PIMCO Dynamic Bond Instl Relative Value $3.9bn $3.6bn $0.2bn 20 19

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*Change includes net flows and organic growth/loss
Source: Morningstar, Universe as defined by Wilshire, 03-31-2019
LARGEST AUM CHANGES
U n i v e r s e A c t i v i t y
Top 5 Largest Increases in AUM Q1 2019 Q4 2018 Change* Strategy
FPA Crescent $14.7bn $13.7bn $1.0bn Equity Hedge
BlackRock Event Driven Equity Instl $1.9bn $1.2bn $0.8bn Event Driven
JPMorgan Hedged Equity R6 $4.1bn $3.4bn $0.7bn Equity Hedge
Calamos Market Neutral Income A $7.5bn $6.8bn $0.7bn Relative Value
Dreyfus Global Real Return I $2.2bn $1.6bn $0.6bn Multi-Strategy
Top 5 Largest Decreases in AUM Q1 2019 Q4 2018 Change* Strategy
BlackRock Strategic Income Opps Instl $33.1bn $34.0bn -$0.9bn Relative Value
AQR Managed Futures Strategy N $6.3bn $7.1bn -$0.8bn Global Macro
Janus Henderson Abs Ret Inc Opports I $0.2bn $1.0bn -$0.7bn Relative Value
JHancock Global Absolute Ret Strats I $1.3bn $1.9bn -$0.6bn Global Macro
Boston Partners Long/Short Rsrch Instl $4.4bn $4.8bn -$0.5bn Equity Hedge

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Source: Morningstar, Universe as defined by Wilshire, 03-31-2019
Q1 2019 FUND FLOWS
U n i v e r s e A c t i v i t y
Top 5 Funds by Inflows Net Inflows Strategy
BlackRock Event Driven Equity Instl $0.7bn Event Driven
JPMorgan Hedged Equity R6 $0.6bn Equity Hedge
Dreyfus Global Real Return I $0.5bn Multi-Strategy
Calamos Market Neutral Income A $0.5bn Relative Value
Voya Strategic Income Opportunities I $0.4bn Relative Value
Top 5 Funds by Outflows Net Outflows Strategy
BlackRock Strategic Income Opps Instl -$1.6bn Relative Value
AQR Managed Futures Strategy N -$0.8bn Global Macro
Janus Henderson Abs Ret Inc Opports I -$0.7bn Relative Value
JHancock Global Absolute Ret Strats I -$0.7bn Global Macro
Boston Partners Long/Short Rsrch Instl -$0.7bn Equity Hedge

14. 14
©2019 Wilshire Associates. For Use with Financial Advisors Only.
CAPITAL FLOWS
L i q u i d A l t e r n a t i v e s F u n d s
Fund Flows During Q1 2019
There were approximately $6.6bn in
net outflows from the liquid
alternatives universe:
• $1.9bn net outflows from relative
value funds
• $2.7bn net outflows from global
macro funds
• $2.1bn net outflows from equity
hedge funds
• $0.3bn net outflows from multi-
strategy funds
• $0.4bn net inflows to event driven
funds
Liquid Alternatives Universe Highlights – Q1 2019
• The liquid alternatives universe saw a fourth consecutive
quarter of net outflows, with all but one sub-strategy
experiencing net outflows in the first quarter. Event driven
funds were the exception.
• BlackRock Event Driven Equity saw net inflows of $0.7bn in
Q1, with JPMorgan Hedged Equity, DreyfusGlobal Real
Return,Calamos Market Neutral Income, andVoya Strategic
Income Opportunities also seeing inflows of $0.6bn, $0.5bn,
$0.5bn and $0.4bn, respectively.
• BlackRock Strategic Income experienced the largest outflow
of $1.6bn in Q1.AQR Managed Futures, Janus Henderson
Absolute Return Income Opportunities, John Hancock Global
Absolute Return, and Boston Partners Long/Short Research
also experienced net outflows of $0.8bn, $0.7bn, $0.7bn and
$0.7bn, respectively.

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15
QUARTERLY CATEGORIZATION MATRIX
( A S O F Q 1 - 2 0 1 9 )
W i l s h i r e L i q u i d A l t e r n a t i v e C a t e g o r i e s
Source: Morningstar, universe as defined by Wilshire
EquityHedge Event Driven Global Macro Multi-Strategy RelativeValue Not LiquidAlt GrandTotal
USFundMultialternative 4 6 23 79 3 1 116
USFundLong-Short Equity 96 2 3 101
USFundNontraditional Bond 1 3 3 2 55 18 82
USFundOptions-based 54 1 5 3 63
USFundMarket Neutral 26 16 7 2 51
USFundManagedFutures 36 1 37
USFundLong-Short Credit 7 9 16
USFundMulticurrency 4 5 9
USFundVolatility 1 2 3
USFundBear Market 3 3 6
USFundLarge Blend 6 6
USFundWorldAllocation 2 2
USFundHighYieldBond 2 1 3
USFundMultisector Bond 2 2
USFundTactical Allocation 1 1 1 3
USFundMid-CapBlend 2 2
USFundMid-CapGrowth 1 1
USFundPreferredStock 1 1 2
USFundSmall Blend 2 2
USFundAlloc.--30%to50%Eq. 1 1
USFundAlloc.--50%to70%Eq. 1 1
USFundAlloc.--70%to85%Eq. 1 1
USFundComm. BroadBasket 1 1
USFundConvertibles
USFundCorporate Bond 1 1
USFundInfrastructure 1 1
USFundReal Estate 1 1
GrandTotal 195 36 67 89 85 42 514
WilshireLiquidAlternativeCategories
MorningstarCategories

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Wilshire Liquid Alternatives
IndexSM

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17
WILSHIRE LIQUID ALTERNATIVES INDEXSM
0 4 - 1 - 2 0 0 9 t o 0 3 - 3 1 - 2 0 1 9
1 0 Ye a r R e t u r n s
Past performance is not indicative of future return.
700
900
1100
1300
1500
1700
1900
Growth of $1000
Wilshire Liquid Alternative Broad-Based Index HFRI Fund Weighted Composite Index HFRX Global Hedge Fund Index

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18
WILSHIRE LIQUID ALTERNATIVES INDEXSM
0 4 - 1 - 2 0 0 9 t o 0 3 - 3 1 - 2 0 1 9
1 0 Ye a r D r a w d o w n s
Past performance is not indicative of future return.
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
Drawdown
Wilshire Liquid Alternative Broad-Based Index HFRI Fund Weighted Composite Index HFRX Global Hedge Fund Index

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19
BY STRATEGY ( A S O F 0 3 - 3 1 - 2 0 1 9 )
1 Ye a r I n d e x P e r c e n t i l e s
*Note: The peer groups’ beta percentiles are with respect to their sub-strategy indices.
1 Year
Return
1 Year
Std.
Dev.
1 Year
Beta*
Index returns shown do not represent the results of the actual trading of investable assets. Historical returns are not indicative of future results. It is not possible to invest directly in an index.
Source: Morningstar, 03-31-2019
Percentiles Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 23.7 13.1 29.2 9.7 9.2
5th 9.2 9.1 6.9 6.9 5.5
25th 4.4 6.0 2.5 2.4 3.6
Median 1.0 3.4 -0.7 0.4 2.5
75th -4.0 2.0 -3.7 -1.5 0.8
95th -10.4 -5.9 -9.5 -9.4 -3.3
Low -19.6 -14.4 -16.1 -17.1 -15.4
Percentiles Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 30.6 18.4 23.3 23.6 37.2
5th 17.5 14.4 15.0 12.8 6.9
25th 12.8 5.6 9.4 7.0 4.3
Median 9.7 4.4 7.1 5.3 3.1
75th 7.0 3.0 5.1 4.1 2.0
95th 4.0 1.9 2.7 2.3 1.1
Low 1.2 1.8 2.3 1.4 0.8
Percentiles* Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 3.7 6.5 62.1 135.4 35.1
5th 2.1 5.6 3.6 26.5 3.6
25th 1.5 2.0 1.9 1.4 1.4
Median 1.2 1.1 0.7 0.9 0.9
75th 0.5 0.7 0.3 0.6 0.4
95th -0.4 0.3 -0.1 -0.9 -0.2
Low -9.9 0.1 -18.3 -35.5 -12.6
Peer Count 179 28 67 84 88

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20
Index returns shown do not represent the results of the actual trading of investable assets. Historical returns are not indicative of future results. It is not possible to invest directly in an index.
BY STRATEGY ( A S O F 0 3 - 3 1 - 2 0 1 9 )
3 Ye a r I n d e x P e r c e n t i l e s
*Note: The peer groups’ beta percentiles are with respect to their sub-strategy indices.
3 Year
Return
3 Year
Std.
Dev.
3 Year
Beta
Percentiles Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 13.3 10.5 14.4 13.2 8.6
5th 10.8 9.2 6.2 8.4 7.7
25th 6.8 6.3 2.7 4.9 5.5
Median 4.7 4.2 0.4 2.9 4.4
75th 1.8 2.4 -1.2 1.0 2.8
95th -3.4 1.7 -5.4 -3.6 0.5
Low -15.8 1.5 -9.7 -5.7 -32.6
Percentiles Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 22.4 15.0 23.9 15.1 28.5
5th 13.1 12.6 15.1 9.1 6.3
25th 9.3 4.5 9.6 5.4 3.2
Median 7.7 3.4 7.0 3.9 2.5
75th 6.0 2.6 5.2 3.4 1.8
95th 4.0 1.7 3.5 2.7 1.3
Low 1.4 1.6 1.9 1.4 0.9
Percentiles* Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 3.1 6.2 6.2 58.0 20.5
5th 1.9 5.1 2.7 15.0 2.4
25th 1.4 1.7 1.8 1.7 1.2
Median 1.1 1.0 0.8 0.9 0.9
75th 0.6 0.7 0.3 0.7 0.6
95th 0.0 0.3 -0.2 0.3 0.2
Low -2.5 0.1 -1.7 -1.0 -8.1
Peer Count 149 27 60 77 81
Source: Morningstar, 03-31-2019

21. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
21
Note: Index constituent count is based on Wilshire Associates bi-annual reconstitution.
WILSHIRE LIQUID ALTERNATIVES INDEXSM
C o n s t i t u e n t C o u n t
81
92
68
33
189
Source: Wilshire Associates, 03-31-2019
0
100
200
300
400
500
600
Dec-99
Jul-00
Feb-01
Sep-01
Apr-02
Nov-02
Jun-03
Jan-04
Aug-04
Mar-05
Oct-05
May-06
Dec-06
Jul-07
Feb-08
Sep-08
Apr-09
Nov-09
Jun-10
Jan-11
Aug-11
Mar-12
Oct-12
May-13
Dec-13
Jul-14
Feb-15
Sep-15
Apr-16
Nov-16
Jun-17
Jan-18
Aug-18
Mar-19
NumberofConstituents
Equity Hedge Event Driven Global Macro Multi-Strategy Relative Value

22. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
22
Note: Weightings are based on Wilshire Associates bi-annual reconstitution.
WILSHIRE LIQUID ALTERNATIVES INDEXSM
S u b - S t r a t e g y W e i g h t s
40%
12%
25%
17%
5%
Source: Wilshire Associates, 03-31-2019
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec-99
Jul-00
Feb-01
Sep-01
Apr-02
Nov-02
Jun-03
Jan-04
Aug-04
Mar-05
Oct-05
May-06
Dec-06
Jul-07
Feb-08
Sep-08
Apr-09
Nov-09
Jun-10
Jan-11
Aug-11
Mar-12
Oct-12
May-13
Dec-13
Jul-14
Feb-15
Sep-15
Apr-16
Nov-16
Jun-17
Jan-18
Aug-18
Mar-19
Equity Hedge Event Driven Global Macro Multi-Strategy Relative Value

23. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
Wilshire Manager Coverage Process

24. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
24
Research Coverage Model
WilshireAlternativesTeam actively covers
approximately 30 Liquid Alternative
strategies
• Wilshire’s manager coverage
represents 40% of the industry’s
assets
Coverage is driven by the following
criteria:
• Industry:Top 10 byAUM
• PMTeam:Wilshire portfolios
• ResearchTeam: focus lists
Top 10 by
AUM
Wilshire
Portfolios
Focus Lists
Our criteria overlap provides
significant ownership of the
broader liquid alternatives
universe
MANAGER COVERAGE PROCESS
W i l s h i r e A s s o c i a t e s

25. 25
©2019 Wilshire Associates. For Use with Financial Advisors Only.
For additional information
please contact:
Wilshire Funds Management
Email: managedportfolios@wilshire.com
Office: 855.626.8281
WilshireAssociates Incorporated
1299 Ocean Avenue, Suite 700
Santa Monica, CA 90401
CONTACT US
W i l s h i r e A s s o c i a t e s

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26
Wilshire Funds Management is a business unit of Wilshire Associates Incorporated (“Wilshire®”). This material represents the current opinion of
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