Wilshire Liquid Alternatives Industry Monitor for Q3 2018

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 3 2 0 1 8
A Summary of Industry Trends and Statistics
©2018 Wilshire Associates. For Use with FinancialAdvisors Only.

2
• Equity markets posted a robust return in the third quarter of 2018, driven by strong corporate earnings and economic releases.
The S&P 500 Index gained 7.71%, while the Bloomberg Barclays U.S. Aggregate Bond Index was virtually flat for the quarter,
returning 0.02%. The Wilshire Liquid Alternatives Index, the HFRI Fund Weighted Composite, and the HFRX Global Hedge Fund
Index returned 1.02%, 0.63%, and -0.39%, respectively.
• The best performing Wilshire Liquid Alternative sub-strategy index during the quarter was the Wilshire Liquid Alternative Equity
Hedge Index, which ended the third quarter up 2.39%, with all other sub-strategy indices posting positive returns as well.
• The worst performing sub-strategy index during the quarter was the Wilshire Liquid Alternative Relative Value Index, which
ended the quarter up 0.38%, in-line with the HFRX Relative Value Arbitrage Index’s return of 0.40%. Gains in structured and
corporate credit were somewhat mitigated by losses from a few volatility arbitrage managers.
• Similar to the second quarter, all but one sub-strategy saw net outflows in the third quarter. Relative value funds experienced
net inflows of $1.5bn, continuing the trend of inflows in 2018 and bringing year-to-date inflows to $11.4bn. Event driven funds
saw muted outflows during the quarter, however global macro, equity hedge, and multi-strategy funds saw meaningful outflows
of $2.4bn, $1.9bn, and $1.3bn, respectively.
• Q3 2018 saw five new liquid alternatives fund launches and 19 liquidations. Fund count continues to decrease, as is consistent
with industry maturation, and the liquid alternatives industry has experienced net outflows for the second 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 3 2 01 8 L i q u i d A l t e r n a t i v e s
U.S. Outperforms as Cycle Wanes

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Q3 2018 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 Index 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

4
Wilshire Liquid
Alternative
IndexSM
HFRI Fund
Weighted
Composite
Index
HFRX Global
Hedge Fund
Index
S&P 500
Index
Bloomberg
Barclays U.S.
Aggregate
Bond Index
Wilshire Liquid
Alternative
Equity Hedge
Index SM
Wilshire Liquid
Alternative
Event Driven
IndexSM
Wilshire
Liquid
Alternative
Global Macro
IndexSM
Wilshire Liquid
Alternative
Multi-Strategy
IndexSM
Wilshire
Liquid
Alternative
Relative
Value IndexSM
Sep. 2018 0.13% -0.19% -0.69% 0.57% -0.64% 0.15% 0.30% -0.25% 0.22% 0.20%
Aug. 2018 0.17% 0.34% 0.45% 3.26% 0.64% 0.60% 0.35% 0.62% 0.26% -0.31%
Jul. 2018 0.71% 0.48% -0.15% 3.72% 0.02% 1.61% -0.08% 0.14% 0.59% 0.50%
Qtr. Return 1.02% 0.63% -0.39% 7.71% 0.02% 2.39% 0.58% 0.51% 1.07% 0.38%
YTD -0.55% 1.45% -1.23% 10.56% -1.60% -0.08% 1.95% -3.13% 0.01% -0.35%
1 Yr. Return 0.96% 4.06% 0.25% 17.91% -1.22% 2.33% 2.26% -0.04% 1.87% -0.09%
3 Yr. Return1 1.90% 5.37% 2.17% 17.31% 1.31% 3.08% 1.95% -0.93% 2.40% 2.23%
5 Yr. Return1 1.37% 4.12% 1.02% 13.95% 2.16% 1.89% 0.82% 1.04% 1.70% 1.43%
10 Yr. Return1 1.89% 4.56% 0.70% 11.97% 3.77% 1.45% 2.66% 0.40% 1.98% 3.43%
Cumulative
Return2 19.97% 61.50% 3.92% 181.29% 57.82% 18.25% 34.97% 4.17% 14.76% 38.65%
Standard
Deviation1,2 3.82% 5.84% 5.63% 14.26% 3.16% 3.95% 3.20% 4.64% 5.69% 4.74%
1: Annualized, 2: Monthly Returns from Oct. 2006 to Sep. 2018 displayed in US Dollar (USD)
PERFORMANCE ( A S O F 9 - 3 0 - 2 0 1 8 )
Returns provided for each Wilshire index includedata for periods prior to when each Wilshire Index was in active production, using the methodology appliedto each index at the time it was created. Therefore certain
returns reflect back-tested calculations.Back tested returns are hypothetical in nature, do not represent actual performance, and may reflect the applicationof the index methodology with the benefit of hindsight. In
general, all index returns shown do not represent the results of the actual trading of investable assets. Historical returns are not indicativeof future results. It is not possible to invest directly in an index.

5
Q3 2018 Performance Highlights
• The Wilshire Liquid Alternative Index returned 1.02% in Q3 2018, outperforming
both the HFRX Global Hedge Fund Index (-0.39%) and the HFRI Fund Weighted
Composite Index (0.63%).
• The Wilshire Liquid Alternative Equity Hedge Index, which includes long/short equity
and market neutral funds, ended September up 0.15% and the third quarter up
2.39%, respectively, outperforming the HFRX Equity Hedge Index’s monthly and
quarterly returns of -1.63% and -1.14%. Several trends observed in the second
quarter continued into the third quarter. Value-oriented strategies underperformed
throughout the quarter as their long positions underperformed growth-oriented
investments in the Health Care, Information Technology and Consumer
Discretionary sectors. Certain factor-based strategies underperformed as several
risk premia compressed in 2018. Covered call strategies outperformed for the
quarter, benefiting from rising equity markets. Moreover, domestic strategies
outperformed global strategies as European and emerging market equities
grappled with a rising U.S. dollar and strained trade relations.
• The Wilshire Liquid Alternative Event Driven Index, which includes credit, merger
arbitrage and special situations funds, ended September and the third quarter up
0.30% and 0.58%, respectively, outperforming the -0.51% and -1.07% monthly and
quarterly returns of the HFRX Event Driven Index. Merger arbitrage strategies were
positive as a group, but posted mixed results across managers due to a notable
telecommunications deal-break in July. Despite the volatile July, August and
September were positive months for merger arbitrage as equity markets rallied and
the environment remained accommodative to merger transactions. Credit
managers outperformed as credit spreads remained tight amid favorable
fundamentals.

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Q3 2018 Performance Highlights Continued..
• The Wilshire Liquid Alternative Global Macro Index, which includes systematic,
discretionary, commodity and currency funds, ended September down -0.25%,
outperforming the -0.63% return of the HFRX Macro/CTA Index. The Index
finished the second quarter in positive territory, returning 0.51%, but
underperformed the HFRX Macro/CTA Index’s quarterly return of 0.64%. CTAs
were a positive contributor for the quarter, as a strong August for equities
outweighed modestly negative months in July and September. Many
discretionary macro strategies remained long the U.S. dollar, but managers
who were caught on the wrong side of the stress in certain emerging markets
and areas of Europe brought down the Index average.
• The Wilshire Liquid Alternative Relative Value Index, which includes credit,
convertible arbitrage and volatility funds, finished September up 0.20%,
outperforming the 0.13% return of the HFRX Relative Value Arbitrage Index.
The Index’s second quarter return of 0.38% was in-line with the HFRX
counterpart’s 0.40% return. Relative value strategies were muted for the
quarter, with the exception of a few volatility arbitrage strategies that were hurt
by large idiosyncratic currency moves in regions like Turkey. Credit and
convertible arbitrage managers were generally positive for the quarter.
Structured credit spreads were stable, but managers with corporate credit
exposure did notably well, particularly off of the recovery in the Energy sector.

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Source: Morningstar, Universe as defined by Wilshire, 12-31-2015
UNIVERSE OVERVIEW ( A S O F 9 - 3 0 - 2 0 1 8 )
Liquid Alts Universe Equity Hedge Global Macro Relative Value Event Driven Multi-Strategy
Total number of Liquid Alt Funds 476 194 68 84 34 96
% of universe (# of funds) 100% 41% 14% 18% 7% 20%
Total Assets ($ Millions) $325,368 $80,620 $40,596 $133,254 $16,534 $54,364
% of universe (assets) 100% 25% 12% 41% 5% 17%
Total number of Funds with 3 years 363 132 58 73 29 71
Total 3 year Assets ($Millions) $309,461 $74,347 $40,250 $132,235 $16,425 $46,204
Total number of Funds over $100 million 214 68 31 52 18 45
Funds Launched in the last 12 months 29 9 2 5 3 10
Largest Funds by AUM$
FPA Crescent:
$17.0bn
AQR Managed
Futures Strategy:
$8.9bn
BlackRockStrategic
Income Opps:
$36.1bn
BlackRockGlobal.
L/S Credit: $3.8bn
Blackstone Alt.
Multi-Strategy:
$6.2bn
Gateway:
$8.8bn
Eaton VanceGlobal
Macro Abs. Rtn:
$5.1bn
JP Morgan Strategic
Income Opps: $13.1bn
Merger Investor:
$2.6bn
Wells Fargo Abs. Return:
$4.7bn
Boston Partners
Long/Short Research:
$6.7bn
Eaton VanceGlobal
Macro Abs Ret
Advantage: $4.3bn
Guggenheim Macro
Opportunities: $7.4bn
Arbitrage R:
$1.8bn
AQR Style Premia
Alternative: $4.5bn
AQR Long-Short Equity:
$4.2bn
John HancockGlobal Abs.
Rtn. Strategy:
$3.3bn
John HancockStrategic
Income Opps: $7.2bn
Carillon Reams
UnconstrainedBond:
$1.2bn
Catalyst/Milburn Hedge
Strategy: $4.3bn
DiamondHill Long-
Short: $4.0bn
Natixis ASG Managed
Futures Strategy:
$2.8bn
PIMCO All Asset All
Authority: $6.8bn
Driehaus Active Income:
$1.2bn
JP Morgan Global
Allocation:$3.7bn

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25%
12%
41%
5%
17%
Market Share by Strategy Q3 2018
New Fund Launches and Closures
• 5 new liquid alternative funds were launched
during the quarter
o 1 equity hedge fund
o 1 event driven fund
o 1 multi-strategy fund
o 1 global macro fund
o 1 relative value fund
• 2 funds were reclassified out of the universe
• 19 funds were liquidated
Key Asset Level Changes
(Through Additions, Liquidations, & Organic
Growth/Loss)
• $3.8bn decrease in assets of the Liquid Alternative
Universe
o $0.2bn decrease in equity hedge
o $0.1bn increase in relative value
o $0.8bn decrease in multi-strategy
o $0.5bn decrease in event driven
o $2.3bn decrease increase in global macro
Source: Morningstar, universe as defined by Wilshire, 9-30-2018.
UNIVERSE SUMMARY
25%
13%
40%
5%
17%
Market Share by Strategy Q2 2018
Equity Hedge
Global Macro
Relative Value
Event Driven
Multi-Strategy

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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 muted drop
in fund count during Q3 2018, continuing the
trend of fund count decreases since Q1 2016.
Five new funds were launched in Q3. Of the 19
fund liquidations, 10 were equity hedge, 1 was
event driven, 3 were global macro, and 5 were
multi-strategy.
• In terms of AUM, universe assets decreased by
$3.8bn in Q3 2018. 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
created outflows of $0.8bn. Net capital outflows
totaled $4.6bn.
0
100
200
300
400
500
600
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Wilshire Universe Trends on Fund Count and AUM
Universe AUM ($ Millions) Total Number Liquid Alt Funds

Activity Highlights

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Top 20 by AUM Q3 2018 Q3 2018 AUM Q2 2018 AUM Change
Q3 2018
Ranking
Q2 2018
Ranking
BlackRock Strategic Income Opps Instl Relative Value $36.2bn $35.5bn $0.7bn 1 1
FPA Crescent Equity Hedge $17.0bn $16.6bn $0.5bn 2 2
JPMorgan Strategic Income Opports R5 Relative Value $13.1bn $12.4bn $0.7bn 3 3
Gateway A Equity Hedge $8.9bn $8.5bn $0.4bn 4 5
AQR Managed Futures Strategy N Global Macro $8.7bn $9.3bn -$0.5bn 5 4
Guggenheim Macro Opportunities Instl Relative Value $7.4bn $7.2bn $0.2bn 6 8
JHancock Strategic Income Opps I Relative Value $7.2bn $7.5bn -$0.3bn 7 6
PIMCO All Asset All Authority Inst Relative Value $6.8bn $7.4bn -$0.6bn 8 7
Boston Partners Long/Short Rsrch Instl Equity Hedge $6.7bn $6.8bn -$0.1bn 9 9
Calamos Market Neutral Income A Relative Value $6.5bn $5.9bn $0.6bn 10 n/a
Blackstone Alternative Multi-Strategy I Multi-Strategy $6.3bn $6.1bn $0.2bn 11 10
Eaton Vance Glbl Macr Absolute Return A Global Macro $5.1bn $5.4bn -$0.3bn 12 11
Wells Fargo Absolute Return Admin Multi-Strategy $4.8bn $5.4bn -$0.5bn 13 12
Putnam Diversified Income A Relative Value $4.7bn $4.6bn $0.1bn 14 16
AQR Style Premia Alternative I Multi-Strategy $4.5bn $4.8bn -$0.4bn 15 14
Columbia Strategic Income A Relative Value $4.4bn $4.3bn $0.1bn 16 18
Eaton Vance Glbl Macro Abs Ret Advtg I Global Macro $4.3bn $4.7bn -$0.3bn 17 15
T. Rowe Price Dynamic Global Bond Inv Relative Value $4.3bn $4.3bn $0.0bn 18 17
AQR Long-Short Equity I Equity Hedge $4.3bn $5.3bn -$1.0bn 19 13
Catalyst/Millburn Hedge Strategy A Multi-Strategy $4.3bn $4.1bn $0.2bn 20 19
Source: Morningstar, Universe as definedby Wilshire, 9-30-2018
ASSETS UNDER MANAGEMENT
U n i v e r s e To p 2 0
Note: Calamos Market Neutral entered the Top 20 in Q3 2018. Goldman Sachs Strategic Incomeexited the Top 20 in Q3 2018.

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Top 5 Largest Decreases in AUM Q3 2018 Q2 2018 Change* Strategy
AQR Long-Short Equity I $4.3bn $5.3bn -$1.0bn Equity Hedge
Goldman Sachs Strategic Income Instl $3.2bn $4.1bn -$0.9bn Relative Value
PIMCO All Asset All Authority Inst $6.8bn $7.4bn -$0.6bn Relative Value
JHancockGlobal Absolute Ret Strats I $3.4bn $4.0bn -$0.6bn Global Macro
AQR Managed Futures Strategy N $8.7bn $9.3bn -$0.5bn Global Macro
*Change includes net flows and organic growth/loss
Top 5 Largest Increases in AUM Q3 2018 Q2 2018 Change* Strategy
JPMorgan Strategic Income Opports R5 $13.1bn $12.4bn $0.7bn Relative Value
BlackRockStrategic Income Opps Instl $36.2bn $35.5bn $0.7bn Relative Value
Calamos Market Neutral Income A $6.5bn $5.9bn $0.6bn Relative Value
PIMCO Dynamic Bond Instl $3.8bn $3.3bn $0.5bn Relative Value
FPA Crescent $17.0bn $16.6bn $0.5bn Equity Hedge
LARGEST AUM CHANGES
U n i v e r s e A c t i v i t y

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Top 5 Funds by Inflows Net Inflows Strategy
BlackRockStrategic Income Opps Instl $0.6bn Relative Value
JPMorgan Strategic Income Opports R5 $0.6bn Relative Value
PIMCO Dynamic Bond Instl $0.5bn Relative Value
Calamos Market Neutral Income A $0.5bn Relative Value
JPMorgan Hedged Equity R6 $0.3bn Equity Hedge
Top 5 Funds by Outflows Net Outflows Strategy
AQR Long-Short Equity I -$1.0bn Equity Hedge
Goldman Sachs Strategic Income Instl -$0.8bn Relative Value
AQR Managed Futures Strategy N -$0.8bn Global Macro
JHancockGlobal Absolute Ret Strats I -$0.6bn Global Macro
Wells Fargo Absolute Return Admin -$0.5bn Multi-Strategy
Q3 2018 FUND FLOWS
U n i v e r s e A c t i v i t y

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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 Q3 2018
There were approximately -$4.6bn in
net outflows from the liquid
alternatives universe:
• $1.5bn net inflows from relative
value funds
• $2.4bn net outflows from global
macro funds
• $1.9bn net outflows from equity
hedge funds
• $1.3bn net outflows from multi-
strategy funds
• $0.5bn net outflows from event
driven funds
Liquid Alternatives Universe Highlights – Q3 2018
• Similar to the second quarter of 2018, all but one sub-
strategy index saw net outflows during the third quarter. The
relative value space continued to see meaningful net
inflows, while the rest of the liquid alternatives universe
saw another consecutive quarter of outflows.
• BlackRock Strategic Income continued to see net inflows of
$0.6bn in Q3, with JPMorgan Strategic Income, PIMCO
Dynamic Bond, and Calamos Market Neutral Income also
seeing inflows of $0.6bn, $0.5bn, and $0.5bn, respectively.
• AQR Long-Short Equity experienced the largest outflow of
$1.0bn in Q3. Goldman Sachs Strategic Income and AQR
Managed Futures also experienced net outflows of $0.8bn
each. Notably, the outflows were enough to knock Goldman
Sachs out of the Top 20 in the universe.

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QUARTERLY CATEGORIZATION MATRIX
( A S O F Q 3 - 2 0 1 8 )
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
Equity Hedge Event Driven Global Macro Multi-Strategy Relative Value Not Liquid Alt Grand Total
US Fund Multialternative 4 6 22 83 3 1 119
US Fund Long-Short Equity 100 2 3 105
US Fund Nontraditional Bond 2 3 4 55 19 83
US Fund Options-based 51 1 5 3 60
US Fund Market Neutral 25 15 1 7 2 50
US Fund Managed Futures 36 1 37
US Fund Long-Short Credit 7 8 1 16
US Fund Multicurrency 5 5 10
US Fund Volatility 1 2 3
US Fund Bear Market 3 3 6
US Fund Large Blend 6 6
US Fund World Allocation 3 3
US Fund High Yield Bond 2 1 3
US Fund Multisector Bond 2 2
US Fund Tactical Allocation 1 1 1 3
US Fund Mid-Cap Blend 2 2
US Fund Mid-Cap Growth 1 1
US Fund Preferred Stock 1 1 2
US Fund Small Blend 2 2
US Fund Allocation--30% to 1 1
US Fund Commodities Broad 1 1
US Fund Convertibles
US Fund Corporate Bond 1 1
US Fund Infrastructure 1 1
US Fund Real Estate 1 1
Grand Total 194 34 68 96 84 44 520
As of 9-30-2018
Wilshire Liquid Alternative Categories
MorningstarCategories

Wilshire Liquid Alternatives IndexSM

17
WILSHIRE LIQUID ALTERNATIVES INDEXSM
1 0 - 1 - 2 0 0 8 t o 9 - 3 0 - 2 0 1 8
1 0 Ye a r R e t u r n s
Past performance is not indicative of future return.

18
1 0 - 1 - 2 0 0 8 t o 9 - 3 0 - 2 0 1 8
1 0 Ye a r D r a w d o w n s
Past performance is not indicative of future return.

19
Percentiles* Equity Hedge EventDriven Global Macro Multi-Strat RelativeValue
High 19.7 3.5 27.2 91.2 6.7
5th 1.8 3.1 2.9 3.9 2.7
25th 1.2 1.9 1.8 1.5 1.2
Median 0.8 1.0 0.8 0.9 0.6
75th 0.5 0.6 0.5 0.6 0.2
95th 0.0 0.2 0.0 -0.1 -0.8
Low -1.7 0.1 -1.5 -2.8 -15.2
Peer Count 184 30 70 89 85
BY STRATEGY ( A S O F 9 - 3 0 - 2 0 1 8 )
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.
Percentiles Equity Hedge EventDriven Global Macro Multi-Strat RelativeValue
High 19.6 9.0 33.9 13.9 27.7
5th 11.6 7.7 18.9 9.5 5.7
25th 8.3 4.2 12.1 5.6 2.8
Median 6.3 2.9 7.6 3.7 1.6
75th 4.7 2.1 5.1 2.7 1.0
95th 3.4 1.3 3.2 1.4 0.6
Low 1.3 1.0 1.3 0.6 0.4
High 31.4 10.8 29.5 21.6 6.8
5th 18.2 7.3 10.9 10.3 4.1
25th 9.3 5.0 3.2 4.1 2.8
Median 5.9 2.8 1.5 1.7 1.4
75th 0.4 1.0 -2.0 -0.3 -0.1
95th -6.2 -0.8 -8.3 -5.6 -6.3
Low -18.3 -1.0 -19.3 -9.9 -29.3
1 Year
Return
1 Year
Std.
Dev.
1 Year
Beta*
Returns provided for each Wilshire Index includedata for periods prior to when each Wilshire Index was in active production, using the methodology appliedto each index at the time it was created. Therefore certain

20
Returns provided for each Wilshire Index includedata for periods prior to when each Wilshire Index was in active production, using the methodology appliedto each index at the time it was created. Therefore certain
Percentiles* Equity Hedge EventDriven Global Macro Multi-Strat RelativeValue
High 2.5 3.2 21.7 57.7 8.7
5th 1.9 2.9 2.4 15.9 1.7
25th 1.3 1.1 1.6 1.1 1.0
Median 1.0 0.6 0.6 0.8 0.8
75th 0.6 0.4 0.3 0.6 0.5
95th -0.1 0.2 -0.1 0.2 0.2
Low -4.8 -0.1 -0.9 -1.0 -4.4
Peer Count 138 28 62 75 79
BY STRATEGY ( A S O F 9 - 3 0 - 2 0 1 8 )
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.
High 19.0 13.4 25.6 10.4 22.2
5th 11.8 11.4 13.5 7.1 6.9
25th 8.4 4.4 9.4 4.7 3.4
Median 7.0 3.3 7.6 3.5 2.8
75th 5.1 2.3 5.3 3.0 2.1
95th 3.4 1.6 3.4 2.6 1.2
Low 1.8 1.4 1.9 1.0 0.8
High 20.2 17.9 9.2 16.8 7.6
5th 12.7 14.6 7.9 8.2 6.0
25th 8.8 6.2 2.7 4.5 4.9
Median 6.1 4.1 0.5 3.0 3.7
75th 2.7 2.6 -1.5 1.3 2.6
95th -2.0 1.7 -5.3 -2.2 0.6
Low -19.4 1.4 -13.1 -4.1 -41.2
3 Year
Return
3 Year
Std.
Dev.
3 Year
Beta

21
Note: Index constituent count is based on Wilshire Associates bi-annualreconstitution.
84
90
79
35
198
C o n s t i t u e n t C o u n t
0
100
200
300
400
500
600
Dec-99
Jun-00
Dec-00
Jun-01
Dec-01
Jun-02
Dec-02
Jun-03
Dec-03
Jun-04
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
NumberofConstituents
Equity Hedge Event Driven Global Macro Multi-Strategy Relative Value

22
Note: Weightings are based on Wilshire Associates bi-annualreconstitution.
38%
15%
16%
5%
25%
S u b - S t r a t e g y W e i g h t s
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-00
Dec-00
Jun-01
Dec-01
Jun-02
Dec-02
Jun-03
Dec-03
Jun-04
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Equity Hedge Event Driven Global Macro Multi-Strategy Relative Value

Wilshire Manager Coverage Process

24
Research Coverage Model
Wilshire Alternatives Team actively covers
approximately 40 Liquid Alternative
strategies
• Wilshire’s manager coverage
represents over 50% of the
industry’s assets
Coverage is driven by the following criteria:
• Industry: Top 10 by AUM
• PM Team: Wilshire Portfolios
• Research Team: 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
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