Web Site Terms and Conditions
About the Commonfund Organization
Commonfund U.K.
No Offer to Buy or Sell Securities
Jurisdictional Matters
Disclaimer of Warranty and Limitation of Liability
Copyright or Other Notices
Use of Links
Limited Availability of Investment Programs
Affiliation with Commonfund Securities, Inc.
Market Commentary
Statements on Web Site by Commonfund Investors
Reported Performance Information
Small Cap Stocks
International Securities
Miscellaneous
Business Continuity
Notice of Anti-Money Laundering Customer Identification Requirements
Privacy Policy

Web Site Terms and Conditions
Please read the following Important Legal Information prior to using Commonfund's web site (the "Site"). The following are terms of a legal agreement between you and Commonfund. Your use of the Site signifies that you agree to the terms, conditions, and restrictions governing the use of this site. Commonfund may change, add, or remove portions of this agreement at any time, but if it does so, it will post such changes on the Site. Commonfund may change, suspend, or discontinue any aspect of the Site at any time, including the availability of any Site feature, database, or content.

You must abide by any policies posted on the Site.

About the Commonfund Organization
For information concerning The Common Fund for Nonprofit Organizations ("Commonfund") and its subsidiaries, and the respective services and products that they provide, please see About Commonfund - About Us.

Unless the context otherwise makes clear, all references to "Commonfund" or the "Commonfund organization" in this Site should be taken to refer to Commonfund and its subsidiaries and affiliates.

Commonfund U.K.
Commonfund U.K. Limited is authorized and regulated and regulated by the Financial Services Authority.


No Offer to Buy or Sell Securities
The information provided on this Site is for general informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction. This Site is not an offer or solicitation to participate in any particular trading strategy.

Information contained on this Site and any statements about particular securities should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This Site and the information contained does not take into account - nor does it provide any tax, legal or investment advice or opinion regarding -- the specific investment objectives or financial situation of any person. The investments, securities, or trading strategies referred to on this Site may not be suitable for investors depending on their specific investment objectives and financial situation. Investors should seek professional, financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended on this Site and should understand that statements regarding future prospects may not be realized.

Jurisdictional Matters
Not all securities, products or services described in this Site are available in all countries, and nothing in this Site is an offer to sell or solicitation of an offer to buy these securities, products or services in any jurisdiction where their offer or sale is not qualified or exempt from regulation. No securities, products or services will be made available to any person if the provision of such securities, products or services would be in violation of such person's home country jurisdiction or any other related jurisdiction.

Disclaimer of Warranty and Limitation of Liability
THE SITE AND ALL DOWNLOADABLE SOFTWARE ARE DISTRIBUTED ON AN "AS IS" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. YOU HEREBY ACKNOWLEDGE THAT YOUR USE OF THE SITE IS AT YOUR SOLE RISK.

Commonfund and its affiliated organizations will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via the Site.

Although the information provided to you on the Site about matters other than funds offered by Commonfund and its affiliated organizations is obtained or compiled from sources we believe to be reliable, Commonfund and its affiliated organizations cannot and do not guarantee the accuracy, timeliness or completeness of such information. All such information is subject to change at any time without notice.

Neither Commonfund, nor any of its affiliates, directors, officers or employees, nor any third party vendor will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of the Site, or resulting from the act or omission of any other party involved in making the Site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the Site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Commonfund and its affiliated organizations or of any vendor providing software or services support. In no event will Commonfund, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind arising from such cause even if Commonfund and its affiliated organizations or any other party have been advised of the possibility thereof.

Copyright or Other Notices
All materials published on the Site are protected by copyright, and are owned or controlled by Commonfund or the party credited as the provider of the materials. You may download or copy the materials displayed on the Site for your personal use only, and you may not further distribute these materials. If you download any information or software from this Site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

In the event you have a claim of copyright infringement with respect to material that is contained in the Site, please notify Commonfund, Attention: Legal Department, 15 Old Danbury Road, P.O. Box 812, Wilton, Connecticut 06897-0812, telephone number (203) 563-5000.

"Commonfund" is a proprietary trademark of The Common Fund for Nonprofit Organizations.

Use of Links
Links (also known as "hyperlinks") to or from other Internet sites may be included at times for the convenience of the user. Commonfund and its affiliates assume no responsibility for the content of any linked site. The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site.

Limited Availability of Investment Programs
Only qualifying educational organizations that are Commonfund Members may invest in the investment funds maintained by The Common Fund for Nonprofit Organizations ("Commonfund"). Interested educational institutions and their representatives should review Commonfund's publication Information for Members. Investment programs offered by Commonfund's affiliates will be available to other types of qualifying institutional investors. Interested investors should consult the offering documents for any such program for further information.

Affiliation with Commonfund Securities, Inc.
Notice of Investor Education and Protection Information Pursuant to FINRA Rule 2267

Interests in Commonfund funds and those offered by Commonfund's affiliates are placed by Commonfund Securities, Inc., a broker-dealer that is a member of the Financial Industry Regulatory Authority (“FINRA”). Commonfund Securities, Inc. is an indirect, wholly-owned subsidiary of Commonfund. Please refer to the FINRA’s website (www.finra.org) and/or FINRA BrokerCheck (www.finra.org/brokercheck or Hotline Number (800) 289-9999) for more information about FINRA and its member organizations.

FINRA BrokerCheck is a resource tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. Features of FINRA BrokerCheck include:

• Search capabilities for both a broker and brokerage firm
• Online delivery of a report on a broker or brokerage firm
• Explanatory information to help investors better understand the content, context and source of the information provided
• Links to additional resources and tools

The information made available through FINRA BrokerCheck is derived from the Central Registration Depository (CRD^®), the securities industry online registration and licensing database, as reported on industry registration/licensing forms brokers, brokerage firms and regulators complete. More detailed information regarding FINRA BrokerCheck is contained in an investor brochure which is available via the FINRA website.

Market Commentary
Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter are prepared, written, or created prior to posting on this Site and do not reflect current, up-to-date, market or economic conditions. Commonfund disclaims any responsibility to update such information, opinions, or commentary.

To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated in this Site. Forecasts of experts inevitably differ. Views attributed to third parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Managers who may or may not subscribe to the views expressed in this Site make investment decisions for funds maintained by Commonfund or its affiliates. The views presented in this Site may not be relied upon as an indication of trading intent on behalf of any Commonfund fund, or of any Commonfund managers.

Market and investment views of third parties presented in this Site do not necessarily reflect the views of Commonfund and Commonfund disclaims any responsibility to present its views on the subjects covered in statements by third parties.

Statements on Web Site by Commonfund Investors
Statements by investors in funds maintained by Commonfund may not be representative of the views or experiences of others. A particular investor's views, experience, or investment results provide no assurance of future performance or success.

Reported Performance Information
This Site contains information about the performance of various investment products sponsored by Commonfund and its affiliated organizations. This information represents past performance. It is possible that you may lose money on an investment in any Commonfund fund or on any other investment in stocks or bonds or other instruments to which this Site may be deemed to relate, directly or indirectly. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate.

Small Cap Stocks
The securities of small, less well-known companies may be more volatile than those of larger companies.

International Securities
Investments in foreign securities involve greater risks than U.S. investments. These risks include the political and economic uncertainties of foreign countries, as well as the risk of currency fluctuation. Changes in rates of exchange may have an adverse effect on the value, price of, or income derived from an investment.

Business Continuity
Commonfund has developed a business continuity plan that is designed to minimize the impact of computer or facilities related emergencies or external events, such as a natural disaster, on Commonfund and our ability to provide service to our clients. The goal of our plan is that we will continue, or resume as quickly as possible, critical business operations during these types of disruptions.

Our plan addresses the actions that we will take in the event that the significant disruption affects a single building, a business district, a citywide area, or an entire region. We have different planned recovery times depending on the severity of the significant business disruption. In most of the scenarios addressed by our plan, we anticipate recovery times within 24 hours from the significant business disruption. Even in the most significant business disruption scenario addressed by our plan, we anticipate that critical business operations could be resumed within five days.

To support our Business Continuity Plan recovery times, we maintain a back-up facility, including a secondary data center for all of our branches. Our back-up facility is located well away from our primary facilities so that it would not be affected by a regional disruption. Account access would be available through the data center at our back-up facility. Our plan will be reviewed, updated and tested periodically. If a material change to the plan occurs, this Notice of Business Continuity Preparedness will be updated as appropriate. We may modify this notice at any time with such modifications becoming effective upon posting to our web site. You may obtain a current copy of this notice by clicking here, or Commonfund will mail you a copy upon request. 

Miscellaneous
This agreement has been made in and shall be construed and enforced in accordance with New York law. Any action to enforce this Agreement shall be brought in the federal or state courts located in New York City.

Notice of Anti-Money Laundering Customer Identification Requirements
Important information about procedures for opening a new account:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each customer who opens an account.

What this means for you: When you open an account, we may ask for documents or information related to: your principal place of business, local office or other physical location; taxpayer identification number; and other documents demonstrating your lawful existence such as certified articles of incorporation, a government-issued business license, a partnership agreement, or a trust agreement, and other identifying documents.



Privacy Policy
This policy governs the manner in which Commonfund safeguards Social Security numbers collected from investors and Commonfund personnel. The purpose of this policy is to establish measures by which to safeguard Social Security numbers and to minimize the abuses associated with the fraudulent use of Social Security numbers by attempting to restrict their use as an identifier.

Commonfund personnel (including, without limitation, employees and contractors) and anyone accessing Commonfund’s non-public computer systems shall not:

1. Communicate, or otherwise make available, to the general public any individual’s Social Security number;
2. Publicly display any individual’s Social Security number either within or outside Commonfund systems or facilities;
3. Intentionally print or embed an individual’s Social Security number on any card required for an investor or employee to access products, services or benefits;
4. Require an individual to transmit the individual’s Social Security number over the Internet or to store Social Security numbers on any laptop or other portable computing device, unless the connection is secure or the Social Security number is encrypted in accordance with Commonfund’s Information Security Policy;
5. Require an individual to use the individual’s Social Security number to access an Internet website, unless a password or unique personal identification number or other authentication device is also required to access the Internet website;
6. Print an individual’s Social Security number on any materials that are mailed (including facsimile and e-mail) unless required by law or on documents sent as part of an application, an amendment, or termination of the account, in which case the number may not be on a postcard or visible through an envelope. Approval from the Information Security Policy Program Administrator is required for inclusion of Social Security numbers in a mailing;
7. Require use of a Social Security number as an ID number;
8. Display a Social Security number on any document intended to be recorded by a county recorder;
9. Use a Social Security number as a PIN code;
10. Sell, lease, loan or otherwise intentionally disclose a Social Security number to third parties without written consent from the investor, employee, contractor or other individual to whom the Social Security number belongs in accordance with applicable laws; and
11. Show a Social Security number in a paystub or other format.

Use of a Social Security number is permitted if the use, collection or release of the number is required by law, or if the use is for internal verification or administrative purposes. Commonfund personnel must consult with the Information Security Policy Program Administrator if they are unsure whether use of a Social Security number is permissible in a particular situation.