Web Site Terms and Conditions
About the Commonfund Organization
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
Short Term Fund
Miscellaneous
Business Continuity

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.

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.
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) for more information about the FINRA and its member organizations.

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.

Short Term Fund
Comparisons between the Short Term Fund and money market mutual funds must take into consideration important differences in portfolio composition, reserve features, and valuation methodology.

With respect to portfolio composition, money market mutual fund portfolios are limited to an average maturity of 90 days, with the longest permitted maturity of any single investment being 397 days (subject to a limited exception). The average maturity of the Short Term Fund's portfolio can extend to one year, and the longest permissible maturity or average life of a security in the Short Term Fund portfolio is 5.5 years. The longer maturities permitted in the Short Term Fund increase the potential of capital gain and capital loss. However, the Short Term Fund is managed so that total returns in any rolling 12-month period will be in the range of variability of total returns on three-month Treasury securities over the same period and will not exceed variability of total returns on one-year Treasuries.

The Short Term Fund also has a unique reserve account feature that is not shared by money market mutual funds. In high total return months, the Short Term Fund uses a portion of its gross earnings to fund a reserve that is disbursed to increase distributions in low total return months. Participants withdrawing assets from the Short Term Fund have no right to withdraw monies from the Fund's reserve account (except upon a dissolution of the Fund).

Finally, investments in and redemptions from money market mutual funds are transacted at net asset value. Money market mutual funds conduct their investment programs (and their portfolio maturities are regulated) with the goal of maintaining a net asset value of $1.00 per share. Deposits in and redemptions from the Short Term Fund are not transacted at net asset value; instead, interest income and principal gain or loss during a month are allocated to participant accounts only at the end of each month, based on average balances during the month. Income and fluctuations in principal value are not taken into account in calculating participants' interests resulting from intra-month investment or redemption transactions.

Prospective participants are encouraged to read with care Information for Participants in The Common Fund for Short Term Investments before investing.

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.