Welcome to the Hedgefund-index.com web site (the “Site”) owned by Mt. Rushmore Securities LLC , a broker-dealer registered with the Securities and Exchange Commission and a member of NASD Inc.  Mt. Rushmore Securities LLC may be referred to herein collectively as “we,” “us” or “our.”  The Site and the data, information, products, materials, services and other content available on or through the Site (collectively, the “Content”) is provided for information, educational and research purposes only.  This Site contains information about private investment funds commonly called “hedge funds.”  There are substantial risks involved in investing in hedge funds.  Hedge funds are not suitable for all investors.  You should read carefully the Hedge Fund Risk Disclosures below.

PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING THE SITE.  DO NOT USE THE SITE IF YOU DO NOT AGREE TO BE BOUND BY THEM.

THE INFORMATION AND SERVICES DESCRIBED ON THIS WEBSITE ARE NOT INTENDED FOR USE BY AND SPECIFICALLY ARE NOT DIRECTED TO ANY PERSON IN ANY JURISDICTION OR COUNTRY WHERE THE OFFERING OR USE OF SUCH SERVICES WOULD BE CONTRARY TO LAW OR REGULATION OR WOULD OBLIGATE MT. RUSHMORE SECURITIES LLC TO COMPLY WITH ANY ADDITIONAL LAW, REGULATION, REGISTRATION OR SIMILAR REQUIREMENT WITHIN SUCH JURISDICTION OR COUNTRY. IN ADDITION, NO SERVICES ARE OFFERED BY MT. RUSHMORE SECURITIES LLC TO ANY RESIDENT OF MAINE OR TENNESSEE. MT. RUSHMORE SECURITIES LLC MAY ONLY ACT AS A BROKER-DEALER IN A STATE IF IT IS FIRST LICENSED OR REGISTERED IN SUCH STATE OR PROPERLY EXCEPTED OR EXEMPTED FROM SUCH LICENSING OR REGISTRATION REQUIREMENTS.

If you meet the requirements for registering on the Site, including being qualified as an “accredited investor” (as that term is defined under Regulation D promulgated under the Securities Act of 1933) or a “qualified purchaser” (as that term is defined under Section 2(a)(51) of the Investment Company Act of 1940), you may become a “Registered User” of the Site.  Registered Users must agree to a Registered User’s Agreement before accessing and using the information and services on the Site which are available to Registered Users.

I.          TERMS AND CONDITIONS

By accessing, viewing or using the Content you indicate that you understand and intend these Terms of Use to be the legal equivalent of a signed, written contract and equally binding, and that you accept these Terms of Use and agree to be legally bound by them.

The Site is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein and in the Registered User’s Agreement.  Your use of the Site constitutes your agreement to and understanding of all such terms, conditions, and notices.  We reserve the right to change the terms, conditions, and notices under which the Site and the information and services offered through the Site are offered without further notice to you.  Your continued use of the Site will signify your agreement with and understanding of any additional or modified terms, conditions or notices applicable to the Site.

While we use reasonable efforts to update the information on the Site, we make no representations or warranties as to the accuracy, reliability, timeliness or completeness of any information at the Site.  Any content at the Site is subject to change without notice.  While the information contained on the Site has been obtained from sources believed reliable, neither we nor any information provider that we use guarantee that the information on the Site is accurate, timely, valid or complete or make any warranties with regard to the results that have or may be obtained from its use.

II.                 REGISTERED USER LICENSE

The Site and the Content are provided by us as a service to you.  In order to access and use the Site, you are granted a limited, nonexclusive, revocable and nontransferable license to use the Site conditioned on your continued compliance with these Terms of Use and the Registered User’s Agreement.

You may not modify, copy, distribute, broadcast, transmit, display, reproduce, publish, license, create derivative works from, transfer, sell or otherwise use, in any medium, any information, products, services or material obtained from or through the Site, except you may, for your sole personal use and information, access, use and store the Content or any portion thereof solely for your own personal, and not commercial, purposes.  As a further condition of use of the Site, you warrant to us that you will not use the Site for any purpose that is unlawful or prohibited by these Terms of Use or the Registered User’s Agreement and you will comply with any applicable local, state, national, or international laws or regulations when using the Site.

Nothing at the Site shall be construed as granting, by implication, estoppel or otherwise, any license or right to use any image, trademark, logo or service mark at the Site.  No act of downloading, storing, accessing, using, or otherwise copying from the Site will transfer title to any software or material at the Site to you.  You may not decompile, reverse engineer, disassemble, or otherwise reduce any computer files obtained from the Site to a human-perceivable form.  Anything that you transmit to the Site becomes our property, may be used by us for any lawful purpose (subject to any further agreement between us and you), and is further subject to disclosure as deemed appropriate by us, including to any legal or regulatory authority to which we are subject.  We reserve all rights with respect to copyright and trademark ownership of all material at the Site, and will enforce such rights to the full extent of the law.

III.       USE OF SITE

The information on the Site is intended for informational, educational and research purposes only.  We do not provide recommendations, investment advice or any other advice to you or any other party through the Site, and no information or material at the Site is to be relied upon for the purpose of making or communicating investment or other decisions.  Accordingly, we do not offer advice regarding the quality or suitability of any investment or of any investment manager and assumes no responsibility or liability for any investment decisions or advice, treatment, or services rendered by any person or entity mentioned, featured on or linked to the Site.  We are not responsible for an investor's investment decisions.

Nothing on this Site is intended to be, nor should it be construed or used as, financial, legal, tax or investment advice, be an opinion of the appropriateness or suitability of an investment, or intended to be an offer, or the solicitation of any offer, to buy or sell any security or an endorsement or inducement to invest with any fund or fund manager.  No such offer or solicitation may be made prior to the delivery of appropriate offering documents to qualified investors.  Before making any investment, you should thoroughly review the particular fund’s confidential offering documents with your financial, legal and tax advisor to determine whether an investment in such fund is suitable for you in light of your investment objectives, financial circumstances and tax situation.

The Content is as of the date(s) indicated, is not a complete description of any fund, and is subject to the more complete disclosures and terms and conditions contained in a particular fund's offering documents, which may be obtained directly from the fund.  Certain of the Content, including investment returns, valuations, fund targets and strategies, has been supplied by the funds or their agents, and other third parties, and although believed to be reliable, has not been independently verified and its completeness and accuracy cannot be guaranteed.  No warranty, express or implied, representation or guarantee is made as to the accuracy, validity, timeliness, completeness or suitability of the Content, including the third party Content. 

All performance information is believed to be net of applicable fees unless otherwise specifically noted.  No representation is made that any fund will or is likely to achieve its objectives or that any investor will or is likely to achieve results comparable to those shown or will make any profit at all or will be able to avoid incurring substantial losses.  Past performance is no guarantee of future results.

IV.       PRIVACY POLICY

We consider your personal data to be private.   You acknowledge that you have read Mt. Rushmore Securities LLC’s general Privacy Notice posted on the Site. All information collected in the course of your using the Site (including your qualification as a Registered User of the Site) or otherwise, including any individual logging or click-stream data gathered in the course of navigating the Site, is strictly for Site-related purposes (including MRS related products and services) and will be kept confidential at all times, except as required by l aw or in accordance with the Privacy Policy, your Registered User's Agreement or these Terms of Use. Under an agreement with us, Agile Group, an SEC-registered broker-dealer, may assist us in contacting you or providing you information about our products or services. In order to do so, we will provide Agile Group with certain nonpublic personal information about you. The registration process requires Registered Users to give us contact information, unique identifiers, financial information and demographic information. This information is used to qualify you as a Registered User, to send Registered Users relevant information and to comply with applicable law. We may capture and record information on our server logs from your browser when you interact and use the Site including your IP address, cookie information and the page(s) you request regarding your IP address generally for use in administering the Site, customizing the content you see, fulfilling your requests for certain services and information, and contacting you. Cookies are alphanumeric identifiers that we may transfer to your computer hard drive through your Web browser to enable our systems to recognize that browser. Your IP address may be used to help identify you and your patterns and processes and to gather broad demographic and current interest information that we may then use for generic reports posted on the Site. We will only contact you on matters relating to the Site and our products and services and to respond to inquiries or any requests initiated by you. We may deem each use of the Site as a further inquiry about our products and services. By contacting us, you may at any time opt out of receiving certain information or communications or providing certain information, including if you do not want us to share information with Agile Group, or for any other reason (in each case, except for such information or communications essential to your use of the Site or for regulatory reasons, including qualification requirements and possible annual requalification requirements). You additionally have the option to remove all personal information from the Site’s database and not to receive future communications or to forgo the Site’s information, products and services altogether by either sending an email to gspitz@mtrushmoresecurities.com or telephoning us at 1-641-472-7373 ext. 112.

V.        CONFIDENTIALITY ON INTERNET

Use of the Internet is solely at your own risk and is subject to all applicable local, state, national, and international laws and regulations.  While we have endeavored to create a secure and reliable Site, please be advised that the confidentiality of any communication or material transmitted to/from the Site over the Internet cannot be guaranteed.

Accordingly, we are not responsible for the security of any information transmitted via the Internet or for the consequences of any reliance on such information.  You assume the sole and complete risk for using the Site and must make your own determination as to these matters.

VI.       SECURITY OF SITE

Actual or attempted unauthorized use of the Site may result in criminal and/or civil prosecution.  For your protection, we reserve the right to view, monitor, and record activity on the Site without notice or permission from you.  Any information obtained by monitoring, reviewing, or recording is subject to review by appropriate governmental, regulatory and law enforcement organizations in connection with applicable law, including the investigation or prosecution of possible criminal activity on the Site.  We will also comply with all lawful court orders and governmental, regulatory and law enforcement requests involving such information.

VII.      LINKS TO OTHER SITES

We may provide links, in our sole discretion, to other sites on the World Wide Web for your convenience in locating related information and services or otherwise.  We have not reviewed the content of any site owned by a third party that may be linked to the Site and exercise no control over such sites.  We are not responsible for the privacy practices or the content of such web sites.

Accordingly, Mt. Rushmore Securities LLC and their respective affiliates and each of their respective officers, directors, members, partners, shareholders, employees, agents, advisors and representatives (collectively, “We and Our Affiliates” or as the context requires, “Us and Our Affiliates”) expressly disclaim any liability or responsibility for the content or services of any web site owned by a third party that may be linked to this Site, whether such link is contained on this Site or provided by a third party.  No judgment, representation or warranty, express or implied, is made with respect to the accuracy, timeliness, or suitability of the content or services of any web site to which this Site may link, including information on such web site regarding us, and we take no responsibility therefor.  If we provide access to other web sites, we are not recommending or endorsing the purchase or sale of any security issued by, or financial or other services provided, issued or endorsed by, such web site’s sponsoring organization or its affiliates or such web site’s advertisers.  Your use of such third party sites is at your own risk based upon such due diligence as you have determined is appropriate.  We and Our Affiliates shall not be responsible for any loss or damage of any sort incurred as a result of any dealings you may have with respect to such third party or third party web sites or as the result of the presence of any links to such third party web sites.  See also “Additional Disclaimers” below.

VIII.     EVENTS BEYOND OUR CONTROL

You expressly absolve and release Us and Our Affiliates from any claim of harm resulting from a cause beyond our control, including, but not limited to, failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses, unauthorized access, theft, operator errors, severe weather, earthquakes, or natural disasters, strikes or other labor problems, wars, terrorist attacks, or governmental restrictions.

IX.               ADDITIONAL DISCLAIMERS

THE CONTENT IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS.  THE CONTENT HAS BEEN GATHERED AND DERIVED FROM SOURCES BELIEVED TO BE RELIABLE, HOWEVER WE HAVE NOT INDEPENDENTLY VERIFIED THE INFORMATION AND MAKE NO REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED, OF ANY KIND WHATSOEVER, TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, INCLUDING REGARDING THE ACCURACY, TIMELINESS, VALIDITY OR COMPLETENESS OF THE INFORMATION, INCLUDING WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY OR NON-INFRINGEMENT OR THAT THE CONTENT WILL REMAIN UNINTERRUPTED. WHILE WE MAKE NO COMMITMENT TO UPDATE THE CONTENT, WE RESERVE THE RIGHT TO MAKE CHANGES AND CORRECTIONS AT ANY TIME, WITHOUT NOTICE.  WE RESERVE THE RIGHT TO MAKE UNAVAILABLE AT ANY TIME THIS SITE OR THE CONTENT.  THIS SITE AND ITS CONTENT ARE OUR PROPERTY AND/OR OUR VENDORS, DATA PROVIDERS AND/OR OTHER THIRD PARTY SOURCES, AND IS PROTECTED BY COPYRIGHT, TRADE SECRET AND OTHER INTELLECTUAL PROPERTY AND PROPRIETARY RIGHTS.

WE FURTHER ASSUME NO RESPONSIBILITY, AND MAKE NO WARRANTIES, THAT THE SITE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THE SITE OR THE SERVER THAT MAKES IT AVAILABLE WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. WE AND OUR AFFILIATES SHALL NOT BE LIABLE FOR ANY DAMAGES TO, VIRUSES THAT MAY INFECT, OR SERVICES, REPAIRS OR CORRECTIONS THAT MUST BE PERFORMED, ON YOUR COMPUTER OR OTHER PROPERTY ON ACCOUNT OF YOUR ACCESSING OR USE OF THE SITE.  PLEASE NOTE THAT SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO SOME OR ALL OF THE ABOVE EXCLUSIONS MAY NOT APPLY TO YOU.

THE INFORMATION ON THE SITE IS INTENDED FOR INFORMATIONAL, EDUCATIONAL AND RESEARCH PURPOSES ONLY.  ACCORDINGLY, WE DO NOT RECOMMEND, SOLICIT OR OFFER ANY INVESTMENT THROUGH THE SITE AND WE AND OUR AFFILIATES SHALL NOT BE LIABLE FOR ANY INVESTMENT DECISIONS, ADVICE, LOSS OF PROFITS, COSTS OR ANY OTHER INDIRECT DAMAGES RELATING TO THE SUITABILITY, ADEQUACY, VALIDITY, ACCURACY, TIMELINESS, DELAY, COMPLETENESS OR USE OF ANY INFORMATION ON THE SITE. WHILE WE MAKE NO COMMITMENT TO UPDATE THE CONTENT, WE RESERVE THE RIGHT TO MAKE CHANGES AND CORRECTIONS AT ANY TIME, WITHOUT NOTICE.  WE RESERVE THE RIGHT TO MAKE UNAVAILABLE AT ANY TIME THIS SITE OR THE CONTENT.  WE ALSO DO NOT OFFER ADVICE REGARDING THE QUALITY OR SUITABILITY OF ANY INVESTMENT ADVISER OR MANAGER AND ASSUME NO RESPONSIBILITY OR LIABILITY FOR ANY INVESTMENT DECISIONS OR ADVICE, TREATMENT, OR SERVICES RENDERED BY ANY INSTITUTIONAL INVESTOR, EXPERT PANELIST, BROKER DEALER, INVESTMENT ADVISER, INVESTMENT MANAGER, INVESTMENT PROFESSIONAL, ADVERTISER OR ANY OTHER PERSON FEATURED, MENTIONED OR ADVERTISED ON THE SITE.

WITH RESPECT TO THE PERFORMANCE DATA PRESENTED ON THE SITE, YOU SHOULD NOTE THAT PAST PERFORMANCE IS NOT NECESSARILY AN INDICATION, AND IS NOT A GUARANTEE, OF FUTURE PERFORMANCE.

UNAUTHORISED USE OF ANY MATERIAL CONTAINED ON THE SITE MAY VIOLATE COPYRIGHT LAWS, TRADEMARK LAWS, TRADEMARK LAWS, TRADE SECRET LAWS, THE LAWS OF PRIVACY AND PUBLICITY, AND OTHER REGULATIONS AND STATUTES. 

X.                 LIMITATION OF LIABILITY AND INDEMNITY

Under no circumstances, including, but not limited to, negligence, shall We and Our Affiliates be liable for any special or consequential damages that result from the use of, or the inability to use, the Content or the Site, even if We and Our Affiliates have been advised of the possibility of such damages.  In no event will We and Our Affiliates have any liability to you for damages, losses and causes of action (whether in contract, tort, including, but not limited to, negligence, or otherwise) for accessing or using the Site.

You agree that your breach of these Terms of Use or the Registered User’s Agreement may result in irreparable harm to us which cannot be compensated by money damages, and that we shall be entitled to obtain injunctive relief for any such breach.

You agree to defend, indemnify, and hold harmless We and Our Affiliates and their respective attorneys, licensors, predecessors, successors, and assigns, from and against any and all claims, proceedings, damages, injuries, liabilities, losses, costs and expenses (including reasonable attorneys’ fees and litigation expenses), relating to or arising from your use of the Site, any arrangements you make based on the information available or through the Site, and any breach by you of these Terms of Use or the Registered User’s Agreement or other improper act or omission.

XI.               GOVERNING LAW

These Terms of Use has been made in and will be construed and enforced in accordance with the laws of the State of Delaware. Any action to enforce these Terms of Use must be brought in the state or federal courts located in the State of Iowa or in New York County in the State of New York, and all parties to these Terms of Use expressly agree to be subject to the jurisdiction and venue of such courts.

XII.            TERMS AND TERMINATION

These Terms of Use take effect at the time you begin using the Site, thereby indicating acceptance of these Terms of Use, and, at each use thereafter, you shall be deemed to have reaffirmed your acceptance of these Terms of Use.  We reserve the right at any time in its sole discretion to deny you or any Registered User access to the Site or any portion thereof and to terminate these Terms of Use or the Registered User’s Agreement.  Termination will be effective without notice.

XIII.          MISCELLANEOUS

Failure to insist on strict performance of these Terms of Use or any provision of the Registered User’s Agreement will not operate as a waiver of any subsequent default or failure of performance.  No waiver by us of any right under these Terms of Use or the Registered User’s Agreement will be deemed to be either a waiver of any other right or provision or a waiver of that same right or provision at any other time.

If any part of these Terms of Use is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and the liability limitations set forth above, such invalidity or unenforceability shall not affect the enforceability or validity of any other portion of these Terms of Use, which shall remain in full force and effect and be construed as if the invalid or unenforceable portion were not part of these Terms of Use, and, if possible, the then invalid or unenforceable provision will be deemed superseded and replaced by a valid, enforceable provision that most clearly matches the intent of the original provision.  Any rights not expressly granted herein are reserved.

The Terms of Use and Registered User’s Agreement and other terms and conditions and similar provisions that may be applicable to you regarding the Site (all of which are hereby incorporated as if set forth fully herein), represent the entire agreement between us and you with respect to use of and Content available on or through the Site, and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral, or written between us and you with respect to the Site.  If you become a Registered User, in addition to the above, you will also be subject to the terms and conditions of the Registered User’s Agreement.

XIV.     HEDGE FUND RISK DISCLOSURES

Hedge funds, including fund of funds (“Hedge Funds”), are unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments (including securities, non-securities and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors.  There are substantial risks in investing in Hedge Funds.  Persons interested in investing in Hedge Funds should carefully note the following:

·         Hedge Funds represent speculative investments and involve a high degree of risk.  An investor could lose all or a substantial portion of his/her investment.  Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in a Hedge Fund.

·         An investment in a Hedge Fund should be discretionary capital set aside strictly for speculative purposes.

·         An investment in a Hedge Fund is not suitable or desirable for all investors.  Only qualified eligible investors may invest in Hedge Funds.

·         Hedge Fund offering documents are not reviewed or approved by federal or state regulators.

·         Hedge Funds may be leveraged (including highly leveraged) and a Hedge Fund’s performance may be volatile.

·         An investment in a Hedge Fund may be illiquid and there may be significant restrictions on transferring interests in a Hedge Fund.  There is no secondary market for an investor’s investment in a Hedge Fund and none is expected to develop.

·         A Hedge Fund may have little or no operating history or performance and may use hypothetical or pro forma performance which may not reflect actual trading done by the manager or advisor and should be reviewed carefully.  Investors should not place undue reliance on hypothetical or pro forma performance.

·         A Hedge Fund’s manager or advisor has total trading authority over the Hedge Fund.

·         A Hedge Fund may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk.

·         A Hedge Fund (for example, a fund of funds) and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be disclosed to investors.

·         A Hedge Fund may involve a complex tax structure, which should be reviewed carefully.

·         A Hedge Fund may involve structures or strategies that may cause delays in important tax information being sent to investors.

·         A Hedge Fund may provide no transparency regarding its underlying investments (including sub-funds in a fund of funds structure) to investors.  If this is the case, there will be no way for an investor to monitor the specific investments made by the Hedge Fund or, in a fund of funds structure, to know whether the sub-fund investments are consistent with the Hedge Fund’s investment strategy or risk levels.

·         A Hedge Fund may execute a substantial portion of trades on foreign exchanges or over-the-counter markets, which could mean higher risk.

·         A Hedge Fund’s fees and expenses-which may be substantial regardless of any positive return- will offset the Hedge Fund’s trading profits.  In a fund of funds or similar structure, fees are generally charged at the fund as well as the sub-fund levels; therefore fees charged investors will be higher that those charged if the investor invested directly in the sub-fund(s).

·         Hedge Funds are not required to provide periodic pricing or valuation information to investors.

·         Hedge Funds and their managers/advisors may be subject to various conflicts of interest.

The above general summary is not a complete list of the risks and other important disclosures involved in investing in Hedge Funds and, with respect to any particular Hedge Fund, is subject to the more complete and specific disclosures contained in such Hedge Fund’s respective offering documents. Before making any investment, an investor should thoroughly review a Hedge Fund’s offering documents with the investor’s financial, legal and tax advisor to determine whether an investment in the Hedge Fund is suitable for the investor in light of the investor’s investment objectives, financial circumstances and tax situation.