5. Commodities and other altenative investments

d. describe hedge funds, private equity, real estate, commodities, infrastructure, and other alternative investments, including, as applicable, strategies, sub-categories, potential benefits and risks, fee structures, and due diligence;

## e. describe, calculate, and interpret management and incentive fees and net-of-fees returns to hedge funds; ## f. describe issues in valuing and calculating returns on hedge funds, private equity, real estate, commodities, and infrastructure;

What are commodities and what are the returns based on? Commodities include agricultural products, energy products and metals. Returns are based on changes in price and do not include an income stream such as dividends, interests, or rent.