Separately Managed Accounts

ASSET CLASS

VIEW TABLE
FUND
1 YR
3 YR
5 YR
10 YR
SINCE INCEPTION
QUARTERLY UPDATE
PURE GROSS*NETPURE GROSS*NETPURE GROSS*NETPURE GROSS*NETPURE GROSS*NET
10.95%7.74%21.65%18.15%13.17%9.89%9.82%6.62%14.51%11.17%
-4.82%-7.61%11.31%8.09%7.03%3.91%9.29%6.12%12.74%9.48%
12.64%9.38%21.63%18.14%14.18%10.88%N/AN/A7.78%4.63%
13.13%9.86%21.02%17.54%16.70%13.34%N/AN/A10.67%7.45%
16.46%13.10%25.86%22.25%15.99%12.65%10.14%6.93%8.55%5.39%
29.11%25.42%18.65%15.23%17.40%14.01%8.09%4.94%11.16%7.92%
12.63%9.37%21.68%18.18%15.06%11.74%N/AN/A9.12%5.95%
12.56%9.30%18.47%15.06%13.26%9.98%N/AN/A7.52%4.40%
9.29%6.12%15.87%12.52%12.49%9.23%9.54%6.37%14.60%11.27%

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

The pure gross performance results presented do not reflect the deduction of any trading costs, fees, or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.