R. G. Niederhoffer Capital Management, Inc.

Diversified Program *QEP*

Monthly Performance (%)

Date Range: 07/93 - 01/23
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2023 -4.60 1.20   -3.46 
2022 -9.60 -3.80 17.40 18.50 -4.10 15.10 -0.30 12.60 9.00 1.90 -13.50 0.20  44.33 
2021 0.20 10.40 10.20 1.50 0.70 0.30 0.30 -1.00 0.00 1.40 -5.90 0.80  19.35 
2020 13.80 9.80 0.00 1.30 -8.20 8.20 3.30 -3.90 14.80 -3.80 -1.50 -1.50  33.73 
2019 -7.30 -2.80 -1.40 -1.50 -1.30 2.70 -0.30 -4.00 -4.70 -3.50 -4.80 -2.20  -27.30 
2018 16.20 -19.40 8.40 -2.90 0.90 1.10 -2.30 2.10 -1.30 7.60 -5.20 11.40  12.51 
2017 -11.30 -4.40 1.60 -4.30 4.40 1.70 3.60 -0.04 -2.40 3.30 -2.50 -3.07  -13.62 
2016 5.80 9.90 -6.60 1.20 -2.80 -10.30 2.00 -9.90 -4.00 -3.70 4.70 2.70  -12.46 
2015 13.60 -1.50 -1.00 -1.70 -2.80 -9.20 -2.70 1.60 5.30 -2.70 6.30 1.00  4.51 
2014 7.50 -7.40 -3.20 0.50 2.90 -0.20 -1.60 -0.10 6.60 2.30 10.20 -2.40  14.67 
2013 8.53 8.60 3.40 5.60 -1.90 2.00 -11.30 -1.60 -4.35 -0.40 -0.90 3.00  9.30 
2012 -0.19 -1.05 -6.78 1.42 -3.62 6.16 -5.95 -4.90 -6.50 -5.65 1.63 1.43  -22.29 
2011 -1.90 -1.41 -9.84 -8.44 8.94 0.41 -1.67 9.52 0.81 -5.91 0.43 -7.07  -16.74 
2010 0.38 0.42 -4.33 3.55 -0.58 1.28 -3.44 7.60 -4.11 -5.51 -3.16 1.96  -6.54 
2009 1.57 -0.19 -4.51 -1.98 3.31 0.89 -1.33 -1.00 3.15 1.84 -9.06 -9.53  -16.50 
2008 1.70 3.73 2.52 0.28 0.56 3.80 8.00 -1.46 14.76 11.27 1.25 -3.55  50.24 
2007 -1.50 4.43 1.66 -2.54 -0.41 3.47 3.86 4.15 0.89 3.21 7.56 1.04  28.56 
2006 -4.00 3.88 4.51 -2.26 10.05 9.32 -2.84 -4.84 0.11 3.62 9.49 -7.66  18.84 
2005 -1.17 -4.82 2.04 1.00 1.14 4.34 -0.27 -6.80 4.63 8.30 -5.48 -4.23  -2.46 
2004 -2.46 -1.40 1.50 0.69 -0.12 -3.15 -5.68 0.89 -2.16 3.83 -7.40 0.50  -14.46 
2003 3.28 7.56 -13.96 5.01 2.60 2.22 2.21 1.69 -3.15 0.00 -0.92 2.06  7.15 
2002 -0.41 1.34 -0.87 3.70 6.50 8.33 9.16 3.92 0.01 -6.84 0.35 -1.97  24.45 
2001 3.08 2.95 6.86 -4.43 6.04 -2.56 0.96 1.93 -9.19 3.38 -4.49 6.64  10.19 
2000 11.13 6.11 9.91 5.19 4.51 0.65 0.03 -1.72 -5.18 5.86 7.34 5.49  60.24 
1999 5.21 1.54 1.91 -1.72 -8.39 -4.51 -8.28 -6.01 14.02 -14.07 -18.87 4.29  -33.11 
1998 2.13 -1.81 -1.55 2.91 0.86 5.52 -6.38 3.91 19.30 4.40 -1.39 2.74  32.73 
1997 2.11 -9.11 5.88 8.46 -0.83 -0.11 13.28 7.59 -2.95 7.75 -2.12 1.41  33.56 
1996 -2.69 -7.11 7.46 0.39 1.32 -1.49 5.81 -6.50 1.30 3.28 0.44 4.98  6.22 
1995 5.70 0.90 0.60 -2.00 3.30 3.60 -3.30 -8.80 -8.20 -0.40 0.66 -2.81  -11.23 
1994 4.40 -5.90 6.50 2.29 -1.20 10.00 5.09 -8.10 1.20 -0.20 0.60 0.70  14.93 
1993 1.17 1.10 -0.20 5.30 -2.20  5.12 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Strategy Description

Diversified aims to provide strongly positive alpha for our partners’ portfolios by combining absolute return with consistent protection during volatile periods for global markets.

Performance Statistics

Date Range: 07/93 - 01/23
  Program S&P 500 Coquest 40 
Total Return 447.45% 1507.11% 369.10% 
Annualized Return 5.93% 9.84% 5.36% 
Annualized Std. Deviation 19.88% 15.09% 9.94% 
Correlation -0.25 0.26 
Sharpe Ratio (rf=2.5%) 0.17 0.49 0.29 
Worst Month -19.40% -16.79% -7.77% 
Date of Worst Month 02/2018 10/2008 11/2001 
Worst Drawdown -60.55% -50.95% -15.74% 
Date of Worst Drawdown 11/08 - 12/19 10/07 - 2/09 4/11 - 9/13 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 07/93 - 01/23
Year or YTD Program S&P 500 Coquest 40 
2023 -3.46 3.69 -1.11 
2022 44.33 -18.10 17.65 
2021 19.35 28.72 6.26 
2020 33.73 18.40 0.97 
2019 -27.30 31.50 7.53 
2018 12.51 -4.38 -4.29 
2017 -13.62 21.84 1.24 
2016 -12.46 11.98 -3.13 
2015 4.51 1.41 0.09 
2014 14.67 13.69 15.75 
2013 9.30 32.41 -2.45 
2012 -22.29 15.98 -4.75 
2011 -16.74 2.12 -3.23 
2010 -6.54 15.06 11.33 
2009 -16.50 26.45 -7.98 
2008 50.24 -36.99 15.47 
2007 28.56 5.50 7.18 
2006 18.84 15.79 6.70 
2005 -2.46 4.89 4.51 
2004 -14.46 10.87 2.57 
2003 7.15 28.69 15.99 
2002 24.45 -22.10 15.22 
2001 10.19 -11.88 5.39 
2000 60.24 -9.09 10.63 
1999 -33.11 21.04 0.87 
1998 32.73 28.58 12.61 
1997 33.56 33.38 10.22 
1996 6.22 22.96 16.04 
1995 -11.23 37.57 13.16 
1994 14.93 1.32 -5.46 
1993 5.12 5.38 -2.97 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Performance Comparison

Date Range: 07/93 - 01/23
Date: 1/31/2023 Perf: $4,473.12 Date: 12/31/2022 Perf: $4,523.33 Date: 11/30/2022 Perf: $4,552.47 Date: 10/31/2022 Perf: $4,805.73 Date: 9/30/2022 Perf: $4,771.85 Date: 8/31/2022 Perf: $4,576.88 Date: 7/31/2022 Perf: $4,451.35 Date: 6/30/2022 Perf: $4,556.14 Date: 5/31/2022 Perf: $4,499.45 Date: 4/30/2022 Perf: $4,520.69 Date: 3/31/2022 Perf: $4,287.05 Date: 2/28/2022 Perf: $4,003.22 Date: 1/31/2022 Perf: $3,916.66 Date: 12/31/2021 Perf: $3,844.77 Date: 11/30/2021 Perf: $3,840.92 Date: 10/31/2021 Perf: $3,938.60 Date: 9/30/2021 Perf: $3,861.75 Date: 8/31/2021 Perf: $3,842.54 Date: 7/31/2021 Perf: $3,841.77 Date: 6/30/2021 Perf: $3,824.94 Date: 5/31/2021 Perf: $3,839.53 Date: 4/30/2021 Perf: $3,784.28 Date: 3/31/2021 Perf: $3,718.83 Date: 2/28/2021 Perf: $3,669.66 Date: 1/31/2021 Perf: $3,585.40 Date: 12/31/2020 Perf: $3,618.33 Date: 11/30/2020 Perf: $3,486.87 Date: 10/31/2020 Perf: $3,456.45 Date: 9/30/2020 Perf: $3,467.55 Date: 8/31/2020 Perf: $3,518.93 Date: 7/31/2020 Perf: $3,559.15 Date: 6/30/2020 Perf: $3,492.44 Date: 5/31/2020 Perf: $3,537.72 Date: 4/30/2020 Perf: $3,579.60 Date: 3/31/2020 Perf: $3,567.83 Date: 2/29/2020 Perf: $3,565.69 Date: 1/31/2020 Perf: $3,619.62 Date: 12/31/2019 Perf: $3,583.43 Date: 11/30/2019 Perf: $3,605.79 Date: 10/31/2019 Perf: $3,570.79 Date: 9/30/2019 Perf: $3,651.49 Date: 8/31/2019 Perf: $3,755.52 Date: 7/31/2019 Perf: $3,624.32 Date: 6/30/2019 Perf: $3,504.80 Date: 5/31/2019 Perf: $3,436.08 Date: 4/30/2019 Perf: $3,504.78 Date: 3/31/2019 Perf: $3,410.97 Date: 2/28/2019 Perf: $3,292.76 Date: 1/31/2019 Perf: $3,271.82 Date: 12/31/2018 Perf: $3,332.48 Date: 11/30/2018 Perf: $3,318.54 Date: 10/31/2018 Perf: $3,358.84 Date: 9/30/2018 Perf: $3,443.91 Date: 8/31/2018 Perf: $3,459.48 Date: 7/31/2018 Perf: $3,373.45 Date: 6/30/2018 Perf: $3,398.95 Date: 5/31/2018 Perf: $3,370.63 Date: 4/30/2018 Perf: $3,414.68 Date: 3/31/2018 Perf: $3,378.20 Date: 2/28/2018 Perf: $3,381.24 Date: 1/31/2018 Perf: $3,600.89 Date: 12/31/2017 Perf: $3,481.82 Date: 11/30/2017 Perf: $3,444.27 Date: 10/31/2017 Perf: $3,439.80 Date: 9/30/2017 Perf: $3,301.47 Date: 8/31/2017 Perf: $3,372.63 Date: 7/31/2017 Perf: $3,317.56 Date: 6/30/2017 Perf: $3,304.67 Date: 5/31/2017 Perf: $3,404.07 Date: 4/30/2017 Perf: $3,397.62 Date: 3/31/2017 Perf: $3,418.13 Date: 2/28/2017 Perf: $3,468.77 Date: 1/31/2017 Perf: $3,394.76 Date: 12/31/2016 Perf: $3,439.13 Date: 11/30/2016 Perf: $3,413.19 Date: 10/31/2016 Perf: $3,451.15 Date: 9/30/2016 Perf: $3,542.55 Date: 8/31/2016 Perf: $3,588.84 Date: 7/31/2016 Perf: $3,688.05 Date: 6/30/2016 Perf: $3,650.82 Date: 5/31/2016 Perf: $3,501.98 Date: 4/30/2016 Perf: $3,564.36 Date: 3/31/2016 Perf: $3,656.13 Date: 2/29/2016 Perf: $3,764.16 Date: 1/31/2016 Perf: $3,673.78 Date: 12/31/2015 Perf: $3,550.23 Date: 11/30/2015 Perf: $3,633.81 Date: 10/31/2015 Perf: $3,513.98 Date: 9/30/2015 Perf: $3,576.21 Date: 8/31/2015 Perf: $3,500.26 Date: 7/31/2015 Perf: $3,561.88 Date: 6/30/2015 Perf: $3,427.85 Date: 5/31/2015 Perf: $3,615.87 Date: 4/30/2015 Perf: $3,642.10 Date: 3/31/2015 Perf: $3,788.32 Date: 2/28/2015 Perf: $3,706.41 Date: 1/31/2015 Perf: $3,712.35 Date: 12/31/2014 Perf: $3,547.06 Date: 11/30/2014 Perf: $3,485.71 Date: 10/31/2014 Perf: $3,289.96 Date: 9/30/2014 Perf: $3,242.30 Date: 8/31/2014 Perf: $3,194.70 Date: 7/31/2014 Perf: $3,065.04 Date: 6/30/2014 Perf: $3,089.76 Date: 5/31/2014 Perf: $3,063.42 Date: 4/30/2014 Perf: $2,986.95 Date: 3/31/2014 Perf: $2,964.42 Date: 2/28/2014 Perf: $3,008.95 Date: 1/31/2014 Perf: $2,984.48 Date: 12/31/2013 Perf: $3,064.46 Date: 11/30/2013 Perf: $3,068.76 Date: 10/31/2013 Perf: $3,014.20 Date: 9/30/2013 Perf: $2,946.72 Date: 8/31/2013 Perf: $2,964.51 Date: 7/31/2013 Perf: $3,022.54 Date: 6/30/2013 Perf: $3,049.07 Date: 5/31/2013 Perf: $3,169.18 Date: 4/30/2013 Perf: $3,311.58 Date: 3/31/2013 Perf: $3,228.29 Date: 2/28/2013 Perf: $3,182.46 Date: 1/31/2013 Perf: $3,201.03 Date: 12/31/2012 Perf: $3,141.34 Date: 11/30/2012 Perf: $3,126.03 Date: 10/31/2012 Perf: $3,117.30 Date: 9/30/2012 Perf: $3,234.38 Date: 8/31/2012 Perf: $3,288.64 Date: 7/31/2012 Perf: $3,333.99 Date: 6/30/2012 Perf: $3,202.98 Date: 5/31/2012 Perf: $3,328.12 Date: 4/30/2012 Perf: $3,266.07 Date: 3/31/2012 Perf: $3,246.59 Date: 2/29/2012 Perf: $3,322.00 Date: 1/31/2012 Perf: $3,308.43 Date: 12/31/2011 Perf: $3,297.88 Date: 11/30/2011 Perf: $3,266.52 Date: 10/31/2011 Perf: $3,256.75 Date: 9/30/2011 Perf: $3,391.03 Date: 8/31/2011 Perf: $3,393.07 Date: 7/31/2011 Perf: $3,399.87 Date: 6/30/2011 Perf: $3,282.05 Date: 5/31/2011 Perf: $3,369.66 Date: 4/30/2011 Perf: $3,497.31 Date: 3/31/2011 Perf: $3,366.03 Date: 2/28/2011 Perf: $3,418.33 Date: 1/31/2011 Perf: $3,361.19 Date: 12/31/2010 Perf: $3,407.88 Date: 11/30/2010 Perf: $3,267.70 Date: 10/31/2010 Perf: $3,387.62 Date: 9/30/2010 Perf: $3,261.09 Date: 8/31/2010 Perf: $3,202.80 Date: 7/31/2010 Perf: $3,075.47 Date: 6/30/2010 Perf: $3,115.66 Date: 5/31/2010 Perf: $3,103.87 Date: 4/30/2010 Perf: $3,180.85 Date: 3/31/2010 Perf: $3,132.60 Date: 2/28/2010 Perf: $3,012.99 Date: 1/31/2010 Perf: $2,984.93 Date: 12/31/2009 Perf: $3,061.15 Date: 11/30/2009 Perf: $3,188.70 Date: 10/31/2009 Perf: $3,065.17 Date: 9/30/2009 Perf: $3,145.70 Date: 8/31/2009 Perf: $3,072.58 Date: 7/31/2009 Perf: $3,062.47 Date: 6/30/2009 Perf: $3,065.84 Date: 5/31/2009 Perf: $3,149.62 Date: 4/30/2009 Perf: $3,106.75 Date: 3/31/2009 Perf: $3,211.78 Date: 2/28/2009 Perf: $3,303.28 Date: 1/31/2009 Perf: $3,304.93 Date: 12/31/2008 Perf: $3,326.55 Date: 11/30/2008 Perf: $3,243.20 Date: 10/31/2008 Perf: $3,128.39 Date: 9/30/2008 Perf: $2,975.17 Date: 8/31/2008 Perf: $2,968.93 Date: 7/31/2008 Perf: $3,050.38 Date: 6/30/2008 Perf: $3,197.13 Date: 5/31/2008 Perf: $3,113.98 Date: 4/30/2008 Perf: $3,051.13 Date: 3/31/2008 Perf: $3,086.63 Date: 2/29/2008 Perf: $3,100.27 Date: 1/31/2008 Perf: $2,933.36 Date: 12/31/2007 Perf: $2,880.93 Date: 11/30/2007 Perf: $2,887.57 Date: 10/31/2007 Perf: $2,906.46 Date: 9/30/2007 Perf: $2,786.37 Date: 8/31/2007 Perf: $2,662.05 Date: 7/31/2007 Perf: $2,765.19 Date: 6/30/2007 Perf: $2,853.36 Date: 5/31/2007 Perf: $2,773.21 Date: 4/30/2007 Perf: $2,677.62 Date: 3/31/2007 Perf: $2,569.70 Date: 2/28/2007 Perf: $2,631.27 Date: 1/31/2007 Perf: $2,733.78 Date: 12/31/2006 Perf: $2,687.82 Date: 11/30/2006 Perf: $2,599.94 Date: 10/31/2006 Perf: $2,537.77 Date: 9/30/2006 Perf: $2,510.16 Date: 8/31/2006 Perf: $2,537.05 Date: 7/31/2006 Perf: $2,508.95 Date: 6/30/2006 Perf: $2,546.64 Date: 5/31/2006 Perf: $2,582.01 Date: 4/30/2006 Perf: $2,652.30 Date: 3/31/2006 Perf: $2,589.12 Date: 2/28/2006 Perf: $2,521.55 Date: 1/31/2006 Perf: $2,567.24 Date: 12/31/2005 Perf: $2,519.13 Date: 11/30/2005 Perf: $2,565.57 Date: 10/31/2005 Perf: $2,460.03 Date: 9/30/2005 Perf: $2,456.10 Date: 8/31/2005 Perf: $2,418.85 Date: 7/31/2005 Perf: $2,405.86 Date: 6/30/2005 Perf: $2,404.42 Date: 5/31/2005 Perf: $2,325.13 Date: 4/30/2005 Perf: $2,255.44 Date: 3/31/2005 Perf: $2,312.08 Date: 2/28/2005 Perf: $2,325.10 Date: 1/31/2005 Perf: $2,309.17 Date: 12/31/2004 Perf: $2,410.41 Date: 11/30/2004 Perf: $2,402.48 Date: 10/31/2004 Perf: $2,279.18 Date: 9/30/2004 Perf: $2,203.80 Date: 8/31/2004 Perf: $2,174.45 Date: 7/31/2004 Perf: $2,189.56 Date: 6/30/2004 Perf: $2,214.81 Date: 5/31/2004 Perf: $2,290.39 Date: 4/30/2004 Perf: $2,327.40 Date: 3/31/2004 Perf: $2,481.76 Date: 2/29/2004 Perf: $2,506.32 Date: 1/31/2004 Perf: $2,372.51 Date: 12/31/2003 Perf: $2,349.95 Date: 11/30/2003 Perf: $2,252.42 Date: 10/31/2003 Perf: $2,259.20 Date: 9/30/2003 Perf: $2,209.49 Date: 8/31/2003 Perf: $2,219.70 Date: 7/31/2003 Perf: $2,199.03 Date: 6/30/2003 Perf: $2,249.87 Date: 5/31/2003 Perf: $2,307.80 Date: 4/30/2003 Perf: $2,179.84 Date: 3/31/2003 Perf: $2,148.26 Date: 2/28/2003 Perf: $2,278.60 Date: 1/31/2003 Perf: $2,150.23 Date: 12/31/2002 Perf: $2,026.04 Date: 11/30/2002 Perf: $1,909.73 Date: 10/31/2002 Perf: $1,963.94 Date: 9/30/2002 Perf: $2,071.23 Date: 8/31/2002 Perf: $1,979.95 Date: 7/31/2002 Perf: $1,933.36 Date: 6/30/2002 Perf: $1,835.35 Date: 5/31/2002 Perf: $1,686.28 Date: 4/30/2002 Perf: $1,643.71 Date: 3/31/2002 Perf: $1,683.44 Date: 2/28/2002 Perf: $1,688.34 Date: 1/31/2002 Perf: $1,737.33 Date: 12/31/2001 Perf: $1,758.43 Date: 11/30/2001 Perf: $1,722.09 Date: 10/31/2001 Perf: $1,867.17 Date: 9/30/2001 Perf: $1,789.85 Date: 8/31/2001 Perf: $1,736.37 Date: 7/31/2001 Perf: $1,685.96 Date: 6/30/2001 Perf: $1,682.26 Date: 5/31/2001 Perf: $1,700.97 Date: 4/30/2001 Perf: $1,700.46 Date: 3/31/2001 Perf: $1,812.08 Date: 2/28/2001 Perf: $1,701.81 Date: 1/31/2001 Perf: $1,685.79 Date: 12/31/2000 Perf: $1,668.44 Date: 11/30/2000 Perf: $1,541.57 Date: 10/31/2000 Perf: $1,450.75 Date: 9/30/2000 Perf: $1,421.05 Date: 8/31/2000 Perf: $1,446.22 Date: 7/31/2000 Perf: $1,417.03 Date: 6/30/2000 Perf: $1,442.41 Date: 5/31/2000 Perf: $1,465.12 Date: 4/30/2000 Perf: $1,445.32 Date: 3/31/2000 Perf: $1,467.48 Date: 2/29/2000 Perf: $1,504.80 Date: 1/31/2000 Perf: $1,521.84 Date: 12/31/1999 Perf: $1,508.12 Date: 11/30/1999 Perf: $1,488.91 Date: 10/31/1999 Perf: $1,460.58 Date: 9/30/1999 Perf: $1,528.12 Date: 8/31/1999 Perf: $1,522.79 Date: 7/31/1999 Perf: $1,513.71 Date: 6/30/1999 Perf: $1,525.61 Date: 5/31/1999 Perf: $1,486.95 Date: 4/30/1999 Perf: $1,512.05 Date: 3/31/1999 Perf: $1,467.01 Date: 2/28/1999 Perf: $1,478.99 Date: 1/31/1999 Perf: $1,451.84 Date: 12/31/1998 Perf: $1,495.05 Date: 11/30/1998 Perf: $1,460.72 Date: 10/31/1998 Perf: $1,487.95 Date: 9/30/1998 Perf: $1,493.93 Date: 8/31/1998 Perf: $1,430.00 Date: 7/31/1998 Perf: $1,324.94 Date: 6/30/1998 Perf: $1,322.16 Date: 5/31/1998 Perf: $1,320.58 Date: 4/30/1998 Perf: $1,287.86 Date: 3/31/1998 Perf: $1,341.11 Date: 2/28/1998 Perf: $1,325.60 Date: 1/31/1998 Perf: $1,336.02 Date: 12/31/1997 Perf: $1,327.65 Date: 11/30/1997 Perf: $1,293.00 Date: 10/31/1997 Perf: $1,275.15 Date: 9/30/1997 Perf: $1,283.10 Date: 8/31/1997 Perf: $1,267.14 Date: 7/31/1997 Perf: $1,330.47 Date: 6/30/1997 Perf: $1,243.66 Date: 5/31/1997 Perf: $1,229.40 Date: 4/30/1997 Perf: $1,250.15 Date: 3/31/1997 Perf: $1,280.11 Date: 2/28/1997 Perf: $1,281.52 Date: 1/31/1997 Perf: $1,251.60 Date: 12/31/1996 Perf: $1,204.51 Date: 11/30/1996 Perf: $1,232.61 Date: 10/31/1996 Perf: $1,151.43 Date: 9/30/1996 Perf: $1,065.16 Date: 8/31/1996 Perf: $1,019.39 Date: 7/31/1996 Perf: $1,022.97 Date: 6/30/1996 Perf: $1,050.06 Date: 5/31/1996 Perf: $1,039.46 Date: 4/30/1996 Perf: $1,064.58 Date: 3/31/1996 Perf: $1,011.77 Date: 2/29/1996 Perf: $1,006.03 Date: 1/31/1996 Perf: $1,070.36 Date: 12/31/1995 Perf: $1,037.97 Date: 11/30/1995 Perf: $993.37 Date: 10/31/1995 Perf: $976.96 Date: 9/30/1995 Perf: $975.98 Date: 8/31/1995 Perf: $1,001.01 Date: 7/31/1995 Perf: $988.75 Date: 6/30/1995 Perf: $1,008.51 Date: 5/31/1995 Perf: $1,030.78 Date: 4/30/1995 Perf: $1,019.26 Date: 3/31/1995 Perf: $1,001.34 Date: 2/28/1995 Perf: $925.19 Date: 1/31/1995 Perf: $892.53 Date: 12/31/1994 Perf: $917.30 Date: 11/30/1994 Perf: $933.44 Date: 10/31/1994 Perf: $920.56 Date: 9/30/1994 Perf: $921.02 Date: 8/31/1994 Perf: $909.11 Date: 7/31/1994 Perf: $944.92 Date: 6/30/1994 Perf: $975.45 Date: 5/31/1994 Perf: $931.57 Date: 4/30/1994 Perf: $911.16 Date: 3/31/1994 Perf: $923.45 Date: 2/28/1994 Perf: $908.99 Date: 1/31/1994 Perf: $930.11 Date: 12/31/1993 Perf: $970.28 Date: 11/30/1993 Perf: $953.03 Date: 10/31/1993 Perf: $969.41 Date: 9/30/1993 Perf: $976.24 Date: 8/31/1993 Perf: $988.60 Date: 7/31/1993 Perf: $1,000.00 Date: 2/28/2023 Perf: $15,741.89 Date: 1/31/2023 Perf: $16,135.60 Date: 12/31/2022 Perf: $15,182.16 Date: 11/30/2022 Perf: $16,110.10 Date: 10/31/2022 Perf: $15,257.22 Date: 9/30/2022 Perf: $14,113.99 Date: 8/31/2022 Perf: $15,545.75 Date: 7/31/2022 Perf: $16,207.00 Date: 6/30/2022 Perf: $14,838.85 Date: 5/31/2022 Perf: $16,173.14 Date: 4/30/2022 Perf: $16,144.08 Date: 3/31/2022 Perf: $17,686.33 Date: 2/28/2022 Perf: $17,053.64 Date: 1/31/2022 Perf: $17,579.26 Date: 12/31/2021 Perf: $18,537.65 Date: 11/30/2021 Perf: $17,742.78 Date: 10/31/2021 Perf: $17,866.05 Date: 9/30/2021 Perf: $16,695.68 Date: 8/31/2021 Perf: $17,509.89 Date: 7/31/2021 Perf: $16,993.30 Date: 6/30/2021 Perf: $16,598.26 Date: 5/31/2021 Perf: $16,220.33 Date: 4/30/2021 Perf: $16,107.57 Date: 3/31/2021 Perf: $15,291.03 Date: 2/28/2021 Perf: $14,649.39 Date: 1/31/2021 Perf: $14,255.93 Date: 12/31/2020 Perf: $14,401.38 Date: 11/30/2020 Perf: $13,868.82 Date: 10/31/2020 Perf: $12,500.06 Date: 9/30/2020 Perf: $12,841.65 Date: 8/31/2020 Perf: $13,348.91 Date: 7/31/2020 Perf: $12,453.50 Date: 6/30/2020 Perf: $11,788.62 Date: 5/31/2020 Perf: $11,558.61 Date: 4/30/2020 Perf: $11,033.41 Date: 3/31/2020 Perf: $9,779.66 Date: 2/29/2020 Perf: $11,157.63 Date: 1/31/2020 Perf: $12,158.25 Date: 12/31/2019 Perf: $12,163.12 Date: 11/30/2019 Perf: $11,806.56 Date: 10/31/2019 Perf: $11,392.99 Date: 9/30/2019 Perf: $11,151.02 Date: 8/31/2019 Perf: $10,946.32 Date: 7/31/2019 Perf: $11,122.05 Date: 6/30/2019 Perf: $10,964.17 Date: 5/31/2019 Perf: $10,242.10 Date: 4/30/2019 Perf: $10,936.57 Date: 3/31/2019 Perf: $10,510.88 Date: 2/28/2019 Perf: $10,310.85 Date: 1/31/2019 Perf: $9,990.16 Date: 12/31/2018 Perf: $9,249.30 Date: 11/30/2018 Perf: $10,167.41 Date: 10/31/2018 Perf: $9,964.15 Date: 9/30/2018 Perf: $10,695.73 Date: 8/31/2018 Perf: $10,635.11 Date: 7/31/2018 Perf: $10,299.35 Date: 6/30/2018 Perf: $9,929.96 Date: 5/31/2018 Perf: $9,868.77 Date: 4/30/2018 Perf: $9,636.53 Date: 3/31/2018 Perf: $9,600.05 Date: 2/28/2018 Perf: $9,850.25 Date: 1/31/2018 Perf: $10,227.65 Date: 12/31/2017 Perf: $9,673.37 Date: 11/30/2017 Perf: $9,567.17 Date: 10/31/2017 Perf: $9,282.21 Date: 9/30/2017 Perf: $9,070.86 Date: 8/31/2017 Perf: $8,887.77 Date: 7/31/2017 Perf: $8,860.30 Date: 6/30/2017 Perf: $8,681.46 Date: 5/31/2017 Perf: $8,627.97 Date: 4/30/2017 Perf: $8,508.01 Date: 3/31/2017 Perf: $8,421.27 Date: 2/28/2017 Perf: $8,411.17 Date: 1/31/2017 Perf: $8,090.00 Date: 12/31/2016 Perf: $7,939.16 Date: 11/30/2016 Perf: $7,785.01 Date: 10/31/2016 Perf: $7,507.24 Date: 9/30/2016 Perf: $7,646.41 Date: 8/31/2016 Perf: $7,644.88 Date: 7/31/2016 Perf: $7,634.19 Date: 6/30/2016 Perf: $7,362.52 Date: 5/31/2016 Perf: $7,343.42 Date: 4/30/2016 Perf: $7,213.58 Date: 3/31/2016 Perf: $7,185.55 Date: 2/29/2016 Perf: $6,729.31 Date: 1/31/2016 Perf: $6,738.07 Date: 12/31/2015 Perf: $7,089.72 Date: 11/30/2015 Perf: $7,203.53 Date: 10/31/2015 Perf: $7,181.99 Date: 9/30/2015 Perf: $6,623.01 Date: 8/31/2015 Perf: $6,790.74 Date: 7/31/2015 Perf: $7,226.49 Date: 6/30/2015 Perf: $7,077.86 Date: 5/31/2015 Perf: $7,217.89 Date: 4/30/2015 Perf: $7,125.96 Date: 3/31/2015 Perf: $7,058.20 Date: 2/28/2015 Perf: $7,171.51 Date: 1/31/2015 Perf: $6,781.57 Date: 12/31/2014 Perf: $6,991.31 Date: 11/30/2014 Perf: $7,008.83 Date: 10/31/2014 Perf: $6,825.23 Date: 9/30/2014 Perf: $6,662.67 Date: 8/31/2014 Perf: $6,757.27 Date: 7/31/2014 Perf: $6,497.37 Date: 6/30/2014 Perf: $6,588.29 Date: 5/31/2014 Perf: $6,454.68 Date: 4/30/2014 Perf: $6,306.48 Date: 3/31/2014 Perf: $6,260.15 Date: 2/28/2014 Perf: $6,208.00 Date: 1/31/2014 Perf: $5,936.70 Date: 12/31/2013 Perf: $6,149.47 Date: 11/30/2013 Perf: $5,997.73 Date: 10/31/2013 Perf: $5,820.21 Date: 9/30/2013 Perf: $5,564.25 Date: 8/31/2013 Perf: $5,394.86 Date: 7/31/2013 Perf: $5,555.98 Date: 6/30/2013 Perf: $5,286.88 Date: 5/31/2013 Perf: $5,358.68 Date: 4/30/2013 Perf: $5,236.16 Date: 3/31/2013 Perf: $5,137.01 Date: 2/28/2013 Perf: $4,951.34 Date: 1/31/2013 Perf: $4,884.90 Date: 12/31/2012 Perf: $4,644.33 Date: 11/30/2012 Perf: $4,602.45 Date: 10/31/2012 Perf: $4,575.90 Date: 9/30/2012 Perf: $4,662.15 Date: 8/31/2012 Perf: $4,544.90 Date: 7/31/2012 Perf: $4,444.89 Date: 6/30/2012 Perf: $4,383.95 Date: 5/31/2012 Perf: $4,210.48 Date: 4/30/2012 Perf: $4,479.71 Date: 3/31/2012 Perf: $4,508.11 Date: 2/29/2012 Perf: $4,364.52 Date: 1/31/2012 Perf: $4,183.78 Date: 12/31/2011 Perf: $4,004.38 Date: 11/30/2011 Perf: $3,963.95 Date: 10/31/2011 Perf: $3,972.69 Date: 9/30/2011 Perf: $3,581.26 Date: 8/31/2011 Perf: $3,852.06 Date: 7/31/2011 Perf: $4,073.23 Date: 6/30/2011 Perf: $4,157.63 Date: 5/31/2011 Perf: $4,228.25 Date: 4/30/2011 Perf: $4,276.57 Date: 3/31/2011 Perf: $4,153.62 Date: 2/28/2011 Perf: $4,151.96 Date: 1/31/2011 Perf: $4,014.27 Date: 12/31/2010 Perf: $3,921.34 Date: 11/30/2010 Perf: $3,675.79 Date: 10/31/2010 Perf: $3,675.43 Date: 9/30/2010 Perf: $3,540.53 Date: 8/31/2010 Perf: $3,250.58 Date: 7/31/2010 Perf: $3,404.11 Date: 6/30/2010 Perf: $3,181.11 Date: 5/31/2010 Perf: $3,356.66 Date: 4/30/2010 Perf: $3,648.15 Date: 3/31/2010 Perf: $3,591.41 Date: 2/28/2010 Perf: $3,387.16 Date: 1/31/2010 Perf: $3,285.32 Date: 12/31/2009 Perf: $3,408.00 Date: 11/30/2009 Perf: $3,343.47 Date: 10/31/2009 Perf: $3,154.22 Date: 9/30/2009 Perf: $3,214.00 Date: 8/31/2009 Perf: $3,098.43 Date: 7/31/2009 Perf: $2,990.47 Date: 6/30/2009 Perf: $2,780.28 Date: 5/31/2009 Perf: $2,774.74 Date: 4/30/2009 Perf: $2,627.84 Date: 3/31/2009 Perf: $2,398.32 Date: 2/28/2009 Perf: $2,205.15 Date: 1/31/2009 Perf: $2,467.99 Date: 12/31/2008 Perf: $2,695.19 Date: 11/30/2008 Perf: $2,666.93 Date: 10/31/2008 Perf: $2,873.22 Date: 9/30/2008 Perf: $3,452.98 Date: 8/31/2008 Perf: $3,790.73 Date: 7/31/2008 Perf: $3,736.55 Date: 6/30/2008 Perf: $3,768.20 Date: 5/31/2008 Perf: $4,115.11 Date: 4/30/2008 Perf: $4,062.30 Date: 3/31/2008 Perf: $3,873.65 Date: 2/29/2008 Perf: $3,890.38 Date: 1/31/2008 Perf: $4,021.07 Date: 12/31/2007 Perf: $4,277.73 Date: 11/30/2007 Perf: $4,307.45 Date: 10/31/2007 Perf: $4,495.36 Date: 9/30/2007 Perf: $4,425.00 Date: 8/31/2007 Perf: $4,265.47 Date: 7/31/2007 Perf: $4,202.43 Date: 6/30/2007 Perf: $4,336.88 Date: 5/31/2007 Perf: $4,410.08 Date: 4/30/2007 Perf: $4,261.36 Date: 3/31/2007 Perf: $4,080.59 Date: 2/28/2007 Perf: $4,035.40 Date: 1/31/2007 Perf: $4,116.07 Date: 12/31/2006 Perf: $4,054.84 Date: 11/30/2006 Perf: $3,998.86 Date: 10/31/2006 Perf: $3,924.30 Date: 9/30/2006 Perf: $3,800.40 Date: 8/31/2006 Perf: $3,704.82 Date: 7/31/2006 Perf: $3,618.69 Date: 6/30/2006 Perf: $3,596.40 Date: 5/31/2006 Perf: $3,591.37 Date: 4/30/2006 Perf: $3,697.87 Date: 3/31/2006 Perf: $3,648.97 Date: 2/28/2006 Perf: $3,604.28 Date: 1/31/2006 Perf: $3,594.57 Date: 12/31/2005 Perf: $3,501.78 Date: 11/30/2005 Perf: $3,500.73 Date: 10/31/2005 Perf: $3,373.22 Date: 9/30/2005 Perf: $3,430.51 Date: 8/31/2005 Perf: $3,402.94 Date: 7/31/2005 Perf: $3,434.19 Date: 6/30/2005 Perf: $3,311.02 Date: 5/31/2005 Perf: $3,306.40 Date: 4/30/2005 Perf: $3,204.49 Date: 3/31/2005 Perf: $3,266.56 Date: 2/28/2005 Perf: $3,325.42 Date: 1/31/2005 Perf: $3,257.02 Date: 12/31/2004 Perf: $3,338.48 Date: 11/30/2004 Perf: $3,228.70 Date: 10/31/2004 Perf: $3,103.03 Date: 9/30/2004 Perf: $3,056.27 Date: 8/31/2004 Perf: $3,023.61 Date: 7/31/2004 Perf: $3,011.57 Date: 6/30/2004 Perf: $3,114.66 Date: 5/31/2004 Perf: $3,055.39 Date: 4/30/2004 Perf: $3,014.10 Date: 3/31/2004 Perf: $3,062.17 Date: 2/29/2004 Perf: $3,109.12 Date: 1/31/2004 Perf: $3,066.50 Date: 12/31/2003 Perf: $3,011.09 Date: 11/30/2003 Perf: $2,861.17 Date: 10/31/2003 Perf: $2,836.21 Date: 9/30/2003 Perf: $2,684.28 Date: 8/31/2003 Perf: $2,713.04 Date: 7/31/2003 Perf: $2,661.14 Date: 6/30/2003 Perf: $2,615.12 Date: 5/31/2003 Perf: $2,582.07 Date: 4/30/2003 Perf: $2,452.80 Date: 3/31/2003 Perf: $2,266.08 Date: 2/28/2003 Perf: $2,244.31 Date: 1/31/2003 Perf: $2,278.49 Date: 12/31/2002 Perf: $2,339.79 Date: 11/30/2002 Perf: $2,485.70 Date: 10/31/2002 Perf: $2,347.44 Date: 9/30/2002 Perf: $2,157.57 Date: 8/31/2002 Perf: $2,420.70 Date: 7/31/2002 Perf: $2,404.83 Date: 6/30/2002 Perf: $2,608.27 Date: 5/31/2002 Perf: $2,808.22 Date: 4/30/2002 Perf: $2,829.15 Date: 3/31/2002 Perf: $3,011.66 Date: 2/28/2002 Perf: $2,902.53 Date: 1/31/2002 Perf: $2,959.65 Date: 12/31/2001 Perf: $3,003.50 Date: 11/30/2001 Perf: $2,977.30 Date: 10/31/2001 Perf: $2,765.21 Date: 9/30/2001 Perf: $2,713.38 Date: 8/31/2001 Perf: $2,951.89 Date: 7/31/2001 Perf: $3,149.02 Date: 6/30/2001 Perf: $3,180.19 Date: 5/31/2001 Perf: $3,259.39 Date: 4/30/2001 Perf: $3,237.70 Date: 3/31/2001 Perf: $3,004.27 Date: 2/28/2001 Perf: $3,207.63 Date: 1/31/2001 Perf: $3,529.52 Date: 12/31/2000 Perf: $3,408.52 Date: 11/30/2000 Perf: $3,391.90 Date: 10/31/2000 Perf: $3,682.05 Date: 9/30/2000 Perf: $3,697.58 Date: 8/31/2000 Perf: $3,903.69 Date: 7/31/2000 Perf: $3,675.45 Date: 6/30/2000 Perf: $3,733.69 Date: 5/31/2000 Perf: $3,643.69 Date: 4/30/2000 Perf: $3,719.95 Date: 3/31/2000 Perf: $3,835.40 Date: 2/29/2000 Perf: $3,493.71 Date: 1/31/2000 Perf: $3,561.01 Date: 12/31/1999 Perf: $3,749.23 Date: 11/30/1999 Perf: $3,540.68 Date: 10/31/1999 Perf: $3,470.23 Date: 9/30/1999 Perf: $3,263.65 Date: 8/31/1999 Perf: $3,355.59 Date: 7/31/1999 Perf: $3,372.11 Date: 6/30/1999 Perf: $3,480.71 Date: 5/31/1999 Perf: $3,297.69 Date: 4/30/1999 Perf: $3,377.39 Date: 3/31/1999 Perf: $3,251.56 Date: 2/28/1999 Perf: $3,126.50 Date: 1/31/1999 Perf: $3,226.85 Date: 12/31/1998 Perf: $3,097.38 Date: 11/30/1998 Perf: $2,928.69 Date: 10/31/1998 Perf: $2,761.35 Date: 9/30/1998 Perf: $2,553.73 Date: 8/31/1998 Perf: $2,399.90 Date: 7/31/1998 Perf: $2,805.59 Date: 6/30/1998 Perf: $2,835.65 Date: 5/31/1998 Perf: $2,725.01 Date: 4/30/1998 Perf: $2,772.70 Date: 3/31/1998 Perf: $2,744.98 Date: 2/28/1998 Perf: $2,611.28 Date: 1/31/1998 Perf: $2,435.67 Date: 12/31/1997 Perf: $2,408.93 Date: 11/30/1997 Perf: $2,368.20 Date: 10/31/1997 Perf: $2,263.40 Date: 9/30/1997 Perf: $2,341.61 Date: 8/31/1997 Perf: $2,219.96 Date: 7/31/1997 Perf: $2,351.65 Date: 6/30/1997 Perf: $2,178.26 Date: 5/31/1997 Perf: $2,084.86 Date: 4/30/1997 Perf: $1,965.18 Date: 3/31/1997 Perf: $1,854.47 Date: 2/28/1997 Perf: $1,933.95 Date: 1/31/1997 Perf: $1,918.98 Date: 12/31/1996 Perf: $1,806.10 Date: 11/30/1996 Perf: $1,842.59 Date: 10/31/1996 Perf: $1,713.08 Date: 9/30/1996 Perf: $1,667.07 Date: 8/31/1996 Perf: $1,578.21 Date: 7/31/1996 Perf: $1,545.60 Date: 6/30/1996 Perf: $1,617.08 Date: 5/31/1996 Perf: $1,610.95 Date: 4/30/1996 Perf: $1,570.44 Date: 3/31/1996 Perf: $1,547.69 Date: 2/29/1996 Perf: $1,532.97 Date: 1/31/1996 Perf: $1,518.84 Date: 12/31/1995 Perf: $1,468.90 Date: 11/30/1995 Perf: $1,441.09 Date: 10/31/1995 Perf: $1,380.49 Date: 9/30/1995 Perf: $1,385.47 Date: 8/31/1995 Perf: $1,329.37 Date: 7/31/1995 Perf: $1,326.06 Date: 6/30/1995 Perf: $1,283.45 Date: 5/31/1995 Perf: $1,254.35 Date: 4/30/1995 Perf: $1,206.10 Date: 3/31/1995 Perf: $1,171.66 Date: 2/28/1995 Perf: $1,138.08 Date: 1/31/1995 Perf: $1,095.36 Date: 12/31/1994 Perf: $1,067.71 Date: 11/30/1994 Perf: $1,052.14 Date: 10/31/1994 Perf: $1,091.88 Date: 9/30/1994 Perf: $1,067.86 Date: 8/31/1994 Perf: $1,094.68 Date: 7/31/1994 Perf: $1,051.56 Date: 6/30/1994 Perf: $1,018.17 Date: 5/31/1994 Perf: $1,043.74 Date: 4/30/1994 Perf: $1,026.90 Date: 3/31/1994 Perf: $1,013.92 Date: 2/28/1994 Perf: $1,060.14 Date: 1/31/1994 Perf: $1,089.67 Date: 12/31/1993 Perf: $1,053.84 Date: 11/30/1993 Perf: $1,041.24 Date: 10/31/1993 Perf: $1,051.23 Date: 9/30/1993 Perf: $1,029.91 Date: 8/31/1993 Perf: $1,037.90 Date: 7/31/1993 Perf: $1,000.00 Date: 2/28/2023 Perf: $5,540.16 Date: 1/31/2023 Perf: $5,474.47 Date: 12/31/2022 Perf: $5,738.44 Date: 11/30/2022 Perf: $5,726.98 Date: 10/31/2022 Perf: $6,620.79 Date: 9/30/2022 Perf: $6,497.34 Date: 8/31/2022 Perf: $5,960.86 Date: 7/31/2022 Perf: $5,293.84 Date: 6/30/2022 Perf: $5,309.77 Date: 5/31/2022 Perf: $4,613.18 Date: 4/30/2022 Perf: $4,810.41 Date: 3/31/2022 Perf: $4,059.41 Date: 2/28/2022 Perf: $3,457.76 Date: 1/31/2022 Perf: $3,594.35 Date: 12/31/2021 Perf: $3,976.05 Date: 11/30/2021 Perf: $3,944.49 Date: 10/31/2021 Perf: $4,191.81 Date: 9/30/2021 Perf: $4,133.93 Date: 8/31/2021 Perf: $4,133.93 Date: 7/31/2021 Perf: $4,175.69 Date: 6/30/2021 Perf: $4,163.20 Date: 5/31/2021 Perf: $4,150.75 Date: 4/30/2021 Perf: $4,121.90 Date: 3/31/2021 Perf: $4,060.98 Date: 2/28/2021 Perf: $3,685.10 Date: 1/31/2021 Perf: $3,337.95 Date: 12/31/2020 Perf: $3,331.29 Date: 11/30/2020 Perf: $3,382.02 Date: 10/31/2020 Perf: $3,433.52 Date: 9/30/2020 Perf: $3,569.15 Date: 8/31/2020 Perf: $3,109.02 Date: 7/31/2020 Perf: $3,235.19 Date: 6/30/2020 Perf: $3,131.84 Date: 5/31/2020 Perf: $2,894.49 Date: 4/30/2020 Perf: $3,153.04 Date: 3/31/2020 Perf: $3,112.58 Date: 2/29/2020 Perf: $3,112.58 Date: 1/31/2020 Perf: $2,834.77 Date: 12/31/2019 Perf: $2,491.01 Date: 11/30/2019 Perf: $2,547.05 Date: 10/31/2019 Perf: $2,675.47 Date: 9/30/2019 Perf: $2,772.51 Date: 8/31/2019 Perf: $2,909.24 Date: 7/31/2019 Perf: $3,030.46 Date: 6/30/2019 Perf: $3,039.58 Date: 5/31/2019 Perf: $2,959.67 Date: 4/30/2019 Perf: $2,998.65 Date: 3/31/2019 Perf: $3,044.31 Date: 2/28/2019 Perf: $3,087.54 Date: 1/31/2019 Perf: $3,176.48 Date: 12/31/2018 Perf: $3,426.62 Date: 11/30/2018 Perf: $3,075.96 Date: 10/31/2018 Perf: $3,244.69 Date: 9/30/2018 Perf: $3,015.51 Date: 8/31/2018 Perf: $3,055.23 Date: 7/31/2018 Perf: $2,992.39 Date: 6/30/2018 Perf: $3,062.83 Date: 5/31/2018 Perf: $3,029.51 Date: 4/30/2018 Perf: $3,002.48 Date: 3/31/2018 Perf: $3,092.16 Date: 2/28/2018 Perf: $2,852.54 Date: 1/31/2018 Perf: $3,539.14 Date: 12/31/2017 Perf: $3,045.73 Date: 11/30/2017 Perf: $3,142.19 Date: 10/31/2017 Perf: $3,222.76 Date: 9/30/2017 Perf: $3,119.81 Date: 8/31/2017 Perf: $3,196.53 Date: 7/31/2017 Perf: $3,197.80 Date: 6/30/2017 Perf: $3,086.68 Date: 5/31/2017 Perf: $3,035.09 Date: 4/30/2017 Perf: $2,907.17 Date: 3/31/2017 Perf: $3,037.80 Date: 2/28/2017 Perf: $2,989.96 Date: 1/31/2017 Perf: $3,127.57 Date: 12/31/2016 Perf: $3,526.01 Date: 11/30/2016 Perf: $3,433.31 Date: 10/31/2016 Perf: $3,279.19 Date: 9/30/2016 Perf: $3,405.18 Date: 8/31/2016 Perf: $3,547.06 Date: 7/31/2016 Perf: $3,936.81 Date: 6/30/2016 Perf: $3,859.61 Date: 5/31/2016 Perf: $4,302.80 Date: 4/30/2016 Perf: $4,426.75 Date: 3/31/2016 Perf: $4,374.26 Date: 2/29/2016 Perf: $4,683.36 Date: 1/31/2016 Perf: $4,261.48 Date: 12/31/2015 Perf: $4,027.86 Date: 11/30/2015 Perf: $3,987.98 Date: 10/31/2015 Perf: $3,751.63 Date: 9/30/2015 Perf: $3,855.73 Date: 8/31/2015 Perf: $3,661.67 Date: 7/31/2015 Perf: $3,604.00 Date: 6/30/2015 Perf: $3,704.01 Date: 5/31/2015 Perf: $4,079.31 Date: 4/30/2015 Perf: $4,196.82 Date: 3/31/2015 Perf: $4,269.40 Date: 2/28/2015 Perf: $4,312.52 Date: 1/31/2015 Perf: $4,378.19 Date: 12/31/2014 Perf: $3,854.04 Date: 11/30/2014 Perf: $3,948.82 Date: 10/31/2014 Perf: $3,583.32 Date: 9/30/2014 Perf: $3,502.75 Date: 8/31/2014 Perf: $3,285.89 Date: 7/31/2014 Perf: $3,289.17 Date: 6/30/2014 Perf: $3,342.66 Date: 5/31/2014 Perf: $3,349.36 Date: 4/30/2014 Perf: $3,254.96 Date: 3/31/2014 Perf: $3,238.77 Date: 2/28/2014 Perf: $3,345.84 Date: 1/31/2014 Perf: $3,613.21 Date: 12/31/2013 Perf: $3,361.13 Date: 11/30/2013 Perf: $3,263.23 Date: 10/31/2013 Perf: $3,292.87 Date: 9/30/2013 Perf: $3,306.09 Date: 8/31/2013 Perf: $3,456.45 Date: 7/31/2013 Perf: $3,512.65 Date: 6/30/2013 Perf: $3,960.15 Date: 5/31/2013 Perf: $3,882.50 Date: 4/30/2013 Perf: $3,957.69 Date: 3/31/2013 Perf: $3,747.81 Date: 2/28/2013 Perf: $3,624.58 Date: 1/31/2013 Perf: $3,337.55 Date: 12/31/2012 Perf: $3,075.23 Date: 11/30/2012 Perf: $3,031.88 Date: 10/31/2012 Perf: $2,983.25 Date: 9/30/2012 Perf: $3,161.90 Date: 8/31/2012 Perf: $3,381.71 Date: 7/31/2012 Perf: $3,555.95 Date: 6/30/2012 Perf: $3,780.91 Date: 5/31/2012 Perf: $3,561.52 Date: 4/30/2012 Perf: $3,695.29 Date: 3/31/2012 Perf: $3,643.55 Date: 2/29/2012 Perf: $3,908.55 Date: 1/31/2012 Perf: $3,950.03 Date: 12/31/2011 Perf: $3,957.55 Date: 11/30/2011 Perf: $4,258.63 Date: 10/31/2011 Perf: $4,240.40 Date: 9/30/2011 Perf: $4,506.75 Date: 8/31/2011 Perf: $4,470.54 Date: 7/31/2011 Perf: $4,081.94 Date: 6/30/2011 Perf: $4,151.26 Date: 5/31/2011 Perf: $4,134.31 Date: 4/30/2011 Perf: $3,795.04 Date: 3/31/2011 Perf: $4,144.86 Date: 2/28/2011 Perf: $4,597.23 Date: 1/31/2011 Perf: $4,662.98 Date: 12/31/2010 Perf: $4,753.29 Date: 11/30/2010 Perf: $4,661.92 Date: 10/31/2010 Perf: $4,814.04 Date: 9/30/2010 Perf: $5,094.76 Date: 8/31/2010 Perf: $5,313.13 Date: 7/31/2010 Perf: $4,937.86 Date: 6/30/2010 Perf: $5,113.77 Date: 5/31/2010 Perf: $5,049.14 Date: 4/30/2010 Perf: $5,078.60 Date: 3/31/2010 Perf: $4,904.49 Date: 2/28/2010 Perf: $5,126.46 Date: 1/31/2010 Perf: $5,105.02 Date: 12/31/2009 Perf: $5,085.70 Date: 11/30/2009 Perf: $5,621.42 Date: 10/31/2009 Perf: $6,181.46 Date: 9/30/2009 Perf: $6,069.77 Date: 8/31/2009 Perf: $5,884.41 Date: 7/31/2009 Perf: $5,943.85 Date: 6/30/2009 Perf: $6,023.97 Date: 5/31/2009 Perf: $5,970.83 Date: 4/30/2009 Perf: $5,779.53 Date: 3/31/2009 Perf: $5,896.28 Date: 2/28/2009 Perf: $6,174.76 Date: 1/31/2009 Perf: $6,186.51 Date: 12/31/2008 Perf: $6,090.88 Date: 11/30/2008 Perf: $6,315.07 Date: 10/31/2008 Perf: $6,237.11 Date: 9/30/2008 Perf: $5,605.38 Date: 8/31/2008 Perf: $4,884.44 Date: 7/31/2008 Perf: $4,956.81 Date: 6/30/2008 Perf: $4,589.64 Date: 5/31/2008 Perf: $4,421.61 Date: 4/30/2008 Perf: $4,396.99 Date: 3/31/2008 Perf: $4,384.71 Date: 2/29/2008 Perf: $4,276.93 Date: 1/31/2008 Perf: $4,123.14 Date: 12/31/2007 Perf: $4,054.22 Date: 11/30/2007 Perf: $4,012.49 Date: 10/31/2007 Perf: $3,730.47 Date: 9/30/2007 Perf: $3,614.44 Date: 8/31/2007 Perf: $3,582.56 Date: 7/31/2007 Perf: $3,439.81 Date: 6/30/2007 Perf: $3,311.96 Date: 5/31/2007 Perf: $3,200.89 Date: 4/30/2007 Perf: $3,214.07 Date: 3/31/2007 Perf: $3,297.84 Date: 2/28/2007 Perf: $3,243.99 Date: 1/31/2007 Perf: $3,106.37 Date: 12/31/2006 Perf: $3,153.68 Date: 11/30/2006 Perf: $3,415.29 Date: 10/31/2006 Perf: $3,119.27 Date: 9/30/2006 Perf: $3,010.30 Date: 8/31/2006 Perf: $3,006.99 Date: 7/31/2006 Perf: $3,159.93 Date: 6/30/2006 Perf: $3,252.30 Date: 5/31/2006 Perf: $2,975.02 Date: 4/30/2006 Perf: $2,703.34 Date: 3/31/2006 Perf: $2,765.85 Date: 2/28/2006 Perf: $2,646.49 Date: 1/31/2006 Perf: $2,547.64 Date: 12/31/2005 Perf: $2,653.79 Date: 11/30/2005 Perf: $2,771.01 Date: 10/31/2005 Perf: $2,931.66 Date: 9/30/2005 Perf: $2,706.98 Date: 8/31/2005 Perf: $2,587.20 Date: 7/31/2005 Perf: $2,775.96 Date: 6/30/2005 Perf: $2,783.48 Date: 5/31/2005 Perf: $2,667.70 Date: 4/30/2005 Perf: $2,637.63 Date: 3/31/2005 Perf: $2,611.51 Date: 2/28/2005 Perf: $2,559.30 Date: 1/31/2005 Perf: $2,688.91 Date: 12/31/2004 Perf: $2,720.74 Date: 11/30/2004 Perf: $2,707.21 Date: 10/31/2004 Perf: $2,923.55 Date: 9/30/2004 Perf: $2,815.71 Date: 8/31/2004 Perf: $2,877.87 Date: 7/31/2004 Perf: $2,852.48 Date: 6/30/2004 Perf: $3,024.26 Date: 5/31/2004 Perf: $3,122.62 Date: 4/30/2004 Perf: $3,126.37 Date: 3/31/2004 Perf: $3,104.95 Date: 2/29/2004 Perf: $3,059.06 Date: 1/31/2004 Perf: $3,102.50 Date: 12/31/2003 Perf: $3,180.75 Date: 11/30/2003 Perf: $3,116.54 Date: 10/31/2003 Perf: $3,145.48 Date: 9/30/2003 Perf: $3,145.48 Date: 8/31/2003 Perf: $3,247.79 Date: 7/31/2003 Perf: $3,193.81 Date: 6/30/2003 Perf: $3,124.76 Date: 5/31/2003 Perf: $3,056.89 Date: 4/30/2003 Perf: $2,979.43 Date: 3/31/2003 Perf: $2,837.28 Date: 2/28/2003 Perf: $3,297.63 Date: 1/31/2003 Perf: $3,065.85 Date: 12/31/2002 Perf: $2,968.48 Date: 11/30/2002 Perf: $3,028.14 Date: 10/31/2002 Perf: $3,017.58 Date: 9/30/2002 Perf: $3,239.13 Date: 8/31/2002 Perf: $3,238.81 Date: 7/31/2002 Perf: $3,116.64 Date: 6/30/2002 Perf: $2,855.11 Date: 5/31/2002 Perf: $2,635.57 Date: 4/30/2002 Perf: $2,474.71 Date: 3/31/2002 Perf: $2,386.41 Date: 2/28/2002 Perf: $2,407.36 Date: 1/31/2002 Perf: $2,375.53 Date: 12/31/2001 Perf: $2,385.31 Date: 11/30/2001 Perf: $2,236.78 Date: 10/31/2001 Perf: $2,341.94 Date: 9/30/2001 Perf: $2,265.37 Date: 8/31/2001 Perf: $2,494.62 Date: 7/31/2001 Perf: $2,447.39 Date: 6/30/2001 Perf: $2,424.12 Date: 5/31/2001 Perf: $2,487.80 Date: 4/30/2001 Perf: $2,346.10 Date: 3/31/2001 Perf: $2,454.85 Date: 2/28/2001 Perf: $2,297.26 Date: 1/31/2001 Perf: $2,231.43 Date: 12/31/2000 Perf: $2,164.76 Date: 11/30/2000 Perf: $2,052.10 Date: 10/31/2000 Perf: $1,911.77 Date: 9/30/2000 Perf: $1,805.94 Date: 8/31/2000 Perf: $1,904.60 Date: 7/31/2000 Perf: $1,937.93 Date: 6/30/2000 Perf: $1,937.35 Date: 5/31/2000 Perf: $1,924.84 Date: 4/30/2000 Perf: $1,841.78 Date: 3/31/2000 Perf: $1,750.91 Date: 2/29/2000 Perf: $1,593.04 Date: 1/31/2000 Perf: $1,501.31 Date: 12/31/1999 Perf: $1,350.95 Date: 11/30/1999 Perf: $1,295.37 Date: 10/31/1999 Perf: $1,596.66 Date: 9/30/1999 Perf: $1,858.10 Date: 8/31/1999 Perf: $1,629.63 Date: 7/31/1999 Perf: $1,733.83 Date: 6/30/1999 Perf: $1,890.35 Date: 5/31/1999 Perf: $1,979.63 Date: 4/30/1999 Perf: $2,160.93 Date: 3/31/1999 Perf: $2,198.75 Date: 2/28/1999 Perf: $2,157.54 Date: 1/31/1999 Perf: $2,124.82 Date: 12/31/1998 Perf: $2,019.60 Date: 11/30/1998 Perf: $1,965.74 Date: 10/31/1998 Perf: $1,993.45 Date: 9/30/1998 Perf: $1,909.43 Date: 8/31/1998 Perf: $1,600.53 Date: 7/31/1998 Perf: $1,540.30 Date: 6/30/1998 Perf: $1,645.27 Date: 5/31/1998 Perf: $1,559.20 Date: 4/30/1998 Perf: $1,545.91 Date: 3/31/1998 Perf: $1,502.20 Date: 2/28/1998 Perf: $1,525.85 Date: 1/31/1998 Perf: $1,553.97 Date: 12/31/1997 Perf: $1,521.56 Date: 11/30/1997 Perf: $1,500.41 Date: 10/31/1997 Perf: $1,532.91 Date: 9/30/1997 Perf: $1,422.65 Date: 8/31/1997 Perf: $1,465.89 Date: 7/31/1997 Perf: $1,362.48 Date: 6/30/1997 Perf: $1,202.76 Date: 5/31/1997 Perf: $1,204.08 Date: 4/30/1997 Perf: $1,214.16 Date: 3/31/1997 Perf: $1,119.45 Date: 2/28/1997 Perf: $1,057.28 Date: 1/31/1997 Perf: $1,163.26 Date: 12/31/1996 Perf: $1,139.22 Date: 11/30/1996 Perf: $1,085.18 Date: 10/31/1996 Perf: $1,080.42 Date: 9/30/1996 Perf: $1,046.11 Date: 8/31/1996 Perf: $1,032.69 Date: 7/31/1996 Perf: $1,104.48 Date: 6/30/1996 Perf: $1,043.83 Date: 5/31/1996 Perf: $1,059.62 Date: 4/30/1996 Perf: $1,045.81 Date: 3/31/1996 Perf: $1,041.75 Date: 2/29/1996 Perf: $969.43 Date: 1/31/1996 Perf: $1,043.63 Date: 12/31/1995 Perf: $1,072.48 Date: 11/30/1995 Perf: $1,103.49 Date: 10/31/1995 Perf: $1,096.26 Date: 9/30/1995 Perf: $1,100.66 Date: 8/31/1995 Perf: $1,198.98 Date: 7/31/1995 Perf: $1,314.67 Date: 6/30/1995 Perf: $1,359.53 Date: 5/31/1995 Perf: $1,312.29 Date: 4/30/1995 Perf: $1,270.37 Date: 3/31/1995 Perf: $1,296.29 Date: 2/28/1995 Perf: $1,288.56 Date: 1/31/1995 Perf: $1,277.07 Date: 12/31/1994 Perf: $1,208.20 Date: 11/30/1994 Perf: $1,199.80 Date: 10/31/1994 Perf: $1,192.64 Date: 9/30/1994 Perf: $1,195.04 Date: 8/31/1994 Perf: $1,180.86 Date: 7/31/1994 Perf: $1,284.95 Date: 6/30/1994 Perf: $1,222.71 Date: 5/31/1994 Perf: $1,111.55 Date: 4/30/1994 Perf: $1,125.05 Date: 3/31/1994 Perf: $1,099.87 Date: 2/28/1994 Perf: $1,032.74 Date: 1/31/1994 Perf: $1,097.49 Date: 12/31/1993 Perf: $1,051.24 Date: 11/30/1993 Perf: $1,074.88 Date: 10/31/1993 Perf: $1,020.78 Date: 9/30/1993 Perf: $1,022.83 Date: 8/31/1993 Perf: $1,011.70 Date: 7/31/1993 Perf: $1,000.00

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Monthly Returns

Date Range: 07/93 - 01/23
Date: 2/28/2023 Return: 1.20 % Date: 1/31/2023 Return: -4.60 % Date: 12/31/2022 Return: 0.20 % Date: 11/30/2022 Return: -13.50 % Date: 10/31/2022 Return: 1.90 % Date: 9/30/2022 Return: 9.00 % Date: 8/31/2022 Return: 12.60 % Date: 7/31/2022 Return: -0.30 % Date: 6/30/2022 Return: 15.10 % Date: 5/31/2022 Return: -4.10 % Date: 4/30/2022 Return: 18.50 % Date: 3/31/2022 Return: 17.40 % Date: 2/28/2022 Return: -3.80 % Date: 1/31/2022 Return: -9.60 % Date: 12/31/2021 Return: 0.80 % Date: 11/30/2021 Return: -5.90 % Date: 10/31/2021 Return: 1.40 % Date: 9/30/2021 Return: 0.00 % Date: 8/31/2021 Return: -1.00 % Date: 7/31/2021 Return: 0.30 % Date: 6/30/2021 Return: 0.30 % Date: 5/31/2021 Return: 0.70 % Date: 4/30/2021 Return: 1.50 % Date: 3/31/2021 Return: 10.20 % Date: 2/28/2021 Return: 10.40 % Date: 1/31/2021 Return: 0.20 % Date: 12/31/2020 Return: -1.50 % Date: 11/30/2020 Return: -1.50 % Date: 10/31/2020 Return: -3.80 % Date: 9/30/2020 Return: 14.80 % Date: 8/31/2020 Return: -3.90 % Date: 7/31/2020 Return: 3.30 % Date: 6/30/2020 Return: 8.20 % Date: 5/31/2020 Return: -8.20 % Date: 4/30/2020 Return: 1.30 % Date: 3/31/2020 Return: 0.00 % Date: 2/29/2020 Return: 9.80 % Date: 1/31/2020 Return: 13.80 % Date: 12/31/2019 Return: -2.20 % Date: 11/30/2019 Return: -4.80 % Date: 10/31/2019 Return: -3.50 % Date: 9/30/2019 Return: -4.70 % Date: 8/31/2019 Return: -4.00 % Date: 7/31/2019 Return: -0.30 % Date: 6/30/2019 Return: 2.70 % Date: 5/31/2019 Return: -1.30 % Date: 4/30/2019 Return: -1.50 % Date: 3/31/2019 Return: -1.40 % Date: 2/28/2019 Return: -2.80 % Date: 1/31/2019 Return: -7.30 % Date: 12/31/2018 Return: 11.40 % Date: 11/30/2018 Return: -5.20 % Date: 10/31/2018 Return: 7.60 % Date: 9/30/2018 Return: -1.30 % Date: 8/31/2018 Return: 2.10 % Date: 7/31/2018 Return: -2.30 % Date: 6/30/2018 Return: 1.10 % Date: 5/31/2018 Return: 0.90 % Date: 4/30/2018 Return: -2.90 % Date: 3/31/2018 Return: 8.40 % Date: 2/28/2018 Return: -19.40 % Date: 1/31/2018 Return: 16.20 % Date: 12/31/2017 Return: -3.07 % Date: 11/30/2017 Return: -2.50 % Date: 10/31/2017 Return: 3.30 % Date: 9/30/2017 Return: -2.40 % Date: 8/31/2017 Return: -0.04 % Date: 7/31/2017 Return: 3.60 % Date: 6/30/2017 Return: 1.70 % Date: 5/31/2017 Return: 4.40 % Date: 4/30/2017 Return: -4.30 % Date: 3/31/2017 Return: 1.60 % Date: 2/28/2017 Return: -4.40 % Date: 1/31/2017 Return: -11.30 % Date: 12/31/2016 Return: 2.70 % Date: 11/30/2016 Return: 4.70 % Date: 10/31/2016 Return: -3.70 % Date: 9/30/2016 Return: -4.00 % Date: 8/31/2016 Return: -9.90 % Date: 7/31/2016 Return: 2.00 % Date: 6/30/2016 Return: -10.30 % Date: 5/31/2016 Return: -2.80 % Date: 4/30/2016 Return: 1.20 % Date: 3/31/2016 Return: -6.60 % Date: 2/29/2016 Return: 9.90 % Date: 1/31/2016 Return: 5.80 % Date: 12/31/2015 Return: 1.00 % Date: 11/30/2015 Return: 6.30 % Date: 10/31/2015 Return: -2.70 % Date: 9/30/2015 Return: 5.30 % Date: 8/31/2015 Return: 1.60 % Date: 7/31/2015 Return: -2.70 % Date: 6/30/2015 Return: -9.20 % Date: 5/31/2015 Return: -2.80 % Date: 4/30/2015 Return: -1.70 % Date: 3/31/2015 Return: -1.00 % Date: 2/28/2015 Return: -1.50 % Date: 1/31/2015 Return: 13.60 % Date: 12/31/2014 Return: -2.40 % Date: 11/30/2014 Return: 10.20 % Date: 10/31/2014 Return: 2.30 % Date: 9/30/2014 Return: 6.60 % Date: 8/31/2014 Return: -0.10 % Date: 7/31/2014 Return: -1.60 % Date: 6/30/2014 Return: -0.20 % Date: 5/31/2014 Return: 2.90 % Date: 4/30/2014 Return: 0.50 % Date: 3/31/2014 Return: -3.20 % Date: 2/28/2014 Return: -7.40 % Date: 1/31/2014 Return: 7.50 % Date: 12/31/2013 Return: 3.00 % Date: 11/30/2013 Return: -0.90 % Date: 10/31/2013 Return: -0.40 % Date: 9/30/2013 Return: -4.35 % Date: 8/31/2013 Return: -1.60 % Date: 7/31/2013 Return: -11.30 % Date: 6/30/2013 Return: 2.00 % Date: 5/31/2013 Return: -1.90 % Date: 4/30/2013 Return: 5.60 % Date: 3/31/2013 Return: 3.40 % Date: 2/28/2013 Return: 8.60 % Date: 1/31/2013 Return: 8.53 % Date: 12/31/2012 Return: 1.43 % Date: 11/30/2012 Return: 1.63 % Date: 10/31/2012 Return: -5.65 % Date: 9/30/2012 Return: -6.50 % Date: 8/31/2012 Return: -4.90 % Date: 7/31/2012 Return: -5.95 % Date: 6/30/2012 Return: 6.16 % Date: 5/31/2012 Return: -3.62 % Date: 4/30/2012 Return: 1.42 % Date: 3/31/2012 Return: -6.78 % Date: 2/29/2012 Return: -1.05 % Date: 1/31/2012 Return: -0.19 % Date: 12/31/2011 Return: -7.07 % Date: 11/30/2011 Return: 0.43 % Date: 10/31/2011 Return: -5.91 % Date: 9/30/2011 Return: 0.81 % Date: 8/31/2011 Return: 9.52 % Date: 7/31/2011 Return: -1.67 % Date: 6/30/2011 Return: 0.41 % Date: 5/31/2011 Return: 8.94 % Date: 4/30/2011 Return: -8.44 % Date: 3/31/2011 Return: -9.84 % Date: 2/28/2011 Return: -1.41 % Date: 1/31/2011 Return: -1.90 % Date: 12/31/2010 Return: 1.96 % Date: 11/30/2010 Return: -3.16 % Date: 10/31/2010 Return: -5.51 % Date: 9/30/2010 Return: -4.11 % Date: 8/31/2010 Return: 7.60 % Date: 7/31/2010 Return: -3.44 % Date: 6/30/2010 Return: 1.28 % Date: 5/31/2010 Return: -0.58 % Date: 4/30/2010 Return: 3.55 % Date: 3/31/2010 Return: -4.33 % Date: 2/28/2010 Return: 0.42 % Date: 1/31/2010 Return: 0.38 % Date: 12/31/2009 Return: -9.53 % Date: 11/30/2009 Return: -9.06 % Date: 10/31/2009 Return: 1.84 % Date: 9/30/2009 Return: 3.15 % Date: 8/31/2009 Return: -1.00 % Date: 7/31/2009 Return: -1.33 % Date: 6/30/2009 Return: 0.89 % Date: 5/31/2009 Return: 3.31 % Date: 4/30/2009 Return: -1.98 % Date: 3/31/2009 Return: -4.51 % Date: 2/28/2009 Return: -0.19 % Date: 1/31/2009 Return: 1.57 % Date: 12/31/2008 Return: -3.55 % Date: 11/30/2008 Return: 1.25 % Date: 10/31/2008 Return: 11.27 % Date: 9/30/2008 Return: 14.76 % Date: 8/31/2008 Return: -1.46 % Date: 7/31/2008 Return: 8.00 % Date: 6/30/2008 Return: 3.80 % Date: 5/31/2008 Return: 0.56 % Date: 4/30/2008 Return: 0.28 % Date: 3/31/2008 Return: 2.52 % Date: 2/29/2008 Return: 3.73 % Date: 1/31/2008 Return: 1.70 % Date: 12/31/2007 Return: 1.04 % Date: 11/30/2007 Return: 7.56 % Date: 10/31/2007 Return: 3.21 % Date: 9/30/2007 Return: 0.89 % Date: 8/31/2007 Return: 4.15 % Date: 7/31/2007 Return: 3.86 % Date: 6/30/2007 Return: 3.47 % Date: 5/31/2007 Return: -0.41 % Date: 4/30/2007 Return: -2.54 % Date: 3/31/2007 Return: 1.66 % Date: 2/28/2007 Return: 4.43 % Date: 1/31/2007 Return: -1.50 % Date: 12/31/2006 Return: -7.66 % Date: 11/30/2006 Return: 9.49 % Date: 10/31/2006 Return: 3.62 % Date: 9/30/2006 Return: 0.11 % Date: 8/31/2006 Return: -4.84 % Date: 7/31/2006 Return: -2.84 % Date: 6/30/2006 Return: 9.32 % Date: 5/31/2006 Return: 10.05 % Date: 4/30/2006 Return: -2.26 % Date: 3/31/2006 Return: 4.51 % Date: 2/28/2006 Return: 3.88 % Date: 1/31/2006 Return: -4.00 % Date: 12/31/2005 Return: -4.23 % Date: 11/30/2005 Return: -5.48 % Date: 10/31/2005 Return: 8.30 % Date: 9/30/2005 Return: 4.63 % Date: 8/31/2005 Return: -6.80 % Date: 7/31/2005 Return: -0.27 % Date: 6/30/2005 Return: 4.34 % Date: 5/31/2005 Return: 1.14 % Date: 4/30/2005 Return: 1.00 % Date: 3/31/2005 Return: 2.04 % Date: 2/28/2005 Return: -4.82 % Date: 1/31/2005 Return: -1.17 % Date: 12/31/2004 Return: 0.50 % Date: 11/30/2004 Return: -7.40 % Date: 10/31/2004 Return: 3.83 % Date: 9/30/2004 Return: -2.16 % Date: 8/31/2004 Return: 0.89 % Date: 7/31/2004 Return: -5.68 % Date: 6/30/2004 Return: -3.15 % Date: 5/31/2004 Return: -0.12 % Date: 4/30/2004 Return: 0.69 % Date: 3/31/2004 Return: 1.50 % Date: 2/29/2004 Return: -1.40 % Date: 1/31/2004 Return: -2.46 % Date: 12/31/2003 Return: 2.06 % Date: 11/30/2003 Return: -0.92 % Date: 10/31/2003 Return: 0.00 % Date: 9/30/2003 Return: -3.15 % Date: 8/31/2003 Return: 1.69 % Date: 7/31/2003 Return: 2.21 % Date: 6/30/2003 Return: 2.22 % Date: 5/31/2003 Return: 2.60 % Date: 4/30/2003 Return: 5.01 % Date: 3/31/2003 Return: -13.96 % Date: 2/28/2003 Return: 7.56 % Date: 1/31/2003 Return: 3.28 % Date: 12/31/2002 Return: -1.97 % Date: 11/30/2002 Return: 0.35 % Date: 10/31/2002 Return: -6.84 % Date: 9/30/2002 Return: 0.01 % Date: 8/31/2002 Return: 3.92 % Date: 7/31/2002 Return: 9.16 % Date: 6/30/2002 Return: 8.33 % Date: 5/31/2002 Return: 6.50 % Date: 4/30/2002 Return: 3.70 % Date: 3/31/2002 Return: -0.87 % Date: 2/28/2002 Return: 1.34 % Date: 1/31/2002 Return: -0.41 % Date: 12/31/2001 Return: 6.64 % Date: 11/30/2001 Return: -4.49 % Date: 10/31/2001 Return: 3.38 % Date: 9/30/2001 Return: -9.19 % Date: 8/31/2001 Return: 1.93 % Date: 7/31/2001 Return: 0.96 % Date: 6/30/2001 Return: -2.56 % Date: 5/31/2001 Return: 6.04 % Date: 4/30/2001 Return: -4.43 % Date: 3/31/2001 Return: 6.86 % Date: 2/28/2001 Return: 2.95 % Date: 1/31/2001 Return: 3.08 % Date: 12/31/2000 Return: 5.49 % Date: 11/30/2000 Return: 7.34 % Date: 10/31/2000 Return: 5.86 % Date: 9/30/2000 Return: -5.18 % Date: 8/31/2000 Return: -1.72 % Date: 7/31/2000 Return: 0.03 % Date: 6/30/2000 Return: 0.65 % Date: 5/31/2000 Return: 4.51 % Date: 4/30/2000 Return: 5.19 % Date: 3/31/2000 Return: 9.91 % Date: 2/29/2000 Return: 6.11 % Date: 1/31/2000 Return: 11.13 % Date: 12/31/1999 Return: 4.29 % Date: 11/30/1999 Return: -18.87 % Date: 10/31/1999 Return: -14.07 % Date: 9/30/1999 Return: 14.02 % Date: 8/31/1999 Return: -6.01 % Date: 7/31/1999 Return: -8.28 % Date: 6/30/1999 Return: -4.51 % Date: 5/31/1999 Return: -8.39 % Date: 4/30/1999 Return: -1.72 % Date: 3/31/1999 Return: 1.91 % Date: 2/28/1999 Return: 1.54 % Date: 1/31/1999 Return: 5.21 % Date: 12/31/1998 Return: 2.74 % Date: 11/30/1998 Return: -1.39 % Date: 10/31/1998 Return: 4.40 % Date: 9/30/1998 Return: 19.30 % Date: 8/31/1998 Return: 3.91 % Date: 7/31/1998 Return: -6.38 % Date: 6/30/1998 Return: 5.52 % Date: 5/31/1998 Return: 0.86 % Date: 4/30/1998 Return: 2.91 % Date: 3/31/1998 Return: -1.55 % Date: 2/28/1998 Return: -1.81 % Date: 1/31/1998 Return: 2.13 % Date: 12/31/1997 Return: 1.41 % Date: 11/30/1997 Return: -2.12 % Date: 10/31/1997 Return: 7.75 % Date: 9/30/1997 Return: -2.95 % Date: 8/31/1997 Return: 7.59 % Date: 7/31/1997 Return: 13.28 % Date: 6/30/1997 Return: -0.11 % Date: 5/31/1997 Return: -0.83 % Date: 4/30/1997 Return: 8.46 % Date: 3/31/1997 Return: 5.88 % Date: 2/28/1997 Return: -9.11 % Date: 1/31/1997 Return: 2.11 % Date: 12/31/1996 Return: 4.98 % Date: 11/30/1996 Return: 0.44 % Date: 10/31/1996 Return: 3.28 % Date: 9/30/1996 Return: 1.30 % Date: 8/31/1996 Return: -6.50 % Date: 7/31/1996 Return: 5.81 % Date: 6/30/1996 Return: -1.49 % Date: 5/31/1996 Return: 1.32 % Date: 4/30/1996 Return: 0.39 % Date: 3/31/1996 Return: 7.46 % Date: 2/29/1996 Return: -7.11 % Date: 1/31/1996 Return: -2.69 % Date: 12/31/1995 Return: -2.81 % Date: 11/30/1995 Return: 0.66 % Date: 10/31/1995 Return: -0.40 % Date: 9/30/1995 Return: -8.20 % Date: 8/31/1995 Return: -8.80 % Date: 7/31/1995 Return: -3.30 % Date: 6/30/1995 Return: 3.60 % Date: 5/31/1995 Return: 3.30 % Date: 4/30/1995 Return: -2.00 % Date: 3/31/1995 Return: 0.60 % Date: 2/28/1995 Return: 0.90 % Date: 1/31/1995 Return: 5.70 % Date: 12/31/1994 Return: 0.70 % Date: 11/30/1994 Return: 0.60 % Date: 10/31/1994 Return: -0.20 % Date: 9/30/1994 Return: 1.20 % Date: 8/31/1994 Return: -8.10 % Date: 7/31/1994 Return: 5.09 % Date: 6/30/1994 Return: 10.00 % Date: 5/31/1994 Return: -1.20 % Date: 4/30/1994 Return: 2.29 % Date: 3/31/1994 Return: 6.50 % Date: 2/28/1994 Return: -5.90 % Date: 1/31/1994 Return: 4.40 % Date: 12/31/1993 Return: -2.20 % Date: 11/30/1993 Return: 5.30 % Date: 10/31/1993 Return: -0.20 % Date: 9/30/1993 Return: 1.10 % Date: 8/31/1993 Return: 1.17 % Date: 7/31/1993 Return: 0.00 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 07/93 - 01/23
Return: -13.00 % Count: 1 Return: 18.00 % Count: 1 Return: 17.00 % Count: 1 Return: 16.00 % Count: 1 Return: -11.00 % Count: 2 Return: -10.00 % Count: 5 Return: 15.00 % Count: 3 Return: 9.00 % Count: 7 Return: -4.00 % Count: 19 Return: 11.00 % Count: 3 Return: -19.00 % Count: 2 Return: -14.00 % Count: 2 Return: 14.00 % Count: 3 Return: -5.00 % Count: 11 Return: 19.00 % Count: 1 Return: 13.00 % Count: 2 Return: 8.00 % Count: 12 Return: -7.00 % Count: 10 Return: -9.00 % Count: 5 Return: -3.00 % Count: 20 Return: 3.00 % Count: 21 Return: 6.00 % Count: 12 Return: -8.00 % Count: 7 Return: 10.00 % Count: 9 Return: -1.00 % Count: 21 Return: 2.00 % Count: 27 Return: 7.00 % Count: 7 Return: -6.00 % Count: 10 Return: 4.00 % Count: 19 Return: -2.00 % Count: 26 Return: 5.00 % Count: 12 Return: 1.00 % Count: 37 Return: 0.00 % Count: 37

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Underwater Curve

Date Range: 07/93 - 01/23
Date: 2/28/2023 Drawdown: -16.32 % Date: 1/31/2023 Drawdown: -17.31 % Date: 12/31/2022 Drawdown: -13.33 % Date: 11/30/2022 Drawdown: -13.50 % Date: 10/31/2022 Drawdown: 0.00 % Date: 9/30/2022 Drawdown: 0.00 % Date: 8/31/2022 Drawdown: -5.61 % Date: 7/31/2022 Drawdown: -16.17 % Date: 6/30/2022 Drawdown: -15.92 % Date: 5/31/2022 Drawdown: -26.95 % Date: 4/30/2022 Drawdown: -23.83 % Date: 3/31/2022 Drawdown: -35.72 % Date: 2/28/2022 Drawdown: -45.25 % Date: 1/31/2022 Drawdown: -43.08 % Date: 12/31/2021 Drawdown: -37.04 % Date: 11/30/2021 Drawdown: -37.54 % Date: 10/31/2021 Drawdown: -33.62 % Date: 9/30/2021 Drawdown: -34.54 % Date: 8/31/2021 Drawdown: -34.54 % Date: 7/31/2021 Drawdown: -33.88 % Date: 6/30/2021 Drawdown: -34.08 % Date: 5/31/2021 Drawdown: -34.27 % Date: 4/30/2021 Drawdown: -34.73 % Date: 3/31/2021 Drawdown: -35.69 % Date: 2/28/2021 Drawdown: -41.65 % Date: 1/31/2021 Drawdown: -47.14 % Date: 12/31/2020 Drawdown: -47.25 % Date: 11/30/2020 Drawdown: -46.45 % Date: 10/31/2020 Drawdown: -45.63 % Date: 9/30/2020 Drawdown: -43.48 % Date: 8/31/2020 Drawdown: -50.77 % Date: 7/31/2020 Drawdown: -48.77 % Date: 6/30/2020 Drawdown: -50.41 % Date: 5/31/2020 Drawdown: -54.17 % Date: 4/30/2020 Drawdown: -50.07 % Date: 3/31/2020 Drawdown: -50.71 % Date: 2/29/2020 Drawdown: -50.71 % Date: 1/31/2020 Drawdown: -55.11 % Date: 12/31/2019 Drawdown: -60.55 % Date: 11/30/2019 Drawdown: -59.67 % Date: 10/31/2019 Drawdown: -57.63 % Date: 9/30/2019 Drawdown: -56.10 % Date: 8/31/2019 Drawdown: -53.93 % Date: 7/31/2019 Drawdown: -52.01 % Date: 6/30/2019 Drawdown: -51.87 % Date: 5/31/2019 Drawdown: -53.13 % Date: 4/30/2019 Drawdown: -52.52 % Date: 3/31/2019 Drawdown: -51.79 % Date: 2/28/2019 Drawdown: -51.11 % Date: 1/31/2019 Drawdown: -49.70 % Date: 12/31/2018 Drawdown: -45.74 % Date: 11/30/2018 Drawdown: -51.29 % Date: 10/31/2018 Drawdown: -48.62 % Date: 9/30/2018 Drawdown: -52.25 % Date: 8/31/2018 Drawdown: -51.62 % Date: 7/31/2018 Drawdown: -52.62 % Date: 6/30/2018 Drawdown: -51.50 % Date: 5/31/2018 Drawdown: -52.03 % Date: 4/30/2018 Drawdown: -52.46 % Date: 3/31/2018 Drawdown: -51.04 % Date: 2/28/2018 Drawdown: -54.83 % Date: 1/31/2018 Drawdown: -43.96 % Date: 12/31/2017 Drawdown: -51.77 % Date: 11/30/2017 Drawdown: -50.24 % Date: 10/31/2017 Drawdown: -48.97 % Date: 9/30/2017 Drawdown: -50.60 % Date: 8/31/2017 Drawdown: -49.38 % Date: 7/31/2017 Drawdown: -49.36 % Date: 6/30/2017 Drawdown: -51.12 % Date: 5/31/2017 Drawdown: -51.94 % Date: 4/30/2017 Drawdown: -53.96 % Date: 3/31/2017 Drawdown: -51.90 % Date: 2/28/2017 Drawdown: -52.65 % Date: 1/31/2017 Drawdown: -50.47 % Date: 12/31/2016 Drawdown: -44.17 % Date: 11/30/2016 Drawdown: -45.63 % Date: 10/31/2016 Drawdown: -48.07 % Date: 9/30/2016 Drawdown: -46.08 % Date: 8/31/2016 Drawdown: -43.83 % Date: 7/31/2016 Drawdown: -37.66 % Date: 6/30/2016 Drawdown: -38.88 % Date: 5/31/2016 Drawdown: -31.86 % Date: 4/30/2016 Drawdown: -29.90 % Date: 3/31/2016 Drawdown: -30.73 % Date: 2/29/2016 Drawdown: -25.84 % Date: 1/31/2016 Drawdown: -32.52 % Date: 12/31/2015 Drawdown: -36.22 % Date: 11/30/2015 Drawdown: -36.85 % Date: 10/31/2015 Drawdown: -40.59 % Date: 9/30/2015 Drawdown: -38.94 % Date: 8/31/2015 Drawdown: -42.02 % Date: 7/31/2015 Drawdown: -42.93 % Date: 6/30/2015 Drawdown: -41.35 % Date: 5/31/2015 Drawdown: -35.40 % Date: 4/30/2015 Drawdown: -33.54 % Date: 3/31/2015 Drawdown: -32.39 % Date: 2/28/2015 Drawdown: -31.71 % Date: 1/31/2015 Drawdown: -30.67 % Date: 12/31/2014 Drawdown: -38.97 % Date: 11/30/2014 Drawdown: -37.47 % Date: 10/31/2014 Drawdown: -43.26 % Date: 9/30/2014 Drawdown: -44.53 % Date: 8/31/2014 Drawdown: -47.97 % Date: 7/31/2014 Drawdown: -47.92 % Date: 6/30/2014 Drawdown: -47.07 % Date: 5/31/2014 Drawdown: -46.96 % Date: 4/30/2014 Drawdown: -48.46 % Date: 3/31/2014 Drawdown: -48.71 % Date: 2/28/2014 Drawdown: -47.02 % Date: 1/31/2014 Drawdown: -42.78 % Date: 12/31/2013 Drawdown: -46.78 % Date: 11/30/2013 Drawdown: -48.33 % Date: 10/31/2013 Drawdown: -47.86 % Date: 9/30/2013 Drawdown: -47.65 % Date: 8/31/2013 Drawdown: -45.27 % Date: 7/31/2013 Drawdown: -44.38 % Date: 6/30/2013 Drawdown: -37.29 % Date: 5/31/2013 Drawdown: -38.52 % Date: 4/30/2013 Drawdown: -37.33 % Date: 3/31/2013 Drawdown: -40.65 % Date: 2/28/2013 Drawdown: -42.60 % Date: 1/31/2013 Drawdown: -47.15 % Date: 12/31/2012 Drawdown: -51.30 % Date: 11/30/2012 Drawdown: -51.99 % Date: 10/31/2012 Drawdown: -52.76 % Date: 9/30/2012 Drawdown: -49.93 % Date: 8/31/2012 Drawdown: -46.45 % Date: 7/31/2012 Drawdown: -43.69 % Date: 6/30/2012 Drawdown: -40.13 % Date: 5/31/2012 Drawdown: -43.60 % Date: 4/30/2012 Drawdown: -41.48 % Date: 3/31/2012 Drawdown: -42.30 % Date: 2/29/2012 Drawdown: -38.11 % Date: 1/31/2012 Drawdown: -37.45 % Date: 12/31/2011 Drawdown: -37.33 % Date: 11/30/2011 Drawdown: -32.56 % Date: 10/31/2011 Drawdown: -32.85 % Date: 9/30/2011 Drawdown: -28.63 % Date: 8/31/2011 Drawdown: -29.21 % Date: 7/31/2011 Drawdown: -35.36 % Date: 6/30/2011 Drawdown: -34.26 % Date: 5/31/2011 Drawdown: -34.53 % Date: 4/30/2011 Drawdown: -39.91 % Date: 3/31/2011 Drawdown: -34.37 % Date: 2/28/2011 Drawdown: -27.20 % Date: 1/31/2011 Drawdown: -26.16 % Date: 12/31/2010 Drawdown: -24.73 % Date: 11/30/2010 Drawdown: -26.18 % Date: 10/31/2010 Drawdown: -23.77 % Date: 9/30/2010 Drawdown: -19.32 % Date: 8/31/2010 Drawdown: -15.87 % Date: 7/31/2010 Drawdown: -21.81 % Date: 6/30/2010 Drawdown: -19.02 % Date: 5/31/2010 Drawdown: -20.05 % Date: 4/30/2010 Drawdown: -19.58 % Date: 3/31/2010 Drawdown: -22.34 % Date: 2/28/2010 Drawdown: -18.82 % Date: 1/31/2010 Drawdown: -19.16 % Date: 12/31/2009 Drawdown: -19.47 % Date: 11/30/2009 Drawdown: -10.98 % Date: 10/31/2009 Drawdown: -2.12 % Date: 9/30/2009 Drawdown: -3.88 % Date: 8/31/2009 Drawdown: -6.82 % Date: 7/31/2009 Drawdown: -5.88 % Date: 6/30/2009 Drawdown: -4.61 % Date: 5/31/2009 Drawdown: -5.45 % Date: 4/30/2009 Drawdown: -8.48 % Date: 3/31/2009 Drawdown: -6.63 % Date: 2/28/2009 Drawdown: -2.22 % Date: 1/31/2009 Drawdown: -2.04 % Date: 12/31/2008 Drawdown: -3.55 % Date: 11/30/2008 Drawdown: 0.00 % Date: 10/31/2008 Drawdown: 0.00 % Date: 9/30/2008 Drawdown: 0.00 % Date: 8/31/2008 Drawdown: -1.46 % Date: 7/31/2008 Drawdown: 0.00 % Date: 6/30/2008 Drawdown: 0.00 % Date: 5/31/2008 Drawdown: 0.00 % Date: 4/30/2008 Drawdown: 0.00 % Date: 3/31/2008 Drawdown: 0.00 % Date: 2/29/2008 Drawdown: 0.00 % Date: 1/31/2008 Drawdown: 0.00 % Date: 12/31/2007 Drawdown: 0.00 % Date: 11/30/2007 Drawdown: 0.00 % Date: 10/31/2007 Drawdown: 0.00 % Date: 9/30/2007 Drawdown: 0.00 % Date: 8/31/2007 Drawdown: 0.00 % Date: 7/31/2007 Drawdown: 0.00 % Date: 6/30/2007 Drawdown: -3.03 % Date: 5/31/2007 Drawdown: -6.28 % Date: 4/30/2007 Drawdown: -5.89 % Date: 3/31/2007 Drawdown: -3.44 % Date: 2/28/2007 Drawdown: -5.02 % Date: 1/31/2007 Drawdown: -9.05 % Date: 12/31/2006 Drawdown: -7.66 % Date: 11/30/2006 Drawdown: 0.00 % Date: 10/31/2006 Drawdown: -5.41 % Date: 9/30/2006 Drawdown: -8.71 % Date: 8/31/2006 Drawdown: -8.81 % Date: 7/31/2006 Drawdown: -4.18 % Date: 6/30/2006 Drawdown: -1.37 % Date: 5/31/2006 Drawdown: -9.78 % Date: 4/30/2006 Drawdown: -18.02 % Date: 3/31/2006 Drawdown: -16.13 % Date: 2/28/2006 Drawdown: -19.75 % Date: 1/31/2006 Drawdown: -22.74 % Date: 12/31/2005 Drawdown: -19.52 % Date: 11/30/2005 Drawdown: -15.97 % Date: 10/31/2005 Drawdown: -11.10 % Date: 9/30/2005 Drawdown: -17.91 % Date: 8/31/2005 Drawdown: -21.54 % Date: 7/31/2005 Drawdown: -15.82 % Date: 6/30/2005 Drawdown: -15.59 % Date: 5/31/2005 Drawdown: -19.10 % Date: 4/30/2005 Drawdown: -20.01 % Date: 3/31/2005 Drawdown: -20.81 % Date: 2/28/2005 Drawdown: -22.39 % Date: 1/31/2005 Drawdown: -18.46 % Date: 12/31/2004 Drawdown: -17.49 % Date: 11/30/2004 Drawdown: -17.90 % Date: 10/31/2004 Drawdown: -11.34 % Date: 9/30/2004 Drawdown: -14.61 % Date: 8/31/2004 Drawdown: -12.73 % Date: 7/31/2004 Drawdown: -13.50 % Date: 6/30/2004 Drawdown: -8.29 % Date: 5/31/2004 Drawdown: -5.31 % Date: 4/30/2004 Drawdown: -5.19 % Date: 3/31/2004 Drawdown: -5.84 % Date: 2/29/2004 Drawdown: -7.23 % Date: 1/31/2004 Drawdown: -5.92 % Date: 12/31/2003 Drawdown: -3.54 % Date: 11/30/2003 Drawdown: -5.49 % Date: 10/31/2003 Drawdown: -4.61 % Date: 9/30/2003 Drawdown: -4.61 % Date: 8/31/2003 Drawdown: -1.51 % Date: 7/31/2003 Drawdown: -3.15 % Date: 6/30/2003 Drawdown: -5.24 % Date: 5/31/2003 Drawdown: -7.30 % Date: 4/30/2003 Drawdown: -9.65 % Date: 3/31/2003 Drawdown: -13.96 % Date: 2/28/2003 Drawdown: 0.00 % Date: 1/31/2003 Drawdown: -5.35 % Date: 12/31/2002 Drawdown: -8.36 % Date: 11/30/2002 Drawdown: -6.51 % Date: 10/31/2002 Drawdown: -6.84 % Date: 9/30/2002 Drawdown: 0.00 % Date: 8/31/2002 Drawdown: 0.00 % Date: 7/31/2002 Drawdown: 0.00 % Date: 6/30/2002 Drawdown: 0.00 % Date: 5/31/2002 Drawdown: 0.00 % Date: 4/30/2002 Drawdown: -0.80 % Date: 3/31/2002 Drawdown: -4.34 % Date: 2/28/2002 Drawdown: -3.50 % Date: 1/31/2002 Drawdown: -4.77 % Date: 12/31/2001 Drawdown: -4.38 % Date: 11/30/2001 Drawdown: -10.34 % Date: 10/31/2001 Drawdown: -6.12 % Date: 9/30/2001 Drawdown: -9.19 % Date: 8/31/2001 Drawdown: 0.00 % Date: 7/31/2001 Drawdown: -1.62 % Date: 6/30/2001 Drawdown: -2.56 % Date: 5/31/2001 Drawdown: 0.00 % Date: 4/30/2001 Drawdown: -4.43 % Date: 3/31/2001 Drawdown: 0.00 % Date: 2/28/2001 Drawdown: 0.00 % Date: 1/31/2001 Drawdown: 0.00 % Date: 12/31/2000 Drawdown: -1.55 % Date: 11/30/2000 Drawdown: -6.67 % Date: 10/31/2000 Drawdown: -13.05 % Date: 9/30/2000 Drawdown: -17.87 % Date: 8/31/2000 Drawdown: -13.38 % Date: 7/31/2000 Drawdown: -11.86 % Date: 6/30/2000 Drawdown: -11.89 % Date: 5/31/2000 Drawdown: -12.46 % Date: 4/30/2000 Drawdown: -16.24 % Date: 3/31/2000 Drawdown: -20.37 % Date: 2/29/2000 Drawdown: -27.55 % Date: 1/31/2000 Drawdown: -31.72 % Date: 12/31/1999 Drawdown: -38.56 % Date: 11/30/1999 Drawdown: -41.09 % Date: 10/31/1999 Drawdown: -27.38 % Date: 9/30/1999 Drawdown: -15.49 % Date: 8/31/1999 Drawdown: -25.88 % Date: 7/31/1999 Drawdown: -21.14 % Date: 6/30/1999 Drawdown: -14.03 % Date: 5/31/1999 Drawdown: -9.97 % Date: 4/30/1999 Drawdown: -1.72 % Date: 3/31/1999 Drawdown: 0.00 % Date: 2/28/1999 Drawdown: 0.00 % Date: 1/31/1999 Drawdown: 0.00 % Date: 12/31/1998 Drawdown: 0.00 % Date: 11/30/1998 Drawdown: -1.39 % Date: 10/31/1998 Drawdown: 0.00 % Date: 9/30/1998 Drawdown: 0.00 % Date: 8/31/1998 Drawdown: -2.72 % Date: 7/31/1998 Drawdown: -6.38 % Date: 6/30/1998 Drawdown: 0.00 % Date: 5/31/1998 Drawdown: 0.00 % Date: 4/30/1998 Drawdown: -0.52 % Date: 3/31/1998 Drawdown: -3.33 % Date: 2/28/1998 Drawdown: -1.81 % Date: 1/31/1998 Drawdown: 0.00 % Date: 12/31/1997 Drawdown: -0.74 % Date: 11/30/1997 Drawdown: -2.12 % Date: 10/31/1997 Drawdown: 0.00 % Date: 9/30/1997 Drawdown: -2.95 % Date: 8/31/1997 Drawdown: 0.00 % Date: 7/31/1997 Drawdown: 0.00 % Date: 6/30/1997 Drawdown: -11.53 % Date: 5/31/1997 Drawdown: -11.43 % Date: 4/30/1997 Drawdown: -10.69 % Date: 3/31/1997 Drawdown: -17.66 % Date: 2/28/1997 Drawdown: -22.23 % Date: 1/31/1997 Drawdown: -14.44 % Date: 12/31/1996 Drawdown: -16.20 % Date: 11/30/1996 Drawdown: -20.18 % Date: 10/31/1996 Drawdown: -20.53 % Date: 9/30/1996 Drawdown: -23.05 % Date: 8/31/1996 Drawdown: -24.04 % Date: 7/31/1996 Drawdown: -18.76 % Date: 6/30/1996 Drawdown: -23.22 % Date: 5/31/1996 Drawdown: -22.06 % Date: 4/30/1996 Drawdown: -23.08 % Date: 3/31/1996 Drawdown: -23.37 % Date: 2/29/1996 Drawdown: -28.69 % Date: 1/31/1996 Drawdown: -23.24 % Date: 12/31/1995 Drawdown: -21.11 % Date: 11/30/1995 Drawdown: -18.83 % Date: 10/31/1995 Drawdown: -19.37 % Date: 9/30/1995 Drawdown: -19.04 % Date: 8/31/1995 Drawdown: -11.81 % Date: 7/31/1995 Drawdown: -3.30 % Date: 6/30/1995 Drawdown: 0.00 % Date: 5/31/1995 Drawdown: 0.00 % Date: 4/30/1995 Drawdown: -2.00 % Date: 3/31/1995 Drawdown: 0.00 % Date: 2/28/1995 Drawdown: 0.00 % Date: 1/31/1995 Drawdown: -0.61 % Date: 12/31/1994 Drawdown: -5.97 % Date: 11/30/1994 Drawdown: -6.63 % Date: 10/31/1994 Drawdown: -7.18 % Date: 9/30/1994 Drawdown: -7.00 % Date: 8/31/1994 Drawdown: -8.10 % Date: 7/31/1994 Drawdown: 0.00 % Date: 6/30/1994 Drawdown: 0.00 % Date: 5/31/1994 Drawdown: -1.20 % Date: 4/30/1994 Drawdown: 0.00 % Date: 3/31/1994 Drawdown: 0.00 % Date: 2/28/1994 Drawdown: -5.90 % Date: 1/31/1994 Drawdown: 0.00 % Date: 12/31/1993 Drawdown: -2.20 % Date: 11/30/1993 Drawdown: 0.00 % Date: 10/31/1993 Drawdown: -0.20 % Date: 9/30/1993 Drawdown: 0.00 % Date: 8/31/1993 Drawdown: 0.00 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Manager Information

Manager Name:  R. G. Niederhoffer Capital Management, Inc.
Address: 1700 Broadway, 39th Floor
City: New York
State: NY
Zip: 10019
Country: USA

Key People

Name:  Roy G. Niederhoffer
Position:  Principal
Biography: 

Roy Niederhoffer graduated magna cum laude from Harvard in 1987 with a degree in computational Neuroscience. After working for another Hedge Fund for 5 years, he founded R. G. Niederhoffer Capital Management, Inc. ("RGNCM")in 1993. Since then, RGNCM has employed a high-frequency, quantitative, behavioral finance-based strategy to trade equities, fixed income, foreign exchange and commodities to provide returns that are both valuable on a stand-alone basis and also negatively-correlated to its clients' portfolios. Located in New York City, the fund currently employs 30 professionals. Mr. Niederhoffer also serves on the Board of several arts organizations. He is an avid classical and jazz pianist, plays violin with the Park Avenue Chamber Symphony, and is an avid skier.

Name:  Susan Roberts
Position:  Managing Director
Biography: 

Susan Roberts joined RGNCM in March 2008, and is responsible for high-level interdisciplinary initiatives involving investment, strategy and business development. Ms. Roberts has an extensive background in hedge fund and private equity fund of funds management, portfolio construction and manager selection, and served most recently as Deputy Director of Banking and Corporate Finance at the Hearst Corporation. Ms. Roberts graduated magna cum laude from the University of Notre Dame with a degree in Mathematics, and is a CFA Charterholder.

Name:  Paul Shen
Position:  Trader
Biography: 

Paul Shen has been with RGNCM since 1993. He manages a team of traders who are responsible for the day-to-day implementation of the firm’s investment strategy. Mr. Shen is a member of RGNCM’s investment management and risk management teams. Prior to joining RGNCM, Mr. Shen was a market analyst and risk analyst for the COMEX exchange. From 1989 to 1991, Mr. Shen was employed by NCZ Commodities as a research analyst, trader and floor broker on the NYMEX exchange. Mr. Shen graduated in 1989 from New York University with a BS in Finance and International Business, cum laude.

Name:  Stephanie Kakalios
Position:  Director
Biography: 

Prior to joining RGNCM in October 2007, Ms. Kakalios was a partner and head of Product Management for Allianz Hedge Fund Partners L.P. As head of Product Management, she facilitated all activities necessary for the building, maintenance and reporting of all hedge fund products. Prior to Allianz Hedge Fund Partners L.P., Ms. Kakalios was a Director with the Alternative Investment Strategies unit of Citigroup where she built the platform for structuring, administration and operations for all hedge fund activities. She graduated with a BA in Applied Mathematics from Queens College in New York.

Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Currencies Yes 
 Metals Yes 
 Energies Yes 
 Grains Yes 
 Forex Yes 
 Investment Methodology
 Trend Following Yes 
 Contrarian Yes 
 Systematic Yes 
 Counter-trend Yes 
 Other Yes 
 Instruments Traded
 Fixed Income Yes 
 Futures Yes 
 Currencies Yes 
 Geographical Focus
 Global Yes 
 Holding Period
 Long Term Yes 
 Medium Term Yes 
 Short Term Yes 
 Investment Terms & Information
 Managed Account Minimum: $100,000 
 Margin / Equity Ratio:  
 Managed Account Availability: Open 
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There are substantial risks and conflicts of interests associated with Managed Futures and commodities accounts, and you should only invest risk capital. The success of an investment is dependent upon the ability of a commodity trading advisor (CTA) to identify profitable investment opportunities and successfully trade. The identification of attractive trading opportunities is difficult, requires skill, and involves a significant degree of uncertainty. CTAs have total trading authority, and the use of a single CTA could mean a lack of diversification and higher risk. The high degree of leverage often obtainable in commodity trading can work against you as well as for you, and can lead to large losses as well as gains. Returns generated from a CTA’s trading, if any, may not adequately compensate you for the business and financial risks you assume. You can lose all or a substantial amount of your investment. If you use notional funding, you may lose more than your initial cash investment. Managed Futures and commodities accounts may be subject to substantial charges for management and advisory fees. It may be necessary for accounts that are subject to these charges to make substantial trading profits in order to avoid depletion or exhaustion of their assets. The disclosure document contains a complete description of each fee to be charged to your account by a CTA. CTAs may trade highly illiquid markets, or on foreign markets, and may not be able to close or offset positions immediately upon request. You may have market exposure even after the CTA has a request for closure or liquidation. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.




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