Altegris Clearing Solutions Clarke Capital Management, Inc. Global Basic Managed Account Program
Monthly Performance (%)
Date Range: 01/96 - 02/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -5.16 0.09 -5.07
2016 1.28 3.11 -10.33 -0.17 -2.73 -5.52 -0.49 -8.82 -9.16 -7.21 -1.14 1.37 -34.15
2015 1.22 -0.20 -5.36 -6.07 -0.83 -0.12 -0.23 -2.68 -2.14 -6.47 0.67 -2.83 -22.67
2014 -4.10 3.58 -7.80 -0.17 -7.76 -3.55 14.03 1.29 7.83 0.98 0.99 3.42 6.84
2013 1.47 -6.95 0.03 -0.90 0.21 5.00 -2.78 -1.54 3.57 -6.41 1.95 6.45 -0.83
2012 -3.47 16.58 12.54 3.36 6.33 -1.76 -2.73 -0.21 -5.87 -4.62 -1.85 9.15 27.66
2011 -2.86 -0.11 -0.23 -2.51 -1.28 -0.79 5.11 16.20 9.07 -7.71 -0.38 -1.07 12.00
2010 0.92 -3.84 -3.84 -5.40 0.37 2.57 -4.62 24.30 -3.48 -5.03 -11.69 -4.47 -16.68
2009 1.11 -2.90 -0.57 0.03 -7.92 -0.59 -1.12 -15.51 6.42 -12.45 13.46 -11.04 -29.78
2008 8.02 12.54 12.05 -3.46 -0.71 -2.37 -1.19 30.08 4.26 -0.26 4.02 1.51 79.90
2007 1.51 1.17 -0.66 -2.11 -0.76 -1.51 -0.59 -0.27 13.64 -12.26 17.81 18.96 35.23
2006 -1.91 -0.97 -7.06 2.66 0.36 -2.80 -1.58 -1.08 -8.91 -2.85 17.25 -13.01 -20.55
2005 -5.14 0.65 -1.55 4.15 20.95 4.14 1.23 0.29 -0.88 -0.28 1.61 -1.87 23.38
2004 -9.25 20.42 2.41 1.13 6.71 -7.63 -0.93 2.35 -3.01 0.60 2.66 1.32 14.80
2003 -15.71 18.33 -11.50 7.91 46.41 -4.51 -0.96 -2.70 -0.82 -14.20 -4.14 17.71 23.22
2002 -3.55 -8.07 11.17 -8.17 4.79 3.15 3.44 0.58 -4.47 -14.84 -4.01 45.54 15.69
2001 -3.33 0.22 13.88 -10.23 1.68 -6.54 0.29 7.39 -5.64 16.08 -10.10 -1.04 -1.22
2000 -0.45 1.01 -9.00 -3.55 30.89 3.00 -6.98 7.14 3.80 -3.31 9.76 17.29 53.22
1999 -3.22 3.55 13.02 2.46 -0.58 -0.49 3.18 -7.14 -4.44 -3.16 0.50 2.93 5.31
1998 7.77 -5.86 -3.80 -8.76 12.86 0.47 -1.26 32.12 15.66 -4.28 0.59 -3.27 41.90
1997 3.58 6.43 4.03 -0.66 -7.12 10.81 13.78 -13.34 20.93 -10.77 8.01 12.98 52.24
1996 13.08 -3.80 9.91 -11.27 1.49 -3.43 -0.90 74.44 15.36 44.58 -15.76 152.54
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Global Basic is a fully systematic, multi-model trend following program that manages capital across a diversified portfolio of 15 exchange-traded futures markets. Market sectors traded include interest rates, currencies, metals, energies and grains. The program employs five models which have an intermediate term focus. Each model consults a “Fuzzy-Logic Trend Filter” for permission to initiate positions and to take on market risk.

Performance Statistics
Date Range: 01/96 - 02/17
  Program SP500 TR Altegris 40
Total Return 1353.89% 472.62% 234.19%
Annualized Return 13.54% 8.59% 5.87%
Annualized Std. Deviation 36.29% 15.04% 10.44%
Correlation -0.06 0.42
Sharpe Ratio (rf=2.5%) 0.30 0.41 0.32
Worst Month -15.76% -16.79% -7.77%
Date of Worst Month 12/1996 10/2008 11/2001
Worst Drawdown -57.66% -50.95% -15.74%
Date of Worst Drawdown 1/09 - 1/17 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 01/96 - 02/17
Year or YTD Program SP500 TR Altegris 40
2017 -5.07 5.95 0.86
2016 -34.15 11.98 -3.13
2015 -22.67 1.41 0.09
2014 6.84 13.69 15.75
2013 -0.83 32.41 -2.45
2012 27.66 15.98 -4.75
2011 12.00 2.12 -3.23
2010 -16.68 15.06 11.33
2009 -29.78 26.45 -7.98
2008 79.90 -36.99 15.47
2007 35.23 5.50 7.18
2006 -20.55 15.79 6.70
2005 23.38 4.89 4.51
2004 14.80 10.87 2.57
2003 23.22 28.69 15.99
2002 15.69 -22.10 15.22
2001 -1.22 -11.88 5.39
2000 53.22 -9.09 10.63
1999 5.31 21.04 0.87
1998 41.90 28.58 12.61
1997 52.24 33.38 10.22
1996 152.54 18.91 12.53
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 01/96 - 02/17
Date: 2/28/2017
Perf: $3,240.75 Date: 1/31/2017
Perf: $3,171.61 Date: 12/31/2016
Perf: $3,213.06 Date: 11/30/2016
Perf: $3,188.82 Date: 10/31/2016
Perf: $3,224.29 Date: 9/30/2016
Perf: $3,309.68 Date: 8/31/2016
Perf: $3,352.93 Date: 7/31/2016
Perf: $3,445.62 Date: 6/30/2016
Perf: $3,410.83 Date: 5/31/2016
Perf: $3,271.78 Date: 4/30/2016
Perf: $3,330.06 Date: 3/31/2016
Perf: $3,415.79 Date: 2/29/2016
Perf: $3,516.72 Date: 1/31/2016
Perf: $3,432.29 Date: 12/31/2015
Perf: $3,316.86 Date: 11/30/2015
Perf: $3,394.95 Date: 10/31/2015
Perf: $3,283.00 Date: 9/30/2015
Perf: $3,341.13 Date: 8/31/2015
Perf: $3,270.17 Date: 7/31/2015
Perf: $3,327.74 Date: 6/30/2015
Perf: $3,202.52 Date: 5/31/2015
Perf: $3,378.19 Date: 4/30/2015
Perf: $3,402.68 Date: 3/31/2015
Perf: $3,539.30 Date: 2/28/2015
Perf: $3,462.77 Date: 1/31/2015
Perf: $3,468.32 Date: 12/31/2014
Perf: $3,313.90 Date: 11/30/2014
Perf: $3,256.58 Date: 10/31/2014
Perf: $3,073.70 Date: 9/30/2014
Perf: $3,029.17 Date: 8/31/2014
Perf: $2,984.69 Date: 7/31/2014
Perf: $2,863.57 Date: 6/30/2014
Perf: $2,886.66 Date: 5/31/2014
Perf: $2,862.05 Date: 4/30/2014
Perf: $2,790.61 Date: 3/31/2014
Perf: $2,769.56 Date: 2/28/2014
Perf: $2,811.16 Date: 1/31/2014
Perf: $2,788.30 Date: 12/31/2013
Perf: $2,863.02 Date: 11/30/2013
Perf: $2,867.04 Date: 10/31/2013
Perf: $2,816.07 Date: 9/30/2013
Perf: $2,753.02 Date: 8/31/2013
Perf: $2,769.64 Date: 7/31/2013
Perf: $2,823.86 Date: 6/30/2013
Perf: $2,848.64 Date: 5/31/2013
Perf: $2,960.86 Date: 4/30/2013
Perf: $3,093.90 Date: 3/31/2013
Perf: $3,016.08 Date: 2/28/2013
Perf: $2,973.27 Date: 1/31/2013
Perf: $2,990.61 Date: 12/31/2012
Perf: $2,934.85 Date: 11/30/2012
Perf: $2,920.54 Date: 10/31/2012
Perf: $2,912.38 Date: 9/30/2012
Perf: $3,021.77 Date: 8/31/2012
Perf: $3,072.47 Date: 7/31/2012
Perf: $3,114.83 Date: 6/30/2012
Perf: $2,992.44 Date: 5/31/2012
Perf: $3,109.35 Date: 4/30/2012
Perf: $3,051.37 Date: 3/31/2012
Perf: $3,033.18 Date: 2/29/2012
Perf: $3,103.63 Date: 1/31/2012
Perf: $3,090.95 Date: 12/31/2011
Perf: $3,081.09 Date: 11/30/2011
Perf: $3,051.80 Date: 10/31/2011
Perf: $3,042.67 Date: 9/30/2011
Perf: $3,168.13 Date: 8/31/2011
Perf: $3,170.03 Date: 7/31/2011
Perf: $3,176.38 Date: 6/30/2011
Perf: $3,066.30 Date: 5/31/2011
Perf: $3,148.15 Date: 4/30/2011
Perf: $3,267.41 Date: 3/31/2011
Perf: $3,144.77 Date: 2/28/2011
Perf: $3,193.63 Date: 1/31/2011
Perf: $3,140.25 Date: 12/31/2010
Perf: $3,183.87 Date: 11/30/2010
Perf: $3,052.90 Date: 10/31/2010
Perf: $3,164.94 Date: 9/30/2010
Perf: $3,046.72 Date: 8/31/2010
Perf: $2,992.26 Date: 7/31/2010
Perf: $2,873.31 Date: 6/30/2010
Perf: $2,910.86 Date: 5/31/2010
Perf: $2,899.84 Date: 4/30/2010
Perf: $2,971.76 Date: 3/31/2010
Perf: $2,926.68 Date: 2/28/2010
Perf: $2,814.93 Date: 1/31/2010
Perf: $2,788.72 Date: 12/31/2009
Perf: $2,859.93 Date: 11/30/2009
Perf: $2,979.09 Date: 10/31/2009
Perf: $2,863.69 Date: 9/30/2009
Perf: $2,938.92 Date: 8/31/2009
Perf: $2,870.60 Date: 7/31/2009
Perf: $2,861.16 Date: 6/30/2009
Perf: $2,864.31 Date: 5/31/2009
Perf: $2,942.59 Date: 4/30/2009
Perf: $2,902.53 Date: 3/31/2009
Perf: $3,000.65 Date: 2/28/2009
Perf: $3,086.14 Date: 1/31/2009
Perf: $3,087.68 Date: 12/31/2008
Perf: $3,107.88 Date: 11/30/2008
Perf: $3,030.01 Date: 10/31/2008
Perf: $2,922.75 Date: 9/30/2008
Perf: $2,779.60 Date: 8/31/2008
Perf: $2,773.77 Date: 7/31/2008
Perf: $2,849.86 Date: 6/30/2008
Perf: $2,986.97 Date: 5/31/2008
Perf: $2,909.29 Date: 4/30/2008
Perf: $2,850.57 Date: 3/31/2008
Perf: $2,883.73 Date: 2/29/2008
Perf: $2,896.47 Date: 1/31/2008
Perf: $2,740.54 Date: 12/31/2007
Perf: $2,691.55 Date: 11/30/2007
Perf: $2,697.76 Date: 10/31/2007
Perf: $2,715.41 Date: 9/30/2007
Perf: $2,603.21 Date: 8/31/2007
Perf: $2,487.06 Date: 7/31/2007
Perf: $2,583.42 Date: 6/30/2007
Perf: $2,665.80 Date: 5/31/2007
Perf: $2,590.92 Date: 4/30/2007
Perf: $2,501.61 Date: 3/31/2007
Perf: $2,400.78 Date: 2/28/2007
Perf: $2,458.30 Date: 1/31/2007
Perf: $2,554.08 Date: 12/31/2006
Perf: $2,511.14 Date: 11/30/2006
Perf: $2,429.04 Date: 10/31/2006
Perf: $2,370.95 Date: 9/30/2006
Perf: $2,345.15 Date: 8/31/2006
Perf: $2,370.28 Date: 7/31/2006
Perf: $2,344.03 Date: 6/30/2006
Perf: $2,379.24 Date: 5/31/2006
Perf: $2,412.29 Date: 4/30/2006
Perf: $2,477.95 Date: 3/31/2006
Perf: $2,418.93 Date: 2/28/2006
Perf: $2,355.80 Date: 1/31/2006
Perf: $2,398.49 Date: 12/31/2005
Perf: $2,353.54 Date: 11/30/2005
Perf: $2,396.92 Date: 10/31/2005
Perf: $2,298.32 Date: 9/30/2005
Perf: $2,294.65 Date: 8/31/2005
Perf: $2,259.85 Date: 7/31/2005
Perf: $2,247.71 Date: 6/30/2005
Perf: $2,246.36 Date: 5/31/2005
Perf: $2,172.29 Date: 4/30/2005
Perf: $2,107.18 Date: 3/31/2005
Perf: $2,160.10 Date: 2/28/2005
Perf: $2,172.26 Date: 1/31/2005
Perf: $2,157.38 Date: 12/31/2004
Perf: $2,251.96 Date: 11/30/2004
Perf: $2,244.55 Date: 10/31/2004
Perf: $2,129.35 Date: 9/30/2004
Perf: $2,058.94 Date: 8/31/2004
Perf: $2,031.51 Date: 7/31/2004
Perf: $2,045.63 Date: 6/30/2004
Perf: $2,069.22 Date: 5/31/2004
Perf: $2,139.83 Date: 4/30/2004
Perf: $2,174.41 Date: 3/31/2004
Perf: $2,318.62 Date: 2/29/2004
Perf: $2,341.57 Date: 1/31/2004
Perf: $2,216.56 Date: 12/31/2003
Perf: $2,195.48 Date: 11/30/2003
Perf: $2,104.36 Date: 10/31/2003
Perf: $2,110.69 Date: 9/30/2003
Perf: $2,064.25 Date: 8/31/2003
Perf: $2,073.79 Date: 7/31/2003
Perf: $2,054.48 Date: 6/30/2003
Perf: $2,101.98 Date: 5/31/2003
Perf: $2,156.10 Date: 4/30/2003
Perf: $2,036.55 Date: 3/31/2003
Perf: $2,007.05 Date: 2/28/2003
Perf: $2,128.82 Date: 1/31/2003
Perf: $2,008.89 Date: 12/31/2002
Perf: $1,892.85 Date: 11/30/2002
Perf: $1,784.20 Date: 10/31/2002
Perf: $1,834.84 Date: 9/30/2002
Perf: $1,935.08 Date: 8/31/2002
Perf: $1,849.80 Date: 7/31/2002
Perf: $1,806.27 Date: 6/30/2002
Perf: $1,714.70 Date: 5/31/2002
Perf: $1,575.44 Date: 4/30/2002
Perf: $1,535.66 Date: 3/31/2002
Perf: $1,572.78 Date: 2/28/2002
Perf: $1,577.35 Date: 1/31/2002
Perf: $1,623.13 Date: 12/31/2001
Perf: $1,642.84 Date: 11/30/2001
Perf: $1,608.89 Date: 10/31/2001
Perf: $1,744.43 Date: 9/30/2001
Perf: $1,672.20 Date: 8/31/2001
Perf: $1,622.23 Date: 7/31/2001
Perf: $1,575.13 Date: 6/30/2001
Perf: $1,571.68 Date: 5/31/2001
Perf: $1,589.16 Date: 4/30/2001
Perf: $1,588.68 Date: 3/31/2001
Perf: $1,692.97 Date: 2/28/2001
Perf: $1,589.94 Date: 1/31/2001
Perf: $1,574.98 Date: 12/31/2000
Perf: $1,558.77 Date: 11/30/2000
Perf: $1,440.24 Date: 10/31/2000
Perf: $1,355.39 Date: 9/30/2000
Perf: $1,327.64 Date: 8/31/2000
Perf: $1,351.15 Date: 7/31/2000
Perf: $1,323.88 Date: 6/30/2000
Perf: $1,347.60 Date: 5/31/2000
Perf: $1,368.81 Date: 4/30/2000
Perf: $1,350.31 Date: 3/31/2000
Perf: $1,371.02 Date: 2/29/2000
Perf: $1,405.88 Date: 1/31/2000
Perf: $1,421.81 Date: 12/31/1999
Perf: $1,408.98 Date: 11/30/1999
Perf: $1,391.04 Date: 10/31/1999
Perf: $1,364.57 Date: 9/30/1999
Perf: $1,427.67 Date: 8/31/1999
Perf: $1,422.69 Date: 7/31/1999
Perf: $1,414.21 Date: 6/30/1999
Perf: $1,425.32 Date: 5/31/1999
Perf: $1,389.20 Date: 4/30/1999
Perf: $1,412.65 Date: 3/31/1999
Perf: $1,370.58 Date: 2/28/1999
Perf: $1,381.77 Date: 1/31/1999
Perf: $1,356.40 Date: 12/31/1998
Perf: $1,396.77 Date: 11/30/1998
Perf: $1,364.70 Date: 10/31/1998
Perf: $1,390.14 Date: 9/30/1998
Perf: $1,395.72 Date: 8/31/1998
Perf: $1,336.00 Date: 7/31/1998
Perf: $1,237.84 Date: 6/30/1998
Perf: $1,235.25 Date: 5/31/1998
Perf: $1,233.77 Date: 4/30/1998
Perf: $1,203.21 Date: 3/31/1998
Perf: $1,252.95 Date: 2/28/1998
Perf: $1,238.46 Date: 1/31/1998
Perf: $1,248.19 Date: 12/31/1997
Perf: $1,240.38 Date: 11/30/1997
Perf: $1,208.01 Date: 10/31/1997
Perf: $1,191.33 Date: 9/30/1997
Perf: $1,198.76 Date: 8/31/1997
Perf: $1,183.84 Date: 7/31/1997
Perf: $1,243.01 Date: 6/30/1997
Perf: $1,161.91 Date: 5/31/1997
Perf: $1,148.59 Date: 4/30/1997
Perf: $1,167.97 Date: 3/31/1997
Perf: $1,195.96 Date: 2/28/1997
Perf: $1,197.28 Date: 1/31/1997
Perf: $1,169.33 Date: 12/31/1996
Perf: $1,125.33 Date: 11/30/1996
Perf: $1,151.59 Date: 10/31/1996
Perf: $1,075.75 Date: 9/30/1996
Perf: $995.14 Date: 8/31/1996
Perf: $952.38 Date: 7/31/1996
Perf: $955.72 Date: 6/30/1996
Perf: $981.03 Date: 5/31/1996
Perf: $971.13 Date: 4/30/1996
Perf: $994.60 Date: 3/31/1996
Perf: $945.26 Date: 2/29/1996
Perf: $939.90 Date: 1/31/1996
Perf: $1,000.00 Date: 2/28/2017
Perf: $5,537.88 Date: 1/31/2017
Perf: $5,326.42 Date: 12/31/2016
Perf: $5,227.10 Date: 11/30/2016
Perf: $5,125.62 Date: 10/31/2016
Perf: $4,942.74 Date: 9/30/2016
Perf: $5,034.36 Date: 8/31/2016
Perf: $5,033.35 Date: 7/31/2016
Perf: $5,026.32 Date: 6/30/2016
Perf: $4,847.45 Date: 5/31/2016
Perf: $4,834.88 Date: 4/30/2016
Perf: $4,749.39 Date: 3/31/2016
Perf: $4,730.94 Date: 2/29/2016
Perf: $4,430.55 Date: 1/31/2016
Perf: $4,436.31 Date: 12/31/2015
Perf: $4,667.84 Date: 11/30/2015
Perf: $4,742.77 Date: 10/31/2015
Perf: $4,728.59 Date: 9/30/2015
Perf: $4,360.56 Date: 8/31/2015
Perf: $4,470.99 Date: 7/31/2015
Perf: $4,757.89 Date: 6/30/2015
Perf: $4,660.03 Date: 5/31/2015
Perf: $4,752.22 Date: 4/30/2015
Perf: $4,691.70 Date: 3/31/2015
Perf: $4,647.09 Date: 2/28/2015
Perf: $4,721.69 Date: 1/31/2015
Perf: $4,464.96 Date: 12/31/2014
Perf: $4,603.05 Date: 11/30/2014
Perf: $4,614.58 Date: 10/31/2014
Perf: $4,493.70 Date: 9/30/2014
Perf: $4,386.67 Date: 8/31/2014
Perf: $4,448.95 Date: 7/31/2014
Perf: $4,277.84 Date: 6/30/2014
Perf: $4,337.70 Date: 5/31/2014
Perf: $4,249.73 Date: 4/30/2014
Perf: $4,152.16 Date: 3/31/2014
Perf: $4,121.65 Date: 2/28/2014
Perf: $4,087.32 Date: 1/31/2014
Perf: $3,908.69 Date: 12/31/2013
Perf: $4,048.78 Date: 11/30/2013
Perf: $3,948.88 Date: 10/31/2013
Perf: $3,832.00 Date: 9/30/2013
Perf: $3,663.48 Date: 8/31/2013
Perf: $3,551.95 Date: 7/31/2013
Perf: $3,658.03 Date: 6/30/2013
Perf: $3,480.86 Date: 5/31/2013
Perf: $3,528.13 Date: 4/30/2013
Perf: $3,447.46 Date: 3/31/2013
Perf: $3,382.19 Date: 2/28/2013
Perf: $3,259.94 Date: 1/31/2013
Perf: $3,216.20 Date: 12/31/2012
Perf: $3,057.80 Date: 11/30/2012
Perf: $3,030.23 Date: 10/31/2012
Perf: $3,012.75 Date: 9/30/2012
Perf: $3,069.54 Date: 8/31/2012
Perf: $2,992.34 Date: 7/31/2012
Perf: $2,926.49 Date: 6/30/2012
Perf: $2,886.37 Date: 5/31/2012
Perf: $2,772.16 Date: 4/30/2012
Perf: $2,949.42 Date: 3/31/2012
Perf: $2,968.12 Date: 2/29/2012
Perf: $2,873.58 Date: 1/31/2012
Perf: $2,754.58 Date: 12/31/2011
Perf: $2,636.47 Date: 11/30/2011
Perf: $2,609.85 Date: 10/31/2011
Perf: $2,615.60 Date: 9/30/2011
Perf: $2,357.88 Date: 8/31/2011
Perf: $2,536.18 Date: 7/31/2011
Perf: $2,681.80 Date: 6/30/2011
Perf: $2,737.37 Date: 5/31/2011
Perf: $2,783.86 Date: 4/30/2011
Perf: $2,815.67 Date: 3/31/2011
Perf: $2,734.73 Date: 2/28/2011
Perf: $2,733.63 Date: 1/31/2011
Perf: $2,642.98 Date: 12/31/2010
Perf: $2,581.79 Date: 11/30/2010
Perf: $2,420.13 Date: 10/31/2010
Perf: $2,419.88 Date: 9/30/2010
Perf: $2,331.07 Date: 8/31/2010
Perf: $2,140.17 Date: 7/31/2010
Perf: $2,241.25 Date: 6/30/2010
Perf: $2,094.43 Date: 5/31/2010
Perf: $2,210.01 Date: 4/30/2010
Perf: $2,401.93 Date: 3/31/2010
Perf: $2,364.57 Date: 2/28/2010
Perf: $2,230.09 Date: 1/31/2010
Perf: $2,163.04 Date: 12/31/2009
Perf: $2,243.81 Date: 11/30/2009
Perf: $2,201.33 Date: 10/31/2009
Perf: $2,076.72 Date: 9/30/2009
Perf: $2,116.08 Date: 8/31/2009
Perf: $2,039.99 Date: 7/31/2009
Perf: $1,968.91 Date: 6/30/2009
Perf: $1,830.53 Date: 5/31/2009
Perf: $1,826.87 Date: 4/30/2009
Perf: $1,730.16 Date: 3/31/2009
Perf: $1,579.04 Date: 2/28/2009
Perf: $1,451.86 Date: 1/31/2009
Perf: $1,624.91 Date: 12/31/2008
Perf: $1,774.50 Date: 11/30/2008
Perf: $1,755.89 Date: 10/31/2008
Perf: $1,891.72 Date: 9/30/2008
Perf: $2,273.42 Date: 8/31/2008
Perf: $2,495.80 Date: 7/31/2008
Perf: $2,460.13 Date: 6/30/2008
Perf: $2,480.97 Date: 5/31/2008
Perf: $2,709.37 Date: 4/30/2008
Perf: $2,674.60 Date: 3/31/2008
Perf: $2,550.39 Date: 2/29/2008
Perf: $2,561.41 Date: 1/31/2008
Perf: $2,647.45 Date: 12/31/2007
Perf: $2,816.44 Date: 11/30/2007
Perf: $2,836.01 Date: 10/31/2007
Perf: $2,959.72 Date: 9/30/2007
Perf: $2,913.40 Date: 8/31/2007
Perf: $2,808.37 Date: 7/31/2007
Perf: $2,766.86 Date: 6/30/2007
Perf: $2,855.38 Date: 5/31/2007
Perf: $2,903.58 Date: 4/30/2007
Perf: $2,805.66 Date: 3/31/2007
Perf: $2,686.64 Date: 2/28/2007
Perf: $2,656.89 Date: 1/31/2007
Perf: $2,710.00 Date: 12/31/2006
Perf: $2,669.69 Date: 11/30/2006
Perf: $2,632.83 Date: 10/31/2006
Perf: $2,583.74 Date: 9/30/2006
Perf: $2,502.17 Date: 8/31/2006
Perf: $2,439.24 Date: 7/31/2006
Perf: $2,382.53 Date: 6/30/2006
Perf: $2,367.85 Date: 5/31/2006
Perf: $2,364.54 Date: 4/30/2006
Perf: $2,434.66 Date: 3/31/2006
Perf: $2,402.47 Date: 2/28/2006
Perf: $2,373.04 Date: 1/31/2006
Perf: $2,366.65 Date: 12/31/2005
Perf: $2,305.55 Date: 11/30/2005
Perf: $2,304.86 Date: 10/31/2005
Perf: $2,220.91 Date: 9/30/2005
Perf: $2,258.63 Date: 8/31/2005
Perf: $2,240.48 Date: 7/31/2005
Perf: $2,261.06 Date: 6/30/2005
Perf: $2,179.96 Date: 5/31/2005
Perf: $2,176.92 Date: 4/30/2005
Perf: $2,109.82 Date: 3/31/2005
Perf: $2,150.69 Date: 2/28/2005
Perf: $2,189.44 Date: 1/31/2005
Perf: $2,144.41 Date: 12/31/2004
Perf: $2,198.04 Date: 11/30/2004
Perf: $2,125.76 Date: 10/31/2004
Perf: $2,043.02 Date: 9/30/2004
Perf: $2,012.23 Date: 8/31/2004
Perf: $1,990.73 Date: 7/31/2004
Perf: $1,982.80 Date: 6/30/2004
Perf: $2,050.68 Date: 5/31/2004
Perf: $2,011.65 Date: 4/30/2004
Perf: $1,984.47 Date: 3/31/2004
Perf: $2,016.12 Date: 2/29/2004
Perf: $2,047.03 Date: 1/31/2004
Perf: $2,018.97 Date: 12/31/2003
Perf: $1,982.49 Date: 11/30/2003
Perf: $1,883.78 Date: 10/31/2003
Perf: $1,867.35 Date: 9/30/2003
Perf: $1,767.32 Date: 8/31/2003
Perf: $1,786.25 Date: 7/31/2003
Perf: $1,752.08 Date: 6/30/2003
Perf: $1,721.78 Date: 5/31/2003
Perf: $1,700.02 Date: 4/30/2003
Perf: $1,614.91 Date: 3/31/2003
Perf: $1,491.98 Date: 2/28/2003
Perf: $1,477.64 Date: 1/31/2003
Perf: $1,500.14 Date: 12/31/2002
Perf: $1,540.51 Date: 11/30/2002
Perf: $1,636.57 Date: 10/31/2002
Perf: $1,545.54 Date: 9/30/2002
Perf: $1,420.53 Date: 8/31/2002
Perf: $1,593.78 Date: 7/31/2002
Perf: $1,583.33 Date: 6/30/2002
Perf: $1,717.27 Date: 5/31/2002
Perf: $1,848.92 Date: 4/30/2002
Perf: $1,862.70 Date: 3/31/2002
Perf: $1,982.86 Date: 2/28/2002
Perf: $1,911.01 Date: 1/31/2002
Perf: $1,948.62 Date: 12/31/2001
Perf: $1,977.49 Date: 11/30/2001
Perf: $1,960.24 Date: 10/31/2001
Perf: $1,820.60 Date: 9/30/2001
Perf: $1,786.48 Date: 8/31/2001
Perf: $1,943.51 Date: 7/31/2001
Perf: $2,073.30 Date: 6/30/2001
Perf: $2,093.82 Date: 5/31/2001
Perf: $2,145.97 Date: 4/30/2001
Perf: $2,131.69 Date: 3/31/2001
Perf: $1,978.00 Date: 2/28/2001
Perf: $2,111.89 Date: 1/31/2001
Perf: $2,323.82 Date: 12/31/2000
Perf: $2,244.15 Date: 11/30/2000
Perf: $2,233.21 Date: 10/31/2000
Perf: $2,424.24 Date: 9/30/2000
Perf: $2,434.47 Date: 8/31/2000
Perf: $2,570.17 Date: 7/31/2000
Perf: $2,419.90 Date: 6/30/2000
Perf: $2,458.25 Date: 5/31/2000
Perf: $2,398.99 Date: 4/30/2000
Perf: $2,449.20 Date: 3/31/2000
Perf: $2,525.21 Date: 2/29/2000
Perf: $2,300.24 Date: 1/31/2000
Perf: $2,344.56 Date: 12/31/1999
Perf: $2,468.47 Date: 11/30/1999
Perf: $2,331.17 Date: 10/31/1999
Perf: $2,284.79 Date: 9/30/1999
Perf: $2,148.77 Date: 8/31/1999
Perf: $2,209.30 Date: 7/31/1999
Perf: $2,220.18 Date: 6/30/1999
Perf: $2,291.68 Date: 5/31/1999
Perf: $2,171.18 Date: 4/30/1999
Perf: $2,223.66 Date: 3/31/1999
Perf: $2,140.81 Date: 2/28/1999
Perf: $2,058.47 Date: 1/31/1999
Perf: $2,124.55 Date: 12/31/1998
Perf: $2,039.30 Date: 11/30/1998
Perf: $1,928.24 Date: 10/31/1998
Perf: $1,818.06 Date: 9/30/1998
Perf: $1,681.37 Date: 8/31/1998
Perf: $1,580.08 Date: 7/31/1998
Perf: $1,847.19 Date: 6/30/1998
Perf: $1,866.98 Date: 5/31/1998
Perf: $1,794.14 Date: 4/30/1998
Perf: $1,825.53 Date: 3/31/1998
Perf: $1,807.28 Date: 2/28/1998
Perf: $1,719.25 Date: 1/31/1998
Perf: $1,603.63 Date: 12/31/1997
Perf: $1,586.03 Date: 11/30/1997
Perf: $1,559.21 Date: 10/31/1997
Perf: $1,490.21 Date: 9/30/1997
Perf: $1,541.71 Date: 8/31/1997
Perf: $1,461.61 Date: 7/31/1997
Perf: $1,548.32 Date: 6/30/1997
Perf: $1,434.16 Date: 5/31/1997
Perf: $1,372.66 Date: 4/30/1997
Perf: $1,293.86 Date: 3/31/1997
Perf: $1,220.97 Date: 2/28/1997
Perf: $1,273.31 Date: 1/31/1997
Perf: $1,263.45 Date: 12/31/1996
Perf: $1,189.13 Date: 11/30/1996
Perf: $1,213.15 Date: 10/31/1996
Perf: $1,127.88 Date: 9/30/1996
Perf: $1,097.59 Date: 8/31/1996
Perf: $1,039.09 Date: 7/31/1996
Perf: $1,017.62 Date: 6/30/1996
Perf: $1,064.68 Date: 5/31/1996
Perf: $1,060.64 Date: 4/30/1996
Perf: $1,033.97 Date: 3/31/1996
Perf: $1,018.99 Date: 2/29/1996
Perf: $1,009.30 Date: 1/31/1996
Perf: $1,000.00 Date: 2/28/2017
Perf: $14,538.93 Date: 1/31/2017
Perf: $14,525.86 Date: 12/31/2016
Perf: $15,316.17 Date: 11/30/2016
Perf: $15,109.18 Date: 10/31/2016
Perf: $15,283.41 Date: 9/30/2016
Perf: $16,470.96 Date: 8/31/2016
Perf: $18,131.84 Date: 7/31/2016
Perf: $19,885.76 Date: 6/30/2016
Perf: $19,983.68 Date: 5/31/2016
Perf: $21,151.23 Date: 4/30/2016
Perf: $21,744.87 Date: 3/31/2016
Perf: $21,781.90 Date: 2/29/2016
Perf: $24,291.18 Date: 1/31/2016
Perf: $23,558.51 Date: 12/31/2015
Perf: $23,260.77 Date: 11/30/2015
Perf: $23,938.22 Date: 10/31/2015
Perf: $23,778.90 Date: 9/30/2015
Perf: $25,423.82 Date: 8/31/2015
Perf: $25,979.79 Date: 7/31/2015
Perf: $26,695.22 Date: 6/30/2015
Perf: $26,756.76 Date: 5/31/2015
Perf: $26,788.91 Date: 4/30/2015
Perf: $27,013.12 Date: 3/31/2015
Perf: $28,758.78 Date: 2/28/2015
Perf: $30,387.55 Date: 1/31/2015
Perf: $30,448.45 Date: 12/31/2014
Perf: $30,081.45 Date: 11/30/2014
Perf: $29,086.69 Date: 10/31/2014
Perf: $28,801.55 Date: 9/30/2014
Perf: $28,522.04 Date: 8/31/2014
Perf: $26,450.93 Date: 7/31/2014
Perf: $26,114.06 Date: 6/30/2014
Perf: $22,901.04 Date: 5/31/2014
Perf: $23,743.95 Date: 4/30/2014
Perf: $25,741.49 Date: 3/31/2014
Perf: $25,785.33 Date: 2/28/2014
Perf: $27,966.73 Date: 1/31/2014
Perf: $27,000.13 Date: 12/31/2013
Perf: $28,154.46 Date: 11/30/2013
Perf: $26,448.53 Date: 10/31/2013
Perf: $25,942.65 Date: 9/30/2013
Perf: $27,719.46 Date: 8/31/2013
Perf: $26,763.99 Date: 7/31/2013
Perf: $27,182.60 Date: 6/30/2013
Perf: $27,959.89 Date: 5/31/2013
Perf: $26,628.46 Date: 4/30/2013
Perf: $26,572.66 Date: 3/31/2013
Perf: $26,813.99 Date: 2/28/2013
Perf: $26,805.95 Date: 1/31/2013
Perf: $28,808.11 Date: 12/31/2012
Perf: $28,390.76 Date: 11/30/2012
Perf: $26,010.78 Date: 10/31/2012
Perf: $26,501.05 Date: 9/30/2012
Perf: $27,784.70 Date: 8/31/2012
Perf: $29,517.37 Date: 7/31/2012
Perf: $29,579.49 Date: 6/30/2012
Perf: $30,409.67 Date: 5/31/2012
Perf: $30,954.47 Date: 4/30/2012
Perf: $29,111.70 Date: 3/31/2012
Perf: $28,165.34 Date: 2/29/2012
Perf: $25,026.96 Date: 1/31/2012
Perf: $21,467.63 Date: 12/31/2011
Perf: $22,239.33 Date: 11/30/2011
Perf: $22,479.87 Date: 10/31/2011
Perf: $22,565.62 Date: 9/30/2011
Perf: $24,450.77 Date: 8/31/2011
Perf: $22,417.51 Date: 7/31/2011
Perf: $19,292.17 Date: 6/30/2011
Perf: $18,354.27 Date: 5/31/2011
Perf: $18,500.42 Date: 4/30/2011
Perf: $18,740.30 Date: 3/31/2011
Perf: $19,222.79 Date: 2/28/2011
Perf: $19,267.11 Date: 1/31/2011
Perf: $19,288.32 Date: 12/31/2010
Perf: $19,856.21 Date: 11/30/2010
Perf: $20,785.31 Date: 10/31/2010
Perf: $23,536.76 Date: 9/30/2010
Perf: $24,783.37 Date: 8/31/2010
Perf: $25,676.92 Date: 7/31/2010
Perf: $20,657.22 Date: 6/30/2010
Perf: $21,657.81 Date: 5/31/2010
Perf: $21,115.15 Date: 4/30/2010
Perf: $21,037.31 Date: 3/31/2010
Perf: $22,238.17 Date: 2/28/2010
Perf: $23,126.22 Date: 1/31/2010
Perf: $24,049.73 Date: 12/31/2009
Perf: $23,830.49 Date: 11/30/2009
Perf: $26,787.87 Date: 10/31/2009
Perf: $23,609.97 Date: 9/30/2009
Perf: $26,967.41 Date: 8/31/2009
Perf: $25,340.55 Date: 7/31/2009
Perf: $29,992.36 Date: 6/30/2009
Perf: $30,332.08 Date: 5/31/2009
Perf: $30,512.10 Date: 4/30/2009
Perf: $33,136.52 Date: 3/31/2009
Perf: $33,126.58 Date: 2/28/2009
Perf: $33,316.48 Date: 1/31/2009
Perf: $34,311.52 Date: 12/31/2008
Perf: $33,934.84 Date: 11/30/2008
Perf: $33,430.04 Date: 10/31/2008
Perf: $32,138.09 Date: 9/30/2008
Perf: $32,221.87 Date: 8/31/2008
Perf: $30,905.30 Date: 7/31/2008
Perf: $23,758.69 Date: 6/30/2008
Perf: $24,044.82 Date: 5/31/2008
Perf: $24,628.52 Date: 4/30/2008
Perf: $24,804.63 Date: 3/31/2008
Perf: $25,693.63 Date: 2/29/2008
Perf: $22,930.51 Date: 1/31/2008
Perf: $20,375.43 Date: 12/31/2007
Perf: $18,862.64 Date: 11/30/2007
Perf: $15,856.29 Date: 10/31/2007
Perf: $13,459.21 Date: 9/30/2007
Perf: $15,339.87 Date: 8/31/2007
Perf: $13,498.66 Date: 7/31/2007
Perf: $13,535.20 Date: 6/30/2007
Perf: $13,615.53 Date: 5/31/2007
Perf: $13,824.28 Date: 4/30/2007
Perf: $13,930.15 Date: 3/31/2007
Perf: $14,230.41 Date: 2/28/2007
Perf: $14,324.96 Date: 1/31/2007
Perf: $14,159.29 Date: 12/31/2006
Perf: $13,948.67 Date: 11/30/2006
Perf: $16,034.80 Date: 10/31/2006
Perf: $13,675.73 Date: 9/30/2006
Perf: $14,076.92 Date: 8/31/2006
Perf: $15,453.86 Date: 7/31/2006
Perf: $15,622.59 Date: 6/30/2006
Perf: $15,873.39 Date: 5/31/2006
Perf: $16,330.64 Date: 4/30/2006
Perf: $16,272.06 Date: 3/31/2006
Perf: $15,850.44 Date: 2/28/2006
Perf: $17,054.49 Date: 1/31/2006
Perf: $17,221.54 Date: 12/31/2005
Perf: $17,556.88 Date: 11/30/2005
Perf: $17,891.45 Date: 10/31/2005
Perf: $17,607.96 Date: 9/30/2005
Perf: $17,657.40 Date: 8/31/2005
Perf: $17,814.16 Date: 7/31/2005
Perf: $17,762.65 Date: 6/30/2005
Perf: $17,546.83 Date: 5/31/2005
Perf: $16,849.27 Date: 4/30/2005
Perf: $13,930.77 Date: 3/31/2005
Perf: $13,375.68 Date: 2/28/2005
Perf: $13,586.27 Date: 1/31/2005
Perf: $13,498.53 Date: 12/31/2004
Perf: $14,229.94 Date: 11/30/2004
Perf: $14,044.56 Date: 10/31/2004
Perf: $13,680.65 Date: 9/30/2004
Perf: $13,599.06 Date: 8/31/2004
Perf: $14,021.09 Date: 7/31/2004
Perf: $13,699.16 Date: 6/30/2004
Perf: $13,827.76 Date: 5/31/2004
Perf: $14,969.97 Date: 4/30/2004
Perf: $14,028.65 Date: 3/31/2004
Perf: $13,871.89 Date: 2/29/2004
Perf: $13,545.45 Date: 1/31/2004
Perf: $11,248.50 Date: 12/31/2003
Perf: $12,395.05 Date: 11/30/2003
Perf: $10,530.15 Date: 10/31/2003
Perf: $10,984.93 Date: 9/30/2003
Perf: $12,802.95 Date: 8/31/2003
Perf: $12,908.80 Date: 7/31/2003
Perf: $13,267.01 Date: 6/30/2003
Perf: $13,395.61 Date: 5/31/2003
Perf: $14,028.29 Date: 4/30/2003
Perf: $9,581.51 Date: 3/31/2003
Perf: $8,879.17 Date: 2/28/2003
Perf: $10,032.96 Date: 1/31/2003
Perf: $8,478.79 Date: 12/31/2002
Perf: $10,059.07 Date: 11/30/2002
Perf: $6,911.55 Date: 10/31/2002
Perf: $7,200.28 Date: 9/30/2002
Perf: $8,455.01 Date: 8/31/2002
Perf: $8,850.63 Date: 7/31/2002
Perf: $8,799.59 Date: 6/30/2002
Perf: $8,506.95 Date: 5/31/2002
Perf: $8,247.17 Date: 4/30/2002
Perf: $7,870.19 Date: 3/31/2002
Perf: $8,570.39 Date: 2/28/2002
Perf: $7,709.26 Date: 1/31/2002
Perf: $8,386.01 Date: 12/31/2001
Perf: $8,694.67 Date: 11/30/2001
Perf: $8,786.05 Date: 10/31/2001
Perf: $9,773.13 Date: 9/30/2001
Perf: $8,419.31 Date: 8/31/2001
Perf: $8,922.54 Date: 7/31/2001
Perf: $8,308.54 Date: 6/30/2001
Perf: $8,284.51 Date: 5/31/2001
Perf: $8,864.24 Date: 4/30/2001
Perf: $8,717.78 Date: 3/31/2001
Perf: $9,711.24 Date: 2/28/2001
Perf: $8,527.61 Date: 1/31/2001
Perf: $8,508.89 Date: 12/31/2000
Perf: $8,801.99 Date: 11/30/2000
Perf: $7,504.47 Date: 10/31/2000
Perf: $6,837.16 Date: 9/30/2000
Perf: $7,071.22 Date: 8/31/2000
Perf: $6,812.35 Date: 7/31/2000
Perf: $6,358.36 Date: 6/30/2000
Perf: $6,835.48 Date: 5/31/2000
Perf: $6,636.39 Date: 4/30/2000
Perf: $5,070.20 Date: 3/31/2000
Perf: $5,256.82 Date: 2/29/2000
Perf: $5,776.72 Date: 1/31/2000
Perf: $5,718.96 Date: 12/31/1999
Perf: $5,744.81 Date: 11/30/1999
Perf: $5,581.28 Date: 10/31/1999
Perf: $5,553.52 Date: 9/30/1999
Perf: $5,734.73 Date: 8/31/1999
Perf: $6,001.19 Date: 7/31/1999
Perf: $6,462.62 Date: 6/30/1999
Perf: $6,263.44 Date: 5/31/1999
Perf: $6,294.28 Date: 4/30/1999
Perf: $6,331.00 Date: 3/31/1999
Perf: $6,179.00 Date: 2/28/1999
Perf: $5,467.17 Date: 1/31/1999
Perf: $5,279.74 Date: 12/31/1998
Perf: $5,455.41 Date: 11/30/1998
Perf: $5,639.83 Date: 10/31/1998
Perf: $5,606.75 Date: 9/30/1998
Perf: $5,857.45 Date: 8/31/1998
Perf: $5,064.37 Date: 7/31/1998
Perf: $3,833.16 Date: 6/30/1998
Perf: $3,882.07 Date: 5/31/1998
Perf: $3,863.91 Date: 4/30/1998
Perf: $3,423.63 Date: 3/31/1998
Perf: $3,752.34 Date: 2/28/1998
Perf: $3,900.56 Date: 1/31/1998
Perf: $4,143.36 Date: 12/31/1997
Perf: $3,844.63 Date: 11/30/1997
Perf: $3,402.93 Date: 10/31/1997
Perf: $3,150.57 Date: 9/30/1997
Perf: $3,530.84 Date: 8/31/1997
Perf: $2,919.74 Date: 7/31/1997
Perf: $3,369.19 Date: 6/30/1997
Perf: $2,961.14 Date: 5/31/1997
Perf: $2,672.27 Date: 4/30/1997
Perf: $2,877.12 Date: 3/31/1997
Perf: $2,896.24 Date: 2/28/1997
Perf: $2,784.04 Date: 1/31/1997
Perf: $2,615.84 Date: 12/31/1996
Perf: $2,525.43 Date: 11/30/1996
Perf: $2,997.90 Date: 10/31/1996
Perf: $2,073.52 Date: 9/30/1996
Perf: $1,797.44 Date: 8/31/1996
Perf: $1,030.40 Date: 7/31/1996
Perf: $1,039.76 Date: 6/30/1996
Perf: $1,076.69 Date: 5/31/1996
Perf: $1,060.89 Date: 4/30/1996
Perf: $1,195.63 Date: 3/31/1996
Perf: $1,087.83 Date: 2/29/1996
Perf: $1,130.80 Date: 1/31/1996
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 01/96 - 02/17
Date: 2/28/2017
Return: 0.09 % Date: 1/31/2017
Return: -5.16 % Date: 12/31/2016
Return: 1.37 % Date: 11/30/2016
Return: -1.14 % Date: 10/31/2016
Return: -7.21 % Date: 9/30/2016
Return: -9.16 % Date: 8/31/2016
Return: -8.82 % Date: 7/31/2016
Return: -0.49 % Date: 6/30/2016
Return: -5.52 % Date: 5/31/2016
Return: -2.73 % Date: 4/30/2016
Return: -0.17 % Date: 3/31/2016
Return: -10.33 % Date: 2/29/2016
Return: 3.11 % Date: 1/31/2016
Return: 1.28 % Date: 12/31/2015
Return: -2.83 % Date: 11/30/2015
Return: 0.67 % Date: 10/31/2015
Return: -6.47 % Date: 9/30/2015
Return: -2.14 % Date: 8/31/2015
Return: -2.68 % Date: 7/31/2015
Return: -0.23 % Date: 6/30/2015
Return: -0.12 % Date: 5/31/2015
Return: -0.83 % Date: 4/30/2015
Return: -6.07 % Date: 3/31/2015
Return: -5.36 % Date: 2/28/2015
Return: -0.20 % Date: 1/31/2015
Return: 1.22 % Date: 12/31/2014
Return: 3.42 % Date: 11/30/2014
Return: 0.99 % Date: 10/31/2014
Return: 0.98 % Date: 9/30/2014
Return: 7.83 % Date: 8/31/2014
Return: 1.29 % Date: 7/31/2014
Return: 14.03 % Date: 6/30/2014
Return: -3.55 % Date: 5/31/2014
Return: -7.76 % Date: 4/30/2014
Return: -0.17 % Date: 3/31/2014
Return: -7.80 % Date: 2/28/2014
Return: 3.58 % Date: 1/31/2014
Return: -4.10 % Date: 12/31/2013
Return: 6.45 % Date: 11/30/2013
Return: 1.95 % Date: 10/31/2013
Return: -6.41 % Date: 9/30/2013
Return: 3.57 % Date: 8/31/2013
Return: -1.54 % Date: 7/31/2013
Return: -2.78 % Date: 6/30/2013
Return: 5.00 % Date: 5/31/2013
Return: 0.21 % Date: 4/30/2013
Return: -0.90 % Date: 3/31/2013
Return: 0.03 % Date: 2/28/2013
Return: -6.95 % Date: 1/31/2013
Return: 1.47 % Date: 12/31/2012
Return: 9.15 % Date: 11/30/2012
Return: -1.85 % Date: 10/31/2012
Return: -4.62 % Date: 9/30/2012
Return: -5.87 % Date: 8/31/2012
Return: -0.21 % Date: 7/31/2012
Return: -2.73 % Date: 6/30/2012
Return: -1.76 % Date: 5/31/2012
Return: 6.33 % Date: 4/30/2012
Return: 3.36 % Date: 3/31/2012
Return: 12.54 % Date: 2/29/2012
Return: 16.58 % Date: 1/31/2012
Return: -3.47 % Date: 12/31/2011
Return: -1.07 % Date: 11/30/2011
Return: -0.38 % Date: 10/31/2011
Return: -7.71 % Date: 9/30/2011
Return: 9.07 % Date: 8/31/2011
Return: 16.20 % Date: 7/31/2011
Return: 5.11 % Date: 6/30/2011
Return: -0.79 % Date: 5/31/2011
Return: -1.28 % Date: 4/30/2011
Return: -2.51 % Date: 3/31/2011
Return: -0.23 % Date: 2/28/2011
Return: -0.11 % Date: 1/31/2011
Return: -2.86 % Date: 12/31/2010
Return: -4.47 % Date: 11/30/2010
Return: -11.69 % Date: 10/31/2010
Return: -5.03 % Date: 9/30/2010
Return: -3.48 % Date: 8/31/2010
Return: 24.30 % Date: 7/31/2010
Return: -4.62 % Date: 6/30/2010
Return: 2.57 % Date: 5/31/2010
Return: 0.37 % Date: 4/30/2010
Return: -5.40 % Date: 3/31/2010
Return: -3.84 % Date: 2/28/2010
Return: -3.84 % Date: 1/31/2010
Return: 0.92 % Date: 12/31/2009
Return: -11.04 % Date: 11/30/2009
Return: 13.46 % Date: 10/31/2009
Return: -12.45 % Date: 9/30/2009
Return: 6.42 % Date: 8/31/2009
Return: -15.51 % Date: 7/31/2009
Return: -1.12 % Date: 6/30/2009
Return: -0.59 % Date: 5/31/2009
Return: -7.92 % Date: 4/30/2009
Return: 0.03 % Date: 3/31/2009
Return: -0.57 % Date: 2/28/2009
Return: -2.90 % Date: 1/31/2009
Return: 1.11 % Date: 12/31/2008
Return: 1.51 % Date: 11/30/2008
Return: 4.02 % Date: 10/31/2008
Return: -0.26 % Date: 9/30/2008
Return: 4.26 % Date: 8/31/2008
Return: 30.08 % Date: 7/31/2008
Return: -1.19 % Date: 6/30/2008
Return: -2.37 % Date: 5/31/2008
Return: -0.71 % Date: 4/30/2008
Return: -3.46 % Date: 3/31/2008
Return: 12.05 % Date: 2/29/2008
Return: 12.54 % Date: 1/31/2008
Return: 8.02 % Date: 12/31/2007
Return: 18.96 % Date: 11/30/2007
Return: 17.81 % Date: 10/31/2007
Return: -12.26 % Date: 9/30/2007
Return: 13.64 % Date: 8/31/2007
Return: -0.27 % Date: 7/31/2007
Return: -0.59 % Date: 6/30/2007
Return: -1.51 % Date: 5/31/2007
Return: -0.76 % Date: 4/30/2007
Return: -2.11 % Date: 3/31/2007
Return: -0.66 % Date: 2/28/2007
Return: 1.17 % Date: 1/31/2007
Return: 1.51 % Date: 12/31/2006
Return: -13.01 % Date: 11/30/2006
Return: 17.25 % Date: 10/31/2006
Return: -2.85 % Date: 9/30/2006
Return: -8.91 % Date: 8/31/2006
Return: -1.08 % Date: 7/31/2006
Return: -1.58 % Date: 6/30/2006
Return: -2.80 % Date: 5/31/2006
Return: 0.36 % Date: 4/30/2006
Return: 2.66 % Date: 3/31/2006
Return: -7.06 % Date: 2/28/2006
Return: -0.97 % Date: 1/31/2006
Return: -1.91 % Date: 12/31/2005
Return: -1.87 % Date: 11/30/2005
Return: 1.61 % Date: 10/31/2005
Return: -0.28 % Date: 9/30/2005
Return: -0.88 % Date: 8/31/2005
Return: 0.29 % Date: 7/31/2005
Return: 1.23 % Date: 6/30/2005
Return: 4.14 % Date: 5/31/2005
Return: 20.95 % Date: 4/30/2005
Return: 4.15 % Date: 3/31/2005
Return: -1.55 % Date: 2/28/2005
Return: 0.65 % Date: 1/31/2005
Return: -5.14 % Date: 12/31/2004
Return: 1.32 % Date: 11/30/2004
Return: 2.66 % Date: 10/31/2004
Return: 0.60 % Date: 9/30/2004
Return: -3.01 % Date: 8/31/2004
Return: 2.35 % Date: 7/31/2004
Return: -0.93 % Date: 6/30/2004
Return: -7.63 % Date: 5/31/2004
Return: 6.71 % Date: 4/30/2004
Return: 1.13 % Date: 3/31/2004
Return: 2.41 % Date: 2/29/2004
Return: 20.42 % Date: 1/31/2004
Return: -9.25 % Date: 12/31/2003
Return: 17.71 % Date: 11/30/2003
Return: -4.14 % Date: 10/31/2003
Return: -14.20 % Date: 9/30/2003
Return: -0.82 % Date: 8/31/2003
Return: -2.70 % Date: 7/31/2003
Return: -0.96 % Date: 6/30/2003
Return: -4.51 % Date: 5/31/2003
Return: 46.41 % Date: 4/30/2003
Return: 7.91 % Date: 3/31/2003
Return: -11.50 % Date: 2/28/2003
Return: 18.33 % Date: 1/31/2003
Return: -15.71 % Date: 12/31/2002
Return: 45.54 % Date: 11/30/2002
Return: -4.01 % Date: 10/31/2002
Return: -14.84 % Date: 9/30/2002
Return: -4.47 % Date: 8/31/2002
Return: 0.58 % Date: 7/31/2002
Return: 3.44 % Date: 6/30/2002
Return: 3.15 % Date: 5/31/2002
Return: 4.79 % Date: 4/30/2002
Return: -8.17 % Date: 3/31/2002
Return: 11.17 % Date: 2/28/2002
Return: -8.07 % Date: 1/31/2002
Return: -3.55 % Date: 12/31/2001
Return: -1.04 % Date: 11/30/2001
Return: -10.10 % Date: 10/31/2001
Return: 16.08 % Date: 9/30/2001
Return: -5.64 % Date: 8/31/2001
Return: 7.39 % Date: 7/31/2001
Return: 0.29 % Date: 6/30/2001
Return: -6.54 % Date: 5/31/2001
Return: 1.68 % Date: 4/30/2001
Return: -10.23 % Date: 3/31/2001
Return: 13.88 % Date: 2/28/2001
Return: 0.22 % Date: 1/31/2001
Return: -3.33 % Date: 12/31/2000
Return: 17.29 % Date: 11/30/2000
Return: 9.76 % Date: 10/31/2000
Return: -3.31 % Date: 9/30/2000
Return: 3.80 % Date: 8/31/2000
Return: 7.14 % Date: 7/31/2000
Return: -6.98 % Date: 6/30/2000
Return: 3.00 % Date: 5/31/2000
Return: 30.89 % Date: 4/30/2000
Return: -3.55 % Date: 3/31/2000
Return: -9.00 % Date: 2/29/2000
Return: 1.01 % Date: 1/31/2000
Return: -0.45 % Date: 12/31/1999
Return: 2.93 % Date: 11/30/1999
Return: 0.50 % Date: 10/31/1999
Return: -3.16 % Date: 9/30/1999
Return: -4.44 % Date: 8/31/1999
Return: -7.14 % Date: 7/31/1999
Return: 3.18 % Date: 6/30/1999
Return: -0.49 % Date: 5/31/1999
Return: -0.58 % Date: 4/30/1999
Return: 2.46 % Date: 3/31/1999
Return: 13.02 % Date: 2/28/1999
Return: 3.55 % Date: 1/31/1999
Return: -3.22 % Date: 12/31/1998
Return: -3.27 % Date: 11/30/1998
Return: 0.59 % Date: 10/31/1998
Return: -4.28 % Date: 9/30/1998
Return: 15.66 % Date: 8/31/1998
Return: 32.12 % Date: 7/31/1998
Return: -1.26 % Date: 6/30/1998
Return: 0.47 % Date: 5/31/1998
Return: 12.86 % Date: 4/30/1998
Return: -8.76 % Date: 3/31/1998
Return: -3.80 % Date: 2/28/1998
Return: -5.86 % Date: 1/31/1998
Return: 7.77 % Date: 12/31/1997
Return: 12.98 % Date: 11/30/1997
Return: 8.01 % Date: 10/31/1997
Return: -10.77 % Date: 9/30/1997
Return: 20.93 % Date: 8/31/1997
Return: -13.34 % Date: 7/31/1997
Return: 13.78 % Date: 6/30/1997
Return: 10.81 % Date: 5/31/1997
Return: -7.12 % Date: 4/30/1997
Return: -0.66 % Date: 3/31/1997
Return: 4.03 % Date: 2/28/1997
Return: 6.43 % Date: 1/31/1997
Return: 3.58 % Date: 12/31/1996
Return: -15.76 % Date: 11/30/1996
Return: 44.58 % Date: 10/31/1996
Return: 15.36 % Date: 9/30/1996
Return: 74.44 % Date: 8/31/1996
Return: -0.90 % Date: 7/31/1996
Return: -3.43 % Date: 6/30/1996
Return: 1.49 % Date: 5/31/1996
Return: -11.27 % Date: 4/30/1996
Return: 9.91 % Date: 3/31/1996
Return: -3.80 % Date: 2/29/1996
Return: 13.08 % Date: 1/31/1996
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 01/96 - 02/17
Return: 9.00 %
Count: 2 Return: 24.00 %
Count: 1 Return: 30.00 %
Count: 1 Return: 12.00 %
Count: 1 Return: 19.00 %
Count: 1 Return: -2.00 %
Count: 11 Return: 20.00 %
Count: 1 Return: -14.00 %
Count: 1 Return: -5.00 %
Count: 8 Return: -12.00 %
Count: 4 Return: 18.00 %
Count: 3 Return: 46.00 %
Count: 2 Return: -15.00 %
Count: 1 Return: 5.00 %
Count: 3 Return: -8.00 %
Count: 7 Return: -10.00 %
Count: 3 Return: 17.00 %
Count: 3 Return: 7.00 %
Count: 3 Return: 31.00 %
Count: 1 Return: 3.00 %
Count: 11 Return: 2.00 %
Count: 8 Return: 16.00 %
Count: 3 Return: 32.00 %
Count: 1 Return: -9.00 %
Count: 6 Return: -6.00 %
Count: 7 Return: 8.00 %
Count: 5 Return: 21.00 %
Count: 2 Return: -13.00 %
Count: 2 Return: 14.00 %
Count: 4 Return: 11.00 %
Count: 2 Return: -7.00 %
Count: 7 Return: 6.00 %
Count: 4 Return: 4.00 %
Count: 10 Return: -16.00 %
Count: 3 Return: 45.00 %
Count: 1 Return: 15.00 %
Count: 1 Return: 74.00 %
Count: 1 Return: -1.00 %
Count: 25 Return: -3.00 %
Count: 21 Return: 1.00 %
Count: 21 Return: -11.00 %
Count: 3 Return: 10.00 %
Count: 2 Return: -4.00 %
Count: 14 Return: 13.00 %
Count: 7 Return: 0.00 %
Count: 26
Note: All performance data is since program inception.

Underwater Curve
Date Range: 01/96 - 02/17
Date: 2/28/2017
Drawdown: -57.63 % Date: 1/31/2017
Drawdown: -57.66 % Date: 12/31/2016
Drawdown: -55.36 % Date: 11/30/2016
Drawdown: -55.96 % Date: 10/31/2016
Drawdown: -55.46 % Date: 9/30/2016
Drawdown: -52.00 % Date: 8/31/2016
Drawdown: -47.16 % Date: 7/31/2016
Drawdown: -42.04 % Date: 6/30/2016
Drawdown: -41.76 % Date: 5/31/2016
Drawdown: -38.36 % Date: 4/30/2016
Drawdown: -36.63 % Date: 3/31/2016
Drawdown: -36.52 % Date: 2/29/2016
Drawdown: -29.20 % Date: 1/31/2016
Drawdown: -31.34 % Date: 12/31/2015
Drawdown: -32.21 % Date: 11/30/2015
Drawdown: -30.23 % Date: 10/31/2015
Drawdown: -30.70 % Date: 9/30/2015
Drawdown: -25.90 % Date: 8/31/2015
Drawdown: -24.28 % Date: 7/31/2015
Drawdown: -22.20 % Date: 6/30/2015
Drawdown: -22.02 % Date: 5/31/2015
Drawdown: -21.92 % Date: 4/30/2015
Drawdown: -21.27 % Date: 3/31/2015
Drawdown: -16.18 % Date: 2/28/2015
Drawdown: -11.44 % Date: 1/31/2015
Drawdown: -11.26 % Date: 12/31/2014
Drawdown: -12.33 % Date: 11/30/2014
Drawdown: -15.23 % Date: 10/31/2014
Drawdown: -16.06 % Date: 9/30/2014
Drawdown: -16.87 % Date: 8/31/2014
Drawdown: -22.91 % Date: 7/31/2014
Drawdown: -23.89 % Date: 6/30/2014
Drawdown: -33.26 % Date: 5/31/2014
Drawdown: -30.80 % Date: 4/30/2014
Drawdown: -24.98 % Date: 3/31/2014
Drawdown: -24.85 % Date: 2/28/2014
Drawdown: -18.49 % Date: 1/31/2014
Drawdown: -21.31 % Date: 12/31/2013
Drawdown: -17.94 % Date: 11/30/2013
Drawdown: -22.92 % Date: 10/31/2013
Drawdown: -24.39 % Date: 9/30/2013
Drawdown: -19.21 % Date: 8/31/2013
Drawdown: -22.00 % Date: 7/31/2013
Drawdown: -20.78 % Date: 6/30/2013
Drawdown: -18.51 % Date: 5/31/2013
Drawdown: -22.39 % Date: 4/30/2013
Drawdown: -22.55 % Date: 3/31/2013
Drawdown: -21.85 % Date: 2/28/2013
Drawdown: -21.87 % Date: 1/31/2013
Drawdown: -16.04 % Date: 12/31/2012
Drawdown: -17.26 % Date: 11/30/2012
Drawdown: -24.19 % Date: 10/31/2012
Drawdown: -22.76 % Date: 9/30/2012
Drawdown: -19.02 % Date: 8/31/2012
Drawdown: -13.97 % Date: 7/31/2012
Drawdown: -13.79 % Date: 6/30/2012
Drawdown: -11.37 % Date: 5/31/2012
Drawdown: -9.78 % Date: 4/30/2012
Drawdown: -15.15 % Date: 3/31/2012
Drawdown: -17.91 % Date: 2/29/2012
Drawdown: -27.06 % Date: 1/31/2012
Drawdown: -37.43 % Date: 12/31/2011
Drawdown: -35.18 % Date: 11/30/2011
Drawdown: -34.48 % Date: 10/31/2011
Drawdown: -34.23 % Date: 9/30/2011
Drawdown: -28.74 % Date: 8/31/2011
Drawdown: -34.66 % Date: 7/31/2011
Drawdown: -43.77 % Date: 6/30/2011
Drawdown: -46.51 % Date: 5/31/2011
Drawdown: -46.08 % Date: 4/30/2011
Drawdown: -45.38 % Date: 3/31/2011
Drawdown: -43.98 % Date: 2/28/2011
Drawdown: -43.85 % Date: 1/31/2011
Drawdown: -43.78 % Date: 12/31/2010
Drawdown: -42.13 % Date: 11/30/2010
Drawdown: -39.42 % Date: 10/31/2010
Drawdown: -31.40 % Date: 9/30/2010
Drawdown: -27.77 % Date: 8/31/2010
Drawdown: -25.17 % Date: 7/31/2010
Drawdown: -39.80 % Date: 6/30/2010
Drawdown: -36.88 % Date: 5/31/2010
Drawdown: -38.46 % Date: 4/30/2010
Drawdown: -38.69 % Date: 3/31/2010
Drawdown: -35.19 % Date: 2/28/2010
Drawdown: -32.60 % Date: 1/31/2010
Drawdown: -29.91 % Date: 12/31/2009
Drawdown: -30.55 % Date: 11/30/2009
Drawdown: -21.93 % Date: 10/31/2009
Drawdown: -31.19 % Date: 9/30/2009
Drawdown: -21.40 % Date: 8/31/2009
Drawdown: -26.15 % Date: 7/31/2009
Drawdown: -12.59 % Date: 6/30/2009
Drawdown: -11.60 % Date: 5/31/2009
Drawdown: -11.07 % Date: 4/30/2009
Drawdown: -3.42 % Date: 3/31/2009
Drawdown: -3.45 % Date: 2/28/2009
Drawdown: -2.90 % Date: 1/31/2009
Drawdown: 0.00 % Date: 12/31/2008
Drawdown: 0.00 % Date: 11/30/2008
Drawdown: 0.00 % Date: 10/31/2008
Drawdown: -0.26 % Date: 9/30/2008
Drawdown: 0.00 % Date: 8/31/2008
Drawdown: 0.00 % Date: 7/31/2008
Drawdown: -7.53 % Date: 6/30/2008
Drawdown: -6.42 % Date: 5/31/2008
Drawdown: -4.15 % Date: 4/30/2008
Drawdown: -3.46 % 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: -11.38 % Date: 10/31/2007
Drawdown: -24.77 % Date: 9/30/2007
Drawdown: -14.26 % Date: 8/31/2007
Drawdown: -24.55 % Date: 7/31/2007
Drawdown: -24.35 % Date: 6/30/2007
Drawdown: -23.90 % Date: 5/31/2007
Drawdown: -22.73 % Date: 4/30/2007
Drawdown: -22.14 % Date: 3/31/2007
Drawdown: -20.46 % Date: 2/28/2007
Drawdown: -19.93 % Date: 1/31/2007
Drawdown: -20.86 % Date: 12/31/2006
Drawdown: -22.04 % Date: 11/30/2006
Drawdown: -10.38 % Date: 10/31/2006
Drawdown: -23.56 % Date: 9/30/2006
Drawdown: -21.32 % Date: 8/31/2006
Drawdown: -13.62 % Date: 7/31/2006
Drawdown: -12.68 % Date: 6/30/2006
Drawdown: -11.28 % Date: 5/31/2006
Drawdown: -8.72 % Date: 4/30/2006
Drawdown: -9.05 % Date: 3/31/2006
Drawdown: -11.41 % Date: 2/28/2006
Drawdown: -4.68 % Date: 1/31/2006
Drawdown: -3.74 % Date: 12/31/2005
Drawdown: -1.87 % Date: 11/30/2005
Drawdown: 0.00 % Date: 10/31/2005
Drawdown: -1.16 % Date: 9/30/2005
Drawdown: -0.88 % Date: 8/31/2005
Drawdown: 0.00 % Date: 7/31/2005
Drawdown: 0.00 % Date: 6/30/2005
Drawdown: 0.00 % Date: 5/31/2005
Drawdown: 0.00 % Date: 4/30/2005
Drawdown: -6.94 % Date: 3/31/2005
Drawdown: -10.65 % Date: 2/28/2005
Drawdown: -9.24 % Date: 1/31/2005
Drawdown: -9.83 % Date: 12/31/2004
Drawdown: -4.94 % Date: 11/30/2004
Drawdown: -6.18 % Date: 10/31/2004
Drawdown: -8.61 % Date: 9/30/2004
Drawdown: -9.16 % Date: 8/31/2004
Drawdown: -6.34 % Date: 7/31/2004
Drawdown: -8.49 % Date: 6/30/2004
Drawdown: -7.63 % Date: 5/31/2004
Drawdown: 0.00 % Date: 4/30/2004
Drawdown: 0.00 % Date: 3/31/2004
Drawdown: -1.11 % Date: 2/29/2004
Drawdown: -3.44 % Date: 1/31/2004
Drawdown: -19.82 % Date: 12/31/2003
Drawdown: -11.64 % Date: 11/30/2003
Drawdown: -24.94 % Date: 10/31/2003
Drawdown: -21.69 % Date: 9/30/2003
Drawdown: -8.73 % Date: 8/31/2003
Drawdown: -7.98 % Date: 7/31/2003
Drawdown: -5.43 % Date: 6/30/2003
Drawdown: -4.51 % Date: 5/31/2003
Drawdown: 0.00 % Date: 4/30/2003
Drawdown: -4.75 % Date: 3/31/2003
Drawdown: -11.73 % Date: 2/28/2003
Drawdown: -0.26 % Date: 1/31/2003
Drawdown: -15.71 % Date: 12/31/2002
Drawdown: 0.00 % Date: 11/30/2002
Drawdown: -29.28 % Date: 10/31/2002
Drawdown: -26.33 % Date: 9/30/2002
Drawdown: -13.49 % Date: 8/31/2002
Drawdown: -9.44 % Date: 7/31/2002
Drawdown: -9.96 % Date: 6/30/2002
Drawdown: -12.96 % Date: 5/31/2002
Drawdown: -15.61 % Date: 4/30/2002
Drawdown: -19.47 % Date: 3/31/2002
Drawdown: -12.31 % Date: 2/28/2002
Drawdown: -21.12 % Date: 1/31/2002
Drawdown: -14.19 % Date: 12/31/2001
Drawdown: -11.03 % Date: 11/30/2001
Drawdown: -10.10 % Date: 10/31/2001
Drawdown: 0.00 % Date: 9/30/2001
Drawdown: -13.30 % Date: 8/31/2001
Drawdown: -8.12 % Date: 7/31/2001
Drawdown: -14.44 % Date: 6/30/2001
Drawdown: -14.69 % Date: 5/31/2001
Drawdown: -8.72 % Date: 4/30/2001
Drawdown: -10.23 % Date: 3/31/2001
Drawdown: 0.00 % Date: 2/28/2001
Drawdown: -3.12 % Date: 1/31/2001
Drawdown: -3.33 % Date: 12/31/2000
Drawdown: 0.00 % Date: 11/30/2000
Drawdown: 0.00 % Date: 10/31/2000
Drawdown: -3.31 % Date: 9/30/2000
Drawdown: 0.00 % Date: 8/31/2000
Drawdown: -0.34 % Date: 7/31/2000
Drawdown: -6.98 % Date: 6/30/2000
Drawdown: 0.00 % Date: 5/31/2000
Drawdown: 0.00 % Date: 4/30/2000
Drawdown: -21.55 % Date: 3/31/2000
Drawdown: -18.66 % Date: 2/29/2000
Drawdown: -10.61 % Date: 1/31/2000
Drawdown: -11.51 % Date: 12/31/1999
Drawdown: -11.11 % Date: 11/30/1999
Drawdown: -13.64 % Date: 10/31/1999
Drawdown: -14.07 % Date: 9/30/1999
Drawdown: -11.26 % Date: 8/31/1999
Drawdown: -7.14 % Date: 7/31/1999
Drawdown: 0.00 % Date: 6/30/1999
Drawdown: -1.07 % Date: 5/31/1999
Drawdown: -0.58 % Date: 4/30/1999
Drawdown: 0.00 % Date: 3/31/1999
Drawdown: 0.00 % Date: 2/28/1999
Drawdown: -6.66 % Date: 1/31/1999
Drawdown: -9.86 % Date: 12/31/1998
Drawdown: -6.86 % Date: 11/30/1998
Drawdown: -3.72 % Date: 10/31/1998
Drawdown: -4.28 % Date: 9/30/1998
Drawdown: 0.00 % Date: 8/31/1998
Drawdown: 0.00 % Date: 7/31/1998
Drawdown: -7.49 % Date: 6/30/1998
Drawdown: -6.31 % Date: 5/31/1998
Drawdown: -6.74 % Date: 4/30/1998
Drawdown: -17.37 % Date: 3/31/1998
Drawdown: -9.44 % Date: 2/28/1998
Drawdown: -5.86 % Date: 1/31/1998
Drawdown: 0.00 % Date: 12/31/1997
Drawdown: 0.00 % Date: 11/30/1997
Drawdown: -3.62 % Date: 10/31/1997
Drawdown: -10.77 % Date: 9/30/1997
Drawdown: 0.00 % Date: 8/31/1997
Drawdown: -13.34 % Date: 7/31/1997
Drawdown: 0.00 % Date: 6/30/1997
Drawdown: -1.23 % Date: 5/31/1997
Drawdown: -10.86 % Date: 4/30/1997
Drawdown: -4.03 % Date: 3/31/1997
Drawdown: -3.39 % Date: 2/28/1997
Drawdown: -7.13 % Date: 1/31/1997
Drawdown: -12.74 % Date: 12/31/1996
Drawdown: -15.76 % Date: 11/30/1996
Drawdown: 0.00 % Date: 10/31/1996
Drawdown: 0.00 % Date: 9/30/1996
Drawdown: 0.00 % Date: 8/31/1996
Drawdown: -13.82 % Date: 7/31/1996
Drawdown: -13.04 % Date: 6/30/1996
Drawdown: -9.95 % Date: 5/31/1996
Drawdown: -11.27 % Date: 4/30/1996
Drawdown: 0.00 % Date: 3/31/1996
Drawdown: -3.80 % Date: 2/29/1996
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

The performance information shown is a composite of the accounts traded under this program and does not reflect the performance of any single account. The performance information presented is on a pro-forma basis in that the percentage rate of return displayed is calculated using an annual management fee of 1.8% and an incentive fee of 25%. Brokerage fees and all other charges are included in all calculations as actually charged. As a result of the MF Global bankruptcy, certain client managed accounts were not fully under the control of the CTA and therefore were excluded in whole or in part from the monthly performance calculations beginning in November, 2011. For this program, 51 accounts have been excluded from performance calculations, representing $6,400,000 of assets under management, or 61% of total assets under management for this program as of October 31, 2011.

Percentage rates of return are calculated using the Fully Funded Subset Method except for the following periods: December 2003 and Apr 2004, where the percentage rate of return is calculated using the "Nominal Account Size Basis" method. Ongoing from May 1, 2004 percentage rates of return are calculated using the "Nominal Account Size Basis" method. In the Fully Funded subset method, rates of return are based solely on those accounts which at its inception contain an amount of actual funds equal to its Nominal Account Size. In both cases the rate is calculated for any period by dividing the Net Performance for the period by the Beginning Equity plus any time-weighted additions minus any time-weighted withdrawals made during the period.

Performance results of separately managed accounts may vary as a result of varying degrees of leverage, differing commissions and other fees, account size and portfolio composition, the timing of increases or decrease in trading level and the entry of orders, and other factors. Past performance is not necessarily indicative of future results. No representation is being made that any account in the future will or is likely to achieve profits or losses similar to those shown.

Manager Information
Manager Name:  Clarke Capital Management, Inc.
Address: 750 Pasquinelli Drive, Suite 220
City: Westmont
State: IL
Zip: 60559
Country: USA
Key People
Name:  David Wesolowicz
Position:  Principal
Biography: 

David G. Wesolowicz has served as Chief Financial Officer and Chief Compliance Officer for Clarke Capital Management since August, 2004. He graduated cum laude from Michigan State University in August, 1976 with a bachelor’s degree in Accounting and became a Certified Public Accountant in November, 1976. He was employed as a CPA from September, 1976 to April, 1981 for Coopers & Lybrand (n/k/a PriceWaterhouseCoopers) and Beatrice Foods. From April, 1981 to January, 1990, he traded both options and futures for his own account as a member of the Chicago Board Options Exchange and the Chicago Board of Trade and was a member of several exchange committees. From January, 1990 to May, 1990, Mr. Wesolowicz was involved in self-directed research of financial markets. From May, 1990 to August, 2004, Mr. Wesolowicz was president of Essex Trading Group, Ltd. and its affiliate, Essex Trading Company, Ltd., a leader in the research and development of trading systems and techniques. Essex Trading Group, Ltd. was registered as an Introducing Broker and both Essex Trading Group, Ltd. and Essex Trading Company, Ltd. were registered as Commodity Trading Advisors with the NFA. On September 3, 2004, Mr. Wesolowicz was registered as an Associated Person and on January 24, 2007, Mr. Wesolowicz was registered as a principal of Clarke Capital Management, Inc.


Name:  Michael Clarke
Position:  Director
Biography: 

Michael Clarke is the Chairman of the Board of Clarke Capital Management, Inc. Mr. Clarke's employment history is the following: The period 2/83 through 2/85 was spent as an independent contractor trading equities and options for Rice, Naegele & Associates of Chicago, a firm involved in private speculation. From 2/85 through 3/89, Mr. Clarke as an independent contractor traded equities and options in a firm account of Shatkin Investment Corp., then a clearing member of the Chicago Board Options Exchange. From 3/89 to 11/89, Mr. Clarke as an independent contractor traded equities and options in a firm account of French-American Securities, a private investment company based in Chicago. From 11/89 to December 9, 1993, Mr. Clarke was self-employed; developing methods to trade futures and other commodity interests and trading various personal accounts. From January, 2010 to May, 2012, Mr. Clarke served as the Chief Executive Officer of Clarke Capital Management, Inc. As of October 25, 1993, Mr. Clarke has been employed as an Associated Person and principal of Clarke Capital Management, Inc., a registered Commodity Trading Advisor. As of April 8th, 2011, Mr. Clarke has been employed as a branch office manager of Clarke Capital Management, Inc.


Name:  John O'Brien Jr.
Position:  Chief Executive Officer
Biography: 

John O'Brien Jr. is the Chief Executive Officer of Clarke Capital Management, Inc. Mr. O’Brien graduated from DePaul University in March, 2008 with a bachelor's degree in economics. Mr. O’Brien was employed as a floor broker and trader with R.J. O’Brien & Associates from June, 2003 to March, 2008. Mr. O’Brien was an Investment Analyst at O’Brien International, LLC (the parent company of Clarke Capital Management, Inc.), monitoring global macro-economic themes, performing due diligence on hedge funds and CTAs and investing the firm’s capital from March, 2008 until May, 2012. In May, 2012, Mr. O’Brien joined Clarke Capital Management, Inc. as Chief Executive Officer. Mr. O’Brien also serves as managing partner in Wag Holdings, LLC, a real estate investment group. On June 25, 2012, Mr. O'Brien was approved as a trading principal of Clarke Capital Management, Inc.


Name:  Andrew F. Owens
Position:  Director
Biography: 

Andrew F. Owens is the Information Technology Director for Clarke Capital Management. He graduated summa cum laude from Grove City College in May 1988 with a Bachelor of Science degree in Mathematics and Computer Science. From September 1988 to February 1990, Mr. Owens was a staff consultant for Andersen Consulting (n/k/a Accenture), an information systems consulting firm. From March 1990 to June 1991, Mr. Owens worked for Dominion Financial Group, Ltd., a commodity trading and research firm, as a systems programmer. He was employed by Roadway Package System (n/k/a FedEx Ground) as an applications developer from June 1991 to February 1992. From February 1992 to November 1994, Mr. Owens was the Manager of Information Systems at A.O. Management, a registered CTA, where he developed order generation, trade management, and research software. From November 1994 to August 1995, he was the Systems Manager for Federated Investors, specializing in the mutual fund firm’s 401(k) record-keeping and reporting software. From August 1995 to November 1996, Mr. Owens was Vice President at Grant Street Advisors, consultants to municipalities issuing and refunding municipal bonds, where he structured municipal bond refundings. In November 1996, he joined Dominion Capital Management, a registered CTA, where he was listed as Principal from December 2001, until his departure in July 2004. At Dominion, he served as Senior Vice President for Information Systems, developing short-term trading system software and automating back office operations. From July 2004 to October 2007, Mr. Owens was a Project Manager at Grant Street Group, a software development firm for government entities and financial institutions, designing and managing the installation of tax collection and billing systems for Florida county tax collectors. He was employed from October 2007 to December 2009 as the Information Systems Director for O’Brien International, LLC, a family wealth management office. From January 2010 to April 2011, Mr. Owens returned to Grant Street Group as an independent consultant, assisting with the management of Grant Street’s foreclosure auction website used by Florida county clerks of court. He has been employed at Clarke Capital Management as the Information Technology Director since April, 2011, and was registered as an Associated Person on March 16, 2012 and registered as a principal of Clarke Capital Management on November 6, 2013.


Additional Information

The Program Performance information presented in this and other areas of the www.managedfutures.com website was prepared by Altegris Clearing Solutions, LLC, an affiliate within the Altegris Group of Companies, based upon information provided by each respective manager of commodity futures and foreign currency trading programs tracked by Altegris Clearing Solutions and its affiliates. The Program Performance information does not contain opinion or analysis of Altegris Clearing Solutions or any of its affiliates, and the completeness and accuracy of performance information reported to Altegris Clearing Solutions cannot in all cases be independently verified. See “Additional Information” at the end of this page for further details regarding the presentation of performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.