Altegris Clearing Solutions Mulvaney Capital Management Ltd Global Diversified Program *QEP*
Monthly Performance (%)
Date Range: 04/99 - 04/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -6.33 9.23 -7.77 8.97 2.83
2016 5.94 10.75 -13.52 -2.84 -8.35 27.33 -1.01 -13.30 18.22 -10.77 -0.71 -5.05 -1.81
2015 6.93 -0.50 3.84 -7.98 4.13 -6.07 4.77 -9.23 6.15 -11.05 13.52 -2.10 -0.77
2014 -1.46 1.36 4.65 2.67 -4.47 2.37 2.25 9.33 17.69 -1.67 13.05 9.05 67.38
2013 10.46 7.39 9.29 9.73 0.13 -3.15 -4.03 -10.90 2.61 7.29 11.58 -1.24 43.11
2012 -3.75 0.78 5.21 -1.08 -0.90 -18.12 11.38 -6.26 -8.58 -15.07 -0.97 0.76 -33.74
2011 2.07 9.78 -4.62 6.07 -11.82 -7.41 11.15 1.59 -4.20 -14.14 12.05 -1.64 -5.26
2010 -3.84 -7.15 -5.15 2.02 -8.77 0.53 -12.03 14.59 16.46 22.29 -5.36 25.30 34.90
2009 1.60 -0.03 -3.36 -5.51 -1.30 -6.81 -0.53 10.85 1.32 -7.86 10.70 -3.19 -5.89
2008 21.65 28.86 -7.96 -8.58 5.35 8.51 -18.78 -6.73 11.58 45.49 6.97 5.30 108.87
2007 0.56 -5.18 -8.82 2.59 4.70 4.85 -16.89 -19.40 3.92 13.72 -8.59 8.47 -23.14
2006 11.09 -2.70 13.05 11.46 -4.27 -6.10 -5.20 1.95 1.00 -0.13 0.56 1.60 21.94
2005 -4.28 0.54 2.30 -9.28 -4.08 5.32 6.62 2.78 13.57 -5.64 15.27 8.35 32.34
2004 4.19 8.45 2.37 -11.50 -6.99 -0.73 -0.41 -6.21 7.76 0.76 9.63 -4.94 -0.10
2003 13.20 7.22 -12.83 1.45 7.64 -7.61 -6.33 0.07 6.66 15.32 -0.27 5.35 29.30
2002 0.00 0.00 -7.52 1.55 6.75 7.38 5.95 5.44 5.13 -7.73 -5.08 7.80 19.37
2001 -9.62 18.76 13.46 -15.25 -0.66 5.39 -1.26 0.00 0.00 0.00 0.00 0.00 6.69
2000 -5.02 2.52 -8.40 -0.27 6.97 1.55 -1.25 12.68 -4.36 1.96 9.05 8.90 24.51
1999 -0.29 -0.14 -2.22 2.13 -4.81 -4.80 7.01 4.84 1.09
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Mulvaney's proprietary trading program invests in futures contracts linked to commodities and financial assets listed on regulated exchanges around the world. The program invests in over 45 markets. The program takes a long-term approach to capturing trends and holds positions, on average, for six months. This long-term perspective reduces the likelihood of being shaken out of long-term trends by short-term price fluctuations. The trading is systematic and driven by objective market price data. It is designed to generate returns in all market conditions by taking long or short positions across a diversified range of futures.

Performance Statistics
Date Range: 04/99 - 04/17
  Program SP500 TR Altegris 40
Total Return 926.09% 161.66% 131.60%
Annualized Return 13.81% 5.46% 4.75%
Annualized Std. Deviation 31.27% 14.68% 10.16%
Correlation -0.18 0.67
Sharpe Ratio (rf=2.5%) 0.36 0.20 0.22
Worst Month -19.40% -16.79% -7.77%
Date of Worst Month 08/2007 10/2008 11/2001
Worst Drawdown -45.04% -50.95% -15.74%
Date of Worst Drawdown 4/11 - 11/12 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 04/99 - 04/17
Year or YTD Program SP500 TR Altegris 40
2017 2.83 7.17 -1.21
2016 -1.81 11.98 -3.13
2015 -0.77 1.41 0.09
2014 67.38 13.69 15.75
2013 43.11 32.41 -2.45
2012 -33.74 15.98 -4.75
2011 -5.26 2.12 -3.23
2010 34.90 15.06 11.33
2009 -5.89 26.45 -7.98
2008 108.87 -36.99 15.47
2007 -23.14 5.50 7.18
2006 21.94 15.79 6.70
2005 32.34 4.89 4.51
2004 -0.10 10.87 2.57
2003 29.30 28.69 15.99
2002 19.37 -22.10 15.22
2001 6.69 -11.88 5.39
2000 24.51 -9.09 10.63
1999 1.09 11.01 -0.26
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 04/99 - 04/17
Date: 4/30/2017
Perf: $2,247.03 Date: 3/31/2017
Perf: $2,260.60 Date: 2/28/2017
Perf: $2,294.09 Date: 1/31/2017
Perf: $2,245.14 Date: 12/31/2016
Perf: $2,274.49 Date: 11/30/2016
Perf: $2,257.33 Date: 10/31/2016
Perf: $2,282.44 Date: 9/30/2016
Perf: $2,342.88 Date: 8/31/2016
Perf: $2,373.50 Date: 7/31/2016
Perf: $2,439.11 Date: 6/30/2016
Perf: $2,414.49 Date: 5/31/2016
Perf: $2,316.05 Date: 4/30/2016
Perf: $2,357.31 Date: 3/31/2016
Perf: $2,418.00 Date: 2/29/2016
Perf: $2,489.44 Date: 1/31/2016
Perf: $2,429.67 Date: 12/31/2015
Perf: $2,347.97 Date: 11/30/2015
Perf: $2,403.24 Date: 10/31/2015
Perf: $2,323.99 Date: 9/30/2015
Perf: $2,365.15 Date: 8/31/2015
Perf: $2,314.91 Date: 7/31/2015
Perf: $2,355.67 Date: 6/30/2015
Perf: $2,267.02 Date: 5/31/2015
Perf: $2,391.38 Date: 4/30/2015
Perf: $2,408.72 Date: 3/31/2015
Perf: $2,505.43 Date: 2/28/2015
Perf: $2,451.26 Date: 1/31/2015
Perf: $2,455.18 Date: 12/31/2014
Perf: $2,345.87 Date: 11/30/2014
Perf: $2,305.29 Date: 10/31/2014
Perf: $2,175.83 Date: 9/30/2014
Perf: $2,144.31 Date: 8/31/2014
Perf: $2,112.83 Date: 7/31/2014
Perf: $2,027.08 Date: 6/30/2014
Perf: $2,043.43 Date: 5/31/2014
Perf: $2,026.01 Date: 4/30/2014
Perf: $1,975.44 Date: 3/31/2014
Perf: $1,960.54 Date: 2/28/2014
Perf: $1,989.99 Date: 1/31/2014
Perf: $1,973.80 Date: 12/31/2013
Perf: $2,026.70 Date: 11/30/2013
Perf: $2,029.54 Date: 10/31/2013
Perf: $1,993.46 Date: 9/30/2013
Perf: $1,948.83 Date: 8/31/2013
Perf: $1,960.59 Date: 7/31/2013
Perf: $1,998.97 Date: 6/30/2013
Perf: $2,016.52 Date: 5/31/2013
Perf: $2,095.96 Date: 4/30/2013
Perf: $2,190.13 Date: 3/31/2013
Perf: $2,135.05 Date: 2/28/2013
Perf: $2,104.74 Date: 1/31/2013
Perf: $2,117.02 Date: 12/31/2012
Perf: $2,077.54 Date: 11/30/2012
Perf: $2,067.41 Date: 10/31/2012
Perf: $2,061.64 Date: 9/30/2012
Perf: $2,139.08 Date: 8/31/2012
Perf: $2,174.96 Date: 7/31/2012
Perf: $2,204.95 Date: 6/30/2012
Perf: $2,118.31 Date: 5/31/2012
Perf: $2,201.07 Date: 4/30/2012
Perf: $2,160.03 Date: 3/31/2012
Perf: $2,147.15 Date: 2/29/2012
Perf: $2,197.02 Date: 1/31/2012
Perf: $2,188.05 Date: 12/31/2011
Perf: $2,181.07 Date: 11/30/2011
Perf: $2,160.33 Date: 10/31/2011
Perf: $2,153.87 Date: 9/30/2011
Perf: $2,242.68 Date: 8/31/2011
Perf: $2,244.02 Date: 7/31/2011
Perf: $2,248.52 Date: 6/30/2011
Perf: $2,170.60 Date: 5/31/2011
Perf: $2,228.54 Date: 4/30/2011
Perf: $2,312.96 Date: 3/31/2011
Perf: $2,226.14 Date: 2/28/2011
Perf: $2,260.73 Date: 1/31/2011
Perf: $2,222.94 Date: 12/31/2010
Perf: $2,253.82 Date: 11/30/2010
Perf: $2,161.11 Date: 10/31/2010
Perf: $2,240.42 Date: 9/30/2010
Perf: $2,156.74 Date: 8/31/2010
Perf: $2,118.19 Date: 7/31/2010
Perf: $2,033.98 Date: 6/30/2010
Perf: $2,060.56 Date: 5/31/2010
Perf: $2,052.76 Date: 4/30/2010
Perf: $2,103.67 Date: 3/31/2010
Perf: $2,071.76 Date: 2/28/2010
Perf: $1,992.66 Date: 1/31/2010
Perf: $1,974.10 Date: 12/31/2009
Perf: $2,024.51 Date: 11/30/2009
Perf: $2,108.86 Date: 10/31/2009
Perf: $2,027.17 Date: 9/30/2009
Perf: $2,080.43 Date: 8/31/2009
Perf: $2,032.06 Date: 7/31/2009
Perf: $2,025.38 Date: 6/30/2009
Perf: $2,027.61 Date: 5/31/2009
Perf: $2,083.02 Date: 4/30/2009
Perf: $2,054.67 Date: 3/31/2009
Perf: $2,124.12 Date: 2/28/2009
Perf: $2,184.64 Date: 1/31/2009
Perf: $2,185.73 Date: 12/31/2008
Perf: $2,200.03 Date: 11/30/2008
Perf: $2,144.91 Date: 10/31/2008
Perf: $2,068.98 Date: 9/30/2008
Perf: $1,967.64 Date: 8/31/2008
Perf: $1,963.52 Date: 7/31/2008
Perf: $2,017.38 Date: 6/30/2008
Perf: $2,114.44 Date: 5/31/2008
Perf: $2,059.45 Date: 4/30/2008
Perf: $2,017.88 Date: 3/31/2008
Perf: $2,041.36 Date: 2/29/2008
Perf: $2,050.38 Date: 1/31/2008
Perf: $1,939.99 Date: 12/31/2007
Perf: $1,905.32 Date: 11/30/2007
Perf: $1,909.71 Date: 10/31/2007
Perf: $1,922.20 Date: 9/30/2007
Perf: $1,842.78 Date: 8/31/2007
Perf: $1,760.56 Date: 7/31/2007
Perf: $1,828.77 Date: 6/30/2007
Perf: $1,887.08 Date: 5/31/2007
Perf: $1,834.08 Date: 4/30/2007
Perf: $1,770.86 Date: 3/31/2007
Perf: $1,699.48 Date: 2/28/2007
Perf: $1,740.20 Date: 1/31/2007
Perf: $1,808.00 Date: 12/31/2006
Perf: $1,777.61 Date: 11/30/2006
Perf: $1,719.49 Date: 10/31/2006
Perf: $1,678.37 Date: 9/30/2006
Perf: $1,660.11 Date: 8/31/2006
Perf: $1,677.89 Date: 7/31/2006
Perf: $1,659.31 Date: 6/30/2006
Perf: $1,684.23 Date: 5/31/2006
Perf: $1,707.63 Date: 4/30/2006
Perf: $1,754.11 Date: 3/31/2006
Perf: $1,712.33 Date: 2/28/2006
Perf: $1,667.64 Date: 1/31/2006
Perf: $1,697.86 Date: 12/31/2005
Perf: $1,666.04 Date: 11/30/2005
Perf: $1,696.75 Date: 10/31/2005
Perf: $1,626.95 Date: 9/30/2005
Perf: $1,624.35 Date: 8/31/2005
Perf: $1,599.72 Date: 7/31/2005
Perf: $1,591.13 Date: 6/30/2005
Perf: $1,590.17 Date: 5/31/2005
Perf: $1,537.74 Date: 4/30/2005
Perf: $1,491.64 Date: 3/31/2005
Perf: $1,529.11 Date: 2/28/2005
Perf: $1,537.72 Date: 1/31/2005
Perf: $1,527.18 Date: 12/31/2004
Perf: $1,594.13 Date: 11/30/2004
Perf: $1,588.89 Date: 10/31/2004
Perf: $1,507.34 Date: 9/30/2004
Perf: $1,457.50 Date: 8/31/2004
Perf: $1,438.08 Date: 7/31/2004
Perf: $1,448.08 Date: 6/30/2004
Perf: $1,464.77 Date: 5/31/2004
Perf: $1,514.76 Date: 4/30/2004
Perf: $1,539.23 Date: 3/31/2004
Perf: $1,641.33 Date: 2/29/2004
Perf: $1,657.57 Date: 1/31/2004
Perf: $1,569.07 Date: 12/31/2003
Perf: $1,554.15 Date: 11/30/2003
Perf: $1,489.65 Date: 10/31/2003
Perf: $1,494.13 Date: 9/30/2003
Perf: $1,461.26 Date: 8/31/2003
Perf: $1,468.01 Date: 7/31/2003
Perf: $1,454.34 Date: 6/30/2003
Perf: $1,487.97 Date: 5/31/2003
Perf: $1,526.28 Date: 4/30/2003
Perf: $1,441.65 Date: 3/31/2003
Perf: $1,420.77 Date: 2/28/2003
Perf: $1,506.96 Date: 1/31/2003
Perf: $1,422.07 Date: 12/31/2002
Perf: $1,339.93 Date: 11/30/2002
Perf: $1,263.01 Date: 10/31/2002
Perf: $1,298.86 Date: 9/30/2002
Perf: $1,369.82 Date: 8/31/2002
Perf: $1,309.45 Date: 7/31/2002
Perf: $1,278.64 Date: 6/30/2002
Perf: $1,213.82 Date: 5/31/2002
Perf: $1,115.23 Date: 4/30/2002
Perf: $1,087.08 Date: 3/31/2002
Perf: $1,113.35 Date: 2/28/2002
Perf: $1,116.59 Date: 1/31/2002
Perf: $1,148.99 Date: 12/31/2001
Perf: $1,162.95 Date: 11/30/2001
Perf: $1,138.91 Date: 10/31/2001
Perf: $1,234.86 Date: 9/30/2001
Perf: $1,183.73 Date: 8/31/2001
Perf: $1,148.36 Date: 7/31/2001
Perf: $1,115.02 Date: 6/30/2001
Perf: $1,112.57 Date: 5/31/2001
Perf: $1,124.95 Date: 4/30/2001
Perf: $1,124.61 Date: 3/31/2001
Perf: $1,198.43 Date: 2/28/2001
Perf: $1,125.50 Date: 1/31/2001
Perf: $1,114.91 Date: 12/31/2000
Perf: $1,103.43 Date: 11/30/2000
Perf: $1,019.52 Date: 10/31/2000
Perf: $959.46 Date: 9/30/2000
Perf: $939.82 Date: 8/31/2000
Perf: $956.46 Date: 7/31/2000
Perf: $937.16 Date: 6/30/2000
Perf: $953.95 Date: 5/31/2000
Perf: $968.97 Date: 4/30/2000
Perf: $955.87 Date: 3/31/2000
Perf: $970.53 Date: 2/29/2000
Perf: $995.21 Date: 1/31/2000
Perf: $1,006.48 Date: 12/31/1999
Perf: $997.40 Date: 11/30/1999
Perf: $984.70 Date: 10/31/1999
Perf: $965.96 Date: 9/30/1999
Perf: $1,010.63 Date: 8/31/1999
Perf: $1,007.11 Date: 7/31/1999
Perf: $1,001.10 Date: 6/30/1999
Perf: $1,008.97 Date: 5/31/1999
Perf: $983.40 Date: 4/30/1999
Perf: $1,000.00 Date: 4/30/2017
Perf: $2,519.10 Date: 3/31/2017
Perf: $2,493.42 Date: 2/28/2017
Perf: $2,490.43 Date: 1/31/2017
Perf: $2,395.34 Date: 12/31/2016
Perf: $2,350.67 Date: 11/30/2016
Perf: $2,305.03 Date: 10/31/2016
Perf: $2,222.79 Date: 9/30/2016
Perf: $2,264.00 Date: 8/31/2016
Perf: $2,263.54 Date: 7/31/2016
Perf: $2,260.38 Date: 6/30/2016
Perf: $2,179.94 Date: 5/31/2016
Perf: $2,174.29 Date: 4/30/2016
Perf: $2,135.84 Date: 3/31/2016
Perf: $2,127.54 Date: 2/29/2016
Perf: $1,992.46 Date: 1/31/2016
Perf: $1,995.05 Date: 12/31/2015
Perf: $2,099.17 Date: 11/30/2015
Perf: $2,132.87 Date: 10/31/2015
Perf: $2,126.49 Date: 9/30/2015
Perf: $1,960.98 Date: 8/31/2015
Perf: $2,010.64 Date: 7/31/2015
Perf: $2,139.67 Date: 6/30/2015
Perf: $2,095.66 Date: 5/31/2015
Perf: $2,137.12 Date: 4/30/2015
Perf: $2,109.90 Date: 3/31/2015
Perf: $2,089.84 Date: 2/28/2015
Perf: $2,123.39 Date: 1/31/2015
Perf: $2,007.93 Date: 12/31/2014
Perf: $2,070.03 Date: 11/30/2014
Perf: $2,075.22 Date: 10/31/2014
Perf: $2,020.86 Date: 9/30/2014
Perf: $1,972.72 Date: 8/31/2014
Perf: $2,000.73 Date: 7/31/2014
Perf: $1,923.78 Date: 6/30/2014
Perf: $1,950.70 Date: 5/31/2014
Perf: $1,911.14 Date: 4/30/2014
Perf: $1,867.26 Date: 3/31/2014
Perf: $1,853.54 Date: 2/28/2014
Perf: $1,838.10 Date: 1/31/2014
Perf: $1,757.77 Date: 12/31/2013
Perf: $1,820.77 Date: 11/30/2013
Perf: $1,775.84 Date: 10/31/2013
Perf: $1,723.28 Date: 9/30/2013
Perf: $1,647.50 Date: 8/31/2013
Perf: $1,597.34 Date: 7/31/2013
Perf: $1,645.05 Date: 6/30/2013
Perf: $1,565.37 Date: 5/31/2013
Perf: $1,586.63 Date: 4/30/2013
Perf: $1,550.35 Date: 3/31/2013
Perf: $1,521.00 Date: 2/28/2013
Perf: $1,466.02 Date: 1/31/2013
Perf: $1,446.35 Date: 12/31/2012
Perf: $1,375.12 Date: 11/30/2012
Perf: $1,362.72 Date: 10/31/2012
Perf: $1,354.86 Date: 9/30/2012
Perf: $1,380.40 Date: 8/31/2012
Perf: $1,345.68 Date: 7/31/2012
Perf: $1,316.07 Date: 6/30/2012
Perf: $1,298.03 Date: 5/31/2012
Perf: $1,246.66 Date: 4/30/2012
Perf: $1,326.38 Date: 3/31/2012
Perf: $1,334.79 Date: 2/29/2012
Perf: $1,292.27 Date: 1/31/2012
Perf: $1,238.76 Date: 12/31/2011
Perf: $1,185.64 Date: 11/30/2011
Perf: $1,173.67 Date: 10/31/2011
Perf: $1,176.26 Date: 9/30/2011
Perf: $1,060.36 Date: 8/31/2011
Perf: $1,140.54 Date: 7/31/2011
Perf: $1,206.03 Date: 6/30/2011
Perf: $1,231.02 Date: 5/31/2011
Perf: $1,251.93 Date: 4/30/2011
Perf: $1,266.23 Date: 3/31/2011
Perf: $1,229.83 Date: 2/28/2011
Perf: $1,229.34 Date: 1/31/2011
Perf: $1,188.57 Date: 12/31/2010
Perf: $1,161.05 Date: 11/30/2010
Perf: $1,088.35 Date: 10/31/2010
Perf: $1,088.24 Date: 9/30/2010
Perf: $1,048.30 Date: 8/31/2010
Perf: $962.45 Date: 7/31/2010
Perf: $1,007.91 Date: 6/30/2010
Perf: $941.88 Date: 5/31/2010
Perf: $993.86 Date: 4/30/2010
Perf: $1,080.17 Date: 3/31/2010
Perf: $1,063.37 Date: 2/28/2010
Perf: $1,002.89 Date: 1/31/2010
Perf: $972.74 Date: 12/31/2009
Perf: $1,009.06 Date: 11/30/2009
Perf: $989.96 Date: 10/31/2009
Perf: $933.92 Date: 9/30/2009
Perf: $951.62 Date: 8/31/2009
Perf: $917.40 Date: 7/31/2009
Perf: $885.44 Date: 6/30/2009
Perf: $823.20 Date: 5/31/2009
Perf: $821.56 Date: 4/30/2009
Perf: $778.07 Date: 3/31/2009
Perf: $710.11 Date: 2/28/2009
Perf: $652.91 Date: 1/31/2009
Perf: $730.74 Date: 12/31/2008
Perf: $798.01 Date: 11/30/2008
Perf: $789.64 Date: 10/31/2008
Perf: $850.72 Date: 9/30/2008
Perf: $1,022.38 Date: 8/31/2008
Perf: $1,122.38 Date: 7/31/2008
Perf: $1,106.34 Date: 6/30/2008
Perf: $1,115.71 Date: 5/31/2008
Perf: $1,218.43 Date: 4/30/2008
Perf: $1,202.79 Date: 3/31/2008
Perf: $1,146.93 Date: 2/29/2008
Perf: $1,151.89 Date: 1/31/2008
Perf: $1,190.58 Date: 12/31/2007
Perf: $1,266.58 Date: 11/30/2007
Perf: $1,275.38 Date: 10/31/2007
Perf: $1,331.01 Date: 9/30/2007
Perf: $1,310.18 Date: 8/31/2007
Perf: $1,262.95 Date: 7/31/2007
Perf: $1,244.28 Date: 6/30/2007
Perf: $1,284.09 Date: 5/31/2007
Perf: $1,305.77 Date: 4/30/2007
Perf: $1,261.73 Date: 3/31/2007
Perf: $1,208.21 Date: 2/28/2007
Perf: $1,194.83 Date: 1/31/2007
Perf: $1,218.71 Date: 12/31/2006
Perf: $1,200.58 Date: 11/30/2006
Perf: $1,184.01 Date: 10/31/2006
Perf: $1,161.93 Date: 9/30/2006
Perf: $1,125.25 Date: 8/31/2006
Perf: $1,096.95 Date: 7/31/2006
Perf: $1,071.45 Date: 6/30/2006
Perf: $1,064.84 Date: 5/31/2006
Perf: $1,063.35 Date: 4/30/2006
Perf: $1,094.89 Date: 3/31/2006
Perf: $1,080.41 Date: 2/28/2006
Perf: $1,067.18 Date: 1/31/2006
Perf: $1,064.30 Date: 12/31/2005
Perf: $1,036.83 Date: 11/30/2005
Perf: $1,036.52 Date: 10/31/2005
Perf: $998.76 Date: 9/30/2005
Perf: $1,015.73 Date: 8/31/2005
Perf: $1,007.56 Date: 7/31/2005
Perf: $1,016.82 Date: 6/30/2005
Perf: $980.35 Date: 5/31/2005
Perf: $978.98 Date: 4/30/2005
Perf: $948.81 Date: 3/31/2005
Perf: $967.18 Date: 2/28/2005
Perf: $984.61 Date: 1/31/2005
Perf: $964.36 Date: 12/31/2004
Perf: $988.48 Date: 11/30/2004
Perf: $955.97 Date: 10/31/2004
Perf: $918.76 Date: 9/30/2004
Perf: $904.92 Date: 8/31/2004
Perf: $895.25 Date: 7/31/2004
Perf: $891.68 Date: 6/30/2004
Perf: $922.21 Date: 5/31/2004
Perf: $904.66 Date: 4/30/2004
Perf: $892.43 Date: 3/31/2004
Perf: $906.67 Date: 2/29/2004
Perf: $920.57 Date: 1/31/2004
Perf: $907.95 Date: 12/31/2003
Perf: $891.54 Date: 11/30/2003
Perf: $847.15 Date: 10/31/2003
Perf: $839.76 Date: 9/30/2003
Perf: $794.78 Date: 8/31/2003
Perf: $803.29 Date: 7/31/2003
Perf: $787.93 Date: 6/30/2003
Perf: $774.30 Date: 5/31/2003
Perf: $764.51 Date: 4/30/2003
Perf: $726.24 Date: 3/31/2003
Perf: $670.95 Date: 2/28/2003
Perf: $664.51 Date: 1/31/2003
Perf: $674.63 Date: 12/31/2002
Perf: $692.78 Date: 11/30/2002
Perf: $735.98 Date: 10/31/2002
Perf: $695.04 Date: 9/30/2002
Perf: $638.83 Date: 8/31/2002
Perf: $716.74 Date: 7/31/2002
Perf: $712.04 Date: 6/30/2002
Perf: $772.27 Date: 5/31/2002
Perf: $831.47 Date: 4/30/2002
Perf: $837.67 Date: 3/31/2002
Perf: $891.71 Date: 2/28/2002
Perf: $859.40 Date: 1/31/2002
Perf: $876.31 Date: 12/31/2001
Perf: $889.29 Date: 11/30/2001
Perf: $881.54 Date: 10/31/2001
Perf: $818.74 Date: 9/30/2001
Perf: $803.39 Date: 8/31/2001
Perf: $874.01 Date: 7/31/2001
Perf: $932.38 Date: 6/30/2001
Perf: $941.61 Date: 5/31/2001
Perf: $965.06 Date: 4/30/2001
Perf: $958.64 Date: 3/31/2001
Perf: $889.52 Date: 2/28/2001
Perf: $949.74 Date: 1/31/2001
Perf: $1,045.04 Date: 12/31/2000
Perf: $1,009.22 Date: 11/30/2000
Perf: $1,004.30 Date: 10/31/2000
Perf: $1,090.20 Date: 9/30/2000
Perf: $1,094.80 Date: 8/31/2000
Perf: $1,155.83 Date: 7/31/2000
Perf: $1,088.25 Date: 6/30/2000
Perf: $1,105.49 Date: 5/31/2000
Perf: $1,078.85 Date: 4/30/2000
Perf: $1,101.43 Date: 3/31/2000
Perf: $1,135.61 Date: 2/29/2000
Perf: $1,034.44 Date: 1/31/2000
Perf: $1,054.37 Date: 12/31/1999
Perf: $1,110.09 Date: 11/30/1999
Perf: $1,048.35 Date: 10/31/1999
Perf: $1,027.49 Date: 9/30/1999
Perf: $966.32 Date: 8/31/1999
Perf: $993.54 Date: 7/31/1999
Perf: $998.44 Date: 6/30/1999
Perf: $1,030.59 Date: 5/31/1999
Perf: $976.40 Date: 4/30/1999
Perf: $1,000.00 Date: 4/30/2017
Perf: $10,260.93 Date: 3/31/2017
Perf: $9,416.29 Date: 2/28/2017
Perf: $10,209.57 Date: 1/31/2017
Perf: $9,346.86 Date: 12/31/2016
Perf: $9,978.50 Date: 11/30/2016
Perf: $10,509.21 Date: 10/31/2016
Perf: $10,584.36 Date: 9/30/2016
Perf: $11,861.89 Date: 8/31/2016
Perf: $10,033.74 Date: 7/31/2016
Perf: $11,572.94 Date: 6/30/2016
Perf: $11,691.02 Date: 5/31/2016
Perf: $9,181.67 Date: 4/30/2016
Perf: $10,018.19 Date: 3/31/2016
Perf: $10,311.02 Date: 2/29/2016
Perf: $11,923.01 Date: 1/31/2016
Perf: $10,765.70 Date: 12/31/2015
Perf: $10,162.07 Date: 11/30/2015
Perf: $10,380.05 Date: 10/31/2015
Perf: $9,143.81 Date: 9/30/2015
Perf: $10,279.72 Date: 8/31/2015
Perf: $9,684.14 Date: 7/31/2015
Perf: $10,668.88 Date: 6/30/2015
Perf: $10,183.15 Date: 5/31/2015
Perf: $10,841.21 Date: 4/30/2015
Perf: $10,411.22 Date: 3/31/2015
Perf: $11,314.09 Date: 2/28/2015
Perf: $10,895.69 Date: 1/31/2015
Perf: $10,950.45 Date: 12/31/2014
Perf: $10,240.76 Date: 11/30/2014
Perf: $9,390.89 Date: 10/31/2014
Perf: $8,306.84 Date: 9/30/2014
Perf: $8,447.92 Date: 8/31/2014
Perf: $7,178.11 Date: 7/31/2014
Perf: $6,565.55 Date: 6/30/2014
Perf: $6,421.07 Date: 5/31/2014
Perf: $6,272.42 Date: 4/30/2014
Perf: $6,565.91 Date: 3/31/2014
Perf: $6,395.16 Date: 2/28/2014
Perf: $6,111.00 Date: 1/31/2014
Perf: $6,029.01 Date: 12/31/2013
Perf: $6,118.34 Date: 11/30/2013
Perf: $6,195.16 Date: 10/31/2013
Perf: $5,552.21 Date: 9/30/2013
Perf: $5,174.96 Date: 8/31/2013
Perf: $5,043.32 Date: 7/31/2013
Perf: $5,660.30 Date: 6/30/2013
Perf: $5,897.99 Date: 5/31/2013
Perf: $6,089.81 Date: 4/30/2013
Perf: $6,081.91 Date: 3/31/2013
Perf: $5,542.61 Date: 2/28/2013
Perf: $5,071.47 Date: 1/31/2013
Perf: $4,722.48 Date: 12/31/2012
Perf: $4,275.29 Date: 11/30/2012
Perf: $4,243.04 Date: 10/31/2012
Perf: $4,284.60 Date: 9/30/2012
Perf: $5,044.86 Date: 8/31/2012
Perf: $5,518.33 Date: 7/31/2012
Perf: $5,886.85 Date: 6/30/2012
Perf: $5,285.37 Date: 5/31/2012
Perf: $6,455.02 Date: 4/30/2012
Perf: $6,513.65 Date: 3/31/2012
Perf: $6,584.76 Date: 2/29/2012
Perf: $6,258.69 Date: 1/31/2012
Perf: $6,210.25 Date: 12/31/2011
Perf: $6,452.20 Date: 11/30/2011
Perf: $6,559.78 Date: 10/31/2011
Perf: $5,854.34 Date: 9/30/2011
Perf: $6,818.47 Date: 8/31/2011
Perf: $7,117.40 Date: 7/31/2011
Perf: $7,006.00 Date: 6/30/2011
Perf: $6,303.20 Date: 5/31/2011
Perf: $6,807.64 Date: 4/30/2011
Perf: $7,720.17 Date: 3/31/2011
Perf: $7,278.37 Date: 2/28/2011
Perf: $7,630.92 Date: 1/31/2011
Perf: $6,951.10 Date: 12/31/2010
Perf: $6,810.13 Date: 11/30/2010
Perf: $5,435.06 Date: 10/31/2010
Perf: $5,742.88 Date: 9/30/2010
Perf: $4,696.11 Date: 8/31/2010
Perf: $4,032.38 Date: 7/31/2010
Perf: $3,518.97 Date: 6/30/2010
Perf: $4,000.19 Date: 5/31/2010
Perf: $3,979.10 Date: 4/30/2010
Perf: $4,361.61 Date: 3/31/2010
Perf: $4,275.25 Date: 2/28/2010
Perf: $4,507.38 Date: 1/31/2010
Perf: $4,854.48 Date: 12/31/2009
Perf: $5,048.34 Date: 11/30/2009
Perf: $5,214.68 Date: 10/31/2009
Perf: $4,710.64 Date: 9/30/2009
Perf: $5,112.49 Date: 8/31/2009
Perf: $5,045.88 Date: 7/31/2009
Perf: $4,551.99 Date: 6/30/2009
Perf: $4,576.24 Date: 5/31/2009
Perf: $4,910.66 Date: 4/30/2009
Perf: $4,975.34 Date: 3/31/2009
Perf: $5,265.47 Date: 2/28/2009
Perf: $5,448.54 Date: 1/31/2009
Perf: $5,450.17 Date: 12/31/2008
Perf: $5,364.34 Date: 11/30/2008
Perf: $5,094.34 Date: 10/31/2008
Perf: $4,762.40 Date: 9/30/2008
Perf: $3,273.35 Date: 8/31/2008
Perf: $2,933.64 Date: 7/31/2008
Perf: $3,145.32 Date: 6/30/2008
Perf: $3,872.59 Date: 5/31/2008
Perf: $3,568.88 Date: 4/30/2008
Perf: $3,387.64 Date: 3/31/2008
Perf: $3,705.58 Date: 2/29/2008
Perf: $4,026.05 Date: 1/31/2008
Perf: $3,124.36 Date: 12/31/2007
Perf: $2,568.32 Date: 11/30/2007
Perf: $2,367.77 Date: 10/31/2007
Perf: $2,590.28 Date: 9/30/2007
Perf: $2,277.77 Date: 8/31/2007
Perf: $2,191.85 Date: 7/31/2007
Perf: $2,719.41 Date: 6/30/2007
Perf: $3,272.06 Date: 5/31/2007
Perf: $3,120.71 Date: 4/30/2007
Perf: $2,980.62 Date: 3/31/2007
Perf: $2,905.37 Date: 2/28/2007
Perf: $3,186.41 Date: 1/31/2007
Perf: $3,360.49 Date: 12/31/2006
Perf: $3,341.77 Date: 11/30/2006
Perf: $3,289.14 Date: 10/31/2006
Perf: $3,270.83 Date: 9/30/2006
Perf: $3,275.09 Date: 8/31/2006
Perf: $3,242.66 Date: 7/31/2006
Perf: $3,180.64 Date: 6/30/2006
Perf: $3,355.10 Date: 5/31/2006
Perf: $3,573.06 Date: 4/30/2006
Perf: $3,732.43 Date: 3/31/2006
Perf: $3,348.68 Date: 2/28/2006
Perf: $2,962.12 Date: 1/31/2006
Perf: $3,044.32 Date: 12/31/2005
Perf: $2,740.40 Date: 11/30/2005
Perf: $2,529.22 Date: 10/31/2005
Perf: $2,194.17 Date: 9/30/2005
Perf: $2,325.31 Date: 8/31/2005
Perf: $2,047.47 Date: 7/31/2005
Perf: $1,992.09 Date: 6/30/2005
Perf: $1,868.40 Date: 5/31/2005
Perf: $1,774.03 Date: 4/30/2005
Perf: $1,849.48 Date: 3/31/2005
Perf: $2,038.67 Date: 2/28/2005
Perf: $1,992.84 Date: 1/31/2005
Perf: $1,982.13 Date: 12/31/2004
Perf: $2,070.76 Date: 11/30/2004
Perf: $2,178.37 Date: 10/31/2004
Perf: $1,987.02 Date: 9/30/2004
Perf: $1,972.04 Date: 8/31/2004
Perf: $1,830.03 Date: 7/31/2004
Perf: $1,951.20 Date: 6/30/2004
Perf: $1,959.23 Date: 5/31/2004
Perf: $1,973.64 Date: 4/30/2004
Perf: $2,121.96 Date: 3/31/2004
Perf: $2,397.70 Date: 2/29/2004
Perf: $2,342.19 Date: 1/31/2004
Perf: $2,159.69 Date: 12/31/2003
Perf: $2,072.84 Date: 11/30/2003
Perf: $1,967.58 Date: 10/31/2003
Perf: $1,972.90 Date: 9/30/2003
Perf: $1,710.81 Date: 8/31/2003
Perf: $1,603.98 Date: 7/31/2003
Perf: $1,602.86 Date: 6/30/2003
Perf: $1,711.18 Date: 5/31/2003
Perf: $1,852.12 Date: 4/30/2003
Perf: $1,720.66 Date: 3/31/2003
Perf: $1,696.07 Date: 2/28/2003
Perf: $1,945.71 Date: 1/31/2003
Perf: $1,814.69 Date: 12/31/2002
Perf: $1,603.08 Date: 11/30/2002
Perf: $1,487.09 Date: 10/31/2002
Perf: $1,566.67 Date: 9/30/2002
Perf: $1,697.92 Date: 8/31/2002
Perf: $1,615.07 Date: 7/31/2002
Perf: $1,531.74 Date: 6/30/2002
Perf: $1,445.72 Date: 5/31/2002
Perf: $1,346.36 Date: 4/30/2002
Perf: $1,261.23 Date: 3/31/2002
Perf: $1,241.98 Date: 2/28/2002
Perf: $1,342.97 Date: 1/31/2002
Perf: $1,342.97 Date: 12/31/2001
Perf: $1,342.97 Date: 11/30/2001
Perf: $1,342.97 Date: 10/31/2001
Perf: $1,342.97 Date: 9/30/2001
Perf: $1,342.97 Date: 8/31/2001
Perf: $1,342.97 Date: 7/31/2001
Perf: $1,342.97 Date: 6/30/2001
Perf: $1,360.11 Date: 5/31/2001
Perf: $1,290.55 Date: 4/30/2001
Perf: $1,299.12 Date: 3/31/2001
Perf: $1,532.88 Date: 2/28/2001
Perf: $1,351.04 Date: 1/31/2001
Perf: $1,137.62 Date: 12/31/2000
Perf: $1,258.71 Date: 11/30/2000
Perf: $1,155.84 Date: 10/31/2000
Perf: $1,059.91 Date: 9/30/2000
Perf: $1,039.54 Date: 8/31/2000
Perf: $1,086.93 Date: 7/31/2000
Perf: $964.62 Date: 6/30/2000
Perf: $976.83 Date: 5/31/2000
Perf: $961.92 Date: 4/30/2000
Perf: $899.24 Date: 3/31/2000
Perf: $901.67 Date: 2/29/2000
Perf: $984.36 Date: 1/31/2000
Perf: $960.16 Date: 12/31/1999
Perf: $1,010.91 Date: 11/30/1999
Perf: $964.24 Date: 10/31/1999
Perf: $901.08 Date: 9/30/1999
Perf: $946.51 Date: 8/31/1999
Perf: $994.34 Date: 7/31/1999
Perf: $973.60 Date: 6/30/1999
Perf: $995.70 Date: 5/31/1999
Perf: $997.10 Date: 4/30/1999
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 04/99 - 04/17
Date: 4/30/2017
Return: 8.97 % Date: 3/31/2017
Return: -7.77 % Date: 2/28/2017
Return: 9.23 % Date: 1/31/2017
Return: -6.33 % Date: 12/31/2016
Return: -5.05 % Date: 11/30/2016
Return: -0.71 % Date: 10/31/2016
Return: -10.77 % Date: 9/30/2016
Return: 18.22 % Date: 8/31/2016
Return: -13.30 % Date: 7/31/2016
Return: -1.01 % Date: 6/30/2016
Return: 27.33 % Date: 5/31/2016
Return: -8.35 % Date: 4/30/2016
Return: -2.84 % Date: 3/31/2016
Return: -13.52 % Date: 2/29/2016
Return: 10.75 % Date: 1/31/2016
Return: 5.94 % Date: 12/31/2015
Return: -2.10 % Date: 11/30/2015
Return: 13.52 % Date: 10/31/2015
Return: -11.05 % Date: 9/30/2015
Return: 6.15 % Date: 8/31/2015
Return: -9.23 % Date: 7/31/2015
Return: 4.77 % Date: 6/30/2015
Return: -6.07 % Date: 5/31/2015
Return: 4.13 % Date: 4/30/2015
Return: -7.98 % Date: 3/31/2015
Return: 3.84 % Date: 2/28/2015
Return: -0.50 % Date: 1/31/2015
Return: 6.93 % Date: 12/31/2014
Return: 9.05 % Date: 11/30/2014
Return: 13.05 % Date: 10/31/2014
Return: -1.67 % Date: 9/30/2014
Return: 17.69 % Date: 8/31/2014
Return: 9.33 % Date: 7/31/2014
Return: 2.25 % Date: 6/30/2014
Return: 2.37 % Date: 5/31/2014
Return: -4.47 % Date: 4/30/2014
Return: 2.67 % Date: 3/31/2014
Return: 4.65 % Date: 2/28/2014
Return: 1.36 % Date: 1/31/2014
Return: -1.46 % Date: 12/31/2013
Return: -1.24 % Date: 11/30/2013
Return: 11.58 % Date: 10/31/2013
Return: 7.29 % Date: 9/30/2013
Return: 2.61 % Date: 8/31/2013
Return: -10.90 % Date: 7/31/2013
Return: -4.03 % Date: 6/30/2013
Return: -3.15 % Date: 5/31/2013
Return: 0.13 % Date: 4/30/2013
Return: 9.73 % Date: 3/31/2013
Return: 9.29 % Date: 2/28/2013
Return: 7.39 % Date: 1/31/2013
Return: 10.46 % Date: 12/31/2012
Return: 0.76 % Date: 11/30/2012
Return: -0.97 % Date: 10/31/2012
Return: -15.07 % Date: 9/30/2012
Return: -8.58 % Date: 8/31/2012
Return: -6.26 % Date: 7/31/2012
Return: 11.38 % Date: 6/30/2012
Return: -18.12 % Date: 5/31/2012
Return: -0.90 % Date: 4/30/2012
Return: -1.08 % Date: 3/31/2012
Return: 5.21 % Date: 2/29/2012
Return: 0.78 % Date: 1/31/2012
Return: -3.75 % Date: 12/31/2011
Return: -1.64 % Date: 11/30/2011
Return: 12.05 % Date: 10/31/2011
Return: -14.14 % Date: 9/30/2011
Return: -4.20 % Date: 8/31/2011
Return: 1.59 % Date: 7/31/2011
Return: 11.15 % Date: 6/30/2011
Return: -7.41 % Date: 5/31/2011
Return: -11.82 % Date: 4/30/2011
Return: 6.07 % Date: 3/31/2011
Return: -4.62 % Date: 2/28/2011
Return: 9.78 % Date: 1/31/2011
Return: 2.07 % Date: 12/31/2010
Return: 25.30 % Date: 11/30/2010
Return: -5.36 % Date: 10/31/2010
Return: 22.29 % Date: 9/30/2010
Return: 16.46 % Date: 8/31/2010
Return: 14.59 % Date: 7/31/2010
Return: -12.03 % Date: 6/30/2010
Return: 0.53 % Date: 5/31/2010
Return: -8.77 % Date: 4/30/2010
Return: 2.02 % Date: 3/31/2010
Return: -5.15 % Date: 2/28/2010
Return: -7.15 % Date: 1/31/2010
Return: -3.84 % Date: 12/31/2009
Return: -3.19 % Date: 11/30/2009
Return: 10.70 % Date: 10/31/2009
Return: -7.86 % Date: 9/30/2009
Return: 1.32 % Date: 8/31/2009
Return: 10.85 % Date: 7/31/2009
Return: -0.53 % Date: 6/30/2009
Return: -6.81 % Date: 5/31/2009
Return: -1.30 % Date: 4/30/2009
Return: -5.51 % Date: 3/31/2009
Return: -3.36 % Date: 2/28/2009
Return: -0.03 % Date: 1/31/2009
Return: 1.60 % Date: 12/31/2008
Return: 5.30 % Date: 11/30/2008
Return: 6.97 % Date: 10/31/2008
Return: 45.49 % Date: 9/30/2008
Return: 11.58 % Date: 8/31/2008
Return: -6.73 % Date: 7/31/2008
Return: -18.78 % Date: 6/30/2008
Return: 8.51 % Date: 5/31/2008
Return: 5.35 % Date: 4/30/2008
Return: -8.58 % Date: 3/31/2008
Return: -7.96 % Date: 2/29/2008
Return: 28.86 % Date: 1/31/2008
Return: 21.65 % Date: 12/31/2007
Return: 8.47 % Date: 11/30/2007
Return: -8.59 % Date: 10/31/2007
Return: 13.72 % Date: 9/30/2007
Return: 3.92 % Date: 8/31/2007
Return: -19.40 % Date: 7/31/2007
Return: -16.89 % Date: 6/30/2007
Return: 4.85 % Date: 5/31/2007
Return: 4.70 % Date: 4/30/2007
Return: 2.59 % Date: 3/31/2007
Return: -8.82 % Date: 2/28/2007
Return: -5.18 % Date: 1/31/2007
Return: 0.56 % Date: 12/31/2006
Return: 1.60 % Date: 11/30/2006
Return: 0.56 % Date: 10/31/2006
Return: -0.13 % Date: 9/30/2006
Return: 1.00 % Date: 8/31/2006
Return: 1.95 % Date: 7/31/2006
Return: -5.20 % Date: 6/30/2006
Return: -6.10 % Date: 5/31/2006
Return: -4.27 % Date: 4/30/2006
Return: 11.46 % Date: 3/31/2006
Return: 13.05 % Date: 2/28/2006
Return: -2.70 % Date: 1/31/2006
Return: 11.09 % Date: 12/31/2005
Return: 8.35 % Date: 11/30/2005
Return: 15.27 % Date: 10/31/2005
Return: -5.64 % Date: 9/30/2005
Return: 13.57 % Date: 8/31/2005
Return: 2.78 % Date: 7/31/2005
Return: 6.62 % Date: 6/30/2005
Return: 5.32 % Date: 5/31/2005
Return: -4.08 % Date: 4/30/2005
Return: -9.28 % Date: 3/31/2005
Return: 2.30 % Date: 2/28/2005
Return: 0.54 % Date: 1/31/2005
Return: -4.28 % Date: 12/31/2004
Return: -4.94 % Date: 11/30/2004
Return: 9.63 % Date: 10/31/2004
Return: 0.76 % Date: 9/30/2004
Return: 7.76 % Date: 8/31/2004
Return: -6.21 % Date: 7/31/2004
Return: -0.41 % Date: 6/30/2004
Return: -0.73 % Date: 5/31/2004
Return: -6.99 % Date: 4/30/2004
Return: -11.50 % Date: 3/31/2004
Return: 2.37 % Date: 2/29/2004
Return: 8.45 % Date: 1/31/2004
Return: 4.19 % Date: 12/31/2003
Return: 5.35 % Date: 11/30/2003
Return: -0.27 % Date: 10/31/2003
Return: 15.32 % Date: 9/30/2003
Return: 6.66 % Date: 8/31/2003
Return: 0.07 % Date: 7/31/2003
Return: -6.33 % Date: 6/30/2003
Return: -7.61 % Date: 5/31/2003
Return: 7.64 % Date: 4/30/2003
Return: 1.45 % Date: 3/31/2003
Return: -12.83 % Date: 2/28/2003
Return: 7.22 % Date: 1/31/2003
Return: 13.20 % Date: 12/31/2002
Return: 7.80 % Date: 11/30/2002
Return: -5.08 % Date: 10/31/2002
Return: -7.73 % Date: 9/30/2002
Return: 5.13 % Date: 8/31/2002
Return: 5.44 % Date: 7/31/2002
Return: 5.95 % Date: 6/30/2002
Return: 7.38 % Date: 5/31/2002
Return: 6.75 % Date: 4/30/2002
Return: 1.55 % Date: 3/31/2002
Return: -7.52 % Date: 2/28/2002
Return: 0.00 % Date: 1/31/2002
Return: 0.00 % Date: 12/31/2001
Return: 0.00 % Date: 11/30/2001
Return: 0.00 % Date: 10/31/2001
Return: 0.00 % Date: 9/30/2001
Return: 0.00 % Date: 8/31/2001
Return: 0.00 % Date: 7/31/2001
Return: -1.26 % Date: 6/30/2001
Return: 5.39 % Date: 5/31/2001
Return: -0.66 % Date: 4/30/2001
Return: -15.25 % Date: 3/31/2001
Return: 13.46 % Date: 2/28/2001
Return: 18.76 % Date: 1/31/2001
Return: -9.62 % Date: 12/31/2000
Return: 8.90 % Date: 11/30/2000
Return: 9.05 % Date: 10/31/2000
Return: 1.96 % Date: 9/30/2000
Return: -4.36 % Date: 8/31/2000
Return: 12.68 % Date: 7/31/2000
Return: -1.25 % Date: 6/30/2000
Return: 1.55 % Date: 5/31/2000
Return: 6.97 % Date: 4/30/2000
Return: -0.27 % Date: 3/31/2000
Return: -8.40 % Date: 2/29/2000
Return: 2.52 % Date: 1/31/2000
Return: -5.02 % Date: 12/31/1999
Return: 4.84 % Date: 11/30/1999
Return: 7.01 % Date: 10/31/1999
Return: -4.80 % Date: 9/30/1999
Return: -4.81 % Date: 8/31/1999
Return: 2.13 % Date: 7/31/1999
Return: -2.22 % Date: 6/30/1999
Return: -0.14 % Date: 5/31/1999
Return: -0.29 % Date: 4/30/1999
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 04/99 - 04/17
Return: 27.00 %
Count: 1 Return: 18.00 %
Count: 2 Return: -11.00 %
Count: 3 Return: -18.00 %
Count: 1 Return: -14.00 %
Count: 2 Return: 25.00 %
Count: 1 Return: 16.00 %
Count: 1 Return: 45.00 %
Count: 1 Return: 12.00 %
Count: 3 Return: 29.00 %
Count: 1 Return: 22.00 %
Count: 2 Return: -19.00 %
Count: 2 Return: -17.00 %
Count: 1 Return: -3.00 %
Count: 5 Return: 11.00 %
Count: 7 Return: 14.00 %
Count: 3 Return: -9.00 %
Count: 7 Return: 10.00 %
Count: 4 Return: -7.00 %
Count: 5 Return: -12.00 %
Count: 3 Return: 4.00 %
Count: 4 Return: 15.00 %
Count: 3 Return: -6.00 %
Count: 8 Return: 1.00 %
Count: 11 Return: -13.00 %
Count: 2 Return: 8.00 %
Count: 6 Return: 6.00 %
Count: 4 Return: -15.00 %
Count: 2 Return: 19.00 %
Count: 1 Return: -10.00 %
Count: 1 Return: 9.00 %
Count: 8 Return: -4.00 %
Count: 9 Return: 13.00 %
Count: 5 Return: -1.00 %
Count: 13 Return: -8.00 %
Count: 9 Return: 3.00 %
Count: 5 Return: 5.00 %
Count: 13 Return: 7.00 %
Count: 11 Return: -5.00 %
Count: 11 Return: 2.00 %
Count: 14 Return: -2.00 %
Count: 4 Return: 0.00 %
Count: 18
Note: All performance data is since program inception.

Underwater Curve
Date Range: 04/99 - 04/17
Date: 4/30/2017
Drawdown: -13.94 % Date: 3/31/2017
Drawdown: -21.02 % Date: 2/28/2017
Drawdown: -14.37 % Date: 1/31/2017
Drawdown: -21.61 % Date: 12/31/2016
Drawdown: -16.31 % Date: 11/30/2016
Drawdown: -11.86 % Date: 10/31/2016
Drawdown: -11.23 % Date: 9/30/2016
Drawdown: -0.51 % Date: 8/31/2016
Drawdown: -15.85 % Date: 7/31/2016
Drawdown: -2.94 % Date: 6/30/2016
Drawdown: -1.95 % Date: 5/31/2016
Drawdown: -22.99 % Date: 4/30/2016
Drawdown: -15.98 % Date: 3/31/2016
Drawdown: -13.52 % Date: 2/29/2016
Drawdown: 0.00 % Date: 1/31/2016
Drawdown: -4.85 % Date: 12/31/2015
Drawdown: -10.18 % Date: 11/30/2015
Drawdown: -8.26 % Date: 10/31/2015
Drawdown: -19.18 % Date: 9/30/2015
Drawdown: -9.14 % Date: 8/31/2015
Drawdown: -14.41 % Date: 7/31/2015
Drawdown: -5.70 % Date: 6/30/2015
Drawdown: -10.00 % Date: 5/31/2015
Drawdown: -4.18 % Date: 4/30/2015
Drawdown: -7.98 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: -0.50 % Date: 1/31/2015
Drawdown: 0.00 % Date: 12/31/2014
Drawdown: 0.00 % Date: 11/30/2014
Drawdown: 0.00 % Date: 10/31/2014
Drawdown: -1.67 % Date: 9/30/2014
Drawdown: 0.00 % Date: 8/31/2014
Drawdown: -7.02 % Date: 7/31/2014
Drawdown: -14.96 % Date: 6/30/2014
Drawdown: -16.83 % Date: 5/31/2014
Drawdown: -18.75 % Date: 4/30/2014
Drawdown: -14.95 % Date: 3/31/2014
Drawdown: -17.16 % Date: 2/28/2014
Drawdown: -20.84 % Date: 1/31/2014
Drawdown: -21.91 % Date: 12/31/2013
Drawdown: -20.75 % Date: 11/30/2013
Drawdown: -19.75 % Date: 10/31/2013
Drawdown: -28.08 % Date: 9/30/2013
Drawdown: -32.97 % Date: 8/31/2013
Drawdown: -34.67 % Date: 7/31/2013
Drawdown: -26.68 % Date: 6/30/2013
Drawdown: -23.60 % Date: 5/31/2013
Drawdown: -21.12 % Date: 4/30/2013
Drawdown: -21.22 % Date: 3/31/2013
Drawdown: -28.21 % Date: 2/28/2013
Drawdown: -34.31 % Date: 1/31/2013
Drawdown: -38.83 % Date: 12/31/2012
Drawdown: -44.62 % Date: 11/30/2012
Drawdown: -45.04 % Date: 10/31/2012
Drawdown: -44.50 % Date: 9/30/2012
Drawdown: -34.65 % Date: 8/31/2012
Drawdown: -28.52 % Date: 7/31/2012
Drawdown: -23.75 % Date: 6/30/2012
Drawdown: -31.54 % Date: 5/31/2012
Drawdown: -16.39 % Date: 4/30/2012
Drawdown: -15.63 % Date: 3/31/2012
Drawdown: -14.71 % Date: 2/29/2012
Drawdown: -18.93 % Date: 1/31/2012
Drawdown: -19.56 % Date: 12/31/2011
Drawdown: -16.42 % Date: 11/30/2011
Drawdown: -15.03 % Date: 10/31/2011
Drawdown: -24.17 % Date: 9/30/2011
Drawdown: -11.68 % Date: 8/31/2011
Drawdown: -7.81 % Date: 7/31/2011
Drawdown: -9.25 % Date: 6/30/2011
Drawdown: -18.35 % Date: 5/31/2011
Drawdown: -11.82 % Date: 4/30/2011
Drawdown: 0.00 % Date: 3/31/2011
Drawdown: -4.62 % Date: 2/28/2011
Drawdown: 0.00 % Date: 1/31/2011
Drawdown: 0.00 % Date: 12/31/2010
Drawdown: 0.00 % Date: 11/30/2010
Drawdown: -5.36 % Date: 10/31/2010
Drawdown: 0.00 % Date: 9/30/2010
Drawdown: -13.84 % Date: 8/31/2010
Drawdown: -26.01 % Date: 7/31/2010
Drawdown: -35.43 % Date: 6/30/2010
Drawdown: -26.60 % Date: 5/31/2010
Drawdown: -26.99 % Date: 4/30/2010
Drawdown: -19.97 % Date: 3/31/2010
Drawdown: -21.56 % Date: 2/28/2010
Drawdown: -17.30 % Date: 1/31/2010
Drawdown: -10.93 % Date: 12/31/2009
Drawdown: -7.37 % Date: 11/30/2009
Drawdown: -4.32 % Date: 10/31/2009
Drawdown: -13.57 % Date: 9/30/2009
Drawdown: -6.20 % Date: 8/31/2009
Drawdown: -7.42 % Date: 7/31/2009
Drawdown: -16.48 % Date: 6/30/2009
Drawdown: -16.03 % Date: 5/31/2009
Drawdown: -9.90 % Date: 4/30/2009
Drawdown: -8.71 % Date: 3/31/2009
Drawdown: -3.39 % Date: 2/28/2009
Drawdown: -0.03 % 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: 0.00 % Date: 9/30/2008
Drawdown: -18.70 % Date: 8/31/2008
Drawdown: -27.13 % Date: 7/31/2008
Drawdown: -21.88 % Date: 6/30/2008
Drawdown: -3.81 % Date: 5/31/2008
Drawdown: -11.36 % Date: 4/30/2008
Drawdown: -15.86 % Date: 3/31/2008
Drawdown: -7.96 % Date: 2/29/2008
Drawdown: 0.00 % Date: 1/31/2008
Drawdown: -16.29 % Date: 12/31/2007
Drawdown: -31.19 % Date: 11/30/2007
Drawdown: -36.56 % Date: 10/31/2007
Drawdown: -30.60 % Date: 9/30/2007
Drawdown: -38.97 % Date: 8/31/2007
Drawdown: -41.28 % Date: 7/31/2007
Drawdown: -27.14 % Date: 6/30/2007
Drawdown: -12.33 % Date: 5/31/2007
Drawdown: -16.39 % Date: 4/30/2007
Drawdown: -20.14 % Date: 3/31/2007
Drawdown: -22.16 % Date: 2/28/2007
Drawdown: -14.63 % Date: 1/31/2007
Drawdown: -9.97 % Date: 12/31/2006
Drawdown: -10.47 % Date: 11/30/2006
Drawdown: -11.88 % Date: 10/31/2006
Drawdown: -12.37 % Date: 9/30/2006
Drawdown: -12.25 % Date: 8/31/2006
Drawdown: -13.12 % Date: 7/31/2006
Drawdown: -14.78 % Date: 6/30/2006
Drawdown: -10.11 % Date: 5/31/2006
Drawdown: -4.27 % Date: 4/30/2006
Drawdown: 0.00 % Date: 3/31/2006
Drawdown: 0.00 % Date: 2/28/2006
Drawdown: -2.70 % Date: 1/31/2006
Drawdown: 0.00 % Date: 12/31/2005
Drawdown: 0.00 % Date: 11/30/2005
Drawdown: 0.00 % Date: 10/31/2005
Drawdown: -8.49 % Date: 9/30/2005
Drawdown: -3.02 % Date: 8/31/2005
Drawdown: -14.61 % Date: 7/31/2005
Drawdown: -16.92 % Date: 6/30/2005
Drawdown: -22.08 % Date: 5/31/2005
Drawdown: -26.01 % Date: 4/30/2005
Drawdown: -22.86 % Date: 3/31/2005
Drawdown: -14.97 % Date: 2/28/2005
Drawdown: -16.89 % Date: 1/31/2005
Drawdown: -17.33 % Date: 12/31/2004
Drawdown: -13.64 % Date: 11/30/2004
Drawdown: -9.15 % Date: 10/31/2004
Drawdown: -17.13 % Date: 9/30/2004
Drawdown: -17.75 % Date: 8/31/2004
Drawdown: -23.68 % Date: 7/31/2004
Drawdown: -18.62 % Date: 6/30/2004
Drawdown: -18.29 % Date: 5/31/2004
Drawdown: -17.69 % Date: 4/30/2004
Drawdown: -11.50 % Date: 3/31/2004
Drawdown: 0.00 % Date: 2/29/2004
Drawdown: 0.00 % Date: 1/31/2004
Drawdown: 0.00 % Date: 12/31/2003
Drawdown: 0.00 % Date: 11/30/2003
Drawdown: -0.27 % Date: 10/31/2003
Drawdown: 0.00 % Date: 9/30/2003
Drawdown: -12.07 % Date: 8/31/2003
Drawdown: -17.56 % Date: 7/31/2003
Drawdown: -17.62 % Date: 6/30/2003
Drawdown: -12.05 % Date: 5/31/2003
Drawdown: -4.81 % Date: 4/30/2003
Drawdown: -11.57 % Date: 3/31/2003
Drawdown: -12.83 % Date: 2/28/2003
Drawdown: 0.00 % Date: 1/31/2003
Drawdown: 0.00 % Date: 12/31/2002
Drawdown: -5.59 % Date: 11/30/2002
Drawdown: -12.42 % Date: 10/31/2002
Drawdown: -7.73 % Date: 9/30/2002
Drawdown: 0.00 % Date: 8/31/2002
Drawdown: 0.00 % Date: 7/31/2002
Drawdown: -0.07 % Date: 6/30/2002
Drawdown: -5.69 % Date: 5/31/2002
Drawdown: -12.17 % Date: 4/30/2002
Drawdown: -17.72 % Date: 3/31/2002
Drawdown: -18.98 % Date: 2/28/2002
Drawdown: -12.39 % Date: 1/31/2002
Drawdown: -12.39 % Date: 12/31/2001
Drawdown: -12.39 % Date: 11/30/2001
Drawdown: -12.39 % Date: 10/31/2001
Drawdown: -12.39 % Date: 9/30/2001
Drawdown: -12.39 % Date: 8/31/2001
Drawdown: -12.39 % Date: 7/31/2001
Drawdown: -12.39 % Date: 6/30/2001
Drawdown: -11.27 % Date: 5/31/2001
Drawdown: -15.81 % Date: 4/30/2001
Drawdown: -15.25 % Date: 3/31/2001
Drawdown: 0.00 % Date: 2/28/2001
Drawdown: 0.00 % Date: 1/31/2001
Drawdown: -9.62 % Date: 12/31/2000
Drawdown: 0.00 % Date: 11/30/2000
Drawdown: 0.00 % Date: 10/31/2000
Drawdown: -2.49 % Date: 9/30/2000
Drawdown: -4.36 % Date: 8/31/2000
Drawdown: 0.00 % Date: 7/31/2000
Drawdown: -4.58 % Date: 6/30/2000
Drawdown: -3.37 % Date: 5/31/2000
Drawdown: -4.85 % Date: 4/30/2000
Drawdown: -11.05 % Date: 3/31/2000
Drawdown: -10.81 % Date: 2/29/2000
Drawdown: -2.63 % Date: 1/31/2000
Drawdown: -5.02 % Date: 12/31/1999
Drawdown: 0.00 % Date: 11/30/1999
Drawdown: -3.58 % Date: 10/31/1999
Drawdown: -9.89 % Date: 9/30/1999
Drawdown: -5.35 % Date: 8/31/1999
Drawdown: -0.57 % Date: 7/31/1999
Drawdown: -2.64 % Date: 6/30/1999
Drawdown: -0.43 % Date: 5/31/1999
Drawdown: -0.29 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Mulvaney Capital Management Ltd
Address: 62-64 Cannon St., Cannongate House, 5th Floor
City: London
State:
Zip: EC4N 6AE
Country: United Kingdom
Key People
Name:  Paul Mulvaney
Position:  Chief Executive Officer
Biography: 

Paul graduated from Manchester University in 1985 with a First Class Honours degree in Computer Science & Mathematics. He completed the one-year Management Science program at Imperial College, London in 1986, earning an MSc with Distinction. The focus of his Master’s thesis was computerised arbitrage models for interest and exchange rate trading. After university, Paul held posts in derivatives and foreign exchange trading at Midland Montagu, Bankers Trust Company and NatWest Markets before joining Merrill Lynch in September 1993. At Merrill Lynch he managed several of the firm’s major options portfolios, including Global Foreign Exchange Options and Exotic Commodity Options. Mr. Mulvaney left Merrill Lynch in 1999 in order to found Mulvaney Capital.


Name:  Richard Harris
Position:  Director
Biography: 

Richard joined Mulvaney Capital in August 2009, and is responsible for the Finance, IT, Treasury and Office Management functions. Richard began his career at Standard Chartered Bank before joining ABN Bank (subsequently ABN AMRO) in 1987, where he worked in a wide variety of finance roles supporting the Investment Banking and Private Client divisions. In 2000 Richard transferred to ABN AMRO Asset Management, becoming UK Head of Finance in 2004. Richard is a member of the Association of Chartered Certified Accountants.


Name:  Dudley Fishburn
Position:  Director
Biography: 

Dudley joined the Board of Mulvaney Capital as a non-executive Chairman in April 2011. Dudley has broad experience in corporate governance across the world. He retired from the Board of HSBC Bank plc in 2009. He has been Executive Editor of The Economist, on the Board of Overseers of Harvard University and Member of Parliament for Kensington. He is currently a Director of Philip Morris International Inc. Given a longstanding interest in higher education, he chairs the Visiting Committee to the Cambridge University Library and is a Trustee of the Centre for the Advanced Study of India at the University of Pennsylvania. He is currently Chairman of Henderson’s Smaller Companies Investment Trust plc and of a private IT company, Bluecube Technology Ltd.


Name:  Alistair Macnaughton
Position:  Director
Biography: 

Alistair joined Mulvaney Capital in August 2008 and has responsibility for advising on legal and regulatory matters. Alistair is the Compliance Officer and Company Secretary. Prior to joining Mulvaney Capital, Alistair was Deputy Head of Legal at Threadneedle Asset Management (November 2006 to August 2008). Before this he was a senior legal consultant to Merrill Lynch’s Global Private Client business in Europe and the Middle East (April 2005 to September 2006) and European Counsel to Morgan Stanley’s Private Wealth Management business in Europe (September 1999 to April 2004). Alistair has also held senior legal roles at Gartmore and Lloyds TSB. Alistair graduated from the University College of Wales, Aberystwyth in 1983 with an honours degree in Economics and Philosophy. He received an M.A. in Business Law from the Polytechnic of Central London in 1986 and was also called to the Bar of England & Wales that same year.


Name:  Mary Jo Jacobi
Position:  Director
Biography: 

Mary Jo joined the Board of Mulvaney Capital as a non-executive director in January 2010. Mary Jo Jacobi has more than 30 years’ experience in the financial services, energy and public sectors in the UK and USA. She currently is Executive Vice President, BP America and the Gulf Coast Restoration Organization and chairs The idm Group and the Forensic Science Service’s Independent Advisory Group. She is a Civil Service Commissioner and chairs a variety of not-for-profit boards. Previously she was a senior executive of Royal Dutch Shell, Lehman Brothers, HSBC Holdings and Drexel Burnham Lambert. She has been a Non-executive Director of Tate & Lyle and was the first woman to chair the Board of the Ladies Professional Golf Association. In addition she was a senior appointee of two American Presidents: she was Assistant Secretary of Commerce for George H W Bush and Special Assistant to Ronald Reagan, who also appointed her to his Advisory Committee on Trade Negotiations.


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.