Historical Performance

January 2008-May 2013 Fund Performance (gross of fees)

Average Annual Return 13.25% vs. S&P 500  6.30% / Cumulative Return 103.12% vs. S&P 500 29.12%

                                                                           Monthly Performance (%)
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2013 1.68% 0.83% 1.20% 0.73% 2.84%  (1.35%)  2.63%  (1.35%) 1.04%       7.98%
2012 2.78% 2.72% 0.42% (0.13%) (3.15%) 0.98% 1.00% 2.19% 0.11% (1.64%) (0.26%) 1.33% 6.36%
2011 0.87% 1.44% 1.24% 1.62% (0.67%) (0.40%) 1.14% (4.19%) 1.38% 1.00% 1.37% (0.17%) 4.57%
2010 (1.37%) 0.63% 2.06% 2.49% (2.46%) 0.22% 0.35% (1.45%) 2.51% 0.63% 0.36% 3.69% 7.74%
2009 (3.16%) (6.64%) 8.01% 6.63% 4.62% 0.49% 6.16% 4.02% 1.95% (1.33%) 5.65% 2.29% 31.42%
2008 (2.56%) 0.59% 1.06% (1.36%) 1.52% (2.52%) 0.59% 1.13% 1.19% 6.08% 13.22% (0.08%) 19.44%