The Fund’s Institutional share class returned 2.32% during
the quarter, compared with the average return of 1.46%
for the 200 funds in Lipper Absolute Return category†.
Additionally, the Fund’s benchmarks, the S&P 500 Index1 and the HFRX Equity Hedge Index1, returned 9.07% and
2.63% during the period, respectively.
The Fund’s Institutional shares returned 3.95% in the fourth
quarter. The Fund’s equity benchmark, the Russell 1000® Index1, returned 9.04%, while its fixed-income benchmark,
the Bloomberg Barclays U.S. Aggregate Bond Index1,