The Fund’s Institutional share class returned -16.47%
during the quarter, compared with the average return
of -7.07% for the 194 funds in Lipper Absolute Return
category†. Additionally, the Fund’s benchmarks, the S&P
500 Index1 and the HFRX Equity Hedge Index1, returned
-19.60% and -13.33% during the period, respectively.
The Fund’s Institutional shares returned -10.52% in the first quarter. The Fund’s equity benchmark, the Russell 1000® Index1, returned -20.22%, while its fixed-income benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index1, returned 3.15%.