Altegris Clearing Solutions Saxon Investment Corporation Aggressive Diversified Program
Monthly Performance (%)
Date Range: 10/93 - 04/13
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 2.10 -3.31 0.69 -0.72 -1.31
2012 0.00 0.06 -0.07 -0.37 -0.62 0.00 1.55 0.55 0.57 -3.53 -1.54 -0.82 -4.22
2011 2.57 3.37 -0.09 3.66 -1.98 -1.18 1.24 0.64 -1.90 -0.03 0.00 0.00 6.28
2010 -1.67 0.96 1.96 2.86 -5.91 0.04 0.52 0.79 6.27 5.08 -1.78 2.12 11.21
2009 1.08 0.25 -0.75 0.36 5.55 -0.56 2.18 3.66 3.02 -0.51 4.03 -0.34 19.24
2008 8.27 18.10 0.42 1.14 3.93 2.81 -4.74 -2.32 -0.76 2.10 3.80 0.33 36.25
2007 -4.35 2.84 -2.87 -1.41 0.08 5.15 6.13 -10.73 15.84 8.32 9.06 7.84 38.59
2006 7.79 0.67 -0.54 15.27 3.79 -3.20 -5.15 -1.54 0.68 -2.66 6.94 -10.15 9.92
2005 -5.93 -1.69 3.85 -9.55 6.54 -3.67 -8.97 -2.89 -2.17 1.49 6.06 7.53 -10.76
2004 3.13 8.56 4.44 -10.36 0.06 -6.29 -5.93 0.63 4.11 -0.77 10.94 -1.64 4.88
2003 15.21 3.87 -11.59 8.85 19.12 -3.69 1.43 1.20 12.04 21.16 -8.70 12.34 88.82
2002 -4.32 -8.51 7.89 -15.01 14.39 16.58 10.60 1.50 12.61 -9.14 -20.54 11.89 9.31
2001 -3.61 -1.52 -2.87 -3.20 -0.42 4.91 8.71 -2.68 1.29 19.21 -11.17 8.11 14.39
2000 -0.26 8.01 0.68 -7.50 7.09 2.50 1.67 3.34 -1.24 -10.39 16.46 17.55 40.18
1999 4.35 -1.37 -3.48 9.50 -16.15 3.96 -0.92 23.01 7.23 -5.87 5.91 0.80 24.53
1998 1.30 -4.55 -3.27 -7.84 -0.05 -6.06 0.77 47.13 12.24 2.19 -5.56 -2.82 26.31
1997 6.83 19.29 12.09 -8.24 -7.10 4.23 10.49 -23.15 19.32 -16.04 -4.69 3.56 6.56
1996 -5.59 -13.44 -21.65 44.99 -30.54 11.65 -0.39 0.97 30.63 37.01 10.66 -17.53 18.27
1995 -25.79 -8.54 38.90 7.36 -13.59 3.70 -34.45 -19.52 -6.98 -4.91 6.80 19.39 -46.04
1994 -16.98 -22.70 11.59 -17.90 41.14 37.85 17.52 -11.67 13.99 22.30 15.43 26.96 142.60
1993 9.47 27.47 39.54
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The trading program was developed “in house” by Saxon. The program was originally based on trading techniques that Mr. Seidler learned while trading with Richard Dennis & associates in the mid 80s. The original program has been considerably modified and expanded as a result of extensive modeling and detailed statistical analysis. Saxon’s trading program is primarily systematic and trend-following with some discretionary elements. Since January 1999, the trading has been primarily directed by multiple systems that are the evolutionary outgrowth of prior systems, with an overall long bias. Using break-out recognition rules, proprietary identification rules or pattern recognition rules, these systems are further distinguished by the markets and time horizons they trade. For all systems, trading signals are subject to a variety of filters that are designed to eliminate potential trades that would be signaled due to noisy market environments or antagonistic market mechanics such as the tendency for prices to go to certain stop accumulation points and then reverse. Once a signal is triggered, positions are sized in accordance with various money management and risk control principles: For example, Saxon employs a “fixed fractional strategy” to size each position, so that the amount risked on any trade is a fixed percentage of the account’s trading equity (the gross value of the account assuming all open positions were liquidated at their pre-determined stop prices.)
Performance Statistics
Date Range: 10/93 - 04/13
  Program SP500 TR Altegris 40
Total Return 3001.62% 408.24% 239.22%
Annualized Return 19.26% 8.66% 6.44%
Annualized Std. Deviation 39.71% 15.25% 10.61%
Correlation -0.06 0.56
Sharpe Ratio (rf=2.5%) 0.42 0.40 0.37
Worst Month -34.45% -16.80% -7.77%
Date of Worst Month 07/1995 10/2008 11/2001
Worst Drawdown -65.86% -50.95% -13.24%
Date of Worst Drawdown 4/95 - 3/96 10/07 - 2/09 2/04 - 8/04
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 10/93 - 04/13
Year or YTD Program SP500 TR Altegris 40
2013 -1.31 12.74 5.42
2012 -4.22 15.98 -4.75
2011 6.28 2.12 -3.23
2010 11.21 15.06 11.33
2009 19.24 26.45 -7.98
2008 36.25 -37.00 15.47
2007 38.59 5.50 7.18
2006 9.92 15.79 6.70
2005 -10.76 4.89 4.51
2004 4.88 10.87 2.57
2003 88.82 28.69 15.99
2002 9.31 -22.11 15.22
2001 14.39 -11.88 5.39
2000 40.18 -9.09 10.63
1999 24.53 21.03 0.87
1998 26.31 28.57 12.61
1997 6.56 33.38 10.22
1996 18.27 22.96 16.04
1995 -46.04 37.59 13.16
1994 142.60 1.32 -5.46
1993 39.54 0.25 0.09
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 10/93 - 04/13
Date: 4/30/2013 Perf: $3,416.08 Date: 3/31/2013 Perf: $3,330.16 Date: 2/28/2013 Perf: $3,282.89 Date: 1/31/2013 Perf: $3,302.04 Date: 12/31/2012 Perf: $3,240.47 Date: 11/30/2012 Perf: $3,224.67 Date: 10/31/2012 Perf: $3,215.67 Date: 9/30/2012 Perf: $3,336.45 Date: 8/31/2012 Perf: $3,392.42 Date: 7/31/2012 Perf: $3,439.20 Date: 6/30/2012 Perf: $3,304.06 Date: 5/31/2012 Perf: $3,433.15 Date: 4/30/2012 Perf: $3,369.13 Date: 3/31/2012 Perf: $3,349.04 Date: 2/29/2012 Perf: $3,426.83 Date: 1/31/2012 Perf: $3,412.83 Date: 12/31/2011 Perf: $3,401.95 Date: 11/30/2011 Perf: $3,369.60 Date: 10/31/2011 Perf: $3,359.52 Date: 9/30/2011 Perf: $3,498.04 Date: 8/31/2011 Perf: $3,500.14 Date: 7/31/2011 Perf: $3,507.16 Date: 6/30/2011 Perf: $3,385.62 Date: 5/31/2011 Perf: $3,475.99 Date: 4/30/2011 Perf: $3,607.67 Date: 3/31/2011 Perf: $3,472.25 Date: 2/28/2011 Perf: $3,526.20 Date: 1/31/2011 Perf: $3,467.26 Date: 12/31/2010 Perf: $3,515.42 Date: 11/30/2010 Perf: $3,370.81 Date: 10/31/2010 Perf: $3,494.52 Date: 9/30/2010 Perf: $3,364.00 Date: 8/31/2010 Perf: $3,303.87 Date: 7/31/2010 Perf: $3,172.52 Date: 6/30/2010 Perf: $3,213.98 Date: 5/31/2010 Perf: $3,201.82 Date: 4/30/2010 Perf: $3,281.22 Date: 3/31/2010 Perf: $3,231.46 Date: 2/28/2010 Perf: $3,108.07 Date: 1/31/2010 Perf: $3,079.12 Date: 12/31/2009 Perf: $3,157.75 Date: 11/30/2009 Perf: $3,289.33 Date: 10/31/2009 Perf: $3,161.90 Date: 9/30/2009 Perf: $3,244.97 Date: 8/31/2009 Perf: $3,169.54 Date: 7/31/2009 Perf: $3,159.11 Date: 6/30/2009 Perf: $3,162.59 Date: 5/31/2009 Perf: $3,249.01 Date: 4/30/2009 Perf: $3,204.79 Date: 3/31/2009 Perf: $3,313.13 Date: 2/28/2009 Perf: $3,407.52 Date: 1/31/2009 Perf: $3,409.22 Date: 12/31/2008 Perf: $3,431.53 Date: 11/30/2008 Perf: $3,345.55 Date: 10/31/2008 Perf: $3,227.11 Date: 9/30/2008 Perf: $3,069.05 Date: 8/31/2008 Perf: $3,062.62 Date: 7/31/2008 Perf: $3,146.64 Date: 6/30/2008 Perf: $3,298.02 Date: 5/31/2008 Perf: $3,212.25 Date: 4/30/2008 Perf: $3,147.41 Date: 3/31/2008 Perf: $3,184.03 Date: 2/29/2008 Perf: $3,198.10 Date: 1/31/2008 Perf: $3,025.93 Date: 12/31/2007 Perf: $2,971.84 Date: 11/30/2007 Perf: $2,978.69 Date: 10/31/2007 Perf: $2,998.18 Date: 9/30/2007 Perf: $2,874.30 Date: 8/31/2007 Perf: $2,746.05 Date: 7/31/2007 Perf: $2,852.45 Date: 6/30/2007 Perf: $2,943.40 Date: 5/31/2007 Perf: $2,860.73 Date: 4/30/2007 Perf: $2,762.12 Date: 3/31/2007 Perf: $2,650.79 Date: 2/28/2007 Perf: $2,714.30 Date: 1/31/2007 Perf: $2,820.05 Date: 12/31/2006 Perf: $2,772.64 Date: 11/30/2006 Perf: $2,681.99 Date: 10/31/2006 Perf: $2,617.85 Date: 9/30/2006 Perf: $2,589.37 Date: 8/31/2006 Perf: $2,617.11 Date: 7/31/2006 Perf: $2,588.12 Date: 6/30/2006 Perf: $2,627.00 Date: 5/31/2006 Perf: $2,663.49 Date: 4/30/2006 Perf: $2,736.00 Date: 3/31/2006 Perf: $2,670.83 Date: 2/28/2006 Perf: $2,601.12 Date: 1/31/2006 Perf: $2,648.26 Date: 12/31/2005 Perf: $2,598.62 Date: 11/30/2005 Perf: $2,646.53 Date: 10/31/2005 Perf: $2,537.66 Date: 9/30/2005 Perf: $2,533.61 Date: 8/31/2005 Perf: $2,495.18 Date: 7/31/2005 Perf: $2,481.78 Date: 6/30/2005 Perf: $2,480.29 Date: 5/31/2005 Perf: $2,398.50 Date: 4/30/2005 Perf: $2,326.61 Date: 3/31/2005 Perf: $2,385.04 Date: 2/28/2005 Perf: $2,398.47 Date: 1/31/2005 Perf: $2,382.04 Date: 12/31/2004 Perf: $2,486.47 Date: 11/30/2004 Perf: $2,478.29 Date: 10/31/2004 Perf: $2,351.10 Date: 9/30/2004 Perf: $2,273.35 Date: 8/31/2004 Perf: $2,243.07 Date: 7/31/2004 Perf: $2,258.65 Date: 6/30/2004 Perf: $2,284.70 Date: 5/31/2004 Perf: $2,362.67 Date: 4/30/2004 Perf: $2,400.84 Date: 3/31/2004 Perf: $2,560.08 Date: 2/29/2004 Perf: $2,585.41 Date: 1/31/2004 Perf: $2,447.38 Date: 12/31/2003 Perf: $2,424.11 Date: 11/30/2003 Perf: $2,323.50 Date: 10/31/2003 Perf: $2,330.49 Date: 9/30/2003 Perf: $2,279.21 Date: 8/31/2003 Perf: $2,289.74 Date: 7/31/2003 Perf: $2,268.42 Date: 6/30/2003 Perf: $2,320.87 Date: 5/31/2003 Perf: $2,380.63 Date: 4/30/2003 Perf: $2,248.63 Date: 3/31/2003 Perf: $2,216.06 Date: 2/28/2003 Perf: $2,350.50 Date: 1/31/2003 Perf: $2,218.08 Date: 12/31/2002 Perf: $2,089.97 Date: 11/30/2002 Perf: $1,970.00 Date: 10/31/2002 Perf: $2,025.91 Date: 9/30/2002 Perf: $2,136.59 Date: 8/31/2002 Perf: $2,042.43 Date: 7/31/2002 Perf: $1,994.37 Date: 6/30/2002 Perf: $1,893.27 Date: 5/31/2002 Perf: $1,739.50 Date: 4/30/2002 Perf: $1,695.58 Date: 3/31/2002 Perf: $1,736.56 Date: 2/28/2002 Perf: $1,741.61 Date: 1/31/2002 Perf: $1,792.15 Date: 12/31/2001 Perf: $1,813.92 Date: 11/30/2001 Perf: $1,776.44 Date: 10/31/2001 Perf: $1,926.09 Date: 9/30/2001 Perf: $1,846.33 Date: 8/31/2001 Perf: $1,791.16 Date: 7/31/2001 Perf: $1,739.16 Date: 6/30/2001 Perf: $1,735.35 Date: 5/31/2001 Perf: $1,754.65 Date: 4/30/2001 Perf: $1,754.12 Date: 3/31/2001 Perf: $1,869.27 Date: 2/28/2001 Perf: $1,755.51 Date: 1/31/2001 Perf: $1,738.99 Date: 12/31/2000 Perf: $1,721.09 Date: 11/30/2000 Perf: $1,590.22 Date: 10/31/2000 Perf: $1,496.53 Date: 9/30/2000 Perf: $1,465.90 Date: 8/31/2000 Perf: $1,491.85 Date: 7/31/2000 Perf: $1,461.74 Date: 6/30/2000 Perf: $1,487.93 Date: 5/31/2000 Perf: $1,511.36 Date: 4/30/2000 Perf: $1,490.93 Date: 3/31/2000 Perf: $1,513.79 Date: 2/29/2000 Perf: $1,552.28 Date: 1/31/2000 Perf: $1,569.87 Date: 12/31/1999 Perf: $1,555.71 Date: 11/30/1999 Perf: $1,535.90 Date: 10/31/1999 Perf: $1,506.67 Date: 9/30/1999 Perf: $1,576.34 Date: 8/31/1999 Perf: $1,570.84 Date: 7/31/1999 Perf: $1,561.48 Date: 6/30/1999 Perf: $1,573.75 Date: 5/31/1999 Perf: $1,533.87 Date: 4/30/1999 Perf: $1,559.76 Date: 3/31/1999 Perf: $1,513.30 Date: 2/28/1999 Perf: $1,525.66 Date: 1/31/1999 Perf: $1,497.66 Date: 12/31/1998 Perf: $1,542.23 Date: 11/30/1998 Perf: $1,506.82 Date: 10/31/1998 Perf: $1,534.90 Date: 9/30/1998 Perf: $1,541.07 Date: 8/31/1998 Perf: $1,475.13 Date: 7/31/1998 Perf: $1,366.75 Date: 6/30/1998 Perf: $1,363.88 Date: 5/31/1998 Perf: $1,362.25 Date: 4/30/1998 Perf: $1,328.50 Date: 3/31/1998 Perf: $1,383.43 Date: 2/28/1998 Perf: $1,367.43 Date: 1/31/1998 Perf: $1,378.18 Date: 12/31/1997 Perf: $1,369.55 Date: 11/30/1997 Perf: $1,333.80 Date: 10/31/1997 Perf: $1,315.39 Date: 9/30/1997 Perf: $1,323.59 Date: 8/31/1997 Perf: $1,307.12 Date: 7/31/1997 Perf: $1,372.45 Date: 6/30/1997 Perf: $1,282.91 Date: 5/31/1997 Perf: $1,268.19 Date: 4/30/1997 Perf: $1,289.60 Date: 3/31/1997 Perf: $1,320.50 Date: 2/28/1997 Perf: $1,321.96 Date: 1/31/1997 Perf: $1,291.10 Date: 12/31/1996 Perf: $1,242.52 Date: 11/30/1996 Perf: $1,271.51 Date: 10/31/1996 Perf: $1,187.77 Date: 9/30/1996 Perf: $1,098.77 Date: 8/31/1996 Perf: $1,051.55 Date: 7/31/1996 Perf: $1,055.25 Date: 6/30/1996 Perf: $1,083.19 Date: 5/31/1996 Perf: $1,072.26 Date: 4/30/1996 Perf: $1,098.17 Date: 3/31/1996 Perf: $1,043.69 Date: 2/29/1996 Perf: $1,037.78 Date: 1/31/1996 Perf: $1,104.14 Date: 12/31/1995 Perf: $1,070.73 Date: 11/30/1995 Perf: $1,024.72 Date: 10/31/1995 Perf: $1,007.79 Date: 9/30/1995 Perf: $1,006.78 Date: 8/31/1995 Perf: $1,032.60 Date: 7/31/1995 Perf: $1,019.95 Date: 6/30/1995 Perf: $1,040.34 Date: 5/31/1995 Perf: $1,063.31 Date: 4/30/1995 Perf: $1,051.43 Date: 3/31/1995 Perf: $1,032.94 Date: 2/28/1995 Perf: $954.39 Date: 1/31/1995 Perf: $920.69 Date: 12/31/1994 Perf: $946.24 Date: 11/30/1994 Perf: $962.90 Date: 10/31/1994 Perf: $949.61 Date: 9/30/1994 Perf: $950.08 Date: 8/31/1994 Perf: $937.80 Date: 7/31/1994 Perf: $974.74 Date: 6/30/1994 Perf: $1,006.23 Date: 5/31/1994 Perf: $960.97 Date: 4/30/1994 Perf: $939.92 Date: 3/31/1994 Perf: $952.59 Date: 2/28/1994 Perf: $937.68 Date: 1/31/1994 Perf: $959.46 Date: 12/31/1993 Perf: $1,000.89 Date: 11/30/1993 Perf: $983.10 Date: 10/31/1993 Perf: $1,000.00 Date: 4/30/2013 Perf: $4,979.35 Date: 3/31/2013 Perf: $4,885.07 Date: 2/28/2013 Perf: $4,708.50 Date: 1/31/2013 Perf: $4,645.32 Date: 12/31/2012 Perf: $4,416.54 Date: 11/30/2012 Perf: $4,376.72 Date: 10/31/2012 Perf: $4,351.48 Date: 9/30/2012 Perf: $4,433.50 Date: 8/31/2012 Perf: $4,321.99 Date: 7/31/2012 Perf: $4,226.88 Date: 6/30/2012 Perf: $4,168.94 Date: 5/31/2012 Perf: $4,003.97 Date: 4/30/2012 Perf: $4,260.00 Date: 3/31/2012 Perf: $4,287.01 Date: 2/29/2012 Perf: $4,150.46 Date: 1/31/2012 Perf: $3,978.58 Date: 12/31/2011 Perf: $3,807.98 Date: 11/30/2011 Perf: $3,769.53 Date: 10/31/2011 Perf: $3,777.85 Date: 9/30/2011 Perf: $3,405.61 Date: 8/31/2011 Perf: $3,663.13 Date: 7/31/2011 Perf: $3,873.46 Date: 6/30/2011 Perf: $3,953.72 Date: 5/31/2011 Perf: $4,020.87 Date: 4/30/2011 Perf: $4,066.82 Date: 3/31/2011 Perf: $3,949.91 Date: 2/28/2011 Perf: $3,948.33 Date: 1/31/2011 Perf: $3,817.39 Date: 12/31/2010 Perf: $3,729.01 Date: 11/30/2010 Perf: $3,495.51 Date: 10/31/2010 Perf: $3,495.16 Date: 9/30/2010 Perf: $3,366.88 Date: 8/31/2010 Perf: $3,091.15 Date: 7/31/2010 Perf: $3,237.15 Date: 6/30/2010 Perf: $3,025.09 Date: 5/31/2010 Perf: $3,192.03 Date: 4/30/2010 Perf: $3,469.22 Date: 3/31/2010 Perf: $3,415.26 Date: 2/28/2010 Perf: $3,221.04 Date: 1/31/2010 Perf: $3,124.19 Date: 12/31/2009 Perf: $3,240.86 Date: 11/30/2009 Perf: $3,179.49 Date: 10/31/2009 Perf: $2,999.52 Date: 9/30/2009 Perf: $3,056.37 Date: 8/31/2009 Perf: $2,946.47 Date: 7/31/2009 Perf: $2,843.80 Date: 6/30/2009 Perf: $2,643.92 Date: 5/31/2009 Perf: $2,638.65 Date: 4/30/2009 Perf: $2,498.96 Date: 3/31/2009 Perf: $2,280.69 Date: 2/28/2009 Perf: $2,097.00 Date: 1/31/2009 Perf: $2,346.95 Date: 12/31/2008 Perf: $2,563.01 Date: 11/30/2008 Perf: $2,536.12 Date: 10/31/2008 Perf: $2,732.30 Date: 9/30/2008 Perf: $3,284.02 Date: 8/31/2008 Perf: $3,605.25 Date: 7/31/2008 Perf: $3,553.72 Date: 6/30/2008 Perf: $3,583.82 Date: 5/31/2008 Perf: $3,913.75 Date: 4/30/2008 Perf: $3,863.53 Date: 3/31/2008 Perf: $3,684.11 Date: 2/29/2008 Perf: $3,700.02 Date: 1/31/2008 Perf: $3,824.31 Date: 12/31/2007 Perf: $4,068.41 Date: 11/30/2007 Perf: $4,096.68 Date: 10/31/2007 Perf: $4,275.39 Date: 9/30/2007 Perf: $4,208.48 Date: 8/31/2007 Perf: $4,056.76 Date: 7/31/2007 Perf: $3,996.80 Date: 6/30/2007 Perf: $4,124.67 Date: 5/31/2007 Perf: $4,194.29 Date: 4/30/2007 Perf: $4,052.85 Date: 3/31/2007 Perf: $3,880.92 Date: 2/28/2007 Perf: $3,837.94 Date: 1/31/2007 Perf: $3,914.67 Date: 12/31/2006 Perf: $3,856.43 Date: 11/30/2006 Perf: $3,803.19 Date: 10/31/2006 Perf: $3,732.28 Date: 9/30/2006 Perf: $3,614.45 Date: 8/31/2006 Perf: $3,523.54 Date: 7/31/2006 Perf: $3,441.63 Date: 6/30/2006 Perf: $3,420.42 Date: 5/31/2006 Perf: $3,415.64 Date: 4/30/2006 Perf: $3,516.93 Date: 3/31/2006 Perf: $3,470.42 Date: 2/28/2006 Perf: $3,427.92 Date: 1/31/2006 Perf: $3,418.69 Date: 12/31/2005 Perf: $3,330.43 Date: 11/30/2005 Perf: $3,329.43 Date: 10/31/2005 Perf: $3,208.16 Date: 9/30/2005 Perf: $3,262.65 Date: 8/31/2005 Perf: $3,236.43 Date: 7/31/2005 Perf: $3,266.16 Date: 6/30/2005 Perf: $3,149.01 Date: 5/31/2005 Perf: $3,144.61 Date: 4/30/2005 Perf: $3,047.69 Date: 3/31/2005 Perf: $3,106.72 Date: 2/28/2005 Perf: $3,162.70 Date: 1/31/2005 Perf: $3,097.65 Date: 12/31/2004 Perf: $3,175.12 Date: 11/30/2004 Perf: $3,070.72 Date: 10/31/2004 Perf: $2,951.20 Date: 9/30/2004 Perf: $2,906.72 Date: 8/31/2004 Perf: $2,875.67 Date: 7/31/2004 Perf: $2,864.21 Date: 6/30/2004 Perf: $2,962.26 Date: 5/31/2004 Perf: $2,905.88 Date: 4/30/2004 Perf: $2,866.61 Date: 3/31/2004 Perf: $2,912.34 Date: 2/29/2004 Perf: $2,956.99 Date: 1/31/2004 Perf: $2,916.45 Date: 12/31/2003 Perf: $2,863.75 Date: 11/30/2003 Perf: $2,721.17 Date: 10/31/2003 Perf: $2,697.43 Date: 9/30/2003 Perf: $2,552.93 Date: 8/31/2003 Perf: $2,580.28 Date: 7/31/2003 Perf: $2,530.93 Date: 6/30/2003 Perf: $2,487.16 Date: 5/31/2003 Perf: $2,455.72 Date: 4/30/2003 Perf: $2,332.79 Date: 3/31/2003 Perf: $2,155.20 Date: 2/28/2003 Perf: $2,134.49 Date: 1/31/2003 Perf: $2,167.00 Date: 12/31/2002 Perf: $2,225.30 Date: 11/30/2002 Perf: $2,364.32 Date: 10/31/2002 Perf: $2,232.81 Date: 9/30/2002 Perf: $2,052.21 Date: 8/31/2002 Perf: $2,302.50 Date: 7/31/2002 Perf: $2,287.40 Date: 6/30/2002 Perf: $2,480.91 Date: 5/31/2002 Perf: $2,671.09 Date: 4/30/2002 Perf: $2,691.01 Date: 3/31/2002 Perf: $2,864.60 Date: 2/28/2002 Perf: $2,760.79 Date: 1/31/2002 Perf: $2,815.13 Date: 12/31/2001 Perf: $2,856.84 Date: 11/30/2001 Perf: $2,831.92 Date: 10/31/2001 Perf: $2,630.18 Date: 9/30/2001 Perf: $2,580.89 Date: 8/31/2001 Perf: $2,807.75 Date: 7/31/2001 Perf: $2,995.25 Date: 6/30/2001 Perf: $3,024.90 Date: 5/31/2001 Perf: $3,100.23 Date: 4/30/2001 Perf: $3,079.60 Date: 3/31/2001 Perf: $2,857.57 Date: 2/28/2001 Perf: $3,051.00 Date: 1/31/2001 Perf: $3,357.18 Date: 12/31/2000 Perf: $3,242.08 Date: 11/30/2000 Perf: $3,226.27 Date: 10/31/2000 Perf: $3,502.25 Date: 9/30/2000 Perf: $3,517.02 Date: 8/31/2000 Perf: $3,713.07 Date: 7/31/2000 Perf: $3,495.97 Date: 6/30/2000 Perf: $3,551.37 Date: 5/31/2000 Perf: $3,465.77 Date: 4/30/2000 Perf: $3,538.31 Date: 3/31/2000 Perf: $3,648.11 Date: 2/29/2000 Perf: $3,323.11 Date: 1/31/2000 Perf: $3,387.13 Date: 12/31/1999 Perf: $3,566.15 Date: 11/30/1999 Perf: $3,367.79 Date: 10/31/1999 Perf: $3,300.78 Date: 9/30/1999 Perf: $3,104.28 Date: 8/31/1999 Perf: $3,191.73 Date: 7/31/1999 Perf: $3,207.77 Date: 6/30/1999 Perf: $3,311.08 Date: 5/31/1999 Perf: $3,136.98 Date: 4/30/1999 Perf: $3,212.80 Date: 3/31/1999 Perf: $3,093.10 Date: 2/28/1999 Perf: $2,974.13 Date: 1/31/1999 Perf: $3,069.60 Date: 12/31/1998 Perf: $2,946.43 Date: 11/30/1998 Perf: $2,785.96 Date: 10/31/1998 Perf: $2,626.78 Date: 9/30/1998 Perf: $2,429.28 Date: 8/31/1998 Perf: $2,282.94 Date: 7/31/1998 Perf: $2,668.86 Date: 6/30/1998 Perf: $2,697.73 Date: 5/31/1998 Perf: $2,592.47 Date: 4/30/1998 Perf: $2,637.84 Date: 3/31/1998 Perf: $2,611.47 Date: 2/28/1998 Perf: $2,484.27 Date: 1/31/1998 Perf: $2,317.20 Date: 12/31/1997 Perf: $2,291.76 Date: 11/30/1997 Perf: $2,253.01 Date: 10/31/1997 Perf: $2,153.31 Date: 9/30/1997 Perf: $2,227.72 Date: 8/31/1997 Perf: $2,111.98 Date: 7/31/1997 Perf: $2,237.27 Date: 6/30/1997 Perf: $2,072.31 Date: 5/31/1997 Perf: $1,983.45 Date: 4/30/1997 Perf: $1,869.60 Date: 3/31/1997 Perf: $1,764.27 Date: 2/28/1997 Perf: $1,839.89 Date: 1/31/1997 Perf: $1,825.65 Date: 12/31/1996 Perf: $1,718.26 Date: 11/30/1996 Perf: $1,752.97 Date: 10/31/1996 Perf: $1,629.76 Date: 9/30/1996 Perf: $1,585.98 Date: 8/31/1996 Perf: $1,501.45 Date: 7/31/1996 Perf: $1,470.43 Date: 6/30/1996 Perf: $1,538.42 Date: 5/31/1996 Perf: $1,532.60 Date: 4/30/1996 Perf: $1,494.05 Date: 3/31/1996 Perf: $1,472.41 Date: 2/29/1996 Perf: $1,458.41 Date: 1/31/1996 Perf: $1,444.97 Date: 12/31/1995 Perf: $1,397.46 Date: 11/30/1995 Perf: $1,371.00 Date: 10/31/1995 Perf: $1,313.34 Date: 9/30/1995 Perf: $1,318.09 Date: 8/31/1995 Perf: $1,264.71 Date: 7/31/1995 Perf: $1,261.56 Date: 6/30/1995 Perf: $1,221.02 Date: 5/31/1995 Perf: $1,193.34 Date: 4/30/1995 Perf: $1,147.44 Date: 3/31/1995 Perf: $1,114.56 Date: 2/28/1995 Perf: $1,082.62 Date: 1/31/1995 Perf: $1,041.99 Date: 12/31/1994 Perf: $1,015.68 Date: 11/30/1994 Perf: $1,000.87 Date: 10/31/1994 Perf: $1,038.67 Date: 9/30/1994 Perf: $1,015.82 Date: 8/31/1994 Perf: $1,041.33 Date: 7/31/1994 Perf: $1,000.32 Date: 6/30/1994 Perf: $968.55 Date: 5/31/1994 Perf: $992.87 Date: 4/30/1994 Perf: $976.85 Date: 3/31/1994 Perf: $964.51 Date: 2/28/1994 Perf: $1,008.48 Date: 1/31/1994 Perf: $1,036.57 Date: 12/31/1993 Perf: $1,002.49 Date: 11/30/1993 Perf: $990.50 Date: 10/31/1993 Perf: $1,000.00 Date: 4/30/2013 Perf: $31,016.23 Date: 3/31/2013 Perf: $31,241.17 Date: 2/28/2013 Perf: $31,027.08 Date: 1/31/2013 Perf: $32,089.23 Date: 12/31/2012 Perf: $31,429.22 Date: 11/30/2012 Perf: $31,689.07 Date: 10/31/2012 Perf: $32,184.72 Date: 9/30/2012 Perf: $33,362.41 Date: 8/31/2012 Perf: $33,173.32 Date: 7/31/2012 Perf: $32,991.87 Date: 6/30/2012 Perf: $32,488.30 Date: 5/31/2012 Perf: $32,488.30 Date: 4/30/2012 Perf: $32,690.98 Date: 3/31/2012 Perf: $32,812.39 Date: 2/29/2012 Perf: $32,835.37 Date: 1/31/2012 Perf: $32,815.68 Date: 12/31/2011 Perf: $32,815.68 Date: 11/30/2011 Perf: $32,815.68 Date: 10/31/2011 Perf: $32,815.68 Date: 9/30/2011 Perf: $32,825.53 Date: 8/31/2011 Perf: $33,461.30 Date: 7/31/2011 Perf: $33,248.50 Date: 6/30/2011 Perf: $32,841.27 Date: 5/31/2011 Perf: $33,233.43 Date: 4/30/2011 Perf: $33,904.74 Date: 3/31/2011 Perf: $32,707.64 Date: 2/28/2011 Perf: $32,737.10 Date: 1/31/2011 Perf: $31,669.83 Date: 12/31/2010 Perf: $30,876.31 Date: 11/30/2010 Perf: $30,235.32 Date: 10/31/2010 Perf: $30,783.26 Date: 9/30/2010 Perf: $29,295.07 Date: 8/31/2010 Perf: $27,566.65 Date: 7/31/2010 Perf: $27,350.58 Date: 6/30/2010 Perf: $27,209.09 Date: 5/31/2010 Perf: $27,198.21 Date: 4/30/2010 Perf: $28,906.59 Date: 3/31/2010 Perf: $28,102.85 Date: 2/28/2010 Perf: $27,562.62 Date: 1/31/2010 Perf: $27,300.53 Date: 12/31/2009 Perf: $27,764.20 Date: 11/30/2009 Perf: $27,858.92 Date: 10/31/2009 Perf: $26,779.70 Date: 9/30/2009 Perf: $26,916.97 Date: 8/31/2009 Perf: $26,127.91 Date: 7/31/2009 Perf: $25,205.39 Date: 6/30/2009 Perf: $24,667.64 Date: 5/31/2009 Perf: $24,806.55 Date: 4/30/2009 Perf: $23,502.18 Date: 3/31/2009 Perf: $23,417.88 Date: 2/28/2009 Perf: $23,594.84 Date: 1/31/2009 Perf: $23,536.00 Date: 12/31/2008 Perf: $23,284.53 Date: 11/30/2008 Perf: $23,207.94 Date: 10/31/2008 Perf: $22,358.32 Date: 9/30/2008 Perf: $21,898.46 Date: 8/31/2008 Perf: $22,066.16 Date: 7/31/2008 Perf: $22,590.25 Date: 6/30/2008 Perf: $23,714.31 Date: 5/31/2008 Perf: $23,066.15 Date: 4/30/2008 Perf: $22,193.93 Date: 3/31/2008 Perf: $21,943.77 Date: 2/29/2008 Perf: $21,851.99 Date: 1/31/2008 Perf: $18,502.96 Date: 12/31/2007 Perf: $17,089.64 Date: 11/30/2007 Perf: $15,847.22 Date: 10/31/2007 Perf: $14,530.74 Date: 9/30/2007 Perf: $13,414.64 Date: 8/31/2007 Perf: $11,580.32 Date: 7/31/2007 Perf: $12,972.24 Date: 6/30/2007 Perf: $12,222.97 Date: 5/31/2007 Perf: $11,624.32 Date: 4/30/2007 Perf: $11,615.03 Date: 3/31/2007 Perf: $11,781.14 Date: 2/28/2007 Perf: $12,129.25 Date: 1/31/2007 Perf: $11,794.29 Date: 12/31/2006 Perf: $12,330.68 Date: 11/30/2006 Perf: $13,723.62 Date: 10/31/2006 Perf: $12,833.01 Date: 9/30/2006 Perf: $13,183.70 Date: 8/31/2006 Perf: $13,094.66 Date: 7/31/2006 Perf: $13,299.47 Date: 6/30/2006 Perf: $14,021.58 Date: 5/31/2006 Perf: $14,485.10 Date: 4/30/2006 Perf: $13,956.16 Date: 3/31/2006 Perf: $12,107.37 Date: 2/28/2006 Perf: $12,173.10 Date: 1/31/2006 Perf: $12,092.09 Date: 12/31/2005 Perf: $11,218.19 Date: 11/30/2005 Perf: $10,432.61 Date: 10/31/2005 Perf: $9,836.52 Date: 9/30/2005 Perf: $9,692.11 Date: 8/31/2005 Perf: $9,907.09 Date: 7/31/2005 Perf: $10,201.93 Date: 6/30/2005 Perf: $11,207.21 Date: 5/31/2005 Perf: $11,634.19 Date: 4/30/2005 Perf: $10,920.02 Date: 3/31/2005 Perf: $12,072.99 Date: 2/28/2005 Perf: $11,625.41 Date: 1/31/2005 Perf: $11,825.26 Date: 12/31/2004 Perf: $12,570.70 Date: 11/30/2004 Perf: $12,780.30 Date: 10/31/2004 Perf: $11,520.01 Date: 9/30/2004 Perf: $11,609.40 Date: 8/31/2004 Perf: $11,151.09 Date: 7/31/2004 Perf: $11,081.28 Date: 6/30/2004 Perf: $11,779.82 Date: 5/31/2004 Perf: $12,570.51 Date: 4/30/2004 Perf: $12,562.97 Date: 3/31/2004 Perf: $14,014.92 Date: 2/29/2004 Perf: $13,419.11 Date: 1/31/2004 Perf: $12,361.01 Date: 12/31/2003 Perf: $11,985.85 Date: 11/30/2003 Perf: $10,669.26 Date: 10/31/2003 Perf: $11,685.94 Date: 9/30/2003 Perf: $9,645.05 Date: 8/31/2003 Perf: $8,608.57 Date: 7/31/2003 Perf: $8,506.50 Date: 6/30/2003 Perf: $8,386.57 Date: 5/31/2003 Perf: $8,707.89 Date: 4/30/2003 Perf: $7,310.18 Date: 3/31/2003 Perf: $6,715.83 Date: 2/28/2003 Perf: $7,596.24 Date: 1/31/2003 Perf: $7,313.21 Date: 12/31/2002 Perf: $6,347.72 Date: 11/30/2002 Perf: $5,673.18 Date: 10/31/2002 Perf: $7,139.67 Date: 9/30/2002 Perf: $7,857.88 Date: 8/31/2002 Perf: $6,977.96 Date: 7/31/2002 Perf: $6,874.84 Date: 6/30/2002 Perf: $6,215.95 Date: 5/31/2002 Perf: $5,331.92 Date: 4/30/2002 Perf: $4,661.17 Date: 3/31/2002 Perf: $5,484.38 Date: 2/28/2002 Perf: $5,083.31 Date: 1/31/2002 Perf: $5,556.13 Date: 12/31/2001 Perf: $5,807.00 Date: 11/30/2001 Perf: $5,371.38 Date: 10/31/2001 Perf: $6,046.80 Date: 9/30/2001 Perf: $5,072.40 Date: 8/31/2001 Perf: $5,007.80 Date: 7/31/2001 Perf: $5,145.70 Date: 6/30/2001 Perf: $4,733.42 Date: 5/31/2001 Perf: $4,511.89 Date: 4/30/2001 Perf: $4,530.92 Date: 3/31/2001 Perf: $4,680.70 Date: 2/28/2001 Perf: $4,819.00 Date: 1/31/2001 Perf: $4,893.38 Date: 12/31/2000 Perf: $5,076.65 Date: 11/30/2000 Perf: $4,318.72 Date: 10/31/2000 Perf: $3,708.33 Date: 9/30/2000 Perf: $4,138.29 Date: 8/31/2000 Perf: $4,190.25 Date: 7/31/2000 Perf: $4,054.82 Date: 6/30/2000 Perf: $3,988.22 Date: 5/31/2000 Perf: $3,890.95 Date: 4/30/2000 Perf: $3,633.34 Date: 3/31/2000 Perf: $3,927.94 Date: 2/29/2000 Perf: $3,901.41 Date: 1/31/2000 Perf: $3,612.08 Date: 12/31/1999 Perf: $3,621.50 Date: 11/30/1999 Perf: $3,592.75 Date: 10/31/1999 Perf: $3,392.27 Date: 9/30/1999 Perf: $3,603.81 Date: 8/31/1999 Perf: $3,360.83 Date: 7/31/1999 Perf: $2,732.16 Date: 6/30/1999 Perf: $2,757.53 Date: 5/31/1999 Perf: $2,652.49 Date: 4/30/1999 Perf: $3,163.37 Date: 3/31/1999 Perf: $2,888.92 Date: 2/28/1999 Perf: $2,993.08 Date: 1/31/1999 Perf: $3,034.66 Date: 12/31/1998 Perf: $2,908.15 Date: 11/30/1998 Perf: $2,992.54 Date: 10/31/1998 Perf: $3,168.73 Date: 9/30/1998 Perf: $3,100.82 Date: 8/31/1998 Perf: $2,762.67 Date: 7/31/1998 Perf: $1,877.70 Date: 6/30/1998 Perf: $1,863.36 Date: 5/31/1998 Perf: $1,983.56 Date: 4/30/1998 Perf: $1,984.55 Date: 3/31/1998 Perf: $2,153.38 Date: 2/28/1998 Perf: $2,226.17 Date: 1/31/1998 Perf: $2,332.29 Date: 12/31/1997 Perf: $2,302.36 Date: 11/30/1997 Perf: $2,223.22 Date: 10/31/1997 Perf: $2,332.62 Date: 9/30/1997 Perf: $2,778.25 Date: 8/31/1997 Perf: $2,328.40 Date: 7/31/1997 Perf: $3,029.80 Date: 6/30/1997 Perf: $2,742.15 Date: 5/31/1997 Perf: $2,630.86 Date: 4/30/1997 Perf: $2,831.93 Date: 3/31/1997 Perf: $3,086.23 Date: 2/28/1997 Perf: $2,753.35 Date: 1/31/1997 Perf: $2,308.12 Date: 12/31/1996 Perf: $2,160.55 Date: 11/30/1996 Perf: $2,619.80 Date: 10/31/1996 Perf: $2,367.43 Date: 9/30/1996 Perf: $1,727.93 Date: 8/31/1996 Perf: $1,322.77 Date: 7/31/1996 Perf: $1,310.06 Date: 6/30/1996 Perf: $1,315.19 Date: 5/31/1996 Perf: $1,177.96 Date: 4/30/1996 Perf: $1,695.88 Date: 3/31/1996 Perf: $1,169.65 Date: 2/29/1996 Perf: $1,492.85 Date: 1/31/1996 Perf: $1,724.64 Date: 12/31/1995 Perf: $1,826.76 Date: 11/30/1995 Perf: $1,530.08 Date: 10/31/1995 Perf: $1,432.66 Date: 9/30/1995 Perf: $1,506.63 Date: 8/31/1995 Perf: $1,619.69 Date: 7/31/1995 Perf: $2,012.53 Date: 6/30/1995 Perf: $3,070.23 Date: 5/31/1995 Perf: $2,960.68 Date: 4/30/1995 Perf: $3,426.32 Date: 3/31/1995 Perf: $3,191.43 Date: 2/28/1995 Perf: $2,297.65 Date: 1/31/1995 Perf: $2,512.19 Date: 12/31/1994 Perf: $3,385.24 Date: 11/30/1994 Perf: $2,666.38 Date: 10/31/1994 Perf: $2,309.96 Date: 9/30/1994 Perf: $1,888.76 Date: 8/31/1994 Perf: $1,656.95 Date: 7/31/1994 Perf: $1,875.87 Date: 6/30/1994 Perf: $1,596.21 Date: 5/31/1994 Perf: $1,157.93 Date: 4/30/1994 Perf: $820.42 Date: 3/31/1994 Perf: $999.29 Date: 2/28/1994 Perf: $895.50 Date: 1/31/1994 Perf: $1,158.47 Date: 12/31/1993 Perf: $1,395.41 Date: 11/30/1993 Perf: $1,094.70 Date: 10/31/1993 Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 10/93 - 04/13
Date: 4/30/2013 Return: -0.72 % Date: 3/31/2013 Return: 0.69 % Date: 2/28/2013 Return: -3.31 % Date: 1/31/2013 Return: 2.10 % Date: 12/31/2012 Return: -0.82 % Date: 11/30/2012 Return: -1.54 % Date: 10/31/2012 Return: -3.53 % Date: 9/30/2012 Return: 0.57 % Date: 8/31/2012 Return: 0.55 % Date: 7/31/2012 Return: 1.55 % Date: 6/30/2012 Return: 0.00 % Date: 5/31/2012 Return: -0.62 % Date: 4/30/2012 Return: -0.37 % Date: 3/31/2012 Return: -0.07 % Date: 2/29/2012 Return: 0.06 % Date: 1/31/2012 Return: 0.00 % Date: 12/31/2011 Return: 0.00 % Date: 11/30/2011 Return: 0.00 % Date: 10/31/2011 Return: -0.03 % Date: 9/30/2011 Return: -1.90 % Date: 8/31/2011 Return: 0.64 % Date: 7/31/2011 Return: 1.24 % Date: 6/30/2011 Return: -1.18 % Date: 5/31/2011 Return: -1.98 % Date: 4/30/2011 Return: 3.66 % Date: 3/31/2011 Return: -0.09 % Date: 2/28/2011 Return: 3.37 % Date: 1/31/2011 Return: 2.57 % Date: 12/31/2010 Return: 2.12 % Date: 11/30/2010 Return: -1.78 % Date: 10/31/2010 Return: 5.08 % Date: 9/30/2010 Return: 6.27 % Date: 8/31/2010 Return: 0.79 % Date: 7/31/2010 Return: 0.52 % Date: 6/30/2010 Return: 0.04 % Date: 5/31/2010 Return: -5.91 % Date: 4/30/2010 Return: 2.86 % Date: 3/31/2010 Return: 1.96 % Date: 2/28/2010 Return: 0.96 % Date: 1/31/2010 Return: -1.67 % Date: 12/31/2009 Return: -0.34 % Date: 11/30/2009 Return: 4.03 % Date: 10/31/2009 Return: -0.51 % Date: 9/30/2009 Return: 3.02 % Date: 8/31/2009 Return: 3.66 % Date: 7/31/2009 Return: 2.18 % Date: 6/30/2009 Return: -0.56 % Date: 5/31/2009 Return: 5.55 % Date: 4/30/2009 Return: 0.36 % Date: 3/31/2009 Return: -0.75 % Date: 2/28/2009 Return: 0.25 % Date: 1/31/2009 Return: 1.08 % Date: 12/31/2008 Return: 0.33 % Date: 11/30/2008 Return: 3.80 % Date: 10/31/2008 Return: 2.10 % Date: 9/30/2008 Return: -0.76 % Date: 8/31/2008 Return: -2.32 % Date: 7/31/2008 Return: -4.74 % Date: 6/30/2008 Return: 2.81 % Date: 5/31/2008 Return: 3.93 % Date: 4/30/2008 Return: 1.14 % Date: 3/31/2008 Return: 0.42 % Date: 2/29/2008 Return: 18.10 % Date: 1/31/2008 Return: 8.27 % Date: 12/31/2007 Return: 7.84 % Date: 11/30/2007 Return: 9.06 % Date: 10/31/2007 Return: 8.32 % Date: 9/30/2007 Return: 15.84 % Date: 8/31/2007 Return: -10.73 % Date: 7/31/2007 Return: 6.13 % Date: 6/30/2007 Return: 5.15 % Date: 5/31/2007 Return: 0.08 % Date: 4/30/2007 Return: -1.41 % Date: 3/31/2007 Return: -2.87 % Date: 2/28/2007 Return: 2.84 % Date: 1/31/2007 Return: -4.35 % Date: 12/31/2006 Return: -10.15 % Date: 11/30/2006 Return: 6.94 % Date: 10/31/2006 Return: -2.66 % Date: 9/30/2006 Return: 0.68 % Date: 8/31/2006 Return: -1.54 % Date: 7/31/2006 Return: -5.15 % Date: 6/30/2006 Return: -3.20 % Date: 5/31/2006 Return: 3.79 % Date: 4/30/2006 Return: 15.27 % Date: 3/31/2006 Return: -0.54 % Date: 2/28/2006 Return: 0.67 % Date: 1/31/2006 Return: 7.79 % Date: 12/31/2005 Return: 7.53 % Date: 11/30/2005 Return: 6.06 % Date: 10/31/2005 Return: 1.49 % Date: 9/30/2005 Return: -2.17 % Date: 8/31/2005 Return: -2.89 % Date: 7/31/2005 Return: -8.97 % Date: 6/30/2005 Return: -3.67 % Date: 5/31/2005 Return: 6.54 % Date: 4/30/2005 Return: -9.55 % Date: 3/31/2005 Return: 3.85 % Date: 2/28/2005 Return: -1.69 % Date: 1/31/2005 Return: -5.93 % Date: 12/31/2004 Return: -1.64 % Date: 11/30/2004 Return: 10.94 % Date: 10/31/2004 Return: -0.77 % Date: 9/30/2004 Return: 4.11 % Date: 8/31/2004 Return: 0.63 % Date: 7/31/2004 Return: -5.93 % Date: 6/30/2004 Return: -6.29 % Date: 5/31/2004 Return: 0.06 % Date: 4/30/2004 Return: -10.36 % Date: 3/31/2004 Return: 4.44 % Date: 2/29/2004 Return: 8.56 % Date: 1/31/2004 Return: 3.13 % Date: 12/31/2003 Return: 12.34 % Date: 11/30/2003 Return: -8.70 % Date: 10/31/2003 Return: 21.16 % Date: 9/30/2003 Return: 12.04 % Date: 8/31/2003 Return: 1.20 % Date: 7/31/2003 Return: 1.43 % Date: 6/30/2003 Return: -3.69 % Date: 5/31/2003 Return: 19.12 % Date: 4/30/2003 Return: 8.85 % Date: 3/31/2003 Return: -11.59 % Date: 2/28/2003 Return: 3.87 % Date: 1/31/2003 Return: 15.21 % Date: 12/31/2002 Return: 11.89 % Date: 11/30/2002 Return: -20.54 % Date: 10/31/2002 Return: -9.14 % Date: 9/30/2002 Return: 12.61 % Date: 8/31/2002 Return: 1.50 % Date: 7/31/2002 Return: 10.60 % Date: 6/30/2002 Return: 16.58 % Date: 5/31/2002 Return: 14.39 % Date: 4/30/2002 Return: -15.01 % Date: 3/31/2002 Return: 7.89 % Date: 2/28/2002 Return: -8.51 % Date: 1/31/2002 Return: -4.32 % Date: 12/31/2001 Return: 8.11 % Date: 11/30/2001 Return: -11.17 % Date: 10/31/2001 Return: 19.21 % Date: 9/30/2001 Return: 1.29 % Date: 8/31/2001 Return: -2.68 % Date: 7/31/2001 Return: 8.71 % Date: 6/30/2001 Return: 4.91 % Date: 5/31/2001 Return: -0.42 % Date: 4/30/2001 Return: -3.20 % Date: 3/31/2001 Return: -2.87 % Date: 2/28/2001 Return: -1.52 % Date: 1/31/2001 Return: -3.61 % Date: 12/31/2000 Return: 17.55 % Date: 11/30/2000 Return: 16.46 % Date: 10/31/2000 Return: -10.39 % Date: 9/30/2000 Return: -1.24 % Date: 8/31/2000 Return: 3.34 % Date: 7/31/2000 Return: 1.67 % Date: 6/30/2000 Return: 2.50 % Date: 5/31/2000 Return: 7.09 % Date: 4/30/2000 Return: -7.50 % Date: 3/31/2000 Return: 0.68 % Date: 2/29/2000 Return: 8.01 % Date: 1/31/2000 Return: -0.26 % Date: 12/31/1999 Return: 0.80 % Date: 11/30/1999 Return: 5.91 % Date: 10/31/1999 Return: -5.87 % Date: 9/30/1999 Return: 7.23 % Date: 8/31/1999 Return: 23.01 % Date: 7/31/1999 Return: -0.92 % Date: 6/30/1999 Return: 3.96 % Date: 5/31/1999 Return: -16.15 % Date: 4/30/1999 Return: 9.50 % Date: 3/31/1999 Return: -3.48 % Date: 2/28/1999 Return: -1.37 % Date: 1/31/1999 Return: 4.35 % Date: 12/31/1998 Return: -2.82 % Date: 11/30/1998 Return: -5.56 % Date: 10/31/1998 Return: 2.19 % Date: 9/30/1998 Return: 12.24 % Date: 8/31/1998 Return: 47.13 % Date: 7/31/1998 Return: 0.77 % Date: 6/30/1998 Return: -6.06 % Date: 5/31/1998 Return: -0.05 % Date: 4/30/1998 Return: -7.84 % Date: 3/31/1998 Return: -3.27 % Date: 2/28/1998 Return: -4.55 % Date: 1/31/1998 Return: 1.30 % Date: 12/31/1997 Return: 3.56 % Date: 11/30/1997 Return: -4.69 % Date: 10/31/1997 Return: -16.04 % Date: 9/30/1997 Return: 19.32 % Date: 8/31/1997 Return: -23.15 % Date: 7/31/1997 Return: 10.49 % Date: 6/30/1997 Return: 4.23 % Date: 5/31/1997 Return: -7.10 % Date: 4/30/1997 Return: -8.24 % Date: 3/31/1997 Return: 12.09 % Date: 2/28/1997 Return: 19.29 % Date: 1/31/1997 Return: 6.83 % Date: 12/31/1996 Return: -17.53 % Date: 11/30/1996 Return: 10.66 % Date: 10/31/1996 Return: 37.01 % Date: 9/30/1996 Return: 30.63 % Date: 8/31/1996 Return: 0.97 % Date: 7/31/1996 Return: -0.39 % Date: 6/30/1996 Return: 11.65 % Date: 5/31/1996 Return: -30.54 % Date: 4/30/1996 Return: 44.99 % Date: 3/31/1996 Return: -21.65 % Date: 2/29/1996 Return: -13.44 % Date: 1/31/1996 Return: -5.59 % Date: 12/31/1995 Return: 19.39 % Date: 11/30/1995 Return: 6.80 % Date: 10/31/1995 Return: -4.91 % Date: 9/30/1995 Return: -6.98 % Date: 8/31/1995 Return: -19.52 % Date: 7/31/1995 Return: -34.45 % Date: 6/30/1995 Return: 3.70 % Date: 5/31/1995 Return: -13.59 % Date: 4/30/1995 Return: 7.36 % Date: 3/31/1995 Return: 38.90 % Date: 2/28/1995 Return: -8.54 % Date: 1/31/1995 Return: -25.79 % Date: 12/31/1994 Return: 26.96 % Date: 11/30/1994 Return: 15.43 % Date: 10/31/1994 Return: 22.30 % Date: 9/30/1994 Return: 13.99 % Date: 8/31/1994 Return: -11.67 % Date: 7/31/1994 Return: 17.52 % Date: 6/30/1994 Return: 37.85 % Date: 5/31/1994 Return: 41.14 % Date: 4/30/1994 Return: -17.90 % Date: 3/31/1994 Return: 11.59 % Date: 2/28/1994 Return: -22.70 % Date: 1/31/1994 Return: -16.98 % Date: 12/31/1993 Return: 27.47 % Date: 11/30/1993 Return: 9.47 % Date: 10/31/1993 Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 10/93 - 04/13
Return: 21.00 % Count: 1 Return: -21.00 % Count: 1 Return: 13.00 % Count: 1 Return: 17.00 % Count: 1 Return: -15.00 % Count: 1 Return: -11.00 % Count: 2 Return: 5.00 % Count: 3 Return: -2.00 % Count: 11 Return: -4.00 % Count: 6 Return: 16.00 % Count: 2 Return: -10.00 % Count: 4 Return: 3.00 % Count: 8 Return: 8.00 % Count: 8 Return: 6.00 % Count: 5 Return: 23.00 % Count: 1 Return: -1.00 % Count: 14 Return: 2.00 % Count: 10 Return: 47.00 % Count: 1 Return: -3.00 % Count: 11 Return: -16.00 % Count: 2 Return: 10.00 % Count: 2 Return: -8.00 % Count: 2 Return: 11.00 % Count: 3 Return: 37.00 % Count: 1 Return: 31.00 % Count: 1 Return: 1.00 % Count: 22 Return: -31.00 % Count: 1 Return: 45.00 % Count: 1 Return: -22.00 % Count: 1 Return: -13.00 % Count: 1 Return: -6.00 % Count: 8 Return: 19.00 % Count: 5 Return: -5.00 % Count: 5 Return: -7.00 % Count: 3 Return: -20.00 % Count: 1 Return: -34.00 % Count: 1 Return: 4.00 % Count: 15 Return: -14.00 % Count: 1 Return: 7.00 % Count: 7 Return: 39.00 % Count: 1 Return: -9.00 % Count: 5 Return: -26.00 % Count: 1 Return: 15.00 % Count: 3 Return: 22.00 % Count: 1 Return: 14.00 % Count: 2 Return: -12.00 % Count: 2 Return: 18.00 % Count: 3 Return: 38.00 % Count: 1 Return: 41.00 % Count: 1 Return: -18.00 % Count: 2 Return: 12.00 % Count: 7 Return: -23.00 % Count: 2 Return: -17.00 % Count: 1 Return: 27.00 % Count: 2 Return: 9.00 % Count: 5 Return: 0.00 % Count: 22
Note: All performance data is since program inception.

Underwater Curve
Date Range: 10/93 - 04/13
Date: 4/30/2013 Drawdown: -8.52 % Date: 3/31/2013 Drawdown: -7.86 % Date: 2/28/2013 Drawdown: -8.49 % Date: 1/31/2013 Drawdown: -5.35 % Date: 12/31/2012 Drawdown: -7.30 % Date: 11/30/2012 Drawdown: -6.53 % Date: 10/31/2012 Drawdown: -5.07 % Date: 9/30/2012 Drawdown: -1.60 % Date: 8/31/2012 Drawdown: -2.16 % Date: 7/31/2012 Drawdown: -2.69 % Date: 6/30/2012 Drawdown: -4.18 % Date: 5/31/2012 Drawdown: -4.18 % Date: 4/30/2012 Drawdown: -3.58 % Date: 3/31/2012 Drawdown: -3.22 % Date: 2/29/2012 Drawdown: -3.15 % Date: 1/31/2012 Drawdown: -3.21 % Date: 12/31/2011 Drawdown: -3.21 % Date: 11/30/2011 Drawdown: -3.21 % Date: 10/31/2011 Drawdown: -3.21 % Date: 9/30/2011 Drawdown: -3.18 % Date: 8/31/2011 Drawdown: -1.31 % Date: 7/31/2011 Drawdown: -1.94 % Date: 6/30/2011 Drawdown: -3.14 % Date: 5/31/2011 Drawdown: -1.98 % Date: 4/30/2011 Drawdown: 0.00 % Date: 3/31/2011 Drawdown: -0.09 % 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: -1.78 % Date: 10/31/2010 Drawdown: 0.00 % Date: 9/30/2010 Drawdown: 0.00 % Date: 8/31/2010 Drawdown: -4.64 % Date: 7/31/2010 Drawdown: -5.38 % Date: 6/30/2010 Drawdown: -5.87 % Date: 5/31/2010 Drawdown: -5.91 % Date: 4/30/2010 Drawdown: 0.00 % Date: 3/31/2010 Drawdown: 0.00 % Date: 2/28/2010 Drawdown: -1.06 % Date: 1/31/2010 Drawdown: -2.00 % Date: 12/31/2009 Drawdown: -0.34 % Date: 11/30/2009 Drawdown: 0.00 % Date: 10/31/2009 Drawdown: -0.51 % Date: 9/30/2009 Drawdown: 0.00 % Date: 8/31/2009 Drawdown: 0.00 % Date: 7/31/2009 Drawdown: 0.00 % Date: 6/30/2009 Drawdown: -0.56 % Date: 5/31/2009 Drawdown: 0.00 % Date: 4/30/2009 Drawdown: -0.89 % Date: 3/31/2009 Drawdown: -1.25 % Date: 2/28/2009 Drawdown: -0.50 % Date: 1/31/2009 Drawdown: -0.75 % Date: 12/31/2008 Drawdown: -1.81 % Date: 11/30/2008 Drawdown: -2.14 % Date: 10/31/2008 Drawdown: -5.72 % Date: 9/30/2008 Drawdown: -7.66 % Date: 8/31/2008 Drawdown: -6.95 % Date: 7/31/2008 Drawdown: -4.74 % Date: 6/30/2008 Drawdown: 0.00 % Date: 5/31/2008 Drawdown: 0.00 % Date: 4/30/2008 Drawdown: 0.00 % 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: 0.00 % Date: 10/31/2007 Drawdown: 0.00 % Date: 9/30/2007 Drawdown: -7.39 % Date: 8/31/2007 Drawdown: -20.05 % Date: 7/31/2007 Drawdown: -10.44 % Date: 6/30/2007 Drawdown: -15.62 % Date: 5/31/2007 Drawdown: -19.75 % Date: 4/30/2007 Drawdown: -19.81 % Date: 3/31/2007 Drawdown: -18.67 % Date: 2/28/2007 Drawdown: -16.26 % Date: 1/31/2007 Drawdown: -18.58 % Date: 12/31/2006 Drawdown: -14.87 % Date: 11/30/2006 Drawdown: -5.26 % Date: 10/31/2006 Drawdown: -11.41 % Date: 9/30/2006 Drawdown: -8.98 % Date: 8/31/2006 Drawdown: -9.60 % Date: 7/31/2006 Drawdown: -8.19 % Date: 6/30/2006 Drawdown: -3.20 % Date: 5/31/2006 Drawdown: 0.00 % Date: 4/30/2006 Drawdown: -0.42 % Date: 3/31/2006 Drawdown: -13.61 % Date: 2/28/2006 Drawdown: -13.14 % Date: 1/31/2006 Drawdown: -13.72 % Date: 12/31/2005 Drawdown: -19.96 % Date: 11/30/2005 Drawdown: -25.56 % Date: 10/31/2005 Drawdown: -29.81 % Date: 9/30/2005 Drawdown: -30.84 % Date: 8/31/2005 Drawdown: -29.31 % Date: 7/31/2005 Drawdown: -27.21 % Date: 6/30/2005 Drawdown: -20.03 % Date: 5/31/2005 Drawdown: -16.99 % Date: 4/30/2005 Drawdown: -22.08 % Date: 3/31/2005 Drawdown: -13.86 % Date: 2/28/2005 Drawdown: -17.05 % Date: 1/31/2005 Drawdown: -15.62 % Date: 12/31/2004 Drawdown: -10.30 % Date: 11/30/2004 Drawdown: -8.81 % Date: 10/31/2004 Drawdown: -17.80 % Date: 9/30/2004 Drawdown: -17.16 % Date: 8/31/2004 Drawdown: -20.43 % Date: 7/31/2004 Drawdown: -20.93 % Date: 6/30/2004 Drawdown: -15.95 % Date: 5/31/2004 Drawdown: -10.31 % Date: 4/30/2004 Drawdown: -10.36 % 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: -8.70 % Date: 10/31/2003 Drawdown: 0.00 % Date: 9/30/2003 Drawdown: 0.00 % Date: 8/31/2003 Drawdown: -1.14 % Date: 7/31/2003 Drawdown: -2.31 % Date: 6/30/2003 Drawdown: -3.69 % Date: 5/31/2003 Drawdown: 0.00 % Date: 4/30/2003 Drawdown: -6.97 % Date: 3/31/2003 Drawdown: -14.53 % Date: 2/28/2003 Drawdown: -3.33 % Date: 1/31/2003 Drawdown: -6.93 % Date: 12/31/2002 Drawdown: -19.22 % Date: 11/30/2002 Drawdown: -27.80 % Date: 10/31/2002 Drawdown: -9.14 % Date: 9/30/2002 Drawdown: 0.00 % Date: 8/31/2002 Drawdown: 0.00 % Date: 7/31/2002 Drawdown: 0.00 % Date: 6/30/2002 Drawdown: 0.00 % Date: 5/31/2002 Drawdown: -11.82 % Date: 4/30/2002 Drawdown: -22.92 % Date: 3/31/2002 Drawdown: -9.30 % Date: 2/28/2002 Drawdown: -15.93 % Date: 1/31/2002 Drawdown: -8.11 % Date: 12/31/2001 Drawdown: -3.97 % Date: 11/30/2001 Drawdown: -11.17 % Date: 10/31/2001 Drawdown: 0.00 % Date: 9/30/2001 Drawdown: -1.42 % Date: 8/31/2001 Drawdown: -2.68 % Date: 7/31/2001 Drawdown: 0.00 % Date: 6/30/2001 Drawdown: -6.76 % Date: 5/31/2001 Drawdown: -11.12 % Date: 4/30/2001 Drawdown: -10.75 % Date: 3/31/2001 Drawdown: -7.80 % Date: 2/28/2001 Drawdown: -5.08 % Date: 1/31/2001 Drawdown: -3.61 % Date: 12/31/2000 Drawdown: 0.00 % Date: 11/30/2000 Drawdown: 0.00 % Date: 10/31/2000 Drawdown: -11.50 % Date: 9/30/2000 Drawdown: -1.24 % Date: 8/31/2000 Drawdown: 0.00 % Date: 7/31/2000 Drawdown: 0.00 % Date: 6/30/2000 Drawdown: 0.00 % Date: 5/31/2000 Drawdown: -0.94 % Date: 4/30/2000 Drawdown: -7.50 % Date: 3/31/2000 Drawdown: 0.00 % Date: 2/29/2000 Drawdown: 0.00 % Date: 1/31/2000 Drawdown: -0.26 % Date: 12/31/1999 Drawdown: 0.00 % Date: 11/30/1999 Drawdown: -0.31 % Date: 10/31/1999 Drawdown: -5.87 % Date: 9/30/1999 Drawdown: 0.00 % Date: 8/31/1999 Drawdown: -1.91 % Date: 7/31/1999 Drawdown: -20.26 % Date: 6/30/1999 Drawdown: -19.52 % Date: 5/31/1999 Drawdown: -22.58 % Date: 4/30/1999 Drawdown: -7.67 % Date: 3/31/1999 Drawdown: -15.68 % Date: 2/28/1999 Drawdown: -12.64 % Date: 1/31/1999 Drawdown: -11.43 % Date: 12/31/1998 Drawdown: -15.12 % Date: 11/30/1998 Drawdown: -12.66 % Date: 10/31/1998 Drawdown: -7.52 % Date: 9/30/1998 Drawdown: -9.50 % Date: 8/31/1998 Drawdown: -19.37 % Date: 7/31/1998 Drawdown: -45.20 % Date: 6/30/1998 Drawdown: -45.62 % Date: 5/31/1998 Drawdown: -42.11 % Date: 4/30/1998 Drawdown: -42.08 % Date: 3/31/1998 Drawdown: -37.15 % Date: 2/28/1998 Drawdown: -35.03 % Date: 1/31/1998 Drawdown: -31.93 % Date: 12/31/1997 Drawdown: -32.80 % Date: 11/30/1997 Drawdown: -35.11 % Date: 10/31/1997 Drawdown: -31.92 % Date: 9/30/1997 Drawdown: -18.91 % Date: 8/31/1997 Drawdown: -32.04 % Date: 7/31/1997 Drawdown: -11.57 % Date: 6/30/1997 Drawdown: -19.97 % Date: 5/31/1997 Drawdown: -23.22 % Date: 4/30/1997 Drawdown: -17.35 % Date: 3/31/1997 Drawdown: -9.93 % Date: 2/28/1997 Drawdown: -19.64 % Date: 1/31/1997 Drawdown: -32.64 % Date: 12/31/1996 Drawdown: -36.94 % Date: 11/30/1996 Drawdown: -23.54 % Date: 10/31/1996 Drawdown: -30.90 % Date: 9/30/1996 Drawdown: -49.57 % Date: 8/31/1996 Drawdown: -61.39 % Date: 7/31/1996 Drawdown: -61.76 % Date: 6/30/1996 Drawdown: -61.62 % Date: 5/31/1996 Drawdown: -65.62 % Date: 4/30/1996 Drawdown: -50.50 % Date: 3/31/1996 Drawdown: -65.86 % Date: 2/29/1996 Drawdown: -56.43 % Date: 1/31/1996 Drawdown: -49.66 % Date: 12/31/1995 Drawdown: -46.68 % Date: 11/30/1995 Drawdown: -55.34 % Date: 10/31/1995 Drawdown: -58.19 % Date: 9/30/1995 Drawdown: -56.03 % Date: 8/31/1995 Drawdown: -52.73 % Date: 7/31/1995 Drawdown: -41.26 % Date: 6/30/1995 Drawdown: -10.39 % Date: 5/31/1995 Drawdown: -13.59 % Date: 4/30/1995 Drawdown: 0.00 % Date: 3/31/1995 Drawdown: -5.73 % Date: 2/28/1995 Drawdown: -32.13 % Date: 1/31/1995 Drawdown: -25.79 % Date: 12/31/1994 Drawdown: 0.00 % Date: 11/30/1994 Drawdown: 0.00 % Date: 10/31/1994 Drawdown: 0.00 % Date: 9/30/1994 Drawdown: 0.00 % Date: 8/31/1994 Drawdown: -11.67 % Date: 7/31/1994 Drawdown: 0.00 % Date: 6/30/1994 Drawdown: 0.00 % Date: 5/31/1994 Drawdown: -17.02 % Date: 4/30/1994 Drawdown: -41.21 % Date: 3/31/1994 Drawdown: -28.39 % Date: 2/28/1994 Drawdown: -35.83 % Date: 1/31/1994 Drawdown: -16.98 % Date: 12/31/1993 Drawdown: 0.00 % Date: 11/30/1993 Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Saxon Investment Corporation
Address: 1314 North Dearborn Parkway, The Carriage House
City: Chicago
State: IL
Zip: 60610
Country: USA
Key People
Name:  Howard Seidler
Position:  Principal
Biography: 

Howard Seidler was awarded Bachelor of Science degrees in Chemical Engineering and Management Science from the Massachusetts Institute of Technology in 1980. From June 1980 to July 1983 he was employed first by Putman, Hayes & Bartlett and then by Industrial Economics as an associate. Both firms provide economic consulting services to private industry and government agencies. Mr. Seidler has traded futures professionally for over 21 years. He began a full-time intensive study of the futures markets in August 1983. In December 1983 he was hired and trained by Richard Dennis, Jr., the well-known futures speculator and founding partner of C&D Commodities, to trade futures for Mr. Dennis' personal account. He began managing accounts for Mr. Dennis in January 1984 and from July 1985 until March 1988, he continued to manage futures for accounts affiliated with Mr. Dennis as an independent, self-employed trader. In May 1988, Mr. Dennis closed all such accounts traded for him at C&D Commodities. Between April and September 1988, Mr. Seidler prepared his newly formed company, Saxon, to manage other accounts for multiple clients as a registered CTA. Mr. Seidler is solely responsible for the trading decisions and strategies of Saxon, and for directing its ongoing research and development of trading and money management principles.

Name:  David Seidler
Position:  Principal
Biography: 

David Seidler received a Bachelor of Science degree in Management from the Massachusetts Institute of Technology in 1977. David Seidler worked for Independent Cordage Company, Inc. from 1978 through 1989, and FOJP Service Corporation from 1989 through 2005, where he last held the position of Director in the Information Technology department. David Seidler is in the process of taking over the administrative duties of Saxon.

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.