Investment performance statistics are for illustrative purposes only and are not a guarantee of future performance. Transactions in securities were recorded on a trade-date basis. Securities included in the portfolios are listed on a national securities exchange or the Nasdaq national list and are valued at their last sale price. The rate of return has been computed using the modified Bank Administration Method, a method accepted by the Association for Investment Management and Research. This method computes the rate of return by time weighting each cash flow on a monthly basis.
Cash flows consist of proceeds from contributions and cash disbursed for withdrawals.
Provision for income taxes has not been considered. The annualized rates of return represent the percentage rates of return which, when compounded on an annual basis, equal the cumulative rates of return. These are unmanaged indices which include realized and unrealized gains and losses plus the reinvestment of dividends.