AIMR has not been involved with the preparation or review of this report. The firm wide Level I and composite specific Level II Verification Report of the Independent Accountant is available upon request. Results are based on all fully discretionary, fee-paying accounts under management, including those accounts no longer with the firm. Performance results have been calculated commencing with the first full quarter that the account was under management utilizing the designated strategy. Performance results for the composites and comparative indices reflect capital appreciation and the reinvestment of dividends and interest.
Performance results for all composites include trading costs.
Gross of fee composite returns represent performance before management fees and incentive fees, where applicable, are paid. Actual returns for these portfolios will be reduced by management fees, incentive fees, where applicable, and any other expenses incurred by the account. Whenever management fees or incentive fees are computed and deducted from an account periodically over time, the effect is to offset the gross performance and reduce the total value of a client's portfolio at a compound rate.