PERFORMANCE DISCLOSURE NOTES

Gross total return includes realized and unrealized gains plus income, and uses time-weighted rates of return. Gross performance is calculated after the deduction of trading expenses (e.g. broker commissions and SEC fees), and before investment management fees and other non-trading portfolio expenses. Actual returns would be reduced by such expenses. Note that expenses are not deducted from market index returns. This total return information also does not reflect the impact of any redemption fees. Alpha Windward’s investment advisory fees and redemption fees are described in Part II of the Advisor’s Form ADV. Past performance is no indication of future results.
The performance data is computed on a total return basis – a dollar-weighted average of total returns – based on the asset, market value, income and capital change data.
Investment advisory fees do have an effect on investment results. For example, assume a 10.0% total return on a gross basis. If an investment advisory fee of 1.0% of average assets under management per year were charged, the net total return would be reduced from 10.0% to 9.0%. Looked at another way, $10,000.00 invested at 10.0% for ten years would grow to $25,937.42; at 9.0%, it would grow to $23,673.64.
Alpha Windward Composites – Gross:
- "Equities" reflects the performance of actively managed equity securities only.