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Calendar Year Returns

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Full Year	S&P 500
2023	8.25	-2.61	0.48	1.69	0.09	4.73	6.21	-2.24	-3.77	-2.85	8.91	7.11	27.83	26.29
2022	-8.53	-4.63	0.22	-12.00	1.60	-9.55	8.08	-5.84	-11.23	5.12	7.89	-4.07	-30.52	-18.11
2021	0.98	4.59	2.84	4.56	0.65	1.53	0.30	4.87	-3.94	5.33	-1.08	2.66	25.48	28.71
2020	1.45	-8.03	-16.59	15.88	8.11	1.56	8.78	5.69	-5.53	-1.48	12.06	3.91	23.33	18.40
2019	7.94	3.62	2.54	6.93	-5.68	4.62	1.53	-2.19	1.42	1.27	3.31	1.29	29.12	31.49
2018	7.01	-3.63	-1.79	2.00	3.14	2.55	1.70	3.66	-1.34	-7.55	-0.17	-5.42	-2.71	-4.38
2017	1.91	3.48	0.02	0.88	2.13	0.91	0.23	0.59	2.86	2.67	1.98	0.83	20.07	21.83
2016	-5.00	2.46	-4.26	0.61	-0.95	-1.80	4.47	0.81	-1.66	-2.01	5.34	0.31	-6.90	11.96
2015	-0.12	8.23	-0.40	1.79	3.47	-3.18	6.72	-5.31	-8.09	-9.03	-1.26	1.22	-7.31	1.38
2014	-0.17	3.95	-1.92	0.20	-0.72	-0.34	-3.56	2.94	0.08	2.31	4.25	0.58	7.56	13.69
2013	5.34	1.82	3.27	0.34	5.19	-1.94	4.39	-1.44	4.58	3.06	2.12	3.65	34.58	32.39
2012	3.29	4.66	2.46	0.44	-5.38	0.01	1.02	2.68	2.66	-0.13	1.56	1.75	15.68	16.00
2011	3.47	3.33	3.31	2.85	-1.16	-0.59	-0.30	-3.82	-6.06	8.02	3.49	0.70	13.19	2.11
2010	0.68	2.85	4.30	3.27	-5.16	-1.67	3.11	-3.03	8.24	2.89	-0.28	3.47	19.50	15.06
2009	-8.80	-7.60	8.73	14.05	-2.97	0.75	7.49	2.74	1.62	-2.29	1.58	1.38	15.38	26.46
2008	-0.67	-3.89	-0.40	3.67	1.10	-9.73	-0.20	4.06	-2.42	-14.69	-8.27	2.29	-27.03	-37.00
2007	2.51	-1.17	-0.70	3.20	2.57	-0.62	-1.73	3.81	-0.19	4.38	-1.45	-2.19	8.40	5.49
2006	-0.13	0.55	2.22	-0.69	0.40	-1.54	-1.80	3.04	2.75	3.29	-1.34	1.47	8.34	15.79
2005	0.12	0.47	-1.59	-3.41	2.60	1.36	1.29	-2.30	0.47	4.73	5.45	-1.22	7.78	4.91
2004	1.83	3.62	0.59	-0.52	-1.70	-0.44	-3.28	0.11	0.88	1.77	0.26	1.76	4.66	10.88
2003	-5.73	-3.76	2.04	7.57	3.04	0.81	-0.03	5.65	-2.88	4.80	4.32	0.97	17.12	28.68
2002	-0.13	-0.38	1.48	2.73	-0.93	-4.24	-2.69	3.40	-3.36	3.75	-0.46	-1.48	-2.64	-22.10
2001	-0.36	-0.66	-3.06	4.49	3.54	-0.31	1.26	-1.63	-0.97	0.57	2.93	4.53	10.52	-11.89
2000	-3.98	-10.41	16.36	0.82	3.57	-6.74	0.96	4.93	7.25	1.13	0.97	6.18	20.06	-9.10
1999	-6.47	2.19	1.40	5.28	-5.06	-0.72	-2.36	-5.66	-7.04	10.53	-6.31	-4.68	-16.54	21.04
1998	1.16	7.28	9.71	0.80	-0.33	7.52	-4.67	-13.79	6.33	11.38	2.91	4.99	35.25	28.58
1997	5.71	0.52	-3.76	7.06	6.22	6.83	5.95	-8.56	7.70	0.04	4.31	5.83	43.20	33.36
1996	4.52	2.50	0.56	-0.42	-1.87	0.15	-0.57	3.05	4.91	3.64	5.70	-1.94	21.74	22.96
1995	10.15	-1.71	2.11	-1.17	5.29	1.52	1.65	2.91	6.67	-0.08	6.17	2.26	41.38	37.58
1994	1.95	-1.47	-2.35	2.84	1.65	-1.64	6.45	0.98	-3.71	3.45	-4.58	0.28	3.34	1.32
1993	0.79	-1.87	3.12	-0.70	4.59	3.25	-0.03	4.20	-2.18	0.37	0.39	-1.35	10.78	10.08
1992	-1.99	-0.04	0.04	0.36	0.90	-0.53	4.65	-2.02	2.08	-1.38	5.38	1.84	9.36	7.62
1991	4.96	6.86	32.90	-1.00	4.89	-2.10	3.02	1.68	1.71	2.20	-3.76	13.44	40.00	30.45
1990	4.70	1.60	2.00	-0.20	4.70	2.10	-2.80	-8.80	-3.00	-5.30	5.30	6.48	-3.80	-3.14
1989	3.50	0.00	4.70	4.90	4.90	-0.27	5.20	2.10	1.50	-0.20	-1.10	-0.05	27.91	31.65
1988	0.60	2.50	1.20	0.30	-1.20	3.64	0.50	-1.90	3.30	1.10	-0.89	1.53	11.05	16.57
1987	8.50	3.15	1.89	-1.58	0.23	4.18	1.24	2.37	-1.68	-12.16	-1.89	4.36	7.40	5.22
1986	0.09	6.34	2.35	0.95	2.90	3.19	-2.38	1.75	-2.57	2.28	0.89	-2.77	13.30	18.60
1985	6.01	2.53	1.87	1.68	4.59	2.04	-0.07	0.13	-1.96	1.87	3.68	2.78	27.95	31.76
1984	1.37	-4.30	1.43	2.26	-2.00	6.70	-0.42	7.32	1.61	1.29	1.33	1.05	18.50	6.26
1983	0.44	3.33	4.38	5.19	-0.65	1.39	-0.82	2.58	4.61	1.54	0.47	2.15	27.31	22.56
1982	-0.77	-8.20	9.98	5.20	-0.53	0.16	1.17	7.67	3.84	6.42	1.95	1.75	31.12	21.59
1981	0.96	4.10	6.49	0.59	2.53	0.72	-0.30	-2.43	-2.45	5.39	5.88	-1.31	21.49	-5.00
1980	2.67	-3.79	-10.78	3.75	7.30	1.48	11.25	1.59	3.44	-2.24	0.87	-1.77	12.66	32.51
1979	6.11	-5.27	5.38	0.13	-3.34	2.70	2.76	5.88	-0.04	-8.90	3.00	4.28	12.05	18.63
1978	-5.92	3.12	6.32	8.68	3.70	1.09	6.44	4.42	-1.36	-8.64	2.55	2.67	23.93	6.51
1977	-0.44	-1.53	1.19	-2.23	0.57	7.47	0.82	-0.12	3.96	-2.92	11.24	1.15	19.88	-7.20
1976	17.23	7.09	2.72	1.65	-2.26	3.49	4.30	0.23	3.35	3.02	6.10	10.08	72.37	23.96
1975	20.81	9.33	9.03	5.18	4.87	6.64	-3.46	-3.74	-2.05	4.41	2.11	-1.55	61.84	37.30
1974	8.92	-0.12	2.96	-4.43	-5.76	0.27	-2.35	-8.75	-5.48	9.34	-4.57	-4.92	-15.48	-26.52
1973	2.50	-6.62	0.84	-4.63	-7.47	-5.14	9.60	-5.21	10.29	-0.74	-18.70	0.66	-24.80	-14.72
1972	3.01	1.09	2.48	0.23	-0.88	-2.83	-1.51	3.96	-2.25	-1.77	4.87	-2.46	3.61	18.98
1971	1.78	2.02	3.06	1.02	-1.53	0.68	-3.33	3.91	0.36	-1.98	-3.94	12.51	13.64	14.29
1970	–	–	–	–	–	–	–	1.89	2.44	-2.00	2.33	6.36	12.11	20.60

The performance data for the Fund shown above represents past performance and assumes reinvestment of dividends. Past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s 1-year, 5-year and 10-year average annual total returns through September 30, 2023 were 22.76%, 6.49% and 6.37%, respectively. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end can be obtained by calling SS&C GIDS, Inc. at (800) 686-6884.

The Fund’s total annual fund operating expense ratio is 1.09%, as reflected in the Fund’s prospectus dated May 1, 2023. It is the intention of Ruane, Cunniff LP (the “Adviser”) to ensure the Fund does not pay in excess of 1.00% in net annual fund operating expenses. This expense reimbursement obligation is a provision of the Adviser’s investment advisory contract with the Fund and the reimbursement obligation will be in effect only so long as that investment advisory contract is in effect. For the year ended December 31, 2022, the Fund’s annual operating expenses and investment advisory fee, net of the reimbursement, were 1.00% and 0.91%, respectively.

Calendar Year Returns

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