The performance data quoted represents past performance. Past performance is no guarantee of future results. The performance information shown for separately managed accounts reflects the performance of composites of accounts that does not necessarily reflect the performance that any particular account investing in the same or similar securities may have had during the period. Individual account performance is likely to differ from the composite performance shown for a variety of reasons, including but not limited to: differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; and other factors. All performance results for separately managed accounts have been compiled solely by AHWCO. Information pertaining to AHWCO’s advisory operations, services, and fees is set forth in AHWCO’s current disclosure brochure, a copy of which is available from AHWCO upon request or on AHWCO’s website, www.ahwilliamsco.com. AHWCO’s investment strategies are only available to clients that are “qualified clients” as defined under Rule 205-3 of the Investment Advisers Act of 1940, as amended, with the exception of Core and Core Plus. All AHWCO investment strategies use leverage, which increases volatility of the returns and may expose an account to greater loss in any given period. Please see below for important information about the Core Plus investment strategy.

The Core Plus program inception date is April 1, 2012. The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance results are presented net of management fees, brokerage commissions, and include the reinvestment of dividends and all other earnings. Performance results are shown before U.S. tax and the deduction of custodial fees. Annual management fees are billed at the rate of .3125% quarterly in advance. The composite performance represents the returns of all fully discretionary separately managed accounts (SMAs) in the Core Plus investment program custodied at Hilltop Securities with a minimum account size of $500,000, a two to one leverage capability, security concentration of a maximum of 10% of leverage notional limit and an account performance history of at least one calendar quarter. For the period from April 1, 2012 to December 31, 2013, there was only one account included in the composite.

The Barclay Hedge Fund Index is a measure of the average return of all hedge funds (excepting Funds of Funds) in the Barclay database. The index is simply the arithmetic average of the net returns of all the funds that have reported that month. The Barclay Hedge Fund Index is recalculated and updated real-time on this page as soon as the monthly returns for the underlying funds are recorded. Only funds that provide us with net returns are included in the index calculation. The number of funds that are currently included in the calculations for the most recent months can be found in the footnotes below. Please note that the calculation for the number of funds is time-stamped and that the number of funds will continue to increase until all funds categorized within the sector have reported monthly returns.

BarclayHedge is dedicated to serving institutional clients worldwide in the field of hedge fund and managed futures performance measurement and portfolio management. BarclayHedge, formerly known as The Barclay Group, was founded in 1985, and consists of a team of research specialists, programmers, and data admin personnel experienced in alternative investments. Please note: BarclayHedge is not affiliated with Barclays Bank or any of its affiliated entities. We are a privately owned Iowa corporation. From its origin as a research specialist and performance measurement firm, BarclayHedge has developed complete client services as a publisher, database and software provider, and industry consultant. A critical factor behind BarclayHedge's success - both in its research and consulting roles - has been the BarclayHedge Alternative Investment Database. This computerized database tracks and analyzes the performance of 7151 hedge fund and managed futures investment strategies worldwide. Based on our over 25 years of experience in data collection, research and consulting services, we have established long-standing relationships with many of these managers. These relationships have proven themselves to be of great value to our clients. The BarclayHedge Databases, the BarclayHedge Fund Database and the BarclayHedge Managed Futures (CTA) Database, serve as the basis for research reports and performance rankings that appear in BarclayHedge's various publications and directories. BarclayHedge is one of the foremost sources for proprietary research in the field of alternative investments. Much of the research is summarized in the quarterlyBarclayHedge Managed Funds Report. BarclayHedge has created and regularly updates 18 proprietary hedge fund indices and 10 managed futures indices. The BarclayHedge indices are utilized worldwide by financial media and investment consultants as performance benchmarks for the alternative investment industry. Maintenance and growth of the BarclayHedge Databases requires continuous performance monitoring, discussion, and review. BarclayHedge's extensive interaction with alternative asset managers around the globe, combined with its proprietary analytical tools, gives the BarclayHedge team a unique perspective and in-depth knowledge of the alternative investment industry and its universe of managers. As a BarclayHedge subscriber, you can utilize that knowledge and perspective to structure investment portfolios that offer global market participation and risk diversification.

Annual ADV March 2023.pdf