* Past performance is no guarantee of future results. Performance may vary across accounts. Returns are calculated using a time-weighted market value assuming reinvestment of dividends. "Pure" gross returns, presented above as supplemental information, do not reflect the deduction of any trading costs, fees, or expenses for wrap accounts and are presented for comparison purposes only. Gross returns for non-wrap accounts are net of commissions, custodial fees and other direct expenses, and net of foreign withholding taxes on dividends, interest income and capital gains. Net performance for non-wrap accounts is reported net of management fees, commissions, and other direct expenses, but before custody charges, withholding taxes, and other indirect expenses. Net of fee performance for wrap fee accounts was calculated using actual wrap fees. Performance shown is compared to the Dow Jones-UBS Commodity Index, a broad-based securities index that is unmanaged and not subject to fees and expenses. Investments cannot be made directly in a broad-based securities index. Any securities, sectors and markets listed are included for illustrative purposes at the time of publication and may not be held by accounts currently managed by Newgate. The securities identified do not represent all of the securities held in client accounts. It should not be assumed that any investments identified were or will be profitable.
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