|VLC Large Cap U.S. Equity||1.86%||12.82%||11.40%||39.45%||56.18%|
|VLC Small Cap U.S. Equity||2.36%||10.07%||6.19%||33.90%||47.49%|
|VLC Emerging Markets Equity||1.91%||14.24%||-5.32%||32.91%||13.12%|
|VLC Technology Sector Equity||0.94%||20.78%||15.34%||81.27%||111.69%|
|VLC Health Care Sector Equity||0.53%||11.17%||13.00%||36.66%||67.86%|
|VLC Utilities Sector Equity||2.71%||9.13%||18.17%||16.28%||40.72%|
2. The First Value Date is the first day for which there is a calculated value (either live or back-tested) for a given portfolio. Back-tested performance, which is hypothetical and not actual performance, is subject to inherent limitations because it reflects application of a methodology and selection of constituents in hindsight. No theoretical approach can take into account all of the factors in the markets in general and the impact of decisions that might have been made during the actual operation of a strategy. Actual returns may differ from, and be lower than, back-tested returns.