Various indices on this page are included for reference. Reference to an index or benchmark does not imply that the strategy will achieve returns, experience volatility, or have other results similar to the index. As an example, the Funds may invest in foreign securities or fixed income instruments; however the indices presented only include U.S. securities. These indices are purely a basket of stocks, and the Funds may invest in securities other than stocks such as bonds, warrants and preferred stocks. The Funds typically hold fewer than 10 positions as compared to 500 in the S&P, 30 in the DJIA, and thousands in the NASDAQ.  Therefore, the Funds are significantly more concentrated than the benchmark indices and may experience notably more volatility and return characteristics from these indices.

Past performance is not indicative of future results. Returns are presented net of all fees and expenses, include the reinvestment of income and are calculated using a simple rate of return. The securities discussed do not represent all securities recommended for the Funds. It is also not a recommendation to buy or sell and one should not presume they will be profitable.

*PIF2’s fiscal year ends June 30. Individual period returns are presented for each fiscal year (July 1 through June 30).

For PIF3 and PIF4, fiscal year ends December 31. Individual period returns are presented for each fiscal year (January 1 through December 31).

A YTD calendar year and Q2 return are also presented for the most recently completed periods for benchmark comparison purposes.

For PIF2, the fiscal year and YTD periods contain an overlapping six-month period: for example, January 1 through June 30, 2026 is reflected in both the fiscal year return for the period ended June 30, 2026 and the YTD return for the period ended June 30, 2026.

The YTD and Q2 periods contain an overlapping three-month period: for example, April 1 through June 30, 2026 is reflected in both the YTD return for the period ended June 30, 2026 and the Q2 return for the period ended June 30, 2026.

The annualized and cumulative returns since inception are calculated over a single continuous period from inception through June 30, 2026 and do not double-count any period of performance. The S&P 500 returns are provided for comparison purposes only. The Fund does not seek to replicate the performance of any index, and the S&P 500 may not be representative of the Fund’s investment strategy.