1. ZINK fund has gone from $220 m AUM to $210 AUM in the past 12 months while having no new capital come in and having paid out $41.372 m in redemptions. Given that they charge a flat 1% of AUM at end of period what would you expect their annual after-fee performance to be if this historical pattern were to continue?

1. -5.45%
2. -4.45%
3. 3.45%
4. 4.45%
5. 13.26%