*Performance data quoted represents past performance. Past performance is not a guarantee of future
results and current performance may be higher or lower than performance quoted. Investment returns
and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than
their original cost.
After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold.
After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns
do not represent the returns you would receive if you traded shares at other times. Market Price returns are
based on the midpoint of the bid/ask spread on the stock exchange on which shares of the fund are listed for
trading as of the time that the fund’s NAV is calculated. Returns are average annualized total returns, except
those for periods of less than one year, which are cumulative. The fund's performance reflects fee waivers
and expense reimbursements, absent which performance would have been lower.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and
do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax
situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold
their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.
The Hedge Fund Research HFRI Equity Hedge Index returns are published as estimates and updated three times per month, therefore returns shown are subject to change. Returns for the index are not available since the fund’s inception as the index is calculated monthly. Unlike most asset class indexes, the Hedge Fund Research HFRI Equity Hedge Index returns reflect the fees and expenses of the funds it tracks, but the index itself does not assess a fee.
The gross expense ratio for this fund is 0.70%.
Expenses are capped contractually at 0.65% per year, at least until April 10, 2019.