Search Results
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Baron FinTech Fund (BFINX)
YTD total returns as of 12/01/2322.54%
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Baron FinTech Fund (BFIIX)
YTD total returns as of 12/01/2322.83%
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Baron FinTech Fund (BFIUX)
YTD total returns as of 12/01/2322.83%
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Baron Health Care Fund (BHCUX)
YTD total returns as of 12/01/232.12%
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Baron Health Care Fund (BHCHX)
YTD total returns as of 12/01/232.12%
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Baron Health Care Fund (BHCFX)
YTD total returns as of 12/01/231.87%
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Baron Real Estate Fund (BREFX)
YTD total returns as of 12/01/2314.68%
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Baron Real Estate Fund (BREIX)
YTD total returns as of 12/01/2314.97%
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Baron Real Estate Fund (BREUX)
YTD total returns as of 12/01/2314.93%
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Baron Real Estate Income Fund (BRIIX)
YTD total returns as of 12/01/239.05%
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Baron Real Estate Income Fund (BRIFX)
YTD total returns as of 12/01/238.73%
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Baron Real Estate Income Fund (BRIUX)
YTD total returns as of 12/01/239.06%
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Baron Technology Fund (BTEUX)
YTD total returns as of 12/01/2354.22%
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Baron Technology Fund (BTECX)
YTD total returns as of 12/01/2354.58%
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Baron Technology Fund (BTEEX)
YTD total returns as of 12/01/2353.78%
Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Funds, Baron Discovery Fund, Baron Durable Advantage Fund, Baron Real Estate income Fund and Baron WealthBuilder Fund and all Funds' transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.
Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.
Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.
| Name | Asset Class | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception | Expense Ratio | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||||
| Baron FinTech Fund (BFINX) | SCT | 7.30% | 3.93% | -0.58% | N/A | N/A | 5.02% | 1.63% | 1.20% | ||
| FactSet Global FinTech Index | -1.15% | -2.96% | -7.79% | N/A | N/A | -4.12% | |||||
| S&P 500 Index | 10.69% | 10.14% | 10.36% | N/A | N/A | 8.79% | |||||
DescriptionThe Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 
Josh Saltman Portfolio Manager since 2011 |
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| Baron FinTech Fund (BFIIX) | SCT | 7.52% | 4.25% | -0.33% | N/A | N/A | 5.27% | 1.20% | 0.95% | ||
| FactSet Global FinTech Index | -1.15% | -2.96% | -7.79% | N/A | N/A | -4.12% | |||||
| S&P 500 Index | 10.69% | 10.14% | 10.36% | N/A | N/A | 8.79% | |||||
DescriptionThe Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Josh Saltman Portfolio Manager since 2011 |
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| Baron FinTech Fund (BFIUX) | SCT | 7.52% | 4.16% | -0.33% | N/A | N/A | 5.27% | 1.18% | 0.95% | ||
| FactSet Global FinTech Index | -1.15% | -2.96% | -7.79% | N/A | N/A | -4.12% | |||||
| S&P 500 Index | 10.69% | 10.14% | 10.36% | N/A | N/A | 8.79% | |||||
DescriptionThe Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Josh Saltman Portfolio Manager since 2011 |
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| Baron Health Care Fund (BHCUX) | SCT | -4.47% | -3.34% | 3.03% | 11.31% | N/A | 10.75% | 0.89% | 0.85% | ||
| Russell 3000 Health Care Index | -7.75% | -5.47% | 5.22% | 7.69% | N/A | 8.54% | |||||
| S&P 500 Index | 10.69% | 10.14% | 10.36% | 11.01% | N/A | 10.63% | |||||
DescriptionThe Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified. 
Neal Kaufman Portfolio Manager since 2018 |
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| Baron Health Care Fund (BHCHX) | SCT | -4.41% | -3.33% | 3.03% | 11.33% | N/A | 10.76% | 0.90% | 0.85% | ||
| Russell 3000 Health Care Index | -7.75% | -5.47% | 5.22% | 7.69% | N/A | 8.54% | |||||
| S&P 500 Index | 10.69% | 10.14% | 10.36% | 11.01% | N/A | 10.63% | |||||
DescriptionThe Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.
Neal Kaufman Portfolio Manager since 2018 |
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| Baron Health Care Fund (BHCFX) | SCT | -4.64% | -3.54% | 2.77% | 11.04% | N/A | 10.48% | 1.21% | 1.10% | ||
| Russell 3000 Health Care Index | -7.75% | -5.47% | 5.22% | 7.69% | N/A | 8.54% | |||||
| S&P 500 Index | 10.69% | 10.14% | 10.36% | 11.01% | N/A | 10.63% | |||||
DescriptionThe Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.
Neal Kaufman Portfolio Manager since 2018 |
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| Baron Real Estate Fund (BREFX) | SCT | -0.39% | 0.29% | 2.26% | 11.53% | 7.97% | 11.82% | 1.33% | 1.33% | ||
| MSCI USA IMI Extended Real Estate Index | -0.28% | 1.31% | 5.55% | 6.09% | 7.01% | 9.53% | |||||
| MSCI US REIT Index | -7.17% | -7.11% | 3.87% | 1.32% | 3.73% | 6.69% | |||||
DescriptionThe Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified. 
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Fund (BREIX) | SCT | -0.20% | 0.54% | 2.52% | 11.81% | 8.24% | 12.10% | 1.07% | 1.07% | ||
| MSCI USA IMI Extended Real Estate Index | -0.28% | 1.31% | 5.55% | 6.09% | 7.01% | 9.53% | |||||
| MSCI US REIT Index | -7.17% | -7.11% | 3.87% | 1.32% | 3.73% | 6.69% | |||||
DescriptionThe Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Fund (BREUX) | SCT | -0.20% | 0.54% | 2.52% | 11.81% | 8.25% | 12.10% | 1.07% | 1.07% | ||
| MSCI USA IMI Extended Real Estate Index | -0.28% | 1.31% | 5.55% | 6.09% | 7.01% | 9.53% | |||||
| MSCI US REIT Index | -7.17% | -7.11% | 3.87% | 1.32% | 3.73% | 6.69% | |||||
DescriptionThe Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Income Fund (BRIIX) | SCT | -3.00% | -3.04% | 2.15% | 7.82% | N/A | 5.34% | 0.96% | 0.80% | ||
| MSCI US REIT Index | -7.17% | -7.11% | 3.87% | 1.32% | N/A | 0.83% | |||||
DescriptionThe Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Income Fund (BRIFX) | SCT | -3.27% | -3.24% | 1.88% | 7.59% | N/A | 5.11% | 1.32% | 1.05% | ||
| MSCI US REIT Index | -7.17% | -7.11% | 3.87% | 1.32% | N/A | 0.83% | |||||
DescriptionThe Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Income Fund (BRIUX) | SCT | -3.00% | -3.04% | 2.15% | 7.78% | N/A | 5.33% | 0.97% | 0.80% | ||
| MSCI US REIT Index | -7.17% | -7.11% | 3.87% | 1.32% | N/A | 0.83% | |||||
DescriptionThe Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Technology Fund (BTEUX) | SCT | 31.78% | 21.32% | N/A | N/A | N/A | -15.52% | 3.75% | 0.95% | ||
| MSCI ACWI Information Technology Index | 27.25% | 25.81% | N/A | N/A | N/A | -6.90% | |||||
| S&P 500 Index | 10.69% | 10.14% | N/A | N/A | N/A | -5.22% | |||||
DescriptionThe Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 
Michael Lippert Portfolio Manager since 2006 
Ashim Mehra Portfolio Manager since 2011 |
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| Baron Technology Fund (BTECX) | SCT | 31.96% | 21.49% | N/A | N/A | N/A | -15.46% | 6.42% | 0.95% | ||
| MSCI ACWI Information Technology Index | 27.25% | 25.81% | N/A | N/A | N/A | -6.90% | |||||
| S&P 500 Index | 10.69% | 10.14% | N/A | N/A | N/A | -5.22% | |||||
DescriptionThe Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Michael Lippert Portfolio Manager since 2006
Ashim Mehra Portfolio Manager since 2011 |
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| Baron Technology Fund (BTEEX) | SCT | 31.30% | 20.86% | N/A | N/A | N/A | -15.77% | 6.86% | 1.20% | ||
| MSCI ACWI Information Technology Index | 27.25% | 25.81% | N/A | N/A | N/A | -6.90% | |||||
| S&P 500 Index | 10.69% | 10.14% | N/A | N/A | N/A | -5.22% | |||||
DescriptionThe Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Michael Lippert Portfolio Manager since 2006
Ashim Mehra Portfolio Manager since 2011 |
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Asset Class Key: S=Small Cap S-M=Small-Mid Cap M=Mid Cap L=Large Cap A=All Cap IN=International SCT=Sector EA=Equity Allocation
Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Funds, Baron Discovery Fund, Baron Durable Advantage Fund, Baron Real Estate income Fund and Baron WealthBuilder Fund and all Funds' transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.
Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.
Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.
| Name | Asset Class | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception | Expense Ratio | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||||
| Baron FinTech Fund (BFINX) | SCT | 11.54% | 17.03% | -1.01% | N/A | N/A | 6.23% | 1.63% | 1.20% | ||
| FactSet Global FinTech Index | 6.75% | 10.93% | -6.12% | N/A | N/A | -2.22% | |||||
| S&P 500 Index | 13.07% | 21.62% | 10.15% | N/A | N/A | 9.61% | |||||
DescriptionThe Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Josh Saltman Portfolio Manager since 2011 |
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| Baron FinTech Fund (BFIIX) | SCT | 11.82% | 17.39% | -0.74% | N/A | N/A | 6.50% | 1.20% | 0.95% | ||
| FactSet Global FinTech Index | 6.75% | 10.93% | -6.12% | N/A | N/A | -2.22% | |||||
| S&P 500 Index | 13.07% | 21.62% | 10.15% | N/A | N/A | 9.61% | |||||
DescriptionThe Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Josh Saltman Portfolio Manager since 2011 |
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| Baron FinTech Fund (BFIUX) | SCT | 11.82% | 17.39% | -0.74% | N/A | N/A | 6.50% | 1.18% | 0.95% | ||
| FactSet Global FinTech Index | 6.75% | 10.93% | -6.12% | N/A | N/A | -2.22% | |||||
| S&P 500 Index | 13.07% | 21.62% | 10.15% | N/A | N/A | 9.61% | |||||
DescriptionThe Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Josh Saltman Portfolio Manager since 2011 |
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| Baron Health Care Fund (BHCUX) | SCT | -1.17% | 7.87% | 3.63% | 9.35% | N/A | 11.62% | 0.89% | 0.85% | ||
| Russell 3000 Health Care Index | -3.83% | 7.27% | 5.64% | 6.86% | N/A | 9.52% | |||||
| S&P 500 Index | 13.07% | 21.62% | 10.15% | 9.92% | N/A | 11.24% | |||||
DescriptionThe Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.
Neal Kaufman Portfolio Manager since 2018 |
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| Baron Health Care Fund (BHCHX) | SCT | -1.17% | 7.80% | 3.63% | 9.35% | N/A | 11.62% | 0.90% | 0.85% | ||
| Russell 3000 Health Care Index | -3.83% | 7.27% | 5.64% | 6.86% | N/A | 9.52% | |||||
| S&P 500 Index | 13.07% | 21.62% | 10.15% | 9.92% | N/A | 11.24% | |||||
DescriptionThe Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.
Neal Kaufman Portfolio Manager since 2018 |
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| Baron Health Care Fund (BHCFX) | SCT | -1.36% | 7.58% | 3.38% | 9.08% | N/A | 11.34% | 1.21% | 1.10% | ||
| Russell 3000 Health Care Index | -3.83% | 7.27% | 5.64% | 6.86% | N/A | 9.52% | |||||
| S&P 500 Index | 13.07% | 21.62% | 10.15% | 9.92% | N/A | 11.24% | |||||
DescriptionThe Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.
Neal Kaufman Portfolio Manager since 2018 |
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| Baron Real Estate Fund (BREFX) | SCT | 5.38% | 11.81% | 2.88% | 10.12% | 8.94% | 12.35% | 1.33% | 1.33% | ||
| MSCI USA IMI Extended Real Estate Index | 5.29% | 14.46% | 6.51% | 5.57% | 7.99% | 10.03% | |||||
| MSCI US REIT Index | -2.89% | 1.87% | 4.51% | 1.62% | 4.65% | 7.08% | |||||
DescriptionThe Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Fund (BREIX) | SCT | 5.59% | 12.10% | 3.14% | 10.40% | 9.22% | 12.64% | 1.07% | 1.07% | ||
| MSCI USA IMI Extended Real Estate Index | 5.29% | 14.46% | 6.51% | 5.57% | 7.99% | 10.03% | |||||
| MSCI US REIT Index | -2.89% | 1.87% | 4.51% | 1.62% | 4.65% | 7.08% | |||||
DescriptionThe Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Fund (BREUX) | SCT | 5.59% | 12.11% | 3.15% | 10.40% | 9.22% | 12.64% | 1.07% | 1.07% | ||
| MSCI USA IMI Extended Real Estate Index | 5.29% | 14.46% | 6.51% | 5.57% | 7.99% | 10.03% | |||||
| MSCI US REIT Index | -2.89% | 1.87% | 4.51% | 1.62% | 4.65% | 7.08% | |||||
DescriptionThe Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Income Fund (BRIIX) | SCT | 1.20% | 3.33% | 2.84% | 7.11% | N/A | 6.20% | 0.96% | 0.80% | ||
| MSCI US REIT Index | -2.89% | 1.87% | 4.51% | 1.62% | N/A | 1.64% | |||||
DescriptionThe Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Income Fund (BRIFX) | SCT | 0.97% | 3.11% | 2.56% | 6.89% | N/A | 5.98% | 1.32% | 1.05% | ||
| MSCI US REIT Index | -2.89% | 1.87% | 4.51% | 1.62% | N/A | 1.64% | |||||
DescriptionThe Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Real Estate Income Fund (BRIUX) | SCT | 1.20% | 3.41% | 2.85% | 7.09% | N/A | 6.19% | 0.97% | 0.80% | ||
| MSCI US REIT Index | -2.89% | 1.87% | 4.51% | 1.62% | N/A | 1.64% | |||||
DescriptionThe Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
Jeffrey Kolitch Portfolio Manager since 2009 |
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| Baron Technology Fund (BTEUX) | SCT | 36.98% | 29.10% | N/A | N/A | N/A | -14.32% | 3.75% | 0.95% | ||
| MSCI ACWI Information Technology Index | 28.47% | 35.88% | N/A | N/A | N/A | -6.71% | |||||
| S&P 500 Index | 13.07% | 21.62% | N/A | N/A | N/A | -4.30% | |||||
DescriptionThe Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Michael Lippert Portfolio Manager since 2006
Ashim Mehra Portfolio Manager since 2011 |
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| Baron Technology Fund (BTECX) | SCT | 37.34% | 29.44% | N/A | N/A | N/A | -14.19% | 6.42% | 0.95% | ||
| MSCI ACWI Information Technology Index | 28.47% | 35.88% | N/A | N/A | N/A | -6.71% | |||||
| S&P 500 Index | 13.07% | 21.62% | N/A | N/A | N/A | -4.30% | |||||
DescriptionThe Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Michael Lippert Portfolio Manager since 2006
Ashim Mehra Portfolio Manager since 2011 |
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| Baron Technology Fund (BTEEX) | SCT | 36.69% | 28.81% | N/A | N/A | N/A | -14.51% | 6.86% | 1.20% | ||
| MSCI ACWI Information Technology Index | 28.47% | 35.88% | N/A | N/A | N/A | -6.71% | |||||
| S&P 500 Index | 13.07% | 21.62% | N/A | N/A | N/A | -4.30% | |||||
DescriptionThe Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
Michael Lippert Portfolio Manager since 2006
Ashim Mehra Portfolio Manager since 2011 |
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Asset Class Key: S=Small Cap S-M=Small-Mid Cap M=Mid Cap L=Large Cap A=All Cap IN=International SCT=Sector EA=Equity Allocation
Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Funds, Baron Discovery Fund, Baron Durable Advantage Fund, Baron Real Estate income Fund and Baron WealthBuilder Fund and all Funds' transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.
Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.
Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.