Institutional shares were not offered prior to November 30, 2012. All performance information for time periods beginning prior to November 30 is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional shares.
For the period reported in its current prospectus, during which net operating expenses were capped by the Fund’s Manager, the Fund’s gross annual operating expenses were estimated to total 1.27% of net assets. Until November 30, 2013, the Fund’s Manager has contractually agreed to waive certain fees and/or reimburse certain expenses, including management fees, so that expenses paid by the Fund will not exceed, on a per annum basis, 1.27% of the daily net assets representing institutional shares, absent an earlier modification by the Fund's Board of Trustees.