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 and the Fund's 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. For performance information current to the most recent month end, click on Total Returns By Month tab above.
Specific risks associated with investing in small and medium-sized companies include that the securities may be thinly traded and more difficult to sell during market downturns. The Fund is non-diversified, which increases volatility of the Fund’s returns and exposes it to greater risk of loss in any given period.
*As of fiscal year ended 12/31/2013, the gross expense ratio of the Fund’s Retail Shares was 1.42%, but the net expense ratio was 1.35% (net of the Adviser's fee waivers).
Reflects actual fees and expenses charged when the Fund was a partnership. The partnership charged a 15% performance fee. If the annual returns for the Fund did not reflect the performance fee for the years the partnership charged a performance fee, the returns would be higher. The Fund’s shareholders are not charged a performance fee. The partnership’s performance is before 6/30/2008. During those periods, the partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it was, might have adversely affected its performance.
Historical Performance for the year 1996 is annualized for the period from inception on 5/31/1996 through 12/31/1996.
Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 2500™ Growth Index measures the performance of small to medium-sized companies that are classified as growth, and the S&P 500 Index of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. The Morningstar Mid-Cap Growth Average is not weighted and represents the straight average of annualized returns of each of the funds in the Mid-Cap Growth category. The Fund's Retail Shares have been included in the category since 6/30/08 and the Fund's Institutional Shares since 5/29/09. As of 6/30/13, the category consisted of 727, 719, 704, 637, 563 and 417 funds for the 3-month, year-to-date, 1-, 3-, 5-, and 10-year periods. © 2014 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.