Pembroke’s range of funds allows you to diversify your investments by geography and asset type. The fund documents on this page provide detailed information about each fund. The fund performance tables demonstrate how, especially over shorter periods of time, investment performance can vary between asset classes, regions and funds. Diversification across more than one fund can lower the volatility of returns and is an important component of most clients’ investment plans.
MUTUAL FUNDS
There are six unique GBC funds available to create an investment portfolio that works for you. Review the Performance Update and holdings review for each fund.
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first | age | city | bool | domain | name | street | state | bool | |||
---|---|---|---|---|---|---|---|---|---|---|---|
Luis | 57 | Gapsioc | TRUE | jeduvdul.vc | sed@firsutu.bm | Terry Bates | Izif Extension | HI | sed@firsutu.bm | TRUE | |
Lillie | 54 | Kakaco | FALSE | cabfetji.om | obwupip@gagemhi.cz | Anthony Rodriguez | Zolkan Plaza | AK | obwupip@gagemhi.cz | FALSE | |
Alexander | 49 | Bohcupac | FALSE | bi.ke | ilne@iti.ac | Nannie Atkins | Hivte Avenue | HI | ilne@iti.ac | FALSE | |
Verna | 49 | Hicebauw | FALSE | enuci.ss | mabusu@eta.pt | Derrick Logan | Pecze Place | GA | mabusu@eta.pt | FALSE | |
Lulu | 42 | Buwovaw | FALSE | gahpufgu.gm | po@ibepaf.vg | Steven Hogan | Umasiz Point | HI | po@ibepaf.vg | FALSE | |
Virginia | 25 | Borilfeh | TRUE | monafej.pk | zulsekko@fecva.ms | Curtis Saunders | Huvcab Place | MD | zulsekko@fecva.ms | TRUE | |
Hettie | 29 | Uzakgur | FALSE | hupritu.cz | bukovih@dig.pl | Sally Webster | Onkas Path | OR | bukovih@dig.pl | FALSE | |
Matilda | 39 | Hocwoji | TRUE | ajaz.au | zesewodu@isetu.kz | Herman Becker | Gogvum Path | NE | zesewodu@isetu.kz | TRUE | |
Francisco | 33 | Buwivpaz | FALSE | ki.ck | ri@sevpozlap.nr | Bertha Murphy | Hipke View | MS | ri@sevpozlap.nr | FALSE | |
Devin | 44 | Roujpag | FALSE | nis.sb | septu@ugliv.nr | Luella Cook | Hiit Highway | ME | septu@ugliv.nr | FALSE | |
Tillie | 46 | Gotkeizo | TRUE | diwijop.ws | sehuhcuv@tokhut.cy | Nell Wong | Zuahe Highway | KS | sehuhcuv@tokhut.cy | TRUE | |
Millie | 51 | Genikzir | TRUE | asodoose.kw | howpi@fako.za | Mason Patterson | Fajco Avenue | PA | howpi@fako.za | TRUE | |
Anthony | 62 | Pahovap | FALSE | niv.ni | babgiiru@av.es | Hilda Potter | Sidu Grove | SC | babgiiru@av.es | FALSE | |
Jon | 18 | Jajsijev | FALSE | ipebi.tn | dotig@du.gi | Paul Chapman | Davo Path | PA | dotig@du.gi | FALSE | |
Max | 26 | Bigodahu | TRUE | pak.gb | uzuke@elva.im | Ronnie Sutton | Bunib Lane | RI | uzuke@elva.im | TRUE | |
Dale | 20 | Labadzet | TRUE | fejside.is | baovo@rak.net | Johanna Erickson | Hophi Road | TX | baovo@rak.net | TRUE | |
Estelle | 38 | Abtobcon | FALSE | wogep.pt | am@cumopel.au | Hattie Rodgers | Molkah Extension | NE | am@cumopel.au | FALSE | |
Ollie | 59 | Soudoom | FALSE | guvinfo.bj | rup@etijodden.bn | Robert Watts | Muncud Court | MN | rup@etijodden.bn | FALSE | |
Isaac | 19 | Veudmad | TRUE | ruavioca.mu | coz@sufdo.ke | Bryan Owens | Veboma Trail | AR | coz@sufdo.ke | TRUE | |
Walter | 42 | Rabetac | TRUE | ujughol.vc | fikkefkoz@cosbip.pr | Belle Love | Namzi Ridge | IA | fikkefkoz@cosbip.pr | TRUE | |
Matthew | 28 | Elpilne | TRUE | lozed.tl | nevef@cil.ax | Mitchell Tate | Dirip Grove | CO | nevef@cil.ax | TRUE | |
Caroline | 49 | Dowgene | TRUE | wal.bv | omo@nig.am | Terry Todd | Canliz Plaza | MN | omo@nig.am | TRUE | |
Joshua | 26 | Pukaje | TRUE | avu.kg | ivaone@benge.bh | Zachary Morales | Kozved Grove | NV | ivaone@benge.bh | TRUE | |
Phoebe | 42 | Zokmehe | FALSE | utaiwilad.ws | ipmo@menul.hk | May Schmidt | Muho River | WY | ipmo@menul.hk | FALSE | |
Laura | 62 | Basjabuzi | TRUE | ig.com | nijkev@welez.ie | Tom Armstrong | Ijemud Pass | MS | nijkev@welez.ie | TRUE | |
Ricardo | 65 | Cohosvu | FALSE | uzomu.io | hinejili@letze.zm | Christine Becker | Maluk Extension | AL | hinejili@letze.zm | FALSE | |
Cynthia | 63 | Ufifhis | TRUE | pitzub.gw | cug@bapmew.tj | William Terry | Fizvem Avenue | CT | cug@bapmew.tj | TRUE | |
Isaiah | 24 | Poubdu | FALSE | riirgu.so | bihconav@ropti.cn | Brett Williams | Fapuz Square | NY | bihconav@ropti.cn | FALSE | |
Warren | 42 | Favivcu | FALSE | enu.mx | kohap@ro.sn | Jason Howard | Ufuod Ridge | MT | kohap@ro.sn | FALSE | |
Isabelle | 31 | Woplagfoh | FALSE | jep.tc | sodusar@bakdulkag.vi | Myrtie Horton | Vata Boulevard | TX | sodusar@bakdulkag.vi | FALSE | |
Ollie | 18 | Faselibi | TRUE | ofrekwe.la | cinacek@rapjoz.cr | Tony Cobb | Lazvu Mill | NM | cinacek@rapjoz.cr | TRUE | |
Theresa | 24 | Wojiipo | FALSE | fup.vc | vusom@bo.eg | Mitchell Griffith | Behni Loop | TX | vusom@bo.eg | FALSE | |
Marguerite | 29 | Huzvomzij | TRUE | zulru.jm | ra@lomnihe.dj | Eula Howell | Wamu Glen | KY | ra@lomnihe.dj | TRUE | |
Florence | 62 | Seufakub | TRUE | arevip.dm | ameajkor@dolosni.ph | Gavin Goodman | Maweda Plaza | MO | ameajkor@dolosni.ph | TRUE | |
Phoebe | 61 | Hoimugal | FALSE | zim.gn | opa@hakliet.zm | Lily Holt | Ceilo Place | OK | opa@hakliet.zm | FALSE | |
Frances | 27 | Tilzizjo | FALSE | em.ec | sime@fuvuriru.py | Franklin Meyer | Codir Turnpike | DE | sime@fuvuriru.py | FALSE | |
Elsie | 28 | Cutaoh | FALSE | ed.gw | settigvat@zela.io | Florence Turner | Digi Lane | KY | settigvat@zela.io | FALSE | |
Loretta | 20 | Wuguac | TRUE | ka.cx | hoejno@umu.sx | Manuel Santiago | Nakpul Key | UT | hoejno@umu.sx | TRUE | |
Thomas | 49 | Jocuol | TRUE | de.mr | ze@lut.sh | Glenn Jones | Bibjoh Way | OK | ze@lut.sh | TRUE | |
Blake | 31 | Navoad | TRUE | bu.ci | ukrubu@jajhul.im | Chad Jacobs | Lejac Path | KY | ukrubu@jajhul.im | TRUE | |
Carolyn | 57 | Bidbeziz | TRUE | ukdaj.cz | caebpu@if.jp | Emilie Johnston | Behjeb Manor | OH | caebpu@if.jp | TRUE | |
Winnie | 33 | Zidrejjac | TRUE | nuplujuw.bt | paci@zi.bo | Bill Newton | Poke Park | NE | paci@zi.bo | TRUE | |
Ann | 56 | Povokaw | TRUE | avo.ee | fudvufico@muarje.bm | Ryan Morgan | Iwum Road | OK | fudvufico@muarje.bm | TRUE | |
Trevor | 45 | Veobuec | TRUE | za.et | ga@nesoj.tv | Joe Marsh | Doeru Drive | ID | ga@nesoj.tv | TRUE | |
Georgia | 48 | Secfihun | TRUE | raci.org | gotzovpur@ve.sm | Susan Banks | Gemti Park | NV | gotzovpur@ve.sm | TRUE | |
Hattie | 47 | Kevnofmun | TRUE | bewlacuvo.gp | besjab@deto.cv | Landon Francis | Hiavu View | WY | besjab@deto.cv | TRUE | |
Corey | 39 | Ponjawit | TRUE | dozalwi.th | cewoti@wel.tm | Nathaniel Boyd | Iddeg Extension | LA | cewoti@wel.tm | TRUE | |
Chase | 22 | Kiespun | FALSE | cod.net | rukagoz@cu.bn | Myrtie May | Mabko Point | VA | rukagoz@cu.bn | FALSE | |
Leona | 50 | Iswace | TRUE | ducuhov.eg | baz@wenonfaf.hm | Lida Mullins | Usraj Glen | PA | baz@wenonfaf.hm | TRUE | |
Phoebe | 27 | Kunitu | FALSE | lihap.edu | il@mik.tg | Todd Ryan | Ezni Square | MD | il@mik.tg | FALSE | |
Wayne | 31 | Titfesdi | FALSE | livupiak.ma | toum@buzhapute.tp | Norman Lynch | Ruwon Highway | ID | toum@buzhapute.tp | FALSE | |
Matilda | 50 | Gozpilba | TRUE | ma.gi | peret@fekuv.vg | Tommy Perkins | Remuv Trail | AK | peret@fekuv.vg | TRUE | |
Lucile | 49 | Malewka | TRUE | jej.it | risanebe@julbuvuw.pw | Devin Beck | Ugfod Center | ID | risanebe@julbuvuw.pw | TRUE | |
Jack | 57 | Vabiwgu | TRUE | ucoci.pt | menarne@en.mn | Gordon Gibbs | Wajez Pass | ND | menarne@en.mn | TRUE | |
Barbara | 41 | Nozdaac | FALSE | abainehes.ne | hef@godsu.dz | Raymond Obrien | Mofruz Boulevard | DE | hef@godsu.dz | FALSE | |
Lina | 20 | Ewameuri | TRUE | opso.ck | hibwen@keuzod.kg | Eugene Nguyen | Senuk Loop | MO | hibwen@keuzod.kg | TRUE | |
Chris | 51 | Nesohso | TRUE | ej.dj | log@taz.gh | Ray Simpson | Daner Drive | NJ | log@taz.gh | TRUE | |
Edna | 35 | Peanujet | TRUE | seb.gov | kigocpu@gircu.gd | Bernice Bryan | Himjo Path | NJ | kigocpu@gircu.gd | TRUE | |
Dora | 54 | Ewheffu | TRUE | ograjom.py | vegub@sampa.pk | Glen Flowers | Lifi Heights | SC | vegub@sampa.pk | TRUE | |
Joe | 26 | Goibdo | FALSE | ja.tk | kibpege@do.pk | Rosalie Soto | Opewav Junction | IA | kibpege@do.pk | FALSE | |
Jackson | 53 | Atogahed | TRUE | li.gg | un@munoc.mz | Walter Ward | Hipa Drive | FL | un@munoc.mz | TRUE | |
Bertha | 39 | Hokekuta | TRUE | lokzehuva.cu | ebu@niasabu.vi | Andre Woods | Lumo Road | IA | ebu@niasabu.vi | TRUE | |
Grace | 60 | Teinapi | TRUE | zisbah.lk | niv@vorufvu.so | Bobby Logan | Tozju Circle | MS | niv@vorufvu.so | TRUE | |
Louise | 48 | Unuzapu | TRUE | canab.iq | karejuv@ubonuazu.il | Nora Weaver | Gosez Extension | ME | karejuv@ubonuazu.il | TRUE | |
Alexander | 48 | Wagagumu | FALSE | eh.qa | hognubuj@cokwis.ye | Louisa Houston | Hovu View | RI | hognubuj@cokwis.ye | FALSE | |
Caleb | 24 | Cokuece | TRUE | juf.ao | ametwu@jiro.zm | Katharine Townsend | Husi Trail | MI | ametwu@jiro.zm | TRUE | |
Jimmy | 60 | Jezukjat | TRUE | mahvokob.ke | ke@jotuskac.sd | Richard Phillips | Alsi Drive | RI | ke@jotuskac.sd | TRUE | |
Charlotte | 27 | Lilolit | TRUE | amu.edu | bikweljam@afir.ae | Austin Santiago | Etomem Parkway | LA | bikweljam@afir.ae | TRUE | |
Victoria | 61 | Datlircun | TRUE | mu.io | lec@wibanas.org | Ethan Rose | Towra Manor | TX | lec@wibanas.org | TRUE | |
Bradley | 44 | Zunmufco | FALSE | gapfile.bm | omu@uv.bw | Myra Cohen | Niple Pike | RI | omu@uv.bw | FALSE | |
Henrietta | 25 | Afijasodi | TRUE | wukuc.sm | ipi@totesof.uk | Lois Hill | Ewejo Road | IL | ipi@totesof.uk | TRUE | |
Douglas | 64 | Gujine | TRUE | kum.lu | omu@kew.mw | Gregory Edwards | Debbu Road | VA | omu@kew.mw | TRUE | |
Rebecca | 37 | Catogha | TRUE | kibunki.me | foj@wu.gd | Lewis Reed | Covwuv Court | NJ | foj@wu.gd | TRUE | |
Leah | 56 | Etlibup | FALSE | hinfeva.io | binha@kewkorne.np | Clifford Harmon | Aheepe Highway | DC | binha@kewkorne.np | FALSE | |
Margaret | 25 | Kuwepu | FALSE | gi.ma | jotali@zer.gq | David Flowers | Nignu Parkway | AR | jotali@zer.gq | FALSE | |
Allen | 22 | Nisamir | TRUE | wirtis.gs | bo@motforko.edu | Jimmy Powers | Avmu Park | KS | bo@motforko.edu | TRUE | |
Jeremiah | 28 | Gezecafi | FALSE | wa.pt | vi@wo.gt | Polly Keller | Taca Extension | WA | vi@wo.gt | FALSE | |
Oscar | 42 | Kahilto | FALSE | niip.tp | ukhup@uzisutez.va | Polly Cross | Uwugoc Lane | WY | ukhup@uzisutez.va | FALSE | |
Jason | 48 | Wevvoelu | TRUE | gij.lc | ahsobib@zoku.dm | Linnie Marshall | Acijoz Point | NH | ahsobib@zoku.dm | TRUE | |
Alta | 19 | Hiwcius | FALSE | avfida.az | liena@bepovkol.qa | Vera Mendez | Vucsul Square | DE | liena@bepovkol.qa | FALSE | |
Rena | 43 | Dajnonav | FALSE | unirudoze.co | hoczuoje@dumago.fr | Gerald Joseph | Opba Avenue | SD | hoczuoje@dumago.fr | FALSE | |
Lura | 44 | Lubuwpa | FALSE | feb.vi | itesihco@bakcenvi.org | Travis Munoz | Masahu Place | RI | itesihco@bakcenvi.org | FALSE | |
Darrell | 22 | Vuafehoz | FALSE | basi.lk | baudij@otu.fj | Lillian Ferguson | Zinih Terrace | MS | baudij@otu.fj | FALSE | |
Laura | 49 | Vaduzug | FALSE | tu.pw | virah@sebjuhzo.gr | Loretta Vega | Folci Drive | GA | virah@sebjuhzo.gr | FALSE | |
Vera | 55 | Fuhpude | FALSE | egoculsa.hn | oja@ed.yt | Linnie Payne | Ruhkuw Pike | NM | oja@ed.yt | FALSE | |
Micheal | 44 | Edapubag | TRUE | mu.tw | cuw@kimugna.so | Nicholas Castillo | Wehwak Place | NM | cuw@kimugna.so | TRUE | |
Alta | 22 | Odaaruki | TRUE | igobenfep.aw | nuc@ho.cu | Michael Douglas | Gareho Trail | KS | nuc@ho.cu | TRUE | |
Louis | 31 | Kawomom | FALSE | tir.com | muas@ju.mh | Emilie Martinez | Kuvhe Extension | MI | muas@ju.mh | FALSE | |
Rose | 57 | Wadagru | TRUE | nohhu.ga | lavucza@pit.pm | Bryan Buchanan | Beroj Boulevard | IN | lavucza@pit.pm | TRUE | |
Eugene | 22 | Fobzavril | TRUE | anu.bw | gu@sedme.cv | Kathryn Romero | Nogrig Mill | MD | gu@sedme.cv | TRUE | |
Ricardo | 35 | Lejsuav | TRUE | cov.pn | ul@bo.si | Darrell Nelson | Kegdi Lane | HI | ul@bo.si | TRUE | |
Logan | 41 | Kikzutiwe | TRUE | hafami.gq | lubbabeh@cekuga.cd | Thomas Day | Utice Key | FL | lubbabeh@cekuga.cd | TRUE | |
Blanche | 55 | Vujecna | FALSE | obe.cx | un@dal.hm | Keith Summers | Eriteb Junction | RI | un@dal.hm | FALSE | |
Mason | 64 | Ermuttad | FALSE | ozuzobne.ai | ubwihnek@adajo.bw | Michael Barrett | Madew Path | FL | ubwihnek@adajo.bw | FALSE | |
Dominic | 45 | Kovuges | TRUE | ce.bg | ip@zifdic.sj | Lucile Huff | Wogtim Glen | DC | ip@zifdic.sj | TRUE | |
Katherine | 42 | Rapivod | TRUE | vebej.cx | zagfa@og.bg | Olga Richards | Ilohoj Point | MI | zagfa@og.bg | TRUE | |
Earl | 39 | Tulitzuf | TRUE | jet.jm | zol@vumluh.nu | Elnora Hoffman | Soij Pike | TN | zol@vumluh.nu | TRUE | |
Mark | 50 | Zogeve | FALSE | cesu.bo | fablew@viobni.mz | Herman Young | Tibmi Place | VA | fablew@viobni.mz | FALSE | |
Joshua | 49 | Vakzibel | TRUE | ofpaf.uk | sa@zonzi.ms | George Simon | Icru Highway | DC | sa@zonzi.ms | TRUE | |
Jason | 52 | Hijpefkip | FALSE | iw.mv | amsi@muwjec.wf | Sara Chavez | Kiffi Point | VT | amsi@muwjec.wf | FALSE |
POOLED FUNDS
Policy, Compliance and Registration
FUND | DESCRIPTION | MANAGER | INCEPTION DATE |
---|---|---|---|
Pembroke Canadian Growth | High-quality Canadian growth stocks | Pembroke Management Ltd. | February 29, 2007 |
Pembroke U.S. Growth | High-quality American growth stocks | Pembroke Management Ltd. | December 31, 1999 |
Pembroke Dividend Growth | High-quality, dividend-paying Canadian growth stocks | Pembroke Management Ltd. | January 3, 2012 |
Pembroke Corporate Bond | High-quality Canadian and foreign Corporate bonds | Canso Investment Counsel, Ltd. | January 6, 2009 |
FUND PRICES
See the complete price and distribution history.
We determine the net asset value of each fund in Canadian dollars weekly as at the close of business on each Tuesday, or, if any such Tuesday is not a business day, then on the next business day immediately succeeding it, and on the last business day of each month. The valuation date ends at the earlier of 4 p.m. Eastern Time or the end of a trading day on the Toronto Stock Exchange. Any purchase, switch, or redemption instruction received at or after the end of a valuation date will be processed on the next valuation date.
Please note that since January 31, 2018 our mutual fund prices have been published gross of management fees. If you have any further questions or concerns please contact your Pembroke representative.
FUND PERFORMANCE
Compound Annual Growth Rates (%)
As of October 2018
FUND | 3 MTH | YTD | 1 YR | 3 YRS | 5 YRS | 10 YRS | 20 YRS |
---|---|---|---|---|---|---|---|
GBC American Growth (CAD) | -2.42 | 17.00 | 14.76 | 7.70 | 7.85 | 12.17 | 7.26 |
GBC American Growth (USD) | -3.35 | 11.69 | 12.58 | 7.51 | 2.97 | 11.20 | |
GBC Canadian Bond | -0.32 | -0.07 | -0.05 | 1.12 | 2.18 | 4.64 | 4.58 |
GBC Canadian Growth | -9.30 | -10.54 | -8.57 | 1.99 | 2.81 | 10.36 | 7.65 |
GBC Growth and Income | -2.51 | -6.82 | -5.00 | 5.43 | 3.63 | 9.30 | |
GBC International Growth | -13.47 | -12.14 | -11.85 | 2.41 | 6.39 | 11.02 | 5.18 |
FUND | 3 MTH | YTD | 1 YR | 3 YRS | 5 YRS | 10 YRS | |
---|---|---|---|---|---|---|---|
Pembroke Canadian Growth | -9.27 | -10.28 | -8.10 | 3.37 | 4.48 | 12.48 | |
Pembroke U.S. Growth | -2.46 | 17.56 | 15.55 | 9.70 | 9.96 | 14.73 | |
Pembroke U.S. Growth (USD) | -3.39 | 12.22 | 13.36 | 9.51 | 4.98 | 13.74 | |
Pembroke Dividend Growth | -3.44 | -8.78 | -6.43 | 8.69 | 5.69 | ||
Pembroke Corporate Bond | 0.20 | 1.88 | 2.17 | 4.52 | 5.04 |
Annual Change (%)
FUND | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
---|---|---|---|---|---|---|---|---|---|---|
GBC American Growth (CAD) | 7.97 | 0.97 | 3.38 | 0.83 | 44.43 | 8.55 | 6.75 | 24.76 | 15.44 | (26.15) |
GBC American Growth (USD) | 15.56 | 4.07 | (13.34) | (7.55) | 35.10 | 10.95 | 4.42 | 30.84 | 34.82 | (39.91) |
GBC Canadian Bond | 1.52 | 1.05 | 2.57 | 7.06 | 0.60 | 5.76 | 6.60 | 7.67 | 8.34 | 4.83 |
GBC Canadian Growth | 11.17 | 7.22 | (2.63) | 2.45 | 33.31 | 16.89 | (6.51) | 27.84 | 35.59 | (39.37) |
GBC Growth and Income | 11.38 | 15.22 | (7.45) | 3.31 | 21.62 | 16.85 | 6.17 | 17.17 | 20.86 | (25.50) |
GBC International Growth | 24.19 | (8.76) | 32.01 | (0.08) | 33.11 | 16.42 | (11.12) | 18.30 | 34.13 | (41.70) |
FUND | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
---|---|---|---|---|---|---|---|---|---|---|
Pembroke Canadian Growth | 13.04 | 9.04 | (0.56) | 4.49 | 35.32 | 18.12 | (4.38) | 29.73 | 42.51 | |
Pembroke U.S. Growth (CAD) | 10.74 | 3.28 | 5.71 | 2.82 | 46.56 | 10.09 | 9.00 | 28.72 | 18.59 | (11.79) |
Pembroke U.S. Growth (USD) | 18.52 | 6.46 | (11.44) | (5.73) | 37.10 | 12.54 | 6.60 | 36.02 | 37.43 | (28.20) |
Pembroke Dividend Growth | 17.22 | 23.47 | (9.81) | 3.10 | 33.78 | 20.45 | ||||
Pembroke Corporate Bond | 4.09 | 7.81 | 1.20 | 8.71 | 8.75 | 17.13 | 3.12 | 13.13 | 22.04 |
All funds are offered for sale solely to residents of Canada.
Commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions, and do not take into account sales charges or income taxes payable by any security holder that would have reduced returns. Such funds are not guaranteed, their values change frequently, and past performance may not be repeated.
Effective January 1st, 2018, all fund performance is reported net of transaction costs and all other expenses, excluding management fees and applicable taxes. Prior to January 1st, 2018, mutual fund performance was reported net of transaction costs and all other expenses, including management fees and applicable taxes. Management fees are charged directly to securityholders based on their assets under management.