Pre-Inception Share Class Performance

Performance data for certain classes of shares of certain funds are based on pre-class inception dating back to an older class of fund shares. Details regarding which share classes leverage this pre-inception share class performance are shown below, with details on the methodology used to provide these performance numbers.

1. Institutional as the Parent, no adjustments:

Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

2. Institutional as the Parent, with adjustments:

The performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

3. Investor A Shares as the parent, no adjustments:

Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares. The performance of this share class would be substantially similar to Investor A Shares because this share class and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Investor A Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

4. Investor A Shares as the parent, with adjustments:

The performance information for periods prior to the inception date of the share class are based on the Fund’s Investor A Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

5. Master as the parent, with adjustments:

The performance for periods prior to the inception date of the share class are based on the performance of the master portfolio in which the Fund invested all of its assets, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

6. K as the parent, with adjustments:

The performance information for periods prior to the inception date of the share class are based on the Fund’s Class K Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.