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Growth Graph

The Growth of $10,000 graph shows a fund's performance based on how $10,000 invested in the fund would have grown over time. The returns used in the graph are not load-adjusted.

The growth of $10,000 begins at the date of the fund's inception, or the first year listed on the graph, whichever is appropriate. Often, located alongside the fund's graph line is a line that represents the growth of $10,000 in either the S&P 500 Index (for stock funds and hybrid funds), the LB Aggregate Index (for bond funds) or the fund's Morningstar category average. These lines allow investors to compare the performance of the fund with the performance of a benchmark index and the fund's Morningstar category. Both lines are plotted on a logarithmic scale, so that identical percentage changes in the value of an investment have the same vertical distance on the graph.

For example, the vertical distance between $10,000 and $20,000 is the same as the distance between $20,000 and $40,000 because both represent a 100% increase in investment value. This provides a more accurate representation of performance than would a simple arithmetic graph.

The graphs are scaled so that the full length of the vertical axis represents a tenfold increase in investment value. For securities with returns that have exhibited greater than a tenfold increase over the period shown in the graph, the vertical axis has been compressed accordingly.

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