About Morningstar RatingsTM
The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10- year (if applicable) Morningstar Rating Metrics.
For each fund with at least a three-year history, Morningstar calculated a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance, placing more emphasis on downward variations and rewarding consistent performance.
• The top 10% of funds in a category receive five stars.
• The next 22.5% receive four stars.
• The next 35% receive three stars.
• The next 22.5% receive two stars.
• and the bottom 10% receive one star.
Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.
Ratings may differ among share classes of a mutual fund as a result of different expense structures, however, the ratings do not consider sales loads. See prospectus for more details.