About Morningstar RatingsTM
Using objective mathematical tools, Morningstar evaluates funds for up to three time periods: three, five and 10 years. It combines the ratings for each of these time periods to create an overall rating for the fund.
• The top 10% of products in each product 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.