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Glossary
 
 
  Morningstar's Overall Rating

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 calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Morningstar distributes the stars accordingly:

  • The top 10% of funds in each category receive five stars.
  • The next 22.5% receive four stars.
  • The next 35% receive three stars.
  • The next 22.5% receive two stars.
  • 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.