Past performance does not guarantee future results.
The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For share classes that do not have a 3-, 5-, or 10-year actual performance history, the fund’s independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.
Extended performance is the process of lengthening the available data for a younger investment based on a related older share class or former investment structure. Morningstar provides extended performance for rankings for eligible open-end mutual funds when the share class does not have a 3-, 5-, or 10-year actual performance history. Some of the rankings shown on this website are for newer share classes and are calculated using extended performance. Please note, some of the Morningstar proprietary calculations, including the Morningstar RatingTM, are not customarily calculated based on adjusted historical returns. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. For each retail mutual fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 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.) The Morningstar Ratings are for the classes shown only; other classes may have different performance characteristics and may have different ratings.
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