Morningstar Fee Level

The Morningstar Fee Level evaluates the expense ratio of a mutual fund share class relative to other funds that invest in a similar asset class and have similar distribution characteristics.

Within each comparison group, the expense ratio of a mutual fund share class is ranked against peers using five quintiles, which correspond to one of the following scores:

• Low: least expensive quintile
• Below Average: second-least expensive quintile
• Average: middle quintile
• Above Average: second-most expensive quintile
• High: most expensive quintile