Morningstar Fee Level

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

Within each comparison group, a fund share class' expense ratio 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