Distribution Fee Level

The Morningstar Fee Level––Distribution evaluates a mutual fund share class's expense ratio relative to other funds that invest in a similar asset class and have similar distribution characteristics. This allows for an apples-to-apples comparison of fund share classes with similar asset class focuses, distribution channels, and expense structures.

Each share class is ranked in one of five quintiles:

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