Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Certain Funds have entered into fee waiver and/or expense reimbursement arrangements with the Investment Advisor. In these cases, the Advisor has contractually agreed to waive a portion of the Advisor’s fee and reimburse certain expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to limit the total annual fund operating expenses of the Class’s average daily net assets through the Contractual Expiration Date. The Net Expense Ratio reflects the total annual operating expenses of the Fund after taking into account any such fee waiver and/or expense reimbursement, if any; total returns would have been lower had there been no waivers or reimbursements.
Index performance is hypothetical and is shown for illustrative purposes only. You cannot invest directly in an index. Click here to view Index Definitions. The Since Inception return for the Russell 1000 Value is since 5/31/1986. All other indices Since Inception return are since the Fund’s inception.
Distribution Yield is the measurement of cash flow
paid by a fund over a year. This rate does not represent the total return of a
fund. Distributions may include income, short-term capital gains and long-term
capital gains. For funds that pay dividends quarterly and semi-annually, the
distribution yield is calculated by dividing the sum of all distributions paid
by the fund over the trailing 12 months by the fund's NAV as of the date of the
period presented. For funds that pay dividends monthly, the distribution yield
is calculated by annualizing the most recent monthly distribution paid by the
fund and dividing by the fund's NAV as of the date of the period presented.
This calculation is based on distributions made in the past and is therefore
not reflective of the fund's current portfolio.
SEC Yield represents
net investment income earned by a fund over a 30-day period, expressed as an
annual percentage rate based on the fund's share price at the end of the 30-day
period. Subsidized yield reflects fee waivers and/or expense reimbursements
during the period. Without such fee waivers and/or expense reimbursements, if
any; yields would have been lower. Unsubsidized yield does not adjust for any
fee waivers and/or expense reimbursements in effect.
For more detail on Volatility Measures, click here to view the Glossary of Terms.
© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.