Morningstar Ratings

MFS Funds Highly Rated By Morningstar

View a specific Morningstar category: 

As of 7/31/16


Morningstar Category: Allocation--30% to 50% Eq
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Conservative Allocation Fund 529A
MFS® Conservative Allocation Fund LW 529A
MFS® Conservative Allocation Fund A
MFS® Conservative Allocation Fund LW A
MFS® Conservative Allocation Fund C
MFS® Conservative Allocation Fund I
MFS® Conservative Allocation Fund R2
MFS® Conservative Allocation Fund R3
MFS® Conservative Allocation Fund R4
MFS® Diversified Income Fund A
MFS® Diversified Income Fund LW A
MFS® Diversified Income Fund C
MFS® Diversified Income Fund I
MFS® Diversified Income Fund R1
MFS® Diversified Income Fund R2
MFS® Diversified Income Fund R3
MFS® Diversified Income Fund R4
MFS® Diversified Income Fund R5
Number of funds in Allocation--30% to 50% Eq: 477 477 409 276
Morningstar Category: Allocation--50% to 70% Eq
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Moderate Allocation Fund 529A
MFS® Moderate Allocation Fund LW 529A
MFS® Moderate Allocation Fund A
MFS® Moderate Allocation Fund LW A
MFS® Moderate Allocation Fund I
MFS® Moderate Allocation Fund R3
MFS® Moderate Allocation Fund R4
MFS® Total Return Fund 529A
MFS® Total Return Fund LW 529A
MFS® Total Return Fund 529C
MFS® Total Return Fund A
MFS® Total Return Fund LW A
MFS® Total Return Fund C
MFS® Total Return Fund I
MFS® Total Return Fund R1
MFS® Total Return Fund R2
MFS® Total Return Fund R3
MFS® Total Return Fund R4
MFS® Total Return Fund R5
Number of funds in Allocation--50% to 70% Eq: 823 823 708 484
Morningstar Category: Allocation--70% to 85% Eq
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Growth Allocation Fund 529A
MFS® Growth Allocation Fund LW 529A
MFS® Growth Allocation Fund A
MFS® Growth Allocation Fund LW A
MFS® Growth Allocation Fund I
MFS® Growth Allocation Fund R2
MFS® Growth Allocation Fund R3
MFS® Growth Allocation Fund R4
Number of funds in Allocation--70% to 85% Eq: 384 384 310 234
Morningstar Category: Allocation--85%+ Equity
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Aggressive Growth Allocation Fund 529A
MFS® Aggressive Growth Allocation Fund LW 529A
MFS® Aggressive Growth Allocation Fund A
MFS® Aggressive Growth Allocation Fund LW A
MFS® Aggressive Growth Allocation Fund I
MFS® Aggressive Growth Allocation Fund R2
MFS® Aggressive Growth Allocation Fund R3
MFS® Aggressive Growth Allocation Fund R4
Number of funds in Allocation--85%+ Equity: 150 150 132 101
Morningstar Category: Corporate Bond
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Corporate Bond Fund A
MFS® Corporate Bond Fund LW A
MFS® Corporate Bond Fund I
MFS® Corporate Bond Fund R2
MFS® Corporate Bond Fund R3
MFS® Corporate Bond Fund R4
Number of funds in Corporate Bond: 169 169 146 93
Morningstar Category: Emerging Markets Bond
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Emerging Markets Debt Fund A
MFS® Emerging Markets Debt Fund LW A
MFS® Emerging Markets Debt Fund I
MFS® Emerging Markets Debt Fund R2
MFS® Emerging Markets Debt Fund R3
MFS® Emerging Markets Debt Fund R4
Number of funds in Emerging Markets Bond: 211 211 116 54
Morningstar Category: Foreign Large Blend
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® International Diversification Fund A
MFS® International Diversification Fund LW A
MFS® International Diversification Fund B
MFS® International Diversification Fund C
MFS® International Diversification Fund I
MFS® International Diversification Fund R1
MFS® International Diversification Fund R2
MFS® International Diversification Fund R3
MFS® International Diversification Fund R4
MFS® International Value Fund A
MFS® International Value Fund LW A
MFS® International Value Fund B
MFS® International Value Fund C
MFS® International Value Fund I
MFS® International Value Fund R1
MFS® International Value Fund R2
MFS® International Value Fund R3
MFS® International Value Fund R4
Number of funds in Foreign Large Blend: 715 715 625 376
Morningstar Category: Foreign Large Growth
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® International Growth Fund A
MFS® International Growth Fund LW A
MFS® International Growth Fund I
Number of funds in Foreign Large Growth: 323 323 275 189
Morningstar Category: Foreign Small/Mid Growth
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® International New Discovery Fund 529A
MFS® International New Discovery Fund LW 529A
MFS® International New Discovery Fund A
MFS® International New Discovery Fund LW A
MFS® International New Discovery Fund I
MFS® International New Discovery Fund R2
MFS® International New Discovery Fund R3
MFS® International New Discovery Fund R4
Number of funds in Foreign Small/Mid Growth: 122 122 105 63
Morningstar Category: Global Real Estate
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Global Real Estate Fund A
MFS® Global Real Estate Fund LW A
MFS® Global Real Estate Fund B
MFS® Global Real Estate Fund C
MFS® Global Real Estate Fund I
MFS® Global Real Estate Fund R1
MFS® Global Real Estate Fund R2
MFS® Global Real Estate Fund R3
MFS® Global Real Estate Fund R4
MFS® Global Real Estate Fund R5
Number of funds in Global Real Estate: 210 210 166
Morningstar Category: High Yield Bond
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® High Income Fund I
MFS® High Income Fund R4
MFS® High Income Fund R5
Number of funds in High Yield Bond: 655 655 526 369
Morningstar Category: High Yield Muni
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Municipal High Income Fund A
MFS® Municipal High Income Fund LW A
MFS® Municipal High Income Fund I
Number of funds in High Yield Muni: 171 171 146 99
Morningstar Category: Inflation-Protected Bond
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Inflation-Adjusted Bond Fund R5
Number of funds in Inflation-Protected Bond: 209 209 182 111
Morningstar Category: Intermediate Government
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Government Securities Fund I
MFS® Government Securities Fund R4
Number of funds in Intermediate Government: 301 301 289 218
Morningstar Category: Intermediate-Term Bond
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Total Return Bond Fund A
MFS® Total Return Bond Fund LW A
MFS® Total Return Bond Fund I
MFS® Total Return Bond Fund R4
Number of funds in Intermediate-Term Bond: 955 955 838 602
Morningstar Category: Large Blend
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Blended Research® Core Equity Fund A
MFS® Blended Research® Core Equity Fund LW A
MFS® Blended Research® Core Equity Fund I
MFS® Blended Research® Core Equity Fund R4
MFS® Blended Research® Core Equity Fund R5
MFS® Core Equity Fund A
MFS® Core Equity Fund LW A
MFS® Core Equity Fund I
MFS® Core Equity Fund R2
MFS® Core Equity Fund R3
MFS® Core Equity Fund R4
MFS® Core Equity Fund R5
MFS® Equity Opportunities Fund I
MFS® Equity Opportunities Fund R2
MFS® Equity Opportunities Fund R3
MFS® Equity Opportunities Fund R4
MFS® Research Fund A
MFS® Research Fund LW A
MFS® Research Fund B
MFS® Research Fund C
MFS® Research Fund I
MFS® Research Fund R1
MFS® Research Fund R2
MFS® Research Fund R3
MFS® Research Fund R4
Massachusetts Investors Trust 529A
Massachusetts Investors Trust LW 529A
Massachusetts Investors Trust A
Massachusetts Investors Trust LW A
Massachusetts Investors Trust I
Massachusetts Investors Trust R2
Massachusetts Investors Trust R3
Massachusetts Investors Trust R4
Number of funds in Large Blend: 1397 1397 1211 899
Morningstar Category: Large Growth
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Growth Fund A
MFS® Growth Fund LW A
MFS® Growth Fund B
MFS® Growth Fund C
MFS® Growth Fund I
MFS® Growth Fund R1
MFS® Growth Fund R2
MFS® Growth Fund R3
MFS® Growth Fund R4
Massachusetts Investors Growth Stock Fund 529A
Massachusetts Investors Growth Stock Fund LW 529A
Massachusetts Investors Growth Stock Fund A
Massachusetts Investors Growth Stock Fund LW A
Massachusetts Investors Growth Stock Fund I
Massachusetts Investors Growth Stock Fund R2
Massachusetts Investors Growth Stock Fund R3
Massachusetts Investors Growth Stock Fund R4
Number of funds in Large Growth: 1482 1482 1287 924
Morningstar Category: Large Value
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Equity Income Fund A
MFS® Equity Income Fund LW A
MFS® Equity Income Fund I
MFS® Equity Income Fund R3
MFS® Equity Income Fund R4
MFS® Equity Income Fund R5
MFS® Value Fund 529A
MFS® Value Fund LW 529A
MFS® Value Fund 529B
MFS® Value Fund 529C
MFS® Value Fund A
MFS® Value Fund LW A
MFS® Value Fund B
MFS® Value Fund C
MFS® Value Fund I
MFS® Value Fund R1
MFS® Value Fund R2
MFS® Value Fund R3
MFS® Value Fund R4
Number of funds in Large Value: 1173 1173 1030 760
Morningstar Category: Mid-Cap Growth
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Mid Cap Growth Fund R5
Number of funds in Mid-Cap Growth: 654 654 575 429
Morningstar Category: Mid-Cap Value
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Mid Cap Value Fund 529A
MFS® Mid Cap Value Fund LW 529A
MFS® Mid Cap Value Fund 529C
MFS® Mid Cap Value Fund A
MFS® Mid Cap Value Fund LW A
MFS® Mid Cap Value Fund C
MFS® Mid Cap Value Fund I
MFS® Mid Cap Value Fund R1
MFS® Mid Cap Value Fund R2
MFS® Mid Cap Value Fund R3
MFS® Mid Cap Value Fund R4
MFS® Mid Cap Value Fund R5
Number of funds in Mid-Cap Value: 412 412 354 240
Morningstar Category: Multialternative
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Global Alternative Strategy Fund A
MFS® Global Alternative Strategy Fund LW A
MFS® Global Alternative Strategy Fund I
MFS® Global Alternative Strategy Fund R2
MFS® Global Alternative Strategy Fund R3
MFS® Global Alternative Strategy Fund R4
Number of funds in Multialternative: 249 249 155
Morningstar Category: Muni California Long
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® California Municipal Bond Fund A
MFS® California Municipal Bond Fund LW A
MFS® California Municipal Bond Fund I
Number of funds in Muni California Long: 117 117 103 89
Morningstar Category: Muni Massachusetts
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Massachusetts Municipal Bond Fund A
MFS® Massachusetts Municipal Bond Fund LW A
MFS® Massachusetts Municipal Bond Fund I
Number of funds in Muni Massachusetts: 63 63 60 55
Morningstar Category: Muni National Long
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Municipal Income Fund A
MFS® Municipal Income Fund LW A
MFS® Municipal Income Fund I
Number of funds in Muni National Long: 186 186 173 145
Morningstar Category: Muni National Short
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Municipal Limited Maturity Fund A
MFS® Municipal Limited Maturity Fund LW A
MFS® Municipal Limited Maturity Fund I
Number of funds in Muni National Short: 191 191 175 115
Morningstar Category: Muni New York Long
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® New York Municipal Bond Fund A
MFS® New York Municipal Bond Fund LW A
MFS® New York Municipal Bond Fund I
Number of funds in Muni New York Long: 89 89 79 65
Morningstar Category: Muni Pennsylvania
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Pennsylvania Municipal Bond Fund A
MFS® Pennsylvania Municipal Bond Fund LW A
MFS® Pennsylvania Municipal Bond Fund I
Number of funds in Muni Pennsylvania: 73 73 71 59
Morningstar Category: Muni Single State Long
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Alabama Municipal Bond Fund A
MFS® Alabama Municipal Bond Fund LW A
MFS® Alabama Municipal Bond Fund I
MFS® Arkansas Municipal Bond Fund A
MFS® Arkansas Municipal Bond Fund LW A
MFS® Arkansas Municipal Bond Fund I
MFS® Georgia Municipal Bond Fund A
MFS® Georgia Municipal Bond Fund LW A
MFS® Georgia Municipal Bond Fund I
MFS® Mississippi Municipal Bond Fund A
MFS® Mississippi Municipal Bond Fund LW A
MFS® Mississippi Municipal Bond Fund I
MFS® North Carolina Municipal Bond Fund A
MFS® North Carolina Municipal Bond Fund LW A
MFS® North Carolina Municipal Bond Fund I
MFS® Virginia Municipal Bond Fund I
Number of funds in Muni Single State Long: 278 278 267 226
Morningstar Category: Small Value
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® New Discovery Value Fund A
MFS® New Discovery Value Fund LW A
MFS® New Discovery Value Fund B
MFS® New Discovery Value Fund C
MFS® New Discovery Value Fund I
MFS® New Discovery Value Fund R1
MFS® New Discovery Value Fund R2
MFS® New Discovery Value Fund R3
MFS® New Discovery Value Fund R4
MFS® New Discovery Value Fund R5
Number of funds in Small Value: 372 372 333
Morningstar Category: Target-Date 2020
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Lifetime® 2020 Fund I
MFS® Lifetime® 2020 Fund R2
MFS® Lifetime® 2020 Fund R3
MFS® Lifetime® 2020 Fund R4
Number of funds in Target-Date 2020: 195 195 161 73
Morningstar Category: Target-Date 2025
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Lifetime® 2025 Fund I
MFS® Lifetime® 2025 Fund R4
Number of funds in Target-Date 2025: 161 161
Morningstar Category: Target-Date 2030
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Lifetime® 2030 Fund A
MFS® Lifetime® 2030 Fund LW A
MFS® Lifetime® 2030 Fund I
MFS® Lifetime® 2030 Fund R3
MFS® Lifetime® 2030 Fund R4
Number of funds in Target-Date 2030: 195 195 161 73
Morningstar Category: Target-Date 2035
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Lifetime® 2035 Fund I
MFS® Lifetime® 2035 Fund R3
MFS® Lifetime® 2035 Fund R4
Number of funds in Target-Date 2035: 161 161
Morningstar Category: Target-Date 2040
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Lifetime® 2040 Fund A
MFS® Lifetime® 2040 Fund LW A
MFS® Lifetime® 2040 Fund I
MFS® Lifetime® 2040 Fund R3
MFS® Lifetime® 2040 Fund R4
Number of funds in Target-Date 2040: 195 195 161 74
Morningstar Category: Target-Date 2045
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Lifetime® 2045 Fund I
MFS® Lifetime® 2045 Fund R3
MFS® Lifetime® 2045 Fund R4
Number of funds in Target-Date 2045: 161 161
Morningstar Category: Target-Date 2050
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Lifetime® 2050 Fund I
MFS® Lifetime® 2050 Fund R2
MFS® Lifetime® 2050 Fund R3
MFS® Lifetime® 2050 Fund R4
Number of funds in Target-Date 2050: 184 184 138
Morningstar Category: Target-Date 2055
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Lifetime® 2055 Fund I
MFS® Lifetime® 2055 Fund R3
MFS® Lifetime® 2055 Fund R4
Number of funds in Target-Date 2055: 123 123
Morningstar Category: Target-Date Retirement
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Lifetime® Income Fund A
MFS® Lifetime® Income Fund LW A
MFS® Lifetime® Income Fund I
MFS® Lifetime® Income Fund R2
MFS® Lifetime® Income Fund R3
MFS® Lifetime® Income Fund R4
Number of funds in Target-Date Retirement: 151 151 139 71
Morningstar Category: Technology
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Technology Fund A
MFS® Technology Fund LW A
MFS® Technology Fund B
MFS® Technology Fund C
MFS® Technology Fund I
MFS® Technology Fund R1
MFS® Technology Fund R2
MFS® Technology Fund R3
MFS® Technology Fund R4
MFS® Technology Fund R5
Number of funds in Technology: 195 195 189 152
Morningstar Category: World Allocation
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Global Total Return Fund A
MFS® Global Total Return Fund LW A
MFS® Global Total Return Fund B
MFS® Global Total Return Fund C
MFS® Global Total Return Fund I
MFS® Global Total Return Fund R1
MFS® Global Total Return Fund R2
MFS® Global Total Return Fund R3
MFS® Global Total Return Fund R4
MFS® Global Total Return Fund R5
Number of funds in World Allocation: 472 472 366 176
Morningstar Category: World Stock
Fund Name Class Overall
Morningstar
RatingTM
3 yr
Morningstar
RatingTM
5 yr
Morningstar
RatingTM
10 yr
Morningstar
RatingTM
MFS® Global Equity Fund A
MFS® Global Equity Fund LW A
MFS® Global Equity Fund B
MFS® Global Equity Fund C
MFS® Global Equity Fund I
MFS® Global Equity Fund R1
MFS® Global Equity Fund R2
MFS® Global Equity Fund R3
MFS® Global Equity Fund R4
MFS® Global Equity Fund R5
MFS® Global Growth Fund A
MFS® Global Growth Fund LW A
MFS® Global Growth Fund B
MFS® Global Growth Fund C
MFS® Global Growth Fund I
MFS® Global Growth Fund R2
MFS® Global Growth Fund R3
MFS® Global Growth Fund R4
MFS® Global Growth Fund R5
Number of funds in World Stock: 943 943 733 418

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a 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. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (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.) Each fund is rated exclusively against U.S. domiciled funds. The Overall Morningstar Rating™ is based on the weighted average of the number of stars assigned to the fund's applicable time periods. In cases where the fund has changed investment categories, its historical information is given less weight. If the fund has been in existence at least 10 years, the 10-year rating accounts for 50%, the 5-year for 30%, and the 3-year for 20%. If the fund has been in existence at least 5 years, but less than 10 years, the 5-year rating accounts for 60% and the 3-year for 40%. If the fund has been in existence for 3 years, but less than 5 years, the 3-year rating accounts for 100%. Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results.

Load-waived (LW) Class A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load.

MorningStar.

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