Standardized Returns

Standardized Total Returns are reflected as of month- and quarter-end time periods. They depict performance without adjusting for the effects of taxation, but are adjusted for sales charges and all ongoing fund expenses, and assume reinvestment of dividends and capital gains. If adjusted for the effects of taxation, the performance quoted would be reduced. The sales charge used in the calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar.


Morningstar calculates Standardized Returns in-house in accordance with the rules outlined in SEC Rule 482, Forms N-3 and N-4,  and reflect the investment experience from the inception date of the fund. The SEC Rule 482 in the Securities Act of 1933 dictates that this return figure be as of Most Recent Quarter.

FAQ - How are Standardized Returns different from Total Returns?

Standardized returns are provided as of month- and quarter-end, whereas FINRA non-standardized returns are provided as of month-end only.

Also, standardized returns can only be shown for the 1-yr, 5-yr, 10-yr, and since-inception periods, whereas FINRA non-standardized returns can be shown for additional time periods. Standardized returns never include pre-inception history.