Total Return

Expressed in percentage terms, Morningstar�s calculation of total return is determined by taking the change in price, reinvesting, if applicable, all income and capital-gains distributions during that month, and dividing by the starting price. Reinvestments are made using the actual reinvestment price, and daily payoffs are reinvested monthly.

Unless otherwise noted, Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads and redemption fees), preferring to give a clearer picture of performance. The total returns do account for management, administrative, 12b-1 fees and other costs taken out of assets. Total returns for periods longer than one year are expressed in terms of compounded average annual returns (also known as geometric total returns), affording a more meaningful picture of fund performance than non-annualized figures.

This calculation assumes that the investor pays no taxes, incurs no transaction fees and reinvests all distributions paid during the period. With this and other Morningstar return algorithm, assume the investor purchase one share of the security in the beginning of the time period.

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Where,

Pe = ending price

Pb = beginning price

Di = Sum of the distribution given at time i*

i = Reinvestment price at time i

n = number of distributions during the holding period

price = NAV for funds, AUV for subaccounts, etc

This formula applies to the following data points:

Trailing returns (1,3,6 months, Ytd, 1,3,5,10,15,20 years, inception)

Daily returns**

Weekly returns

Monthly returns

Quarterly returns

Annual returns

* distributions include dividends, short/mid/long term capital-gains, return-of-capitals.

** Calculation of daily returns require the use of daily dividend estimates for some funds. Also, currently, only mutual funds provide daily pricing and therefore that�s the only universe for which we can calculate daily returns.