Rating competitive Analysis visually illustrates the trade off between risk and return for a peer group. The funds located on the upper right corner enjoy high return and low return, receiving higher ratings, the funds located on the lower left corner suffer high risk and low return, receiving lower ratings.   

Load-waived Rating: Load-waived rating excludes loads for all funds in the category and then calculates a rating. This calculation shows the impact of loads on the Morningstar rating and can better illustrate how an investor who benefits from waived loads may evaluate an investment.